Document:

EX-10.3

 Exhibit 10.3 

EXECUTION COPY 
  

 
 PURCHASE AGREEMENT 

dated as of October 29, 2014 

between 
 FIFTH THIRD HOLDINGS,
LLC 
 and 
 FIFTH THIRD
HOLDINGS FUNDING, LLC 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	ARTICLE I	 	DEFINITIONS AND USAGE	  	 	1	  
			
	 SECTION 1.1
	 	 Definitions
	  	 	1	  
	 SECTION 1.2
	 	 Other Interpretive Provisions
	  	 	1	  
			
	ARTICLE II	 	PURCHASE	  	 	2	  
			
	 SECTION 2.1
	 	 Agreement to Sell and Contribute on the Closing Date
	  	 	2	  
	 SECTION 2.2
	 	 Consideration and Payment
	  	 	2	  
			
	ARTICLE III	 	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 	2	  
			
	 SECTION 3.1
	 	 Representations and Warranties of FTH LLC
	  	 	2	  
	 SECTION 3.2
	 	 Representations and Warranties of FTH LLC as to each Receivable
	  	 	3	  
	 SECTION 3.3
	 	 Repurchase upon Breach
	  	 	4	  
	 SECTION 3.4
	 	 Protection of Title
	  	 	4	  
	 SECTION 3.5
	 	 Other Liens or Interests
	  	 	5	  
	 SECTION 3.6
	 	 Perfection Representations, Warranties and Covenants
	  	 	5	  
	 SECTION 3.7
	 	 Compliance with the FDIC Rule
	  	 	5	  
	 SECTION 3.8
	 	 Merger or Consolidation of, or Assumption of the Obligations of, FTH LLC
	  	 	6	  
	 SECTION 3.9
	 	 FTH LLC May Own Notes
	  	 	6	  
			
	ARTICLE IV	 	MISCELLANEOUS	  	 	6	  
			
	 SECTION 4.1
	 	 Transfers Intended as Sale; Security Interest
	  	 	6	  
	 SECTION 4.2
	 	 Notices, Etc
	  	 	7	  
	 SECTION 4.3
	 	 Choice of Law
	  	 	7	  
	 SECTION 4.4
	 	 Headings
	  	 	8	  
	 SECTION 4.5
	 	 Counterparts
	  	 	8	  
	 SECTION 4.6
	 	 Amendment
	  	 	8	  
	 SECTION 4.7
	 	 Waivers
	  	 	9	  
	 SECTION 4.8
	 	 Entire Agreement
	  	 	9	  
	 SECTION 4.9
	 	 Severability of Provisions
	  	 	9	  
	 SECTION 4.10
	 	 Binding Effect
	  	 	9	  
	 SECTION 4.11
	 	 Acknowledgment and Agreement
	  	 	10	  
	 SECTION 4.12
	 	 Cumulative Remedies
	  	 	10	  
	 SECTION 4.13
	 	 Nonpetition Covenant
	  	 	10	  
	 SECTION 4.14
	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	10	  
		 		  			

 EXHIBITS 
  

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

  

					
		 	i	 	Purchase Agreement (2014-3)

 THIS PURCHASE AGREEMENT is made and entered into as of October 29, 2014 (as amended,
restated, supplemented or otherwise modified and in effect from time to time, this “Agreement”) by FIFTH THIRD HOLDINGS, LLC, a Delaware limited liability company (“FTH LLC”), and FIFTH THIRD HOLDINGS FUNDING,
LLC, a Delaware limited liability company (the “Purchaser”). 
 WITNESSETH: 

WHEREAS, the Purchaser desires to purchase from FTH LLC a portfolio of motor vehicle receivables, including motor vehicle retail installment
sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, vans and other motor vehicles; and 

WHEREAS, FTH LLC is willing to sell such portfolio of motor vehicle receivables and related property to the Purchaser on the terms and
conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the
parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND USAGE 
 SECTION
1.1 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale Agreement, dated as of the date hereof (as
from time to time amended, supplemented or otherwise modified and in effect, the “Sale Agreement”), between Fifth Third Auto Trust 2014-3 and the Purchaser, as seller, which contains rules as to usage that are applicable herein.

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

  

					
		 		 	Purchase Agreement (2014-3)

 
and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

ARTICLE II 
 PURCHASE 

SECTION 2.1 Agreement to Sell and Contribute on the Closing Date. On the terms and subject to the conditions set forth in this
Agreement, FTH LLC does hereby transfer, assign, sell, contribute and otherwise convey to the Purchaser without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest, claims and demands in, to and under
each of (a) the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter acquired, as evidenced by an assignment substantially in the form of
Exhibit A (“Assignment”) delivered on the Closing Date and (b) the Receivables Sale Agreement (the “Purchased Assets”). The sale, transfer, assignment, contribution and conveyance made hereunder
does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of FTH LLC or the Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and
properties conveyed hereunder or any agreement, document or instrument related thereto. 
 SECTION 2.2 Consideration and Payment. In
consideration of the transfer of the Purchased Assets conveyed to the Purchaser pursuant to Section 2.1 on the Closing Date, the Purchaser shall pay in cash to FTH LLC on such date an amount equal to the estimated fair market value of
the Purchased Assets on the Closing Date. Such purchase price shall be paid in cash to FTH LLC in an amount agreed to between FTH LLC and the Purchaser, and, to the extent not paid in cash by the Purchaser, shall be paid by a capital contribution by
FTH LLC in an undivided interest in such Purchased Assets that increases its equity interest in the Purchaser in an amount equal to the excess of the estimated fair market value of the Purchased Assets over the amount of cash paid by the Purchaser
to FTH LLC. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

(a) Existence and Power. FTH LLC is a limited liability company validly existing and in good standing under the laws of the State of
Delaware and has, in all material respects, all power and authority to carry on its business as it is now conducted. FTH LLC has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and
adversely affect the ability of FTH LLC to perform its obligations under the Transaction 

  

					
		 	-2-	 	Purchase Agreement (2014-3)

 
Documents or affect the enforceability or collectibility of the Receivables or any other part of the Purchased Assets. 

