Document:

Exhibit 4.1

 Exhibit 4.1 
  

  
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 
  
 as
Depositor and Servicer 
  
 and 
  
 CHASE AUTO OWNER TRUST
20    -     
  
 as Issuer 
  
 SALE AND SERVICING AGREEMENT 
  
 Dated as of
                             , 20     
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	ARTICLE I
	
	DEFINITIONS
			
	SECTION 1.1	 	Definitions	  	1
	SECTION 1.2	 	Usage of Terms.	  	21
	SECTION 1.3	 	Simple Interest Method; Methods of Allocating Payments or Receivables; Allocations	  	21
	
	ARTICLE II
	
	CONVEYANCE OF RECEIVABLES
			
	SECTION 2.1	 	Conveyance of Receivables.	  	22
	SECTION 2.2	 	Closing.	  	23
	
	ARTICLE III
	
	THE RECEIVABLES
			
	SECTION 3.1	 	Representations and Warranties of Depositor; Conditions Relating to Receivables.	  	23
	SECTION 3.2	 	Repurchase Upon Breach or Failure of a Condition.	  	27
	SECTION 3.3	 	Custody of Receivable Files.	  	27
	SECTION 3.4	 	Duties of Servicer as Custodian.	  	28
	SECTION 3.5	 	Instructions; Authority to Act.	  	29
	SECTION 3.6	 	Custodian’s Indemnification	  	29
	SECTION 3.7	 	Effective Period and Termination.	  	29
	
	ARTICLE IV
	
	ADMINISTRATION AND SERVICING OF RECEIVABLES
			
	SECTION 4.1	 	Duties of Servicer.	  	30
	SECTION 4.2	 	Collection of Receivable Payments; Refinancing.	  	30
	SECTION 4.3	 	Realization Upon Receivables.	  	31
	SECTION 4.4	 	Maintenance of Security Interests in Financed Vehicles.	  	31
	SECTION 4.5	 	Covenants of Servicer.	  	32
	SECTION 4.6	 	Purchase of Receivables Upon Breach.	  	32
	SECTION 4.7	 	Servicing Fee.	  	33
	SECTION 4.8	 	Servicer’s Certificate.	  	33
	SECTION 4.9	 	Annual Statement as to Compliance.	  	34
	SECTION 4.10	 	Reports on Assessment of Compliance With Servicing Criteria.	  	34
	SECTION 4.11	 	Access by Holders to Certain Documentation and Information Regarding Receivables.	  	35
	SECTION 4.12	 	Reports to Holders and the Rating Agencies.	  	36

  

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	ARTICLE V
	
	ACCOUNTS; DISTRIBUTIONS;
	STATEMENTS TO CERTIFICATEHOLDERS
			
	SECTION 5.1	 	Establishment of Collection Account and Note Distribution Account.	  	36
	SECTION 5.2	 	Collections.	  	37
	SECTION 5.3	 	[Reserved].	  	38
	SECTION 5.4	 	Additional Deposits.	  	38
	SECTION 5.5	 	Distributions.	  	38
	SECTION 5.6	 	[Yield Supplement Account	  	40
	SECTION 5.7	 	Reserve Account.	  	41
	SECTION 5.8	 	Net Deposits.	  	42
	SECTION 5.9	 	Statements to Certificateholders and Noteholders	  	42
	
	ARTICLE VI
	
	THE DEPOSITOR
			
	SECTION 6.1	 	Representations of Depositor.	  	42
	SECTION 6.2	 	Liability of Depositor; Indemnities	  	43
	SECTION 6.3	 	Merger or Consolidation of Depositor.	  	44
	SECTION 6.4	 	Limitation on Liability of Depositor and Others.	  	44
	SECTION 6.5	 	Depositor May Own Notes and Certificates.	  	44
	
	ARTICLE VII
	
	THE SERVICER
			
	SECTION 7.1	 	Representations of Servicer.	  	45
	SECTION 7.2	 	Liability of Servicer; Indemnities.	  	46
	SECTION 7.3	 	Merger or Consolidation of Servicer.	  	47
	SECTION 7.4	 	Limitation on Liability of Servicer and Others.	  	47
	SECTION 7.5	 	Servicer Not To Resign.	  	48
	SECTION 7.6	 	Delegation of Duties.	  	48
	
	ARTICLE VIII
	
	EVENTS OF SERVICING TERMINATION
			
	SECTION 8.1	 	Events of Servicing Termination.	  	49
	SECTION 8.2	 	Indenture Trustee to Act; Appointment of Successor Servicer.	  	50
	SECTION 8.3	 	Notification to Noteholders and Certificateholders.	  	51
	SECTION 8.4	 	Waiver of Past Defaults.	  	51

  

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	ARTICLE IX
	
	TERMINATION
			
	SECTION 9.1	 	Optional Purchase of All Receivables; Trust Termination.	  	51
	
	ARTICLE X
	
	MISCELLANEOUS PROVISIONS
			
	SECTION 10.1	 	Amendment.	  	53
	SECTION 10.2	 	Protection of Title to Owner Trust Estate.	  	54
	SECTION 10.3	 	GOVERNING LAW.	  	56
	SECTION 10.4	 	Notices.	  	56
	SECTION 10.5	 	Severability of Provisions.	  	56
	SECTION 10.6	 	Assignment.	  	56
	SECTION 10.7	 	Certificates and Notes Nonassessable and Fully Paid.	  	57
	SECTION 10.8	 	Third-Party Beneficiaries.	  	57
	SECTION 10.9	 	Assignment to Indenture Trustee.	  	57
	SECTION 10.10	 	Limitation of Liability of Owner Trustee and Indenture Trustee.	  	57
	SECTION 10.11	 	No Petition.	  	58
	SECTION 10.12	 	Information Relating to Compliance with Regulation AB.	  	58

  

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 SCHEDULES 
  

					
	Schedule A	  	-	  	Schedule of Receivables
	Schedule B	  	-	  	Location of Receivable Files
	[Schedule C	  	-	  	Schedule of Yield Supplement Overcollateralization Amounts]
	
	EXHIBITS
			
	Exhibit A	  	-	  	Form of Servicer’s Certificate
	Exhibit B	  	-	  	Form of Certificateholder and Noteholder Report
	Exhibit C	  	-	  	Form of Collection Account Control Agreement
	Exhibit D	  	-	  	Form of Reserve Account Control Agreement
	[Exhibit E	  	-	  	Form of Yield Supplement Account Control Agreement]

  

 iv 

 This SALE AND SERVICING AGREEMENT, dated as of
                     , 20    , (as amended, supplemented or otherwise modified and in effect from time to
time, this “Agreement”) is made between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association having its principal executive offices located at 1111 Polaris Parkway, Columbus, Ohio 43240, and CHASE AUTO OWNER
TRUST 20    -    , as issuer. 
  
 W I T N E S S E T H : 
  
 In consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1 Definitions. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have
the following meanings: 
  
 “Accrued Interest”
on a Receivable, as of any date of determination, means that amount of interest accrued on the Principal Balance at the related Contract Rate but not paid by or on behalf of the Obligor. 
  
 “Adjusted Pool Balance” means, for any Payment Date, an amount equal to the excess, if any, of the Pool
Balance on such Payment Date over the Yield Supplement Overcollateralization Amount for such Payment Date. 
  
 “Administration Agreement” means the Administration Agreement, dated as of
                     , 20    , among the Issuer, the Administrator and the Indenture Trustee, as the same
may be amended and supplemented from time to time. 
  
 “Administrator” means JPMorgan Chase, as administrator, and its successors and assigns. 
  
 “Administration Fee” means $            , the fee payable to the
Administrator on each Payment Date pursuant to Section 5.5(c) for services rendered pursuant to the Administration Agreement. 
  
 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such
specified Person. For purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. A Person shall not be deemed to be an Affiliate of any specified Person solely because such
other Person has the contractual right or obligation to manage such specified Person unless such other Person controls such specified Person through equity ownership or otherwise. 

 “Aggregate Net Losses” means, for any Payment Date, the amount equal to (i) the
aggregate Principal Balance of all Receivables that became Defaulted Receivables during the related Collection Period minus (ii) the Liquidation Proceeds allocable to principal collected during such Collection Period with respect to any
Defaulted Receivables. 
  
 “Amount Financed” in
respect of a Receivable means the amount advanced under the Receivable toward the purchase price of the Financed Vehicle and related costs. 
  
 “Authenticating Agent” has the meaning specified in Section 2.13 of the Indenture and shall initially be the corporate trust
office of JPMorgan Chase, and its successors and assigns in such capacity. 
  
 “Authorized Officer” means (i) with respect to the Owner Trustee, Indenture Trustee or Servicer, any officer of the Owner Trustee, Indenture Trustee or Servicer who is authorized to act on behalf
of the Owner Trustee, Indenture Trustee or Servicer, as applicable, and who is identified as such on the list of authorized officers delivered by each such party on the Closing Date or (ii) with respect to the Issuer, any officer of the Owner
Trustee who is authorized to act on behalf of the Owner Trustee and who is identified as such on the list of authorized officers delivered by the Owner Trustee on the Closing Date. 
  
 “Available Amount” means, for any Payment Date, the sum of (i) all Collections on the Receivables
received during the related Collection Period[, (ii) the Yield Supplement Withdrawal Amount for such Payment Date] and [(ii)] [(iii)] the Repurchase Amounts received with respect to the Repurchased Receivables repurchased by the Depositor or
purchased by the Servicer during the related Collection Period. The Available Amount for any Payment Date shall exclude all payments and proceeds (including any Liquidation Proceeds and any amounts received from Dealers with respect to Receivables)
of any Receivables the Repurchase Amount of which has been included in the Available Amount for a prior Payment Date. 
  
 “Available Reserve Account Amount” means, for each Payment Date, an amount equal to the amount on deposit in the Reserve Account on such
Payment Date (excluding amounts to be withdrawn from the Reserve Account on such Payment Date pursuant to Section 5.7(d)). 
  
 [“Average Delinquency Percentage” means, for any Payment Date, the average of the Delinquency Percentages for such Payment Date and the
preceding two (2) Payment Dates. 
  
 “Average Net
Loss Ratio” means, for any Payment Date, the average of the Net Loss Ratios for such Payment Date and the preceding two (2) Payment Dates.] 
  
 “Basic Documents” means this Agreement, the Certificate of Trust, the Indenture, the Issuer Letter of Representations, the Securities
Control Agreements, the Trust Agreement, the Administration Agreement and other documents and certificates delivered in connection therewith. 
  
 “Book-Entry Certificates” means beneficial interests in the Certificates, the ownership and transfers of which shall be made through book
entries by a Clearing Agency or Foreign Clearing Agency as described in Section 3.10 of the Trust Agreement. 
  

 2 

 “Book-Entry Notes” means beneficial interests in [the Class [A-1] Notes,] the Class
[A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes, the ownership and transfers of which shall be made through book entries by a Clearing Agency or Foreign Clearing Agency as described in Section 2.10 of the Indenture.

  
 “Business Day” means a day, other than a
Saturday or a Sunday, on which the Indenture Trustee and banks located in New York, New York, Newark, Delaware and Minneapolis, Minnesota are open for the purpose of conducting a commercial banking business. 
  
 “Capital Accounts” has the meaning specified in
Section 5.7 of the Trust Agreement. 
  
 “Certificate” means a certificate evidencing the beneficial interest of a Certificateholder in the Owner Trust Estate, substantially in the form of Exhibit [A-2] to the Trust Agreement. 
  
 “Certificate Balance” means an amount equal to
$             as of the Closing Date and, thereafter, shall be an amount equal to such initial Certificate Balance, reduced by all amounts allocable to principal previously
distributed to Certificateholders. 
  
 “Certificate
Distribution Account” has the meaning specified in Section 5.1 of the Trust Agreement. 
  
 “Certificate Final Scheduled Payment Date” means the             
Payment Date on which the outstanding principal amount, if any, of the Certificates is payable. 
  
 “Certificate of Trust” means the certificate of trust, filed by the Owner Trustee pursuant to Section 3810(a) of the Statutory Trust
Statute, as such certificate may be amended or corrected from time to time. 
  
 “Certificate Owner” means, with respect to a Book-Entry Certificate, the Person who is the owner of such Book-Entry Certificate, as reflected on the books of the Clearing Agency or Foreign Clearing
Agency or on the books of a direct or indirect Clearing Agency Participant. 
  
 “Certificate Pool Factor” means, as of the close of business on a Payment Date, an eight-digit decimal figure equal to the Certificate Balance (after giving effect to distributions made on such date)
divided by the initial Certificate Balance. The Certificate Pool Factor will be 1.00000000 as of the Cutoff Date; thereafter, the Certificate Pool Factor will decline to reflect reductions in the Certificate Balance. 
  
 “Certificate Rate” means
        % per annum. 
  
 “Certificate Register” and “Certificate Registrar” means the register maintained and the registrar appointed pursuant to Section 3.4 of the Trust Agreement. 
  
 “Certificateholder” means the Person in whose name a
Certificate is registered in the Certificate Register, except that, solely for the purpose of giving any consent, request, waiver 

  

 3 

 
or demand pursuant to any of the Basic Documents (other than pursuant to Section 4.3 of the Trust Agreement), the interest evidenced by any
Certificate registered in the name of the Depositor, the Servicer or any Person actually known by an Authorized Officer of the Owner Trustee to be an Affiliate of the Depositor or the Servicer shall not be taken into account in determining whether
the requisite percentage necessary to effect any such consent, request or waiver shall have been obtained. 
  
 “Certificateholders’ Interest Carryover Shortfall” means, (a) for the initial Payment Date, zero, and (b) for any other
Payment Date, the excess of the Certificateholders’ Interest Distributable Amount for the preceding Payment Date over the amount in respect of the interest actually deposited in the Certificate Distribution Account on such preceding Payment
Date, plus interest on such excess, to the extent permitted by law, at the Certificate Rate from and including such preceding Payment Date to, but excluding, the current Payment Date. 
  
 “Certificateholders’ Interest Distributable Amount” means, for any Payment Date, the sum of the
Certificateholders’ Monthly Interest Distributable Amount for such Payment Date and the Certificateholders’ Interest Carryover Shortfall for such Payment Date. 
  
 “Certificateholders’ Monthly Interest Distributable Amount” means, for any Payment Date, one
month’s interest (or, in the case of the first Payment Date, interest accrued from and including the Closing Date to, but excluding, such Payment Date) at the Certificate Rate on the Certificate Balance on the immediately preceding Payment
Date, after giving effect to all payments of principal to the Certificateholders on or prior to such Payment Date (or, in the case of the first Payment Date, the Certificate Balance on the Closing Date). Interest shall be computed on the basis of a
360 day-year of twelve 30-day months for purposes of this definition. 
  
 “Certificateholders’ Principal Distribution Amount” means, for any Payment Date, the greater of (a) the excess, if any, of (i) the sum of (A) the Regular Principal Distribution Amount for such Payment
Date, (B) the First Priority Principal Distribution Amount for such Payment Date and (C) the Second Priority Principal Distribution Amount for such Payment Date over (ii) the Noteholders’ Principal Distribution Amount for such
Payment Date and (b) on the Certificate Final Scheduled Payment Date, the amount necessary to reduce the Certificate Balance to zero on such Payment Date. 
  

“Class [A-1] Interest Rate” means         % per annum. 
  
 “Class [A-1] Notes” means the Class
[A-1]         % Asset Backed Notes, substantially in the form of Exhibit B to the Indenture. 
  
 “Class [A-1] Noteholder” means the Person in whose name a Class [A-1] Note is registered on the Note Register. 
  
 “Class [A-2] Interest Rate” means
        % per annum. 
  
 “Class [A-2] Notes” means the Class [A-2]         % Asset Backed Notes, substantially in the form of Exhibit C to the Indenture. 
  

 4 

 “Class [A-2] Noteholder” means the Person in whose name a Class [A-2] Note is registered
on the Note Register. 
  
 “Class [A-3] Interest
Rate” means         % per annum. 
  
 “Class [A-3] Notes” means the Class [A-3]         % Asset Backed Notes, substantially in the form of Exhibit D to the Indenture. 
  
 “Class [A-3] Noteholder” means the Person in whose name a
Class [A-3] Note is registered on the Note Register. 
  
 “Class [A-4] Interest Rate” means         % per annum. 
  
 “Class [A-4] Notes” means the Class [A-4]         % Asset Backed Notes, substantially
in the form of Exhibit E to the Indenture. 
  
 “Class
[A-4] Noteholder” means the Person in whose name a Class [A-4] Note is registered on the Note Register. 
  
 “Class R Certificate” means the certificate evidencing the beneficial interest of the Class R Certificateholder in the Owner Trust
Estate, substantially in the form of Exhibit [A-1] to the Trust Agreement. 
  
 “Class R Certificateholder” means the Person in whose name the Class R Certificate is registered. 
  
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The
initial Clearing Agency shall be The Depository Trust Company. 
  
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other person for whom from time to time a Clearing Agency effects book-entry transfers of securities deposited with the Clearing
Agency (including a Foreign Clearing Agency). 
  
 “Clearstream” means Clearstream Banking, société anonyme. 
  
 “Closing Date” means
                             , 20    . 
  
 “Code” means the Internal Revenue Code of 1986, as amended.

  
 “Collection Account” means securities account
no.              entitled “Chase Auto Owner Trust Series 20    -     Collection Account” maintained by the Collection
Account Securities Intermediary pursuant to the Collection Account Control Agreement or any successor securities account maintained pursuant to the Collection Account Control Agreement. 
  
 “Collection Account Control Agreement” means the agreement among the Issuer,
                                , as securities intermediary, and the Indenture
Trustee, dated as of                              , 20    , relating
to the Collection Account, substantially in the form attached as Exhibit C, as the same may be amended and supplemented from time to time. 
  

 5 

 “Collection Account Securities Intermediary” means JPMorgan Chase or any other
securities intermediary that maintains the Collection Account pursuant to the Collection Account Control Agreement. 
  
 “Collection Period” means the period from and including
                             , 20     to and including
                             , 20     and each calendar month
thereafter until Chase Auto Owner Trust 20    -     shall terminate pursuant to Article IX of the Trust Agreement. 
  
 “Collections” means all collections in respect of Receivables, including Liquidation Proceeds with respect
to the Receivables. 
  
 “Contract Rate” of a
Receivable means the annual rate of interest stated in such Receivable. 
  
 “Corporate Trust Office” means the corporate trust office of the Indenture Trustee in [                ] or the office of the Owner Trustee, as
applicable. 
  
 “Cutoff Date” means
                             , 20    . 
  
 “Dealer” means the dealer which sold a Financed Vehicle
related to a Dealer Receivable and which originated or assisted in the origination of such Dealer Receivable under a Dealer Agreement. 
  
 “Dealer Agreement” means any agreement and, if applicable, assignment under which Dealer Receivables were originated by or through a
Dealer and sold to the Depositor or an affiliate of the Depositor. 
  
 “Dealer Receivable” means each Receivable which was originated by the Depositor or an Affiliate of the Depositor with the involvement of a Dealer. 
  
 “Debt Cancellation Policy” means a policy issued by JPMorgan Chase to the Obligor that forgives the
Principal Balance of a Receivable in excess of insurance proceeds realized upon the event of a total loss of the related Financed Vehicle. 
  
 “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
  
 “Defaulted Receivable” means a Receivable (other than a
Repurchased Receivable) as to which the Servicer has determined based on its usual collection practices and procedures, during any Collection Period, that eventual payment in full of the Amount Financed (including accrued interest thereon) is
unlikely; provided that a Receivable shall become a Defaulted Receivable during the calendar month in which more than 10% of any scheduled payment becomes 240 days delinquent, regardless of whether any such determination has been made.

  

 6 

 “Definitive Notes” means [the Class [A-1]] Notes [and, if] issued in certificated, fully
registered form as provided in Section 2.12 of the Indenture[, the Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes]. 
  
 “Definitive Certificates” means Certificates issued in certificated, fully registered form as provided in Section 3.12 of the
Trust Agreement. 
  
 “Delaware Trustee” has the
meaning specified in Section 10.1 of the Trust Agreement. 
  
 [“Delinquency Percentage” means, for any Payment Date, the sum of the outstanding Principal Balances of all Receivables which were 60 days or more delinquent (including Receivables, which are not Defaulted Receivables,
relating to Financed Vehicles that have been repossessed), as of the close of business on the last day of the Collection Period immediately preceding such Payment Date, determined in accordance with the Servicer’s normal practices, such sum
expressed as a percentage of the Pool Balance as of the close of business on the last day of such Collection Period.] 
  
 “Deposit Date” means the Business Day immediately preceding each Payment Date. 
  
 “Depositor” means JPMorgan Chase, in its capacity as the
depositor of the Receivables under this Agreement, and each successor thereto pursuant to Section 6.3. 
  
 “Determination Date” means the 10th calendar day of the month (or, if such 10th calendar day is not a Business Day, the Business Day
preceding the 10th calendar day of the month) immediately succeeding the related Collection Period. 
  
 “Eligible Deposit Account” means (a) a segregated identifiable trust account established in the trust department of a Qualified
Trust Institution, which shall, except in the case of the Reserve Account[and the Yield Supplement Account], initially be JPMorgan Chase, and may be maintained with JPMorgan Chase so long as JPMorgan Chase is a Qualified Trust Institution; or
(b) a separately identifiable deposit account established in the deposit taking department of a Qualified Institution, which may be JPMorgan Chase so long as JPMorgan Chase is a Qualified Institution. 
  
 “Executive Officer” means, with respect to any corporation
or bank, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation or bank, and with respect to any partnership, any
general partner thereof. 
  
 “Euroclear Operator”
means Euroclear Bank S.A./N.V., in its capacity as the operator of the Euroclear system. 
  
 “Event of Default” means an event specified in Section 5.1 of the Indenture. 
  
 “Event of Servicing Termination” means an event specified in Section 8.1. 
  

 7 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Expenses” has the meaning specified in
Section 8.2 of the Trust Agreement. 
  
 “FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. 
  
 “FHLMC” means the Federal Home Loan Mortgage Corporation or any successor thereto. 
  
 “Final Scheduled Maturity Date” means the last day of the
Collection Period immediately preceding the Certificate Final Scheduled Payment Date. 
  
 “Financed Vehicle” means, with respect to a Receivable, the new or used automobile or light-duty truck, together with all accessions thereto, securing an Obligor’s indebtedness under such
Receivable. 
  
 “First Priority Principal Distribution
Amount” means, for any Payment Date, an amount equal to the greater of (a) the excess, if any, of (i) the Outstanding Amount of the Notes on the immediately preceding Payment Date (after giving effect to all payments of principal
of the Notes on such immediately preceding Payment Date) over (ii) the Adjusted Pool Balance for such Payment Date and (b) on the Note Final Scheduled Payment Date of any class of Notes, the amount necessary to reduce the Outstanding
Amount of such class of Notes to zero on such Payment Date. 
  
 “Fitch” means Fitch, Inc. and its successors and assigns. 
  
 “FNMA” means the Federal National Mortgage Association or any successor thereto. 
  
 “Foreign Clearing Agency” means, collectively, Clearstream and the Euroclear Operator. 
  
 “Grant” means mortgage, pledge, bargain, sell, warrant,
alienate, remise, release, convey, assign, transfer, create, and 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 Trust Estate 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 and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Granting party or
otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. 
  
 “Holder” or “Holders” means, unless the context otherwise requires, both Certificateholders and Noteholders. 

 

 8 

 “Indemnified Parties” has the meaning specified in Section 8.2 of the Trust
Agreement. 
  
 “Indenture” means the Indenture
dated as of                              , 20     between the Issuer
and the Indenture Trustee, as the same may be amended and supplemented from time to time. 
  
 “Indenture Trustee” means, initially,                     , as Indenture Trustee under the
Indenture, and any successor Indenture Trustee under the Indenture. 
  
 “Independent” means, when used with respect to any specified Person, that the person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Depositor and any Affiliate of any of the foregoing
persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons and (c) is not connected with the
Issuer, any such other obligor, the Depositor 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 engineer, appraiser or other expert appointed
by the Issuer and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Agreement and that the signer is
Independent within the meaning thereof. 
  
 “Insolvency
Event” means, for a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any
applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver (including any receiver appointed under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as
amended), liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official for such Person or for any substantial part of its property, or the making of 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. 
  
 “Interest Rate” means the rate of interest borne by the Notes of any class. 
  

 9 

 “Investment Earnings” means, with respect to any Payment Date, the investment earnings
(net of losses and investment expenses) on amounts on deposit in the Collection Account. 
  
 “Issuer” means Chase Auto Owner Trust 20    -    , a Delaware statutory trust, until a successor replaces it and, thereafter, means such successor
and, for purposes of any provision contained in the Indenture and required by the TIA, each other obligor on the Notes. 
  
 “Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer by any of its
authorized officers and delivered to the Indenture Trustee. 
  
 “Issuer Letter of Representations” means the blanket letter of representations between the Issuer and The Depository Trust Company, as the initial Clearing Agency, dated the Closing Date, substantially in the form attached
as Exhibit C to the Trust Agreement, as the same may be amended or supplemented from time to time or any similar letter or agreement with any successor Clearing Agency. 
  
 “JPMorgan Chase” means JPMorgan Chase Bank, National Association, a national banking association with its
principal executive offices in Columbus, Ohio and its successors. 
  
 “Late Fees” means any late charges, credit related extension fees, non-credit related extension fees, prepayment charges or other administrative fees or similar charges allowed by applicable law with respect to the
Receivables. 
  
 “Lien” means a security
interest, lien, charge, pledge or encumbrance of any kind other than tax liens, mechanics’ liens or any other liens that attach by operation of law. 
  
 “Liquidation Proceeds” means, with respect to any Receivable, (i) insurance proceeds, (ii) the monies collected during a
Collection Period from whatever source on a Defaulted Receivable and (iii) proceeds of a Financed Vehicle sold after repossession, in each case net of any liquidation expenses and payments required by law to be remitted to the Obligor.

  
 “Moody’s” means Moody’s Investors
Service, Inc. and its successors and assigns. 
  
 [“Net
Loss Ratio” means, for any Payment Date, the ratio, expressed as an annualized percentage, of (i) the Aggregate Net Losses for such Payment Date to (ii) the average of the Pool Balances on each of the related Settlement Date and
the last day of the related Collection Period.] 
  
 “Note” means a Class [A-1] Note, a Class [A-2] Note, a Class [A-3] Note or a Class [A-4] Note. 
  
 “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1(b).

  
 “Note Final Scheduled Payment Date” means for
(a) the Class [A-1] Notes, the [            ] Payment Date, (b) the Class [A-2] Notes, the [            ]
Payment Date, (c) the Class [A-3] Notes, the [            ] Payment Date, and (d) the Class [A-4] Notes, the
[            ] Payment Date. 
  

 10 

 “Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of
such Book-Entry Note, as reflected on the books of the Clearing Agency or Foreign Clearing Agency, or on the books of a direct or indirect Clearing Agency Participant. 
  
 “Note Pool Factor” for each class of Notes as of the close of business on a Payment Date means an
eight-digit decimal figure equal to the Outstanding Amount of such class of Notes divided by the Outstanding Amount as of the Closing Date of such class of Notes. The Note Pool Factor for each class of Notes will be 1.00000000 as of the Cutoff Date;
thereafter, the Note Pool Factor for each class of Notes will decline to reflect reductions in the Outstanding Amount of such class of Notes. 
  
 “Note Register” and “Note Registrar” means the register maintained and the registrar appointed pursuant to
Section 2.4 of the Indenture. 
  
 “Noteholder” means a Class [A-1] Noteholder, a Class [A-2] Noteholder, a Class [A-3] Noteholder or a Class [A-4] Noteholder. 
  
 “Noteholders’ Interest Carryover Shortfall” means, for any class of Notes, (a) for the initial Payment Date, zero, and
(b) for any other Payment Date, the excess of (x) the Noteholders’ Interest Distributable Amount for the preceding Payment Date for such class of Notes, over (y) the amount in respect of interest actually deposited in the Note
Distribution Account on such preceding Payment Date with respect to such class of Notes, plus interest on the amount of interest due but not paid to the Noteholders of such class on the preceding Payment Date, to the extent permitted by law, at the
applicable Interest Rate from such preceding Payment Date through the current Payment Date. 
  
 “Noteholders’ Interest Distributable Amount” means, for any Payment Date for any class of Notes, the sum of (x) the Noteholders’ Monthly Interest Distributable Amount for such class of
Notes for such Payment Date and (y) the Noteholders’ Interest Carryover Shortfall for such class of Notes for such Payment Date. 
  
 “Noteholders’ Monthly Interest Distributable Amount” means, for any Payment Date for each class of Notes, one month’s interest
(or, in the case of the first Payment Date, interest accrued from and including the Closing Date to but excluding such Payment Date) at the related Interest Rate on the Outstanding Amount of the Notes of such class on such Payment Date (or, in the
case of the first Payment Date, on the Closing Date). Interest for purposes of this definition [(i) on the Class [A-1] Notes shall be computed on the basis of a 360-day year for the actual number of days elapsed and (ii) on the Class [A-2]
Notes, the Class [A-3] Notes and the Class [A-4] Notes] shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 “Noteholders’ Principal Distribution Amount” means, for any Payment Date, the greater of (a) the lesser of (i) the excess,
if any, of (A) the Outstanding Amount of the Notes on the immediately preceding Payment Date (after giving effect to all payments of principal of the Notes on such immediately preceding Payment Date) over (B) the lesser of (x) the sum
of (I) [    ]% of the Adjusted Pool Balance for such Payment Date and (II) the Specified Reserve 

  

 11 

 
Account Balance on such Payment Date and (y) the Adjusted Pool Balance for such Payment Date minus the Target Overcollateralization Amount for such
Payment Date and (ii) the Target Principal Distribution Amount for such Payment Date and (b) on the Note Final Scheduled Payment Date of any class of Notes, the amount necessary to reduce the Outstanding Amount of such class of Notes to
zero. 
  
