Document:

Form of Purchase Agreement

 Exhibit 10.2 
  

 FORM OF 
 PURCHASE AGREEMENT 
 dated as of
[                    ] 
 between

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

 TABLE OF CONTENTS 
  

							
	 	    	 	  	 	  	Page
	 ARTICLE I         DEFINITIONS AND USAGE
	  	1
				
		    	 SECTION 1.1
	  	 Definitions
	  	1
				
		    	 SECTION 1.2
	  	 Other Interpretive Provisions
	  	1
		
	 ARTICLE II         PURCHASE
	  	2
				
		    	 SECTION 2.1
	  	 Agreement to Sell and Contribute on the Closing Date
	  	2
				
		    	 SECTION 2.2
	  	 Consideration and Payment
	  	2
		
	 ARTICLE III         REPRESENTATIONS, WARRANTIES AND
COVENANTS
	  	2
				
		    	 SECTION 3.1
	  	 Representations and Warranties of FTH LLC
	  	2
				
		    	 SECTION 3.2
	  	 Representations and Warranties of FTH LLC as to each Receivable
	  	3
				
		    	 SECTION 3.3
	  	 Repurchase upon Breach
	  	4
				
		    	 SECTION 3.4
	  	 Protection of Title
	  	4
				
		    	 SECTION 3.5
	  	 Other Liens or Interests
	  	5
				
		    	 SECTION 3.6
	  	 Perfection Representations, Warranties and Covenants
	  	5
		
	 ARTICLE IV        MISCELLANEOUS
	  	5
				
		    	 SECTION 4.1
	  	 Transfers Intended as Sale; Security Interest
	  	5
				
		    	 SECTION 4.2
	  	 Notices, Etc
	  	6
				
		    	 SECTION 4.3
	  	 Choice of Law
	  	7
				
		    	 SECTION 4.4
	  	 Headings
	  	7
				
		    	 SECTION 4.5
	  	 Counterparts
	  	7
				
		    	 SECTION 4.6
	  	 Amendment
	  	7
				
		    	 SECTION 4.7
	  	 Waivers
	  	8
				
		    	 SECTION 4.8
	  	 Entire Agreement
	  	9
				
		    	 SECTION 4.9
	  	 Severability of Provisions
	  	9
				
		    	 SECTION 4.10
	  	 Binding Effect
	  	9
				
		    	 SECTION 4.11
	  	 Acknowledgment and Agreement
	  	9
				
		    	 SECTION 4.12
	  	 Cumulative Remedies
	  	9
				
		    	 SECTION 4.13
	  	 Nonpetition Covenant
	  	9
				
		    	 SECTION 4.14
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	10
				
		    	 SECTION 4.15
	  	 [Limitation of Rights]
	  	10

  

 i 

 EXHIBITS 
  

			
	 Exhibit A
	 	 Form of Assignment Pursuant to Purchase Agreement

	 Schedule I
	 	 Representations and Warranties With Respect to the Receivables

	 Schedule II
	 	 Perfection Representations, Warranties and Covenants

  

 ii 

 THIS PURCHASE AGREEMENT is made and entered into as of
[                    ] (as amended from time to time, this “Agreement”) by FIFTH THIRD HOLDINGS, LLC, a Delaware limited liability
company (“FTH LLC”), and FIFTH THIRD HOLDINGS FUNDING, LLC, a Delaware limited liability company (the “Purchaser”). 
 WITNESSETH: 
 WHEREAS, the Purchaser desires to purchase from FTH LLC a portfolio of motor
vehicle receivables, including retail motor vehicle installment sales contracts and/or installment loans that are secured by new and used automobiles and light-duty trucks; and 
 WHEREAS, FTH LLC is willing to sell such portfolio of motor vehicle receivables and related property to the Purchaser on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITIONS AND
USAGE 
 SECTION 1.1 Definitions. Except as otherwise defined herein or as the context may otherwise require,
capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the
“Sale and Servicing Agreement”) among Fifth Third Auto Trust 20[    ]-[  ], Fifth Third Bank, an Ohio banking corporation, as servicer, the Purchaser, as seller, and
[        ], as indenture trustee. 
 SECTION 1.2 Other Interpretive
Provisions. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the
respective meanings given to them under GAAP; (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words
“hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or
Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection,
clause or other subdivision of such Section or definition; (e) the term “including” means “including without limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to
that law or regulation as amended from time to time and include any successor law or regulation; and (g) references to any Person include that Person’s successors and assigns. 
  

