Document:

Indenture, dated September 13, 2006

 EXHIBIT 4.3 
  

 CHASE AUTO OWNER TRUST 2006-B 
 Class A-1 5.43% Asset Backed Notes 
 Class A-2 5.28% Asset Backed Notes

 Class A-3 5.13% Asset Backed Notes 
 Class A-4 5.11% Asset Backed Notes 
 Class B 5.24% Asset Backed Notes 
  

 INDENTURE 
 Dated as of September 13, 2006 
  

 Wells Fargo Bank, National Association 
 as Indenture Trustee 
  

 Table of Contents 
  

					
	 	  	Page
	 ARTICLE I        DEFINITIONS AND INCORPORATION BY REFERENCE
	  	2
			
	 SECTION 1.1
	  	Definitions	  	2
	 SECTION 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	2
	 SECTION 1.3
	  	Usage of Terms	  	2
	 SECTION 1.4
	  	Calculations of Interest	  	3
		
	 ARTICLE II        THE NOTES
	  	3
			
	 SECTION 2.1
	  	Form	  	3
	 SECTION 2.2
	  	Execution, Authentication and Delivery	  	3
	 SECTION 2.3
	  	Temporary Notes	  	4
	 SECTION 2.4
	  	Registration of Transfer and Exchange	  	4
	 SECTION 2.5
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	6
	 SECTION 2.6
	  	Persons Deemed Owner	  	7
	 SECTION 2.7
	  	Payment of Principal and Interest; Defaulted Interest	  	7
	 SECTION 2.8
	  	Cancellation	  	8
	 SECTION 2.9
	  	Release of Collateral	  	8
	 SECTION 2.10
	  	Book-Entry Notes	  	8
	 SECTION 2.11
	  	Notices to Clearing Agency	  	9
	 SECTION 2.12
	  	Definitive Notes	  	10
	 SECTION 2.13
	  	Authenticating Agent	  	10
	 SECTION 2.14
	  	Appointment of Paying Agent	  	11
		
	 ARTICLE III        COVENANTS
	  	13
			
	 SECTION 3.1
	  	Payment of Principal and Interest	  	13
	 SECTION 3.2
	  	Maintenance of Office or Agency	  	13
	 SECTION 3.3
	  	Money for Payments To Be Held in Trust	  	13
	 SECTION 3.4
	  	Existence	  	14
	 SECTION 3.5
	  	Protection of Trust Estate	  	14
	 SECTION 3.6
	  	Opinions as to Trust Estate	  	15
	 SECTION 3.7
	  	Performance of Obligations; Servicing of Receivables	  	15
	 SECTION 3.8
	  	Negative Covenants	  	16
	 SECTION 3.9
	  	Annual Statement as to Compliance	  	16
	 SECTION 3.10
	  	The Issuer May Consolidate, Etc	  	17
	 SECTION 3.11
	  	Successor or Transferee	  	18
	 SECTION 3.12
	  	No Other Business	  	19
	 SECTION 3.13
	  	No Borrowing	  	19
	 SECTION 3.14
	  	Guarantees, Loans, Advances and Other Liabilities	  	19
	 SECTION 3.15
	  	Capital Expenditures	  	19
	 SECTION 3.16
	  	Restricted Payments	  	19
	 SECTION 3.17
	  	Notice of Events of Default	  	19
	 SECTION 3.18
	  	Further Instruments and Acts	  	19
		
	 ARTICLE IV        SATISFACTION AND DISCHARGE
	  	20

  

 i 

 Table of Contents 
 (continued) 
  

					
	 	  	Page
	 SECTION 4.1
	  	Satisfaction and Discharge of Indenture	  	20
	 SECTION 4.2
	  	Application of Trust Money	  	21
	 SECTION 4.3
	  	Repayment of Moneys Held by Paying Agent	  	21
		
	 ARTICLE V        REMEDIES
	  	21
			
	 SECTION 5.1
	  	Events of Default	  	21
	 SECTION 5.2
	  	Acceleration of Maturity; Rescission and Annulment	  	22
	 SECTION 5.3
	  	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	22
	 SECTION 5.4
	  	Remedies; Priorities	  	24
	 SECTION 5.5
	  	Optional Preservation of the Receivables	  	25
	 SECTION 5.6
	  	Limitation of Suits	  	26
	 SECTION 5.7
	  	Unconditional Rights of Noteholders To Receive Principal and Interest	  	26
	 SECTION 5.8
	  	Restoration of Rights and Remedies	  	26
	 SECTION 5.9
	  	Rights and Remedies Cumulative	  	27
	 SECTION 5.10
	  	Delay or Omission Not a Waiver	  	27
	 SECTION 5.11
	  	Control by Noteholders	  	27
	 SECTION 5.12
	  	Waiver of Past Defaults	  	27
	 SECTION 5.13
	  	Undertaking for Costs	  	28
	 SECTION 5.14
	  	Waiver of Stay or Extension Laws	  	28
	 SECTION 5.15
	  	Action on Notes	  	28
	 SECTION 5.16
	  	Performance and Enforcement of Certain Obligations	  	29
		
	 ARTICLE VI        THE INDENTURE TRUSTEE
	  	29
			
	 SECTION 6.1
	  	Duties of the Indenture Trustee	  	29
	 SECTION 6.2
	  	Rights of the Indenture Trustee	  	31
	 SECTION 6.3
	  	Individual Rights of the Indenture Trustee	  	32
	 SECTION 6.4
	  	The Indenture Trustee’s Disclaimer	  	32
	 SECTION 6.5
	  	Notice of Defaults	  	32
	 SECTION 6.6
	  	Reports by the Indenture Trustee to Noteholders	  	32
	 SECTION 6.7
	  	Compensation and Indemnity	  	32
	 SECTION 6.8
	  	Replacement of the Indenture Trustee	  	33
	 SECTION 6.9
	  	Successor Indenture Trustee by Merger	  	34
	 SECTION 6.10
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	34
	 SECTION 6.11
	  	Eligibility; Disqualification	  	36
	 SECTION 6.12
	  	Preferential Collection of Claims Against the Issuer	  	36
		
	 ARTICLE VII        NOTEHOLDERS’ LISTS AND REPORTS
	  	36
			
	 SECTION 7.1
	  	The Issuer To Furnish the Indenture Trustee Names and Addresses of the Noteholders	  	36

  

 ii 

 Table of Contents 
 (continued) 
  

					
	 	  	Page
	 SECTION 7.2
	  	Preservation of Information; Communications to the Noteholders	  	36
	 SECTION 7.3
	  	Reports by the Issuer	  	36
	 SECTION 7.4
	  	Reports by the Indenture Trustee	  	37
		
	 ARTICLE VIII        ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	38
			
	 SECTION 8.1
	  	Collection of Money	  	38
	 SECTION 8.2
	  	Trust Accounts	  	38
	 SECTION 8.3
	  	General Provisions Regarding Trust Accounts	  	39
	 SECTION 8.4
	  	Release of Trust Estate	  	40
	 SECTION 8.5
	  	Opinion of Counsel	  	40
		
	 ARTICLE IX        SUPPLEMENTAL INDENTURES
	  	40
			
	 SECTION 9.1
	  	Supplemental Indentures Without Consent of Noteholders	  	40
	 SECTION 9.2
	  	Supplemental Indentures with Consent of Noteholders	  	42
	 SECTION 9.3
	  	Effect of Supplemental Indenture	  	43
	 SECTION 9.4
	  	Conformity with Trust Indenture Act	  	43
	 SECTION 9.5
	  	Reference in Notes to Supplemental Indentures	  	43
	 SECTION 9.6
	  	Execution of Supplemental Indentures	  	44
		
	 ARTICLE X        PREPAYMENT OF NOTES
	  	44
			
	 SECTION 10.1
	  	Prepayment	  	44
	 SECTION 10.2
	  	Form of Notice of Prepayment	  	44
	 SECTION 10.3
	  	Notes Payable	  	45
		
	 ARTICLE XI        MISCELLANEOUS
	  	45
			
	 SECTION 11.1
	  	Compliance Certificates and Opinions, etc	  	45
	 SECTION 11.2
	  	Form of Documents Delivered to the Indenture Trustee	  	47
	 SECTION 11.3
	  	Actions of Noteholders	  	47
	 SECTION 11.4
	  	Notices, etc., to the Indenture Trustee, the Issuer, and Rating Agencies	  	48
	 SECTION 11.5
	  	Notices to Noteholders; Waiver	  	48
	 SECTION 11.6
	  	Alternate Payment and Notice Provisions	  	49
	 SECTION 11.7
	  	Conflict with Trust Indenture Act	  	49
	 SECTION 11.8
	  	Effect of Headings and Table of Contents	  	49
	 SECTION 11.9
	  	Successors and Assigns	  	49
	 SECTION 11.10
	  	Separability	  	49
	 SECTION 11.11
	  	Benefits of Indenture	  	49
	 SECTION 11.12
	  	Legal Holidays	  	49
	 SECTION 11.13
	  	GOVERNING LAW	  	49
	 SECTION 11.14
	  	Counterparts	  	50
	 SECTION 11.15
	  	Recording of Indenture	  	50
	 SECTION 11.16
	  	Trust Obligation	  	50

  

 iii 

 Table of Contents 
 (continued) 
  

					
	 	  	Page
	 SECTION 11.17
	  	No Petition	  	50
	 SECTION 11.18
	  	Inspection	  	50

  

 iv 

			
	 Exhibit A
	  	Schedule of Receivables
	 Exhibit B
	  	 Form of Class A-1 Note

	 Exhibit C
	  	 Form of Class A-2 Note

	 Exhibit D
	  	 Form of Class A-3 Note

	 Exhibit E
	  	 Form of Class A-4 Note

	 Exhibit F
	  	 Form of Class B Note

	 Exhibit G
	  	 Form of Issuer Letter of Representation

	 Exhibit H
	  	 Transferee Letter

  

 v 

 CROSS REFERENCE TABLE1 
  

					
	 TIA Section
	  	Indenture Section
	 310
	 	(a)(1)	  	6.11
		 	(a)(2)	  	6.11
		 	(a)(3)	  	6.10
		 	(a)(4)	  	N.A.2
		 	(a)(5)	  	6.11
		 	(b)	  	6.8; 6.11
		 	(c)	  	N.A.
	 311
	 	(a)	  	6.12
		 	(b)	  	6.12
		 	(c)	  	N.A.
	 312
	 	(a)	  	7.1; 7.2
		 	(b)	  	7.2
		 	(c)	  	7.2
	 313
	 	(a)	  	7.4
		 	(b)(1)	  	7.4
		 	(b)(2)	  	7.4
		 	(c)	  	7.4
		 	(d)	  	7.4
	 314
	 	(a)	  	3.9; 7.3
		 	(b)	  	3.6
		 	(c)(1)	  	11.1
		 	(c)(2)	  	11.1
		 	(c)(3)	  	11.1
		 	(d)	  	11.1
		 	(e)	  	11.1
		 	(f)	  	N.A.
	 315
	 	(a)	  	6.1
		 	(b)	  	6.5; 11.5
		 	(c)	  	6.1
		 	(d)	  	6.1
		 	(e)	  	5.13
	 316
	 	(a) (last sentence)	  	6.1
		 	(a)(1)(A)	  	5.11
		 	(a)(1)(B)	  	5.12
		 	(a)(2)	  	N.A.
		 	(b)	  	5.7
		 	(c)	  	N.A.
	 317
	 	(a)(1)	  	5.3

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

	2	N.A. means Not Applicable. 

  

 vi 

					
	 TIA Section
	  	Indenture Section
		 	(a)(2)	  	5.3
		 	(b)	  	2.14; 3.3
	 318
	 	(a)	  	11.7

  

 vii 

 INDENTURE dated as of September 13, 2006, between CHASE AUTO OWNER TRUST 2006-B, a Delaware
statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, solely as trustee and not in its individual capacity (the “Indenture Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Noteholders of the Issuer’s
Class A-1 5.43% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 5.28% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 5.13% Asset Backed Notes (the “Class A-3 Notes”),
Class A-4 5.11% Asset Backed Notes (the “Class A-4 Notes”) and Class B 5.24% Asset Backed Notes (the “Class B Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes, the “Notes”): 
 GRANTING CLAUSE 
 The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Noteholders, all of the Issuer’s
right, title and interest in, to and under (a) the Receivables listed in the Schedule of Receivables attached hereto as Exhibit A, which is incorporated by reference herein, all proceeds thereof and all amounts and monies received
thereon on and after the Cutoff Date (including proceeds of the repurchase of Receivables by the Depositor pursuant to Section 3.2 of the Sale and Servicing Agreement or the purchase of Receivables by the Servicer pursuant to
Section 4.6 or Section 9.1 of the Sale and Servicing Agreement); (b) the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and in any repossessed Financed Vehicles;
(c) Liquidation Proceeds and any proceeds of any extended warranties, theft and physical damage, guaranteed auto protection, credit life or credit disability policies relating to the Financed Vehicles or the Obligors; (d) any proceeds from
Dealer repurchase obligations relating to the Receivables; (e) the Trust Accounts and funds on deposit from time to time in the Trust Accounts, and in all investments and proceeds thereof (but excluding all investment income on funds on deposit
in the Collection Account); (f) the Sale and Servicing Agreement; and (g) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every
kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, contract
rights, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). 
 The
foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure
compliance with the provisions of this Indenture, all as provided in this Indenture. 
 The Indenture Trustee, as trustee on behalf of the
Noteholders, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of
the Noteholders may be adequately and effectively protected. 