(b) Authorization and No Contravention. The execution, delivery and performance by FTH LLC of the Transaction Documents to which it is
a party (i) have been duly authorized by all necessary limited liability company action on the part of FTH LLC and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its
organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of clauses (A), (B) and (C), violations which do
not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or FTH LLC’s ability to perform its
obligations under, the Transaction Documents). 
 (c) No Consent Required. No approval or authorization by, or filing with, any
Governmental Authority is required in connection with the execution, delivery and performance by FTH LLC of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and
filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the
Purchased Assets or would not materially and adversely affect the ability of FTH LLC to perform its obligations under the Transaction Documents. 

(d) Binding Effect. Each Transaction Document to which FTH LLC is a party constitutes the legal, valid and binding obligation of FTH
LLC enforceable against FTH LLC in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the
enforcement of creditors’ rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general principles of equity. 

(e) No Proceedings. There are no Proceedings pending or, to the knowledge of FTH LLC, threatened against FTH LLC before or by any
Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by FTH LLC of its obligations under this Agreement or any of the other
Transaction Documents or the collectibility or enforceability of the Receivables or (iv) relate to FTH LLC that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the
Notes. 
 (f) Lien Filings. FTH LLC is not aware of any material judgment, ERISA or tax lien filings against FTH LLC. 

SECTION 3.2 Representations and Warranties of FTH LLC as to each Receivable. FTH LLC hereby makes the representations and warranties
set forth on Schedule I as to the 

  

					
		 	-3-	 	Purchase Agreement (2014-3)

 
Receivables sold, contributed, transferred, assigned and otherwise conveyed to the Purchaser under this Agreement on which such representations and warranties the Purchaser relies in acquiring
the Receivables. Such representations and warranties shall survive the conveyance of the Receivables to the Issuer under the Sale Agreement and the Grant of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture.
Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, FTH LLC shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor or to notify any Dealer about any
aspect of the transaction contemplated by the Transaction Documents. 
 SECTION 3.3 Repurchase upon Breach. Upon discovery by or
notice to the Purchaser or FTH LLC of a breach of any of the representations and warranties set forth in Section 3.2 with respect to any Receivable at the time such representations and warranties were made which materially and adversely affects
the interests of the Issuer or the Noteholders, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party; provided, that delivery of a Servicer’s Certificate which identifies
the Receivables that are being or have been repurchased shall be deemed to constitute prompt notice of such breach; provided, further, that the failure to give such notice shall not affect any obligation of FTH LLC hereunder. If the
breach materially and adversely affects the interests of the Issuer or the Noteholders, then FTH LLC shall either (a) correct or cure such breach or (b) repurchase such Receivable from the Purchaser (or its assignee), in either case on or
before the Payment Date following the end of the Collection Period which includes the sixtieth (60th) day (or, if FTH LLC elects, an earlier date) after the date that FTH LLC became aware or
was notified of such breach. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure does not affect the ability of the Purchaser (or its assignee) to receive and retain timely payment in full on
such Receivable. Any such purchase by FTH LLC shall be at a price equal to the Repurchase Price. In consideration for such repurchase, FTH LLC shall make (or shall cause to be made) a payment to the Purchaser (or its assignee) equal to the
Repurchase Price by depositing such amount into the Collection Account prior to 11:00 a.m., New York City time on the date of such repurchase, if such repurchase date is not a Payment Date or, if such repurchase date is a Payment Date, then prior to
the close of business on the Business Day prior to such repurchase date. Upon payment of such Repurchase Price by FTH LLC, the Purchaser (or its assignee) shall release and shall execute and deliver such instruments of release, transfer or
assignment, in each case without recourse or representation, as may be reasonably requested by FTH LLC to evidence such release, transfer or assignment or more effectively vest in FTH LLC or its designee any Receivable and the related Purchased
Assets repurchased pursuant hereto. It is understood and agreed that the obligation of FTH LLC to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Purchaser (or its assignee).

 SECTION 3.4 Protection of Title. 

(a) FTH LLC shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements,
all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchaser under this Agreement in the Receivables (other than any Related Security with respect thereto, to the extent that
the interest of the Purchaser therein cannot be perfected by the filing of a financing statement). FTH LLC shall deliver (or cause to be delivered) to the Purchaser file-

  

					
		 	-4-	 	Purchase Agreement (2014-3)

 
stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) FTH LLC shall notify the Purchaser in writing within ten (10) days following the occurrence of (i) any change in FTH LLC’s
organizational structure as a limited liability company, (ii) any change in FTH LLC’s “location” (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in FTH LLC’s
name and shall take all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably necessary or advisable
in the opinion of the Purchaser to amend all previously filed financing statements or continuation statements described in paragraph (a) above. FTH LLC will at all times maintain its “location” within the United States. 

