Document:

EX-10.5

 Exhibit 10.5 

(Multicurrency—Cross Border) 

ISDA® 

International Swap Dealers Association, Inc. 

MASTER AGREEMENT 
 dated as
of [                    ] 

[                    ] and
CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ] 
 have
entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming
evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions. 
 Accordingly, the parties agree as follows:—

  

	1.	 Interpretation 

(a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master
Agreement. 
 (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this
Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the relevant Transaction.

 (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a
single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 
  

	2.	 Obligations 

(a) General Conditions. 
 (i) Each
party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 

(ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant
Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for
receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or
Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and
(3) each other applicable condition precedent specified in this Agreement. 
 (b) Change of Account. Either party may change its account
for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a
reasonable objection to such change. 
 Copyright © 1992 by
International Swap Dealers Association, Inc. 

 (c) Netting. If on any date amounts would otherwise be payable:— 

(i) in the same currency; and 

(ii) in respect of the same Transaction, 
 by
each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the
aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over
the smaller aggregate amount. 
 The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts
payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that
subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such
date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 

(d) Deduction or Withholding for Tax. 

(i) Gross-Up. All payments under this Agreement will be made without any deduction or
withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or
withhold, then that party (“X”) will:— 
 (1) promptly notify the other party (“Y”) of such requirement; 

(2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or
withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y; 

(3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment
to such authorities; and 
 (4) if such Tax is an lndemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled
under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such
deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 

(A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 

(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have
occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a
party to this Agreement) or (II) a Change in Tax Law. 
 (ii) Liability. If:— 

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or
withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2) X does not so
deduct or withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 

  

					
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 then, except to the extent Y has satisfied or then satisfies the liability resulting from
such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in
Section 4(a)(i), 4(a)(iii) or 4(d)). 
 (e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after
judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such
interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the
performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 

 

	3.	 Representations 

Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that:— 
 (a) Basic
Representations. 
 (i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its
organisation or incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute
this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its
obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to
it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 

(iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement
or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute
its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 (b)
Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (c) Absence of
Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator
that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 

  

					
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 (d) Accuracy of Specified Information. All applicable information that is furnished in writing
by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is
accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this
Section 3(f) is accurate and true. 
  

	4.	 Agreements 

Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to
which it is a party:— 
 (a) Furnish Specified Information. It will deliver to the other party or, in certain cases under subparagraph
(iii) below, to such government or taxing authority as the other party reasonably directs:— 
 (i) any forms, documents or
certificates relating to taxation specified in the Schedule or any Confirmation; 
 (ii) any other documents specified in the Schedule or any
Confirmation; and 
 (iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in
writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or
withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be
accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 

in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other
authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 

(c) Comply with Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to
comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (d)
Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or
performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located
(“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	 Events of Default and Termination Events 

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party:— 

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under
Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 

  

					
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 (ii) Breach of Agreement. Failure by the party to comply with or perform any
agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii)
or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 

(iii) Credit Support Default. 

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with
or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

(2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force
and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written
consent of the other party; or 
 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in
part, or challenges the validity of, such Credit Support Document; 
 (iv) Misrepresentation. A representation (other than a
representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or
misleading in any material respect when made or repeated or deemed to have been made or repeated; 
 (v) Default under Specified
Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period,
there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or
delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace
period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or
existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more
agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified
Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or
such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any
applicable notice requirement or grace period); 
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or
any applicable Specified Entity of such party:— 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors;
(4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented
for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy
or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not 

  

					
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dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment,
sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes
any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 (viii)
Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such
consolidation, amalgamation, merger or transfer:— 
 (1) the resulting, surviving or transferee entity fails to assume all the
obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to
this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the
performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination Events. The
occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a
Tax Event if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to (iv) below or
an Additional Termination Event if the event is specified pursuant to (v) below:— 
 (i) Illegality. Due to the
adoption of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction
of any applicable law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 

(1) to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such
Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
 (2) to perform, or for any
Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 

(ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or
after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a
substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest
under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

  

					
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 (iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the
next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or
(2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of
Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where
such action does not constitute an event described in Section 5(a)(viii); 
 (iv) Credit Event Upon Merger. If
“Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or
into, or transfers all or substantially all its assets to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially
weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 

(v) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any
Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation). 

(c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also
constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 
  

	6.	 Early Termination 

(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the
“Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant
Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as
applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to
the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in
Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
 (b) Right to Terminate Following Termination Event. 

(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party,
specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably require. 

(ii) Transfer to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there
is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in
respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
 If the
Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under
Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior
written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 

  

					
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 (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or
a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event, 

(iv) Right to Terminate. If:— 

(1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect
to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (2) an Illegality under
Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax
Event or an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by
not more than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected
Transactions. 
 (c) Effect of Designation. 

(i) If notice designating an Early Termination Date is given under Section 6(a) or (h), the Early Termination Date will occur on the date
so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective
designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement.
The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e). 
 (d) Calculations.

 (i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party
will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount
payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation.
the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation. 
 (ii)
Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which
is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of
a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to
(but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 

(e) Payments on Early Termination. If an Early Termination Date occurs, the following provisions shall apply based on the parties’ election
in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If the parties fail to designate a payment measure or payment
method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this
Section will be subject to any Set-off. 

  

					
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 (i) Events of Default. If the Early Termination Date results from an Event of
Default:— 
 (1) First Method and Market Quotation. If the First Method and Market Quotation apply, the Defaulting Party will pay
to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the
Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party. 
 (2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 

(3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the
sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be payable equal to the
Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it
is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(ii) Termination Events. If the Early Termination Date results from a Termination Event:— 

(1) One Affected Party. If there is one Affected Party, the amount payable will be determined in accordance with
Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed
to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions.

 (2) Two Affected Parties. If there are two Affected Parties:— 

(A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will
be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party
with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 

(B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being
terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the
party with the lower Loss (“Y”). 
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X
will pay the absolute value of that amount to Y. 
 (iii) Adjustment for Bankruptcy. In circumstances where an Early
Termination Date occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any
payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 

  

					
		  	9	  	ISDA ® 1992

 (iv) Pre-Estimate. The parties agree
that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of
protection against future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 

 

	7.	 Transfer 

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the other party, except that:— 
 (a) a party may make such a transfer of
this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 

(b) a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e). 

Any purported transfer that is not in compliance with this Section will be void. 
  

	8.	 Contractual Currency 

(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for
that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other
than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in
respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any
reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 

(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency
is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another
court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency
received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the
judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the
Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the
purchase of or conversion into the Contractual Currency. 
 (c) Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any
payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a
loss had an actual exchange or purchase been made. 

  

					
		  	10	  	ISDA ® 1992

	9.	 Miscellaneous 

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and
supersedes all oral communication and prior writings with respect thereto. 
 (b) Amendments. No amendment, modification or waiver in respect
of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system.

 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will
survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and
privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
 (e)
Counterparts and Confirmations. 
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 
 (ii) The parties
intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation shall he entered into as soon as practicable and may he executed and delivered in
counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding
supplement to this Agreement. The parties will specify therein or through another effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 

(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to
operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

 (g) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be
taken into consideration in interpreting this Agreement. 
  