 Without limiting the foregoing Grant, any Receivable purchased by the Depositor pursuant to
Section 3.2 of the Sale and Servicing Agreement or by the Servicer pursuant to Section 4.6 or Section 9.1 of the Sale and Servicing Agreement shall be deemed to be automatically released from the lien of this
Indenture without any action being taken by the Indenture Trustee upon payment by the Depositor or the Servicer, as applicable, of the related Repurchase Amount for such Repurchased Receivable. 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY
REFERENCE 
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in Section 1.1 to the Sale
and Servicing Agreement dated as of September 13, 2006 between the Issuer and JPMorgan Chase Bank, National Association, as Depositor and Servicer (the “Sale and Servicing Agreement”). 
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the Securities and Exchange Commission. 
 “indenture securities” means the
Notes. 
 “indenture security holder” means a Noteholder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Indenture Trustee. 
 “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 
 All
other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Usage of Terms. With respect to all terms in this Indenture, the singular includes the plural and the plural the singular; words
importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Indenture; references to Persons include their permitted successors and assigns; and the term “including”
means “including without limitation.” 
  

 2 

 All references herein to Articles, Sections, Subsections and Exhibits are references to Articles, Sections, Subsections
and Exhibits contained in or attached to this Indenture unless otherwise specified, and each such Exhibit is part of the terms of this Indenture. 
 SECTION 1.4 Calculations of Interest. All calculations of interest made hereunder shall be made on the basis of a year of 360 days of twelve 30-day months. 
 ARTICLE II 
 THE NOTES 
 SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case together with the Indenture Trustee’s or
Authenticating Agent’s certificate of authentication, shall be in substantially the forms set forth in Exhibits B, C, D, E and F, respectively, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined to be appropriate by the
officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. Each Note shall be dated the
date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof. 
 Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold
such offices prior to the date of authentication and delivery of such Notes or did not hold such offices at such date. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on
such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee or an Authenticating Agent by the manual signature of one of its authorized signatories, and such certificate upon any Note
shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. The terms of the Notes set forth in Exhibits B, C, D, E and F are part of the terms of this
Indenture. 
 The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods
(with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers or by any other authorized signatory of the Issuer. The signature of any such Authorized
Officer on the Notes may be manual or facsimile. 
 The Indenture Trustee shall, upon written order of the Depositor, authenticate and
deliver Class A-1 Notes for original issue in an aggregate principal amount of $248,000,000 Class A-2 Notes for original issue in an aggregate principal amount of $284,000,000, Class A-3 
  

 3 

 Notes for original issue in the aggregate principal amount of $333,000,000, Class A-4 Notes for original issue in
the aggregate principal amount of $270,390,000 and Class B Notes for original issue in the aggregate principal amount of $26,270,000. The respective aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes.
Class A-4 Notes and Class B Notes outstanding at any time may not exceed such amounts, except as provided in Section 2.5. 
 SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and at the direction of the Issuer, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may
determine, as evidenced by their execution of such Notes. 
 If temporary Notes are issued, the Issuer will cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided
in Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal
amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION 2.4 Registration of Transfer and Exchange. 
 (a) The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of
the Notes and the registration of transfers of the Notes. JPMorgan Chase shall initially be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. In the event that, subsequent to the date
of issuance of the Notes, JPMorgan Chase notifies the Indenture Trustee that it is unable to act as Note Registrar, the Indenture Trustee shall act, or the Indenture Trustee shall, with the consent of the Issuer, appoint another bank or trust
company, having an office or agency located in the City of New York and which agrees to act in accordance with the provisions of this Indenture applicable to it, to act, as successor Note Registrar under this Indenture. 
 The Indenture Trustee may revoke such appointment and remove JPMorgan Chase as Note Registrar if the Indenture Trustee determines in its sole discretion
that JPMorgan Chase failed to perform its obligations under this Indenture in any material respect. JPMorgan Chase shall be permitted to resign as Note Registrar upon 30 days’ written notice to the Indenture Trustee, the Depositor and the
Servicer; provided, however, that such resignation shall not be effective and JPMorgan Chase shall continue to perform its duties as Note Registrar until the Indenture Trustee has appointed a successor Note Registrar with the consent
of the Issuer. 
 If a Person other than the Indenture Trustee is appointed by the Issuer as the Note Registrar, the Issuer will give the
Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and 
  

 4 

 the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies
thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders and the principal amounts and
number of such Notes. 
 The provisions of Section 6.1, 6.2, 6.3, 6.4, 6.7 and 6.9 shall be
applicable, mutatis mutandis, to any Note Registrar. An institution succeeding to the corporate trust or agency business of the Note Registrar shall continue to be the Note Registrar without the execution or filing of any paper or any
further act on the part of the Indenture Trustee or such Note Registrar. 
 The Note Registrar shall maintain in the City of New York an
office or offices or agency or agencies where Notes may be surrendered for registration of transfer or exchange. The Note Registrar initially designates its corporate trust office located at 4 New York Plaza, New York, New York 10004 as its office
for such purposes. The Note Registrar shall give prompt written notice to the Indenture Trustee, the Depositor, the Servicer and to the Noteholders of any change in the location of such office or agency. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if
the requirements of Section 8-401(a) of the Relevant UCC are met and, in the case of a Class A-1 Note, the requirements of Section 2.4(b) are met, the Issuer shall execute, the Indenture Trustee shall authenticate and (if the
Note Registrar is different than the Indenture Trustee, then the Note Registrar shall) deliver to the Noteholder, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and
a like aggregate principal amount. 
 At the option of the Noteholder, the Notes may be exchanged for other Notes in any authorized
denominations, of the same class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the
Relevant UCC are met, the Issuer shall execute and the Indenture Trustee shall authenticate and (if the Note Registrar is different than the Indenture Trustee, then the Note Registrar shall) deliver to the Noteholder, the Notes which the Noteholder
making the exchange is entitled to receive. 
 All Notes issued upon any registration of transfer or exchange of the Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder thereof or such Noteholder’s attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company
located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or by a member firm of a national securities exchange, and (ii) accompanied by such other documents as the Indenture
Trustee may require. Each Note surrendered for registration of transfer or exchange shall be cancelled by the Note Registrar and disposed of by the Indenture Trustee or Note Registrar in accordance with its customary practice. 
  

 5 

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

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

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

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

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

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 (b) the Note Registrar, the Paying Agent and the Indenture Trustee shall be entitled to deal with the
Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes and the giving of instructions or directions
hereunder) as the sole Noteholder of the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, and shall have no obligation to the Note Owners; 
 (c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

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

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

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

 This is one of the Notes referred to in the within mentioned Indenture. 
  

			
	  

	as Indenture Trustee
		
	By:	 	  

		 	Authorized Officer
		
		 	or
	
	  

	as Authenticating Agent
		 	for the Indenture Trustee,
	
	  

	Authorized Signatory

 SECTION 2.14 Appointment of Paying Agent. 
 (a) The Indenture Trustee may appoint a Paying Agent with respect to the Notes. The Indenture Trustee hereby appoints JPMorgan Chase as the initial Paying
Agent. The Paying Agent shall have the revocable power to withdraw funds from the Collection Account and the Note Distribution Account and make distributions to the Noteholders, the Servicer, the Administrator and the Owner Trustee pursuant to
Section 5.4 of the Sale and Servicing 
  

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 Agreement. The Indenture Trustee may revoke such power and remove the Paying Agent if the Indenture Trustee determines in
its sole discretion that the Paying Agent shall have failed to perform its obligations under this Indenture in any material respect or for other good cause. JPMorgan Chase shall be permitted to resign as Paying Agent upon 30 days’ written
notice to the Depositor and the Indenture Trustee. In the event that JPMorgan Chase shall no longer be the Paying Agent, the Indenture Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company and may be the
Indenture Trustee) with the consent of the Depositor, which consent shall not be unreasonably withheld. If at any time the Indenture Trustee shall be acting as the Paying Agent, the provisions of Sections 6.1, 6.3 and 6.4 shall
apply, mutatis mutandis, to the Indenture Trustee in its role as Paying Agent. 
 The Indenture Trustee will cause each Paying
Agent, other than itself and JPMorgan Chase (or any Person succeeding to all or substantially all of the corporate trust business of JPMorgan Chase), to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall
agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
 (ii) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;

 (iii) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith
pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (iv) immediately resign as a Paying Agent and
forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of the Notes if at any time it ceases to meet the standards required to be met by the Paying Agent at the time of its appointment; and 
 (v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 (b) JPMorgan Chase in
its capacity as initial Paying Agent hereunder agrees that it (i) will hold all sums held by it hereunder for payment to the Noteholders in trust for the benefit of the Noteholders entitled thereto until such sums shall be paid to such
Noteholders and (ii) shall comply with all requirements of the Code regarding the withholding by the Indenture Trustee of payments in respect of United States federal income taxes due from the Noteholders or Note Owners. 
  

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 (c) The provisions of Section 6.1, 6.2, 6.3, 6.4, 6.7 and
6.9 shall be applicable, mutatis mutandis, to JPMorgan Chase as Paying Agent. An institution succeeding to the corporate trust or agency business of the Paying Agent shall continue to be the Paying Agent without the execution or filing
of any paper or any further act on the part of the Indenture Trustee or such Paying Agent. 
 ARTICLE III 
 COVENANTS 
 SECTION 3.1 Payment of
Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to Section 8.2(c), the
Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a Payment Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-1 Notes, to the Class A-1
Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes,
to the Class A-4 Noteholders and (v) for the benefit of the Class B Notes, to the Class B Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered
as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 
 SECTION 3.2 Maintenance of Office or
Agency. The Issuer will maintain in the City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange. The Issuer hereby initially appoints the Note Registrar to serve as its agent for the
foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or
shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such
surrenders, notices and demands. 
 SECTION 3.3 Money for Payments To Be Held in Trust. As provided in Sections 8.2(a) and
(b), all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account and the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of
the Issuer by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from the Collection Account and the Note Distribution Account for payments on the Notes shall be paid over to the Issuer except as provided in this
Section 3.3. 
 On or before each Payment Date, at the direction of the Servicer in accordance with Section 5.4 of
the Sale and Servicing Agreement, the Indenture Trustee or the Paying Agent shall deposit in the Note Distribution Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit
of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee or deposit was made by the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 
  

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

 (b) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 
  

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 (c) enforce the rights of the Indenture Trustee and the Noteholders in any of the Collateral; or

 (d) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against
the claims of all persons and parties. 
 The Issuer hereby authorizes the Indenture Trustee to file any financing statement, continuation
statement or other instrument required to be executed or filed by the Issuer pursuant to this Section. 
 SECTION 3.6 Opinions as to Trust
Estate. 
 (a) On the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing
statements and continuation statements, as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is
necessary to make such lien and security interest effective. 
 (b) On or before September 30 of each calendar year, commencing with
September 30, 2007, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the perfection of the lien and security
interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the
opinion of such counsel, be required to maintain the perfection of the lien and security interest of this Indenture until September 30 in the following calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 
 (a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under
any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this Indenture, any other Basic Documents or such other instrument or agreement. 
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s
Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 
  

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 (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in
this Indenture, the other Basic Documents and in the instruments and agreements included in the Trust Estate, including but not limited to preparing (or causing to be prepared) and filing (or causing to be filed) all Uniform Commercial Code
financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 
 (d) If the Issuer shall have knowledge of the occurrence of an Event of Servicing Termination under the Sale and Servicing Agreement, the Issuer shall
promptly notify the Indenture Trustee and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if any, the Issuer is taking in respect of such default. If an Event of Servicing
Termination shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such
failure. 
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 
 (a) except as expressly permitted by this Indenture or the other Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties
or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Indenture Trustee; 
 (b) claim any
credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the
payment of the taxes levied or assessed upon any part of the Trust Estate; or 
 (c) (i) permit the validity or effectiveness of this
Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden
the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an
action or omission of the related Obligor) or (iii) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate.

 SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to the Indenture Trustee within 90 days after the end of
each calendar year an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
 (a)
a review of the activities of the Issuer during such calendar year and of performance under this Indenture has been made under such Authorized Officer’s supervision; and 
  

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 (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has
complied with all conditions and covenants in all material respects under this Indenture throughout such calendar year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such
Authorized Officer and the nature and status thereof. 
 SECTION 3.10 The Issuer May Consolidate, Etc. Only on Certain Terms.

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

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 be a United States citizen or a Person organized and existing under the laws of the United States of
America or any state thereof, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and
interest on all the Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental
indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of the Noteholders, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and
hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then
one specified Person) shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
 (ii) immediately after giving effect to such transaction, no Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to the Trust or any Noteholder; 
 (v) any action as
is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 
 (vi) the
Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Section 3.10 and that all
conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act). 
 SECTION 3.11 Successor or Transferee. 
 (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same
effect as if such Person had been named as the Issuer herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the
Issuer in accordance with Section 3.10(b), Chase Auto Owner Trust 2006-B will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately
upon the delivery of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that Chase Auto Owner Trust 2006-B is to be so released. 
  