 “Obligor” on a Receivable means the
purchaser or the co-purchasers of the Financed Vehicle purchased in part or in whole by the execution and delivery of such Receivable or any other Person who owes or may be liable for payments under such Receivable. 
  
 “Officer’s Certificate” means a certificate signed by
the chairman of the board, the president, the treasurer, the controller, any executive or senior vice president or any vice president of the Depositor or Servicer, as appropriate, meeting the requirements of Section 11.1 of the
Indenture. 
  
 “Opinion of Counsel” means a
written opinion of counsel (who may be counsel to the Depositor or the Servicer) reasonably acceptable in form and substance to the Indenture Trustee, meeting the requirements of Section 11.1 of the Indenture (or in the case of an
Opinion of Counsel delivered to the Owner Trustee, reasonably acceptable in form and substance to the Owner Trustee). 
  
 “Optional Purchase Percentage” shall be     %. 
  
 [“Original Adjusted Pool Balance” shall be
$            .] 
  
 “Original Pool Balance” shall be $            . 
  
 “Outstanding” means, when used with respect to Notes, as of any date of determination, all Notes
theretofore authenticated and delivered under the Indenture except: 
  

	 	•	 	Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation; 

  

	 	•	 	Notes 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 Holders
of such Notes (provided that if such Notes are to be prepaid, notice of such prepayment has been duly given pursuant to the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been made); and 

 

	 	•	 	Notes in exchange for or in lieu of other Notes which 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 the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned
by the Issuer, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be 

  

 12 

 
protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that an Authorized Officer of the
Indenture Trustee either actually knows to be so owned or has received written notice that such Note is so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons.

  
 “Outstanding Amount” means, when used with
respect to Notes, as of any date of determination, the aggregate principal amount of all Notes, or a class of Notes, as applicable, Outstanding as of such date. 
  

[“Outstanding Trust Securities Amount” means, on any Payment Date, the sum of (a) the Outstanding Amount of the Notes on such
Payment Date (after giving effect to all payments of principal of the Notes on such Payment Date) and (B) the Certificate Balance on such Payment Date (after giving effect to all distributions of principal with respect to the Certificates on
such Payment Date).] 
  
 “Owner Trust Estate”
means all right, title and interest of the Issuer in and to the property and rights assigned to the Issuer pursuant to Article II of this Agreement, all funds on deposit from time to time in the Trust Accounts (other than the Note
Distribution Account) and the Certificate Distribution Account and all other property of Issuer from time to time, including any rights of the Owner Trustee and the Issuer pursuant to this Agreement. 
  
 “Owner Trustee” means, initially,
[            ], not in its individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
  
 “Paying Agent” means: (a) when used in the Indenture or
otherwise with respect to the Notes, the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Indenture Trustee to make
the payments to and distributions from the Collection Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuer; and (b) when used in the Trust Agreement or otherwise with
respect to the Certificates, the Owner Trustee or any other paying agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement, and in the case of the Indenture with respect to the Notes, and the Trust Agreement
with respect to the Certificates, such Paying Agent shall initially be the corporate trust office of JPMorgan Chase. 
  
 “Payment Date” means, in the case of the first Collection Period,
                             , 20    , and in the case of every
Collection Period thereafter, the 15th calendar day of the following month, or if the 15th calendar day is not a Business Day, the next following Business Day. 
  

“Permitted Investments” means, at any time, any one or more of the following obligations, securities (certificated or uncertificated)
or instruments (excluding any security with the “r” symbol attached to its rating): 
  
 (i) obligations of the United States of America or any agency thereof; provided such obligations are backed by the full faith and credit of the United States of America; 
  

 13 

 (ii) general obligations of or obligations guaranteed as to the timely payment of interest and principal
by any state of the United States of America or the District of Columbia then rated “A-1+” or “AAA” by Standard & Poor’s, “F1+” or “AAA” by Fitch (if rated by Fitch) and P-1 or Aaa by
Moody’s; 
  
 (iii) commercial paper, other than commercial
paper issued by JPMorgan Chase or any of its Affiliates, which is then rated P-1 by Moody’s, “F1+” by Fitch (if rated by Fitch) and “A-1+” by Standard & Poor’s; 
  
 (iv) certificates of deposit, demand or time deposits, federal funds or
banker’s acceptances, other than banker’s acceptances issued by JPMorgan Chase or any of its Affiliates, issued by any depository institution or trust company (including the Indenture Trustee acting in its commercial banking capacity)
incorporated under the laws of the United States or of any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America and subject to supervision and examination by federal
or state banking authorities which short term unsecured deposit obligations of such depository institution or trust company are then rated P-1 by Moody’s, “F1+” by Fitch (if rated by Fitch) and “A-1+” by Standard &
Poor’s; 
  
 (v) demand or time deposits of, or certificates
of deposit issued by, any bank, trust company, savings bank or other savings institution; provided such deposits or certificates of deposit are fully insured by the FDIC; 
  
 (vi) guaranteed reinvestment agreements issued by any bank, insurance company or other corporation the short term unsecured
debt or deposits of which are rated P-1 by Moody’s, “F1+” by Fitch (if rated by Fitch) and “A-1+” by Standard & Poor’s or the long-term unsecured debt of which are rated Aaa by Moody’s, “AAA” by
Fitch (if rated by Fitch) and “AAA” by Standard & Poor’s; 
  
 (vii) repurchase obligations with respect to any security described in clauses (i) or (ii) herein or any other security issued or guaranteed by the FHLMC, FNMA or any other agency or instrumentality of the
United States of America which is backed by the full faith and credit of the United States of America, in either case entered into with a federal agency or a depository institution or trust company (acting as principal) described in (iv) above;

  
 (viii) investments in money market funds, which funds
(A) are not subject to any sales, load or other similar charge; and (B) are rated at least “AAAM” or “AAAM-G” by Standard & Poor’s, “AAAV-1+” by Fitch (if rated by Fitch) and Aaa by Moody’s;
and 
  
 (ix) such other investments, other than investments in
JPMorgan Chase or any of its affiliates, where either (A) the short-term unsecured debt or deposits of the obligor on such investments are rated “A-1+” by Standard & Poor’s, “F1+” by Fitch (if rated by Fitch)
and P-1 by Moody’s. 
  

 14 

 Permitted Investments may include money market mutual funds (so long as such fund has the ratings specified in clause
(viii) hereof), including, without limitation, any JPMorgan Prime Money Market Fund or any other fund for which JPMorgan Chase, the Indenture Trustee or an Affiliate of either thereof serves as an investment advisor, administrator, shareholder
servicing agent, and/or custodian or subcustodian, notwithstanding that (i) JPMorgan Chase, [insert name of indenture trustee] or an Affiliate of either thereof charges and collects fees and expenses from such funds for services rendered,
(ii) JPMorgan Chase, [insert name of indenture trustee] or an Affiliate of either thereof charges and collects fees and expenses for services rendered pursuant to this Agreement, and (iii) services performed for such funds and pursuant to
this Agreement may converge at any time. The Indenture Trustee specifically authorizes JPMorgan Chase, [insert name of indenture trustee] or an Affiliate of either thereof to charge and collect all fees and expenses from such funds for services
rendered to such funds (but not to exceed investment earnings), in addition to any fees and expenses JPMorgan Chase or [insert name of indenture trustee], as applicable, may charge and collect for services rendered pursuant to this Agreement.

  
 “Person” means a legal person, including any
individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof, or any other entity of
whatever nature. 
  
 “Pool Balance” as of any
date of determination means, the aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period, after giving effect to all payments received from Obligors and Repurchase Amounts to be
remitted by the Servicer or the Depositor, as the case may be, for such Collection Period and all losses realized on Receivables liquidated during such Collection Period. 
  
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note
shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Prepayment Date” means in the case of a prepayment of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by the Servicer pursuant to such
Section 10.1. 
  
 “Principal Balance”
of a Receivable, as of the close of business on the last day of any Collection Period, means the Amount Financed minus that portion of all payments received on or prior to such date allocable to principal. The Principal Balance of a Defaulted
Receivable or a Repurchased Receivable shall be deemed to be zero, in each case, as of such date. 
  
 “Principal Distribution Subaccount” means the administrative subaccount of the Collection Account established and maintained as such
pursuant to Section 5.1(a). 
  
 “Principal
Prepayment” means a payment or other recovery of principal on a Receivable (including insurance proceeds and Liquidation Proceeds applied to principal on a Receivable) which is received in advance of its due date. 
  

 15 

 “Proceeding” means any suit in equity, action or law or other judicial or administrative
proceeding. 
  
 [“Projected Weighted Average
Life” means, with respect to (a) the Class [A-1] Notes, [    ], (b) the Class [A-2] Notes, [    ], (c) the Class [A-3] Notes, [    ],
(d) the Class [A-4] Notes, [    ] and (e) the Certificates, [    ].] 
  
 “Qualified Institution” means a depository institution organized under the laws of the United States of America or any State thereof or
incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any State thereof and subject to supervision and examination by federal or state banking authorities which at all times has the
Required Deposit Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC. 
  
 “Qualified Trust Institution” means an institution organized under the laws of the United States of America
or any State thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any State thereof and subject to supervision and examination by federal or state banking authorities
which at all times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) has not less than one billion dollars in assets under fiduciary management, and (iii) has a long term deposits rating of
not less than “BBB-” by Standard & Poor’s, Baa3 by Moody’s and “BBB-” by Fitch (if rated by Fitch). 
  
 “Rating Agency” means any of Standard & Poor’s, Moody’s or Fitch. 
  
 “Rating Agency Condition” means, with respect to any action
or event, that each Rating Agency shall have notified the Depositor and the Servicer, in writing, that such action or event will not result in reduction or withdrawal of any then outstanding rating of any outstanding Note or Certificate with respect
to which it is the Rating Agency. 
  
 “Receivable” means a retail installment sale contract or purchase money promissory note or other promissory note and security agreement executed by an Obligor in respect of a Financed Vehicle, and all proceeds thereof and
payments thereunder (other than interest accrued and unpaid as of the opening of business on the Cutoff Date), which Receivable shall be identified in the Schedule of Receivables. 
  
 “Receivable Files” means the documents specified in Section 3.3. 
  
 “Receivables Pool” means the pool of Receivables included in
the Trust Estate and all monies received thereunder on or after the Cutoff Date. 
  
 “Record Date” means, with respect to (a) [the Class [A-1] Notes and any Payment Date, the last day of the immediately preceding calendar month, (b) the Class [A-2] Notes, the Class [A-3]
Notes and the Class [A-4] Notes and] (i) any Payment Date before Definitive Notes are issued in respect of [the Class [A-1] Notes,] the Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes, the Business Day prior to such Payment
Date or (ii) any Payment Date after Definitive Notes are issued in respect of [the Class [A-1] Notes,] the Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes, the last day of the immediately preceding calendar 

  

 16 

 
month and [(b)] [(c)] the Certificates, and (i) any Payment Date before Definitive Certificates are issued, the Business Day prior to such Payment Date
or (ii) any Payment Date after Definitive Certificates are issued, the last day of the immediately preceding calendar month. 
  
 “Regular Principal Distribution Amount” means, for any Payment Date, an amount equal to the excess, if any, of (a) the Target
Principal Distribution Amount for such Payment Date over (b) the sum of (i) the First Priority Principal Distribution Amount for such Payment Date and (ii) the Second Priority Principal Distribution Amount for such Payment Date.

  
 “Regulation AB” means Subpart
229.1100—Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time. 
  
 “Relevant UCC” means the Uniform Commercial Code as in effect in the applicable jurisdiction. 
  
 “Repurchase Amount” of a Repurchased Receivable or any
Receivable purchased by the Servicer pursuant to Section 9.1, means the sum, as of the last day of the Collection Period on which such Receivable becomes such, of the Principal Balance thereof plus the Accrued Interest thereon.

  
 “Repurchased Receivable” means a Receivable
repurchased by the Depositor pursuant to Section 3.2 or purchased by the Servicer pursuant to Section 4.6. 
  
 “Required Deposit Rating” means a short-term certificate of deposit rating from Moody’s of P-1, from Fitch of “F1+” (if
rated by Fitch) and from Standard & Poor’s of “A-1+,” and a long-term unsecured debt rating of not less than Aa3 by Moody’s, “AA” by Fitch (if rated by Fitch) and “AA-” by Standard &
Poor’s. 
  
 [“Required Rate” means the sum
of (i) the Servicing Fee Rate and (ii) the percentage equivalent of a fraction, the numerator of which is equal to the sum of the product for each class of Notes and for the Certificates of (x) the Interest Rate for such class of
Notes or the Certificate Rate, as applicable, (y) the Outstanding Amount of the Notes of such class on the Closing Date or the Certificate Balance on the Closing Date, as applicable, and (z) the Projected Weighted Average Life with respect
to such class of Notes or the Certificates, and the denominator of which is equal to the sum of the product for each class of Notes and for the Certificates of (1) the Outstanding Amount of the Notes of such class on the Closing Date or the
Certificate Balance on the Closing Date and (2) the Projected Weighted Average Life with respect to such class of Notes or the Certificates.] 
  
 “Reserve Account” means securities account no.              entitled
“[            ], as Indenture Trustee, Securities Account of Chase Auto Owner Trust Series 20    -    ” maintained by
the Reserve Account Securities Intermediary pursuant to the Reserve Account Control Agreement or any successor securities account maintained pursuant to the Reserve Account Control Agreement. 
  
 “Reserve Account Control Agreement” means the agreement
among the Issuer, [            ], as securities intermediary, and the Indenture Trustee, dated as of
                             , 20    , relating to the Reserve
Account, substantially in the form attached as Exhibit D, as the same may be amended and supplemented from time to time. 
  

 17 

 “Reserve Account Initial Deposit” means an amount equal to
$            . 
  
 “Reserve Account Securities Intermediary” means [            ] or any other securities intermediary that maintains the Reserve
Account pursuant to the Reserve Account Control Agreement. 
  
 “Reserve Account Transfer Amount” means, for any Payment Date, an amount equal to the lesser of (a) the amount of cash or other immediately available funds on deposit in the Reserve Account on such Payment Date
(excluding amounts to be paid to the Class R Certificateholder pursuant to clause (i) of Section 5.7(d), but before giving effect to any other withdrawals therefrom relating to such Payment Date) and (b) the amount, if any, by
which the sum of the amounts set forth in clauses (i) through (vi) of Section 5.5(c), inclusive, exceeds the Available Amount for such Payment Date. 
  
 “Responsible Officer” means, (a) with respect to the Indenture Trustee, any officer within the
Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Indenture Trustee 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
(b) with respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Owner
Trustee customarily performing functions similar to those performed by any of the above designated officers, in each case, with direct responsibility of the administration of the Issuer. 
  
 “Sale Proceeds” has the meaning specified in Section 9.1(b). 
  
 “Schedule of Receivables” means the list of Receivables
attached hereto as Schedule A. 
  
 “SFAS 140”
means the Statement of Financial Accounting Standard No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. 
  
 “Second Priority Principal Distribution Amount” means, for any Payment Date, an amount equal to the greater
of (a) the excess, if any, of (i) an amount equal to the excess, if any, of (A) the Outstanding Trust Securities Amount on the immediately preceding Payment Date over (B) the Adjusted Pool Balance for such Payment Date over
(ii) the First Priority Principal Distribution Amount for such Payment Date and (b) on the Certificate Final Scheduled Payment Date, the amount necessary to reduce the Certificate Balance to zero on such Payment Date. 
  
 “Securities Act” means the Securities Act of 1933, as
amended. 
  

 18 

 “Securities Control Agreements” means, collectively, the Collection Account Control
Agreement[, the Yield Supplement Account Control Agreement] and the Reserve Account Control Agreement. 
  
 “Securities Intermediaries” means, collectively, JPMorgan Chase, acting as securities intermediary under the Collection Account Control
Agreement or any successor thereto thereunder and [                ], acting as securities intermediary under the Reserve Account Control Agreement or any
successor thereto thereunder. 
  
 “Servicer”
means JPMorgan Chase, in its capacity as the servicer of the Receivables under this Agreement, and each successor thereto pursuant to Section 7.3, and each successor servicer pursuant to Section 8.2. 
  
 “Servicer’s Certificate” means a certificate,
substantially in the form of Exhibit A attached hereto, completed and executed by the Servicer by its chairman of the board, the president, treasurer, controller or any executive, senior vice president or vice president pursuant to
Section 4.8. 
  
 “Servicing Fee”
means, with regard to a Collection Period, the fee payable to the Servicer for services rendered during such Collection Period, determined pursuant to Section 4.7. 
  
 “Servicing Fee Rate” means [    ]% per annum. 
  
 “Settlement Date” means, with respect to any Collection
Period, the last day of the Collection Period immediately preceding such Collection Period, and with respect to any Payment Date, the last day of the second Collection Period preceding the Collection Period in which such Payment Date occurs.

  
 “Simple Interest Method” means the method of
allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid Principal Balance multiplied by
the period of time elapsed since the preceding payment of interest was made, and the remainder of such payment is allocable to principal. 
  
 “Simple Interest Receivable” means any Receivable providing for the allocation of payments made thereunder to principal and interest in
accordance with the Simple Interest Method. 
  
 “Specified
Reserve Account Balance” means, for any Payment Date, [the lesser of (a) $             (or         % of the Original
Adjusted Pool Balance) and (b) the Outstanding Trust Securities Amount on the immediately preceding Payment Date] [        % of the Pool Balance as of the related Settlement Date, but in any event
will not be less than the lesser of (i) $             and (ii) such Pool Balance; provided that the Specified Reserve Account Balance will be calculated using a
percentage of         % for any Payment Date (beginning with the
                         20     Payment Date) for which the Average Net Loss Ratio exceeds
        % or the Average Delinquency Percentage exceeds         %. Upon written notification to the Indenture Trustee by the Depositor, the Specified
Reserve Account Balance may be reduced to a lesser amount as determined by the Depositor so long as such reduction satisfies the Rating Agency Condition]. 
  

 19 

 [“Specified Yield Supplement Amount” means, with respect to any Payment Date, an amount
equal to the lesser of (a) the Yield Supplement Account Initial Deposit and (b) the sum of the Yield Supplement Withdrawal Amounts for all future Payment Dates, assuming that (i) all scheduled payments on the Yield Supplemented
Receivables are made when due, (ii) no prepayments are made on the Yield Supplemented Receivables and (iii) the investment income on amounts on deposit in the Yield Supplement Account will be
        % per annum.] 
  
 “Standard & Poor’s” means Standard & Poor’s Ratings Services and its successors and assigns. 
  
 “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as
amended from time to time. 
  
 “Target
Overcollateralization Amount” means, for any Payment Date, the greater of (a) the excess, if any, of (i)         % of the Adjusted Pool Balance for such Payment Date over
(ii) the Specified Reserve Account Balance for such Payment Date and (b)         % of the Original Adjusted Pool Balance. 
  
 “Target Principal Distribution Amount” means, for any Payment Date, the excess, if any, of (a) the
Outstanding Trust Securities Amount on the immediately preceding Payment Date over (b) the Adjusted Pool Balance for such Payment Date minus the Target Overcollateralization Amount for such Payment Date. 
  
 “Treasury Regulations” means, the treasury regulations
promulgated under Code. 
  
 “Trust Accounts”
means, collectively, the Collection Account, the Note Distribution Account[, the Yield Supplement Account] and the Reserve Account. 
  
 “Trust Agreement” means the Amended and Restated Trust Agreement dated as of
                             , 20    , between the Depositor and the
Owner Trustee, as the same may be amended and supplemented from time to time. 
  
 “Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of the Indenture for the benefit of the Noteholders
(including all property and interests Granted to the Indenture Trustee), including all proceeds thereof, [the Yield Supplement Account] and the Reserve Account. 
  

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise
specifically provided. 
  
 [“Yield Supplement
Account” means securities account no.              entitled “[            ], as Indenture Trustee,
Securities Account of Chase Auto Owner Trust Series 20    -    ” maintained by the Yield Supplement Account Securities Intermediary pursuant to the Yield Supplement Account Control Agreement
or any successor securities account maintained pursuant to the Yield Supplement Account Control Agreement. 
  
 “Yield Supplement Account Control Agreement” means the agreement among the Issuer,
                , as securities intermediary, and the Indenture Trustee, dated as of
                        , 20    , relating to the Yield Supplement Account, substantially in
the form attached as Exhibit E, as the same may be amended and supplemented from time to time. 
  

 20 

 “Yield Supplement Account Initial Deposit” means an amount equal to
$            . 
  
 “Yield Supplement Account Securities Intermediary” means                  or any other securities intermediary
that maintains the Yield Supplement Account pursuant to the Yield Supplement Account Control Agreement.] 
  
 [“Yield Supplement Overcollateralization Amount” means, for any Payment Date, the amount specified on Schedule C for such Payment Date.]

  
 [“Yield Supplement Withdrawal Amount” means,
for any Payment Date, an amount equal to the lesser of (i) the amount of cash or other immediately available funds on deposit in the Yield Supplement Account on such Payment Date and (ii) the aggregate amount by which one month’s
interest (assuming a thirty-day month) on the Principal Balance of each Yield Supplemented Receivable as of the close of business on the last day of the second Collection Period preceding such Payment Date at the Required Rate exceeds one
month’s interest (assuming a thirty-day month) on such Principal Balance at the Contract Rate of such Yield Supplemented Receivable. 
  
 “Yield Supplemented Receivable” means a Receivable that has a Contract Rate that is less than the Required Rate.] 
  
 SECTION 1.2 Usage of Terms. With respect to all terms in this
Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include
their permitted successors and assigns; and the term “including” means “including without limitation.” All references herein to Articles, Sections, Subsections and Exhibits are references to Articles, Sections, Subsections and
Exhibits contained in or attached to this Agreement unless otherwise specified, and each such Exhibit is part of the terms of this Agreement. 
  
 SECTION 1.3 Simple Interest Method; Methods of Allocating Payments or Receivables; Allocations. All allocations of payments to principal and
interest and determinations of periodic charges and the like on the Receivables shall be based on a year with the actual number of days in such year and twelve months with the actual number of days in each such month. Each payment on a Receivable
shall be applied first, to the payment of accrued and unpaid interest on such Receivable, second, to reduce the scheduled principal amounts then due and owing on the Receivable, third, to any outstanding fees and Late Fees under the terms of the
Receivable and fourth, to reduce the principal amount outstanding on the Receivable. Amounts paid by the Depositor or the Servicer in respect of Repurchased Receivables shall be allocated as if the Obligor thereof had prepaid such Receivable in full
on the date as of which such Receivable was repurchased by the Depositor pursuant to Section 3.2 or purchased by the Servicer pursuant to Section 4.6 or 9.1. 
  

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 ARTICLE II 
  
 CONVEYANCE OF RECEIVABLES 
  
 SECTION 2.1 Conveyance of Receivables. In consideration of the Issuer’s delivery of the Notes, the Certificates and the Class R
Certificate to and upon the order of the Depositor, the Depositor does hereby sell, transfer, assign, and otherwise convey to the Issuer, without recourse (subject to the Depositor’s obligations herein): 
  
 (i) all right, title, and interest of the Depositor in, to
and under the Receivables listed in the Schedule of Receivables, which is incorporated by reference herein, all proceeds thereof and all amounts and monies received thereon on or after the Cutoff Date (including proceeds of the repurchase of
Receivables by the Depositor pursuant to Section 3.2 or the purchase of Receivables by the Servicer pursuant to Section 4.6 or 9.1), together with the interest of the Depositor in the security interests in the Financed
Vehicles granted by the Obligors pursuant to the Receivables and in any repossessed Financed Vehicles; 
  
 (ii) all right, title and interest of the Depositor in any Liquidation Proceeds and in any proceeds of any extended warranties, theft and
physical damage, guaranteed auto protection, credit life or credit disability policies relating to the Financed Vehicles or the Obligors; 
  
 (iii) all right, title and interest of the Depositor in any proceeds from Dealer repurchase obligations relating to the Receivables; and

  
 (iv) all proceeds (as defined in the Relevant
UCC) of the foregoing. 
  
 In connection with such sale, the
Depositor agrees to record and file, at its own expense, financing statements (and continuation statements with respect to such financing statements when applicable) with respect to the Receivables for the sale of accounts and chattel paper meeting
the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect the sale and assignment of the Receivables to the Issuer. 
  
 It is the intention of the Depositor and the Issuer that (a) the assignment and transfer herein contemplated constitute
a sale of the Receivables, conveying good title thereto free and clear of any liens and encumbrances, from the Depositor to the Issuer and (b) the Receivables not be part of the Depositor’s estate in the event of an insolvency. In the
event that such conveyance is deemed to be a pledge to secure a loan, the Depositor hereby grants to the Issuer a first priority perfected security interest in all of the Depositor’s right, title and interest in, to and under the items of
property listed in clauses (i) through (iv) above to secure the loan deemed to be made in connection with such pledge and, in such event, this Agreement shall constitute a security agreement under applicable law. 
  

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 SECTION 2.2 Closing. The conveyance of the Receivables shall take place at the offices of
Simpson Thacher & Bartlett LLP, New York, New York on the Closing Date, simultaneously with the closing of the transactions contemplated by the underwriting agreements related to the Notes and the Certificates and the other Basic Documents.
Upon the acceptance by the Depositor of the Notes, the Certificates and the Class R Certificate, the ownership of each Receivable and the contents of the related Receivable File will be vested in the Issuer, subject only to the lien of the
Indenture. 
  
 ARTICLE III 
  
 THE RECEIVABLES 
  
 SECTION 3.1 Representations and Warranties of Depositor; Conditions Relating to Receivables. 
  
 (a) The Depositor makes the following representations and warranties as to
the Receivables on which the Issuer shall rely in acquiring the Receivables. Such representations and warranties shall speak as of the Cutoff Date unless otherwise specified, but shall survive the sale, transfer, and assignment of the Receivables to
the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  
 (i) Schedule of Receivables. The Schedule of Receivables identifies the Receivables by account number, name of Obligor and
remaining principal balance of the Receivables as of the Cutoff Date and the information set forth in the Schedule of Receivables with respect to each Receivable is true and correct in all material respects, and no selection procedures materially
adverse to the Holders has been utilized in selecting the Receivables from all receivables owned by the Depositor which meet the selection criteria specified herein. 
  
 (ii) No Sale or Transfer. No Receivable has been sold, transferred, assigned or pledged by the
Depositor to any Person other than the Issuer. 
  
 (iii) Good Title. Immediately prior to the transfer and assignment of the Receivables to the Issuer herein contemplated, the Depositor has good and marketable title to each Receivable free and clear of all Liens and rights of others;
and, immediately upon the transfer thereof, the Issuer has either (i) good and marketable title to each Receivable, free and clear of all Liens and rights of others, other than the Lien of the Indenture Trustee under the Indenture, and the
transfer has been perfected under applicable law or (ii) a first priority perfected security interest in each Receivable and the proceeds thereof. 
  