(c) FTH LLC shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time to time after the conveyance
under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or any subsequent assignee of the Purchaser) in such Receivable and
that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or
repurchased. 
 (d) If at any time FTH LLC shall propose to sell, grant a security interest in or otherwise transfer any interest in motor
vehicle receivables to any prospective purchaser, lender or other transferee, FTH LLC shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if
they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Purchaser (or any subsequent assignee of the Purchaser). 

SECTION 3.5 Other Liens or Interests. Except for the conveyances and grants of security interests pursuant to this Agreement and the
other Transaction Documents, FTH LLC shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Purchaser to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted
Liens) on any interest therein, and FTH LLC shall defend the right, title and interest of the Purchaser in, to and under such Receivables or other property transferred to the Purchaser against all claims of third parties claiming through or under
FTH LLC. 
 SECTION 3.6 Perfection Representations, Warranties and Covenants. FTH LLC hereby makes the perfection representations,
warranties and covenants set forth on Schedule II hereto to the Purchaser, and the Purchaser shall be deemed to have relied on such representations, warranties and covenants in acquiring the Purchased Assets. 

SECTION 3.7 Compliance with the FDIC Rule. FTH LLC (i) shall perform the covenants set forth in Article XII of the
Indenture applicable to it and (ii) shall facilitate compliance with Article XII of the Indenture by the Fifth Third Parties. 

  

					
		 	-5-	 	Purchase Agreement (2014-3)

 SECTION 3.8 Merger or Consolidation of, or Assumption of the Obligations of, FTH LLC. Any
Person (i) into which FTH LLC may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale, transfer,
conversion, or consolidation to which FTH LLC shall be a party, (iii) succeeding to the business of FTH LLC or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or
indirectly by Fifth Third Bancorp, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of FTH LLC under this Agreement, will be the successor to FTH LLC under this Agreement without the
execution or filing of any document or any further act on the part of any of the parties to this Agreement anything herein to the contrary notwithstanding. Notwithstanding the foregoing, if FTH LLC enters into any of the foregoing transactions and
is not the surviving entity, FTH LLC will deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been
executed and filed that are necessary to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve
and protect such interest. 
 SECTION 3.9 FTH LLC May Own Notes. FTH LLC, and any Affiliate of FTH LLC, may in its individual or any
other capacity become the owner or pledgee of Notes with the same rights as it would have if it were not FTH LLC or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein
or in the other Transaction Documents, Notes so owned by FTH LLC or any such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority, or
distinction as among all of the Notes. Unless all Notes are owned by the Issuer, FTH LLC, the Servicer, the Administrator or any of their respective Affiliates, any Notes owned by the Issuer, FTH LLC, the Servicer, the Administrator or any of their
respective Affiliates shall be disregarded with respect to the determination of any request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any other Transaction Document. 

ARTICLE IV 
 MISCELLANEOUS 

SECTION 4.1 Transfers Intended as Sale; Security Interest. 

(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and
absolute sales, transfers, assignments and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables and
the related Purchased Assets shall not be part of FTH LLC’s estate in the event of a bankruptcy or insolvency of FTH LLC. The sales and transfers by FTH LLC of the Receivables and related Purchased Assets hereunder are and shall be without
recourse to, or representation or warranty (express or implied) by, FTH LLC, except as otherwise specifically provided herein. The limited rights of recourse specified herein against FTH LLC are intended

  

					
		 	-6-	 	Purchase Agreement (2014-3)

 
to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 

(b) Notwithstanding the foregoing, in the event that the Receivables and other Purchased Assets are held to be property of FTH LLC, or if for
any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Purchased Assets, then it is intended that: 

(i) This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and
the UCC of any other applicable jurisdiction; 
 (ii) The conveyance provided for in Section 2.1 shall be deemed to be a
grant by FTH LLC of, and FTH LLC hereby grants to the Purchaser, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other
Purchased Assets, to secure such indebtedness and the performance of the obligations of FTH LLC hereunder; 
 (iii) The
possession by the Purchaser or its agent of the Receivable Files and any other property that constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the
purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and 

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

SECTION 4.2 Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed
by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or e-mail (if an applicable facsimile number or e-mail address is provided on Schedule II to the Sale
Agreement), and addressed in each case as specified on Schedule II to the Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required
or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an
officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, that any notice to a Noteholder mailed within the time and manner prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 
 SECTION 4.3
Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE 

  

					
		 	-7-	 	Purchase Agreement (2014-3)

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

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

SECTION 4.6 Amendment. 

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

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

(b) This Agreement may also be amended from time to time by FTH LLC and the Purchaser, with the consent of the Holders of Notes evidencing not
less than a majority of the Outstanding Note Balance for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such
consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe,
including the establishment of record dates pursuant to the Note Depository Agreement. 
 (c) Prior to the execution of any amendment
pursuant to this Section 4.6, FTH LLC or the Purchaser shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, FTH LLC or the Purchaser shall
furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture Trustee; provided, that no amendment pursuant to this Section 4.6 shall be effective which materially and adversely affects the rights,
protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

  

					
		 	-8-	 	Purchase Agreement (2014-3)

 (d) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the
Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate from the Depositor or the
Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied. 
 (e) Notwithstanding
subsections (a) or (b) of this Section 4.6, this Agreement may only be amended by FTH LLC and the Purchaser if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall
not, as evidenced by an Officer’s Certificate of FTH LLC or the Purchaser or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be
necessary for the consent of Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other
consents of Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe. 