	10.	 Offices; Multibranch Parties 

(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
 (b) Neither
party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of the other party. 

(c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction
through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation. 

 

	11.	 Expenses 

A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which
the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 

  

					
		  	11	  	ISDA ® 1992

	12.	 Notices 

(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a
notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and delivered in person or by courier, on the date it is
delivered; 
 (ii) if sent by telex, on the date the recipient’s answerback is received; 

(iii) if sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form
(it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is
delivered or its delivery is attempted; or 
 (v) if sent by electronic messaging system, on the date that electronic message is received,

 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered
(or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 

(b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system
details at which notices or other communications are to be given to it. 
  

	13.	 Governing Law and Jurisdiction 

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 

(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party
irrevocably:— 
 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or
to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed
by the laws of the State of New York; and 
 (ii) waives any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over
such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed
to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being
in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c)
Service of Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s
Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner
provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law. 

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its
revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific
performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings
in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

  

					
		  	12	  	ISDA ® 1992

	14.	 Definitions 

As used in this Agreement:— 
 “Additional
Termination Event” has the meaning specified in Section 5(b). 
 “Affected Party” has the
meaning specified in Section 5(b). 
 “Affected Transactions” means (a) with respect to any Termination
Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by
the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the
voting power of the entity or person. 
 “Applicable Rate” means:— 

(a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 

(b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance
with Section 6(d)(ii)) on which that amount is payable, the Default Rate; 
 (c) in respect of all other obligations payable or deliverable (or which
would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 

(d) in all other cases, the Termination Rate. 

“Burdened Party” has the meaning specified in Section 5(b). 

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to,
any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange
control consent. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. “Credit
Support Provider” has the meaning specified in the Schedule. 
 “Default Rate” means a rate per annum equal to
the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 

“Defaulting Party” has the meaning specified in Section 6(a). 

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(h)(iv). 

“Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 

“Illegality” has the meaning specified in Section 5(b). 

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this
Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection
arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document). 

  

					
		  	13	  	ISDA ® 1992

 “law” includes any treaty, law, rule or regulation (as modified, in
the case of tax matters, by the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including
dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in
writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal financial
centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in
the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified
Transaction. 
 “Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case may
be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that
Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating,
liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming
satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a
party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if
that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the
relevant markets. 
 “Market Quotation” means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party
(expressed as a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a
transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the
satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date,
have been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant
Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the
Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without regard to
different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a determination
under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the
highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest
value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be
determined. 
 “Non-default Rate” means a rate per annum equal to the cost
(without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 

“Non-defaulting Party” has the meaning specified in Section 6(a). 

  

					
		  	14	  	ISDA ® 1992

 “Office” means a branch or office of a party, which may be such
party’s head or home office. 
 “Potential Event of Default” means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default. 
 “Reference Market-makers” means four leading
dealers in the relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding
whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated,
organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to
any payment, from or through which such payment is made. 
 “Scheduled Payment Date” means a date on which a payment
or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 

“Set-off” means set-off, offset,
combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or
otherwise) that is exercised by, or imposed on, such payer. 
 “Settlement Amount” means, with respect to a party and
any Early Termination Date, the sum of:— 
 (a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each
Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 
 (b) such party’s Loss (whether positive
or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the
determination) produce a commercially reasonable result. 
 “Specified Entity” has the meanings specified in the
Schedule. 
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable
Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a
Specified Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp, registration,
documentation or similar tax. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee
of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority inrespect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 

“Tax Event” has the meaning specified in Section 5(b). 

“Tax Event Upon Merger” has the meaning specified in Section 5(b). 

“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a Termination
Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early
Termination” applies, immediately before that Early Termination Date). 
 “Termination Currency” has the meaning
specified in the Schedule. 

  

					
		  	15	  	ISDA ® 1992

 “Termination Currency Equivalent” means, in respect of any amount
denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined
by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later
date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m.
(in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The
foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 

“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a
Credit Event Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per annum equal to the
arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as
at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on
or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date
for delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or
performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties. 
 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with
effect from the date specified on the first page of this document. 
  

			
	[                    ]	  	CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ]

 

			
	 By:
	  	[                    ], not in its individual
		  	capacity but solely as Owner Trustee

			
	By:	 	  

		 	Name:
		 	Title:

  

			
	By:	 	  

		 	Name:
		 	Title:

  

					
		  	16	  	ISDA ® 1992

 ISDA 

International Swap Dealers Association, Inc. 

SCHEDULE 
 to the

 Master Agreement 

dated as of [                    ] 

between 

[                    ]
(“Party A”) and 
 Capital One Prime Auto Receivables Trust
[        ]–[    ] (“Party B”) 
 Part
1.    Termination Provisions. 
  

	(a)	 The following shall apply: 

(i) Termination by Party A - Events of Default. Notwithstanding the provisions of Section 5(a), the only events
which will constitute Events of Default when they occur in relation to Party B will be those events specified in Sections 5(a)(i) (Failure To Pay Or Deliver), and Section 5(a)(vii) (Bankruptcy), provided that with respect to
Party B the provisions of Section 5(a)(vii) clauses (2), (7) and (9) will not be applicable as an Event of Default; clause (3) will not apply to Party B to the extent it refers to any assignment, arrangement or composition
that is effected by or pursuant to the Indenture; clause (4) will not apply to Party B to the extent that it refers to proceedings or petitions instituted or presented by Party A or any of its Affiliates; clause(6) will not apply to
Party B to the extent that it refers to (i) any appointment that is contemplated or effected by the Indenture (as defined herein) or (ii) any appointment that Party B has not become subject to); clause (8) will not apply to
Party B to the extent that it applies to Section 5(a)(vii)(2), (4), (6), and (7) (except to the extent that such provisions are not disapplied with respect to Party B). 

Accordingly, the provisions of Section 5(a)(ii) (Breach Of Agreement), the provisions of Section 5(a)(iii) (Credit Support Default)
(other than Section 5(a)(iii)(1)), the provisions of Section 5(a)(iv) (Misrepresentation), the provisions of Section 5(a)(v) (Default Under Specified Transaction), the provisions of Section 5(a)(vi) (Cross Default), the
provisions of Section 5(a)(vii) (Bankruptcy) set forth in the proviso in the preceding paragraph and the provisions of Section 5(a)(viii) (Merger Without Assumption) will in no circumstances be regarded as having given rise to an Event of
Default with respect to Party B. 
 (ii) Termination by Party A - Termination Events Notwithstanding the
provisions of Section 5(b), and save as otherwise provided herein, the only events which will constitute Termination Events when they occur in relation to Party B will be those events specified in Section 5(b)(i) (Illegality),
Section 5(b)(ii) (Tax Event), Section 5(b)(iii) (Tax Event Upon Merger) and Section 5(b)(v) (Additional Termination Event); provided that Party A shall not be entitled to designate an Early Termination Date by reason of a
Tax Event Upon Merger in respect of which it is the Affected Party. Accordingly, the provisions of Section 5(b)(iv) (Credit Event Upon Merger) will not be regarded as having given rise to a Termination Event with respect to Party B. 