 (b) Each Receivable satisfies the following conditions as of the Cutoff Date unless otherwise specified and such conditions shall survive the sale,
transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  

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 (i) Acquisition. Each Receivable is a Dealer Receivable acquired directly or
indirectly from or made through a Dealer located in the United States (including the District of Columbia); 
  
 (ii) Security. Each Receivable is secured by a new or used automobile or light-duty truck; 
  
 (iii) Maturity of Receivables. Each Receivable had a
remaining maturity of not less than          months and not greater than          months, and (A) in the case of each Receivable secured by new
Financed Vehicles, had an original maturity of at least          months and not more than          months, or (B) in the case of each Receivable
secured by used Financed Vehicles, had an original maturity of at least          months and not more than          months; 
  
 (iv) Contract Rate. Each Receivable has a Contract
Rate of not more than         % per annum; 
  
 (v) No Repossessions. Each Receivable is secured by a Financed Vehicle that had not been repossessed without reinstatement of such
Receivable; 
  
 (vi) Obligor Not Subject to
Bankruptcy Proceedings. Each Receivable has been entered into by an Obligor who had not been identified on the computer files of the Depositor as in bankruptcy proceedings; 
  
 (vii) No Overdue Payments. Each Receivable had no payment that was more than 30 days past due;

  
 (viii) Remaining Principal Balance.
Each Receivable had a remaining Principal Balance of at least $             and not greater than $            ;

  
 (ix) No Force Placed Insurance. Each
Receivable was secured by a Financed Vehicle that was not insured by a force placed insurance policy or any vendor’s single interest and non-filing insurance policy; 
  
 (x) Receivable Files. The Receivable Files were kept at one or more of the locations specified in
Schedule B hereto; 
  
 (xi)
Characteristics of Receivables. Each Receivable (a) has been originated in the form of a credit sales transaction by a Dealer or a purchase money loan or other note through a Dealer located in one of the States of the United States
(including the District of Columbia) for the retail financing of a Financed Vehicle and has been fully and properly executed by the parties thereto, (b) if a retail installment sales contract, has been purchased by the Depositor from the
originating Dealer or an Affiliate of the Depositor and has been validly assigned by such Dealer or an Affiliate of the Depositor to the Depositor in accordance with its terms; (c) 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; and (d) provides for fully amortizing level scheduled monthly payments (provided that the payment in the last
month in the life of the Receivable may be different from the level scheduled payment) and for accrual of interest at a fixed rate according to the Simple Interest Method; 
  

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 (xii) Compliance with Laws. Each Receivable and each sale of the related Financed
Vehicle complied at the time it was originated or made, and complied on and after the Cutoff Date, in all material respects with all requirements of applicable federal, state, and local laws, and regulations thereunder, including usury laws, the
Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, Federal Reserve Board Regulations B and Z and of the Uniform Consumer Credit Code, and
any other consumer credit, equal opportunity, and disclosure laws, in each case as applicable to such Receivable and sale thereof; 
  
 (xiii) Binding Obligation. Each Receivable constitutes the legal, valid, and binding payment obligation in writing of the Obligor,
enforceable by the holder thereof in all material respects in accordance with its terms, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation and other similar laws and equitable principles relating to or
affecting the enforcement of creditors’ rights; 
  
 (xiv) No Government Obligor. Each Receivable is not due from the United States of America or any State or from any agency, department, instrumentality or political subdivision of the United States of America or any State or local
municipality, and each Receivable is not due from a business except to the extent that such Receivable has an individual co-borrower; 
  
 (xv) Security Interest in Financed Vehicle. Immediately prior to the sale and assignment thereof to the Issuer as herein
contemplated, each Receivable was secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of or for the benefit of the Depositor as secured party (subject to administrative delays and clerical errors
on the part of the applicable governmental agency and to any statutory or other lien arising by operation of law after the Closing Date which is prior to such security interest), the Depositor’s security interest (or beneficial interest
therein) is assignable, and has been so assigned by the Depositor to the Issuer, and at such time as enforcement of such security interest is sought, each Receivable shall be secured by a validly perfected first priority security interest in the
related Financed Vehicle for the benefit of the Issuer (subject to administrative delays and clerical errors on the part of the applicable governmental agency and to any statutory or other lien arising by operation of law after the Closing Date
which is prior to such security interest); 
  
 (xvi) Receivables in Force. No Receivable has been satisfied, subordinated, or rescinded, nor has any Financed Vehicle been released by the Depositor from the Lien granted by the related Receivable, in whole or in part; 

 
 (xvii) No Waiver. No provision of a Receivable has
been waived in such a manner that such Receivable fails either to meet all of the representations and warranties made by the Depositor herein with respect thereto or to meet all of the conditions with respect thereto pursuant to this
Section 3.1(b); 
  

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 (xviii) No Amendments. No Receivable has been amended except pursuant to either
instruments included in the Receivable Files or instruments to be included in the Receivable Files pursuant to Section 4.2 (or otherwise maintained by the Depositor in the ordinary course of its business), and no such amendment has
caused such Receivable either to fail to meet all of the representations and warranties made by the Depositor herein with respect thereto or to fail to meet all of the conditions with respect thereto pursuant to this Section 3.1(b);

  
 (xix) No Defenses. The Depositor had
no knowledge either of any facts which would give rise to any right of rescission, setoff, counterclaim, or defense, or of the same being asserted or threatened, with respect to any Receivable; 
  
 (xx) No Liens. The Depositor had no knowledge of any
Liens or claims that have been filed, including liens for work, labor, materials or unpaid taxes relating to a Financed Vehicle, that would be liens prior to, or equal with, the lien granted by the Receivable; 
  
 (xxi) No Default. Except for payment defaults
continuing for a period of not more than 30 days as of the close of business on the Cutoff Date, the Depositor had no knowledge that a default, breach, violation, or event permitting acceleration under the terms of any Receivable existed; the
Depositor had no knowledge that a continuing condition that with notice or lapse of time would constitute a default, breach, violation, or event permitting acceleration under the terms of any Receivable existed; and the Depositor had not waived any
of the foregoing; 
  
 (xxii) Insurance.
Each Receivable requires that the Obligor thereunder maintain comprehensive, liability, theft and physical damage insurance covering the related Financed Vehicle; 
  
 (xxiii) Lawful Assignment. No Receivable has been originated in, or is subject to the laws of, any
jurisdiction under which the sale, transfer, and assignment of such Receivable under this Agreement or pursuant to transfers of the Certificates or the Notes is unlawful, void or voidable; 
  
 (xxiv) All Filings Made. No filings (other than
filings under the Relevant UCC which have been made) or other actions are necessary in any jurisdiction to give the Issuer a first perfected security interest in the Receivables; 
  
 (xxv) Chattel Paper. Each Receivable constitutes either “tangible chattel paper” or
“electronic chattel paper” within the meaning of the Relevant UCC. In the case of a Receivable constituting “tangible chattel paper” within the meaning of the Relevant UCC, there is no more than one original executed copy of such
Receivable, which immediately prior to delivery thereof to the Servicer (as custodian) for the Issuer, was in the possession of the Depositor. In the case of a Receivable constituting “electronic chattel paper” within the meaning of the
Relevant UCC, (a) there is no more than one authoritative copy of such Receivable which (i) is unique, identifiable and unalterable, and (ii) was communicated to and maintained by the Depositor, and (b) the Depositor has not
communicated an authoritative copy of such Receivable to any Person; 
  

 26 

 (xxvi) Excluded Loans. Each Receivable is not a Receivable originated by or
through a Dealer located in the State of                 ,
                ,                  and
                ; and 
  
 (xxvii) No Debt Cancellation Policy. Other than a Receivable originated by or through a Dealer located in the State of New York, no
Receivable is subject to a Debt Cancellation Policy. 
  
 SECTION
3.2 Repurchase Upon Breach or Failure of a Condition. The Depositor, the Servicer, the Indenture Trustee or the Owner Trustee, as the case may be, shall inform the other parties in writing, upon the discovery by the Depositor, the
Servicer or an Authorized Officer of the Indenture Trustee or the Owner Trustee, as the case may be, of either any breach of the Depositor’s representations and warranties set forth in Section 3.1(a) or the failure of any Receivable
to satisfy any of the conditions set forth in Section 3.1(b) which materially and adversely affects the Holders’ interest in any Receivable. Unless the breach or failed condition shall have been cured by the last day of the
Collection Period following the Collection Period in which such discovery occurred (or, at the Depositor’s option, the last day of the Collection Period in which such discovery occurred), the Depositor shall repurchase any Receivable the
Holders’ interest in which was materially and adversely affected by the breach or failed condition, as of such last day. In consideration of the repurchase of a Receivable, the Depositor shall remit the Repurchase Amount of such Receivable as
of such last day (less any Liquidation Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable pursuant to Section 4.3) in the manner specified in Section 5.4. The
sole remedy of the Issuer, the Indenture Trustee or the Holders with respect either to a breach of the Depositor’s representations and warranties set forth in Section 3.1(a) or to a failure of any of the conditions set forth in
Section 3.1(b) shall be to require the Depositor to repurchase Receivables pursuant to this Section 3.2. The obligation of the Depositor to repurchase under this Section 3.2 shall not be dependent upon the actual
knowledge of the Depositor of any breached representation or warranty and shall exist without regard to any limitation set forth in any representation or warranty concerning the knowledge of the Depositor as to the facts stated therein. The Owner
Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 3.2 or the eligibility of any Receivable for purposes of this
Agreement. 
  
 SECTION 3.3 Custody of Receivable
Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuer, upon the execution and delivery of this Agreement, agrees to have the Servicer act as custodian of the following copies, documents or
instruments (the “Receivable Files”) which are hereby constructively delivered to the Issuer with respect to each Receivable: 
  
 (i) In the case of a Receivable constituting “tangible chattel paper” within the meaning of the Relevant UCC, the original
executed copy of such Receivable or, in the case of a Receivable constituting “electronic chattel paper” within the meaning of the Relevant UCC, the authoritative copy of such Receivable; and 
  

 27 

 (ii) Any and all other documents or records that the Depositor or the Servicer, as the
case may be, shall keep on file, in accordance with its customary procedures, relating to a Receivable, an Obligor or a Financed Vehicle. 
  
 The Servicer hereby agrees to act as custodian and as agent for the Issuer hereunder. The Servicer acknowledges that it holds the documents and
instruments relating to the Receivables for the benefit of the Issuer. The Issuer shall have no responsibility to monitor the Servicer’s performance as custodian and shall have no liability in connection with the Servicer’s performance of
such duties hereunder. 
  
 SECTION 3.4 Duties of Servicer
as Custodian. 
  
 (a) Safekeeping. The Servicer, in
its capacity as custodian, shall hold the Receivable Files on behalf of the Issuer, and maintain such accurate and complete accounts, records (authoritative copies, original execution documents or copies of such originally executed documents shall
be sufficient) and computer systems pertaining to the Receivables as shall enable the Issuer to comply with its obligations pursuant to this Agreement. In performing its duties as custodian, the Servicer shall act with reasonable care, using that
degree of skill and attention that the Servicer exercises with respect to the receivable files of comparable new or used automobile receivables that the Servicer services for itself. The Servicer shall conduct, or cause to be conducted, periodic
audits of the files of all receivables owned or serviced by the Servicer which shall include the Receivable Files held by it under this Agreement and the related accounts, records and computer systems, in such a manner as shall enable the Owner
Trustee or the Indenture Trustee to identify all Receivable Files and such related accounts, records and computer systems and to verify, if the Owner Trustee or the Indenture Trustee so elects, the accuracy of the Servicer’s recordkeeping. The
Servicer shall promptly report to the Owner Trustee or the Indenture Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records, and computer systems as herein provided, and promptly take appropriate action to
remedy any such failure. 
  
 (b) Maintenance of and Access to
Records. The Servicer shall maintain each Receivable File at one of the locations specified in Schedule B to this Agreement, or at such other location as shall be specified to the Owner Trustee and the Indenture Trustee by 30 days’
prior written notice. The Servicer shall make available to the Owner Trustee, the Indenture Trustee or their respective duly authorized representatives, attorneys or auditors, the Receivable Files and the related accounts, records and computer
systems maintained by the Servicer at such times during normal operating hours as the Owner Trustee or Indenture Trustee shall reasonably instruct which do not unreasonably interfere with the Servicer’s normal operations or customer or employee
relations. 
  
 (c) Release of Documents. Upon instruction
from the Indenture Trustee (or, if the Notes have been paid in full, from the Owner Trustee), the Servicer shall release any document in the Receivable Files to the Indenture Trustee or Owner Trustee, or their respective agents or designee, as the
case may be, at such place or places as such Person may reasonably designate as soon as reasonably practicable to the extent it does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations. The
Servicer shall not be responsible for any loss occasioned by the failure of the Owner Trustee or Indenture Trustee, or their respective agents or designees, to return any document or any delay in doing so. 
  

 28 

 (d) Title to Receivables. The Servicer agrees that, in respect of any Receivable held by it as
custodian hereunder, (i) the Servicer will not at any time have or in any way attempt to assert any interest in such Receivable or the related Receivable File, other than solely for the purpose of collecting or enforcing the Receivable for the
benefit of the Issuer and (ii) the related Receivable File shall at all times be property of the Issuer. 
  
 SECTION 3.5 Instructions; Authority to Act. The Servicer shall be deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by an Authorized Officer of the Indenture Trustee (or, if the Notes have been paid in full, of the Owner Trustee). A certified copy of a by-law or of a resolution of the Board of Directors of the
Owner Trustee or the Indenture Trustee, as the case may be, shall constitute conclusive evidence of the authority of any such Authorized Officer to act and shall be considered in full force and effect until receipt by the Servicer of written notice
to the contrary given by the Owner Trustee or the Indenture Trustee, as the case may be. 
  
 SECTION 3.6 Custodian’s Indemnification. The Servicer, as custodian, shall indemnify the Issuer, the Owner Trustee and the Indenture Trustee for any and all liabilities, obligations, losses, damages,
payments, costs, or expenses of any kind whatsoever that may be imposed on, incurred or asserted against the Issuer, the Owner Trustee or the Indenture Trustee as the result of any 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 shall not be liable for any portion of any such amount resulting from the willful misfeasance, bad faith, or negligence of the Issuer, the Owner Trustee or
the Indenture Trustee. 
  
 SECTION 3.7 Effective Period
and Termination. The Servicer’s appointment as custodian shall become effective as of the Cutoff Date and shall continue in full force and effect until terminated pursuant to this Section 3.7 or until this Agreement shall be
terminated. If the Servicer shall resign as Servicer under Section 7.5 or if all of the rights and obligations of the Servicer shall have been terminated under Section 8.1, the appointment of the Servicer as custodian may be
terminated by the Indenture Trustee or by the Holders of Notes evidencing not less than a majority of the aggregate Outstanding Amount of the Notes (or, if there are no Notes outstanding, the Holders of Certificates representing not less than a
majority of the Certificate Balance), in the same manner as the Indenture Trustee or such Holders may terminate the rights and obligations of the Servicer under Section 8.1. As soon as practicable after any termination of such
appointment, the Servicer shall, at its expense, deliver and/or electronically communicate the Receivable Files to the Issuer or the Issuer’s agent at such place or places as the Issuer may reasonably designate. Notwithstanding the termination
of the Servicer as custodian, the Owner Trustee agrees that upon any such termination, the Issuer shall provide, or cause its agent to provide, access to the Receivable Files to the Servicer for the purpose of carrying out its duties and
responsibilities with respect to the servicing of the Receivables hereunder. 
  

 29 

 ARTICLE IV 
  
 ADMINISTRATION AND SERVICING OF RECEIVABLES 
  
 SECTION 4.1 Duties of Servicer. The Servicer is hereby authorized to act as agent for the Issuer and in such capacity shall manage, service,
administer and make collections on the Receivables (other than Repurchased Receivables) with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to comparable new or used automobile receivables that it
services for itself. The Servicer’s duties shall include collection and posting of all payments, responding to inquiries by Obligors or by federal, state, or local governmental authorities with respect to the Receivables, investigating
delinquencies, reporting tax information to Obligors in accordance with its customary practices, advancing costs of disposition of defaults, monitoring Receivables in cases of Obligor defaults, accounting for collections, furnishing monthly and
annual statements to the Indenture Trustee with respect to distributions. The Servicer shall follow its customary standards, policies, and procedures in performing its duties as Servicer hereunder; provided that the Servicer shall be permitted to
take or to refrain from taking any action not specified in this Agreement with respect to servicing the Receivables if such action or inaction would not contravene any material term of this Agreement or materially and adversely affect the interests
of Holders and is not outside customary or normal servicing procedures. Without limiting the generality of the foregoing, the Servicer shall be authorized and empowered by the Issuer to execute and deliver, on behalf of itself, the Owner Trustee,
the Indenture Trustee and the Holders, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, without recourse to the Issuer, with respect to the
Receivables or with respect to the Financed Vehicles. If the Servicer shall commence a legal proceeding to enforce a Receivable or a Defaulted Receivable, the Issuer shall thereupon be deemed to have automatically assigned such Receivable and the
related property conveyed to the Issuer with respect to such Receivable to the Servicer, solely for the purpose of collection. The Owner Trustee shall furnish the Servicer with such documents as have been prepared by the Servicer for execution by
the Owner Trustee and as are necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. 
  
 SECTION 4.2 Collection of Receivable Payments; Refinancing. 
  
 (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the
Receivables and of this Agreement as and when the same shall become due, and shall follow such collection procedures as it follows with respect to comparable new or used automobile receivables that it services for itself and that are consistent with
prudent industry standards. In connection therewith, the Servicer may grant extensions, rebates or adjustments on a Receivable without the consent of the Issuer; provided, however, that if the Servicer extends the date for final
payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase such Receivable pursuant to Section 4.6. The Servicer is authorized in its discretion to waive any Late Fees that may be due
in the ordinary course of collecting a Receivable; provided, further, that the Servicer shall not agree to any change in the underlying Contract Rate on any Receivable, to any change in the Principal Balance thereof (except with
respect to a prepayment of a scheduled payment that does not result in a deferral of any other scheduled payment), to any reduction of the total number of payments 

  

 30 

 
due thereunder or, subject to the foregoing, to any reduction of the amount of any scheduled payment on a Receivable. In the event that at the end of the
scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer
may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest; provided, however, that the last such payment shall be due on or prior to the Final Scheduled Maturity Date. 

 
 (b) Notwithstanding anything in this Agreement to the contrary, the
Servicer may refinance any Receivable by accepting a new promissory note from the related Obligor and applying the proceeds of such refinancing to pay all obligations in full of such Obligor under such Receivable. The receivable created by the
refinancing shall not be property of the Issuer. 
  
 SECTION
4.3 Realization Upon Receivables. The Servicer shall use reasonable efforts, consistent with its customary servicing procedures, to repossess or otherwise take possession of the Financed Vehicle securing any Receivable during the
calendar month in which more than 10% of any scheduled payment thereunder becomes 90 days delinquent; provided, however that the Servicer may repossess or otherwise take possession of the Financed Vehicle securing a Receivable (i) earlier if
(A) such Receivable becomes a Defaulted Receivable, (B) the Servicer determines that such Financed Vehicle is in danger of being damaged, destroyed or otherwise made unavailable for repossession or (C) the related Obligor voluntarily
surrenders such Financed Vehicle or (ii) later if (A) the Servicer is unable to locate such Financed Vehicle, (B) the related Obligor is the subject of a bankruptcy proceeding or (C) the Servicer otherwise defers repossession of
such Financed Vehicle in accordance with its normal and customary servicing practices and procedures. After repossession of a Financed Vehicle, the Servicer shall in accordance with its customary and usual practices and procedures sell such Financed
Vehicle in an auction or consign such Financed Vehicle to a Dealer for resale as soon as is practicable after repossession, subject to any applicable laws. The Servicer shall follow such customary and usual practices and procedures as it shall deem
necessary or advisable in determining when and if to exercise reasonable efforts to realize upon any recourse to Dealers. The Servicer shall be entitled to recover from proceeds all reasonable expenses incurred by it in the course of converting the
Financed Vehicle into cash proceeds. The Liquidation Proceeds with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.2 and shall be applied to reduce (or to satisfy,
as the case may be) the Repurchase Amount of the Receivable, if such Receivable is to be repurchased by the Depositor pursuant to Section 3.2, or is to be purchased by the Servicer pursuant to Section 4.6. The foregoing shall
be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with the repair or the repossession of such Financed Vehicle unless it shall determine in its
sole discretion that such repair and/or repossession will increase the Liquidation Proceeds of the related Receivable by an amount equal to or greater than the amount of such expenses. 
  
 SECTION 4.4 Maintenance of Security Interests in Financed Vehicles. The Servicer, in accordance with its
customary servicing procedures, shall take such steps as are necessary to maintain perfection of the first priority security interest of the Depositor created in any Financed Vehicle which secures a Receivable. The Owner Trustee, on behalf of the
Issuer, and the Indenture Trustee hereby authorize the Servicer, and the Servicer hereby agrees, to take 

  

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such steps as are necessary to re-perfect such security interest in the event of the relocation of a Financed Vehicle or for any other reason, in either
case, when the Servicer has knowledge of the need for such re-perfection. In the event that the assignment of a Receivable to the Issuer and by the Issuer to the Indenture Trustee pursuant to the Indenture is insufficient without a notation on the
related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the State in which the Financed Vehicle is located, to grant to the Indenture Trustee a perfected security
interest in the related Financed Vehicle, the Depositor and Servicer hereby agree that the Depositor’s listing as the secured party on the certificate of title is deemed to be in its capacity as agent of the Indenture Trustee and the Servicer
further agrees to hold such certificate of title as the Indenture Trustee’s agent and custodian; provided, however, that the Servicer shall not, nor shall the Owner Trustee, the Indenture Trustee or Holders have the right to require that the
Servicer, make any such notation on the related Financed Vehicles’ certificate of title or fulfill any such additional administrative requirement of the laws of the State in which a Financed Vehicle is located. 
  
 SECTION 4.5 Covenants of Servicer. The Servicer hereby makes the
following covenants on which the Issuer will rely in accepting the Receivables: 
  
 (i) Security Interest to Remain in Force. The Financed Vehicle securing each Receivable shall not be released from the security
interest granted by the Receivable in whole or in part except if such Financed Vehicle is substituted in whole by the manufacturer, dealer or seller as a result of mechanical defects or a total loss of the Financed Vehicle because of accident or
theft or as otherwise contemplated herein; 
  
 (ii) No Impairment. The Servicer shall not impair the rights of the Issuer, the Indenture Trustee or any Holder in the Receivables; and 
  
 (iii) Extensions; Defaulted Receivables. The Servicer shall not increase the number of payments under a Receivable, nor increase
the Amount Financed under a Receivable, nor extend or forgive payments on a Receivable or otherwise amend the terms of any Receivable, except as provided in Section 4.2. 
  
 SECTION 4.6 Purchase of Receivables Upon Breach. The Depositor, the Servicer, the Indenture Trustee or the Owner
Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery by the Depositor, the Servicer or an Authorized Officer of the Indenture Trustee or the Owner Trustee, as the case may be, of any breach by the
Servicer of its covenants under Section 4.5 which materially and adversely affects the interest of the Holders in any Receivable (for this purpose, any breach of the covenant set forth in Section 4.5(iii) shall be deemed to
materially and adversely affect the interest of the Holders in a Receivable). Except as otherwise specified in Section 4.2, unless the breach shall have been cured by the last day of the Collection Period following the Collection Period
in which such discovery occurred (or, at the Servicer’s election, the last day of the Collection Period in which such discovery occurred), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such
last day. In consideration of the purchase of such Receivable, the Servicer shall remit the Repurchase Amount (less any Liquidation Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable
pursuant to Section 4.3) in the manner specified in Section 5.4. The sole remedy of the Issuer, the Owner 

  

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Trustee, the Indenture Trustee or the Holders against the Servicer with respect to a breach pursuant to Section 4.2 or Section 4.5
shall be to require the Servicer to purchase Receivables pursuant to this Section 4.6. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any
Receivable pursuant to this Section 4.6 or the eligibility of any Receivable for purposes of this Agreement. 
  
 SECTION 4.7 Servicing Fee. The Servicing Fee for a Collection Period shall be payable on the related Payment Date pursuant to
Section 5.5 and shall equal the sum of (i) [(A) in the case of the first Payment Date, the product of     multiplied by 1/360 of the Servicing Fee Rate and the Pool Balance as of the Cutoff Date or
(B) for all other Payment Dates,] the product of one-twelfth of the Servicing Fee Rate and the Pool Balance as of the related Settlement Date (or, in the case of the first Payment Date, as of the Cutoff Date) and (ii) Late Fees received
from Obligors during such Collection Period. In addition, as part of the Servicing Fee, the Servicer shall be entitled to receive on each Payment Date Investment Earnings when and as paid on amounts on deposit in the Collection Account or earned on
collections pending deposit in the Collection Account. The Servicer shall be required to pay from its own account all expenses incurred by it in connection with its activities hereunder (including fees and disbursements of independent accountants
and auditors, taxes imposed on the Servicer, and other costs incurred in connection with administering and servicing the Receivables) and the fees and disbursements of the Issuer, the Administrator, the Owner Trustee, the Indenture Trustee, the
Owner Trustee’s and the Indenture Trustee’s respective counsel, the Securities Intermediaries, the Paying Agent, the Authenticating Agent, the Note Registrar and the Certificate Registrar except for United States federal, state and local
income and franchise taxes, if any, imposed on the Issuer or any Holder or any expenses in connection with realizing upon Receivables under Section 4.3. 
  
 SECTION 4.8 Servicer’s Certificate. On or before each Determination Date, the Servicer shall deliver to the
Indenture Trustee, the Owner Trustee, the Paying Agent and the Rating Agencies a Servicer’s Certificate, substantially in the form of Exhibit A, for the Collection Period preceding such Determination Date, containing all information necessary
to make the distributions pursuant to Section 5.5, and all information necessary for the Paying Agent to send statements to Holders pursuant to Section 5.9. The Servicer shall deliver to the Rating Agencies any information,
to the extent it is available to the Servicer, that the Rating Agencies reasonably request in order to monitor the Issuer. The Servicer shall also specify each Receivable which the Depositor or the Servicer is required to repurchase or purchase, as
the case may be, as of the last day of the preceding Collection Period and each Receivable which the Servicer shall have determined to be a Defaulted Receivable during the preceding Collection Period. Subsequent to the Closing Date, the form of
Servicer’s Certificate may be revised or modified to cure any ambiguities or inconsistencies between such form and this Agreement; provided, however, that no material information shall be deleted from the form of Servicer’s Certificate. In
the event that the form of Servicer’s Certificate is revised or modified in accordance with the preceding sentence, a form thereof, as so revised or modified, shall be provided to the Owner Trustee, the Paying Agent, the Indenture Trustee and
each Rating Agency. 
  

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 SECTION 4.9 Annual Statement as to Compliance. 
  
 (a) Within the earlier of ninety (90) days after the end of each fiscal
year of the Servicer or such date as required by Regulation AB, (i) the Servicer shall deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency the statement of compliance from the Servicer described in Item 1123 of
Regulation AB with respect to such fiscal year, which statement shall be in the form of an Officer’s Certificate of the Servicer, stating that (A) a review of the activities of the Servicer during such fiscal year (or the period since the
Cutoff Date in the case of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, the Servicer has
fulfilled all its obligations in all material respects under this Agreement throughout such fiscal year (or the period since the Cutoff Date in the case of the first such certificate), or, if there has been a default in the fulfillment of any such
obligation in any material respect, specifying each such default known to such officer and the nature and status thereof, and (ii) the Servicer shall cause each subservicer performing obligations of the Servicer under this Agreement that meets
the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB to deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency a statement of compliance from such subservicer described in Item 1123 of Regulation AB
with respect to such fiscal year, which statement shall be in the form of a certificate signed by the chairman of the board, the president, the treasurer, the controller, any executive or senior vice president or any vice president of such
subservicer, stating that (A) a review of the activities of such subservicer during the such fiscal year (or the period since the Cutoff Date in the case of the first such certificate) and of its performance under this Agreement has been made
under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such subservicer has fulfilled all its obligations in all material respects under this Agreement throughout such fiscal year (or
the period since the Cutoff Date in the case of the first such certificate), or, if there has been a default in the fulfillment of any such obligation in any material respect, specifying each such default known to such officer and the nature and
status thereof. 
  
 (b) The Servicer shall deliver to the
Indenture Trustee, the Owner Trustee and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than five Business Days thereafter, an Officer’s Certificate specifying any event which with the giving of
notice or lapse of time, or both, would become an Event of Servicing Termination under Section 8.1. The Depositor shall deliver to the Indenture Trustee and the Owner Trustee, promptly after having obtained knowledge thereof, but in no
event later than five Business Days thereafter, an Officer’s Certificate specifying any event which with the giving of notice or lapse of time, or both, would become an Event of Servicing Termination under Section 8.1. 

 
 SECTION 4.10 Reports on Assessment of Compliance With Servicing
Criteria. 
  
 (a) Within the earlier of ninety (90) days
after the end of each fiscal year of the Servicer or such date as required by Regulation AB, (i) the Servicer shall deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency a report of compliance with the servicing criteria
described in Item 1122 of Regulation AB with respect to such fiscal year, which report will be in the form of an Officer’s Certificate of the Servicer to the effect that (A) the Servicer is responsible for assessing compliance with
the servicing obligations under this Agreement, (B) the Servicer has used the criteria in paragraph (d) of Item 1122 of Regulation 

  

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AB to assess compliance with the servicing obligations under this Agreement and has set forth therein such criteria that are not applicable to the servicing
obligations under this Agreement, (C) the Servicer has assessed compliance with the applicable servicing criteria in paragraph (d) of Item 1122 of Regulation AB as of and for the period ending the end of such fiscal year and has
disclosed any material instance of noncompliance identified by the Servicer and (D) a registered public accounting firm has issued an attestation report on the Servicer’s assessment of compliance with the applicable servicing criteria in
paragraph (d) of Item 1122 of Regulation AB as of and for the period ending the end of such fiscal year, and (ii) the Servicer shall cause each subservicer “participating in the servicing function” within the meaning of Rule
15d-18 of the Exchange Act to deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency a report of compliance with the servicing criteria described in paragraph (d) of Item 1122 of Regulation AB with respect to such
fiscal year, which report will be in the form of a certificate signed by the chairman of the board, the president, the treasurer, the controller, any executive or senior vice president or any vice president of such subservicer to the effect that
(A) such subservicer is responsible for assessing compliance with the servicing obligations that it performs on behalf of the Servicer under this Agreement, (B) such subservicer has used the criteria in paragraph (d) of Item 1122
of Regulation AB to assess compliance with such servicing obligations, (C) such subservicer has assessed compliance with the applicable servicing criteria in paragraph (d) of Item 1122 of Regulation AB as of and for the period ending
the end of such fiscal year and has disclosed any material instance of noncompliance identified by such subservicer and (D) a registered public accounting firm has issued an attestation report on such subservicer’s assessment of compliance
with the applicable servicing criteria in paragraph (d) of Item 1122 of Regulation AB as of and for the period ending the end of such fiscal year. 
  
 (b) Within the earlier of ninety (90) days after the end of each fiscal year of the Servicer or such date as required by Regulation AB, the Servicer
shall (i) cause a registered public accounting firm (who may also render other services to the Servicer or the Depositor) to furnish to the Indenture Trustee, the Owner Trustee and each Rating Agency an attestation report on each assessment of
compliance with the servicing criteria delivered pursuant to Section 4.10(a) with respect to the Servicer or any subservicer that is an Affiliate of the Servicer during such fiscal year, and (ii) cause each subservicer that is not
an Affiliate of the Servicer that delivered an assessment of compliance with the servicing criteria pursuant to Section 4.10(a) to deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency an attestation report on such
assessment of compliance from a registered public accounting firm (who may also render other services to such subservicer). Each such attestation report shall be made in accordance with standards of attestation engagements issued or adopted by the
Public Company Accounting Oversight Board. 
  
 SECTION
4.11 Access by Holders to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to the Holders access to the Receivable Files in such cases where the Holders shall be required by applicable statutes or
regulations to have access to such documentation. Access by the Holders shall be afforded without charge, but only upon reasonable request and during normal business hours which do not unreasonably interfere with the Servicer’s normal
operations or customer or employee relations. Nothing in this Section 4.11 shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the
Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section 4.11. 
  