SECTION 4.7 Waivers. No failure or delay on the part of the Purchaser, the Servicer, FTH LLC, the Issuer or the Indenture Trustee in
exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. No notice to or demand on the Purchaser or FTH LLC in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this
Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted
hereunder. 
 SECTION 4.8 Entire Agreement. The Transaction Documents contain a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There
are no unwritten agreements among the parties. 
 SECTION 4.9 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
 SECTION 4.10 Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree. 

  

					
		 	-9-	 	Purchase Agreement (2014-3)

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

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

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

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

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage 

  

					
		 	-10-	 	Purchase Agreement (2014-3)

 
prepaid, to such Person at its address determined in accordance with Section 4.2 of this Agreement; 

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

[Remainder of Page Intentionally Left Blank] 

  

					
		 	-11-	 	Purchase Agreement (2014-3)

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

			
	FIFTH THIRD HOLDINGS, LLC
		
	By:	 	 /s/ Neil J. Prendergast

	Name:	 	Neil J. Prendergast
	Title:	 	Senior Vice President and Secretary
	
	FIFTH THIRD HOLDINGS FUNDING, LLC
		
	By:	 	 /s/ Neil J. Prendergast

	Name:	 	Neil J. Prendergast
	Title:	 	Senior Vice President and Secretary

  

					
		 	S-1	 	Purchase Agreement (2014-3)

 EXHIBIT A 

FORM OF 
 ASSIGNMENT
PURSUANT TO PURCHASE AGREEMENT 
 October 29, 2014 

For value received, in accordance with the Purchase Agreement, dated as of October 29, 2014 (the “Agreement”), between
Fifth Third Holdings, LLC, a Delaware limited liability company (“FTH LLC”), and Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the “Purchaser”), on the terms and subject to the conditions
set forth in the Agreement, FTH LLC does hereby transfer, assign, sell, contribute and otherwise convey to the Purchaser without recourse (subject to the obligations in the Agreement) on the Closing Date, all of its right, title, interest claims and
demands in, to and under the Receivables set forth on the schedule of Receivables delivered by FTH LLC to the Purchaser on the date hereof, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto,
whether now owned or hereafter acquired. 
 The foregoing sale does not constitute and is not intended to result in an assumption by the
Purchaser of any obligation of the undersigned or the Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables, or the other assets and properties conveyed hereunder or any agreement, document or
instrument related thereto. 
 This assignment is made pursuant to and upon the representations, warranties and agreements on the part of
the undersigned contained in the Agreement and is governed by the Agreement. 
 Capitalized terms used herein and not otherwise defined
shall have the respective meanings assigned to them in the Agreement or, if not defined in the Agreement, in Appendix A to the Sale Agreement, dated as of October 29, 2014, between Fifth Third Auto Trust 2014-3 and the Purchaser, as
seller. 
 [Remainder of page intentionally left blank] 

  

					
		 	A-1	 	Purchase Agreement (2014-3)

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

			
	FIFTH THIRD HOLDINGS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		 	A-2	 	Purchase Agreement (2014-3)

 SCHEDULE I 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 
  

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

 

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

  

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

  

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

  

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

 

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

  

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

  

	 	(vii)	was originated in the United States. 

  

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

 

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

  

	 	(ii)	each Receivable has a Contract Rate of no less than 0.00% and not more than 12.34%; 

  

					
		 	Schedule I-1	 	Purchase Agreement (2014-3)

	 	(iii)	each Receivable had an original term to maturity of not more than 75 months and not less than 24 months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of not more than 73 months and
not less than 2 months; 

  

	 	(iv)	each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of at least $1,003.35; 

  

	 	(v)	no Receivable has a scheduled maturity date later than October 31, 2020; 

  

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

  

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

 

	 	(viii)	each Receivable is a Simple Interest Receivable; 

  

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

 

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

  

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

  

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

  

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

  

					
		 	Schedule I-2	 	Purchase Agreement (2014-3)

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

  

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

  

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

 

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

  

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

 

	(k)	Good Title. As of the Closing Date, no Receivable has been sold, transferred, assigned, conveyed or pledged to any Person other than pursuant to the Transaction Documents. As of the Closing Date, and immediately
prior to the sale and transfer herein contemplated, FTH LLC had good and marketable title to each Receivable free and clear of all Liens (except any Lien which will be released prior to the sale and transfer of such Receivable to the Purchaser),
and, immediately upon the sale and transfer thereof to the Purchaser, the Purchaser will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens). 

 

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

  

	(m)	 Priority. The Receivable is not pledged, assigned, sold, subject to a security interest, or otherwise conveyed other than pursuant to the
Transaction Documents. The Purchase Agreement creates a valid and continuing security interest in the Receivable (other than the Related Security with respect thereto) in favor of the Purchaser which security

  

					
		 	Schedule I-3	 	Purchase Agreement (2014-3)

	 	
interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the FTH LLC. 

 

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

  

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

 

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

  

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

  

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

  

	(s)	Electronic Chattel Paper. As of the Cut-Off Date, such Receivable did not cause the aggregate Outstanding Principal Balance of all Receivables that constitute “electronic chattel paper” (as defined in
the UCC) to exceed 2.75% of the Net Pool Balance as of the Cut-Off Date. 