					
		 		 	Purchase Agreement (20[    ]-[  ])

 ARTICLE II 
 PURCHASE 
 SECTION 2.1 Agreement to Sell and Contribute on the Closing Date. On the
terms and subject to the conditions set forth in this Agreement, FTH LLC agrees to transfer, assign, set over, sell and otherwise convey to the Purchaser without recourse (subject to the obligations herein) on the Closing Date all of its right,
title and interest in, to and under the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, described in an Assignment in the form of Exhibit A delivered on the Closing Date
(the “Purchased Assets”) having a Net Pool Balance as of the Cut-Off Date equal to $[                    ], which sale shall be
effective as of the Cut-Off Date. The sale, transfer, assignment and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of FTH LLC or the applicable Originator to the
Obligors, the Dealers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 
 SECTION 2.2 Consideration and Payment. In consideration of the transfer of the Purchased Assets conveyed to the Purchaser on the
Closing Date, the Purchaser shall pay in cash to FTH LLC on such date an amount equal to
$[                            ], representing the estimated fair market value of the Purchased Assets on the
Closing Date. Notwithstanding the preceding sentence, if such purchase price for the Purchased Assets exceeds the amount of cash available to the Purchaser from the proceeds of the sale of the Notes, then an undivided interest in such Purchased
Assets in an amount equal to such excess shall be deemed to have been contributed to the Purchaser by FTH LLC. 
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 SECTION 3.1 Representations and Warranties of FTH LLC. FTH LLC makes the following representations and warranties as of the Closing Date on which the Purchaser will be deemed to have relied in acquiring the
Purchased Assets. The representations and warranties will survive the conveyance of the Purchased Assets to the Purchaser pursuant to this Agreement, the conveyance of the Purchased Assets to the Issuer pursuant to the Sale and Servicing Agreement
and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
 (a) Existence and Power. FTH
LLC is a limited liability company validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as it is now conducted. FTH LLC has obtained all
necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of FTH LLC to perform its obligations under the Transaction Documents or affect the enforceability or collectibility
of the Receivables or any other part of the Purchased Assets. 
  

					
		 	-2-	 	Purchase Agreement (20[    ]-[  ])

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

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

  

					
		 	-3-	 	Purchase Agreement (20[    ]-[  ])

 
any statement to the contrary contained herein or in any other Transaction Document, FTH LLC shall not be required to notify any insurer with respect to any
Insurance Policy obtained by an Obligor or to notify any Dealer about any aspect of the transaction contemplated by the Transaction Documents. 
 SECTION 3.3 Repurchase upon Breach. Upon discovery by or notice to the Purchaser or FTH LLC of a breach of any of the representations and warranties set forth in Section 3.2 at the time such
representations and warranties were made which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party;
provided, that delivery of the Servicer’s Certificate shall be deemed to constitute prompt notice by the Servicer and the Issuer of such breach; provided, further, that the failure to give such notice shall not affect any
obligation of FTH LLC hereunder. If FTH LLC does not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if FTH LLC elects, an earlier date) after the date that FTH LLC became aware or was notified
of such breach, then FTH LLC shall purchase any Receivable materially and adversely affected by such breach from the Purchaser on the Payment Date following the end of such Collection Period. Any such breach or failure will not be deemed to have a
material and adverse effect if such breach or failure does not affect the ability of the Purchaser (or its assignee) to receive and retain timely payment in full on such Receivable. Any such purchase by FTH LLC shall be at a price equal to the
Repurchase Price. In consideration for such repurchase, FTH LLC shall make (or shall cause to be made) a payment to the Purchaser equal to the Repurchase Price by depositing such amount into the Collection Account prior to 11:00 a.m., New York City
time on such Payment Date. Upon payment of such Repurchase Price by FTH LLC, the Purchaser shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as may be
reasonably requested by FTH LLC to evidence such release, transfer or assignment or more effectively vest in FTH LLC or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the obligation of FTH LLC to purchase
any Receivable as described above shall constitute the sole remedy respecting such breach available to the Purchaser. 
 SECTION 3.4 Protection of Title. 
 (a) FTH LLC shall authorize and file such financing statements and cause
to be authorized and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchaser under this Agreement in the Receivables. FTH LLC
shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 
 (b) FTH LLC shall not change its name, identity, corporate structure or jurisdiction of organization in any manner that would make any
financing statement or continuation statement filed by FTH LLC in accordance with paragraph (a) above “seriously misleading” within the meaning of Sections 9-506, 9-507 or 9-508 of the UCC, unless it shall have given the
Purchaser at least five days’ prior written notice thereof and, to the extent necessary, shall have promptly filed amendments to previously filed financing statements or continuation statements described in paragraph (a) above.