  

					
		  		  	Schedule to ISDA Master Agreement

 (iii) Termination by Party B - Events of Default and Termination Events. Save
as otherwise provided herein, the provisions of Section 5 will apply with respect to Party A without amendment. For purposes of Section 5(a)(vi) (Cross Default), the Threshold Amount applicable to Party A shall be 3% of
shareholder equity (excluding deposits). 
  

	(b)	 “Specified Entity” none specified in relation to either Party A or Party B.

  

	(c)	 “Specified Transaction” will have the meaning specified in Section 14 of this Agreement.

  

	(d)	 The “Automatic Early Termination” provision of Section 6(a) of this Agreement will not
apply to Party A and will not apply to Party B. 

  

	(e)	 Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:

 Market Quotation will apply and the Second Method will apply; [provided, however, with respect to an early
termination in which Party A is the Defaulting Party or sole Affected Party in respect of an Additional Termination Event or Tax Event Upon Merger, notwithstanding Section 6 of this Agreement, the following amendment to this
Agreement set forth in paragraphs (i) to (vi) below shall apply: 
 (i) The definition of “Market Quotation” shall be deleted
in its entirety and replaced with the following: 
 “Market Quotation” means, with respect to one or more Terminated
Transactions, a Firm Offer which is (1) made by a Reference Market-maker that is an Eligible Replacement, (2) for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive
number) in consideration of an agreement between Party B and such Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic
equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transactions or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that Date, (3) made on the basis that Unpaid Amounts in respect of the Terminated Transaction
or group of Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included and (4) made in respect of a Replacement Transaction with commercial terms substantially the same as those of this Agreement (save for the exclusion of provisions relating to Transactions that are not
Terminated Transactions).” 

  

					
		  	2	  	Schedule to ISDA Master Agreement

 (ii) The definition of “Settlement Amount” shall be deleted in its entirety and
replaced with the following: 
 “Settlement Amount” means, with respect to any Early Termination Date, an amount
(as determined by Party B) equal to: 
 (a) if, on or prior to such Early Termination Date, a Market Quotation for the relevant
Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to become legally binding, the Termination Currency Equivalent of the amount (whether positive or negative) of such Market Quotation; 

(b) if, on such Early Termination Date, no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is
accepted by Party B so as to become legally binding and one or more Market Quotations have been communicated to Party B and remain capable of becoming legally binding upon acceptance by Party B, the Termination Currency Equivalent of
the amount (whether positive or negative) of the lowest of such Market Quotations; and 
 (c) if, on such Early Termination Date, no Market
Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to become legally binding and no Market Quotations have been communicated to Party B and remain capable of becoming legally
binding upon acceptance by Party B, Party B’s Loss (whether positive or negative and without reference to Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated Transactions. 

(iii) For the purpose of sub-paragraph (4) of the definition of Market Quotation, Party B
shall determine in its sole discretion, acting in a commercially reasonable manner, whether a Firm Offer is made in respect of a Replacement Transaction with commercial terms substantially the same as those of this Agreement (save for the exclusion
of provisions relating to Transactions that are not Terminated Transactions). 
 (iv) Party B undertakes to use its reasonable efforts
to obtain at least one Market Quotation before the Early Termination Date. 
 (v) If Party B requests Party A in writing to obtain
Market Quotations, Party A shall use its reasonable efforts to do so before the Early Termination Date. 
 (vi) If the Settlement Amount
is a negative number, Section 6(e)(i)(3) of this Agreement shall be deleted in its entirety and replaced with the following: 

“Second Method and Market Quotation”. If Second Method and Market Quotation apply, (1) Party B shall pay to
Party A an amount equal to the absolute value of the Settlement Amount in respect of the Terminated Transactions, (2) Party B shall pay to Party A the Termination Currency Equivalent of the Unpaid Amounts owing to Party A
and (3) Party A shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing to Party B, provided that, (i) the amounts payable under (2) and (3) shall be subject to netting in accordance with
Section 2(c) of this Agreement and (ii) notwithstanding any other provision of this Agreement, any amount payable by Party A under (3) shall not be netted-off against any amount payable by
Party B under (1).”] [To be included if Moody’s is rating the transaction] 
  

	(f)	 “Termination Currency” means U.S. Dollars. 

  

					
		  	3	  	Schedule to ISDA Master Agreement

	(g)	 Additional Termination Event will apply. Each of the following events shall constitute an
Additional Termination Event hereunder: 

 (i) Liquidations of Collateral. The following shall constitute an
Additional Termination Event in which Party B shall be the sole Affected Party: Any liquidation of the Collateral occurs following an Event of Default under the Indenture or the Notes are otherwise redeemed or prepaid in full other than in
connection with an optional purchase of Receivables pursuant to Section 7.01 of the Servicing Agreement. 
 (ii) Regulation AB
Financial Disclosure. The following shall constitute an Additional Termination Event in which Party A shall be the sole Affected Party: The failure of Party A to materially comply with or materially perform any agreement or undertaking
to be complied with or performed by Party A under Part 5(s) of this Schedule. 
 (iii) [Include relevant rating agency downgrade
triggers, as applicable] 
 Part 2.    Tax Representations 

 

	(a)	 Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A will make the
following representation and Party B will make the following representation: 

 It is not required by any applicable law,
as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or
6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other
party does not deliver a form or document under Section 4(a)(iii) of this Agreement by reason of material prejudice to its legal or commercial position. 
  

	(b)	 Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B will
make the representations in (i) and (ii) below. 

  

	 	(i)	 Party A represents that it is a
[                    ] organized under the laws of
[                    ]. 

  

	 	(ii)	 Party B represents that it is a [Delaware statutory trust] organized or formed under the laws of the [State of
Delaware]. 

 Part 3.    Agreement to Deliver Documents. 

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable: 

  

					
		  	4	  	Schedule to ISDA Master Agreement

	(a)	 Tax forms, documents or certificates to be delivered are: 

Party A and Party B shall promptly deliver to the other party (or as directed) any form or document accurately completed and in a
manner reasonably satisfactory to the other party that may be required or reasonably requested in order to allow the other party to make a payment under a Transaction without any deduction or withholding for or on account of any Tax or with such
deduction or withholding at a reduced rate, promptly upon reasonable demand by the other party. 
  

	 	(b)	    Other documents to be delivered are: 

 

							
	 Party required to
deliver document
	  	 Form/Document/
Certificate
	  	 Date by which to be
delivered
	  	 Covered by
Section 3(d)
Representation of
this
Agreement

	Party A and Party B	  	Evidence of the authority of the signatories of this Agreement including specimen signatures of such signatories.	  	Upon execution of this Agreement.	  	Yes
				
	Party A	  	An opinion of counsel addressed to Party B in form and substance reasonably acceptable to Party B.	  	Upon execution of this Agreement.	  	No
				
	Party B	  	An opinion of Party B’s counsel addressed to Party A in form and substance reasonably acceptable to Party A.	  	Upon execution of this Agreement.	  	No
				
	Party B	  	A duly executed certificate of the secretary or assistant secretary of the Owner Trustee of Party B certifying the name and true signature of each person authorized to execute this Agreement and enter into Transactions for
Party B.	  	Upon execution of this Agreement.	  	Yes
				
	Party B	  	Copies of executed Indenture and Sale and Agreement.	  	Upon execution of such Agreements	  	Yes
				
	Party A	  	Financial data relating to Party A, as required pursuant to Part 5(s) of this Schedule.	  	As required pursuant to Part 5(s) of this Schedule.	  	Yes

  

					
		  	5	  	Schedule to ISDA Master Agreement

							
	 Party required to
deliver document
	  	 Form/Document/
Certificate
	  	 Date by which to be
delivered
	  	 Covered by
Section 3(d)
Representation of
this
Agreement

	Party A	  	Executed Indemnification and Disclosure Agreement, among Party A, Capital One, National Association and Capital One Auto Receivables, LLC relating to Party A’s furnished information for use in the Prospectus and other
matters.	  	Upon or prior to execution of this Agreement	  	Yes

 Part 4.    Miscellaneous. 