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 SECTION 3.12 No Other Business. The Issuer shall not engage in any business other than financing,
purchasing, owning, selling and managing the Receivables and the other Collateral in the manner contemplated by this Indenture and the other Basic Documents, issuing the Notes and the Class R Certificates, making payments thereon, and such other
activities that are necessary, suitable or desirable to accomplish the foregoing or are incidental to the purposes as set forth in Section 2.3 of the Trust Agreement. 
 SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for money borrowed in respect of the Notes or in accordance with the Basic Documents. 
 SECTION 3.14 Guarantees,
Loans, Advances and Other Liabilities. Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the
effect of assuming another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of,
or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
 SECTION 3.15 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty) other than the purchase of the Receivables and related property pursuant to the Sale and Servicing Agreement. 
 SECTION 3.16 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer, (b) redeem, purchase, retire, or otherwise acquire for value any
such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided that the Issuer may make, or cause to be made, distributions to the Servicer, the Depositor, the Owner
Trustee, the Administrator, the Indenture Trustee and, the Class R Certificateholders as permitted by, and to the extent funds are available for such purpose under, the Basic Documents. The Issuer will not, directly or indirectly, make payments to
or distributions from the Collection Account except in accordance with this Indenture and the other Basic Documents. 
 SECTION 3.17
Notice of Events of Default. The Issuer agrees to give the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default. 
 SECTION 3.18 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture. 
  

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 ARTICLE IV 
 SATISFACTION AND DISCHARGE 
 SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive
payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.12, 3.13, 3.14, 3.15 and 3.16, (e) the rights, obligations and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Sections 4.2 and 4.4) and (f) the rights of Noteholders as beneficiaries
hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when, 
 (i) either: 
 (A) all Notes theretofore authenticated and delivered (other than (1) the Notes that have been destroyed, lost or stolen and that
have been replaced or paid as provided in Section 2.5 and (2) the Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 
 (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation: 
 (1) have become due and
payable, 
 (2) will become due and payable at their respective Note Final Scheduled Payment Dates within one year, or

 (3) will be subject to prepayment within one year under arrangements satisfactory to the Indenture Trustee, 
 and the Issuer, in the case of clauses (1), (2) or (3) of Section 4.1(i)(B), has irrevocably deposited or
caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an
amount sufficient to pay and discharge the entire unpaid principal and accrued interest on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due on their respective Note Final Scheduled Payment Dates or the Payment
Date on which the Notes are to be prepaid in full pursuant to Section 10.1); 
  

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 (ii) the Issuer has paid or caused to be paid all other sums payable hereunder by the
Issuer; and 
 (iii) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel
and (if required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1 and each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 SECTION 4.2 Application of Trust
Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.1(i)(B) shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent, as the Indenture Trustee may determine, to the Noteholders of the particular Notes for the payment of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal
and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 
 SECTION 4.3 Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the
Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall
be released from all further liability with respect to such moneys. 
 ARTICLE V 
 REMEDIES 
 SECTION 5.1 Events of Default. “Event of Default”,
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body): 
 (a) default in the payment of any interest on any Note of
the Controlling Class when the same becomes due and payable on any Payment Date, and such default shall continue for a period of 35 days; 
 (b) default in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable; 
 (c) default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section
specifically dealt with) which default materially and adversely affects the rights of the Noteholders, and which default shall continue or not be cured for a period of 90 days after there shall have been given, by registered or certified 

 

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 first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by telecopier, to the Issuer
by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Noteholders of at least a majority of the Outstanding Amount of the Controlling Class, a written notice specifying such default and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; and 
 (d) an Insolvency Event shall have occurred for the Issuer; 

provided, however, that a delay in or failure of performance referred to under clauses (a), (b) or (c) above for a period
of 150 days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence, as certified by the Issuer in an Officer’s Certificate of the Issuer delivered to the Indenture
Trustee. 
 The Issuer shall deliver to the Indenture Trustee, within five days after the occurrence thereof, written notice in the form of
an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (c), its status and what action the Issuer is taking or proposes to take with respect thereto.

 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment. If an Event of Default shall occur and be continuing, then and in
every such case the Indenture Trustee or the Noteholders of the Notes representing not less than a majority of the Outstanding Amount of the Controlling Class may declare all the Notes to be immediately due and payable, by a notice in writing to the
Issuer (and to the Indenture Trustee if given by the Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately
due and payable. 
 At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment
of the money due has been obtained by the Indenture Trustee as provided hereinafter in this Article V, the Noteholders of the Notes representing a majority of the Outstanding Amount of the Controlling Class, by written notice to the Issuer
and the Indenture Trustee, may rescind and annul such declaration and its consequences; provided, that, no such rescission shall affect any subsequent default or impair any right consequent thereto. 
 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. 
 (a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note of the Controlling Class when the same becomes due
and payable on any Payment Date, and such default continues for a period of 35 days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer
will, upon demand of the Indenture Trustee in writing as directed by a majority of the Outstanding Amount of the Controlling Class, pay to it, for the benefit of the Noteholders, the whole amount then due and payable on such Notes for principal and
interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the rate borne by 
  

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 the Notes, and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a proceeding for the collection of the sums so due and unpaid, and
may prosecute such proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes,
wherever situated, the moneys adjudged or decreed to be payable. 
 (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate proceedings as the Indenture Trustee shall deem most effective
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right
vested in the Indenture Trustee by this Indenture or by law. 
 (d) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United States Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, or in case
a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in the case of any
other comparable judicial proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then
be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such
proceedings or otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and
unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each
predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a
result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such proceedings; 
 (ii) unless
prohibited by applicable law and regulations, to vote on behalf of the Noteholders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; 
  

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 (iii) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
 (iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders of the Notes allowed in any judicial proceedings
relative to the Issuer, its creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any such proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made,
by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct. 
 (e)
Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Noteholder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person.

 (f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Noteholders. 
 (g) In any proceedings brought by the Indenture Trustee (and also any proceedings involving the interpretation of any
provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such proceedings. 
 SECTION 5.4 Remedies; Priorities. 
 (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2, the Indenture Trustee may do one or more of the following (subject to Section 5.5): 

(i) institute proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the
Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes moneys adjudged due; 
  

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 (ii) institute proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Trust Estate; 
 (iii) exercise any remedies of a secured party under the Relevant UCC and
take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders of the Notes; and 
 (iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 
 provided that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) the Noteholders of 100% of
the Outstanding Amount of the Controlling Class consent thereto, (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and
interest, or (C)(1) there has been an Event of Default described in Section 5.1(a) or (b), (2) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal
of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and (3) the Indenture Trustee obtains the consent of Noteholders of 66-2/3% of the Outstanding Amount of the Controlling Class. In
determining such sufficiency or insufficiency with respect to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 (b) If the
Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out such money or property held as Collateral for the benefit of the Noteholders in the following order: 
 FIRST: to the Indenture Trustee for amounts due under Section 6.7; and 
 SECOND: to the Collection Account for distribution pursuant to Section 9.1(b) of the Sale and Servicing Agreement.

 SECTION 5.5 Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate. It is the desire of the
parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether to maintain possession
of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
  

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 SECTION 5.6 Limitation of Suits. No Noteholder of any Note shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Noteholder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 
 (b) the Noteholders of not less than 25% of the Outstanding Amount of the Controlling Class have made written request to the Indenture Trustee to institute such proceeding in respect of such Event of Default in its own name as the Indenture
Trustee hereunder; 
 (c) such Noteholder or Noteholders have offered to the Indenture Trustee indemnity reasonably satisfactory to it
against the costs, expenses and liabilities to be incurred in complying with such request; 
 (d) the Indenture Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute such proceedings; and 
 (e) no direction inconsistent with
such written request has been given to the Indenture Trustee during such 60-day period by the Noteholders of a majority of the Outstanding Amount of the Notes; 
 it being understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each
representing less than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 

SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the
Noteholder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture and
to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Noteholder. 
 SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as through no such proceeding had been instituted. 
  

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 SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved
to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Noteholder of any Note to exercise any right
or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver of any such Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.11 Control by Noteholders. The Noteholders of a majority of the Outstanding Amount of the Controlling Class shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that 
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; 
 (b) subject to
the express terms of Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Noteholders of the Notes representing not less than 100% of the Outstanding Amount of the Notes; 

(c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to maintain possession of the Trust
Estate pursuant to such Section, then any direction to the Indenture Trustee by Noteholders of the Notes representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect;

 (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction;
and 
 (e) such direction shall be in writing; 
 provided, further, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders
not consenting to such action. 
 SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity
of the Notes as provided in Section 5.2, the Noteholders of the Notes 
  

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 of not less than a majority of the Outstanding Amount of the Controlling Class may, on behalf of all such Noteholders,
waive any past Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the
Noteholder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereto. 
 Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereto. The Issuer shall give prompt written notice of any waiver to the Rating Agencies. 
 SECTION
5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder of any Note by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to
pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder or group of Noteholders, in each case holding
in the aggregate more than 10% of the Outstanding Amount of the Notes, or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in
such Note and in this Indenture. 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. 
  

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 SECTION 5.16 Performance and Enforcement of Certain Obligations. 
 (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer agrees to take all such lawful
action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer, as applicable, of each of their respective obligations to the Issuer under or in connection with the Sale and Servicing
Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of default on the part of the Depositor or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the
Depositor or the Servicer of each of their respective obligations under the Sale and Servicing Agreement. 
 (b) If an Event of Default has
occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Noteholders of 66-2/3% of the Outstanding Amount of the Controlling
Class shall, foreclose upon its security interest in the Issuer’s rights under the Sale and Servicing Agreement and exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor or the Servicer under or in
connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor or the Servicer of each of their respective obligations to the Issuer thereunder and to
give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take such action shall be suspended. 
 ARTICLE VI 
 THE INDENTURE TRUSTEE 
 SECTION 6.1 Duties of the Indenture Trustee. 
 (a) The Indenture Trustee, both prior to and after the occurrence of an Event of Default, shall undertake to perform such duties and only such duties as are specifically set forth in this Indenture and the Sale and Servicing Agreement. If
an Event of Default known to the Indenture Trustee has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and the Sale and Servicing Agreement and use the same degree of care and
skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided, however, that if the Indenture Trustee shall assume the duties of the Servicer
pursuant to Section 8.2 of the Sale and Servicing Agreement, the Indenture Trustee in performing such duties shall use the degree of skill and attention customarily exercised by a servicer with respect to automobile receivables that it
services for itself. 
 The Indenture Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders, or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture or the 
  

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 Sale and Servicing Agreement, shall examine them to determine whether they conform to the requirements of this Indenture
or the Sale and Servicing Agreement; provided, however, that the Indenture Trustee shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Servicer to the Indenture Trustee pursuant to this Indenture or the Sale and Servicing Agreement. 
 (b) No
provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own bad faith or willful malfeasance; provided, however, that:

 (i) prior to the occurrence of an Event of Default, and after the curing of all such Events of Default, the Indenture
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the Sale and Servicing Agreement, and no implied covenants or obligations shall be read into this Indenture or the Sale and Servicing
Agreement against the Indenture Trustee, and in the absence of bad faith on its part or manifest error, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture or the Sale and Servicing Agreement; and 
 (ii) The Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts nor
shall the Indenture Trustee be liable with respect to any action it takes or omits to take in good faith in accordance with this Indenture or in accordance with a direction received by it pursuant to Section 5.11. 
 (c) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the
Issuer. 
 (d) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or
the terms of this Indenture or the Sale and Servicing Agreement. 
 (e) No provision of this Indenture shall require the Indenture Trustee to
expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or
indemnity satisfactory to it against such risk or liability is not assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of,
any of the obligations of the Servicer (including its obligations as custodian) under this Indenture except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges
of, the Servicer in accordance with the terms of the Sale and Servicing Agreement. 
 (f) The Indenture Trustee shall not be charged with
knowledge of an Event of Default until such time as a Responsible Officer shall have actual knowledge or have received written notice thereof. 
  

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 (g) Except for actions expressly authorized by this Indenture or, based upon an Opinion of Counsel, in
the best interests of the Noteholders, the Indenture Trustee shall take no action reasonably likely to impair the security interests created or existing under any Receivable or to impair the value of any Receivable. 
 (h) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be
subject to the provisions of this Section and to the provisions of the TIA. 
 SECTION 6.2 Rights of the Indenture Trustee.

 (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper person. The Indenture Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Indenture Trustee acts
or refrains from acting, it may require an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes, suffers or omits to take in good faith in reliance on the Opinion of Counsel. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it
hereunder. The Indenture Trustee shall have no duty to monitor the performance of the Issuer. 
 (d) The Indenture Trustee shall not be
personally liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence
or bad faith. 
 (e) The Indenture Trustee may consult with counsel, and the written advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the written advice or
opinion of such counsel. A copy of such written advice or Opinion of Counsel shall be provided to the Depositor, the Servicer and the Rating Agencies. 
 (f) Prior to the occurrence of an Event of Default and after the curing of all Events of Default that may have occurred, the Indenture Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, or other paper or document, unless requested in writing to do so by Noteholders evidencing not less than 25% of the
Outstanding Amount of the Notes; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses, or liabilities likely to be incurred by it in the making of such investigation shall be,
in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require reasonable indemnity against such cost, expense, or liability
or 
  

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 payment of such expenses as a condition precedent to so proceeding. The reasonable expense of every such examination
shall be paid by the Issuer or by the Servicer at the direction of the Issuer or, if paid by the Indenture Trustee, shall be reimbursed by the Issuer or by the Servicer at the direction of the Issuer upon demand. Nothing in this clause
(f) shall affect the obligation of the Issuer or the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors. 
 SECTION 6.3 Individual Rights of the Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and may otherwise deal with the Issuer or its
Affiliates with the same rights it would have if it were not the Indenture Trustee. Any Paying Agent, the Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections
6.11 and 6.12. 
 SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the
Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 
 SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is either actually known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within 90 days after such knowledge or notice occurs. Except in the case of a Default in accordance with the provisions of Section 313(c) of the TIA in
payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interest of the Noteholders.