  

					
		 	-4-	 	Purchase Agreement (20[    ]-[  ])

 (c) FTH LLC shall give the Purchaser at least ten days’ prior written notice of any
change of location of FTH LLC for purposes of Section 9-307 of the UCC and shall have taken all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not
possible to take such action in advance) reasonably necessary or advisable in the opinion of the Purchaser to amend all previously filed financing statements or continuation statements described in paragraph (a) above. 
 (d) FTH LLC shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time to time after the conveyance
under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or any subsequent assignee of the Purchaser) in such Receivable and
that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or
repurchased. 
 (e) If at any time FTH LLC shall propose to sell, grant a security interest in or otherwise transfer any
interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, FTH LLC shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Purchaser (or any subsequent assignee of the Purchaser). 
 SECTION 3.5 Other Liens or Interests. Except for the conveyances and grants of security interests pursuant to this Agreement and
the other Transaction Documents, FTH LLC shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Purchaser to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted
Liens) on any interest therein, and FTH LLC shall defend the right, title and interest of the Purchaser in, to and under such Receivables or other property transferred to the Purchaser against all claims of third parties claiming through or under
FTH LLC. 
 SECTION 3.6 Perfection Representations, Warranties and Covenants. FTH LLC hereby makes the perfection
representations, warranties and covenants set forth on Schedule II hereto to the Purchaser and the Purchaser shall be deemed to have relied on such representations, warranties and covenants in acquiring the Purchased Assets. 
 ARTICLE IV 
 MISCELLANEOUS 
 SECTION 4.1 Transfers Intended as Sale; Security Interest. 
 (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales and contributions rather than pledges
or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables 

  

					
		 	-5-	 	Purchase Agreement (20[    ]-[  ])

 
and related Purchased Assets shall not be part of FTH LLC’s estate in the event of a bankruptcy or insolvency of FTH LLC. The sales and transfers by FTH
LLC of the Receivables and related Purchased Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, FTH LLC, except as otherwise specifically provided herein. The limited rights of recourse
specified herein against FTH LLC are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 
 (b) Notwithstanding the foregoing, in the event that the Receivables and other Purchased Assets are held to be property of FTH LLC, or if
for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Purchased Assets, then it is intended that: 
 (i) This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC
and the UCC of any other applicable jurisdiction; 
 (ii) The conveyance provided for in Section 2.1
shall be deemed to be a grant by FTH LLC of, and FTH LLC hereby grants to the Purchaser, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to
the Receivables and other Purchased Assets, to secure such indebtedness and the performance of the obligations of FTH LLC hereunder; 
 (iii) The possession by the Purchaser or its agent of the Receivable Files and any other property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the
secured party” or possession by the purchaser or a person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and 
 (iv) Notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding
such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Purchaser for the purpose of perfecting such security interest under applicable law. 
 SECTION 4.2 Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed
by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile and addressed in each case as specified on Schedule II to the Sale and Servicing Agreement, or at such other
address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of
such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices
hereunder; provided, however, that any notice to a Noteholder mailed within the time 

  