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 SECTION 4.12 Reports to Holders and the Rating Agencies. 
  
 (a) The Indenture Trustee or the Owner Trustee, as applicable, shall provide
to any Holder who so requests in writing (addressed to the Corporate Trust Office of such trustee) a copy of (i) any Servicer’s Certificate described in Section 4.8, (ii) the annual statement of compliance described in
Section 4.9(a), (iii) any report on assessment of compliance with the servicing criteria described in Section 4.10(a) and (iv) any attestation report on an assessment of compliance with the servicing criteria
described in Section 4.10(b). The Indenture Trustee or the Owner Trustee, as applicable, may require the Holder to pay a reasonable sum to cover the cost of the Indenture Trustee’s or the Owner Trustee’s complying with such
request, as applicable. 
  
 (b) The Indenture Trustee or the Owner
Trustee, as applicable, shall forward to the Rating Agencies the statement to Holders described in Section 5.9 and any other reports it may receive pursuant to this Agreement to (i) Standard & Poor’s, via electronic
delivery to Servicer_reports@sandp.com or, in the case of reports not available in electronic format, Standard & Poor’s Ratings Service, 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group,
(ii) Moody’s, ABS Monitoring Dept., 99 Church Street, 4th Floor, New York, New York 10007 and (iii) Fitch, One State Street Plaza, 32nd Floor, New York, New York 10004. 
  
 ARTICLE V 
  
 ACCOUNTS; DISTRIBUTIONS; 
 STATEMENTS TO
CERTIFICATEHOLDERS 
  
 SECTION 5.1 Establishment of
Collection Account and Note Distribution Account. 
  
 (a) On
or prior to the Closing Date, the Issuer, the Collection Account Securities Intermediary and the Indenture Trustee shall have entered into the Collection Account Control Agreement pursuant to which the Collection Account shall be established and
maintained for the benefit of the Noteholders and the Certificateholders. If the depositary of the Collection Account ceases to be either a Qualified Institution or a Qualified Trust Institution, as applicable, the Issuer shall cause the Collection
Account to be moved to a Qualified Institution or a separate trust account in a Qualified Trust Institution and the Indenture Trustee shall cause the depositary maintaining the new Collection Account to assume the obligations of the existing
Collection Account Securities Intermediary under the Collection Account Control Agreement unless the Rating Agency Condition is satisfied in connection with such depositary’s ceasing to be a Qualified Institution or a Qualified Trust
Institution, as the case may be. All amounts held in the Collection Account shall be invested in accordance with the Collection Account Control Agreement at the written direction of the Servicer to the extent provided in Section 8.3(a)
and Section 8.3(c) of the Indenture in Permitted Investments that mature not later than the Deposit Date next succeeding the date of investment except, if the Collection Account Securities Intermediary and the Indenture Trustee are the
same Person, investments on which the Indenture Trustee is the obligor (including repurchase agreements on which the Indenture Trustee, in its commercial capacity, is liable as principal) may mature on the next succeeding Payment Date; 

  

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provided, however, that once such amounts have been invested in Permitted Investments, such Permitted Investments must be held or maintained until they
mature on or before the dates described above. For administrative purposes only, the Issuer shall establish and maintain an administrative subaccount within the Collection Account designated as the “Principal Distribution Subaccount”.

  
 (b) On or prior to the Closing Date, the Servicer shall
establish and maintain for the benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible Deposit Account for the deposit of distributions to the Noteholders (the “Note Distribution Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders. The Note Distribution Account shall be established initially at JPMorgan Chase. Should any depositary of the Note Distribution Account or
the Certificate Distribution Account (including JPMorgan Chase (or an Affiliate thereof)) cease to be either a Qualified Institution or a Qualified Trust Institution, as applicable, then the Servicer shall, with the Depositor’s assistance as
necessary, cause the related account to be moved to a Qualified Institution or a Qualified Trust Institution, unless the Rating Agency Condition is satisfied in connection with such depositary’s ceasing to be a Qualified Institution or a
Qualified Trust Institution, as the case may be. Amounts on deposit in the Note Distribution Account shall not be invested. 
  
 (c) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Note Distribution Account and in
all proceeds thereof and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. 
  
 SECTION 5.2 Collections. 
  
 (a) The Servicer shall remit daily within forty-eight hours of receipt to the Collection Account all Collections collected during the Collection Period.
JPMorgan Chase has requested that, so long as it is acting as the Servicer, the Servicer be permitted to make remittances of Collections on a less frequent basis than that specified in the immediately preceding sentence. It is understood that such
less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first
sentence of this Section 5.2, the Servicer shall remit such collections to the Collection Account in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on the
Deposit Date, but only for so long as (i) the short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody’s, “F1” by Fitch (if rated by Fitch) and “A-1” by Standard & Poor’s, or the
Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall be JPMorgan Chase. Upon remittance by the Servicer of Collections to the Collection Account
pursuant to the preceding sentence, the Paying Agent shall provide written notice to the Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer on
such date and, if the Paying Agent fails to provide the Indenture Trustee and the Owner Trustee with such written notice by 12 noon, New York City time, on such Deposit Date, then the Indenture Trustee and the Owner Trustee shall assume that no
deposits were made to the Collection Account pursuant to this Section 5.2. For purposes of this Section 5.2 the phrase “payments made on behalf of the Obligors” shall mean payments made by Persons other than the
Depositor or the Servicer. 
  

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 (b) Notwithstanding anything in this Agreement to the contrary, if the Servicer deposits amounts that it
mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the Payment Date following such deposit, the Indenture Trustee, at the written direction of the Servicer,
shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall be deemed to have purchased such Receivable pursuant to Section 4.6 as of the last day of the Collection Period during which such error shall have
occurred. 
  
 SECTION 5.3 [Reserved]. 
  
 SECTION 5.4 Additional Deposits. The Servicer, or the Depositor,
as the case may be, shall deposit into the Collection Account the aggregate Repurchase Amount pursuant to Sections 3.2, 4.6 and 9.1(a), as applicable. All remittances shall be made to the Collection Account, in Automated Clearinghouse
Corporation next-day funds or immediately available funds, no later than 11 a.m., New York City time, on the Deposit Date. 
  
 SECTION 5.5 Distributions. 
  
 (a) No later than 12 noon, New York City time, on each Determination Date, the Servicer shall calculate all amounts required to determine the amounts to
be withdrawn from [the Yield Supplement Account and the amounts to be withdrawn from] the Reserve Account (if any) and deposited into the Collection Account and the amounts to be withdrawn from the Collection Account and paid to the Servicer and the
Administrator, allocated to the Principal Distribution Subaccount, deposited into the Note Distribution Account and the Certificate Distribution Account and/or paid to the Class R Certificateholder pursuant to [Section 5.6(d) and]
Section 5.7(d) with respect to the next succeeding Payment Date. 
  
 (b) On each Deposit Date, the Servicer shall instruct the Indenture Trustee in writing (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date pursuant to
Section 4.8) to withdraw from [the Yield Supplement Account and deposit in the Collection Account the Yield Supplement Withdrawal Amount for the related Payment Date and to withdraw from] the Reserve Account and deposit in the Collection
Account the Reserve Account Transfer Amount (if any) for the related Payment Date, and the Indenture Trustee shall so withdraw and deposit [the Yield Supplement Withdrawal Amount and] the Reserve Account Transfer Amount (if any) for such Payment
Date. 
  
 (c) Not later than 11:00 a.m., New York City time, on
each Payment Date, at the Servicer’s direction, the Indenture Trustee, or the Paying Agent on behalf of the Indenture Trustee, shall cause to be made the following distributions, to the extent of the Available Amount then on deposit in the
Collection Account and amounts withdrawn from the Reserve Account and deposited in the Collection Account by wire transfer of immediately available funds, in the following order of priority and in the amounts set forth in the Servicer’s
Certificate for such Payment Date: 
  
 (i) to the
Servicer, the sum of (x) the Servicing Fee for the preceding Collection Period, plus (y) the amount of any Servicing Fee previously due but not paid, if any, to the extent such amounts are not deducted from the Servicer’s remittance
to the Collection Account pursuant to Section 5.8; 
  

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 (ii) to the Administrator, the sum of (x) the Administration Fee for such Payment
Date, plus (y) the amount of any Administration Fee previously due but not paid, if any; 
  
 (iii) to the Note Distribution Account, the Noteholders’ Interest Distributable Amount; 
  
 (iv) except as set forth in Section 5.5(d),
allocate to the Principal Distribution Subaccount, the First Priority Principal Distribution Amount for such Payment Date; 
  
 (v) except as set forth in Section 5.5(d), to the Owner Trustee for deposit in the Certificate Distribution Account, the
Certificateholders’ Interest Distributable Amount; 
  
 (vi) except as set forth in Section 5.5(d), allocate to the Principal Distribution Subaccount, the Second Priority Principal Distribution Amount for such Payment Date; 
  
 (vii) except as set forth in Section 5.5(d), to
the Reserve Account, the excess, if any, of the Specified Reserve Account Balance for such Payment Date over the Available Reserve Account Amount for such Payment Date; 
  
 (viii) except as set forth in Section 5.5(d), allocate to the Principal Distribution Subaccount,
the Regular Principal Distribution Amount for such Payment Date; and 
  
 (ix) except as provided in Section 5.5(d), to the Class R Certificateholder any remaining portion of the Available Amount. 
  
 In the event that the Collection Account is maintained with an institution other than the Indenture Trustee, the Servicer
shall instruct and cause such institution to make all deposits and distributions pursuant to this Section 5.5(c) on the related Deposit Date. 
  
 (d) If the Notes have been declared immediately due and payable as provided in Section 5.2 of the Indenture following the occurrence of an
Event of Default described in clause (a) or (b) of Section 5.1 of the Indenture, any amounts remaining in the Collection Account after the distributions described in clauses (i), (ii) and (iii) of
Section 5.5(c) shall be distributed in the following order of priority: (1) an amount equal to the Outstanding Amount of the Notes will be deposited in the Note Distribution Account, (2) an amount equal to the
Certificateholders’ Interest Distributable Amount will be deposited in the Certificate Distribution Account, (3) an amount equal to the Certificate Balance will be deposited in the Certificate Distribution Account and (4) any
remaining amounts will be paid to the Class R Certificateholder. 
  

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 (e) So long as the Notes have not been declared immediately due and payable as provided in
Section 5.2 of the Indenture following the occurrence of an Event of Default described in clause (a) or (b) of Section 5.1 of the Indenture, on each Payment Date, at the Servicer’s direction, the Indenture
Trustee, or the Paying Agent on behalf of the Indenture Trustee, shall cause to be made the following distributions from the Principal Distribution Subaccount by wire transfer of immediately available funds, in the following order of priority and in
the amounts set forth in the Servicer’s Certificate for such Payment Date: 
  
 (i) to the Note Distribution Account, the Noteholders’ Principal Distribution Amount for such Payment Date; and 
  
 (ii) to the Certificate Distribution Account, the Certificateholders’ Principal Distribution Amount for such Payment Date. 
  
 SECTION 5.6 [Yield Supplement Account. (a) On or prior to
the Closing Date, the Issuer, the Yield Supplement Account Securities Intermediary and the Indenture Trustee shall have entered into the Yield Supplement Account Control Agreement pursuant to which the Yield Supplement Account shall be established
and maintained for the benefit of the Noteholders and the Certificateholders. Pursuant to Section 2.5 of the Trust Agreement, on the Closing Date, the Owner Trustee shall deposit the Yield Supplement Account Initial Deposit into the
Yield Supplement Account. No additional deposits will be made to the Yield Supplement Account after the Closing Date. 
  
 (b) If the depositary of the Yield Supplement Account ceases to be either a Qualified Institution or a Qualified Trust Institution, as applicable, the
Issuer shall cause the Yield Supplement Account to be moved to a Qualified Institution or a separate trust account in a Qualified Trust Institution and the Indenture Trustee shall cause the depositary maintaining the new Yield Supplement Account to
assume the obligations of the existing Yield Supplement Account Securities Intermediary under the Yield Supplement Account Control Agreement unless the Rating Agency Condition is satisfied in connection with such depositary’s ceasing to be a
Qualified Institution or a Qualified Trust Institution, as the case may be. 
  
 (c) All amounts held in the Yield Supplement Account shall be invested in accordance with the Yield Supplement Account Control Agreement at the written direction of the Class R Certificateholder to the extent provided
in Section 8.3(a) and Section 8.3(c) of the Indenture in Permitted Investments that mature not later than the Deposit Date next succeeding the date of investment except, if the Yield Supplement Account Securities Intermediary
and the Indenture Trustee are the same Person, investments on which the Indenture Trustee is the obligor (including repurchase agreements on which the Indenture Trustee, in its commercial capacity, is liable as principal) may mature on the next
succeeding Payment Date; provided, however, that amounts on deposit in the Yield Supplement Account may be invested in Permitted Investments that mature later than the next succeeding Deposit Date, but in no event that mature later
than 90 days after the date of investment, if the Rating Agency Condition is satisfied. Once amounts on deposit in the Yield Supplement Account are invested in Permitted Investments, such Permitted Investments must be held or maintained until they
mature on or before the dates described above. 
  

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 (d) On each Payment Date, the Indenture Trustee shall withdraw from the Yield Supplement Account and pay
to the Class R Certificateholder an amount equal to the excess, if any, of the amount on deposit in the Yield Supplement Account on such Payment Date (after giving effect to the withdrawal of the Yield Supplement Withdrawal Amount for such Payment
Date) over the Specified Yield Supplement Amount with respect to such Payment Date.] 
  
 SECTION 5.7 Reserve Account. 
  
 (a) On or prior to the Closing Date, the Issuer, the Reserve Account Securities Intermediary and the Indenture Trustee shall have entered into the Reserve Account Control Agreement pursuant to which the Reserve
Account shall be established and maintained for the benefit of the Noteholders and the Certificateholders. Pursuant to Section 2.5 of the Trust Agreement, on the Closing Date, the Owner Trustee shall deposit the Reserve Account Initial
Deposit into the Reserve Account. 
  
 (b) If the depositary of the
Reserve Account ceases to be either a Qualified Institution or a Qualified Trust Institution, as applicable, the Issuer shall cause the Reserve Account to be moved to a Qualified Institution or a separate trust account in a Qualified Trust
Institution and the Indenture Trustee shall cause the depositary maintaining the new Reserve Account to assume the obligations of the existing Reserve Account Securities Intermediary under the Reserve Account Control Agreement unless the Rating
Agency Condition is satisfied in connection with such depositary’s ceasing to be a Qualified Institution or a Qualified Trust Institution, as the case may be. 
  
 (c) All amounts held in the Reserve Account shall be invested in accordance with the Reserve Account Control Agreement at
the written direction of the Class R Certificateholder to the extent provided in Section 8.3(a) and Section 8.3(c) of the Indenture in Permitted Investments that mature not later than the Deposit Date next succeeding the date
of investment except, if the Reserve Account Securities Intermediary and the Indenture Trustee are the same Person, investments on which the Indenture Trustee is the obligor (including repurchase agreements on which the Indenture Trustee, in its
commercial capacity, is liable as principal) may mature on the next succeeding Payment Date; provided, however, that amounts on deposit in the Reserve Account may be invested in Permitted Investments that mature later than the next
succeeding Deposit Date, but in no event that mature later than 90 days after the date of investment, if the Rating Agency Condition is satisfied. Once amounts on deposit in the Reserve Account are invested in Permitted Investments, such Permitted
Investments must be held or maintained until they mature on or before the dates described above. 
  
 (d) On each Payment Date, the Indenture Trustee shall withdraw from the Reserve Account and pay to the Class R Certificateholder the sum of (i) all
investment earnings (net of losses and investment expenses) credited to the Reserve Account since the prior Payment Date and (ii) the excess, if any, of the amount on deposit in the Reserve Account over the Specified Reserve Account Balance for
such Payment Date (after giving effect to all deposits therein or withdrawals therefrom on such Payment Date). Upon any distribution to the Class R Certificateholder of amounts from the Reserve Account, the Holders will have no rights in, or claims,
to, such amounts. Amounts properly distributed to the Class R Certificateholder from the 

  

 41 

 
Reserve Account shall not be available under any circumstances to the Indenture Trustee, and the Class R Certificateholder shall not in any event thereafter
be required to refund any such distributed amounts. 
  
 SECTION
5.8 Net Deposits. JPMorgan Chase (in its capacity as the Depositor or the Servicer) may make the remittances pursuant to Sections 5.2 and 5.4 above, net of amounts to be retained by it or distributed to it (also in any such
capacity) pursuant to Section 4.7 (if applicable) and Section 5.5, if (a) it shall be the Servicer and (b) it is entitled, pursuant to Section 5.2, to make deposits on a monthly basis, rather than a
daily basis. Nonetheless, the Servicer shall account for all of the above-described amounts as if such amounts were deposited and distributed separately. 
  
 SECTION 5.9 Statements to Certificateholders and Noteholders. On each Payment Date, the Servicer shall provide to the Indenture Trustee and
the Paying Agent (for the Paying Agent to forward to each Noteholder of record pursuant to the Indenture) and to the Owner Trustee (for the Owner Trustee to forward to each Certificateholder of record pursuant to the Trust Agreement) a statement
substantially in the form of Exhibit B (or such other form that is acceptable to the Indenture Trustee, the Owner Trustee and the Servicer containing substantially similar information), with a copy to the Rating Agencies. 
  
 ARTICLE VI 
  
 THE DEPOSITOR 
  
 SECTION 6.1 Representations of Depositor. The Depositor makes the following representations on which the Issuer shall rely in acquiring the
Receivables. The representations shall speak as of the execution and delivery of this Agreement, and shall survive the sale of the Receivables to the Issuer and pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  
 (i) Organization and Good Standing. The Depositor has
been duly organized and is validly existing as a national banking association in good standing under the laws of the United States of America, with power and authority to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted, and had at all relevant times, and has, power, authority, and legal right to acquire and own the Receivables. 
  
 (ii) Power and Authority. The Depositor has the power and authority to execute and deliver this
Agreement and the other Basic Documents to which it is a party and to carry out their respective terms, the Depositor has full power and authority to sell and assign the property to be sold and assigned to the Issuer as the Owner Trust Estate and
has duly authorized such sale and assignment to the Issuer by all necessary corporate action; and the execution, delivery, and performance of this Agreement and the other Basic Documents to which it is a party has been duly authorized by the
Depositor by all necessary action. 
  

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 (iii) Valid Sale; Binding Obligations. This Agreement effects a valid sale,
transfer, and assignment of the Receivables, enforceable against creditors of and purchasers from the Depositor; this Agreement and each of the other Basic Documents to which it is a party constitutes a legal, valid, and binding obligation of the
Depositor enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of
equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
  
 (iv) No Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents and the
fulfillment of the terms hereof and thereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the articles of association or bylaws of the
Depositor, or conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement, or other instrument to which the Depositor is a party or by which it
is bound; nor result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement, or other instrument; nor violate any law or, to the best of the Depositor’s knowledge, any order,
rule, or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
  
 (v) No Proceedings. There are no proceedings or
investigations pending, or, to the Depositor’s best knowledge, threatened, before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Depositor or its properties:
(a) asserting the invalidity of this Agreement, any other Basic Document, the Notes or the Certificates, (b) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by
this Agreement or any other Basic Document, (c) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement, any
other Basic Document, or the Notes or the Certificates, or (d) relating to the Depositor and which might adversely affect the federal or state income tax attributes of the Notes or the Certificates. 
  
 SECTION 6.2 Liability of Depositor; Indemnities. The Depositor
shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Depositor in such capacity under this Agreement and shall have no other obligations or liabilities hereunder. 
  
 The Depositor shall 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, and as of the date of, the sale of the Receivables to the Issuer or the issuance and original sale of the Notes
and the Certificates, including any sales, gross receipts, general corporation, tangible or intangible personal property, privilege, or license taxes (but not including any taxes asserted with respect to ownership of the Receivables or federal or
other income taxes, including franchise taxes measured by net income), arising out of the transactions contemplated by this Agreement and the other Basic Documents, and costs and expenses in defending against the same. 
  

 43 

 The Depositor shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee and the Indenture
Trustee from and against any loss, liability or expense incurred by reason of (i) the Depositor’s willful misfeasance, bad faith, or gross negligence in the performance of its duties hereunder, or by reason of reckless disregard of its
obligations and duties hereunder and (ii) the Depositor’s violation of federal or state securities laws in connection with the registration of the sale of the Notes and the Certificates. 
  
 Indemnification under this Section 6.2 shall include reasonable
fees and expenses of counsel and expenses of litigation. If the Depositor shall have made any indemnity payments pursuant to this Section 6.2 and the recipient thereafter collects any of such amounts from others, the recipient shall
promptly repay such amounts to the Depositor, without interest. 
  
 SECTION 6.3 Merger or Consolidation of Depositor. Any corporation or other entity (i) into which the Depositor may be merged or consolidated, (ii) which may result from any merger, conversion, or consolidation to which
the Depositor shall be a party, or (iii) which may succeed to all or substantially all of the business of the Depositor, which corporation or other entity shall be bound to perform every obligation of the Depositor under this Agreement, shall
be the successor to the Depositor hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement. The Depositor shall give prompt written notice of any merger or consolidation to the Issuer, the
Owner Trustee, the Indenture Trustee, the Servicer and the Rating Agencies. 
  
 SECTION 6.4 Limitation on Liability of Depositor and Others. The Depositor and any director, officer, employee or agent of the Depositor 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 or under any other Basic Documents. The Depositor shall not be under any obligation under this Agreement to appear in, prosecute, or
defend any legal action that shall be unrelated to its obligations under this Agreement or any other Basic Document, and that in its opinion may involve it in any expense or liability. 
  
 SECTION 6.5 Depositor May Own Notes and Certificates. The Depositor or any of its Affiliates may in its
individual or any other capacity become the owner or pledgee of Notes or Certificates with the same rights as it would have if it were not the Depositor or an Affiliate thereof, except as otherwise provided in the definition of
“Outstanding” specified in Section 1.1. Notes or Certificates so owned by or pledged to the Depositor or any Affiliate thereof shall have an equal and proportionate benefit under the provisions of this Agreement, without
preference, priority, or distinction as among all of the Notes or Certificates, as applicable. 
  

 44 

 ARTICLE VII 
  
 THE SERVICER 
  
 SECTION 7.1 Representations of Servicer. The Servicer makes the following representations on which the Issuer shall rely in acquiring the
Receivables. The representations shall speak as of the execution and delivery of this Agreement (or as of a date a Person (other than the Indenture Trustee) becomes Servicer pursuant to Section 7.3 or Section 8.2), and shall
survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  
 (i) Organization and Good Standing. The Servicer has been duly organized and is validly existing as a national banking association
or corporation and is in good standing under the laws of the United States of America or the jurisdiction of its incorporation, with power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is presently conducted, and had at all relevant times, and has, power, authority, and legal right to service the Receivables and to hold the Receivable Files as custodian on behalf of the Issuer. 
  
 (ii) Power and Authority. The Servicer has the power
and authority to execute and deliver this Agreement and the Basic Documents to which it is a party and to carry out their respective terms; and the execution, delivery, and performance of this Agreement and the other Basic Documents to which it is a
party has been duly authorized by the Servicer by all necessary action. 
  
 (iii) Binding Obligations. This Agreement and the other Basic Documents to which it is a party constitute legal, valid, and binding obligations of the Servicer enforceable in accordance with their respective
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law. 
  
 (iv) No Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents and the fulfillment of the terms hereof and thereof do not conflict with, result in any
breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the articles of association or bylaws of the Servicer, or conflict with or breach any of the material terms or provisions of, or
constitute (with or without notice or lapse of time) a default under, any indenture, agreement, or other instrument to which the Servicer is a party or by which it is bound; nor result in the creation or imposition of any lien upon any of its
properties pursuant to the terms of any such indenture, agreement, or other instrument; nor violate any law or, to the best of the Servicer’s knowledge, any order, rule, or regulation applicable to the Servicer of any court or of any federal or
state regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Servicer or its properties. 
  

 45 

 (v) No Proceedings. There are no proceedings or investigations pending, or to the
Servicer’s best knowledge, threatened, before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Servicer or its properties: (a) asserting the invalidity of this Agreement,
any other Basic Document, the Notes or the Certificates, (b) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement or any other Basic Document,
(c) seeking any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement, any other Basic Document, the Notes or the
Certificates, or (d) relating to the Servicer and which might adversely affect the federal or state income tax attributes of the Notes or the Certificates. 
  
 (vi) Fidelity Bond. The Servicer maintains a fidelity bond in such form and amount as is customary
for banks acting as custodian of funds and documents in respect of retail automotive installment sales contracts. 
  
 SECTION 7.2 Liability of Servicer; Indemnities. The Servicer shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Servicer in such capacity under this Agreement and shall have no other obligations or liabilities hereunder. 
  
 (i) The Servicer shall defend, indemnify, and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and the Holders from and
against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from the use, ownership, or operation by the Servicer or any Affiliate thereof of a Financed Vehicle. 
  
 (ii) The Servicer shall 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 the Issuer with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross
receipts, general corporation, tangible or intangible personal property, privilege, or license taxes (but not including any taxes asserted with respect to, and as of the date of, the sale of the Receivables to the Issuer or the issuance and original
sale of the Notes or the Certificates, or asserted with respect to ownership of the Receivables or federal, state or other income taxes, including franchise taxes measured by net income) arising out of distributions on the Notes or the Certificates
and costs and expenses in defending against the same. 
  
 (iii) The Servicer shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and the Holders 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 the Issuer, the Owner Trustee, the Indenture Trustee or the Holders through the willful misfeasance, gross negligence, or bad faith of the Servicer in the
performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. 
  

 46 

 Indemnification under this Section 7.2 shall include reasonable fees and expenses of counsel
and expenses of litigation. If the Servicer shall have made any indemnity payments pursuant to this Section 7.2 and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts to the
Servicer, without interest. The indemnification obligations of the Servicer set forth in this Section 7.2 shall survive the termination of such Servicer with respect to any act or failure to act which occurs prior to such Servicer’s
termination. The provisions of Section 6.7 of the Indenture, Section 17 of the Collection Account Control Agreement and Sections 8.1 and 8.2 of the Trust Agreement with respect to the Servicer’s obligations
are incorporated by reference herein. 
  
 SECTION
7.3 Merger or Consolidation of Servicer. Any corporation or other entity (i) into which the Servicer may be merged or consolidated, (ii) which may result from any merger, conversion, or consolidation to which the Servicer shall
be a party, or (iii) which may succeed to all or substantially all of the business of the Servicer, which corporation or other entity shall be bound to perform every obligation of the Servicer hereunder, shall be the successor to the Servicer
under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement. The Servicer shall give prompt written notice of any merger or consolidation to the Issuer, the Owner
Trustee, the Indenture Trustee, the Depositor and the Rating Agencies. 
  
 SECTION 7.4 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 shall be under any liability to the Issuer, the Owner Trustee, the Indenture Trustee or the Holders, except as
provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect the Servicer or any such person against any
liability that would otherwise be imposed by reason of willful misfeasance, gross negligence, or bad faith in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement. The Servicer and any director
or officer or employee or agent of the Servicer may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 

 
 (b) The Servicer, and any director, or officer, employee or agent of the
Servicer, shall be indemnified by the Issuer and held harmless against any loss, liability, or expense (including reasonable attorneys’ fees and expenses) incurred in connection with any legal action relating to the performance of the
Servicer’s duties under this Agreement, other than (i) any loss or liability otherwise reimbursable to the Servicer by a Person other than the Issuer pursuant to this Agreement or the Basic Documents; (ii) any loss, liability, or
expense incurred solely by reason of the Servicer’s willful misfeasance, negligence, or bad faith in the performance of its duties hereunder or by reason of reckless disregard of its obligations and duties under this Agreement or the Basic
Documents; and (iii) any loss, liability, or expense for which the Issuer is to be indemnified by the Servicer under this Agreement or the Basic Documents. Any amounts due the Servicer pursuant to this Section 7.4 shall be payable
on a Payment Date from amounts distributable to the Class R Certificateholder from the Reserve Account pursuant to Section 5.7(d). 
  

 47 

 (c) Except as provided in this Agreement, the Servicer shall not be under any obligation to appear in,
prosecute, or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability; 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 Holders under this Agreement. In such event, the legal expenses and costs of
such action and any liability resulting therefrom shall be expenses, costs, and liabilities of the Issuer, and the Servicer shall be entitled to be reimbursed therefor. Any amounts due the Servicer pursuant to this Section 7.4 shall be
payable on a Payment Date from amounts distributable to the Class R Certificateholder from the Reserve Account pursuant to Section 5.7(d) [and from amounts distributable to the Class R Certificateholder from the Yield Supplement Account
pursuant to Section 5.6(d)]. 
  
 The Person to be
indemnified shall provide the Issuer, the Owner Trustee and the Indenture Trustee with a certificate and accompanying Opinion of Counsel requesting indemnification and setting forth the basis for such request. 
  
 SECTION 7.5 Servicer Not To Resign. Except as permitted by
Section 7.3, the Servicer shall not resign from its obligations and duties under this Agreement except (i) upon determination that the performance of its duties shall no longer be permissible under applicable law or (ii) upon
satisfaction of the Rating Agency Condition, in the event of the appointment of a successor Servicer. Notice of any such determination permitting the resignation of the Servicer shall be communicated to the Issuer, the Indenture Trustee, the Owner
Trustee, the Depositor and the Rating Agencies at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination permitting the resignation of
the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Issuer, the Indenture Trustee and the Owner Trustee concurrently with such notice. No such resignation shall become effective until the Indenture Trustee (which
shall not be obligated to act as successor Servicer if the Servicer has resigned for a reason other than that the performance of its duties are no longer permissible under applicable law) or a successor Servicer shall have assumed the
responsibilities and obligations of the Servicer hereunder in accordance with Section 8.2. 
  