 SECTION 6.6 Reports by the Indenture Trustee to Noteholders. Within the prescribed period of time for tax reporting purposes after
the end of each calendar year during the term of this Indenture, the Indenture Trustee (or the Paying Agent on its behalf) shall deliver to each Noteholder such information as may be reasonably required to enable such Noteholder to prepare its
United States federal, state and local income or franchise tax returns for such calendar year. 
 SECTION 6.7 Compensation and
Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and
experts. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to indemnify the Indenture Trustee against any and all loss, liability or 
  

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 expense (including the fees of either in-house counsel or outside counsel, but not both) incurred by it in connection
with the administration of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. 
 The Servicer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the
Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(d) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or
any other applicable federal or state bankruptcy, insolvency or similar law. 
 SECTION 6.8 Replacement of the Indenture Trustee.

 (a) The Indenture Trustee may give notice of its intent to resign at any time by so notifying the Issuer. The Noteholders of a majority in
Outstanding Amount of the Controlling Class may remove the Indenture Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 
 (i) the Indenture Trustee fails to comply with Section 6.11; 
 (ii) the Indenture Trustee is adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 
 (iv) the Indenture Trustee otherwise becomes incapable of acting. 
 (b) If the Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of the Indenture Trustee for any
reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee. 
 (c) A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer and thereupon the resignation or removal of the Indenture Trustee shall
become effective, and the successor Indenture Trustee, without any further act, deed or conveyance shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture Trustee to the successor Indenture Trustee. 
 (d) If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee gives notice of its intent to resign or is removed, the retiring Indenture Trustee, the Issuer or the
Noteholders of a majority in Outstanding Amount of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
  

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 (e) If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition
any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 (f) Any
resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant
to Section 6.8(c) and payment of all fees and expenses owed to the outgoing Indenture Trustee. The Administrator shall pay all reasonable fees and expenses incurred in connection with any replacement of the Indenture Trustee. 

(g) Notwithstanding the resignation or removal of the Indenture Trustee pursuant to this Section, the Issuer’s and the Servicer’s
obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. The Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee. 
 SECTION 6.9 Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee. The Indenture Trustee shall
provide the Issuer and the Rating Agencies prior written notice of any such transaction. 
 In case at the time such successor or successors
by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor Indenture Trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor Indenture Trustee may authenticate such Notes
either in the name of any predecessor Indenture Trustee hereunder or in the name of the successor Indenture Trustee; and in all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or in
this Indenture with respect to the certificate of authentication of the Indenture Trustee. 
 SECTION 6.10 Appointment of Co-Indenture
Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Issuer may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Issuer, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Issuer, or any part hereof, and,
subject to the other provisions of this Section, such power, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. The Administrator will pay all reasonable fees and expenses of any co-trustee or
co-trustees or separate trustee or separate trustees. The appointment of any separate trustee or co-trustee shall 
  

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 not absolve the Indenture Trustee of its obligations under this Indenture. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as an Indenture Trustee under Section 6.11, and no notice to the Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8.

 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be
conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event
such rights, powers, duties and obligations (including the holding of title to the Issuer or the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely
at the direction of the Indenture Trustee; 
 (ii) no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 
 (iii) the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other
writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer
to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee (with a copy given to the Issuer). 
 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this
Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  

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 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the
requirements of TIA §310(a). The Indenture Trustee shall have a combined capital and surplus of at least $100,000,000 as of the last day of the most recent fiscal quarter for such institution and shall be subject to examination or supervision
by federal or state authorities. The long-term unsecured debt of the Indenture Trustee shall at all times be rated not lower than “BBB-” by Standard & Poor’s and Fitch (if rated by Fitch) and Baa3 by Moody’s or such
other ratings as are acceptable to the Rating Agencies. The Indenture Trustee shall comply with TIA §310(b), provided that there shall be excluded from the operation of TIA §310(b)(1) any indenture or indentures under which other
securities of the Issuer are outstanding if the requirements for such exclusion set forth in the TIA §310(b)(1) are met. 
 SECTION 6.12
Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall comply with TIA §311(a), excluding any creditor relationship listed in TIA §311(b). An Indenture Trustee who has resigned or been removed shall be
subject to TIA §311(a) to the extent indicated therein. 
 ARTICLE VII 
 NOTEHOLDERS’ LISTS AND REPORTS 
 SECTION 7.1 The Issuer To Furnish the
Indenture Trustee Names and Addresses of the Noteholders. The Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not more than five days after each Record Date, a list, in such form as the Indenture Trustee may
reasonably require, of the names and addresses of the Noteholders as of such Record Date and (b) at such other times as the Indenture Trustee may request in writing, within 14 days after receipt by the Issuer of any such request, a list of
similar form and content as of a date not more than 10 days prior to the time such list is furnished, provided that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
 SECTION 7.2 Preservation of Information; Communications to the Noteholders. 
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the
most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of the Noteholders received by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee may destroy any
list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 
 (b) The Noteholders may
communicate pursuant to TIA §312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c)
The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA §312(c). 
 SECTION 7.3 Reports by the
Issuer. 
 (a) The Issuer shall: 
  

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 (i) file with the Indenture Trustee within 15 days after the Depositor is required to
file the same with the Commission, copies of the monthly reports, the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) with respect to the Issuer which the Depositor may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 
 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA §313(c))
such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations prescribed from time
to time by the Commission. 
 (b) The fiscal year of the Issuer shall be the calendar year. 
 SECTION 7.4 Reports by the Indenture Trustee. 
 (a) If required by TIA § 313(a), within 60 days after each March 31, beginning with March 31, 2007, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date
that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock
exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 
 (b) On each Payment Date, the Indenture Trustee shall include with each payment to each Noteholder a copy of the statement for the related Collection Period provided to the Indenture Trustee by the Servicer pursuant
to Section 5.6 of the Sale and Servicing Agreement. The Indenture Trustee may make available to the Noteholders via the Indenture Trustee’s Internet website, all such statements provided to the Indenture Trustee by the Servicer
pursuant to Section 5.6 of the Sale and Servicing Agreement and, with the consent or at the direction of the Depositor, such other information regarding the Notes and/or the Receivables as the Indenture Trustee may have in its
possession, but only with the use of a password provided by the Indenture Trustee or its agent to such Person. The Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no
responsibility therefor. The Indenture Trustee’s Internet website shall be initially located at www.CTSLink.com or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders and
the Depositor. In connection with providing access to the Indenture Trustee’s Internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination
or information in accordance with this Indenture. 
  

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 ARTICLE VIII 
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
 SECTION 8.1 Collection of Money. Except as otherwise provided
herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the
Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and
prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default under this Indenture and any right to proceed thereafter as provided in Article V. 
 SECTION 8.2 Trust Accounts. 
 (a) On
or prior to the Closing Date, the Issuer shall establish and thereafter maintain the Collection Account as provided in Section 5.1 of the Sale and Servicing Agreement. On or prior to the Closing Date, the Issuer shall cause the Servicer
to establish and thereafter maintain the Note Distribution Account as provided in Section 5.1 of the Sale and Servicing Agreement. 
 (b) Before each Payment Date, the Servicer and the Depositor are required to deposit the Available Amount for such Payment Date in the Collection Account pursuant to Sections 5.2 and 5.3 of the Sale and Servicing Agreement. On
or before each Payment Date, the Indenture Trustee or the Paying Agent on behalf of the Indenture Trustee shall transfer the Priority Principal Distribution Amount for such Payment Date and the Regular Principal Distribution Amount for such Payment
Date from the Collection Account to the Note Distribution Account in accordance with Section 5.4(b) of the Sale and Servicing Agreement. 
 (c) Not later than 12:00 noon, New York City time, on each Payment Date prior to either (i) an acceleration of the maturity of the Notes after an Event of Default described in clause (a) or
(b) of Section 5.1, or (ii) the sale of the Trust Estate following an Event of Default in accordance with Section 5.4, the Indenture Trustee or the Paying Agent on behalf of the Indenture Trustee shall
distribute all amounts on deposit in the Note Distribution Account to the Noteholders to the extent of amounts due and unpaid on the Notes for principal in the following amounts and in the following order of priority: 
 (i) to the Noteholders of the Class A Notes, the Class A Noteholders’ Principal Distribution Amount in the following order
of priority: 
 (A) to the Noteholders of the Class A-1 Notes until the Outstanding Amount of the Class A-1 Notes is
reduced to zero; 
 (B) to the Noteholders of the Class A-2 Notes until the Outstanding Amount of the Class A-2 Notes is
reduced to zero; 
  

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 (C) to the Noteholders of the Class A-3 Notes until the Outstanding Amount of the
Class A-3 Notes is reduced to zero; 
 (D) to the Noteholders of the Class A-4 Notes until the Outstanding Amount of the
Class A-4 Notes is reduced to zero; 
 (ii) to the Noteholders of the Class B Notes, the Class B Noteholders’
Principal Distribution Amount until the Outstanding Amount of the Class B Notes is reduced to zero. 
 Notwithstanding any other provision of this
Section 8.2, following the occurrence and during the continuation of either (i) an acceleration of the maturity of the Notes after an Event of Default described in clause (a) or (b) of
Section 5.1, or (ii) the sale of the Trust Estate following an Event of Default in accordance with Section 5.4, the Indenture Trustee or the Paying Agent on behalf of the Indenture Trustee shall apply all amounts on
deposit in the Collection Account pursuant to Sections 5.4(b) and 5.4(c) of the Sale and Servicing Agreement. 
 SECTION
8.3 General Provisions Regarding Trust Accounts. 
 (a) In accordance with Section 5.1 of the Sale and Servicing Agreement,
all funds in the Collection Account shall be invested in Permitted Investments upon written direction of the Servicer. All income or other gain from investments of moneys deposited in the Collection Account shall be paid as provided in the Sale and
Servicing Agreement, and any loss resulting from such investments shall be charged to such account. 
 (b) Subject to
Section 6.1(b), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein except for losses attributable to
the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (c) If (i) the Servicer shall have failed to give investment directions for any funds on deposit in the Collection Account to the Indenture Trustee
by 11:00 a.m. New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee) on any Business Day, or (ii) an Event of Default shall have occurred and be continuing with respect to the Notes but the Notes
shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.4(b) as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Collection Account in one or more Permitted Investments.
The Indenture Trustee shall not be liable for losses in respect of such investments in Permitted Investments that comply with the requirements of the Basic Documents except for losses attributable to the Indenture Trustee’s failure to make
payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
  

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 SECTION 8.4 Release of Trust Estate. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of
this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or
see to the application of any moneys. 
 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding, and all sums due
the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any
funds then on deposit in the Note Distribution Account. The Indenture Trustee shall release to the Issuer or any other Person entitled thereto any funds then on deposit in the Collection Account only at such time as (x) there are no Notes
Outstanding and (y) all sums due to the Indenture Trustee pursuant to Section 6.7 have been paid. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon
receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.1. 
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when
requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition of such action, an Opinion of Counsel, in form and
substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all such action will not materially and adversely impair the security for the Notes
or the rights of the Noteholders; provided, however that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent
investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a) Without the consent of the Noteholders or any other Person but with
prior notice to each Rating Agency, the Issuer and the Indenture Trustee, when authorized by an Issuer Request, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of
the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  

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 (i) to correct or amplify the description of any property at any time subject to the lien
of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject additional property to the lien of this Indenture; 
 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption
by any such successor of the covenants of the Issuer contained herein and in the Notes; 
 (iii) to add to the covenants of
the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein conferred upon the Issuer; 
 (iv)
to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
 (v) to cure any ambiguity,
to correct or to supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising
under this Indenture or in any supplemental indenture; provided that such action shall not materially and adversely affect the interests of the Noteholders; 
 (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add
to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; 
 (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA; or 
 (viii) to add, modify or eliminate such provisions as may be necessary or advisable in order to enable (a) the transfer to the Issuer
of all or any portion of the Receivables to be derecognized under GAAP by the Depositor to the Issuer, (b) the Issuer to avoid becoming a member of Depositor’s consolidated group under GAAP or (c) the Depositor or any of its
Affiliates to otherwise comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle; it being a condition to any such amendment under this Section 9.1(a)(viii) that the Rating Agency
Condition be satisfied. 
 The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make
any further appropriate agreements and stipulations that may be therein contained. 
 (b) The Issuer and the Indenture Trustee, when
authorized by an Issuer Request, may, also without the consent of any Noteholder, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or 
  