					
		 	-6-	 	Purchase Agreement (20[    ]-[  ])

 
prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 
 SECTION 4.3 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS
OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 4.4 Headings. The section headings hereof have been inserted
for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
 SECTION
4.5 Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 4.6 Amendment. 
 (a) Any term or provision of this Agreement may be amended by FTH LLC and the Purchaser without the consent of the Indenture Trustee, any Noteholder, the Issuer, [the Swap Counterparty,] the Owner Trustee or any other
Person subject to subsection (e) of this Section 4.6 and the satisfaction of one of the following conditions: 
 (i) FTH LLC or the Purchaser delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; 
 (ii) FTH LLC or the Purchaser delivers an Officer’s Certificate of FTH LLC or the Purchaser, respectively, to the
Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (iii) FTH LLC or the Purchaser delivers to the Indenture Trustee written confirmation from each Rating Agency that such amendment will not cause it to downgrade, qualify or withdraw its rating assigned to any of the
Notes; 
 provided, that any amendment entered into pursuant to this Section 4.6(a) shall not significantly change the
permitted activities of the Issuer [provided, further, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the
Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for
such consent)]. 
 (b) Any term or provision of this Agreement may be amended by FTH LLC and the Purchaser without the
consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner 

  

					
		 	-7-	 	Purchase Agreement (20[    ]-[  ])

 
Trustee, the Servicer or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to enable FTH LLC, the
Purchaser or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle (whether now or in the future in effect), it being a condition to any such amendment that the
Rating Agency Condition shall have been satisfied; provided, that any amendment entered into pursuant to this Section 4.6(b) shall not significantly change the permitted activities of the Issuer. 
 (c) This Agreement may also be amended from time to time by FTH LLC and the Purchaser, with the consent of the Holders of Notes
evidencing not less than a majority of the Outstanding Note Balance, voting as a single class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner
the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of
obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may
prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the
execution of any such amendment, FTH LLC shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, FTH LLC shall furnish a copy of such amendment
or consent to each Rating Agency and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement,
the Purchaser, the Owner Trustee, the Servicer and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that
all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the
Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise. Furthermore, notwithstanding anything to the contrary
herein, this Agreement may not be amended in any way that would materially and adversely affect the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement,
the Transaction Documents or otherwise without the prior written consent of such Person. 
 SECTION 4.7 Waivers. No
failure or delay on the part of the Purchaser, the Servicer, FTH LLC, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Purchaser or FTH LLC in any case shall entitle it to any notice
or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or 

  

					
		 	-8-	 	Purchase Agreement (20[    ]-[  ])

 
approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 
 SECTION 4.8 Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten
agreements among the parties. 
 SECTION 4.9 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
 SECTION
4.10 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the
parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree. 
 SECTION 4.11 Acknowledgment and Agreement. By execution below, FTH LLC expressly acknowledges and consents to the sale of the Purchased Assets and the assignment of all rights and obligations of FTH LLC related
thereto by the Purchaser to the Issuer pursuant to the Sale and Servicing Agreement and the Grant of a security interest in the Receivables and the other Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the
benefit of the Noteholders [and the Swap Counterparty]. In addition, FTH LLC hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the
Purchaser under this Agreement. 
 SECTION 4.12 Cumulative Remedies. The remedies herein provided are cumulative and
not exclusive of any remedies provided by law. 
 SECTION 4.13 Nonpetition Covenant. Each party hereto agrees that,
prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of
its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the
benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with 

  

					
		 	-9-	 	Purchase Agreement (20[    ]-[  ])

 
any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or
statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 
 SECTION 4.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment
in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have
to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to such Person at its address determined in accordance with Section 4.2 of this Agreement; 
 (d) agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or
in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 
 SECTION 4.15 [Limitation of Rights]. [All of the rights of the Swap Counterparty in, to and under this Agreement, if any, shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof
and the payment in full of all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement.] 
 [Remainder of Page
Intentionally Left Blank] 
  

					
		 	-10-	 	Purchase Agreement (20[    ]-[  ])

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

			
	 FIFTH THIRD HOLDINGS, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 FIFTH THIRD HOLDINGS FUNDING, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-1	 	Purchase Agreement (20[    ]-[  ])