 SECTION 7.6 Delegation of Duties. So long as JPMorgan Chase acts as Servicer, the Servicer shall have the right, in the ordinary course of its
business, to delegate any of its duties under this Agreement to any Person. The Servicer shall pay any compensation payable to such Person from its own funds and none of the Issuer, the Owner Trustee, the Indenture Trustee or the Holders shall have
any liability to such Person with respect thereto. Notwithstanding any delegation of duties by the Servicer pursuant to this Section 7.6, the Servicer shall not be relieved of its liability and responsibility with respect to such duties,
and any such delegation shall not constitute a resignation within the meaning of Section 7.5. Any agreement that may be entered into by the Servicer and a Person that provides for any delegation of the Servicer’s duties hereunder to
such Person shall be deemed to be between the Servicer and such Person alone, and the Issuer, the Owner Trustee, the Indenture Trustee and Holders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or
liabilities with respect thereto. 
  

 48 

 ARTICLE VIII 
  
 EVENTS OF SERVICING TERMINATION 
  
 SECTION 8.1 Events of Servicing Termination. Any one of the following events which shall occur and be continuing shall constitute an event of
servicing termination hereunder (each, an “Event of Servicing Termination”): 
  
 (i) Any failure by the Servicer to deliver to the Indenture Trustee the Servicer’s Certificate for the related Collection Period, or
any failure by the Servicer to deliver to the Indenture Trustee, for deposit in any of the Trust Accounts or the Certificate Distribution Account, any proceeds or payment required to be so delivered under the terms of the Certificates or the Notes
and this Agreement (or, in the case of a payment or deposit to be made not later than the Deposit Date, the failure to make such payment or deposit on such Deposit Date), which failure continues unremedied for a period of five Business Days after
(A) discovery by an officer of the Servicer or (B) written notice (1) to the Servicer by the Indenture Trustee or the Owner Trustee or (2) to the Indenture Trustee or the Owner Trustee, as applicable, and the Servicer by the
Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Notes (or, if the Notes have been paid in full, by Holders of the Certificates evidencing not less than 25% of the Certificate Balance); 
  
 (ii) Failure on the part of the Servicer duly to observe or
to perform in any material respect any other covenants or agreements of the Servicer set forth in this Agreement or the Indenture, which failure shall (a) materially and adversely affect the rights of the Issuer or the Holders, and
(b) continue unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (1) to the Servicer by the Indenture Trustee or the Owner Trustee, or
(2) to the Indenture Trustee or the Owner Trustee, as applicable, and the Servicer by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Notes (or, if the Notes have been paid in full, by Holders of the
Certificates evidencing not less than 25% of the Certificate Balance); 
  
 (iii) The entry of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, or liquidator for the Servicer in any insolvency,
readjustment of debt, marshalling of assets and liabilities, or similar proceedings, or for the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or

  
 (iv) The consent by the Servicer to the
appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, or similar proceedings of or relating to the Servicer or of or relating to substantially all of its property; or
the Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or
voluntarily suspend payment of its obligations. 
  

 49 

 Upon the occurrence of any Event of Servicing Termination as described above, and in each and every case and for so long
as such Event of Servicing Termination shall not have been remedied, either the Indenture Trustee or the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes (or, if the Notes have been paid in full and the
Indenture has been discharged in accordance with its terms, by the Owner Trustee or the Holders of Certificates evidencing not less than a majority of the Certificate Balance), by notice given in writing to the Servicer (and to the Indenture Trustee
or the Owner Trustee, as applicable, if given by Holders) may terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice, all authority and power of the Servicer
under this Agreement, whether with respect to the Certificates, the Notes or the Receivables or otherwise, shall pass to and be vested in the Indenture Trustee pursuant to this Section 8.1; and, without limitation, the Indenture Trustee
shall be 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 notice of termination, whether to complete the transfer and endorsement of the Receivable Files, or otherwise. The predecessor Servicer shall cooperate with the successor Servicer and the Indenture Trustee
in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement, including the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the
predecessor Servicer for deposit, shall have been deposited by the predecessor Servicer in the Collection Account, or shall thereafter be received with respect to a Receivable. All reasonable costs and expenses (including attorneys’ fees and
disbursements) incurred in connection with transferring the servicing of the Receivables to the successor Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this Section 8.1 shall be paid by the
predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. The Indenture Trustee and the Owner Trustee shall give written notice of any termination of the Servicer to their related Holders, and the Indenture
Trustee shall give such notice to the Rating Agencies. Neither the Indenture Trustee nor any successor Servicer shall be deemed to be in default hereunder by reason of its failure to make, or any delay in making, any distribution hereunder or any
portion thereof which was caused by (i) the failure of the predecessor Servicer to deliver, or any delay in delivering cash, documents or records to it, or (ii) restrictions imposed by any regulatory authority having jurisdiction over the
predecessor Servicer. 
  
 SECTION 8.2 Indenture Trustee to
Act; Appointment of Successor Servicer. Upon the Servicer’s receipt of notice of termination pursuant to Section 8.1 or resignation pursuant to Section 7.5, the Indenture Trustee shall be the successor in all
respects to the Servicer in its capacity as Servicer under this Agreement, and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the Servicer by the terms and provisions of this
Agreement. As compensation therefor, the Indenture Trustee shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if no such notice of
termination or resignation had been given. Notwithstanding the above, the Indenture Trustee may, if it shall be unwilling so to act, or shall, if it shall be legally unable so to act, appoint, or petition a court of competent jurisdiction to
appoint, any established financial institution (x) having a net worth of not less than $100,000,000 as of the last day of the most recent fiscal quarter for such institution and (y) whose regular business shall include the servicing of
automobile receivables, as 

  

 50 

 
successor Servicer under this Agreement; provided, that the appointment of any such successor Servicer is required to satisfy the Rating Agency Condition. In
connection with such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor Servicer out of payments on Receivables as it and such successor Servicer shall agree; provided, however, that no such
compensation shall be in excess of that permitted the Servicer under this Agreement. The Indenture Trustee and such successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.
Unless the Indenture Trustee shall be prohibited by law from so acting, the Indenture Trustee shall not be relieved of its duties as successor Servicer under this Section 8.2 until the newly appointed successor Servicer shall have
assumed the responsibilities and obligations of the Servicer under this Agreement. 
  
 SECTION 8.3 Notification to Noteholders and Certificateholders. Upon any Event of Servicing Termination, or appointment of a successor Servicer pursuant to this Article VIII, the Owner Trustee shall give
prompt written notice thereof to Certificateholders and the Indenture Trustee shall give prompt written notice thereof to the Noteholders, at their respective addresses of record, and to the Rating Agencies. 
  
 SECTION 8.4 Waiver of Past Defaults. The Holders of Notes
evidencing at least a majority of the Outstanding Amount of the Notes (or, the Holders of Certificates evidencing not less than a majority of the Certificate Balance, in the case of any Event of Servicing Termination that does not adversely affect
the Indenture Trustee or the Noteholders) may, on behalf of all such Holders, waive any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in the failure to make any required deposits to or
payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Event of Servicing Termination arising therefrom
shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. The Servicer shall give prompt
written notice of any waiver to the Rating Agencies; provided, however, that the Indenture Trustee or the Owner Trustee shall only be required to give such notice if a Responsible Officer thereof has actual knowledge of the related event.

  
 ARTICLE IX 
  
 TERMINATION 
  
 SECTION 9.1 Optional Purchase of All Receivables; Trust Termination. 
  
 (a) As of the last day of any Collection Period as of which the Pool Balance
shall be equal to or less than the Optional Purchase Percentage of the Original Pool Balance, the Servicer shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts and the Certificate Distribution Account. To exercise
such option, the Servicer shall notify the Indenture Trustee, the Owner Trustee, the Note Registrar and the Certificate Registrar in writing, no later than the 25th day of the Collection Period immediately preceding the date on which such purchase
is to be effected, shall pay the aggregate Repurchase Amount for the Receivables (including Defaulted Receivables) and shall succeed to all interests in, to and under such property. The payment shall be made in the manner specified in
Section 5.4, and shall be distributed pursuant to Section 5.5. 
  

 51 

 (b) Upon any sale of the assets of the Issuer pursuant to Article V of the Indenture, the Servicer shall
instruct the Indenture Trustee in writing to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Sale Proceeds”) in the Collection Account. On the
Payment Date on which the Sale Proceeds are deposited in the Collection Account (or, if such proceeds are not so deposited on a Payment Date, on the Payment Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee
in writing to make, and the Indenture Trustee shall make, the following deposits and distributions (after the application on such Payment Date of the Available Amount pursuant to Section 5.5) from the Sale Proceeds and any funds
remaining on deposit in [the Yield Supplement Account and] the Reserve Account (including the proceeds of any sale of investments therein): 
  
 (i) to the Note Distribution Account, any portion of the Noteholders’ Interest Distributable Amount not otherwise deposited into the
Note Distribution Account on such Payment Date; 
  
 (ii) to the Note Distribution Account, the Outstanding Amount of the Notes (after giving effect to the reduction in the Outstanding Amount of the Notes resulting from the deposits made in the Note Distribution Account on such Payment Date);

  
 (iii) to the Certificate Distribution
Account, any portion of the Certificateholders’ Interest Distributable Amount not otherwise deposited into the Certificate Distribution Account on such Payment Date; and 
  
 (iv) to the Certificate Distribution Account, the Certificate Balance (after giving effect to the reduction
in the Certificate Balance resulting from the deposits made in the Certificate Distribution Account on such Payment Date). 
  
 Any Sale Proceeds remaining after the deposits described above shall be paid to the Class R Certificateholder. 
  
 (c) Notice of any termination of the Issuer shall be given by the Servicer to
the Owner Trustee, the Indenture Trustee and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
  
 (d) After the payment to the Indenture Trustee, the Owner Trustee, the Holders and the Servicer of all amounts required to be paid under this Agreement,
the Indenture and the Trust Agreement, any amounts on deposit in [the Yield Supplement Account,] the Reserve Account or the Collection Account shall be paid to the Class R Certificateholder, and any other assets remaining in the Owner Trust Estate
shall be distributed to the Class R Certificateholder. 
  

 52 

 ARTICLE X 
  
 MISCELLANEOUS PROVISIONS 
  
 SECTION 10.1 Amendment. This Agreement may be amended by the Depositor, the Servicer and the Owner Trustee, on behalf of the Issuer, with the
prior consent of the Indenture Trustee and prior notice to the Rating Agencies but without prior notice to or the consent of any of the Holders, (i) to cure any ambiguity, to correct or supplement any provisions in this Agreement which may be
inconsistent with any other provisions herein, to evidence a succession to the Servicer or the Depositor pursuant to this Agreement or to add any other provisions with respect to matters or questions arising under this Agreement that shall not be
inconsistent with the provisions of this Agreement; provided, however, that such action shall not, as evidenced by an Officer’s Certificate and/or an Opinion of Counsel reasonably acceptable and delivered to the Owner Trustee and the Indenture
Trustee, adversely and materially affect the interests of the Issuer or any of the Holders; provided, further, that the Servicer shall deliver written notice of such changes to each Rating Agency prior to the execution of any such amendment, or
(ii) to effect a transfer or assignment in compliance with Section 10.6 of this Agreement. Notwithstanding the foregoing, no amendment modifying the provisions of Section 5.5 shall become effective without satisfaction
of the Rating Agency Condition. 
  
 This Agreement may also be
amended from time to time by the Depositor, the Servicer and the Owner Trustee, on behalf of the Issuer, with the consent of the Indenture Trustee, the Holders of Certificates evidencing at least a majority of the Certificate Balance of the
Certificates and the consent of the Holders of Notes evidencing at least a majority of the Outstanding Amount of the Notes, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement,
or of modifying in any manner the rights of the Noteholders or the Certificateholders (including effecting a transfer or assignment in compliance with Section 10.6 of this Agreement); provided, however, that no such
amendment, except with the consent of the Holders of all Certificates or Notes then outstanding affected thereby, shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments of
Receivables, or distributions that shall be required to be made on any Certificate or Note, or (b) reduce the aforesaid percentage of the Certificate Balance of the Certificates or the Outstanding Amount of the Notes required to consent to any
such amendment. 
  
 Promptly after the execution of any amendment
or consent referred to in this Section 10.1, the Owner Trustee shall furnish a copy of such amendment or consent to each Certificateholder and the Indenture Trustee, who shall promptly furnish a copy to each Noteholder and to the Rating
Agencies. 
  
 It shall not be necessary for the consent of the
Indenture Trustee, the Certificateholders or the Noteholders pursuant to this Section 10.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders or Noteholders shall be subject to such reasonable requirements as the Indenture Trustee or the Owner Trustee may
prescribe. 
  

 53 

 Prior to the execution of any amendment to this Agreement, the Indenture Trustee and the Owner Trustee
shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Indenture Trustee and the Owner Trustee shall not be obligated to enter into any such
amendment which affects the Indenture Trustee’s and the Owner Trustee’s own rights, duties or immunities under this Agreement. 
  
 Satisfaction of the Rating Agency Condition is required prior to the execution of any amendment to this Agreement, other than an amendment permitted
pursuant to clause (i) of the first paragraph of this Section 10.1. 
  
 SECTION 10.2 Protection of Title to Owner Trust Estate. 
  
 (a) The Depositor shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and
in such places as may be required by law fully to preserve, maintain, and protect the interests of the Issuer and the Indenture Trustee in the Receivables and in the proceeds thereof. The Servicer shall deliver (or cause to be delivered) to the
Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In addition, the Depositor hereby authorizes the Issuer at any time and from
time to time to file any financing statements and amendments thereto in any jurisdiction as may be necessary or desirable to preserve, maintain, and protect the interests of the Issuer and the Indenture Trustee in the Receivables and the proceeds
thereof. 
  
 (b) Neither the Depositor nor the Servicer shall
change its name in any manner that would, could, or might make any financing statement or continuation statement filed by the Depositor in accordance with paragraph (a) above seriously misleading within the meaning of § 9-506 (or any
comparable section) of the Relevant UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least 30 days’ prior written notice thereof. 
  
 (c) The Depositor and the Servicer shall give the Owner Trustee and the Indenture Trustee at least 60 days’ prior
written notice of any change in the jurisdiction of its organization or the State designated as its location in its Articles of Association if, as a result of such change in jurisdiction or the State designated as its location in its Articles of
Association, the applicable provisions of the Relevant UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement. The Servicer shall at all times maintain each office
from which it shall service Receivables or at which the Receivable Files are located within the United States of America. 
  
 (d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to
know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts
from time to time deposited in the Collection Account in respect of such Receivable. 
  

 54 

 (e) The Servicer shall maintain its computer systems so that, from and after the time of sale under this
Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including archives) that shall refer to a Receivable indicate clearly, by numerical code or otherwise, that such Receivable is owned by the Issuer and has been
pledged to the Indenture Trustee. Indication of the Issuer’s and Indenture Trustee’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the Receivable shall have been
paid in full, repurchased or assigned pursuant hereto. 
  
 (f) If
at any time the Depositor or the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest in a new or used automobile receivable to any prospective purchaser, creditor, or other transferee, the Depositor or
the Servicer, as the case may be, shall give to such prospective purchaser, creditor, or other transferee computer tapes, records, or print-outs (including any restored from 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. 
  
 (g) The Servicer shall permit the Indenture Trustee and the Owner Trustee and their respective agents upon reasonable notice at any time during normal
business hours which does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations to inspect, audit, and make copies of and abstracts from the Servicer’s records regarding the Receivables.

  
 (h) Upon request, the Servicer shall furnish to the Owner
Trustee or the Indenture Trustee, within five Business Days, a list of all Receivables by account number and name of Obligor then held by the Issuer, together with a reconciliation of such list to the Schedule of Receivables and to each of the
Servicer Certificates indicating removal of Receivables from the Owner Trust Estate. 
  
 (i) The Servicer shall deliver to the Owner Trustee and the Indenture Trustee: 
  
 (i) upon the execution and delivery of this Agreement, an Opinion of Counsel either (a) stating that, in the opinion of such counsel,
all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or (b) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest; and 
  
 (ii) on or before
                              of each year, commencing with
                             , 20    , an Opinion of Counsel, dated
as of such date, either (a) stating that, in the opinion of such counsel, all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Issuer and the
Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior opinions of Counsel in which such details are given, or (b) stating that, in the opinion of such counsel, no such action shall be necessary to
preserve and protect such interest. 
  

 55 

 Notwithstanding the provisions of Section 10.4, such Opinion of Counsel may be sent by regular non-certified
mail, and such mailed opinion shall be deemed delivered when so mailed. 
  
 (j) The Depositor shall, to the extent required by applicable law, cause the Certificates and the Notes to be registered with the Securities and Exchange Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act
within the time periods specified in such sections. 
  
 (k) For
the purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument. 
  
 SECTION 10.3 GOVERNING LAW. 
  
 THIS
AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 10.4 Notices. All demands, notices, and communications under this Agreement shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt (a) in the case of the Depositor, c/o Chase Auto Finance Corp., 900 Stewart Avenue, Garden City, New York 11530 Attention: Financial Controller,
or at such other address as shall be designated by the Depositor in a written notice to the Indenture Trustee, (b) in the case of the Servicer, c/o Chase Auto Finance Corp., 900 Stewart Avenue, Garden City, New York 11530, Attention: Financial
Controller, or at such other address as shall be designated by the Servicer in a written notice to the Indenture Trustee, (c) in the case of the Indenture Trustee, at
[            ] and (d) in the case of the Issuer and the Owner Trustee, at [            ]. Any notice required
or permitted to be mailed to a Holder shall be given by first class mail, postage prepaid, at the address of record of such Holder. Any notice to a Holder so mailed within the time prescribed in this Agreement shall be conclusively presumed to have
been duly given, whether or not the Holder shall receive such notice. 
  
 SECTION 10.5 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 or of the Certificates or of the
Notes or the rights of the Holders thereof. 
  
 SECTION
10.6 Assignment. Notwithstanding anything to the contrary contained herein, except as provided in Sections 6.3, 7.3, 7.5 and 8.2, neither the Depositor nor the Servicer may assign all, or a portion of, its rights,
obligations and duties under this Agreement unless such transfer or assignment satisfies the Rating Agency Condition. In the event of a transfer or assignment pursuant to this Section 10.6, the Rating Agencies shall be provided with
notice of such transfer or assignment. 
  

 56 

 SECTION 10.7 Certificates and Notes Nonassessable and Fully Paid. The interests represented
by the Certificates and Notes shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon authentication thereof by the Indenture Trustee and the Owner Trustee pursuant to the Trust Agreement and the
Indenture, respectively, each Certificate and Note shall be deemed fully paid. 
  
 SECTION 10.8 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, and their respective successors and permitted assigns. The Administrator, the
Owner Trustee, individually and on behalf of the Certificateholders and the Class R Certificateholder, and the Indenture Trustee, individually and on behalf of the Noteholders are third-party beneficiaries to this Agreement and are entitled to the
rights and benefits hereunder and may enforce the provisions hereof as it were a party hereto. Except as otherwise provided in this Agreement, no other person will have any right or obligation hereunder. 
  
 SECTION 10.9 Assignment to Indenture Trustee. The Depositor
hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer
in, to and under the Receivables and the other property constituting the Owner Trust Estate and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee and agrees that the enforcement of a right
or remedy hereunder by the Indenture Trustee shall have the same force and effect as if such right or remedy had been enforced or executed by the Issuer. 
  
 SECTION 10.10 Limitation of Liability of Owner Trustee and Indenture Trustee. 
  
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by
[            ] not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall
[            ] in its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee of the Issuer have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all
purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer 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 acknowledged and accepted by [            ] not in its
individual capacity but solely as Indenture Trustee, and in no event shall [            ] have any liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 
  

 57 

 SECTION 10.11 No Petition. The Depositor and Servicer, by entering into this Agreement hereby
covenant and agree that they will not at any time institute against the Issuer or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States Federal or state bankruptcy or similar law in connection with any obligations relating to this Agreement or any of the other Basic Documents. 
  
 SECTION 10.12 Information Relating to Compliance with Regulation AB. In order to facilitate compliance by the Depositor with the provisions of
Regulation AB and related rules and regulations of the Securities and Exchange Commission, the Indenture Trustee agrees to provide to the Depositor any and all statements, reports, certifications and other information necessary to permit the
Depositor to comply with the provisions of Regulation AB, including, without limitation, disclosures relating to (i) any material legal or governmental proceedings pending (or known to be contemplated) against the Indenture Trustee,
(ii) affiliations between the Indenture Trustee and JPMorgan Chase, the Owner Trustee, any enhancement or support provider or any other material transaction party that would be required to be disclosed in accordance with Item 1119 of
Regulation AB and (iii) any instances described in paragraph (a) or (b) of Item 1.03 of Form 8-K relating to the Indenture Trustee. 
  

 58 

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

			
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Depositor and Servicer

		
	By:	 	  

	
	 CHASE AUTO OWNER TRUST 20    -    , as Issuer

		
	By:	 	                        ,
	 	 	not in its individual capacity but solely
	 	 	as Owner Trustee on behalf of the Issuer
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

			
	Acknowledged and Accepted:
	
	                        ,
	 not in its individual capacity,but solely in its capacityas Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 59 

 SCHEDULE A 
  

LIST OF RECEIVABLES 

 SCHEDULE B 
  

Location of Receivable Files 

 [SCHEDULE C 
  
 YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNTS 
  
 The Yield Supplement Overcollateralization Amount has been calculated for each Payment Date as the sum of the amount for
each Receivable equal to the excess, if any, of (x) the scheduled payments due on such Receivable for each future Collection Period discounted to present value as of the end of the preceding Collection Period at the Contract Rate of such
Receivable over (y) the scheduled payments due on such Receivable for each future Collection Period discounted to present value as of the end of the preceding Collection Period at a discount rate equal to the greater of the Contract Rate of
such Receivable and         %. For purposes of such calculation, future scheduled payments on the Receivables were assumed to be made on their scheduled due dates without any delays, defaults or
prepayments.] 

 EXHIBIT A 
  

FORM OF SERVICER’S CERTIFICATE 

 EXHIBIT B 
  

FORM OF CERTIFICATEHOLDER AND NOTEHOLDER REPORT 

 EXHIBIT C 
  

COLLECTION ACCOUNT CONTROL AGREEMENT 

 EXHIBIT D 
  

RESERVE ACCOUNT CONTROL AGREEMENT 

 [EXHIBIT E 
  

YIELD SUPPLEMENT ACCOUNT CONTROL AGREEMENT]Exhibit 4.2

 Exhibit 4.2 
  

  
 CHASE AUTO OWNER TRUST 20    -     
  
 Class [A-1]         % Asset Backed Notes 
 Class [A-2]         % Asset Backed Notes 
 Class
[A-3]         % Asset Backed Notes 
 Class
[A-4]         % Asset Backed Notes 
  
  

  
 INDENTURE 
  
 Dated as of
                             , 20     
  

  
 [insert name of indenture trustee] 
  
 as Indenture Trustee 
  

 Table of Contents 
  

					
	 	  	 	  	Page

	 ARTICLE I
  
 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 
			
	SECTION 1.1	  	Definitions	  	2
	SECTION 1.2	  	Incorporation by Reference of Trust Indenture Act	  	2
	SECTION 1.3	  	Usage of Terms	  	2
	SECTION 1.4	  	Calculations of Interest	  	3
		
	 ARTICLE II
  
 THE NOTES
  
	  	 
	SECTION 2.1	  	Form	  	3
	SECTION 2.2	  	Execution, Authentication and Delivery	  	3
	SECTION 2.3	  	Temporary Notes	  	4
	SECTION 2.4	  	Registration of Transfer and Exchange	  	4
	SECTION 2.5	  	Mutilated, Destroyed, Lost or Stolen Notes	  	6
	SECTION 2.6	  	Persons Deemed Owner	  	7
	SECTION 2.7	  	Payment of Principal and Interest; Defaulted Interest.	  	7
	SECTION 2.8	  	Cancellation	  	8
	SECTION 2.9	  	Release of Collateral	  	8
	SECTION 2.10	  	Book-Entry Notes	  	8
	SECTION 2.11	  	Notices to Clearing Agency	  	9
	SECTION 2.12	  	Definitive Notes	  	10
	SECTION 2.13	  	Authenticating Agent.	  	10
	SECTION 2.14	  	Appointment of Paying Agent.	  	12
		
	 ARTICLE III
  
 COVENANTS
  
	  	 
	SECTION 3.1	  	Payment of Principal and Interest	  	13
	SECTION 3.2	  	Maintenance of Office or Agency	  	13
	SECTION 3.3	  	Money for Payments To Be Held in Trust	  	13
	SECTION 3.4	  	Existence	  	14
	SECTION 3.5	  	Protection of Trust Estate	  	14
	SECTION 3.6	  	Opinions as to Trust Estate.	  	15
	SECTION 3.7	  	Performance of Obligations; Servicing of Receivables.	  	15
	SECTION 3.8	  	Negative Covenants	  	17
	SECTION 3.9	  	Annual Statement as to Compliance	  	17
	SECTION 3.10	  	The Issuer May Consolidate, Etc. Only on Certain Terms.	  	17

  

 ii 

					
	 	  	 	  	Page

	SECTION 3.11	  	Successor or Transferee.	  	19
	SECTION 3.12	  	No Other Business	  	19
	SECTION 3.13	  	No Borrowing	  	20
	SECTION 3.14	  	Servicer’s Obligations	  	20
	SECTION 3.15	  	Guarantees, Loans, Advances and Other Liabilities	  	20
	SECTION 3.16	  	Capital Expenditures	  	20
	SECTION 3.17	  	Restricted Payments	  	20
	SECTION 3.18	  	Notice of Events of Default	  	20
	SECTION 3.19	  	Further Instruments and Acts	  	20
		
	 ARTICLE IV
  
 SATISFACTION AND DISCHARGE
  
	  	 
	SECTION 4.1	  	Satisfaction and Discharge of Indenture	  	21
	SECTION 4.2	  	Application of Trust Money	  	22
	SECTION 4.3	  	Repayment of Moneys Held by Paying Agent	  	22
	SECTION 4.4	  	Duration of the Position of the Indenture Trustee for the Benefit of Certificateholders	  	22
		
	 ARTICLE V
  
 REMEDIES
  
	  	 
	SECTION 5.1	  	Events of Default	  	23
	SECTION 5.2	  	Acceleration of Maturity; Rescission and Annulment	  	23
	SECTION 5.3	  	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee.	  	24
	SECTION 5.4	  	Remedies; Priorities.	  	26
	SECTION 5.5	  	Optional Preservation of the Receivables	  	27
	SECTION 5.6	  	Limitation of Suits	  	27
	SECTION 5.7	  	Unconditional Rights of Noteholders To Receive Principal and Interest	  	28
	SECTION 5.8	  	Restoration of Rights and Remedies	  	28
	SECTION 5.9	  	Rights and Remedies Cumulative	  	28
	SECTION 5.10	  	Delay or Omission Not a Waiver	  	28
	SECTION 5.11	  	Control by Noteholders	  	28
	SECTION 5.12	  	Waiver of Past Defaults	  	29
	SECTION 5.13	  	Undertaking for Costs	  	29
	SECTION 5.14	  	Waiver of Stay or Extension Laws	  	30
	SECTION 5.15	  	Action on Notes	  	30
	SECTION 5.16	  	Performance and Enforcement of Certain Obligations.	  	30

  

 iii 

					
	 	  	 	  	Page

	 ARTICLE VI
  
 THE INDENTURE TRUSTEE
  
	  	 
	SECTION 6.1	  	Duties of the Indenture Trustee.	  	31
	SECTION 6.2	  	Rights of the Indenture Trustee.	  	32
	SECTION 6.3	  	Individual Rights of the Indenture Trustee	  	33
	SECTION 6.4	  	The Indenture Trustee’s Disclaimer	  	33
	SECTION 6.5	  	Notice of Defaults	  	34
	SECTION 6.6	  	Reports by the Indenture Trustee to Holders	  	34
	SECTION 6.7	  	Compensation and Indemnity	  	34
	SECTION 6.8	  	Replacement of the Indenture Trustee.	  	34
	SECTION 6.9	  	Successor Indenture Trustee by Merger	  	35
	SECTION 6.10	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee.	  	36
	SECTION 6.11	  	Eligibility; Disqualification	  	37
	SECTION 6.12	  	Preferential Collection of Claims Against the Issuer	  	37
		
	 ARTICLE VII
  
 NOTEHOLDERS’ LISTS AND REPORTS
  
	  	 
	SECTION 7.1	  	The Issuer To Furnish the Indenture Trustee Names and Addresses of the Noteholders	  	38
	SECTION 7.2	  	Preservation of Information; Communications to the Noteholders.	  	38
	SECTION 7.3	  	Reports by the Issuer.	  	38
	SECTION 7.4	  	Reports by the Indenture Trustee	  	39
		
	 ARTICLE VIII
  
 ACCOUNTS, DISBURSEMENTS AND RELEASES
  
	  	 
	SECTION 8.1	  	Collection of Money	  	39
	SECTION 8.2	  	Trust Accounts.	  	39
	SECTION 8.3	  	General Provisions Regarding Trust Accounts.	  	41
	SECTION 8.4	  	Release of Trust Estate.	  	41
	SECTION 8.5	  	Opinion of Counsel	  	42

  

 iv 

					
	 	  	 	  	Page

	 ARTICLE IX
  
 SUPPLEMENTAL INDENTURES
  
	  	 
	SECTION 9.1	  	Supplemental Indentures Without Consent of Noteholders.	  	42
	SECTION 9.2	  	Supplemental Indentures with Consent of the Noteholders	  	43
	SECTION 9.3	  	Effect of Supplemental Indenture	  	45
	SECTION 9.4	  	Conformity with Trust Indenture Act	  	45
	SECTION 9.5	  	Reference in Notes to Supplemental Indentures	  	45
	SECTION 9.6	  	Execution of Supplemental Indentures	  	45
		
	 ARTICLE X
  
 PREPAYMENT OF NOTES
  
	  	 
	SECTION 10.1	  	Prepayment	  	46
	SECTION 10.2	  	Form of Notice of Prepayment	  	46
	SECTION 10.3	  	Notes Payable	  	46
		
	 ARTICLE XI
  
 MISCELLANEOUS
  
	  	 
	SECTION 11.1	  	Compliance Certificates and Opinions, etc.	  	47
	SECTION 11.2	  	Form of Documents Delivered to the Indenture Trustee	  	48
	SECTION 11.3	  	Actions of Noteholders.	  	49
	SECTION 11.4	  	Notices, etc., to the Indenture Trustee, the Issuer, and Rating Agencies	  	50
	SECTION 11.5	  	Notices to Noteholders; Waiver	  	50
	SECTION 11.6	  	Alternate Payment and Notice Provisions	  	51
	SECTION 11.7	  	Conflict with Trust Indenture Act	  	51
	SECTION 11.8	  	Effect of Headings and Table of Contents	  	51
	SECTION 11.9	  	Successors and Assigns	  	51
	SECTION 11.10	  	Separability	  	51
	SECTION 11.11	  	Benefits of Indenture	  	52
	SECTION 11.12	  	Legal Holidays	  	52
	SECTION 11.13	  	GOVERNING LAW	  	52
	SECTION 11.14	  	Counterparts	  	52
	SECTION 11.15	  	Recording of Indenture	  	52
	SECTION 11.16	  	Trust Obligation	  	52
	SECTION 11.17	  	No Petition	  	52
	SECTION 11.18	  	Inspection	  	53

  

 v 

							
	 	  	 	  	 	  	Page

	Exhibit A	  	-	  	Schedule of Receivables	  	 
	Exhibit B	  	-	  	Form of Class [A-1] Note	  	 
	Exhibit C	  	-	  	Form of Class [A-2] Note	  	 
	Exhibit D	  	-	  	Form of Class [A-3] Note	  	 
	Exhibit E	  	-	  	Form of Class [A-4] Note	  	 
	Exhibit F	  	-	  	Form of Issuer Letter of Representations	  	 
	[Exhibit G	  	-	  	Transferee Letter]	  	 

  

 vi 

 CROSS REFERENCE TABLE1 
  

			
	 TIA Section

	  	Indenture Section

	310 (a)(1)	  	6.11
	       (a)(2)	  	6.11
	       (a)(3)	  	6.10
	       (a)(4)	  	N.A.2
	       (a)(5)	  	6.11
	       (b)	  	6.8; 6.11
	       (c)	  	N.A.
	311 (a)	  	6.12
	       (b)	  	6.12
	       (c)	  	N.A.
	312 (a)	  	7.1; 7.2
	       (b)	  	7.2
	       (c)	  	7.2
	313 (a)	  	7.4
	       (b)(1)	  	7.4
	       (b)(2)	  	7.4
	       (c)	  	7.4
	       (d)	  	7.4
	314 (a)	  	3.9, 7.3
	       (b)	  	3.6
	       (c)(1)	  	11.1
	       (c)(2)	  	11.1
	       (c)(3)	  	11.1
	       (d)	  	11.1
	       (e)	  	11.1
	       (f)	  	N.A.
	315 (a)	  	6.1
	       (b)	  	6.5; 11.5
	       (c)	  	6.1
	       (d)	  	6.1
	       (e)	  	5.13
	316 (a) (last sentence)	  	1.1
	       (a)(1)(A)	  	5.11
	       (a)(1)(B)	  	5.12
	       (a)(2)	  	N.A.