  

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

  

					
		 	Schedule I-4	 	Purchase Agreement (2014-3)

 SCHEDULE II 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

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

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

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

  

					
		 	Schedule II-1	 	Purchase Agreement (2014-3)

 Perfection 

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

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

 

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

 

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

  

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

 Priority 

8. FTH LLC has not authorized the filing of, and is not aware of any financing statements against FTH LLC that include a description of
collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to FTH LLC under the Receivables Sale Agreement, (ii) relating to the conveyance of the Receivables by FTH
LLC to the Purchaser under the Purchase Agreement, (iii) relating to the conveyance of the Receivables by the Purchaser to the Issuer under the Sale Agreement, (iv) relating to the security interest granted to the Indenture Trustee under
the Indenture or (v) that has been terminated. 
 9. FTH LLC is not aware of any material judgment, ERISA or tax lien filings against
FTH LLC. 
 10. Neither FTH LLC nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has
communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

  

					
		 	Schedule II-2	 	Purchase Agreement (2014-3)

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

Survival of Perfection Representations 

12. Notwithstanding any other provision of the Purchase Agreement or any other Transaction Document, the perfection representations,
warranties and covenants contained in this Schedule II shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and
performed. 
 No Waiver 

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

  

					
		 	Schedule II-3	 	Purchase Agreement (2014-3)EX-10.4

 Exhibit 10.4 

EXECUTION COPY 
  

 
  

ADMINISTRATION AGREEMENT 

among 
 FIFTH THIRD AUTO
TRUST 2014-3, 
 as Issuer 

FIFTH THIRD BANK, 
 as
Administrator 
 and 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Indenture Trustee 

Dated as of October 29, 2014 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	Duties of the Administrator	  	 	1	  
			
	 2.
	 	Records	  	 	3	  
			
	 3.
	 	Compensation; Payment of Fees and Expenses	  	 	3	  
			
	 4.
	 	Independence of the Administrator	  	 	3	  
			
	 5.
	 	No Joint Venture	  	 	3	  
			
	 6.
	 	Other Activities of the Administrator	  	 	4	  
			
	 7.
	 	Representations and Warranties of the Administrator	  	 	4	  
			
	 8.
	 	Administrator Replacement Events; Termination of the Administrator	  	 	5	  
			
	 9.
	 	Action upon Termination or Removal	  	 	6	  
			
	 10.
	 	Liens	  	 	7	  
			
	 11.
	 	Notices	  	 	7	  
			
	 12.
	 	Compliance with the FDIC Rule	  	 	7	  
			
	 13.
	 	Amendments	  	 	7	  
			
	 14.
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	8	  
			
	 15.
	 	Headings	  	 	9	  
			
	 16.
	 	Counterparts	  	 	9	  
			
	 17.
	 	Entire Agreement	  	 	9	  
			
	 18.
	 	Severability of Provisions	  	 	9	  
			
	 19.
	 	Not Applicable to the Bank in Other Capacities	  	 	9	  
			
	 20.
	 	Benefits of the Administration Agreement	  	 	10	  
			
	 21.
	 	Delegation of Duties	  	 	10	  
			
	 22.
	 	Assignment	  	 	10	  
			
	 23.
	 	Nonpetition Covenant	  	 	10	  
			
	 24.
	 	Limitation of Liability	  	 	11	  
			
	 25.
	 	Other Interpretive Provisions	  	 	11	  
			
	 26.
	 	USA PATRIOT Act and other Applicable Law	  	 	11	  

  

					
		  	i	  	 Administration Agreement

(2014-3)

 THIS ADMINISTRATION AGREEMENT (as amended, supplemented or otherwise modified and in effect from
time to time, this “Agreement”), dated as of October 29, 2014, is among FIFTH THIRD AUTO TRUST 2014-3, a Delaware statutory trust (the “Issuer”), FIFTH THIRD BANK, an Ohio banking corporation as
administrator (the “Bank” or in its capacity as administrator, the “Administrator”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York trust company, as indenture trustee (the “Indenture
Trustee”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned such terms in Appendix A to the Sale Agreement dated as of the date hereof (as amended, supplemented or otherwise modified and
in effect from time to time, the “Sale Agreement”) by and between Fifth Third Holdings Funding, LLC (the “Seller”), as seller, and the Issuer, which contains rules as to usage that are applicable herein. 

W I T N E S S E T H : 
 WHEREAS,
the Seller and Wilmington Trust, National Association (the “Owner Trustee”) have entered into the Amended and Restated Trust Agreement dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from
time to time, the “Trust Agreement”); 
 WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and the
Certificate pursuant to the Trust Agreement and has entered into certain agreements in connection therewith, including, (i) the Sale Agreement, (ii) the Indenture, (iii) the Note Depository Agreement and (iv) the Servicing
Agreement (the Trust Agreement and each of the agreements referred to in clauses (i) through (iv) are referred to herein collectively as the “Issuer Documents”); 

WHEREAS, to secure payment of the Notes, the Issuer has pledged the Collateral to the Indenture Trustee pursuant to the Indenture; 

WHEREAS, pursuant to the Issuer Documents, the Issuer is required to perform certain duties; 

WHEREAS, the Issuer desires to have the Administrator perform certain of the duties of the Issuer, and to provide such additional services
consistent with this Agreement and the Issuer Documents as the Issuer may from time to time request; 
 WHEREAS, the Administrator has the
capacity to provide the services required hereby and is willing to perform such services for the Issuer on the terms set forth herein; 

NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties agree as follows: 
 1. Duties of the Administrator. 