 EXHIBIT A 
 FORM OF 
 ASSIGNMENT PURSUANT TO PURCHASE AGREEMENT 
 [                            ] 
 For value received, in accordance with the Purchase Agreement dated as of
[                    ], (the “Agreement”), between Fifth Third Holdings, LLC, a Delaware limited liability company (“FTH
LLC”), and Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the “Purchaser”), on the terms and subject to the conditions set forth in the Agreement, FTH LLC does hereby transfer, assign, set over,
sell and otherwise convey to the Purchaser without recourse (subject to the obligations in the Agreement) on the Closing Date, all of its right, title and interest in, to and under the Receivables set forth on the schedule of Receivables delivered
by FTH LLC to the Purchaser on the date hereof (such schedule, the “Schedule of Receivables”), the Collections after the Cut-Off Date, the Receivables Files and the Related Security relating thereto, which sale shall be effective as
of the Cut-Off Date. 
 The foregoing sale does not constitute and is not intended to result in any assumption by the
Purchaser of any obligation of the undersigned or the applicable Originator to the Obligors, the Dealers or any other Person in connection with the Receivables, or the other assets and properties conveyed hereunder or any agreement, document or
instrument related thereto. 
 This assignment is made pursuant to and upon the representations, warranties and agreements on
the part of the undersigned contained in the Agreement and is governed by the Agreement. 
 Capitalized terms used herein and
not otherwise defined shall have the meaning assigned to them in the Agreement. 
 [Remainder of page intentionally left blank] 
  

					
		 	A-1	 	Purchase Agreement (20[    ]-[  ])

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

			
	 FIFTH THIRD HOLDINGS, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	A-2	 	Purchase Agreement (20[    ]-[  ])

 SCHEDULE I 
 REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 
  

	 	 (a)
	 Characteristics of Receivables. Each Receivable: 

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	 (vii)
	 was originated in the United States. 

  

	 	 (b)
	 Individual Characteristics. Each Receivable has the following individual characteristics as of the Cut-Off Date: 

  

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

  

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

  

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

  

					
		 	Schedule I-1	 	Purchase Agreement (20[    ]-[  ])

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

  

	 	 (v)
	 no Receivable has a scheduled maturity date later than
[                    ]; 

  

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

  

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

  

	 	 (viii)
	 no Receivable is subject to a force-placed Insurance Policy on the related Financed Vehicle; 

  

	 	 (ix)
	 each Receivable is a Simple Interest Receivable; 

  

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

  

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

  

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

  

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

  

	 	 (e)
	 Binding Obligation. The Receivable constitutes the legal, valid and binding payment obligation in writing of the Obligor, enforceable in all
respects by the holder thereof in accordance with its terms, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of
creditors’ rights generally. 

  

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

  

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

  

					
		 	Schedule I-2	 	Purchase Agreement (20[    ]-[  ])

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

  

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

  

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

  

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

  

	 	 (l)
	 Good Title. It is the intention of FTH LLC that the sale, contribution, transfer, assignment and conveyance herein contemplated constitute an absolute
sale, contribution, transfer, assignment and conveyance of the Receivables and that the Receivables not be part of FTH LLC’s estate in the event of the filing of a bankruptcy petition by or against the Purchaser under any bankruptcy law. No
Receivable has been sold, transferred, assigned, conveyed or pledged to any Person other than pursuant to the Transaction Documents. As of the Closing Date, and immediately prior to the sale and transfer herein contemplated, FTH LLC had good and
marketable title to each Receivable free and clear of all Liens, and, immediately upon the sale and transfer thereof, the Purchaser will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens).

  

	 	 (m)
	 Filings. All filings (including, without limitation, UCC filings) necessary in any jurisdiction to give the Issuer a first priority, validly perfected
ownership interest in the Receivables (other than the Related Security with respect thereto), and to give the Indenture Trustee a first priority perfected security interest therein, will be made within ten days of the Closing Date.

  

	 	 (n)
	 Priority. The Receivable is not pledged, assigned, sold, subject to a security interest, or otherwise conveyed other than pursuant to the Transaction
Documents. FTH LLC has not authorized the filing of and is not aware of any financing statements against FTH LLC or the Purchaser that include a description of collateral covering the Receivables other than any financing statement relating to
security interests granted under the Transaction Documents or that have been terminated. The Purchase Agreement creates a valid and continuing security interest in the Receivable (other than the Related Security 

  

					
		 	Schedule I-3	 	Purchase Agreement (20[    ]-[  ])

	 	 
with respect thereto) in favor of the Purchaser which security interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such
against all other creditors of and purchasers and assignees from the Purchaser. 