  

	1	Note:This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

	2	N.A. means Not Applicable. 

  

 i 

			
	 TIA Section

	  	Indenture Section

	       (b)	  	5.7
	       (c)	  	N.A.
	317 (a)(1)	  	5.3
	       (a)(2)	  	5.3
	       (b)	  	3.3
	318 (a)	  	11.7

  

 ii 

 INDENTURE dated as of
                         , 20    , between CHASE AUTO OWNER TRUST
20    -    , a Delaware statutory trust (the “Issuer”), and
[                    ], a national banking association, solely as trustee and not in its individual capacity (the “Indenture
Trustee”). 
  
 Each party agrees as follows for the
benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s Class [A-1]         % Asset Backed Notes (the “Class [A-1] Notes”), Class
[A-2]         % Asset Backed Notes (the “Class [A-2] Notes”), Class [A-3]         % Asset Backed Notes (the “Class [A-3]
Notes”) and Class [A-4]         % Asset Backed Notes (the “Class [A-4] Notes” and, together with the Class [A-1] Notes, the Class [A-2] Notes and the Class [A-3] Notes,
the “Notes”): 
  
 GRANTING CLAUSE

  
 The Issuer hereby Grants to the Indenture Trustee at the
Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of the Issuer’s right, title and interest in, to and under (a) the Receivables listed in the Schedule of Receivables attached hereto as Exhibit A,
which is incorporated by reference herein, all proceeds thereof and all amounts and monies received thereon on and after the Cutoff Date (including proceeds of the repurchase of Receivables by the Depositor pursuant to Section 3.2 of the
Sale and Servicing Agreement or the purchase of Receivables by the Servicer pursuant to Section 4.6 or 9.1 of the Sale and Servicing Agreement); (b) the security interests in the Financed Vehicles granted by the Obligors
pursuant to the Receivables and in any repossessed Financed Vehicles; (c) Liquidation Proceeds and any proceeds of any extended warranties, theft and physical damage, guaranteed auto protection, credit life or credit disability policies
relating to the Financed Vehicles or the Obligors; (d) any proceeds from Dealer repurchase obligations relating to the Receivables; (e) the Trust Accounts and funds on deposit from time to time in the Trust Accounts (including without
limitation the Reserve Account Initial Deposit [and the Yield Supplement Account Initial Deposit]), and in all investments and proceeds thereof (but excluding all investment income on funds on deposit in the Collection Account); (f) the Sale
and Servicing Agreement; and (g) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any
or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, contract rights, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing (collectively, the “Collateral”). 
  
 The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except
as set forth herein, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 
  
 The Indenture Trustee, as trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance
with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders of the Notes and (only to the extent expressly provided herein) Holders of the
Certificates may be adequately and effectively protected. 

 ARTICLE I 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in Section 1.1 to the Sale and Servicing Agreement dated as
of                         , 20    , between the Issuer and JPMorgan Chase Bank, National
Association, as Depositor and Servicer (the “Sale and Servicing Agreement”). 
  
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “indenture securities” means the Notes. 
  
 “indenture security holder” means a Noteholder. 
  
 “indenture to be qualified” means this
Indenture. 
  
 “indenture
trustee” or “institutional trustee” means the Indenture Trustee. 
  
 “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 
  
 All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions. 
  
 SECTION 1.3 Usage of Terms. With respect to all terms in this Indenture, the singular includes the plural and the plural the singular; words
importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Indenture; references to Persons include their permitted successors and assigns; and the term “including”
means “including without limitation.” All references herein to Articles, Sections, Subsections and Exhibits are references to Articles, Sections, Subsections and Exhibits contained in or attached to this Indenture unless otherwise
specified, and each such Exhibit is part of the terms of this Indenture. 
  

 2 

 SECTION 1.4 Calculations of Interest. All calculations of interest made hereunder shall be made on
the basis of a year of 360 days of twelve 30-day months, other than the calculation of interest accrued on the Class [A-1] Notes at the Class [A-1] Interest Rate [and the Class [A-_] Notes at the Class [A-_] Interest Rate], which will be calculated
on the basis of a 360-day year based upon the actual number of days elapsed. 
  
 ARTICLE II 
  
 THE NOTES

  
 SECTION 2.1 Form. The Class [A-1] Notes, the Class
[A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes, in each case together with the Indenture Trustee’s or Authenticating Agent’s certificate of authentication, shall be in substantially the forms set forth in Exhibits B,
C, D and E, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be determined to be appropriate by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the Note. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $[100,000] and in integral
multiples of $[1,000] in excess thereof. 
  
 Notes bearing the
manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the date of authentication and
delivery of such Notes or did not hold such offices at such date. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication
substantially in the form provided for herein executed by the Indenture Trustee or an Authenticating Agent by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder. The terms of the Notes set forth in Exhibits B, C, D and E are part of the terms of this Indenture. 
  
 The Definitive Notes shall be typewritten, printed, lithographed or engraved
or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
  
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers or by any other authorized signatory of the Issuer. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
  
 The Indenture Trustee shall, upon written order of the Depositor,
authenticate and deliver Class [A-1] Notes for original issue in an aggregate principal amount of $            , Class 

  

 3 

 
[A-2] Notes for original issue in an aggregate principal amount of $            , Class
[A-3] Notes for original issue in the aggregate principal amount of $            and Class [A-4] Notes for original issue in the aggregate principal amount of
$            . The respective aggregate principal amount of Class [A-1] Notes, Class [A-2] Notes, Class [A-3] Notes and Class [A-4] Notes outstanding at any time may not exceed such
amounts, except as provided in Section 2.5. 
  
 SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and at the direction of the Issuer, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may
determine, as evidenced by their execution of such Notes. 
  
 If
temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary
Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee
shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as
Definitive Notes. 
  
 SECTION 2.4 Registration of Transfer and
Exchange. 
  
 (a) The Issuer shall cause to be kept a
register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of the Notes and the registration of transfers of the Notes. JPMorgan Chase
shall initially be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. In the event that, subsequent to the date of issuance of the Notes, JPMorgan Chase notifies the Indenture Trustee
that it is unable to act as Note Registrar, the Indenture Trustee shall act, or the Indenture Trustee shall, with the consent of the Issuer, appoint another bank or trust company, having an office or agency located in the City of New York and which
agrees to act in accordance with the provisions of this Indenture applicable to it, to act, as successor Note Registrar under this Indenture. 
  
 The Indenture Trustee may revoke such appointment and remove JPMorgan Chase as Note Registrar if the Indenture Trustee determines in its sole discretion
that JPMorgan Chase failed to perform its obligations under this Indenture in any material respect. JPMorgan Chase shall be permitted to resign as Note Registrar upon 30 days’ written notice to the Indenture Trustee, the Depositor and the
Servicer; provided, however, that such resignation shall not be effective and JPMorgan Chase shall continue to perform its duties as Note Registrar until the Indenture Trustee has appointed a successor Note Registrar with the consent
of the Issuer. 
  
 If a Person other than the Indenture Trustee is
appointed by the Issuer as the Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of 

  

 4 

 
such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the
Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and
addresses of the Holders of the Notes and the principal amounts and number of such Notes. 
  
 An institution succeeding to the corporate agency business of the Note Registrar shall continue to be the Note Registrar without the execution or filing of any paper or any further act on the part of the Indenture
Trustee or such Note Registrar. 
  
 The Note Registrar shall
maintain in the City of New York an office or offices or agency or agencies where Notes may be surrendered for registration of transfer or exchange. The Note Registrar initially designates its corporate trust office located at 4 New York Plaza, New
York, New York 10004 as its office for such purposes. The Note Registrar shall give prompt written notice to the Indenture Trustee, the Depositor, the Servicer and to the Noteholders of any change in the location of such office or agency.

  
 Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(a) of the Relevant UCC are met [and, in the case of a Class [A-1] Note, the requirements of Section 2.4(b)
are met], the Issuer shall execute, the Indenture Trustee shall authenticate and (if the Note Registrar is different than the Indenture Trustee, then the Note Registrar shall) deliver to the Noteholder, in the name of the designated transferee or
transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount. 
  
 At the option of the Holder, the Notes may be exchanged for other Notes in any authorized denominations, of the same class and a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the Relevant UCC are met, the Issuer shall execute and the Indenture
Trustee shall authenticate and (if the Note Registrar is different than the Indenture Trustee, then the Note Registrar shall) deliver to the Noteholder, the Notes which the Noteholder making the exchange is entitled to receive. 
  
 All Notes issued upon any registration of transfer or exchange of the Notes
shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
  
 Every Note presented or surrendered for registration of transfer or exchange
shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such
signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or by a member firm of a national securities exchange, and
(ii) accompanied by such other documents as the Indenture Trustee may require. Each Note surrendered for registration of transfer or exchange shall be cancelled by the Note Registrar and disposed of by the Indenture Trustee or Note Registrar in
accordance with its customary practice. 
  

 5 

 No service charge shall be made to a Holder for any registration of transfer or exchange of the Notes,
but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3
or 9.5 not involving any transfer. 
  
 The preceding
provisions of this section notwithstanding, the Issuer shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note for a period of 15 days preceding the due date for any payment in full with respect to
such Note. 
  
 (b) [A Class [A-1] Noteholder may only offer, sell
or otherwise transfer, in whole or in part, a Class [A-1] Note pursuant to an available exemption from the registration requirements of the Securities Act and all applicable laws of any state of the United States or any other jurisdiction. A Class
[A-1] Noteholder may only sell or otherwise transfer, in whole or in part, a Class [A-1] Note to (i) a Person who shall have delivered to the Note Registrar and the Issuer a Transferee Letter substantially in the form of Exhibit G or
(ii) the Depositor or an Affiliate of the Depositor. In addition, the Issuer and the Note Registrar shall have the right prior to any such sale or transfer to require the delivery to it of such certifications, legal opinions and other
information as the Issuer or the Note Registrar, as the case may be, may reasonably require to confirm that the proposed sale or other transfer complies with the requirements of this Section 2.4(b).] 
  
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If
(i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Note Registrar and the Indenture
Trustee such security or indemnity as may be required by them to hold the Issuer, the Note Registrar and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has
been acquired by a protected purchaser, and provided that the requirements of Section 8-405 of the Relevant UCC are met, the Issuer shall execute and the Indenture Trustee or an Authenticating Agent shall authenticate and (if the Note Registrar
is different from the Indenture Trustee, the Note Registrar shall) deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like class, tenor and denomination; provided that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable without
surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a protected purchaser of the original Note in lieu of which such replacement Note
was issued presents for payment such original Note, the Issuer, the Note Registrar and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Issuer, the Note Registrar or the Indenture Trustee in connection therewith. 
  

 6 

 Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the
Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith.

  
 Every replacement Note issued pursuant to this
Section 2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  
 SECTION 2.6 Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee, the Note Registrar and any agent of the Issuer, the Indenture Trustee or
the Note Registrar may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note shall be overdue, and neither the Issuer, the Indenture Trustee or the Note Registrar nor any agent of the Issuer, the Indenture Trustee or the Note Registrar shall be bound by notice to the contrary.

  
 SECTION 2.7 Payment of Principal and Interest; Defaulted
Interest. 
  
 (a) The Notes shall accrue interest as provided
in the forms of the Class [A-1] Note, the Class [A-2] Note, the Class [A-3] Note and the Class [A-4] Note set forth in Exhibits B, C, D and E, respectively, and such interest shall be payable on each Payment Date as
specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the preceding Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, [(i)] with respect to Notes registered on
the Record Date in the name of the Clearing Agency or a nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by the
Clearing Agency or such nominee [or (ii) with respect to any Class [A-1] Note, payment will be made by wire transfer in immediately available funds to the account designated by the Class [A-1] Noteholder of such Class [A-1] Note on or prior to
the Record Date]; provided, however, that, the final installment of principal payable with respect to such Note on a Payment Date or on a Note Final Scheduled Payment Date shall be payable as provided below. The funds represented by
any such checks returned undelivered shall be held in accordance with Section 3.3. 
  

 7 

 (b) The principal of each Note shall be payable in installments no later than 12 noon, New York City
time, on each Payment Date as provided in the forms of the Class [A-1] Note, the Class [A-2] Note, the Class [A-3] Note and the Class [A-4] Note, set forth in Exhibits B, C, D and E, respectively. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the Notes
representing a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on each class of Notes shall be made pro rata to the
Noteholders of such class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final
installment of principal of and interest on such Note will be paid. Such notice shall be (i) transmitted by facsimile on such Record Date if such Note is a Book-Entry Note or (ii) mailed as provided in Section 10.2 not later
than three Business Days after such Record Date if such Note is a Definitive Note and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. 
  
 SECTION 2.8 Cancellation. All Notes surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the Note Registrar, be delivered to the Note Registrar and shall be promptly cancelled
by the Note Registrar. The Issuer may at any time deliver to the Note Registrar for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall
be promptly cancelled by the Note Registrar. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed
of by the Note Registrar in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct that they be destroyed or returned to it; provided that such direction is timely and the Notes have not
been previously disposed of by the Note Registrar. 
  
 SECTION 2.9
Release of Collateral. Subject to Section 11.1, the Indenture Trustee shall release property from the lien of this Indenture only upon request of the Issuer accompanied by an Officer’s Certificate, an Opinion of Counsel and
Independent Certificates in accordance with the TIA §§314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 
  
 SECTION 2.10 Book-Entry Notes. The [Notes] [Class [A-2] Notes, the
Class [A-3] Notes and the Class [A-4] Notes], upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company (the initial Clearing Agency) by, or on behalf
of, the Issuer. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s
interest in such Note, except as provided in Section 2.12. Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.12: 
  
 (a) the provisions of this Section shall be in full force and effect; 
  

 8 

 (b) the Note Registrar, the Paying Agent and the Indenture Trustee shall be entitled to
deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes] and the giving of instructions or directions
hereunder) as the sole Holder of the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes], and shall have no obligation to the Note Owners; 
  
 (c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture,
the provisions of this Section shall control; 
  
 (d) the rights of the Note Owners shall be exercised only through the Clearing Agency (or to the extent the Note Owners are not Clearing Agency Participants, through the Clearing Agency Participants through which such Note Owners own
Book-Entry Notes) and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants, and all references in this Indenture to actions by the [Noteholders] [Class
[A-2] Noteholders, the Class [A-3] Noteholders and the Class [A-4] Noteholders] shall refer to actions taken by the Clearing Agency upon instructions from the Clearing Agency Participants, and all references in this Indenture to distributions,
notices, reports and statements to the [Noteholders] [Class [A-2] Noteholders, the Class [A-3] Noteholders and the Class [A-4] Noteholders] shall refer to distributions, notices, reports and statements to the Clearing Agency, as registered holder of
the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes], as the case may be, for distribution to the Note Owners in accordance with the procedures of the Clearing Agency. Pursuant to the Issuer Letter of Representations,
unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on
the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes] to such Clearing Agency Participants; and 
  
 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of the Holders of the Notes
evidencing a specified percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage of the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes] only to the extent that it
has received instructions to such effect from the Note Owners and/or Clearing Agency Participants owning or representing, respectively, the beneficial interest in the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes] and
has delivered such instructions to the Indenture Trustee. 
  
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication is required under this Indenture to the [Noteholders] [Class [A-2] Noteholders, the Class [A-3] Noteholders or the Class [A-4] Noteholders], unless and
until Definitive Notes shall have been issued to the Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to the [Noteholders] [Class [A-2] Noteholders,
the Class [A-3] Noteholders or the Class [A-4] Noteholders] to the Clearing Agency, and shall have no obligation to the Note Owners. 
  

 9 

 SECTION 2.12 Definitive Notes. If (a) the Servicer advises the Indenture Trustee in writing
that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes], and the Servicer is unable to locate a qualified
successor, (b) the Servicer at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency, or (c) after the occurrence of an Event of Default or an Event of Servicing
Termination, the Note Owners representing beneficial interests aggregating not less than a majority of the Outstanding Amount of the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes] advise the Indenture Trustee and the
Clearing Agency through the Clearing Agency Participants in writing, and if the Clearing Agency shall so notify the Indenture Trustee that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the
Note Owners, then the Clearing Agency shall notify all the Note Owners of the occurrence of any such event and of the availability of Definitive Notes representing the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes] to
the Note Owners requesting the same. Upon surrender to the Note Registrar of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by re-registration instructions, the Issuer shall execute and the
Indenture Trustee shall authenticate and (if the Note Registrar is different than the Indenture Trustee, then the Note Registrar shall) deliver the Definitive Notes representing the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class
[A-4] Notes] in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of the Definitive Notes representing the [Notes] [Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes], the Indenture Trustee shall recognize such Holders as the
[Noteholders] [Class [A-2] Noteholders, the Class [A-3] Noteholders and the Class [A-4] Noteholders, respectively]. 
  
 SECTION 2.13 Authenticating Agent. 
  
 (a) The Indenture Trustee may appoint one or more authenticating agents (each, an “Authenticating Agent”) with respect to the Notes which
shall be authorized to act on behalf of the Indenture Trustee in authenticating the Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Notes. The Indenture Trustee hereby appoints JPMorgan Chase
as Authenticating Agent for the authentication of the Notes upon any registration of transfer or exchange of such Notes. Whenever reference is made in this Indenture to the authentication of the Notes by the Indenture Trustee or the Indenture
Trustee’s certificate of authentication, such reference shall be deemed to include authentication on behalf of the Indenture Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Indenture Trustee by
an Authenticating Agent. Each Authenticating Agent, other than JPMorgan Chase, shall be acceptable to the Issuer. 
  
 (b) Any institution succeeding to the corporate agency business of an Authenticating Agent shall continue to be an Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Indenture Trustee or such Authenticating Agent. 
  

 10 

 (c) An Authenticating Agent may at any time resign by giving written notice of resignation to the
Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the agency of an Authenticating Agent by giving notice of termination to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time an Authenticating Agent shall cease to be acceptable to the Indenture Trustee or the Issuer, the Indenture Trustee promptly may appoint a successor Authenticating Agent with the consent of the Issuer.
Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless acceptable to the Issuer. 
  
 (d) The Servicer shall pay the Authenticating Agent from time to time reasonable compensation for its services under this Section 2.13. 
  
 (e) The provisions of Sections 6.1, 6.2, 6.3, 6.4, 6.7 and 6.9 shall be
applicable, mutatis mutandis, to any Authenticating Agent. 
  
 (f) Pursuant to an appointment made under this Section 2.13, the Notes may have endorsed thereon, in lieu of the Indenture Trustee’s certificate of authentication, an alternate certificate of
authentication in substantially the following form: 
  
 This is
one of the Notes referred to in the within mentioned Indenture. 
  

			
	  

           as Indenture Trustee

		
	By:	 	  

	 	 	Authorized Officer
		
	 	 	                    or
	
	  

 as Authenticating
Agent

	 	 	for the Indenture Trustee,
	
	  

           Authorized Officer

  

 11 

 SECTION 2.14 Appointment of Paying Agent. 
  
 (a) The Indenture Trustee may appoint a Paying Agent with respect to the
Notes. The Indenture Trustee hereby appoints JPMorgan Chase as the initial Paying Agent. The Paying Agent shall have the revocable power to withdraw funds from the Collection Account and the Note Distribution Account and make distributions to the
Noteholders, the Servicer, the Administrator and the Owner Trustee pursuant to Section 5.5 of the Sale and Servicing Agreement. The Indenture Trustee may revoke such power and remove the Paying Agent if the Indenture Trustee determines
in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Indenture in any material respect or for other good cause. JPMorgan Chase shall be permitted to resign as Paying Agent upon 30 days’ written
notice to the Depositor and the Indenture Trustee. In the event that JPMorgan Chase shall no longer be the Paying Agent, the Indenture Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company and may be the
Indenture Trustee) with the consent of the Depositor, which consent shall not be unreasonably withheld. If at any time the Indenture Trustee shall be acting as the Paying Agent, the provisions of Sections 6.1, 6.3 and 6.4 shall
apply, mutatis mutandis, to the Indenture Trustee in its role as Paying Agent. 
  
 The Indenture Trustee will cause each Paying Agent, other than itself and JPMorgan Chase, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee
(and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 
  
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
  
 (ii) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge
in the making of any payment required to be made with respect to the Notes; 
  
 (iii) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
  
 (iv) immediately resign as a Paying Agent and forthwith pay
to the Indenture Trustee all sums held by it in trust for the payment of the Notes if at any time it ceases to meet the standards required to be met by the Paying Agent at the time of its appointment; and 
  
 (v) comply with all requirements of the Code with respect to
the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 (b) JPMorgan Chase in its capacity as initial Paying Agent hereunder agrees
that it (i) will hold all sums held by it hereunder for payment to the Noteholders in trust for the 

  

 12 

 
benefit of the Noteholders entitled thereto until such sums shall be paid to such Noteholders and (ii) shall comply with all requirements of the Code
regarding the withholding by the Indenture Trustee of payments in respect of United States federal income taxes due from the Noteholders or Note Owners. 
  
 (c) An institution succeeding to the corporate agency business of the Paying Agent shall continue to be the Paying Agent without the execution or filing
of any paper or any further act on the part of the Indenture Trustee or such Paying Agent. 
  
 ARTICLE III 
  
 COVENANTS

  
 SECTION 3.1 Payment of Principal and Interest. The
Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to Section 8.2(c), the Issuer will cause to be
distributed all amounts on deposit in the Note Distribution Account on a Payment Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class [A-1] Notes, to the Class [A-1] Noteholders, (ii) for the
benefit of the Class [A-2] Notes, to the Class [A-2] Noteholders, (iii) for the benefit of the Class [A-3] Notes, to the Class [A-3] Noteholders and (iv) for the benefit of the Class [A-4] Notes, to the Class [A-4] Noteholders. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 
  
 SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain
in the City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange. The Issuer hereby initially appoints the Note Registrar to serve as its agent for the foregoing purposes. The Issuer will give
prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture
Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

  
 SECTION 3.3 Money for Payments To Be Held in Trust. As
provided in Sections 8.2(a) and (b), all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account and the Note Distribution Account pursuant to
Section 8.2(c) shall be made on behalf of the Issuer by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from the Collection Account and the Note Distribution Account for payments on the Notes shall be paid over to
the Issuer except as provided in this Section 3.3. 
  
 On or before each Payment Date, at the direction of the Servicer in accordance with Section 5.5 of the Sale and Servicing Agreement, the Indenture Trustee or the Paying Agent 

  

 13 

 
shall deposit in the Note Distribution Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust
for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee or deposit was made by the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 
  
 The Issuer may, at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the
sums were held by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 Subject to applicable laws with respect to the escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid
to the Issuer on its request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the
Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense of the Issuer
cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the City of New York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense of the Issuer, any
other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to the Holders whose right to or interest in moneys due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 
  
 SECTION 3.4 Existence. Except as otherwise permitted by the provisions of Section 3.10, the Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws
of the State of Delaware (unless it becomes, or any successor to the Issuer hereunder is or becomes, organized under the laws of any other state or of the United States of America, in which case the Issuer will keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of
this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 
  
 SECTION 3.5 Protection of Trust Estate. The Issuer will from time to time prepare (or shall cause to be prepared), execute and deliver all such
supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 
  
 (a) maintain or preserve the lien and security interest (and
the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 
  

 14 

 (b) perfect, publish notice of or protect the validity of any Grant made or to be made by
this Indenture; 
  
 (c) enforce the rights of the
Indenture Trustee and the Noteholders in any of the Collateral; or 
  
 (d) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties. 
  
 The Issuer hereby authorizes the Indenture Trustee to file any financing
statement, continuation statement or other instrument required to be executed or filed by the Issuer pursuant to this Section. 
  
 SECTION 3.6 Opinions as to Trust Estate. 
  
 (a) On the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation
statements, as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and
security interest effective. 
  
 (b) On or before
                          of each calendar year, commencing with
                        , 20    , the Issuer shall furnish to the Indenture Trustee an Opinion
of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and
with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the perfection of the lien and security interest created by this Indenture and reciting the details of such action or
stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the perfection of the lien
and security interest of this Indenture until                           in the following calendar year. 

 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables.

  
 (a) The Issuer will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any Person from any of such Person’s 

  

 15 

 
material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, any other Basic Documents or
such other instrument or agreement. 
  
 (b) The Issuer may
contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action
taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 
  
 (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the
other Basic Documents and in the instruments and agreements included in the Trust Estate, including but not limited to preparing (or causing to be prepared) and filing (or causing to be filed) all Uniform Commercial Code financing statements and
continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 
  
 (d) If the Issuer shall have knowledge of the occurrence of an Event of
Servicing Termination under the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if any,
the Issuer is taking in respect of such default. If an Event of Servicing Termination shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables,
the Issuer shall take all reasonable steps available to it to remedy such failure. 
  
 (e) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees that, unless such action is
specifically permitted hereunder or under the other Basic Documents, it will not, without the prior written consent of the Indenture Trustee or the Holders of at least a majority of Outstanding Amount of the Notes, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral or the Basic Documents, or waive timely performance or observance by the Servicer or the Depositor under
the Sale and Servicing Agreement; provided that no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made for the benefit of the
Noteholders, or (ii) reduce the aforesaid percentage of the Notes which are required to consent to any such amendment, in each case, without the consent of the Holders of all the Outstanding Notes. If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuer agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such
agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary or appropriate under the circumstances. 
  

 16 

 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not:

  
 (a) except as expressly permitted by this
Indenture or the other Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Indenture Trustee; 
  
 (b) claim any credit on, or make any deduction from the
principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed
upon any part of the Trust Estate; or 
  
 (c)
(i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be
created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case
on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor) or (iii) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’
or other lien) security interest in the Trust Estate. 
  