 

	(a)	 Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

Address for notices or communications to Party A: 

[                    ] 

[                    ] 

[                    ] 

[                    ] 

[                    ] 

[                    ] 

Address for notices or communications to Party B: 

[                    ] 

[                    ] 

[                    ] 

[                    ] 

[                    ] 

With a copy to: 
 Capital One, National
Association 
 1680 Capital One Drive 

McLean, Virginia 22102 

Attention: [                    ] 

With a copy to the Indenture Trustee at: 

[                    ] 

[                    ] 

[                    ] 

[                    ] 

  

					
		  	6	  	Schedule to ISDA Master Agreement

	(b)	 Process Agent. For the purpose of Section 13(c) of this Agreement: 

Party A appoints as its Process
Agent                [                    ] 

Party B appoints as its Process Agent                Not
applicable 
  

	(c)	 Notices. Section 12(a) of the Agreement is amended by adding the words in the third line thereof
after the phrase “messaging system” and before the “)” the words “; provided, however, any such notice or other communication may be given by facsimile transmission if telex is unavailable, no telex number is supplied by the
party providing notice, or if answer back confirmation is not received from the party to whom the telex is sent.” 

  

	(d)	 Offices. The provisions of Section 10(a) of this Agreement will apply to this Agreement.

  

	(e)	 Multibranch Party. For the purpose of Section 10(c) of this Agreement: 

[Party A is not a Multibranch Party.] 

Party B is not a Multibranch Party. 
  

	(f)	 Calculation Agent. The Calculation Agent is Party B, unless otherwise specified in a Confirmation in
relation to the relevant Transaction. 

  

	(g)	 Credit Support Document. Details of any Credit Support Document: 

 

					
		 	With respect to Party A:	  	The Credit Support Annex and any Eligible Guarantee in support of Party A’s obligations under this Agreement
			
		 	With respect to Party B:	  	Not applicable.

  

	(h)	 Credit Support Provider. Credit Support Provider means in relation to 

 

					
		  	Party A:	  	The guarantor under any Eligible Guarantee in support of Party A’s obligations under this Agreement.
			
		  	Party B:	  	Not applicable.

  

	(i)	 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State
of New York (without reference to choice of laws doctrine except Section 5-1401 and Section 5-1402 of the New York General Obligation Law).

  

	(j)	 Netting of Payments. The limitation set forth in Section 2(c)(ii) of this Agreement
will apply and therefore the netting in Section 2(c) of this Agreement will be limited to the same Transaction. 

  

	(k)	 “Affiliate” will have the meaning specified in Section 14 of this Agreement.

  

	(l)	 No Gross Up by Party B. Section 2(d)(i)(4) is hereby deleted and replaced by the following:

  

					
		  	7	  	Schedule to ISDA Master Agreement

 “(4) (A) If Party A is the party so required to deduct or withhold, then Party A shall
make such additional payment as is necessary to ensure that the net amount actually received by Party B (free and clear of all Taxes, whether assessed against it or Party B) will equal the full amount Party B would have received had no such
deduction or withholding been required; and 
 (B) if Party B is the party so required to deduct or withhold, then Party B shall make the
relevant payment subject to such deduction or withholding and Party B will not be required to gross up. 
 For the avoidance of doubt, the
fact that any payment is made by Party B subject to the provisions of (B) above shall at no time affect the obligations of Party A under (A) above.” 

Part 5.    Other Provisions. 
  

	(a)	 ISDA Definitions 

The definitions and provisions contained in the 2006 ISDA Definitions (the “2006 Definitions”) as published by the International
Swaps and Derivatives Association, Inc. are incorporated by reference into this Agreement. The Agreement and each Transaction will be governed by the 2006 Definitions as they may be officially amended and supplemented from time to time by ISDA. 

For the sake of clarity, unless otherwise specified in this Agreement, the following documents shall govern in the order in which they are
listed in the event of any inconsistency between any of the documents: 
  

	 	(i)	 the Confirmation; 

  

	 	(ii)	 the Schedule; 

  

	 	(iii)	 the 2006 Definitions; and 

 

	 	(iv)	 the printed form of ISDA Master Agreement. 

 

	(b)	 Relationship Between Parties 

Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement
between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 
 (i) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own
judgement and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that
information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. It has not received from the other party any assurance or guarantee as to
the expected results of that Transaction. 
 (ii) Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

  

					
		  	8	  	Schedule to ISDA Master Agreement

 (iii) Status of Parties. Each party is acting as principal and not as agent and the
other party is not acting as a fiduciary for or as an advisor to it in respect of that Transaction. 
 (iv) Eligible Contract
Participant. It is an “eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended, 7 U.S.C. Section 1a(18). 

(v) ERISA. It continuously represents that it is not (i) an employee benefit plan (an “ERISA Plan”) as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), subject to Title 1 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended, (ii) a person or entity
acting on behalf of an ERISA Plan or (iii) a person or entity the assets of which constitute assets of an ERISA Plan.” It will provide notice to the other party in the event that it is aware that it is in breach of any aspect of this
representation or is aware that with the passing of time, giving of notice or expiry of any applicable grace period, it will breach this representation. 
  

	(c)	 Waiver of Jury Trial. Each party hereby irrevocably waives any and all rights to trial by jury with
respect to any legal proceeding arising out of or relating to this Agreement or any Transaction contemplated hereby. 

  

	(d)	 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction unless such severance shall substantially impair the benefits of the remaining portions of this Agreement or changes the reciprocal obligations of the parties. The parties hereto shall endeavour in good faith negotiations to replace the
prohibited or unenforceable provision with a valid provision, the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision. 

 

	(e)	 Transfers. Notwithstanding the provisions of Section 7: 

(i) No transfer by Party A of this Agreement or any interest or obligation in or of Party A under this Agreement shall be effective
unless: 
  

	 	(A)	 Party B consents to such transferee; 

 

	 	(B)	 The Rating Agency Condition shall have been satisfied; 

 

	 	(C)	 Party A shall have given Party B, the Servicer and the Indenture Trustee at least twenty days prior written
notice of the proposed transfer; and 

  

	 	(D)	 such transfer otherwise complies with the terms of the Indenture and the other Transaction Agreements.

 (ii) Except to the extent contemplated by the Indenture, neither this Agreement nor any interest in or under this
Agreement may be transferred by Party B to any other entity save with Party A’s prior written consent (such consent not to be unreasonably withheld or delayed). 