  

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

  

	 	 (p)
	 One Original. There is only one original executed copy of each Receivable in existence. The Servicer (or its agent) has possession of such original. If
such original has been marked, then such original does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than to a party to the Transaction Documents.

  

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

  

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

  

					
		 	Schedule I-4	 	Purchase Agreement (20[    ]-[  ])

 SCHEDULE II 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the Agreement, FTH LLC hereby represents, warrants, and covenants to the Purchaser as follows on the Closing Date: 
 General 
 1. This Agreement creates a valid and continuing security interest
(as defined in the applicable UCC) in the Receivables and the other Purchased Assets in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from FTH LLC.

 2. The Receivables constitute “tangible chattel paper,” “accounts,” “instruments” or
“general intangibles,” within the meaning of the applicable UCC. 
 3. Each Receivable is secured by a first
priority validly perfected security interest in the related Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first
priority security interest in the related Financed Vehicle in favor of the applicable Originator, as secured party. 
 Creation 

 4. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by FTH LLC to the Purchaser, FTH LLC
owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Purchaser, the Purchaser will have good and marketable title to such
Receivable free and clear of any Lien. 
 5. The related Originator has received all consents and approvals to the sale of
the Receivables hereunder to the Purchaser required by the terms of the Receivables that constitute instruments. 
 Perfection 

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

					
		 	Schedule II-1	 	Purchase Agreement (20[    ]-[  ])

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

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

  

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

  

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

 Priority 
 8. FTH LLC has authorized the filing of, and is not aware of any financing statements against FTH LLC that include a description of
collateral covering the Receivables other than any financing statement (i) relating to the conveyance of Receivables by the Ohio Bank or the Michigan Bank under the applicable Sale Agreement, (ii) relating to the conveyance of the
Receivables by FTH LLC to the Seller under the Purchase Agreement, (iii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iv) relating to the security interest granted to
the Indenture Trustee under the Indenture or (v) that has been terminated. 
 9. FTH LLC is not aware of any material
judgment, ERISA or tax lien filings against FTH LLC. 
 10. None of the instruments or tangible chattel paper that
constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser, the Issuer or the Indenture Trustee. 
 Survival of Perfection Representations 
 11. Notwithstanding any other provision of the Purchase Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this Schedule II shall be
continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed. 
 No Waiver 
 12. The parties to the Purchase Agreement
shall provide the Rating Agencies with prompt written notice of any breach of the perfection representations, warranties and covenants 

  

					
		 	Schedule II-2	 	Purchase Agreement (20[    ]-[  ])

 
contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection
representations, warranties or covenants. 
  

					
		 	Schedule II-3	 	Purchase Agreement (20[    ]-[  ])Form of Interest Rate Swap Agreement

 Exhibit 10.3 
 (Multicurrency—Cross Border) 
 ISDA® 
 International Swap Dealers Association, Inc. 
 MASTER AGREEMENT 
 dated as of [                    ] 
  

					
	 [                                      
  ]
	  	and	  	 Fifth Third Auto 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 
  

 Copyright © 1992 by International Swap Dealers Association, Inc 

 
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. 
 (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: 
  

 2 

 (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 Indemnifiable 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, 
 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 

  

 3 

 
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 

  

 4 

 
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. 
 (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. 
  

 5 

 (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; 
 (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; 
  

 6 

 (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: 
  

 7 

 (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 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 

  

 8 

 
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)); 
 (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 

  

 9 

 
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. 
  

 10 

 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. 
 (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 (b), 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,

  

 11 

 
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. 
 (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 

  

 12 

 
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 

  

 13 

 
relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
 (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 

  

 14 

 
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. 
  

	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. 
  

 15 

 (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 be entered into as soon as practicable and may be 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. 
  

	12.	 Notices 

  

 16 

 (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. 
  