 SECTION
3.9 Annual Statement as to Compliance. The Issuer will deliver to the Indenture Trustee within 90 days after the end of each calendar year an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that: 
  
 (a) a review of the
activities of the Issuer during such calendar year and of performance under this Indenture has been made under such Authorized Officer’s supervision; and 
  

(b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and
covenants in all material respects under this Indenture throughout such calendar year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature
and status thereof. 
  
 SECTION 3.10 The Issuer May
Consolidate, Etc. Only on Certain Terms. 
  
 (a) The Issuer shall not consolidate or merge with or into any other Person, unless 
  

 17 

 (i) the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United States of America or any State thereof and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form
satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all the Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or
observed, all as provided herein; 
  
 (ii)
immediately after giving effect to such transaction, no Default shall have occurred and be continuing; 
  
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
  
 (iv) the Issuer shall have received an Opinion of Counsel
(and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Trust, any Noteholder or any Certificateholder; 
  
 (v) any action as is necessary to maintain the lien and
security interest created by this Indenture shall have been taken; and 
  
 (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this
Section 3.10 and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act). 
  
 (b) Except as otherwise expressly permitted by this Indenture or the other Basic Documents, the Issuer shall not convey or
transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless: 
  
 (i) the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is
hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any State thereof, (B) expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all the Notes and the performance or observance of every agreement and covenant of this Indenture on
the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights
of the Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this
Indenture and the Notes and (E)

  

 18 

 
expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then one specified Person) shall prepare (or cause to be
prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
  
 (ii) immediately after giving effect to such transaction, no Default shall have occurred and be continuing; 
  
 (iii) the Rating Agency Condition shall have been satisfied
with respect to such transaction; 
  
 (iv) the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Trust, any Noteholder or any
Certificateholder; 
  
 (v) any action as is
necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 
  
 (vi) the Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel each stating that
such conveyance or transfer and such supplemental indenture comply with this Section 3.10 and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the
Exchange Act). 
  
 SECTION 3.11 Successor or Transferee.

  
 (a) Upon any consolidation or merger of the Issuer in
accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture with the same effect as if such Person had been named as the Issuer herein. 
  
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer in accordance with Section 3.10(b), Chase Auto Owner Trust 20    -    
will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee from the Person acquiring
such assets and properties stating that Chase Auto Owner Trust 20    -     is to be so released. 
  
 SECTION 3.12 No Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the
Receivables and the other Collateral in the manner contemplated by this Indenture and the other Basic Documents, issuing the Notes and the Certificates, making payments thereon, and such other activities that are necessary, suitable or desirable to
accomplish the foregoing or are incidental to the purposes as set forth in Section 2.3 of the Trust Agreement. 
  

 19 

 SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise
become liable, directly or indirectly, for any indebtedness except for money borrowed in respect of the Notes or in accordance with the Basic Documents. 
  
 SECTION 3.14 Servicer’s Obligations. The Issuer shall use its best efforts to cause the Servicer to comply with the Sale and Servicing
Agreement. 
  
 SECTION 3.15 Guarantees, Loans, Advances and
Other Liabilities. Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuming
another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase,
repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
  
 SECTION 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty) other than the purchase of the Receivables and related property pursuant to the Sale and Servicing Agreement. 
  
 SECTION 3.17 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any
distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity
interest or security in or of the Issuer, (b) redeem, purchase, retire, or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided
that the Issuer may make, or cause to be made, distributions to the Servicer, the Depositor, the Owner Trustee, the Administrator, the Indenture Trustee, the Class R Certificateholder and the Certificateholders as permitted by, and to the extent
funds are available for such purpose under, the Basic Documents. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the other Basic Documents.

  
 SECTION 3.18 Notice of Events of Default. The Issuer
agrees to give the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default, any Event of Servicing Termination and each default on the part of the Depositor of its obligations under the Sale and Servicing Agreement.

  
 SECTION 3.19 Further Instruments and Acts. Upon request
of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  

 20 

 ARTICLE IV 
  
 SATISFACTION AND DISCHARGE 
  
 SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to
(a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.2,
3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.15, 3.16 and 3.18, (e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations
of the Indenture Trustee under Sections 4.2 and 4.4) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture
Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when, 
  
 (i) either: 
  
 (A) all Notes theretofore authenticated and delivered (other than (1) the Notes that have been destroyed, lost or stolen and that
have been replaced or paid as provided in Section 2.5 and (2) the Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 
  
 (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation: 
  
 (1) have become due and payable, 
  
 (2) will become due and payable at their respective Note
Final Scheduled Payment Dates within one year, or 
  
 (3) will be subject to prepayment within one year under arrangements satisfactory to the Indenture Trustee, 
  
 and the Issuer, in the case of clauses (1), (2) or (3) of Section 4.1(i)(B), has irrevocably deposited or caused to be
irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount
sufficient to pay and discharge the entire unpaid principal and accrued interest on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due on their respective Note Final Scheduled Payment Dates or the Payment Date on
which the Notes are to be prepaid in full pursuant to Section 10.1); 
  

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 (ii) the Issuer has paid or caused to be paid all other sums payable hereunder by the
Issuer; and 
  
 (iii) the Issuer has delivered to
the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of
Section 11.1 and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 SECTION 4.2 Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to
Section 4.1(i)(B) shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the
Holders of the particular Notes for the payment of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such moneys need not be segregated from other funds except
to the extent required herein or in the Sale and Servicing Agreement or required by law. 
  
 SECTION 4.3 Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the
Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall
be released from all further liability with respect to such moneys. 
  
 SECTION 4.4 Duration of the Position of the Indenture Trustee for the Benefit of Certificateholders. Notwithstanding (i) the earlier payment in full of all principal and interest due to the Noteholders under the terms of the
Notes of each class, (ii) the cancellation of such Notes pursuant to Section 2.8 and (iii) the discharge of the Indenture Trustee’s duties hereunder with respect to such Notes, the Indenture Trustee shall continue to act
in the capacity of the Indenture Trustee hereunder for the benefit of the Certificateholders and the Indenture Trustee, for the benefit of the Certificateholders, shall comply with its obligations under Sections 5.1, 5.5, [5.6,]
7.5, 8.1, 8.2 and 10.12 of the Sale and Servicing Agreement, as appropriate, until such time as all distributions in respect of the Certificate Balance and interest due to the Certificateholders have been paid in full.

  

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 ARTICLE V 
  
 REMEDIES 
  
 SECTION 5.1 Events of Default. “Event of Default”, wherever used herein, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
  
 (a) default in the payment of any
interest on any Note when the same becomes due and payable on any Payment Date, and such default shall continue for a period of [        ] days; 
  
 (b) default in the payment of the principal of or any
installment of the principal of any Note when the same becomes due and payable; 
  
 (c) default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with) which default materially and adversely affects the rights of the Noteholders, and which default shall continue or not be cured for a
period of 30 days (or for such longer period, not in excess of 90 days, as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within 90 days or less and the Servicer on behalf of the Issuer
delivers an Officer’s Certificate to the Indenture Trustee to the effect that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such default) after there shall have been given, by
registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such default and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; and 
  
 (d) an Insolvency Event shall have occurred for the Issuer. 
  
 The Issuer shall deliver to the Indenture Trustee, within five days after the occurrence thereof, written notice in the form
of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (c), its status and what action the Issuer is taking or proposes to take with respect thereto.

  
 SECTION 5.2 Acceleration of Maturity; Rescission and
Annulment. If an Event of Default shall occur and be continuing, then and in every such case the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes may declare all the Notes
to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by the Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and payable. 
  

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 At any time after such declaration of acceleration of maturity has been made and before a judgment or
decree for payment of the money due has been obtained by the Indenture Trustee as provided hereinafter in this Article V, the Holders of the Notes representing a majority of the Outstanding Amount of the Notes, by written notice to the Issuer
and the Indenture Trustee, may rescind and annul such declaration and its consequences; provided, that, no such rescission shall affect any subsequent default or impair any right consequent thereto. 
  
 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the
Indenture Trustee. 
  
 (a) The Issuer covenants that if
(i) default is made in the payment of any interest on any Note when the same becomes due and payable on any Payment Date, and such default continues for a period of [_] days, or (ii) default is made in the payment of the principal of or
any installment of the principal of any Note when the same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the rate borne by the Notes, and in addition thereto
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
  
 (b) In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 
  
 (c) If an Event of Default occurs and is continuing, the Indenture Trustee
may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate proceedings as the Indenture Trustee shall deem most effective to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law. 
  
 (d) In
case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United States Code or any other applicable Federal
or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its
property or such other obligor or Person, or in the case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable as 

  

 24 

 
therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 
  
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful
misconduct) and of the Noteholders allowed in such proceedings; 
  
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings;

  
 (iii) to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
  
 (iv) to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of the Notes allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 
  
 and any trustee, receiver, liquidator, custodian or other similar official in any such
proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee
such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances
made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or wilful misconduct. 
  
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding
except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
  
 (f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any
trial or other proceedings relative thereto, and any such action or proceedings instituted by the Indenture Trustee shall be brought in its own name as 

  

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trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 
  
 (g) In any proceedings brought by the Indenture Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which
the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such proceedings. 
  
 SECTION 5.4 Remedies; Priorities. 
  
 (a) If an Event of Default shall have occurred and be continuing and the
Notes have been accelerated under Section 5.2, the Indenture Trustee may do one or more of the following (subject to Section 5.5): 
  
 (i) institute proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes
or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes moneys adjudged due; 
  
 (ii) institute proceedings from time to time for the
complete or partial foreclosure of this Indenture with respect to the Trust Estate; 
  
 (iii) exercise any remedies of a secured party under the Relevant UCC and take any other appropriate action to protect and enforce the
rights and remedies of the Indenture Trustee and the Holders of the Notes; and 
  
 (iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and
conducted in any manner permitted by law; 
  
 provided that the Indenture
Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, (B) the proceeds of such sale or liquidation distributable
to the Noteholders and the Certificateholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest and the Certificate Balance plus accrued interest thereon, or (C)(1) there has been an
Event of Default described in Section 5.1(a) or (b), (2) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they
would have become due if the Notes had not been declared due and payable, and (3) the Indenture Trustee obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes. In determining such sufficiency or insufficiency with
respect to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action
and as to the sufficiency of the Trust Estate for such purpose. 
  

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 (b) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall
pay out such money or property (and other amounts including amounts held on deposit in [the Yield Supplement Account and] the Reserve Account) held as Collateral for the benefit of the Noteholders in the following order: 
  
 FIRST: to the Indenture Trustee for amounts due under
Section 6.7; and 
  
 SECOND: to the
Collection Account for distribution pursuant to Section 9.1(b) of the Sale and Servicing Agreement. 
  
 SECTION 5.5 Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.2 following
an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether to maintain possession of the Trust Estate. In determining
whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action
and as to the sufficiency of the Trust Estate for such purpose. 
  
 SECTION 5.6 Limitation of Suits. No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless: 
  
 (a) such Holder has previously given
written notice to the Indenture Trustee of a continuing Event of Default; 
  
 (b) the Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Indenture Trustee to institute such proceeding in respect of such Event of Default in its own name as the
Indenture Trustee hereunder; 
  
 (c) such Holder or Holders have
offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 
  
 (d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to
institute such proceedings; and 
  
 (e) no direction inconsistent
with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Outstanding Amount of the Notes; 
  

it being understood and intended that no one or more Holders of the Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other Holders of the Notes or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided. 
  

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 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from
two or more groups of Holders of the Notes, each representing less than a majority of the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 
  
 SECTION 5.7 Unconditional
Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and
interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such
Holder. 
  
 SECTION 5.8 Restoration of Rights and Remedies.
If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as through no such proceeding had been instituted. 
  
 SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver of any such Default or an acquiescence therein. Every right and remedy given by
this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
  
 SECTION 5.11 Control by Noteholders. The Holders of a majority of the
Outstanding Amount of the Notes shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the
Indenture Trustee; provided that 
  
 (a) such
direction shall not be in conflict with any rule of law or with this Indenture; 
  

 28 

 (b) subject to the express terms of Section 5.4, any direction to the
Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of the Notes representing not less than 100% of the Outstanding Amount of the Notes; 
  
 (c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee
elects to maintain possession of the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of the Notes representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate
shall be of no force and effect; 
  
 (d) the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction; and 
  
 (e) such direction shall be in writing; 
  
 provided, further, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might involve it in liability
or might materially adversely affect the rights of any Noteholders not consenting to such action. 
  
 SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of the Notes of not less than a majority of the Outstanding Amount of the Notes may, on behalf of all such Holders, waive any past Default and its consequences except a Default (a) in payment of principal of
or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
  
 Upon any such waiver, such Default shall cease to exist and be deemed to have
been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereto. The Issuer shall give prompt written notice of any waiver to the Rating Agencies. 
  
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall
be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the
Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee,
(b) any suit instituted by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes, or (c) any suit instituted by any Noteholder for the enforcement of the payment
of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture. 
  

 29 

 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the
recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. 
  
 SECTION 5.16 Performance and Enforcement of Certain Obligations.

  
 (a) Promptly following a request from the Indenture Trustee
to do so and at the Administrator’s expense, the Issuer agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer, as applicable, of each of
their respective obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under
or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Depositor or the Servicer thereunder and the institution of
legal or administrative actions or proceedings to compel or secure performance by the Depositor or the Servicer of each of their respective obligations under the Sale and Servicing Agreement. 
  
 (b) If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66 2/3% of the Outstanding Amount of the Notes shall, foreclose upon its security interest in the Issuer’s rights under the Sale and Servicing Agreement and exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Depositor or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor or
the Servicer of each of their respective obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take such action
shall be suspended. 
  

 30 

 ARTICLE VI 
  
 THE INDENTURE TRUSTEE 
  
 SECTION 6.1 Duties of the Indenture Trustee. 
  
 (a) The Indenture Trustee, both prior to and after the occurrence of an Event of Default, shall undertake to perform such duties and only such duties as
are specifically set forth in this Indenture and the Sale and Servicing Agreement. If an Event of Default known to the Indenture Trustee has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and the Sale and Servicing Agreement and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided, however, that if
the Indenture Trustee shall assume the duties of the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, the Indenture Trustee in performing such duties shall use the degree of skill and attention customarily exercised
by a servicer with respect to automobile receivables that it services for itself. 
  
 The Indenture Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders, or other instruments furnished to the Indenture Trustee that shall be specifically required to be
furnished pursuant to any provision of this Indenture or the Sale and Servicing Agreement, shall examine them to determine whether they conform to the requirements of this Indenture or the Sale and Servicing Agreement; provided,
however, that the Indenture Trustee shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Servicer to the Indenture Trustee
pursuant to this Indenture or the Sale and Servicing Agreement. 
  
 (b) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own bad faith or wilful malfeasance; provided,
however, that: 
  
 (i) prior to the
occurrence of an Event of Default, and after the curing of all such Events of Default, the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the Sale and Servicing Agreement,
and no implied covenants or obligations shall be read into this Indenture or the Sale and Servicing Agreement against the Indenture Trustee, and in the absence of bad faith on its part or manifest error, the Indenture Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture or the Sale and Servicing Agreement; and

  
 (ii) The Indenture Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts nor shall the Indenture Trustee be liable with respect to any action it
takes or omits to take in good faith in accordance with this Indenture or in accordance with a direction received by it pursuant to Section 5.11. 
  

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 (c) The Indenture Trustee shall not be liable for interest on any money received by it except as the
Indenture Trustee may agree in writing with the Issuer. 
  
 (d)
Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
  
 (e) No provision of this Indenture shall require the Indenture Trustee to
expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or
indemnity satisfactory to it against such risk or liability is not assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of,
any of the obligations of the Servicer (including its obligations as custodian) under this Indenture except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges
of, the Servicer in accordance with the terms of the Sale and Servicing Agreement. 
  
 (f) The Indenture Trustee shall not be charged with knowledge of an Event of Default until such time as a Responsible Officer shall have actual knowledge or have received written notice thereof. 
  
 (g) Except for actions expressly authorized by this Indenture or, based upon
an Opinion of Counsel, in the best interests of the Noteholders, the Indenture Trustee shall take no action reasonably likely to impair the security interests created or existing under any Receivable or to impair the value of any Receivable.

  
 (h) Every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
  
 SECTION 6.2 Rights of the Indenture Trustee. 
  
 (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or
presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Opinion of Counsel. The Indenture Trustee shall not be liable for any
action it takes, suffers or omits to take in good faith in reliance on the Opinion of Counsel. 
  
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee
shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. The Indenture Trustee shall have no duty to monitor the
performance of the Issuer. 
  

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 (d) The Indenture Trustee shall not be personally liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
  
 (e) The Indenture Trustee may consult with counsel, and the written advice or
opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the written advice or opinion of such counsel. A copy of such written advice or Opinion of Counsel shall be provided to the Depositor, the Servicer and the Rating Agencies. 
  
 (f) Prior to the occurrence of an Event of Default and after the curing of
all Events of Default that may have occurred, the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, or other paper or document, unless requested in writing to do so by Holders of the Notes evidencing not less than 25% of the Outstanding Amount of the Notes; provided, however, that if the payment within a
reasonable time to the Indenture Trustee of the costs, expenses, or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the
security afforded to it by the terms of this Indenture, the Indenture Trustee may require reasonable indemnity against such cost, expense, or liability or payment of such expenses as a condition precedent to so proceeding. The reasonable expense of
every such examination shall be paid by the Issuer or by the Servicer at the direction of the Issuer or, if paid by the Indenture Trustee, shall be reimbursed by the Issuer or by the Servicer at the direction of the Issuer upon demand. Nothing in
this clause (f) shall affect the obligation of the Issuer or the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors. 
  
 SECTION 6.3 Individual Rights of the Indenture Trustee. The Indenture Trustee in its individual or any other capacity
may become the owner or pledgee of the Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not the Indenture Trustee. Any Paying Agent, the Note Registrar, co-registrar or co-paying agent may
do the same with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12. 
  
 SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 
  

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 SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is either actually
known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within 90 days after such knowledge or notice occurs.
Except in the case of a Default in accordance with the provisions of Section 313(c) of the TIA in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interest of the Noteholders. 
  
 SECTION 6.6 Reports by the Indenture Trustee to Holders. Within the prescribed period of time for tax reporting purposes after the end of each
calendar year during the term of this Indenture, the Indenture Trustee (or the Paying Agent on its behalf) shall deliver to each Noteholder such information as may be reasonably required to enable such Holder to prepare its United States federal,
state and local income or franchise tax returns for such calendar year. 
  
 SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture
Trustee’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to indemnify the Indenture Trustee against any and all loss, liability or expense (including the fees of either
in-house counsel or outside counsel, but not both) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim
for which it may seek indemnity. 
  
 The Servicer’s payment
obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(d) with respect to the
Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
  
 SECTION 6.8 Replacement of the Indenture Trustee. 
  
 (a) The Indenture Trustee may give notice of its intent to resign at any
time by so notifying the Issuer. The Holders of a majority in Outstanding Amount of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture
Trustee if: 
  
 (i) the Indenture Trustee fails
to comply with Section 6.11; 
  

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 (ii) the Indenture Trustee is adjudged bankrupt or insolvent; 
  
 (iii) a receiver or other public officer takes charge of the
Indenture Trustee or its property; or 
  
 (iv)
the Indenture Trustee otherwise becomes incapable of acting. 
  
 (b) If the Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring
Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee. 
  
 (c) A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer and thereupon the resignation or removal of the Indenture Trustee shall
become effective, and the successor Indenture Trustee, without any further act, deed or conveyance shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture Trustee to the successor Indenture Trustee. 
  
 (d) If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee gives notice
of its intent to resign or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

  
 (e) If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
  
 (f) Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of
the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to Section 6.8(c) and payment of all fees and expenses owed to the outgoing Indenture Trustee. The
Administrator shall pay all reasonable fees and expenses incurred in connection with any replacement of the Indenture Trustee. 
  
 (g) Notwithstanding the resignation or removal of the Indenture Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations
under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. The Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee. 
  
 SECTION 6.9 Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further
act shall be the successor Indenture Trustee. The Indenture Trustee shall provide the Issuer and the Rating Agencies prior written notice of any such transaction. 
  

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 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture
Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor Indenture
Trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor Indenture Trustee may authenticate such Notes either in the name of any predecessor Indenture Trustee
hereunder or in the name of the successor Indenture Trustee; and in all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or in this Indenture with respect to the certificate of
authentication of the Indenture Trustee. 
  
 SECTION 6.10
Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
  
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Issuer may at the time be located, the Indenture
Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Issuer, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Issuer, or any part hereof, and, subject to the other provisions of this Section, such power, duties, obligations, rights and trusts as the Indenture Trustee may
consider necessary or desirable. The Administrator will pay all reasonable fees and expenses of any co-trustee or co-trustees or separate trustee or separate trustees. The appointment of any separate trustee or co-trustee shall not absolve the
Indenture Trustee of its obligations under this Indenture. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as an Indenture Trustee under Section 6.11, and no notice to the Noteholders of the
appointment of any co-trustee or separate trustee shall be required under Section 6.8. 
  
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

  
 (i) all rights, powers, duties and
obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Issuer or the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised
and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 
  

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 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of
any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 
  
 (iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 (c) Any notice, request or other writing given to the Indenture Trustee shall
be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this
Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately,
as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every
such instrument shall be filed with the Indenture Trustee (with a copy given to the Issuer). 
  
 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or
in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised
by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  
 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA §310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $100,000,000 as of the last day of the most recent fiscal quarter for such institution and shall be subject to examination or supervision by federal or state authorities. The long-term
unsecured debt of the Indenture Trustee shall at all times be rated not lower than “BBB-” by Standard & Poor’s and Fitch (if rated by Fitch) and Baa3 by Moody’s or such other ratings as are acceptable to the Rating
Agencies. The Indenture Trustee shall comply with TIA §310(b), provided that there shall be excluded from the operation of TIA §310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in the TIA §310(b)(1) are met. 
  
 SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall comply with TIA §311(a), excluding any creditor relationship listed in TIA §311(b). A Indenture Trustee
who has resigned or been removed shall be subject to TIA §311(a) to the extent indicated therein. 
  

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 ARTICLE VII 
  
 NOTEHOLDERS’ LISTS AND REPORTS 
  
 SECTION 7.1 The Issuer To Furnish the Indenture Trustee Names and Addresses of the Noteholders. The Issuer will furnish or cause to be furnished to
the Indenture Trustee (a) not more than five days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date and (b) at such other times as
the Indenture Trustee may request in writing, within 14 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished, provided that so
long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
  
 SECTION 7.2 Preservation of Information; Communications to the Noteholders. 
  
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the
Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of the Holders of Notes received by the Indenture Trustee in its capacity as the Note Registrar.
The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 
  
 (b) The Noteholders may communicate pursuant to TIA §312(b) with other Noteholders with respect to their rights under this Indenture or under the
Notes. 
  
 (c) The Issuer, the Indenture Trustee and the Note
Registrar shall have the protection of TIA §312(c). 
  
 SECTION 7.3 Reports by the Issuer. 
  
 (a) The
Issuer shall: 
  
 (i) file with the Indenture
Trustee within 15 days after the Issuer is required to file the same with the Commission, copies of the monthly reports, the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as
the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
  
 (ii) file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required
from time to time by such rules and regulations; and 
  

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 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail
to all Noteholders described in TIA §313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
required by rules and regulations prescribed from time to time by the Commission. 
  
 (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the calendar year. 
  
 SECTION 7.4 Reports by the Indenture Trustee. 
  
 (a) If required by TIA § 313(a), within 60 days after each
                    ,      beginning with
                         , 20    , the Indenture Trustee shall mail to each Noteholder
as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of each report at the time of its mailing to Noteholders shall be
filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 
  
 (b) On each Payment Date, the Indenture Trustee shall include with each
payment to each Noteholder a copy of the statement for the related Collection Period provided to the Indenture Trustee by the Servicer pursuant to Section 5.9 of the Sale and Servicing Agreement. 
  
 ARTICLE VIII 
  
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
  

SECTION 8.1 Collection of Money. Except as otherwise provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive
and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all
such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is
part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to
any right to claim a Default under this Indenture and any right to proceed thereafter as provided in Article V. 
  
 SECTION 8.2 Trust Accounts. 
  
 (a) On or prior to the Closing Date, the Issuer shall establish and thereafter maintain the Collection Account[, the Yield Supplement Account] and the
Reserve Account as provided in Sections 5.1 and 5.7 of the Sale and Servicing Agreement. On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and thereafter maintain the Note Distribution Account as
provided in Section 5.1 of the Sale and Servicing Agreement. 
  

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 (b) Before each Payment Date, the Servicer and the Depositor are required to deposit the Available Amount
for such Payment Date in the Collection Account pursuant to Sections 5.2 and 5.4 of the Sale and Servicing Agreement. On each Deposit Date, the Indenture Trustee shall withdraw the Reserve Account Transfer Amount for the related
Payment Date from the Reserve Account and deposit it in the Collection Account [and withdraw the Yield Supplement Account Withdrawal Amount for the related Payment Date from the Yield Supplement Account and deposit it in the Collection Account] in
accordance with Section 5.5(b) of the Sale and Servicing Agreement. On or before each Payment Date, the Indenture Trustee or the Paying Agent on behalf of the Indenture Trustee shall transfer the Noteholders’ Interest Distributable
Amount and the Noteholders’ Principal Distribution Amount for such Payment Date from the Collection Account (or the Principal Distribution Subaccount) to the Note Distribution Account in accordance with Section 5.5(c) and
(e) of the Sale and Servicing Agreement. 
  
 (c) Not
later than 12:00 noon, New York City time, on each Payment Date, the Indenture Trustee or the Paying Agent on behalf of the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account to the Noteholders to the extent
of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority: 
  
 (i) to accrued and unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account
to pay the entire amount of accrued and unpaid interest then due on the Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on the Notes pro rata on the basis of the total such interest due on the
Notes; 
  
 (ii) [unless otherwise provided in
clause (vi) below,] to the Holders of the Class [A-1] Notes until the Outstanding Amount of the Class [A-1] Notes is reduced to zero; 
  
 (iii) unless otherwise provided in clause (vi) below, to the Holders of the Class [A-2] Notes until the Outstanding Amount of
the Class [A-2] Notes is reduced to zero; 
  
 (iv) unless otherwise provided in clause (vi) below, to the Holders of the Class [A-3] Notes until the Outstanding Amount of the Class [A-3] Notes is reduced to zero; 
  
 (v) unless otherwise provided in clause
(vi) below, to the Holders of the Class [A-4] Notes until the Outstanding Amount of the Class [A-4] Notes is reduced to zero; and 
  
 (vi) if the Notes have been declared immediately due and payable as provided in Section 5.2, any amounts remaining in the Note
Distribution Account after the applications described in Section 8.2(c)(i) and (c)(ii) shall be applied to the repayment of principal of [the Class [A-1] Notes,] the Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes pro
rata on the basis of the respective Outstanding Amounts of [the Class [A-1] Notes,] the Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes, respectively. 
  

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 SECTION 8.3 General Provisions Regarding Trust Accounts. 
  
 (a) In accordance with Section 5.1[, Section 5.6]
and Section 5.7 of the Sale and Servicing Agreement, all funds in the Collection Account[, the Yield Supplement Account] and the Reserve Account shall be invested in Permitted Investments upon written direction of the Servicer or the
Class R Certificateholder, as applicable. All income or other gain from investments of moneys deposited in the Collection Account[, the Yield Supplement Account] and the Reserve Account shall be paid as provided in the Sale and Servicing Agreement,
and any loss resulting from such investments shall be charged to such account. 
  
 (b) Subject to Section 6.1(b), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment
included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance
with their terms. 
  
 (c) If (i) the Servicer or the Class R
Certificateholder, as applicable, shall have failed to give investment directions for any funds on deposit in the Collection Account[, the Yield Supplement Account] or the Reserve Account, as the case may be, to the Indenture Trustee by 11:00 a.m.
New York City time (or such other time as may be agreed by the Servicer or the Class R Certificateholder, as applicable, and the Indenture Trustee) on any Business Day, or (ii) a Event of Default shall have occurred and be continuing with
respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or receivable from the
Trust Estate are being applied in accordance with Section 5.5 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in such Trust Accounts in one or
more Permitted Investments. The Indenture Trustee shall not be liable for losses in respect of such investments in Permitted Investments that comply with the requirements of the Basic Documents except for losses attributable to the Indenture
Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
  
 SECTION 8.4 Release of Trust Estate. 
  
 (a) Subject to the payment of its fees and expenses pursuant to
Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in
a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 
  

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 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding, and all sums due the
Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds
then on deposit in the Note Distribution Account. The Indenture Trustee shall release to the Issuer or any other Person entitled thereto any funds then on deposit in the Reserve Account[, the Yield Supplement Account] or the Collection Account only
at such time as (x) there are no Notes Outstanding, (y) all payments in respect of Certificate Balance and interest due to the Certificateholders have been paid in full and (z) all sums due to the Indenture Trustee pursuant to
Section 6.7 have been paid. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an
Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 
  
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at
least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition of such action, an
Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders; provided, however that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion
may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
  
 ARTICLE IX 
  
 SUPPLEMENTAL INDENTURES 
  
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 
  
 (a) Without the consent of the Holders of any Notes but with prior notice to the Rating Agencies by the Issuer, when
authorized by an Issuer Request, the Issuer and the Indenture Trustee at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the
date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
  

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 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of
another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
  
 (iii) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein
conferred upon the Issuer; 
  
 (iv) to convey,
transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
  
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with
any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided that such action shall not materially and
adversely affect the interests of any Noteholder; 
  
 (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the
administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; and 
  
 (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA. 
  