(a) Duties with Respect to the Issuer Documents. The Administrator shall perform all of its duties as Administrator
under this Agreement and the Issuer Documents and the duties and obligations of the Issuer under the Issuer Documents; provided, however, except as otherwise provided in the Issuer Documents, that the Administrator

  

					
		  	1	  	 Administration Agreement

(2014-3)

 
shall have no obligation to make any payment required to be made by the Issuer under any Issuer Document. In addition, the Administrator shall consult with the Issuer and the Owner Trustee
regarding the Issuer’s duties and obligations under the Issuer Documents. The Administrator shall monitor the performance of the Issuer and shall advise the Issuer when action is necessary to comply with the Issuer’s duties and obligations
under the Issuer Documents. Other than such items to be performed by the Owner Trustee pursuant to Section 5.4 of the Trust Agreement and by the Paying Agent pursuant to Sections 6.6(a) and (b) of the Indenture, the
Administrator shall perform such calculations, and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates, notices
and opinions as it shall be the duty of the Issuer to prepare, execute, file or deliver pursuant to the Issuer Documents. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer to take
pursuant to the Issuer Documents, and shall prepare, execute, file and deliver on behalf of the Issuer or the Owner Trustee all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Issuer
to prepare, execute, file or deliver pursuant to the Issuer Documents or otherwise by law. 
 (b) Notices to Rating
Agencies. The Administrator, on behalf of the Issuer, shall give notice to each Rating Agency (which notice shall be given promptly upon the Administrator being notified thereof by the Depositor, the Owner Trustee, the Indenture Trustee or the
Servicer) of: (i) any material breach of the perfection representations, warranties and covenants contained in Schedule III of the Sale Agreement and Schedule I of the Indenture; (ii) the termination of, and/or appointment of
a successor to, the Servicer pursuant to Sections 6.1 of the Servicing Agreement; (iii) any waiver of a Servicer Replacement Event pursuant to Section 6.1(b) of the Servicing Agreement; (iv) any Officer’s
Certificate of the Issuer delivered pursuant to Section 3.9 of the Indenture; (v) any Officer’s Certificate delivered pursuant to Section 3.12 of the Indenture with respect to any Event of Default under the
Indenture; (vi) any notice of Default pursuant to Section 6.5 of the Indenture; (vii) any resignation or removal of the Indenture Trustee pursuant to Section 6.8 of the Indenture; (viii) any merger or
consolidation of the Indenture Trustee pursuant to Section 6.9 of the Indenture; (ix) any supplemental indenture pursuant to Sections 9.1 or 9.2 of the Indenture; (x) any notice of merger, consolidation or
succession of the Servicer pursuant to Section 5.3 of the Servicing Agreement; (xi) any amendment pursuant to Section 13 of this Agreement; and (xii) any merger or consolidation of the Seller pursuant to
Section 3.3 of the Sale Agreement. 
 (c) Upon dissolution of the Issuer, the Administrator shall wind up the
business and affairs of the Issuer in accordance with Section 9.2 of the Trust Agreement. 
 (d) No Action by
Administrator. Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, take any action that the Issuer directs the Administrator not to take or which would result in a violation or
breach of the Issuer’s covenants, agreements or obligations under any of the Issuer Documents. 

  

					
		  	2	  	 Administration Agreement

(2014-3)

 (e) Non-Ministerial Matters; Exceptions to Administrator Duties. 

(i) Notwithstanding anything to the contrary in this Agreement, with respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any action unless, within a reasonable time before the taking of such action, the Administrator shall have notified the Issuer of the
proposed action and the Issuer shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation: 

(A) the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or
against the Issuer; 
 (B) the appointment of successor Note Registrars, successor Paying Agents, successor Indenture
Trustees, successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, the Paying Agent or the Indenture Trustee of its obligations under the Indenture; and 

(C) the removal of the Indenture Trustee. 

(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not,
(x) make any payments to the Noteholders under the Transaction Documents or (y) except as provided in the Transaction Documents, sell the Trust Estate. 

2. Records. The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which
books of account and records shall be accessible for inspection upon reasonable written request by the Issuer, the Seller and the Indenture Trustee at any time during normal business hours. 

3. Compensation; Payment of Fees and Expenses. As compensation for the performance of the Administrator’s obligations under this
Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to receive $12,000 annually which shall be solely an obligation of the Servicer. The Administrator shall pay all expenses incurred by it in
connection with its activities hereunder. 
 4. Independence of the Administrator. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer,
the Administrator shall have no authority to act for or to represent the Issuer in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuer. 

5. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Administrator and the Issuer as members of any
partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as 

  

					
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such on the Administrator or the Issuer or (iii) shall be deemed to confer on the Administrator or the Issuer any express, implied or apparent authority to incur any obligation or liability
on behalf of the other. 
 6. Other Activities of the Administrator. Nothing herein shall prevent the Administrator or its Affiliates
from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person even though such Person may engage in business activities similar to those of the Issuer, the Owner Trustee or
the Indenture Trustee. 
 7. Representations and Warranties of the Administrator. The Administrator represents and warrants to the
Issuer and the Indenture Trustee as follows: 
 (a) Existence and Power. The Administrator is a banking corporation
validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as now conducted. The Administrator has obtained all necessary licenses and
approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the
Receivables or any other part of the Collateral. 
 (b) Authorization and No Contravention. The execution,
delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default
under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of
clauses (A), (B) and (C), violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the
transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents). 