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 eliminating any of the provisions of, this Indenture or of modifying in any manner (other than the modifications set
forth in Section 9.2, which require consent of each Noteholder affected thereby) the rights of the Noteholders under this Indenture; provided (i) that the Rating Agency Condition shall have been satisfied with respect to such
action, or (ii) that such action shall not, (A) as evidenced by an Opinion of Counsel, materially and adversely affect the interests of any Noteholder or (B) as evidenced by an Opinion of Counsel, affect the treatment of the Notes as
debt for federal income tax purposes. 
 SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture
Trustee, when authorized by the Issuer, also may, with prior notice to the Rating Agencies and with the consent of the Noteholders of a majority of the Outstanding Amount of the Notes, by act of such Noteholders delivered to the Issuer and the
Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Noteholders under this Indenture; provided that no such supplemental indenture shall, without the consent of the Noteholder of each Outstanding Note affected thereby: 
 (i) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof or the
interest rate thereon, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where,
or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in
Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof; 
 (ii)
reduce the percentage of the Outstanding Amount of the Notes, the consent of the Noteholders of which is required for any such supplemental indenture, or the consent of the Noteholders of which is required for any waiver of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 
 (iii)
modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 
 (iv) reduce the
percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4; 
 (v) modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional
provisions of this Indenture or any of the other Basic Documents cannot be modified or waived without the consent of the Noteholder of each Outstanding Note affected thereby; 
  

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 (vi) modify any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of
any provisions for the mandatory prepayment of the Notes contained herein; or 
 (vii) permit the creation of any Lien ranking
prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Basic Documents, terminate the lien of this Indenture on any property at any time
subject hereto or deprive the Noteholder of any Note of the security provided by the lien of this Indenture. 
 The Indenture Trustee may
determine whether any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Noteholders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture
Trustee shall not be liable for any such determination made in good faith. 
 It shall not be necessary for any Noteholders under this
Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Noteholders shall approve the substance thereof. 
 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture. 
 SECTION 9.3 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture
pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties,
liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture and the Notes affected thereby for any and all purposes. 
 SECTION 9.4 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this
Article IX shall comply in all respects with the TIA in effect as of the date of such amendment or supplemental indenture. 
 SECTION
9.5 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in
form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the 
  

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 Issuer or the Indenture Trustee shall so require, new Notes so modified as to conform, in the opinion of the Indenture
Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 SECTION 9.6 Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created by this Indenture the Indenture Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the
Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 ARTICLE X 
 PREPAYMENT OF NOTES 
 SECTION 10.1
Prepayment. The principal amount of the Outstanding Notes, plus all accrued and unpaid interest thereon, will be due and payable on any Payment Date upon the exercise by the Servicer of its option to purchase the Receivables pursuant to
Section 9.1(a) of the Sale and Servicing Agreement; provided that the Issuer has available funds sufficient to pay the principal amount of the Outstanding Notes, plus accrued and unpaid interest thereon, on such Payment Date. The
Servicer shall furnish notice of such election to the Indenture Trustee and the Note Registrar not later than the 25th day of the month prior to the Payment Date on which it proposes to purchase the Receivables pursuant to Section 9.1(a)
of the Sale and Servicing Agreement and the Issuer shall deposit or cause the Servicer to deposit with the Indenture Trustee in the Collection Account on such Payment Date an amount equal to the principal amount of the Outstanding Notes, plus
accrued and unpaid interest thereon, whereupon all such Outstanding Notes shall become due and payable on such Payment Date. 
 SECTION 10.2
Form of Notice of Prepayment. Notice of prepayment in full under Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Payment Date
to each Noteholder of Outstanding Notes, as of the close of business on the Record Date preceding the applicable Payment Date, at such Noteholder’s address appearing in the Note Register. 
 All notices of prepayment shall state: 
 (i) the Payment Date on which the Notes will be prepaid; 
 (ii) that the Record Date
otherwise applicable to such Payment Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment in full (which shall be the office or
agency to be maintained as provided in Section 3.2); and 
 (iii) that interest on the Notes shall cease to accrue
on such Payment Date. 
  

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 Notice of prepayment of the Notes shall be given by the Indenture Trustee in the name and at the expense
of the Issuer. Failure to give notice of prepayment or any defect therein, to any Noteholder of any Notes shall not impair or affect the validity of the prepayment of any other Note. 
 SECTION 10.3 Notes Payable. The principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, shall, following notice of
prepayment as required by Section 10.2, on the Payment Date on which the Servicer purchases the Receivables pursuant to Section 9.1(a) of the Sale and Servicing Agreement become due and payable and (unless the Issuer shall
default in the payment of the principal of and accrued and unpaid interest on the Notes to be redeemed) no interest shall accrue on the principal of and accrued and unpaid interest on the Notes to be redeemed for any period after such Payment Date.

 ARTICLE XI 
 MISCELLANEOUS

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

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 (b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture
Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish
to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property or securities to
be so deposited. 
 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (i), the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of
the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to
clause (i) and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth
in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 
 (iii) Other than with respect to the release of any Repurchased Receivables or Defaulted Receivables, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the
opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii), the
Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Repurchased Receivables and Defaulted Receivables, or
securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) and this clause (iv), equals 10% or more of the Outstanding
Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of
the then Outstanding Amount of the Notes. 
 (v) Notwithstanding Section 2.9 or any provision of this Section, the
Issuer may (A) collect, liquidate, sell or otherwise dispose of the Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or
required by the Basic Documents. 
  

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 SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate
or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Servicer, the Depositor or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application, certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document (x) as a condition of the granting of such application, or (y) as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such
application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in each case be conditions precedent to the right of the Issuer to have such application granted or to
the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in
Article VI. 
 SECTION 11.3 Actions of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing; and except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, when required, to the Issuer or the Servicer. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and conclusive in favor of the Indenture Trustee, the Issuer and the Servicer, if made in the manner provided in this Section 11.3. 
  

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 (b) The fact and date of the execution by any Noteholder of any such instrument or writing may be proved
in any reasonable manner which the Indenture Trustee deems sufficient. 
 (c) The ownership of the Notes shall be proved by the Note
Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other act by a Noteholder shall bind every
Noteholder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Indenture Trustee, the Issuer or the Servicer in reliance thereon,
regardless of whether notation of such action is made upon such Note. 
 (e) The Indenture Trustee may require such additional proof of any
matter referred to in this Section 11.3 as it shall deem necessary. 
 SECTION 11.4 Notices, etc., to the Indenture Trustee,
the Issuer, and Rating Agencies. 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 telecopier, and addressed in each case as specified on Schedule C to the Sale and Servicing Agreement or at such other address as shall be designated by any of the foregoing in a written notice to the other parties hereto.

 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar
activity, it shall be impractical to mail notice of any event to the Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture
Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating Agencies, failure
to give such notice shall not affect any other right or obligations created hereunder, and shall not under any circumstance constitute a Default. 
  

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 SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder that is different from the
methods provided for in this Indenture for such payments or notices, provided that such methods are reasonable and consented to by the Indenture Trustee (which consent shall not be unreasonably withheld). The Issuer will furnish to the
Indenture Trustee a copy of each such agreement, and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
 SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this indenture by any of the provisions of
the TIA, such required provision shall control. 
 The provisions of TIA §§ 310 through 317 that impose duties on any person
(including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
 SECTION 11.9 Successors and Assigns. All covenants and agreements in this Indenture
and the Notes by the Issuer shall bind its successors and assigns. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 
 SECTION 11.10 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not
be affected or impaired thereby. 
 SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other person with an ownership interest in any part of the Trust Estate, any benefit
or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.12 Legal Holidays. In any case where the date on
which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect
as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION
11.13 GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

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 SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other person secured hereunder or
for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture or to satisfy any provision of the TIA. 
 SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
 SECTION 11.17 No
Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not, prior to the date which is one year and one day after payment in full of the Notes, at any
time institute against the Issuer or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
 SECTION 11.18
Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other
papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees
and independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent
disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations
hereunder. 
  

 50 

 [Signatures Follow] 
  

 51 

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

					
	CHASE AUTO OWNER TRUST 2006-B
		
	By:	 	WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as
Owner Trustee
			
		 	By:	 	 /s/ Michele C. Harra

		 	Name:	 	Michele C. Harra
		 	Title:	 	Financial Services Officer

  

					
		  	S-1	  	2006-B Indenture

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/ Cory Branden

	Name:	 	Cory Branden
	Title:	 	Vice President

  

					
		  	S-2	  	2006-B Indenture

 EXHIBIT A 
 SCHEDULE OF RECEIVABLES 
  

 A-1 

 EXHIBIT B 
 FORM OF CLASS A-1 NOTES 
  

	

			
	 REGISTERED
	 	$248,000,000
		
	No. R-A-1	 	

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES THAT SUCH NOTE IS BEING ACQUIRED NOT WITH A VIEW TO DISTRIBUTION AND MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY PURSUANT TO AN
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. EACH HOLDER OF THIS NOTE AND ANY
SUBSEQUENT HOLDER OF THIS NOTE WILL BE REQUIRED TO CERTIFY, AMONG OTHER THINGS, THAT SUCH HOLDER OR SUBSEQUENT HOLDER IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT. THE HOLDER OF THIS NOTE WILL, AND EACH SUBSEQUENT HOLDER OF THIS NOTE IS REQUIRED TO, NOTIFY ANY PURCHASER OF SUCH NOTES FROM IT OF THE RESALE RESTRICTION REFERRED TO ABOVE. EACH HOLDER OF THIS NOTE WILL NOT TRANSFER THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN EXCEPT TO (1) THE DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR OR (2) A PURCHASER WHO CAN MAKE THE ABOVE REPRESENTATIONS AND AGREEMENTS ON BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. THE HOLDER
ACKNOWLEDGES THAT THE NOTE REGISTRAR AND THE ISSUER RESERVE THE RIGHT PRIOR TO ANY SALE OR OTHER TRANSFER TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS AND OTHER INFORMATION AS THE NOTE REGISTRAR OR THE ISSUER MAY REASONABLY REQUIRE
TO CONFIRM THAT THE PROPOSED SALE OR OTHER TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 CHASE AUTO OWNER TRUST 2006-B 
 5.43% CLASS A-1 ASSET BACKED NOTES 
 Chase Auto Owner Trust 2006-B, a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the
“Issuer”), for value received, hereby promises to pay to JPMorgan Chase Bank, National Association, or its registered assigns, 
  

 B-1 

 the principal sum of TWO HUNDRED FORTY EIGHT MILLION DOLLARS ($248,000,000), partially payable on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is $248,000,000 and the denominator of which is $248,000,000, by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-1 Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the June 2008 Payment Date and the
date on which the Class A-1 Notes are subject to prepayment pursuant to Section 10.1 of the Indenture. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations
contained in Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding the then current Payment Date
or, if no interest has yet been paid, from September 13, 2006. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture.

 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note. 
 For the avoidance of doubt, this Note has been countersigned by Wilmington Trust Company not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely
to the assets of the Issuer. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears
below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 B-2 

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

					
	CHASE AUTO OWNER TRUST 2006-B
		
	By:	 	WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as
Owner Trustee under the Trust Agreement
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 B-3 

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

					
	 JPMORGAN CHASE BANK,

		 	NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authentication Agent for the Indenture Trustee
		
	 By:
	 	  

		 	Authorized Signatory

  

 B-4 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 5.43% Class A-1 Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as of
September 13, 2006 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the
“Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes (collectively referred to herein as the “Notes”) are subject
to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated to the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, and are secured by the collateral pledged as
security therefor on a subordinated basis as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Noteholders of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-1
Interest Rate to the extent lawful. 
 Each Class A-1 Noteholder, by acceptance of a Class A-1 Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Depositor, the Servicer, the Noteholders, the Note Owners, the Issuer and the Class R Certificateholders that the Notes will be
classified as indebtedness for all United States tax purposes. Each Class A-1 Noteholder, by acceptance of a Class A-1 Note, agrees to treat, and to take no action inconsistent with the treatment of the Notes as indebtedness for such tax
purposes. 
  

 B-5 

 Each Class A-1 Noteholder, by acceptance of a Class A-1 Note, covenants and agrees that it will
not, prior to the date that is one year and one day after payment in full of the Notes, at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
 This Note shall be governed by and construed and interpreted in accordance with, the laws of the State of New York. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither JPMorgan Chase Bank, National Association, in its individual capacity, any owner of a beneficial interest
in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest
on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the
Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default pursuant to Section 5.1 of the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 B-6 

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

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

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

	Dated:                      	                                      
                                        
                                        
                                        
              1 

	    	Signature Guaranteed: 

  

	    	                                      
                                        
                                        
                                        
               

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

  

 B-7 

 EXHIBIT C 
 FORM OF CLASS A-2 NOTES 
  

			
	REGISTERED	  	$284,000,000
		
	No. R-A-2	  	CUSIP NO. [            ]1

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 CHASE AUTO OWNER TRUST 2006-B 
 5.28% CLASS A-2 ASSET BACKED NOTES 
 Chase Auto Owner Trust 2006-B, a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the
“Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of TWO HUNDRED EIGHTY FOUR MILLION DOLLARS ($ 284,000,000), partially payable on each Payment Date in an amount
equal to the result obtained by multiplying (i) a fraction, the numerator of which is $284,000,000 and the denominator of which is $284,000,000, by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of
principal on the Class A-2 Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the October 2009 Payment Date and the date on
which the Class A-2 Notes are subject to prepayment pursuant to Section 10.1 of the Indenture. No payments of principal of the Class A-2 Notes will be made until the principal of the Class A-1 Notes has been paid in full.
The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of 

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

  

 C-1 

 the Indenture. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if no interest has yet been paid, from September 13, 2006. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified in the Indenture. 
 The principal of and interest on this Note are payable in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 For the avoidance of
doubt, this Note has been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity have any
liability for the obligations hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
 Dated: [ ] 
  

					
	CHASE AUTO OWNER TRUST 2006-B
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 C-2 

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

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

		
	 By:
	 	  

		 	Authorized Signatory

  

 C-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 5.28% Class A-2 Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as of
September 13, 2006 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the
“Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes (collectively referred to herein as the “Notes”) are subject
to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated to the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, and are secured by the collateral pledged as
security therefor on a subordinated basis as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Noteholders of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-2
Interest Rate to the extent lawful. 
 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture Trustee or the Owner Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Depositor, the Servicer, the Noteholders, the Note Owners, the Issuer and the Class R Certificateholders that the Notes will be
classified as indebtedness for all United States tax purposes. Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, agrees to treat, and to take no action inconsistent with the treatment of the Notes as
indebtedness for such tax purposes. 
  