  

					
		  	9	  	Schedule to ISDA Master Agreement

	(f)	 Permitted Security Interest. For purposes of Section 7 of this Agreement, Party A
hereby consents to the Permitted Security Interest. 

 “Permitted Security Interest” means the
pledge and assignment by Party B of the Swap Collateral to the Indenture Trustee pursuant to the Indenture, and the granting to the Indenture Trustee of a security interest in the Swap Collateral pursuant to the Indenture. 

“Swap Collateral” means all right, title and interest of Party B in this Agreement, each Transaction hereunder, and all
present and future amounts payable by Party A to Party B under or in connection with this Agreement or any Transaction governed by this Agreement, including, without limitation, any transfer or termination of any such Transaction. 

“Indenture Trustee” means
[                    ] or any successor, acting as Indenture Trustee pursuant to the Indenture. 

 

	(g)	 Absence of Certain Events. Section 3(b) of this Agreement is hereby amended by inserting the
parenthetical “(with respect to Party A only)” immediately after the phrase “No Event of Default or”. 

  

	(h)	 Payment on Early Termination. If an Early Termination Date occurs in respect of which
Party A is the Defaulting Party or the sole Affected Party with respect to an Additional Termination Event, Party B will not be required to pay any amounts payable to Party A under Section 6(e) in respect of such Early Termination Date, and
Party A will not be permitted to set-off in respect of such amounts, until payment in full of all amounts outstanding under the Notes. 

 

	(i)	 No Set-Off. Party A and Party B hereby waive any and all right
of set-off with respect to any amounts due under this Agreement or any Transaction, provided that nothing herein shall be construed to waive or otherwise limit the netting provisions contained in Sections 2(c)
of this Agreement. 

  

	(j)	 Indenture. Party B hereby acknowledges that Party A is a secured party under the Indenture with respect
to this Agreement, and Party B agrees for the benefit of Party A that it will not amend the Indenture in a manner which materially and adversely affects the rights or obligations of Party A under the Indenture unless Party A shall have consented in
writing to such action, if such consent is required pursuant to the Indenture. 

  

	(k)	 Limited Recourse. The liability of Party B to Party A hereunder is limited in recourse solely to the
amounts payable to Party A from the Available Funds and the Reserve Account Draw Amount in accordance with the priority of payments set forth in Section 8.5(a) of the Indenture. The provisions of this paragraph shall
survive the termination of this Agreement. 

  

					
		  	10	  	Schedule to ISDA Master Agreement

	(l)	 No Petition. Party A hereby covenants and agrees that prior to the date which is one year (or, if
longer, the applicable preference period) and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) it shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) it shall not commence or join with any other Person in commencing any proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This section shall survive the termination of this Agreement. 

As used above, “Bankruptcy Remote Party” means Capital One Auto Receivable, LLC and Party B.

  

	(m)	 Confirmation. Each party acknowledges and agrees that the Confirmations executed as of the date hereof
and designated as Party A [                    ] shall be the only Transaction governed by this Agreement (it being understood that, in the event
such Confirmations shall be amended (in any respect), such amendment shall not constitute (for purposes of this paragraph) a separate Transaction or a separate Confirmation). Party A and Party B shall not enter into any additional
Confirmations or Transactions hereunder. 

  

	(n)	 Potential Events of Default. Section 2(a)(iii) is amended by the deletion of the words “or
Potential Event of Default”. 

  

	(o)	 Limitation of Liability. Notwithstanding anything contained herein to the contrary, in executing this
Agreement (including the Schedule, Credit Support Annex and each Confirmation) on behalf of Party B, [                    ] (the “Owner
Trustee”) and the Indenture Trustee are acting solely in its capacity as owner trustee of Party B and indenture trustee, respectively, and not in its individual capacity, and in no event shall either one of them, in their individual
capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of Party B hereunder, for which recourse shall be had solely to the assets of Party B, except to the extent of its fraud, breach
of trust or willful misconduct. 

  

	(p)	 [Insert rating agency downgrade provisions, as applicable] 

 

	(q)	 Definitions. 

(i) Reference is made to that certain Sale Agreement dated as of the date hereof (the “Sale Agreement”) among Party B as the
Issuer, and Capital One Auto Receivables, LLC, as Indenture Trustee. Capitalized terms used but not defined in this Agreement or this Schedule will have the meanings ascribed to them in the Sale Agreement or, if not defined therein, in the Indenture
(as defined below). 

  

					
		  	11	  	Schedule to ISDA Master Agreement

 (ii) As used herein: 

“Credit Support Annex” means the 1994 ISDA Credit Support Annex between Party A and Party B dated as of the
date hereof. 
 “Depositor” means Capital One Auto Receivables, LLC. 

“Eligible Collateral” has the meaning set forth in the Credit Support Annex. 

“Eligible Guarantee” means an unconditional and irrevocable guarantee that is provided by a guarantor that has Rated
Debt as principal debtor rather than surety and is directly enforceable by Party B, the form and substance of which guarantee are subject to the Rating Agency Condition, where either (A) a law firm has given a legal opinion confirming that
none of the guarantor’s payments to Party B under such guarantee will be subject to withholding for tax or (B) such guarantee provides that, in the event that any of such guarantor’s payments to Party B are subject to
withholding for tax, such guarantor is required to pay such additional amount as is necessary to ensure that the net amount actually received by Party B (free and clear of any withholding tax) will equal the full amount Party B would have
received had no such withholding been required. 
 “Eligible Replacement” means an entity (A)(i) with the [Required Ratings]
and that has Rated Debt with respect to [Insert relevant rating agencies]that is the subject of a legal opinion given by a law firm confirming that none of its payments to Party B will be subject to withholding for tax or (ii) whose
present and future obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee provided by a guarantor that has Rated Debt with respect to [Insert relevant rating agencies] and with the [Required Ratings] and (B) could
become a party to this Agreement (or party to an agreement in form and substance satisfactory to Party B, the Servicer and the Indenture Trustee) in accordance with Part 5(e) of this Schedule and pursuant to documentation which would not be
less favorable to Party B than this Agreement. 
 “Financial Institution” means a bank, broker/dealer, insurance
company, structured investment vehicle or derivative product company. 
 [“Fitch” means Fitch, Inc. or its successor.] 

[“Fitch Approved Ratings” means a long-term unsecured and unsubordinated debt rating from Fitch of at least
“[    ]” and a short-term unsecured and unsubordinated debt rating from Fitch of at least “[    ]”.] 

[“Fitch Required Ratings” means a long-term unsecured and unsubordinated debt rating from Fitch of at least
“[    ]”.] 
 “Free Writing Prospectus” means any free writing prospectus prepared in
connection with the public offering of the Notes. 
 “Indenture” means that certain Indenture dated as of the date hereof
between Party B, as Issuer, and [                    ], as Indenture Trustee. 

[“Moody’s” means Moody’s Investors Service, Inc. or its successor.] 

  

					
		  	12	  	Schedule to ISDA Master Agreement

 [“Moody’s Short-term Rating” means a rating assigned by Moody’s
under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations.] 

“Notes” mean the asset-backed notes issued by Party B under the Indenture. 