(c) No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in
connection with the execution, delivery and performance by the Administrator of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been
made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Collateral or would not materially
and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents. 
 (d)
Binding Effect. Each Transaction Document to which the Administrator is a party constitutes the legal, valid and binding obligation of the Administrator enforceable against the Administrator in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement 

  

					
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of creditors’ rights generally and, if applicable, the rights of creditors of banking corporations from time to time in effect or by general principles of equity. 

8. Administrator Replacement Events; Termination of the Administrator. 

(a) Subject to clause (d) below, the Administrator may resign from its duties hereunder by providing the Issuer
with at least sixty (60) days’ prior written notice. 
 (b) Subject to clauses (d) and
(e) below, the Issuer may remove the Administrator without cause by providing the Administrator with at least sixty (60) days’ prior written notice; provided, that, for so long as any Notes are Outstanding, the Rating
Agency Condition shall have been satisfied in connection therewith. 
 (c) The occurrence of any one of the following events
(each, an “Administrator Replacement Event”) shall also entitle the Issuer, subject to Section 22 hereof, to terminate and replace the Administrator: 

(i) any failure by the Administrator to deliver or cause to be delivered to the Indenture Trustee or the Owner Trustee for
deposit into the Collection Account any payment required to be so delivered by the Administrator under the terms of this Agreement, which failure continues unremedied for five (5) Business Days after discovery thereof by a Responsible Officer
of the Administrator or receipt by a Responsible Officer of the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the Note Balance (or, if no Notes are Outstanding, from the Majority
Certificateholders); 
 (ii) any failure by the Administrator to duly observe or perform in any material respect any other of
its covenants or agreements in this Agreement, which failure materially and adversely affect the rights of the Issuer, the Noteholders or the Certificateholders, and which continues unremedied for ninety (90) days after discovery thereof by a
Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the Outstanding Note Balance (or, if no Notes are Outstanding, by the
Majority Certificateholders); 
 (iii) any representation or warranty of the Administrator made in this Agreement or any
certificate delivered by the Administrator pursuant to this Agreement proves to have been incorrect in any material respect when made, which failure materially and adversely affects the rights of the Issuer, the Noteholders or the
Certificateholders, and which failure continues unremedied for ninety (90) days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or
Noteholders evidencing at least a majority of the Outstanding Note Balance. 
 (iv) the Administrator suffers a Bankruptcy
Event; 

  

					
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 provided, further, that (A) if any delay or failure of performance referred to
in clause (i) above shall have been caused by force majeure or other similar occurrence, the five (5) Business Day grace period referred to in such clause (i) shall be extended for an additional sixty (60) calendar
days and (B) if any delay or failure of performance referred to in clause (b) above shall have been caused by force majeure or other similar occurrence, the ninety (90) day grace period referred to in such clause
(ii) or clause (iii) shall be extended for an additional sixty (60) calendar days. The existence or occurrence of any “material instance of noncompliance” (within the meaning of Item 1122 of Regulation AB)
shall not create any presumption that any event in clauses (i), (ii) or (iii) above has occurred. 

(d) If an Administrator Replacement Event shall have occurred, the Issuer may, subject to Section 22 hereof, by
notice given to the Administrator and the Owner Trustee, terminate all or a portion of the rights and powers of the Administrator under this Agreement, including the rights of the Administrator to receive the annual fee for services hereunder for
all periods following such termination; provided, however, that such termination shall not become effective until such time as the Issuer, subject to Section 22 hereof, shall have appointed a successor Administrator in the
manner set forth below. Upon any such termination or upon a resignation of the Administrator in accordance with Section 8(a) hereof, all rights, powers, duties and responsibilities of the Administrator under this Agreement shall vest in
and be assumed by any successor Administrator appointed by the Issuer, subject to Section 22 hereof, pursuant to a management or administration agreement between the Issuer and such successor Administrator, containing substantially the
same provisions as this Agreement (including with respect to the compensation of such successor Administrator), and the successor Administrator is hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Administrator, as
attorney-in-fact or otherwise, all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator shall use its commercially
reasonable efforts to effect the orderly and efficient transfer of the administration of the Issuer to the new Administrator. No resignation or removal of the Administrator shall be effective until a successor Administrator shall have been appointed
by the Issuer. 
 (e) The Issuer, subject to Section 22 hereof, may waive in writing any Administrator
Replacement Event by the Administrator in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past Administrator Replacement Event, such Administrator Replacement Event shall cease to exist, and any
Administrator Replacement Event 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 Administrator Replacement Event or impair any right consequent
thereon. 
 9. Action upon Termination or Removal. Promptly upon the effective date of termination of this Agreement pursuant to
Section 8, or the removal or resignation of the Administrator pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer all fees and reimbursable expenses accruing to it to the date of such
termination or removal. 

  

					
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 10. Liens. The Administrator will not directly or indirectly create, allow or suffer to
exist any Lien on the Collateral other than Permitted Liens. 
 11. Notices. All demands, notices and communications hereunder shall
be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or e-mail (if an applicable
facsimile number or e-mail address is provided on Schedule II to the Sale Agreement), and addressed in each case as specified on Schedule II to the Sale Agreement or at such other address as shall be designated by any of the specified
addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for
notices hereunder. 
 12. Compliance with the FDIC Rule. The Administrator (i) shall perform the covenants set forth in
Article XII of the Indenture applicable to it and (ii) shall facilitate compliance with Article XII of the Indenture by the Fifth Third Parties. 