 C-4 

 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and
agrees that it will not, prior to the date that is one year and one day after payment in full of the Notes, at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 

This Note shall be governed by and construed and interpreted in accordance with, the laws of the State of New York. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither JPMorgan Chase Bank, National Association, in its individual capacity, any owner of a beneficial interest
in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest
on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the
Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default pursuant to Section 5.1 of the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 C-5 

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

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

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

	Dated:                      	                                      
                                        
                                        
                                        
              1 

	    	Signature Guaranteed: 

  

	    	                                      
                                        
                                        
                                        
               

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

  

 C-6 

 EXHIBIT D 
 FORM OF CLASS A-3 NOTES 

			
	REGISTERED	  	$333,000,000
		
	No. R-A-3	  	CUSIP NO. [            ]1

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 CHASE AUTO OWNER TRUST 2006-B 
 5.13% CLASS A-3 ASSET BACKED NOTES 
 Chase Auto Owner Trust 2006-B, a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the
“Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of THREE HUNDRED THIRTY THREE MILLION DOLLARS ($333,000,000), partially payable on each Payment Date in an amount
equal to the result obtained by multiplying (i) a fraction, the numerator of which is $333,000,000 and the denominator of which is $333,000,000, by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of
principal on the Class A-3 Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the May 2011 Payment Date and the date on
which the Class A-3 Notes are subject to prepayment pursuant to Section 10.1 of the Indenture. No payments of principal of the Class A-3 Notes will be made until the principal of the Class A-1 Notes and the Class A-2
Notes has been paid in full. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in 
  

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

  

 D-1 

 Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on this Note will accrue for each Payment Date
from the most recent Payment Date on which interest has been paid to but excluding the then current Payment Date or, if no interest has yet been paid, from September 13, 2006. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture. 
 The principal of and
interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 For the avoidance of doubt, this Note has been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust
Company in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer. 
 Dated: [    ] 
  

			
	CHASE AUTO OWNER TRUST 2006-B
		
	By:	 	WILMINGTON TRUST COMPANY,
		 	not in its individual capacity but solely as
		 	Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 D-2 

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

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

		 	Authorized Signatory

  

 D-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 5.13% Class A-3 Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of
September 13, 2006 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the
“Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes (collectively referred to herein as the “Notes”) are subject
to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated to the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, and are secured by the collateral pledged as
security therefor on a subordinated basis as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Noteholders of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-3
Interest Rate to the extent lawful. 
 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture Trustee or the Owner Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Depositor, the Servicer, the Noteholders, the Note Owners, the Issuer and the Class R Certificateholders that the Notes will be
classified as indebtedness for all United States tax purposes. Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, agrees to treat, and to take no action inconsistent with the treatment of the Notes as
indebtedness for such tax purposes. 
  

 D-4 

 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and
agrees that it will not, prior to the date that is one year and one day after payment in full of the Notes, at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 

This Note shall be governed by and construed and interpreted in accordance with, the laws of the State of New York. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither JPMorgan Chase Bank, National Association, in its individual capacity, any owner of a beneficial interest
in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest
on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the
Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default pursuant to Section 5.1 of the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 D-5 

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

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

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

	Dated:                      	                                      
                                        
                                        
                                        
              1 

	    	Signature Guaranteed: 

  

	    	                                      
                                        
                                        
                                        
               

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

  

 D-6 

 EXHIBIT E 
 FORM OF CLASS A-4 NOTES 

			
	 REGISTERED
	  	$270,390,000
		
	 No. R-A-4
	  	CUSIP NO. [            ]1

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 CHASE AUTO OWNER TRUST 2006-B 
 5.11% CLASS A-4 ASSET BACKED NOTES 
 Chase Auto Owner Trust 2006-B, a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the
“Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of TWO HUNDRED SEVENTY MILLION THREE HUNDRED NINETY THOUSAND DOLLARS ($270,390,000), partially payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is $270,390,000 and the denominator of which is $270,390,000, by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-4 Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the April
2014 Payment Date and the date on which the Class A-4 Notes are subject to prepayment pursuant to Section 10.1 of the Indenture. No payments of principal of the Class A-4 Notes will be made until the principal of the
Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes has been paid in full. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment 

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

  

 E-1 

 Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture.
Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding the then current Payment Date or, if no interest has yet been paid, from September 13, 2006. Interest
will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
 For the avoidance of doubt, this Note has been countersigned by Wilmington Trust Company not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely to the
assets of the Issuer. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below
by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
 Dated: [    ] 
  

			
	CHASE AUTO OWNER TRUST 2006-B
		
	By:	 	WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 E-2 

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

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

		
	By:	 	  

		 	Authorized Signatory

  

 E-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 5.11% Class A-4 Asset Backed Notes (herein called the “Class A-4 Notes”), all issued under an Indenture dated as of
September 13, 2006 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the
“Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes (collectively referred to herein as the “Notes”) are subject
to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated to the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, and are secured by the collateral pledged as
security therefor on a subordinated basis as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Noteholders of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-4
Interest Rate to the extent lawful. 
 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture Trustee or the Owner Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Depositor, the Servicer, the Noteholders, the Note Owners, the Issuer and the Class R Certificateholders that the Notes will be
classified as indebtedness for all United States tax purposes. Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, agrees to treat, and to take no action inconsistent with the treatment of the Notes as
indebtedness for such tax purposes. 
  

 E-4 

 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and
agrees that it will not, prior to the date that is one year and one day after payment in full of the Notes, at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 

This Note shall be governed by and construed and interpreted in accordance with, the laws of the State of New York. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither JPMorgan Chase Bank, National Association, in its individual capacity, any owner of a beneficial interest
in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest
on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the
Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default pursuant to Section 5.1 of the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 E-5 

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

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

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

	Dated:                      	                                      
                                        
                                        
                                        
              1 

	    	Signature Guaranteed: 

  

	    	                                      
                                        
                                        
                                        
               

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

  

 E-6 

 EXHIBIT F 
 FORM OF CLASS B NOTES 
  

			
	REGISTERED	  	$26,270,000
		
	No. R-B	  	CUSIP NO. [            ]1

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 CHASE AUTO OWNER TRUST 2006-B 
 5.24% CLASS B ASSET BACKED NOTES 
 Chase Auto Owner Trust 2006-B, a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the
“Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of TWENTY SIX MILLION TWO HUNDRED SEVENTY THOUSAND DOLLARS ($ 26,270,000), partially payable on each Payment Date in
an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is $26,270,000 and the denominator of which is $26,270,000, by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class B Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the April 2014 Payment Date and the date
on which the Class B Notes are subject to prepayment pursuant to Section 10.1 of the Indenture. No payments of principal of the Class B Notes will be made until the principal of the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes has been paid in full. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2
of the Indenture. 

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

  

 F-1 

 Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been paid, from September 13, 2006. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be
paid in the manner specified in the Indenture. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note. 
 For the avoidance of doubt, this Note has been
countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity have any liability for the obligations
hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 
 Unless the certificate of authentication hereon has
been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
 Dated: [    ] 
  

			
	CHASE AUTO OWNER TRUST 2006-B
		
	By:	 	WILMINGTON TRUST COMPANY,
		 	not in its individual capacity but solely as
		 	Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 F-2 

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

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

		
	By:	 	  

		 	Authorized Signatory

  

 F-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 5.24% Class B Asset Backed Notes (herein called the “Class B Notes”), all issued under an Indenture dated as of
September 13, 2006 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the
“Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes (collectively referred to herein as the “Notes”) are subject
to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated to the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, and are secured by the collateral pledged as
security therefor on a subordinated basis as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Noteholders of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes. 
 The Issuer shall pay interest on overdue installments of interest at the Class B Interest
Rate to the extent lawful. 
 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture Trustee or the Owner Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Depositor, the Servicer, the Noteholders, the Note Owners, the Issuer and the Class R Certificateholders that the Notes will be
classified as indebtedness for all United States tax purposes. Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, agrees to treat, and to take no action inconsistent with the treatment of the Notes as
indebtedness for such tax purposes. 
  

 F-4 

 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and
agrees that it will not, prior to the date that is one year and one day after payment in full of the Notes, at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 

This Note shall be governed by and construed and interpreted in accordance with, the laws of the State of New York. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither JPMorgan Chase Bank, National Association, in its individual capacity, any owner of a beneficial interest
in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest
on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the
Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default pursuant to Section 5.1 of the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to
prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 F-5 

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

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

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

	Dated:                      	                                      
                                        
                                        
                                        
              1 

	    	Signature Guaranteed: 

  

	    	                                      
                                        
                                        
                                        
               

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

  

 F-6 

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

 G-1 

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

	  	By:	 	  

	  	Authorized Officer’s Signature)
	  	  
 (Print
Name)

	  		 	
	 Received and Accepted:
 THE DEPOSITORY TRUST
COMPANY
	  	  
 (Street
Address)

		 		  	  

		 		  	(City)	 	(State)(Country)(Zip Code)
	By:	 	  
	  	  
 (Phone
Number)

		 		  		 	
		 		  	  
 (E-mail
address)

  

 G-2 

 EXHIBIT H 
 Form of Transferee Letter 
  

	To:	Chase Auto Owner Trust 2006-B 

 c/o Wilmington Trust
Company 
 Rodney Square North 
 1100 North Market Square 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration 
 JPMorgan Chase Bank, National Association 
 4 New York Plaza 
 New York, New York 10004

  

	 	Re:	5.43% Class A-1 Asset Backed Notes (the “Notes”) 

 Reference is hereby made to the Indenture, dated as of September 13, 2006 (the “Indenture”), between Chase Auto Owner Trust 2006-B, as issuer (the “Issuer”), and Wells Fargo
Bank, National Association, as indenture trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 In connection with our proposed purchase of $                         aggregate principal
amount of the Notes, we hereby confirm that: 
 (1) we are an institutional “accredited investor” (as defined in
501(a)(1), (2), (3) or (7) (an “IAI”) under the Securities Act of 1933, as amended (the “Securities Act”)) and have such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our investment; 
 (2) we are acquiring the Notes for our own account or for one or more accounts (each of which is an IAI) as to each of which we exercise
sole investment discretion; 
 (3) we understand that the Notes are being offered in a transaction not involving any public
offering in the United States within the meaning of the Securities Act, that the Notes have not been registered under the Securities Act and that (A) the Notes may be offered, resold, pledged or otherwise transferred only (i) to the
Depositor or an Affiliate of the Depositor or (ii) to a person who is an IAI and in accordance with the Indenture and any applicable securities laws of any State of the United States and (B) we will, and each subsequent holder of the Notes
is required to, notify any subsequent purchaser of a Note of the resale restrictions set forth in (A) above; 
  

 H-1 

 (4) we understand that the Notes will bear a legend substantially to the following
effect: 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES THAT SUCH NOTE IS BEING ACQUIRED NOT WITH A VIEW TO DISTRIBUTION AND MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY PURSUANT TO AN APPLICABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. EACH HOLDER OF THIS NOTE AND ANY SUBSEQUENT
HOLDER OF THIS NOTE WILL BE REQUIRED TO CERTIFY, AMONG OTHER THINGS, THAT SUCH HOLDER OR SUBSEQUENT HOLDER IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT.
THE HOLDER OF THIS NOTE WILL, AND EACH SUBSEQUENT HOLDER OF THIS NOTE IS REQUIRED TO, NOTIFY ANY PURCHASER OF SUCH NOTES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. EACH HOLDER OF THIS NOTE WILL NOT TRANSFER THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN EXCEPT TO (1) THE DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR OR (2) A PURCHASER WHO CAN MAKE THE ABOVE REPRESENTATIONS AND AGREEMENTS ON BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. THE HOLDER ACKNOWLEDGES
THAT THE NOTE REGISTRAR AND THE ISSUER RESERVE THE RIGHT PRIOR TO ANY SALE OR OTHER TRANSFER TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS AND OTHER INFORMATION AS THE NOTE REGISTRAR OR THE ISSUER MAY REASONABLY REQUIRE TO CONFIRM
THAT THE PROPOSED SALE OR OTHER TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 
 (5) we understand that any
subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture, we agree to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except
in compliance with, such restrictions and conditions and the Securities Act, and we acknowledge that the Note Registrar and the Issuer reserve the right prior to any sale or other transfer of the Notes to require the delivery of such certifications,
legal opinions and other information as the Note Registrar or the Issuer may reasonably require to confirm that the proposed sale or other transfer complies with the foregoing restrictions; and 
  