 The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any
further appropriate agreements and stipulations that may be therein contained. 
  
 (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer, as evidenced
to the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the
rights of the Holders of the Notes under this Indenture; provided that such action shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests of any Noteholder. 
  
 SECTION 9.2 Supplemental Indentures with Consent of the Noteholders.
The Issuer and the Indenture Trustee, when authorized by the Issuer, also may, with prior notice to the Rating Agencies and with the consent of the Holders of a majority of the Outstanding Amount of the Notes, by Act of such Holders delivered to the
Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture 
  

 43 

 
or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby: 
  
 (i) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof or the interest rate thereon, change the provision of this Indenture relating to the
application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable,
or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the
respective due dates thereof; 
  
 (ii) reduce the
percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 
  
 (iii) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 
  
 (iv) reduce the percentage of the Outstanding Amount of the
Notes required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4; 
  
 (v) modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional
provisions of this Indenture or any of the other Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
  
 (vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of the
amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Holders of the Notes to the benefit of any
provisions for the mandatory prepayment of the Notes contained herein; or 
  
 (vii) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the
Basic Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture. 
  
 The Indenture Trustee may determine whether any Notes would be affected by any supplemental indenture and any such
determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 
  

 44 

 It shall not be necessary for any Noteholders under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Noteholders shall approve the substance thereof. 
  
 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  
 SECTION 9.3 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be an be deemed to be part of the terms and conditions of this Indenture and the Notes affected thereby for any and all purposes. 
  
 SECTION 9.4 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this
Article IX shall comply in all respects with the TIA. 
  
 SECTION
9.5 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in
form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so require, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the
Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  
 SECTION 9.6 Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture the Indenture Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects
the Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  

 45 

 ARTICLE X 
  
 PREPAYMENT OF NOTES 
  
 SECTION 10.1 Prepayment. The principal amount of the Class [A-4] Notes, plus all accrued and unpaid interest thereon, will be due and payable on
any Payment Date upon the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 9.1(a) of the Sale and Servicing Agreement; provided that the Issuer has available funds sufficient to pay the principal
amount of the Class [A-4] Notes, plus accrued and unpaid interest thereon, on such Payment Date. The Servicer shall furnish notice of such election to the Indenture Trustee and the Note Registrar not later than the 25th day of the month prior to the
Payment Date on which it proposes to purchase the Receivables pursuant to Section 9.1(a) of the Sale and Servicing Agreement and the Issuer shall deposit or cause the Servicer to deposit with the Indenture Trustee in the Collection Account on
such Payment Date an amount equal to the principal amount of the Class [A-4] Notes, plus accrued and unpaid interest thereon, whereupon all such Class [A-4] Notes shall become due and payable on such Payment Date. 
  
 SECTION 10.2 Form of Notice of Prepayment. Notice of prepayment in
full under Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Payment Date to each Holder of Class [A-4] Notes, as of the close of
business on the Record Date preceding the applicable Payment Date, at such Holder’s address appearing in the Note Register. 
  
 All notices of prepayment shall state: 
  
 (i) the Payment Date on which the Class [A-4] Notes will be prepaid; 
  
 (ii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments
shall be made only upon presentation and surrender of such Class [A-4] Notes and the place where such Class [A-4] Notes are to be surrendered for payment in full (which shall be the office or agency to be maintained as provided in
Section 3.2); and 
  
 (iii) that
interest on the Class [A-4] Notes shall cease to accrue on such Payment Date. 
  
 Notice of prepayment of the Class [A-4] Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of prepayment or any defect therein, to any Holder of any
Class [A-4] Notes shall not impair or affect the validity of the prepayment of any other Class [A-4] Note. 
  
 SECTION 10.3 Notes Payable. The principal amount of the Class [A-4] Notes, plus accrued and unpaid interest thereon, shall, following notice of
prepayment as required by Section 10.2, on the Payment Date on which the Servicer purchases the Receivables pursuant to Section 9.1(a) of the Sale and Servicing Agreement become due and payable and (unless the Issuer shall default
in the payment of the principal of and accrued and unpaid interest on the Class [A-4] Notes) no interest shall accrue on the principal of and accrued and unpaid interest on the Class [A-4] Notes for any period after such Payment Date. 
  

 46 

 ARTICLE XI 
  
 MISCELLANEOUS 
  
 SECTION 11.1 Compliance Certificates and Opinions, etc. 
  

(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall
furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants or other experts meeting the
applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need
be furnished. 
  
 Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the
definitions herein relating thereto; 
  
 (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or
investigation as is necessary to enable such signatory to express an informed opinion as to whether such covenant or condition has been complied with; and 
  
 (iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with. 
  
 (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited. 
  

 47 

 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i), the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the
fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates
delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to
the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 
  
 (iii) Other than with respect to the release of any Repurchased Receivables or Defaulted Receivables, whenever any property or securities
are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days
of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
  
 (iv) Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii), the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the
same matters if the fair value of the property or securities and of all other property other than Repurchased Receivables and Defaulted Receivables, or securities released from the lien of this Indenture since the commencement of the then current
calendar year, as set forth in the certificates required by clause (iii) and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of
property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 
  
 (v) Notwithstanding Section 2.9 or any provision
of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of the Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the
extent permitted or required by the Basic Documents. 
  
 SECTION
11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters,
and any such Person my certify or give an opinion as to such matters in one or several documents. 
  

 48 

 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to
legal matters, upon a certificate to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Servicer, the Depositor or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor or the Issuer, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
  

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Whenever in this Indenture, in connection with any application, certificate or report to the Indenture Trustee, it is provided that the Issuer shall
deliver any document (x) as a condition of the granting of such application, or (y) as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such
application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in each case be conditions precedent to the right of the Issuer to have such application granted or to
the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in
Article VI. 
  
 SECTION 11.3 Actions of Noteholders.

  
 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by the Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly
appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, when required, to the Issuer or the Servicer. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Indenture Trustee, the Issuer and the Servicer, if made in the manner provided in this
Section 11.3. 
  
 (b) The fact and date of the
execution by any Noteholder of any such instrument or writing may be proved in any reasonable manner which the Indenture Trustee deems sufficient. 
  
 (c) The ownership of the Notes shall be proved by the Note Register. 
  

 49 

 (d) Any request, demand, authorization, direction, notice, consent, waiver or other act by a Noteholder
shall bind every Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Indenture Trustee, the Issuer or the Servicer in reliance
thereon, regardless of whether notation of such action is made upon such Note. 
  
 (e) The Indenture Trustee may require such additional proof of any matter referred to in this Section 11.3 as it shall deem necessary. 
  
 SECTION 11.4 Notices, etc., to the Indenture Trustee, the Issuer, and Rating Agencies. Any request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with: 
  
 (a) The Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if personally
delivered or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt by the Indenture Trustee at its Corporate Trust Office, or 
  
 (b) The Issuer by the Indenture Trustee or any Noteholder shall be sufficient for every purpose hereunder if personally
delivered or mailed certified mail, return receipt to the Issuer addressed to: Chase Auto Owner Trust 20    -    , in care of
[                    ], Attention:
[                    ], or at any other address previously furnished in writing to the Indenture Trustee by the Issuer. The Issuer shall
promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 
  
 Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Indenture Trustee shall be in writing, personally delivered, electronically delivered or mailed certified mail,
return receipt requested to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, 99 Church Street, New York, New York 10007, (ii) in the case of Standard & Poor’s, via electronic delivery
to Servicer_reports@sandp.com and in the case of any information not available in electronic format, at the following address: Standard & Poor’s Ratings Services, 55 Water Street, 41st floor, New York, New York 10041-0003,
Attention: ABS Surveillance Group and (iii) in the case of Fitch, at the following address: Fitch, Inc., One State Street Plaza, New York, New York 10004; or as to each of the foregoing, at such other address as shall be designated by written
notice to the other parties. 
  
 SECTION 11.5 Notices to
Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each
Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given
by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given. 
  

 50 

 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any
Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such a waiver. 
  
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to the Noteholders when such notice is
required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
  
 Where this Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other right or obligations created hereunder, and shall not under any circumstance constitute a Default. 
  
 SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the
Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder that is different from the methods provided for in this Indenture for such
payments or notices, provided that such methods are reasonable and consented to by the Indenture Trustee (which consent shall not be unreasonably withheld). The Issuer will furnish to the Indenture Trustee a copy of each such agreement, and the
Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
  
 SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this indenture by any of the provisions of the TIA, such required provision shall control. 
  
 The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
  
 SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
  
 SECTION 11.9
Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 
  
 SECTION 11.10 Separability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not be affected or impaired thereby. 
  

 51 

 SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders and (only to the extent expressly provided herein) the Certificateholders, and any other party secured hereunder, and any other
person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 SECTION 11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the
period from and after any such nominal date. 
  
 SECTION 11.13
GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an
Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other person
secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture or to satisfy any provision of the TIA. 
  
 SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer
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. 
  

SECTION 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
agree that they will 

  

 52 

 
not at any time institute against the Issuer or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
  
 SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to
cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable
applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 
  

 53 

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

			
	CHASE AUTO OWNER TRUST 20    -    
		
	By:	 	[                                ],
	 	 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	 	 	[                                ],
	 	 	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 54 

 EXHIBIT A 
  
 SCHEDULE OF RECEIVABLES 

 EXHIBIT B 
  
 FORM OF CLASS [A-1] NOTES 
  

					
	REGISTERED	 	 	  	$                
			
	No. R-[A-1]	 	 	  	 

  
 [UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES THAT SUCH NOTE IS BEING ACQUIRED NOT WITH A VIEW TO DISTRIBUTION AND MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. EACH HOLDER OF THIS NOTE AND ANY SUBSEQUENT HOLDER OF THIS NOTE WILL BE REQUIRED
TO CERTIFY, AMONG OTHER THINGS, THAT SUCH HOLDER OR SUBSEQUENT HOLDER IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT. THE HOLDER OF THIS NOTE WILL, AND
EACH SUBSEQUENT HOLDER OF THIS NOTE IS REQUIRED TO, NOTIFY ANY PURCHASER OF SUCH NOTES FROM IT OF THE RESALE RESTRICTION REFERRED TO ABOVE. EACH HOLDER OF THIS NOTE WILL NOT TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT TO (1) THE
DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR OR (2) A PURCHASER WHO CAN MAKE THE ABOVE REPRESENTATIONS AND AGREEMENTS ON BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. THE HOLDER ACKNOWLEDGES THAT THE NOTE REGISTRAR AND THE ISSUER
RESERVE THE RIGHT PRIOR TO ANY SALE OR OTHER TRANSFER TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS AND OTHER INFORMATION AS THE NOTE REGISTRAR OR THE ISSUER MAY REASONABLY REQUIRE TO CONFIRM THAT THE PROPOSED SALE OR OTHER TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS.] 

 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CHASE AUTO OWNER TRUST 20    -     
  
             % CLASS [A-1] ASSET BACKED NOTES 
  
 Chase Auto Owner Trust
20    -    , a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to
                        , or its registered assigns, the principal sum of
[                    ] ($            ), partially payable on each Payment
Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is $             and the denominator of which is
$             by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class [A-1] Notes pursuant to
Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the [                ]
Payment Date. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on this Note will accrue
for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding the then current Payment Date or, if no interest has yet been paid, from
                     , 20    . Interest will be computed on the basis of [actual days elapsed in a 360-day
year] [a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
  
 For the avoidance of doubt, this Note has been countersigned by [insert name of owner trustee] not in its individual capacity but solely in its capacity
as Owner Trustee of the Issuer, and in no event shall [insert name of owner trustee] in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 

 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  
 Dated:
                             , 20     
  

			
	CHASE AUTO OWNER TRUST 20    -    
		
	By:	 	[                                      
  ],
	 	 	not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the within
mentioned Indenture. 
  
 Dated:
                             , 20     
  

			
	JPMORGAN CHASE BANK,
	   NATIONAL ASSOCIATION,
 not in its
individual capacity but solely as Authentication Agent for the Indenture Trustee

		
	By:	 	  

	 	 	Authorized Signatory

  

 4 

 [REVERSE OF NOTE] 
  

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its         % Class
[A-1] Asset Backed Notes (herein called the “Class [A-1] Notes” or the “Notes”), all issued under an Indenture dated as of
                             , 20     (such Indenture, as
supplemented or amended, is herein called the “Indenture”), between the Issuer and [                    ], not in its individual
capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are
defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The Notes and the Class [A-2] Notes, Class [A-3] Notes and Class [A-4] Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
  
 The Issuer
shall pay interest on overdue installments of interest at the Class [A-1] Interest Rate to the extent lawful. 
  
 Each [Class [A-1] Noteholder] [Note Owner], by acceptance of a Class [A-1] Note [or a beneficial interest therein], covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
  
 It is the intent of the Depositor, the Servicer, the Noteholders and the Note
Owners, the Issuer, the Class R Certificateholder, the Certificateholders and the Certificate Owners that the Notes will be classified as indebtedness of the Issuer for all United States tax purposes. Each [Class [A-1] Noteholder] [Note Owner], by
acceptance of a Class [A-1] Note [or a beneficial interest therein], agrees to treat, and to take no action inconsistent with the treatment of, the Notes as indebtedness of the Issuer for such tax purposes. 
  
 Each [Class [A-1] Noteholder] [Note Owner], by acceptance of a Class [A-1]
Note [or a beneficial interest therein], covenants and agrees that it will not at any time institute 

  

 5 

 
against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or
other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
  
 This Note and the Indenture shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided
in the Basic Documents, neither JPMorgan Chase Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets
of the Issuer. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note. 
  

 6 

 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

	
	  

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

	(name and address of assignee)

  
 the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints                         , attorney, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises. 
  

					
			
	Dated:	 	  

	 	 *1

	 	 	 	 	Signature Guaranteed:

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever. 

  

 7 

 EXHIBIT C 
  
 FORM OF CLASS [A-2] NOTES 
  

					
	REGISTERED	 	 	  	$            
			
	No. R-[A-2]	 	 	  	CUSIP NO.                 
1

  
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CHASE AUTO OWNER
TRUST 20    -     
  
         % CLASS [A-2] ASSET BACKED NOTES 
  
 Chase Auto Owner Trust 20    -    , a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of
[                ] ($            ), partially payable on each Payment Date in an amount equal
to the result obtained by multiplying (i) a fraction, the numerator of which is $             and the denominator of which is
$             by the (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class [A-2] Notes pursuant to
Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the [                ]
Payment Date. No payments of principal of the Class [A-2] Notes will be made until the principal of the Class [A-1] Notes has been paid in full. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until
the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to
certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding the then
current Payment Date or, if no interest has yet been paid, from                              ,
20    . Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture. 
  

	1	Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the
unpaid principal of this Note. 
  
 Reference is made to the
further provisions of this Note set forth on the reverse hereof which shall have the same effect as though fully set forth on the face of this Note. 
  
 For the avoidance of doubt, this Note has been countersigned by [insert name of owner trustee] not in its individual capacity but solely in its capacity
as Owner Trustee of the Issuer, and in no event shall [insert name of owner trustee] in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 

 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer. 
  
 Dated:
                             , 20     
  

			
	CHASE AUTO OWNER TRUST 20    -    
		
	By:	 	[                                      
  ],
	 	 	not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 2 

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

	Dated:	                        
    , 20     

  

			
	JPMORGAN CHASE BANK,
	   NATIONAL ASSOCIATION,
 not in its
individual capacity but solely as Authentication Agent for the Indenture Trustee

		
	By:	 	  

	 	 	Authorized Signatory

  

 3 

 [REVERSE OF NOTE] 
  

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its         % Class
[A-2] Asset Backed Notes (herein called the “Class [A-2] Notes” or the “Notes”), all issued under an Indenture dated as of
                             , 20     (such Indenture, as
supplemented or amended, is herein called the “Indenture”), between the Issuer and [                ], not in its individual capacity but solely as
trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The Notes and the Class [A-1] Notes, Class [A-3] Notes and Class [A-4] Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 The Issuer shall pay interest on overdue installments of interest at the
Class [A-2] Interest Rate to the extent lawful. 
  
 Each
Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee
on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture
Trustee or the Owner Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
  
 It is the intent of the Depositor, the Servicer, the Noteholders, the Note Owners, the Issuer, the Class R Certificateholder, the Certificateholders and the Certificate Owners that the Notes will be classified as
indebtedness of the Issuer for all United States tax purposes. Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, agrees to treat, and to take no action inconsistent with the treatment of, the Notes as
indebtedness of the Issuer for such tax purposes. 
  
 Each
Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and agrees that it will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or 

  

 4 

 
liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating
to the Notes, this Indenture or any of the other Basic Documents. 
  
 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws. 
  
 No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in
the coin or currency, herein prescribed. 
  
 Anything herein to
the contrary notwithstanding, except as expressly provided in the Basic Documents, neither JPMorgan Chase Bank, National Association, in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Indenture Trustee for the sole purpose of binding the
interests of the Indenture Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 5 

 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

	
	  

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

	(name and address of assignee)

  
 the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints                         , attorney, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated:	 	  

	 	 1

	 	 	 	 	Signature Guaranteed:

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever. 

  

 6 

 EXHIBIT D 
  
 FORM OF CLASS [A-3] NOTES 
  

					
	REGISTERED	 	 	  	$            
			
	No. R-[A-3]	 	 	  	CUSIP NO.             1

  
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CHASE AUTO OWNER
TRUST 20    -     
  
         % CLASS [A-3] ASSET BACKED NOTES 
  
 Chase Auto Owner Trust 20    -    , a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of
[                ] ($            ), partially payable on each Payment Date in an amount equal
to the result obtained by multiplying (i) a fraction, the numerator of which is $             and the denominator of which is
$             by the (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class [A-3] Notes pursuant to
Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the [            ] Payment Date. No
payments of principal of the Class [A-3] Notes will be made until the principal of the Class [A-1] Notes and the Class [A-2] Notes have been paid in full. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment
Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding
the then current Payment Date or, if no interest has yet been paid, from                         
    , 20    . Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified in the
Indenture. 
  

	1	Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the
unpaid principal of this Note. 
  
 Reference is made to the
further provisions of this Note set forth on the reverse hereof which shall have the same effect as though fully set forth on the face of this Note. 
  
 For the avoidance of doubt, this Note has been countersigned by [insert name of owner trustee] not in its individual capacity but solely in its capacity
as Owner Trustee of the Issuer, and in no event shall [insert name of owner trustee] in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 

 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer. 
  
 Dated:
                             , 20     
  

			
	CHASE AUTO OWNER TRUST 20    -    
		
	By:	 	[                                      
  ],
	 	 	not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 2 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  
 Dated:
                             , 20     
  

			
	JPMORGAN CHASE BANK,
	   NATIONAL ASSOCIATION,
 not in its
individual capacity but solely as Authentication Agent for the Indenture Trustee

		
	By:	 	  

	 	 	Authorized Signatory

  

 3 

 [REVERSE OF NOTE] 
  

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its         % Class
[A-3] Asset Backed Notes (herein called the “Class [A-3] Notes” or the “Notes”), all issued under an Indenture dated as of
                             , 20     (such Indenture, as
supplemented or amended, is herein called the “Indenture”), between the Issuer and [                ], not in its individual capacity but solely as
trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The Notes and the Class [A-1] Notes, Class [A-2] Notes and Class [A-4] Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 The Issuer shall pay interest on overdue installments of interest at the
Class [A-3] Interest Rate to the extent lawful. 
  
 Each
Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee
on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture
Trustee or the Owner Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
  
 It is the intent of the Depositor, the Noteholders, the Note Owners, the Issuer, the Class R Certificateholder, the Certificateholders and the Certificate Owners that, the Notes will be classified as indebtedness of
the Issuer for all United States tax purposes. Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, agrees to treat, and to take no action inconsistent with the treatment of, the Notes as indebtedness of the
Issuer for such tax purposes. 
  
 Each Noteholder or Note Owner,
by acceptance of a Note or a beneficial interest therein, covenants and agrees that it will not at any time institute against the Issuer, or join in any 

  

 4 

 
institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United
States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
  

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither JPMorgan Chase Bank, National Association,
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that,
except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 5 

 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

	
	  

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

	
	  

	(name and address of assignee)

  
 the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints                         , attorney, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated:	 	  

	 	 1

	 	 	 	 	Signature Guaranteed:

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever. 

  

 6 

 EXHIBIT E 
  
 FORM OF CLASS [A-4] NOTES 
  

					
	REGISTERED	 	 	  	$            
			
	No. R-[A-4]	 	 	  	CUSIP NO.             1

  
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CHASE AUTO OWNER
TRUST 20    -     
  
         % CLASS [A-4] ASSET BACKED NOTES 
  
 Chase Auto Owner Trust 20    -    , a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of
[                ] ($            ), partially payable on each Payment Date in an amount equal
to the result obtained by multiplying (i) a fraction, the numerator of which is $             and the denominator of
$             by the (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class [A-4] Notes pursuant to
Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the
                             20     Payment Date and the date on
which the Class [A-4] Notes are subject to prepayment pursuant to Section 10.1 of the Indenture. No payments of principal of the Class [A-4] Notes will be made until the principal of the Class [A-1] Notes, the Class [A-2] Notes and the
Class [A-3] Notes have been paid in full. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on
this Note will accrue for each Payment Date from the most recent 
  

	1	Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

 Payment Date on which interest has been paid to but excluding the then current Payment Date or, if no interest has yet
been paid, from                              , 20    . Interest will
be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of
this Note. 
  
 Reference is made to the further provisions of this
Note set forth on the reverse hereof which shall have the same effect as though fully set forth on the face of this Note. 
  
 For the avoidance of doubt, this Note has been countersigned by [insert name of owner trustee] not in its individual capacity but solely in its capacity
as Owner Trustee of the Issuer, and in no event shall [insert name of owner trustee] in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 

 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer. 
  
 Dated:
                             , 20     
  

			
	CHASE AUTO OWNER TRUST 20    -    
		
	By:	 	[                                      
  ],
	 	 	not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 2 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  
 Dated:
                             , 20     
  

			
	JPMORGAN CHASE BANK,
	   NATIONAL ASSOCIATION,
 not in its
individual capacity but solely as Authentication Agent for the Indenture Trustee

		
	By:	 	  

	 	 	Authorized Signatory

  

 3 

 [REVERSE OF NOTE] 
  

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its         % Class
[A-4] Asset Backed Notes (herein called the “Class [A-4] Notes” or the “Notes”), all issued under an Indenture dated as of
                             , 20     (such Indenture, as
supplemented or amended, is herein called the “Indenture”), between the Issuer and [                ], not in its individual capacity but solely as
trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The Notes and the Class [A-1] Notes, Class [A-2] Notes and Class [A-3] Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 The Issuer shall pay interest on overdue installments of interest at the
Class [A-4] Interest Rate to the extent lawful. 
  
 Each
Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee
on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture
Trustee or the Owner Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner
Indenture Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
  
 It is the intent of the Depositor, the Servicer, the Noteholders, the Note Owners, the Issuer, the Class R Certificateholder, the Certificateholders and the Certificate Owners that, the Notes will be classified as
indebtedness of the Issuer for all United States tax purposes. Each Noteholder, by acceptance of a Note or a beneficial interest therein, agrees to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as
indebtedness of the Issuer. 
  
 Each Noteholder or Note Owner, by
acceptance of a Note or a beneficial interest therein, covenants and agrees that it will not at any time institute against the Issuer, or join in any 

  

 4 

 
institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United
States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
  

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither JPMorgan Chase Bank, National Association,
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that,
except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing
contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 5 

 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

	
	  

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

	
	  

	(name and address of assignee)

  
 the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints                         , attorney, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated:	 	  

	 	 1

	 	 	 	 	Signature Guaranteed:

	1	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without
alteration, enlargement or any change whatsoever. 

  

 6 

 EXHIBIT F 
  
 FORM OF ISSUER LETTER OF REPRESENTATIONS 
  
 The Depository Trust Company 
 A subsidiary of
The Depository Trust & Clearing Corporation 
  
 ISSUER
LETTER OF REPRESENTATIONS 
 [To be Completed by Issuer and Co-Issuer(s), if applicable] 
  
  

 [Name of Issuer and Co-Issuer(s), if applicable] 
  
  

 [Security Description, including series designation if applicable]

  
  

 [CUSIP Number of the Securities] 
  
 [For Municipal Issues: Underwriting Department—Eligibility; 25th Floor] 
 [For Corporate Issues: General Counsel’s Office; 22nd Floor] 
 The Depository Trust Company 
 55 Water Street 
 New York, NY 10041-0099 
  
 Ladies and Gentlemen: 
  
 This letter sets forth our understanding with respect to the Securities represented by the CUSIP number referenced above
(the “Securities”). Issuer requests that The Depository Trust Company (“DTC”) accept the Securities as eligible for deposit at DTC. The DTC Participant, (manager, underwriter, or placement agent) will distribute the securities
through DTC. 
  
 To induce DTC to accept the Securities as
eligible for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC that Issuer will comply with the requirements applicable to it stated in DTC’s Operational Arrangements (found
at www.dtcc.com and www.dtc.org), as they may be amended from time to time. 
  

							
	Note:	 	 	 	Very truly yours,
			
	 Schedule A contains statements that DTC believes accurately
 describe DTC, the method of effecting book-entry transfers of
 securities distributed through DTC, and certain related
matters.
	 	 	 	  

	 	 	 	 	 	 	(Issuer)
			
	 	 	By:	 	  

	 	 	 	 	 	 	(Authorized Officer’s Signature)
			
	Received and Accepted:	 	 	 	  

 (Print
Name)

			
	THE DEPOSITORY TRUST COMPANY	 	 	 	  

 (Street
Address)

				
	By:	 	  

  
	 	 	 	  

 (City)                   (State) (Country) (Zip Code)

				
	 	 	 	 	 	 	  

 (Phone
Number)

				
	 	 	 	 	 	 	  

 (E-mail
Address)

 EXHIBIT G 
  
 Form of Transferee Letter 
  

			
	To:	 	Chase Auto Owner Trust 20    -    
	 	 	c/o [                        ]
	 	 	[                    ]
	 	 	[                    ]
	 	 	[                    ]
	 	 	Attention: [                ]
		
	 	 	JPMorgan Chase Bank, National Association
	 	 	4 New York Plaza
	 	 	New York, New York 10004
		
	 	 	 Re:               % Class [A-1] Asset Backed Notes (the
“Notes”)

  
 Reference is hereby
made to the Indenture, dated as of                              ,
20     (the “Indenture”), between Chase Auto Owner Trust 20    -  , as issuer (the “Issuer”), and
[                ], as indenture trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
 In connection with our proposed purchase of
$             aggregate principal amount of the Notes, we hereby confirm that: 
  
 (1) we are an institutional “accredited investor” (as defined in 501(a)(1), (2), (3) or (7) (an
“IAI”) under the Securities Act of 1933, as amended (the “Securities Act”)) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our investment; 
  
 (2) we are acquiring the Notes for our own account or for one or more accounts (each of which is an IAI) as to each of which we exercise
sole investment discretion; 
  
 (3) we understand
that the Notes are being offered in a transaction not involving any public offering in the United States within the meaning of the Securities Act, that the Notes have not been registered under the Securities Act and that (A) the Notes may be
offered, resold, pledged or otherwise transferred only (i) to the Depositor or an Affiliate of the Depositor or (ii) to a person who is an IAI and in accordance with the Indenture and any applicable securities laws of any State of the
United States and (B) we will, and each subsequent holder of the Notes is required to, notify any subsequent purchaser of a Note of the resale restrictions set forth in (A) above; 
  
 (4) we understand that the Notes will bear a legend
substantially to the following effect: 
  
 “THIS NOTE HAS
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES 

 
ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES THAT SUCH NOTE IS BEING ACQUIRED NOT WITH A VIEW TO
DISTRIBUTION AND MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER JURISDICTION. EACH HOLDER OF THIS NOTE AND ANY SUBSEQUENT HOLDER OF THIS NOTE WILL BE REQUIRED TO CERTIFY, AMONG OTHER THINGS, THAT SUCH HOLDER OR SUBSEQUENT HOLDER IS AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT. THE HOLDER OF THIS NOTE WILL, AND EACH SUBSEQUENT HOLDER OF THIS NOTE IS REQUIRED TO, NOTIFY ANY PURCHASER OF SUCH NOTES FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO ABOVE. EACH HOLDER OF THIS NOTE WILL NOT TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT (1) TO THE DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR OR (2) TO A PURCHASER WHO CAN MAKE THE ABOVE REPRESENTATIONS AND
AGREEMENTS ON BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. THE HOLDER ACKNOWLEDGES THAT THE NOTE REGISTRAR AND THE ISSUER RESERVE THE RIGHT PRIOR TO ANY SALE OR OTHER TRANSFER TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL
OPINIONS AND OTHER INFORMATION AS THE NOTE REGISTRAR OR THE ISSUER MAY REASONABLY REQUIRE TO CONFIRM THAT THE PROPOSED SALE OR OTHER TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 
  
 (5) we understand that any subsequent transfer of the Notes
or any interest therein is subject to certain restrictions and conditions set forth in the Indenture, we agree to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such
restrictions and conditions and the Securities Act, and we acknowledge that the Note Registrar and the Issuer reserve the right prior to any sale or other transfer of the Notes to require the delivery of such certifications, legal opinions and other
information as the Note Registrar or the Issuer may reasonably require to confirm that the proposed sale or other transfer complies with the foregoing restrictions; and 
  
 (6) we are acquiring the Notes for investment purposes only with no present intention to resell the Notes.

 You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	  

 [Insert Name of
Transferee]

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 Dated:
                                ]

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