“Preliminary Prospectus” means any preliminary prospectus prepared in connection with the public offering and sale of the
Notes. 
 “Prospectus” means any prospectus prepared in connection with the public offering and sale of the Notes. 

[“Rated Debt” means, with respect to a Relevant Entity, (1) in the case of S&P, (i) if such Relevant Entity is
not a Financial Institution, S&P assigns (x) a long-term debt rating equal to or higher than “[    ]” to the counterparty, or (y) assigns a short-term debt rating equal to or higher than
“[    ]” to the counterparty, or (ii) if such Relevant Entity is a Financial Institution, S&P assigns (x) a long-term debt rating equal to or higher than “[    ]” to the
counterparty, or (y) assigns a short-term debt rating equal to or higher than “[    ]” to the counterparty, (2) in the case of Moody’s (i) Moody’s assigns (x) a long-term debt rating equal
to or higher than “[    ]” to the counterparty, and (y) a short-term debt rating equal to or higher than “[    ]” to the counterparty (if the counterparty has both long-term and
short-term debt ratings), or (ii) Moody’s assigns a long-term debt rating equal to or higher than “[    ]” to the counterparty (if the counterparty only has a long-term debt rating) and (3) in the
case of Fitch, assigns a long-term unsecured and unsubordinated debt rating from Fitch of at least “[    ]” and a short-term unsecured and unsubordinated debt rating from Fitch of at least
“[    ]”.] 
 “Rating Agencies” means [S&P, Moody’s and Fitch]. 

“Rating Agency Condition” means, with respect to any event or circumstance and each Rating Agency, either (a) written
confirmation (which may be in the form of a letter, press release or other publication, or a change in such Rating Agency’s published ratings criteria to this effect) by such Rating Agency that the occurrence of such event or circumstance will
not cause it to downgrade, qualify or withdraw its rating assigned to any of the Notes or (b) that such Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of such event or
circumstance (or, if ten days’ advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice that the occurrence of such event or circumstance will cause it to
downgrade, qualify or withdraw its rating assigned to the Notes. 
 “Relevant Entities” means Party A and any guarantor
under an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement. 

[“S&P” means Standard & Poor’s Ratings Services, or its successor.] 

“Servicer” means Capital One, National Association, a national banking association. 

 

	(r)	 Amendments. Section 9(b) of this Agreement is hereby amended by inserting the following at the end
thereof: 

 it being a further condition to any such amendment or modification that the Rating Agency Condition shall have
been satisfied. 

  

					
		  	13	  	Schedule to ISDA Master Agreement

	(s)	 Regulation AB Financial Disclosure. 

Subject to the last two paragraphs of this clause, so long as Party B, the Depositor or any of such parties’ Affiliates
(collectively, “Capital One”) shall file reports in respect of the Notes with the Securities and Exchange Commission (the “SEC”) pursuant to Sections 13(a) or 15(d) of the the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), Party A agrees to Deliver within ten (10) calendar days of receipt of a written request therefor by Party B or the Depositor, such information relating to Party A as may be
necessary to enable Capital One to comply with any SEC disclosure requirements, including without limitation information concerning Party A required by Items 1115 of Regulation AB and Forms 8-K, 10-D and 10-K and any information to be provided pursuant to or in accordance with any SEC comments to any of the foregoing; it being understood that Capital One shall not be
required to voluntarily suspend its reporting obligation with respect to the Notes at any time. To the extent necessary to comply with Regulation AB, Party A shall obtain any necessary auditor’s consents related to any financial statements
of Party A required to be incorporated by reference into any Free Writing Prospectus, Preliminary Prospectus or Prospectus or report filed by Capital One with the SEC and promptly to forward to the Depositor any such auditor consents obtained.
The information provided, or authorized to be incorporated by reference, by Party A pursuant to this provision is referred to as the “Additional Information.” 

For the purpose of this Part 5(s): 

“Deliver” includes actual delivery or transmission of information in an EDGAR-compatible format or, in the case of any
financial information required to be delivered pursuant to Item 1115 of Regulation AB and Forms 8-K, 10-D and 10-K,
making such financial information available in an EDGAR-compatible format for incorporation by reference to the extent permitted by Regulation AB, together with actual delivery of all necessary auditor’s consents. 

“EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval system. 

“Regulation AB” means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the SEC in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the SEC, or as may be provided by the SEC
or its staff from time to time. 

  

					
		  	14	  	Schedule to ISDA Master Agreement

 If at any time during a period that reports are being filed with respect to Party B and
the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as reasonably calculated by the Depositor, the “significance percentage” of this Agreement for any class of the Notes is [8]% or more, Party A
shall within five (5) Local Business Days following receipt of request therefor demonstrate to the satisfaction of the the Depositor that it is able to provide the Additional Information required under Item 1115(b)(1) of Regulation AB for
Party A. If Party A is unable to satisfy the Depositor as to its ability to provide such information, Party A shall within five (5) Local Business Days following receipt of request therefor, at the sole expense of Party A,
without any expense or liability to the Depositor or Party B, either (i) post Eligible Collateral, in form, substance and amount satisfactory to the Depositor, or (ii) cause an Eligible Replacement (which satisfies the Rating Agency
Condition and any other requirements of this Agreement, including the requirement to deliver the indemnification and contribution agreement referred to in Part 3(b)) to replace Party A as party to this Agreement that has agreed to Deliver any
information, report, certification or accountants’ consent when and as required under this Part 5(s) hereof.  
 If at any time
during a period that reports are being filed with respect to Party B and the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as reasonably calculated by the Depositor, the “significance percentage”
of this Agreement for any class of the Notes is [18]% or more, Party A shall within five (5) Local Business Days following receipt of request therefor demonstrate to the satisfaction of the Depositor that it is able to provide the
Additional Information required under Item 1115(b)(2) of Regulation AB for Party A. If Party A is unable to satisfy the Depositor as to its ability to provide such information, Party A shall within five (5) Local Business Days
following receipt of request therefor, at the sole expense of Party A, without any expense or liability to the Depositor or Party B, cause an Eligible Replacement (which satisfies the Rating Agency Condition and any other requirements of
this Agreement, including the requirement to deliver the indemnification and contribution agreement referred to in Part 3(b)) to replace Party A as party to this Agreement that has agreed to Deliver any information, report, certification or
accountants’ consent when and as required under this Part 5(s) hereof. 
 [signature pages follow] 

  

					
		  	15	  	Schedule to ISDA Master Agreement

 IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized
officers as of the date first above written. 
  

			
	CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]–[    ]
		
	By: 	 	 [                    ],

not in its individual capacity
 but solely as owner
trustee

		
	By:	 	  

	Name:
	Title:
	
	[                    ]
		
	By:	 	  

	Name:
	Title:

  

					
		  	S-1	  	 20[      ]-[    ] Trust Schedule to

ISDA Master AgreementExhibit 10.7

 

EXECUTION VERSION

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”),
dated as of May 24, 2018, is made by and between Rafael Holdings, Inc., a Delaware corporation (the “Company”),
and Howard S. Jonas (“Mr. Jonas”).