 17 

 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. 
  

	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; 
  

 18 

 (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(b)(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). 
  

 19 

 “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 

  

 20 

 
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). 
 “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.

  

 21 

 “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 meaning 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 in respect 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). 
  

 22 

 “Termination Currency” has the meaning specified in the Schedule. 
 “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. 
  

 23 

 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. 
  

									
		 		 		 	 FIFTH THIRD AUTO TRUST 20[    ]-[  ]

			
	 [                                      
  ]
	 		 	 By:
[                            ], not in its individual capacity but solely as owner
trustee

			
	  
	 		 	  

		 	(Name of Party)	 		 		 	(Name of Party)
					
	 By:
	 	  
	 		 	 By:
	 	  

	 Name:
	 	  
	 		 	 Name:
	 	  

	 Title:
	 	  
	 		 	 Title:
	 	  

	 Date:
	 	  
	 		 	 Date:
	 	  

  

 24 

 ISDA 
 International Swap Dealers Association, Inc. 
 SCHEDULE 
 to the 
 Master Agreement 
 dated as of [                    ]

  

					
	 between
	 	 [                    ]
	 	 and Fifth Third Auto Trust 200[  ] – [  ]

		 	 (“Party A”)
	 	 (“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), other than the events specified in Section 5(a)(vii)(2). 
 Accordingly, the provisions of Section 5(a)(ii) (Breach Of Agreement), the provisions of Section 5(a)(iii) (Credit Support Default), 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)(2) (insolvency) 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) and Section 5(b)(v) (Additional Termination Event). Accordingly, the provisions of Section 5(b)(iv) (Credit Event Upon 

  

 1 

 
Merger) will not be regarded as having given rise to a Termination Event with respect to Party B and Party A may not designate an Early Termination Date
related to the provisions of Section 5(b)(ii) (Tax Event) or the provisions of Section 5(iii) (Tax Event Upon Merger). 
 (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 save for the provisions of
Section 5(b)(iii) will apply to Party A 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. 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 (ix) below shall apply: 
 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 with Rated Debt, (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 

  

					
		  	2	  	 Schedule to ISDA Master Agreement

 
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).” 
 (iii) 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 a Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to become legally binding on or
before the day falling ten Local Business Days after the day on which the Early Termination Date is designated (or such later day as Party B may specify in writing to Party A, which in any event will not be later than the Early Termination Date)
(such day, the “Latest Settlement Amount Determination Day”), the Termination Currency Equivalent of the amount (whether positive or negative) of such Market Quotation; or 

  

	 	(b)	 If no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to become legally binding on or
before the Latest Settlement Amount Determination Day, Party B’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated Transactions.

 (iv) For the purpose of clause (4) of the definition of Market Quotation, Party B shall determine in
its sole discretion, acting in a commercially reasonable manner, whether a 

  

					
		  	3	  	 Schedule to ISDA Master Agreement

 
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). 
 (v) Party B undertakes to use its reasonable
efforts to obtain at least one Market Quotation before the Latest Settlement Amount Determination Day. 
 (vi) Party B will be
deemed to have discharged its obligations under (v) above if it requests Party A to obtain Market Quotations, where such request is made in writing within two Local Business Days after the day on which the Early Termination Date is designated.

 (vii) if Party B requests Party A in writing to obtain Market Quotations, Party A shall use its reasonable efforts to do so
before the Latest Settlement Amount Determination Day. 
 (viii) Any amount calculated as being due in respect of an Early
Termination Date will be payable in accordance with Section 6(d)(ii), provided that if such payment is owed to Party B, it will be payable on the day that notice of the amount payable is given to Party A. 
 (ix) 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).”.