 H-2 

 (6) we are acquiring the Notes for investment purposes only with no present intention to
resell the Notes. 
 You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	  
 [Insert Name of
Transferee]

		
	By:	 	  

	Name:	 	
	Title:	 	

  

	Dated:	                         

  

 H-3Administration Agreement, dated September 13, 2006

 EXHIBIT 4.4 
  

 CHASE AUTO OWNER TRUST 2006-B 
 Class A-1 5.43% Asset Backed Notes 
 Class A-2 5.28% Asset Backed Notes

 Class A-3 5.13% Asset Backed Notes 
 Class A-4 5.11% Asset Backed Notes 
 Class B 5.24% Asset Backed Notes 
  

 ADMINISTRATION AGREEMENT

 Dated as of September 13, 2006 
  

 JPMorgan Chase Bank, National Association, 
 As Administrator 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page
	 SECTION 1.
	  	Duties of Administrator	  	2
	 SECTION 2.
	  	Records	  	6
	 SECTION 3.
	  	Compensation	  	7
	 SECTION 4.
	  	Additional Information to be Furnished to Issuer	  	7
	 SECTION 5.
	  	Independence of Administrator	  	7
	 SECTION 6.
	  	No Joint Venture	  	7
	 SECTION 7.
	  	Other Activities of Administrator	  	7
	 SECTION 8.
	  	Term of Agreement; Resignation and Removal of Administrator	  	7
	 SECTION 9.
	  	Action Upon Termination, Resignation or Removal	  	9
	 SECTION 10.
	  	Notices	  	9
	 SECTION 11.
	  	Amendments	  	10
	 SECTION 12.
	  	Successors and Assigns	  	11
	 SECTION 13.
	  	GOVERNING LAW	  	12
	 SECTION 14.
	  	Headings	  	12
	 SECTION 15.
	  	Counterparts	  	12
	 SECTION 16.
	  	Severability	  	12
	 SECTION 17.
	  	Not Applicable to JPMorgan Chase in Other Capacities	  	12
	 SECTION 18.
	  	Limitation of Liability of Owner Trustee, Indenture Trustee and Administrator	  	12
	 SECTION 19.
	  	Third-Party Beneficiary	  	13
	 SECTION 20.
	  	Nonpetition Covenants	  	13
	 SECTION 21.
	  	Liability of Administrator	  	13

  

 i 

 ADMINISTRATION AGREEMENT dated as of September 13, 2006, among CHASE AUTO OWNER TRUST 2006-B, a
Delaware statutory trust (the “Issuer”), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrator (the “Administrator”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its
individual capacity but solely as Indenture Trustee (the “Indenture Trustee”). 
 W I T N
E S S E T H: 
 WHEREAS the Issuer is issuing the Class A-1 5.43% Asset Backed Notes (the
“Class A-1 Notes”), the Class A-2 5.28% Asset Backed Notes (the “Class A-2 Notes”), the Class A-3 5.13% Asset Backed Notes (the “Class A-3 Notes”), the Class A-4 5.11%
Asset Backed Notes (the “Class A-4 Notes”) and the Class B 5.24% Asset Backed Notes (the “Class B Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 and the
Class A-4 Notes, the “Notes”) pursuant to the Indenture dated as of September 13, 2006 (as amended, modified or supplemented from time to time in accordance with the provisions thereof, the “Indenture”),
between the Issuer and the Indenture Trustee. 
 WHEREAS the Issuer has entered into certain agreements in connection with the issuance of
the Notes, including (i) a Sale and Servicing Agreement dated as of September 13, 2006 (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”) (capitalized terms used herein and not
defined herein shall have the meanings assigned such terms in the Sale and Servicing Agreement) between the Issuer and JPMorgan Chase Bank, National Association (“JPMorgan Chase”), as Servicer and Depositor, (ii) an Issuer
Letter of Representations dated September 13, 2006 (the “Issuer Letter of Representations”) between the Issuer and The Depository Trust Company, (iii) a Collection Account Control Agreement dated as of September 13,
2006 (as amended, modified or supplemented from time to time, the “Collection Account Control Agreement”) among the Issuer, the Indenture Trustee and JPMorgan Chase Bank, National Association, as securities intermediary,
(iv) the Amended and Restated Trust Agreement dated as of September 13, 2006 (as amended, modified or supplemented from time to time, the “Trust Agreement”), and (v) the Indenture (the Sale and Servicing Agreement,
the Trust Agreement, the Issuer Letter of Representations, the Collection Account Control Agreement and the Indenture being hereinafter referred to collectively as the “Related Agreements”); 
 WHEREAS pursuant to the Related Agreements, the Issuer and the Owner Trustee are required to perform certain duties in connection with the Notes and the
collateral pledged therefor pursuant to the Indenture (the “Collateral”); 
 WHEREAS the Issuer desires to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee referred to in the preceding clause, and to provide such additional services consistent with the terms of this Agreement and the Related Agreements 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 and the Owner Trustee on the terms set forth herein; 

 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 SECTION 1. Duties of
Administrator. 
 (a) Duties with Respect to the Related Agreements. The Administrator agrees to perform all its duties as
Administrator and the duties of the Issuer and the Owner Trustee under the Issuer Letter of Representations. The Administrator agrees to perform all its duties as Administrator under the Indenture. The Administrator agrees to perform the duty of the
Issuer under Section 5.1(a) of the Sale and Servicing Agreement to move the Collection Account to a Qualified Institution or Qualified Trust Institution, as the case may be. In addition, the Administrator shall consult with the Owner
Trustee regarding the duties of the Issuer and the Owner Trustee under the Related Agreements. 
 The Administrator shall monitor the
performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s or the Owner Trustee’s duties under the Indenture and the Issuer Letter of Representations. The Administrator 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 and opinions as it shall be the duty of the Issuer or the Owner Trustee
to prepare, file or deliver pursuant to the Indenture and the Issuer Letter of Representations. In furtherance of the foregoing, the Administrator shall take all appropriate action that it is the duty of the Issuer or the Owner Trustee to take
pursuant to the Indenture including, without limitation, such of the foregoing as are required with respect to the following matters under the Indenture (references are to sections of the Indenture): 
 (A) the preparation of or obtaining of the documents and instruments required for authentication of the Notes, if any, and delivery of the
same to the Indenture Trustee (Section 2.2); 
 (B) the duty to cause the Note Register to be kept and to give the
Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register and the office or offices where Notes may be surrendered for registration of transfer or exchange
(Section 2.4); 
 (C) the notification of Noteholders of the final principal payment on their Notes
(Section 2.7(b)); 
 (D) the preparation, obtaining or filing of the instruments, opinions and certificates and
other documents required for the release of collateral (Section 2.9); 
 (E) the preparation of Definitive Notes
and arranging the delivery thereof (Section 2.12); 
 (F) the maintenance of an office or agency in the City of
New York for registration of transfer or exchange of Notes (Section 3.2); 
  

 2 

 (G) the duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture
Trustee the instrument specified in the Indenture regarding funds held in trust (Section 3.3); 
 (H) the
direction to Paying Agents to pay to the Indenture Trustee all sums held in trust by such Paying Agents (Section 3.3); 
 (I) the obtaining and preservation of the Issuer’s qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the
Collateral and each other instrument and agreement included in the Trust Estate (Section 3.4); 
 (J) the
preparation and filing of all supplements, amendments, financing statements, continuation statements, if any, instruments of further assurance and other instruments, in accordance with Section 3.5 of the Indenture, necessary to protect
the Trust Estate (Section 3.5); 
 (K) the obtaining of the Opinion of Counsel on the Closing Date and the annual
delivery of Opinions of Counsel, in accordance with Section 3.6 of the Indenture, as to the Trust Estate, and the annual delivery of the Officers’ Certificate and certain other statements, in accordance with Section 3.9
of the Indenture, as to compliance with the Indenture (Sections 3.6 and 3.9); 
 (L) the identification to
the Indenture Trustee in an Officers’ Certificate of a Person with whom the Issuer has contracted to perform its duties under the Indenture (Section 3.7(b)); 
 (M) the notification of the Indenture Trustee and the Rating Agencies of an Event of Servicing Termination pursuant to the Sale and
Servicing Agreement and, if such Event of Servicing Termination arises from the failure of the Servicer to perform any of its duties under the Sale and Servicing Agreement, the taking of all reasonable steps available to remedy such failure
(Section 3.7(d)); 
 (N) the preparation and obtaining of documents and instruments required for the release of
the Issuer from its obligation under the Indenture (Section 3.11(b)); 
 (O) the delivery of notice to the
Indenture Trustee of each Event of Default (Section 3.17); 
 (P) the taking of such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of the Indenture or to compel or secure the performance and observance by the Depositor and the Servicer of their obligations under the Sale and Servicing Agreement
(Sections 3.18 and 5.16); 
 (Q) the monitoring of the Issuer’s obligations as to the satisfaction and
discharge of the Indenture and the preparation of an Officers’ Certificate and the obtaining of the Opinion of Counsel and the Independent Certificate relating thereto (Section 4.1); 
  

 3 

 (R) the preparation and delivery to the Indenture Trustee of any Officer’s
Certificate delivered pursuant to Section 5.1 of the Indenture (Section 5.1); 
 (S) the compliance with
any written directive of the Indenture Trustee with respect to the sale of the Trust Estate in any manner permitted by law if an Event of Default shall have occurred and be continuing (Section 5.4); 
 (T) provide the Indenture Trustee with the information necessary to deliver to each Noteholder such information as may be reasonably
required to enable such Holder to prepare its United States federal and state and local income or franchise tax returns (Section 6.6); 
 (U) the preparation and delivery of notice to Noteholders of the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee (Section 6.8); 
 (V) the preparation of any written instruments required to confirm more fully the authority of any co-trustee or separate trustee and any
written instruments necessary in connection with the resignation or removal of the Indenture Trustee or any co-trustee or separate trustee (Sections 6.8 and 6.10); 
 (W) the furnishing of the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is
not the Note Registrar (Section 7.1); 
 (X) the preparation and, after execution by the Issuer, the filing with
the Securities and Exchange Commission and any applicable state agencies and the Indenture Trustee of documents required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations prescribed by, the
Securities and Exchange Commission and any applicable state agencies and the transmission of such summaries, as necessary, to the Noteholders (Section 7.3); 
 (Y) the obtaining of an Officers’ Certificate, Opinion of Counsel and Independent Certificates, if necessary, for the release of the
Trust Estate as defined in the Indenture (Sections 8.4 and 8.5); 
 (Z) the preparation of Issuer Orders
and Issuer Requests and the obtaining of Opinions of Counsel with respect to the execution of supplemental indentures and the mailing to the Noteholders of notices with respect to such supplemental indentures (Sections 9.1 and
9.2); 
 (AA) the execution of new Notes conforming to any supplemental indenture (Section 9.5);

 (BB) provide the Indenture Trustee with the form of notice necessary to deliver the notification of Noteholders of the
prepayment of the Notes (Section 10.2); 
  

 4 

 (CC) the preparation of all Officers’ Certificates, Opinions of Counsel and
Independent Certificates with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.1(a)); 
 (DD) the preparation and delivery of Officers’ Certificates and the obtaining of Independent Certificates, if necessary, for the
release of property from the lien of the Indenture (Section 11.1(b)); 
 (EE) the preparation and delivery to the
Noteholders and the Indenture Trustee of any agreements with respect to alternate payment and notice provisions (Section 11.6); and 
 (FF) the recording of the Indenture, if applicable (Section 11.15). 
 (b) Additional
Duties. (i) In addition to the duties of the Administrator set forth above, 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 and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Agreements, and at the request of the
Owner Trustee shall take all appropriate action that it is the duty of the Issuer or the Owner Trustee to take pursuant to the Related Agreements. Subject to Section 5 of this Agreement, and in accordance with the directions of the Owner
Trustee, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the Trust Estate (including the Related Agreements) as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator. 
 (ii) Notwithstanding anything in
this Agreement or the Related Agreements to the contrary, the Administrator shall be responsible for performance of the duties of the Owner Trustee and the Issuer set forth in Sections 5.3(a), (b) and (c) of the
Trust Agreement with respect to, among other things, accounting and reports to Class R Certificateholders. 
 (iii) The Administrator may
satisfy its obligations with respect to clause (ii) above by retaining, at the expense of the Administrator, a firm of independent public accountants (the “Accountants”) acceptable to the Owner Trustee which shall
perform the obligations of the Administrator thereunder. 
 (iv) The Administrator shall perform the duties of the Administrator specified in
Sections 10.2 and 10.3 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, the duties of the Administrator specified in Section 10.5 of the Trust
Agreement required to be performed in connection with the appointment and payment of co-Trustees, and any other duties expressly required to be performed by the Administrator under the Trust Agreement. 
 (v) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions with or
otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no
less favorable to the Issuer than would be available from unaffiliated parties. 
  