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement, the Company desires to issue and sell to Mr. Jonas, and Mr. Jonas desires
to purchase from the Company, shares of the Company’s Class B Common Stock;

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the parties hereto agree as follows:

 

NOW THEREFORE,
in consideration of the premises and of the mutual covenants set forth below, the benefits to be obtained by the parties under
this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree as follows:

 

 1. Definitions.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof; any entity, authority or
body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, or any
court, tribunal or arbitrator; and any self-regulatory organization.

 

“Law”
means any federal, state, local or foreign law, constitution, statute, code, ordinance, regulation, rule, interpretation, bulletin,
circular letter, published opinion, license or permit enacted, adopted, issued or promulgated by any governmental authority or
common law.

 

“Liens”
means any liens, encumbrances, mortgages, security interests, pledges, restrictions, infringements, judgments, defects of title,
adverse rights or interests, options, voting trust, warrants and charges and claims of any kind whatsoever, whether legal or equitable.

 

“Order”
means any order, civil investigative demand, judgment, injunction, award, decree, declaration, arbitration award or writ issued
by any Governmental Authority.

 

2. Purchase
of the Stock. Subject to the terms and conditions of this Agreement, Mr. Jonas hereby agrees to purchase, and the Company
agrees to sell to Mr. Jonas, 1,254,200 shares of Class B Common Stock (the “Stock”).

 

    	 	Page 1 of 8 Pages	 

     

    

 

3. Consideration
and Payment. As consideration for the Stock, Mr. Jonas will pay the Company $6.89 per share for an aggregate purchase price
of $8,641,438 (the “Consideration”) as follows:

 

		i.	$864,144 within ten (10) days of the date hereof (the “Initial Consideration”);
and

 

		ii.	$7,777,294 on the Closing Date.

 

In the event this Agreement is terminated
in accordance with Section 9 below and such termination is not due to Mr. Jonas’ breach of this Agreement, the Company
shall promptly return the Initial Consideration to Mr. Jonas.

 

4.The Closing. 

 

(a) Closing.
The consummation of the purchase and sale of the Stock contemplated by this Agreement (the “Closing”) shall
take place remotely via the exchange of documents and signatures, on a date as shall be agreed upon by the parties that is within
ten (10) days following the satisfaction or waiver of all conditions to Closing – at 10:00 a.m. Eastern Standard Time (the
“Closing Date”).

 

(b) Company’s
Deliveries. On the Closing Date, the Company will execute, deliver, or both, or cause to be executed, delivered, or both, the
following:

 

i. A
Stock Certificate representing all of the Stock with the appropriate legends as determined by Company’s counsel; and

 

ii. Such
other documents and instruments as are contemplated in this Agreement or as Mr. Jonas or Mr. Jonas’ counsel may reasonably
request in order to evidence or consummate the contemplated transactions or to effectuate the purpose or intent of this Agreement.

 

(c) Mr.
Jonas’ Deliveries. On the Closing Date, Purchaser will execute, deliver, or both, or cause to be executed, delivered,
or both, to Seller the following:

 

i. Payment
of the balance of the Consideration as set forth in Section 3 above; and

 

ii. Such
other documents and instruments as are contemplated in this Agreement or Company or Company’s counsel may reasonably request
in order to evidence or consummate the transactions contemplated in this Agreement or to effect the purpose or intent of this Agreement.

 

5. Representations
and Warranties of the Company. The Company represents and warrants to Mr. Jonas, as of the Closing Date, as follows:

 

(a) Due
Organization, Good Standing and Corporate Power. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and has all requisite corporate power and authority to own, lease and operate
its properties and to conduct its business as now being conducted. The Company is duly qualified or licensed to do business and
is in good standing or has equivalent status in each jurisdiction in which the property owned, leased or operated by it or the
nature of the business conducted by it makes such qualification necessary.

 

    	 	Page 2 of 8 Pages	 

     

    

 

(b) Authorization
and Validity of Agreement. The Company has the requisite corporate power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. This Agreement has been duly executed and delivered by the Company, and will be when
executed and delivered, a valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium and
similar Laws affecting the enforcement of creditors’ rights generally and by general equitable principles.

 

(c) Consents
and Approvals; No Violations. The execution and delivery of this Agreement by the Company, do not and will not (i) violate
or conflict with any provision of its certificate of incorporation or bylaws, (ii) violate or conflict with any Law or Order
applicable to the Company or by which any of its respective properties or assets may be bound, or (iii) result in a violation
or breach of, conflict with, constitute (with or without due notice or lapse of time or both) a default under, or give rise to
any right of termination, cancellation or acceleration of, or result in the creation of any Lien upon any of the properties or
assets of the Company under, or give rise to any obligation, right of termination, cancellation, acceleration or increase of any
obligation or a loss of a material benefit under, any of the terms, conditions or provisions of any contract to which the Company
is a party, or by which the Company may be bound, excluding in the case of clause (iii) above, conflicts, violations, or breaches.
All consents, authorizations, orders, filings and registrations which the Company is required to obtain have been obtained or effected,
and the Company is not aware of any facts or circumstances which might prevent the Company from obtaining or effecting any of the
registration, application or filings contemplated by this Agreement.

 

(d) Capitalization
of the Company. The entire authorized share capital of the Company consists solely of 35,000,000 shares of Class A Common Stock,
200,000,000 shares of Class B Common Stock and 10,000,000 shares of Preferred Stock. As of the date hereof, 787,163 shares of Class
A Common Stock, 11,754,835 shares of Class B Common Stock and no shares of Preferred Stock are issued and outstanding. All of the
outstanding share capital of the Company has been duly authorized and is validly issued, fully paid and nonassessable and the Stock
when fully paid will also be validly issued, fully paid and nonassessable.

 

(e) Litigation.
There is no claim, action, suit, proceeding, inquiry, investigation or arbitration by or before any governmental, regulatory, administrative,
judicial or arbitral body (an “Action”) pending or threatened (a) in connection with the Stock or the Company’s
ownership thereof; (b) to restrain or prevent the consummation of the transaction contemplated hereby; or (c) that might affect
the right of Mr. Jonas to own the Stock, nor is there any basis for any of the foregoing.

 

    	 	Page 3 of 8 Pages	 

     

    

 

6. Representations
and Warranties of Mr. Jonas. Mr. Jonas represents and warrants to the Company, as of the Closing Date, as follows:

 

(a) Authority
and Enforceability. Mr. Jonas has full trust power and authority to execute and deliver this Agreement and to perform his obligations
hereunder. This Agreement constitutes the valid and legally binding obligation of Mr. Jonas, enforceable in accordance with its
terms and conditions.

 

(b) No
Conflicts. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, will conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party
the right to accelerate, terminate, modify or cancel, or require any notice under any agreement, contract, lease, license, instrument
or other arrangement to which the Mr. Jonas is a party or by which it is bound or to which any of his assets is subject.

 

7. Pre-
Closing Covenants.

 

(a) Commercially
Reasonable Efforts. Each party will use its commercially reasonable efforts to take all actions necessary, proper or advisable
in order to perform the transactions contemplated herein (including satisfaction, but not waiver, of the closing conditions set
forth in Section 8).