13. Amendments. 

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

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

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

(c) Prior to the execution of any amendment pursuant to this Section 13, the Administrator shall provide written
notification of the substance of such amendment to 

  

					
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each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment, the Administrator shall furnish a copy of such amendment to each Rating Agency, the Owner Trustee
and the Indenture Trustee; provided, that no amendment pursuant to this Section 13 shall be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without
the prior written consent of such Person. 
 (d) Prior to the execution of any amendment to this Agreement, the Owner Trustee
and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate of the Depositor or
the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the
Indenture Trustee’s own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise. 

(e) Notwithstanding subsections (a) or (b) of this Section 13, this Agreement may only be
amended by the Administrator if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Administrator or an Opinion of Counsel delivered to the
Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the consent of Certificateholders to approve the particular form of any proposed amendment or consent, but
it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by
Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe. 
 14. Governing Law; Submission
to Jurisdiction; Waiver of Jury Trial. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably
and unconditionally: 
 (i) submits for itself and its property in any Proceeding relating to this Agreement or any documents
executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the

  

					
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courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

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

(iii) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11 of this Agreement; 

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

15. Headings. The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement. 
 16. Counterparts. This Agreement may be executed in any number of counterparts
(including by way of electronic or facsimile transmission), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

17. Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto
with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among
the parties. 
 18. 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. 
 19. Not Applicable to the Bank in Other Capacities. 

(a) Nothing in this Agreement shall affect any obligation the Bank may have in any other capacity. 

  

					
		  	9	  	 Administration Agreement

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 (b) Any entity (i) into which the Administrator may be merged or converted
or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger sale, transfer, conversion or consolidation to which the Administrator
shall be a party, or any entity succeeding to the business of the Administrator or (ii) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Fifth Third Bancorp and
which executes an agreement of assumption to perform every obligation of the Administrator under this Agreement, shall be the successor to the Administrator under this Agreement, in each case, without the execution or filing of any paper of any
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
 20. Benefits of the
Administration Agreement. Nothing in this Agreement, expressed or implied, shall give to any Person other than the parties hereto and their successors hereunder, the Owner Trustee and any separate trustee or co-trustee appointed under
Section 6.10 of the Indenture, any benefit or any legal or equitable right, remedy or claim under this Agreement. For the avoidance of doubt, the Owner Trustee is a third party beneficiary of this Agreement and is entitled to the rights
and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. 
 21. Delegation of Duties. The
Administrator may, at any time without notice or consent, delegate (a) any or all of its duties under the Transaction Documents to any of its Affiliates or (b) specific duties to sub-contractors or other professional services firms
(including accountants, outside legal counsel or similar concerns) who are in the business of performing such duties; provided, that no such delegation shall relieve the Administrator of its responsibility with respect to such duties and the
Administrator shall remain obligated hereunder as if the Administrator alone were performing such duties. 
 22. Assignment. The
Administrator hereby acknowledges and agrees that for so long as any Notes are outstanding, the Indenture Trustee will have the right to exercise all waivers and consents, rights, remedies, powers, privileges and claims of the Issuer under this
Agreement in the event the Issuer shall fail to exercise the same. 
 23. Nonpetition Covenant. Each party hereto agrees that, prior
to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party
to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to
consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its
creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any
bankruptcy, 

  

					
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reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

24. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and
delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of
the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, National Association, but is made and intended for the
purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either express or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, and (d) under no circumstances shall Wilmington Trust, National Association be personally liable
for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents. 

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

26. USA PATRIOT Act and other Applicable Law. In order to comply with the laws, rules, regulations and executive orders in effect from
time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law,” for example section 326 of the USA PATRIOT Act of the United States), the Indenture
Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide to the Indenture
Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Indenture Trustee to comply with Applicable Law. 

  

					
		  	11	  	 Administration Agreement

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

			
	FIFTH THIRD AUTO TRUST 2014-3
		
	By:	 	 Wilmington Trust, National Association,
 not in
its individual capacity
 but solely as Owner Trustee

		
	By:	 	 /s/ Yvette L. Howell

	Name:	 	Yvette L. Howell
	Title:	 	Assistant Vice President

  

					
		  	S-1	  	 Administration Agreement

(2014-3)

 
			
	FIFTH THIRD BANK,
	as Administrator
		
	By:	 	 /s/ Nathan Steuber

	Name:	 	Nathan Steuber
	Title:	 	Vice President

  

					
		  	S-2	  	 Administration Agreement

(2014-3)

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 not in its individual capacity
 but
solely as Indenture Trustee

		
	By:	 	 /s/ Rosemary Cabrera

	Name:	 	Rosemary Cabrera
	Title:	 	Associate
		
	By:	 	 /s/ Irene Siegel

	Name:	 	Irene Siegel
	Title:	 	Vice President

  

					
		  	S-3	  	 Administration Agreement

(2014-3)

 Joinder of Servicer: 

Fifth Third Bank, as Servicer, joins in this Agreement solely for purposes of Section 3. 

 

			
	FIFTH THIRD BANK, as Servicer
		
	By:	 	 /s/ Nathan Steuber

	Name:	 	Nathan Steuber
	Title:	 	Vice President

  

					
		  	S-4	  	 Administration Agreement

(2014-3)

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