 5 

 (vi) It is the intention of the parties hereto that the Administrator shall, and the Administrator hereby
agrees to, execute on behalf of the Issuer all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Basic Documents. In furtherance thereof, the
Owner Trustee shall, on behalf of the Issuer, execute and deliver to the Administrator, and to each successor Administrator appointed pursuant to the terms hereof, one or more powers of attorney substantially in the form of Exhibit A
hereto, appointing the Administrator the attorney-in-fact of the Issuer for the purpose of executing on behalf of the Issuer all such documents, reports, filings, instruments, certificates and opinions. 
 (c) Non-Ministerial Matters. (i) 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 Owner Trustee of the proposed action and the Owner Trustee 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 (other than in connection with the collection of the Receivables);

 (B) the amendment, change or modification of the Related Agreements; 
 (C) the appointment of successor Note Registrars, successor Paying Agents and successor Indenture Trustees pursuant to the Indenture or
the appointment of 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 
 (D) 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 or the Class R Certificateholders under
the Related Agreements, (y) sell the Trust Estate pursuant to Section 5.4 of the Indenture or (z) take any action that the Issuer directs the Administrator not to take on its behalf. 
 SECTION 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 by the Issuer, the Owner Trustee, the Indenture Trustee and the
Depositor at any time during normal business hours. 
  

 6 

 SECTION 3. Compensation. 
 As compensation for the performance of the Administrator’s obligations under this Agreement, the Administrator shall be entitled to $1,000 per month
which shall be payable in accordance with Section 5.4 of the Sale and Servicing Agreement. 
 SECTION 4. Additional
Information to be Furnished to Issuer. 
 The Administrator shall furnish to the Issuer from time to time such additional information
regarding the Collateral as the Issuer shall reasonably request, including notification of Noteholders pursuant to Section 1(a) hereof. 
 SECTION 5. Independence of 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 or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer or the Owner
Trustee, as the case may be, the Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 
 SECTION 6. No Joint Venture. 
 Nothing
contained in this Agreement shall (i) constitute the Administrator and either of the Issuer or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity,
(ii) be construed to impose any liability as such on any of them or (iii) be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
 SECTION 7. Other Activities of Administrator. 
 (a) 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 or entity even though such person
or entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee. 
 (b) The
Administrator and its affiliates may generally engage in any kind of business with any person party to a Related Agreement, any of its affiliates and any person who may do business with or own securities of any such person or any of its affiliates,
without any duty to account therefor to the Issuer, the Owner Trustee or the Indenture Trustee. 
 SECTION 8. Term of Agreement;
Resignation and Removal of Administrator. 
 (a) This Agreement shall continue in force until the dissolution of the Issuer, upon which
event this Agreement shall automatically terminate. 
  

 7 

 (b) Subject to Sections 8(e) and (f), the Administrator may resign its duties
hereunder by providing the Issuer and the Owner Trustee with at least 60 days’ prior written notice. 
 (c) Subject to
Sections 8(e) and (f), the Issuer may remove the Administrator without cause by providing the Administrator with at least 60 days’ prior written notice. 
 (d) Subject to Sections 8(e) and (f), at the sole option of the Issuer, the Administrator may be removed immediately upon written
notice of termination from the Issuer to the Administrator if any of the following events shall occur: 
 (i) the
Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default, shall not cure such default within 90 days (or, if such default cannot be cured in such time, shall not give within 90 days
such assurance of cure as shall be reasonably satisfactory to the Issuer); 
 (ii) a court having jurisdiction in the premises
shall enter a decree or order for relief, and such decree or order shall not have been vacated within 60 days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation of its affairs; or 
 (iii) the Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the
Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall make any general assignment for the benefit of creditors or shall fail generally to
pay its debts as they become due. 
 The Administrator agrees that if any of the events specified in clause (ii) or
(iii) of this Section shall occur, it shall give written notice thereof to the Issuer, the Owner Trustee and the Indenture Trustee within seven days after the happening of such event. 
 (e) No resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder. 
 (f) The appointment of any successor Administrator shall be effective only after receipt of written confirmation from each Rating Agency that the
proposed appointment will not result in the reduction or withdrawal of any rating assigned to the Notes by such Rating Agency. 
 (g) A
successor Administrator shall execute, acknowledge and deliver a written acceptance of its appointment hereunder to the resigning Administrator and to the Issuer. 
  

 8 

 Thereupon the resignation or removal of the resigning Administrator shall become effective, and the successor
Administrator shall have all the rights, powers and duties of the Administrator under this Agreement. The successor Administrator shall mail a notice of its succession to the Noteholders. The resigning Administrator shall promptly transfer or cause
to be transferred all property and any related agreements, documents and statements held by it as Administrator to the successor Administrator and the resigning Administrator shall execute and deliver such instruments and do other things as may
reasonably be required for fully and certainly vesting in the successor Administrator all rights, powers, duties and obligations hereunder. 
 (h) In no event shall a resigning Administrator be liable for the acts or omissions of any successor Administrator hereunder. 
 (i)
In the exercise or administration of its duties hereunder and under the Related Agreements, the Administrator may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Administrator shall not
be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Administrator with due care. 
 SECTION 9. Action Upon Termination, Resignation or Removal. 
 Promptly upon the effective date of
termination of this Agreement pursuant to Section 8(a) or the resignation or removal of the Administrator pursuant to Section 8(b) or (c), respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination, resignation or removal. The Administrator shall forthwith upon termination pursuant to Section 8(a) deliver to the Issuer all property and documents of or relating to
the Collateral then in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 8(b) or (c), respectively, the Administrator shall cooperate with the Issuer and take all
reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator. 
 SECTION 10.
Notices. 
 Any notice, report or other communication given hereunder shall be in writing and addressed as follows: 
  

	 	(a)	if to the Issuer or the Owner Trustee, to 

    Wilmington Trust Company 
    1100 North Market Street 
    Wilmington, Delaware 19890-0001 
    Attention: Corporate Trust Administration 
    with a copy to:

    JPMorgan Chase Bank, National Association 
    c/o Chase Auto Finance Corp. 
    900 Stewart Avenue 
  

 9 

    Garden City, New York 11530 
    Attention: Financial Controller 
  

	 	(b)	if to the Administrator, to 

   
JPMorgan Chase Bank, National Association  
    c/o Chase Auto Finance Corp. 
    900 Stewart Avenue 
    Garden City, New York 11530 
    Attention: Financial Controller 
  

	 	(c)	if to the Indenture Trustee, to 

    Wells Fargo Bank, National Association 
    Sixth Street and Marquette Avenue MAC N9311-161

    Minneapolis, Minnesota 55479 
  

	 	(d)	if to the Depositor, to 

   
JPMorgan Chase Bank, National Association 
    c/o Chase Auto Finance Corp. 
    900 Stewart Avenue 
    Garden City, New York 11530 
    Attention: Financial Controller

 or to such other address as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed
given if such notice is mailed by certified mail, postage prepaid, or hand-delivered to the address of such party as provided above, except that notices to the Indenture Trustee are effective only upon receipt. 
 SECTION 11. 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; provided, that such amendment shall not, as evidenced by an
Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Indenture Trustee, the Noteholders or the Owner Trustee. Any term or provision of this Agreement may be amended by the
Administrator without the consent of any Noteholder but with the consent of the Indenture Trustee and the Owner Trustee; provided, that such amendment shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee,
materially and adversely affect the interests of the Noteholder. For greater clarity, except as otherwise expressly provided herein, the consent of a Person shall not be required for any amendment if the interests of such Person are not materially
and adversely affected. 
 (b) Any term or provision of this Agreement may be amended by the Administrator but without the consent of the
Indenture Trustee, any Noteholder, the Issuer, the 
  

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 Owner Trustee or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to
enable the Depositor, the Servicer or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle or for any other purpose, it being a condition to any such amendment that
the Rating Agency Condition shall have been satisfied. 
 (c) This Agreement may also be amended from time to time by the Issuer, the
Administrator and the Indenture Trustee, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes that are adversely affected by such amendment, 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 such adversely affected Noteholders, provided that no such amendment shall, without the consent of every Noteholder
affected thereby, (i) reduce the interest rate or principal amount of any Note, or delay the Note Final Scheduled Payment Date of any Note without the consent of the Noteholder of such Note, or (ii) reduce the percentage of the aggregate
outstanding principal amount of the Outstanding Notes, the Noteholders of which are required to consent to any matter without the consent of the Noteholders of at least the percentage of the aggregate outstanding principal amount of the Outstanding
Notes which were required to consent to such matter before giving effect to such amendment. 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. 
 (d) Prior to the execution of any such amendment to this Agreement,
the Administrator shall provide written notification of the substance of such amendment to each Rating Agency, the Indenture Trustee and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Administrator shall
furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture Trustee. 
 (e) Prior to the execution
of any amendment to this Agreement, the Issuer, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this
Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into or execute on behalf of the Issuer any such
amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement, provided, however, that no provision which materially affects the Owner
Trustee’s or the Indenture Trustee’s rights, duties or immunities may be amended without the prior written consent of the Owner Trustee or the Indenture Trustee, as applicable. 
 SECTION 12. Successors and Assigns. 
 This Agreement may not be assigned by the Administrator unless such assignment is previously consented to in writing by the Issuer and the Owner Trustee and subject 
  

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 to receipt by the Owner Trustee of written confirmation from each Rating Agency that such assignment will not result in
the qualification, downgrading or withdrawal of any rating assigned to the Notes and Certificates by such Rating Agency in respect thereof. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee
hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer or the Owner Trustee to a corporation or other organization
that is a successor (by merger, consolidation or purchase of assets) to the Administrator; provided, that such successor organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement in which such
corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties
hereto. 
 SECTION 13. GOVERNING LAW. 
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 14. Headings. 
 The section headings hereof have been inserted for convenience of reference
only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
 SECTION 15. Counterparts.

 This Agreement may be executed in counterparts, each of which when so executed shall together constitute but one and the same agreement.

 SECTION 16. Severability. 
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 17.
Not Applicable to JPMorgan Chase in Other Capacities. 
 Nothing in this Agreement shall affect any obligation that JPMorgan Chase may
have in any other capacity. 
 SECTION 18. Limitation of Liability of Owner Trustee, Indenture Trustee and Administrator. 

(a) Notwithstanding anything contained herein to the contrary, this instrument has been signed by Wilmington Trust Company not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its individual capacity or any beneficial owner of the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder, 
  

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 as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the
performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been signed by Wells Fargo Bank, National Association,
not in its individual capacity but solely as Indenture Trustee, and in no event shall Wells Fargo Bank, National Association, have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder
or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 
 (c) No recourse under any obligation, covenant or agreement of the Issuer contained in this Agreement shall be had against any agent of the Issuer (including the Administrator) as such by the enforcement of any
assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely an obligation of the Issuer as a Delaware statutory trust, and that no personal
liability whatsoever shall attach to or be incurred by any agent of the Issuer (including the Administrator), as such, under or by reason of any of the obligations, covenants or agreements of the Issuer contained in this Agreement, or implied
therefrom, and that any and all personal liability for breaches by the Issuer of any such obligations, covenants or agreements, either at common law or at equity, or by statute or constitution, of every such agent is hereby expressly waived as a
condition of and in consideration for the execution of this Agreement. 
 SECTION 19. Third-Party Beneficiary. 
 The Owner Trustee is a third-party beneficiary to this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions
hereof as if it were a party hereto. 
 SECTION 20. Nonpetition Covenants. 
 Notwithstanding any prior termination of this Agreement, the Administrator, the Issuer and the Indenture Trustee shall not, prior to the date which is one
year and one day after payment in full of the Notes, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court of government authority for the purpose of commencing or sustaining a case against the Issuer under
any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up
or liquidation of the affairs of the Issuer. 
 SECTION 21. Liability of Administrator. 
 Notwithstanding any provision of this Agreement, the Administrator shall not have any obligations under this Agreement other than those specifically set
forth herein, and no implied obligations of the Administrator shall be read into this Agreement. Neither the Administrator nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken in good
faith by it or them under or in connection with this 
  

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 Agreement, except for its or their own gross negligence or willful misconduct and in no event shall the Administrator be
liable under or in connection with this Agreement for indirect, special, or consequential losses or damages of any kind, including lost profits, even if advised of the possibility thereof and regardless of the form of action by which such losses or
damages may be claimed. Without limiting the foregoing, the Administrator may (a) consult with legal counsel (including counsel for the Issuer), independent public accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts and (b) shall incur no liability under or in respect of this Agreement by acting upon any notice (including notice by
telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. 
 [Signatures Follow] 
  

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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. 
  

			
	CHASE AUTO OWNER TRUST 2006-B
		
	By:	 	WILMINGTON TRUST COMPANY,
		 	not in its individual capacity but solely
		 	as Owner Trustee,
		
	By:	 	 /s/ Michele C. Harra

	Name:	 	Michele C. Harra
	Title:	 	Financial Services Officer

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, not in its individual capacity but
 solely as Indenture Trustee,

		
	By:	 	 /s/ Cory Branden

	Name:	 	Cory Branden
	Title:	 	Vice President

			
	 JPMORGAN CHASE BANK, NATIONAL 
 ASSOCIATION, as Administrator

		
	By:	 	 /s/ Stephen R. Etherington

	Name:	 	Stephen R. Etherington
	Title:	 	Vice President

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