 

(b) Covenants
of the Company. The Company shall take all necessary actions to timely apply for the listing of the Stock on the NYSE American
and secure such listing concurrently with next meeting of stockholders to be held, but no later than the annual meeting of the
Company’s stockholders which is currently scheduled to take place on January 10, 2019 (the earliest such meeting to be held,
the “Stockholder Meeting”). The Company shall take all necessary actions to include in the Company’s proxy
statement in connection with the Stockholder Meeting a proposal recommending that the Company’s stockholders vote in favor
of approving the purchase of the Stock by Mr. Jonas pursuant to the terms and conditions set forth herein (the “Proposal”).
The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 7(b).

 

(c) Covenants
of Mr. Jonas. Mr. Jonas shall take all necessary actions to vote all shares the Company’s Class B Common Stock and Class
A Common Stock for which Mr. Jonas possesses voting control in favor of the Proposal.

 

    	 	Page 4 of 8 Pages	 

     

    

 

8. Conditions
of the Obligations of the Parties. The obligations of the parties under this Agreement on the Closing Date are subject
to the satisfaction, on or prior to the Closing Date, of the following conditions:

 

(a) Accuracy
of Representations and Warranties. All representations and warranties of the parties set forth in this Agreement shall be true
and correct in all respects on and as of the Closing Date, as though made on and as of the Closing Date.

 

(b)Approvals,
Consents, Waivers and Assurances. The Company shall have received stockholder approval at the Annual Meeting, approval by the
NYSE American to list the Stock and any other consents that may be required under any Law.

 

(c) No
New Law or Regulation. There shall not have been enacted between the date hereof and the Closing Date any law or regulation
which would prevent or hinder the consummation of the transactions contemplated by this Agreement.

 

(d) No
Claims. No claim, action, suit, investigation or proceeding shall be pending or threatened by any person against any of the
parties hereto or any of their respective affiliates which, if adversely determined, could (a) prevent, hinder or enjoin consummation
of the transactions contemplated by this Agreement. No party to this Agreement shall have received written notice from any court
or Governmental Authority, board, agency, commission or instrumentality of its intention to (i) institute any action or proceeding
to restrain, enjoin, nullify or render ineffective the transactions contemplated hereby or thereby, if consummated, or (ii) commence
any investigation into or related to the transactions contemplated by this Agreement, which, in the reasonable opinion of the Company,
would make it inadvisable to consummate such transactions.

 

9.Termination Events.
(a)This Agreement may be terminated:

 

		(i)	by either the Company or Mr. Jonas if any condition specified in Section 8 has not been
met or at such time as such condition can no longer be satisfied;

 

		(ii)	by either the Company or Mr. Jonas if a court of competent jurisdiction or other Governmental Authority
shall have issued a final, non-appealable order, decree or ruling or taken any other action (which order, decree or ruling the
parties hereto shall use their best efforts to lift), in each case permanently restraining, enjoining or otherwise prohibiting
the transactions contemplated hereby; or

 

		(iii)	by either the Company or Mr. Jonas if the Closing shall not have occurred on or before January
31, 2019, due to events out of the reasonable control of both parties.

 

If this Agreement is terminated, all further
obligations of the parties under this Agreement will terminate and, in accordance with Section 3 above, the Company shall
promptly return the Initial Consideration to Mr. Jonas unless such termination is due to Mr. Jonas’ breach of this Agreement.

 

10. Miscellaneous.

 

(a)No Third-Party
Beneficiaries. Except as provided herein, this Agreement shall not confer any rights or remedies upon any person other
than the parties and their respective successors and permitted assigns.

 

    	 	Page 5 of 8 Pages	 

     

    

 

(b) Entire
Agreement. This Agreement (including the documents, schedules and exhibits referred to herein) constitutes the entire agreement
between the parties and supersedes any prior understandings, agreements, or representations by or between the parties, written
or oral to the extent they related in any way to the subject matter hereof.

 

(c) Succession
and Assignment. This Agreement and all agreements contemplated hereunder shall be binding upon and inure to the benefit of
the parties named herein and their respective successors and permitted assigns. No party may assign either this Agreement or any
of its rights, interests, or obligations hereunder, or any of its rights, interests or obligations under any document delivered
pursuant to this Agreement, without the prior written approval of the other party; provided, however, Mr. Jonas may assign this
Agreement to any of his affiliates without the consent of the Company and the provisions of this Agreement shall be binding upon
and shall inure to the benefit of such assignee.

 

(d) Counterparts.
This Agreement may be executed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument of this Agreement.

 

(e) Construction.
The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning
or interpretation of this Agreement. When the context and construction so require, all words used in the singular herein shall
be deemed to have been used in the plural and the masculine shall include the feminine and neuter and vice versa.

 

(f) Notices.
All written notices, demands and requests of any kind which either party may be required or may desire to serve upon the other
party hereto in connection with this Agreement shall be delivered only by courier or other means of personal service which provides
written verification of receipt or by registered or certified mail return receipt requested (each a “Notice”).
Any such Notice delivered by registered or certified mail shall be deposited in the United States mail with postage thereon fully
prepaid, or if by courier then deposited prepaid with the courier. All Notices shall be addressed to the parties to be served as
follows:

 

	If to the Company:
	 
	
        Rafael Holdings, Inc.

        520 Broad Street

        Newark, New Jersey
        07102

        Attn: General Counsel

         

	If to Mr. Jonas:
	
         

        Howard Jonas

        520 Broad Street

        Newark, New Jersey
        07102

 

    	 	Page 6 of 8 Pages	 

     

    

 

Service of any such
notice or demand so made shall be deemed complete on the day of actual delivery thereof as shown by the addressee’s registry,
certification receipt or other evidence of receipt. Either party hereto may from time to time by notice in writing served upon
the other as aforesaid designate a different mailing address or a different or additional Person to which all such notices or demands
hereafter are to be addressed.

 

(g) Governing
Law. This Agreement shall be governed by and construed in accordance with the domestic laws of, and enforced in, the State
of Delaware. The parties agree that jurisdiction and venue in any action brought by any party pursuant to this Agreement shall
properly lie in any federal or state court located in the State of Jersey. By execution and delivery of this Agreement each party
irrevocably submits to the jurisdiction of such courts for itself and in respect of its property with respect to such action.

 

(h) Amendments
and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed
by all parties. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant
hereunder or affect in any way any rights arising by virtue of any such prior or subsequent occurrence.

 

(i) Severability.
The provisions of this Agreement are intended to be interpreted in a manner in which makes them valid, legal and enforceable. In
the event any, provision of this Agreement is found to be partially or wholly invalid, illegal or unenforceable, such provision
shall be modified or restricted to the extent and in the manner necessary to render it valid, legal, and enforceable. It is expressly
understood and agreed between the Company and Mr. Jonas that such modification or restriction may be accomplished by mutual accord
between the parties or, alternatively, by disposition of an arbitrator or a court of law. If such provision cannot under any circumstances
be so modified or restricted, it shall be excised from this Agreement without affecting the validity, legality or enforceability
of any of the remaining provisions.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	Page 7 of 8 Pages	 

     

    

 

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

 

	/s/ Howard Jonas	 
	Howard Jonas	 
	 	 	 
	RAFAEL HOLDINGS, INC.	 
	 	 	 
	By:	/s/ Menachem Ash	 
	Name: 	Menachem Ash	 
	Title:	President	 

 

 

Page 8 of 8 Pages

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