  

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

  

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

  

					
		  	4	  	 Schedule to ISDA Master Agreement

 (i) Acceleration of the Notes. The following shall constitute an Additional
Termination Event in which Party B shall be the sole Affected Party: Any acceleration of the Notes outstanding occurs following an event of default under the Indenture. 
 (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(t). 
 (iii) S&P [or Fitch] Downgrade of Party A. The failure by Party A to post Eligible Collateral in accordance with the terms of the Credit Support Annex or to obtain a guarantee in accordance with Part 5(q)
and with the terms of the Credit Support Annex or to transfer its rights and obligations hereunder to a Qualified Counterparty in accordance with Part 5(q) shall constitute an Additional Termination Event for which Party A shall be the sole Affected
Party. 
 (iv) Moody’s First Rating Trigger Collateral. The following shall constitute an Additional Termination
Event in which Party A is the sole Affected Party: Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Annex from time to time entered into between Party A and
Party B in relation to this Agreement and either (x) the Moody’s Second Rating Trigger Requirements do not apply or (y) less than 30 Local Business Days have elapsed since the last time the Moody’s Second Rating Trigger
Requirements did not apply. 
 (v) Moody’s Second Rating Trigger Replacement. The following shall constitute an
Additional Termination Event in which Party A is the sole Affected Party: (x) The Moody’s Second Rating Trigger Requirements apply and 30 or more Local Business Days have elapsed since the last time the Moody’s Second Rating Trigger
Requirements did not apply and (y) (A) at least one Eligible Replacement has made a Firm Offer (which remains capable of becoming legally binding upon acceptance) to be the transferee of a transfer to be made in accordance with Part 5(e)
below and/or (B) at least one entity with the Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger Required Ratings has made a Firm Offer (which remains capable of becoming legally 

  

					
		  	5	  	 Schedule to ISDA Master Agreement

 
binding upon acceptance by the offeree) to provide an Eligible Guarantee in respect of all of Party A’s present and future obligations under this
Agreement. 
 For the purpose of Part 1(e) and sub-paragraphs (iv) and (v) above: 
 “Eligible Guarantee” means an unconditional and irrevocable guarantee that is provided by a guarantor as principal debtor
rather than surety and is directly enforceable by Party B, 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) with the Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger Required Ratings 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 (B) whose present and future obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee provided
by a guarantor with the Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger Required Ratings. 
 “Firm Offer” means an offer which, when made, was capable of becoming legally binding upon acceptance. 
 “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 
  

					
		  	6	  	 Schedule to ISDA Master Agreement

 “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. 
 (A) The
“Moody’s First Rating Trigger Requirements” shall apply so long as no Relevant Entity has the Moody’s First Trigger Required Ratings. 
 An entity shall have the “Moody’s First Trigger Required Ratings” (x) where such entity is the subject of a Moody’s Short-term Rating, if such rating is “Prime-1” and its
long-term, unsecured and unsubordinated debt obligations are rated “A2” or above by Moody’s and (y) where such entity is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt
obligations are rated “A1” or above by Moody’s. 
 (B) So long as the Moody’s First Rating Trigger
Requirements apply, Party A will at its own cost use commercially reasonable efforts to, as soon as reasonably practicable, (x) procure an Eligible Guarantee in respect of all of Party A’s present and future obligations under this
Agreement to be provided by a guarantor with the Moody’s First Trigger Required Ratings, (y) transfer to Party B the amount of Eligible Collateral required under the Credit Support Annex or (y) transfer this Agreement in
accordance with Part 5(e) below. 
 (C) The “Moody’s Second Rating Trigger Requirements” shall apply so long as
no Relevant Entity has the Moody’s Second Trigger Required Ratings. 
 An entity shall have the “Moody’s
Second Trigger Required Ratings” (x) where such entity is the subject of a Moody’s Short-term Rating, if such rating is “Prime-2” or above and its long-term, unsecured and unsubordinated debt obligations are rated
“A3” or above by Moody’s and (y) where such entity is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt obligations are rated “A3” or above by Moody’s.

 (D) So long as the Moody’s Second Rating Trigger Requirements apply, Party A will at its own cost use commercially
reasonable efforts to, as soon as reasonably practicable, either (x) procure an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement to be provided 

  

					
		  	7	  	 Schedule to ISDA Master Agreement

 
by a guarantor with the Moody’s First Trigger Required Ratings and/or the Moody’s Second Trigger Required Ratings or (y) transfer this
Agreement in accordance with Part 5(e) below, and in both the case of (x) and (y), transfer to Party B the amount of Eligible Collateral required under the Credit Support Annex. 
 In the event of an Early Termination Date in respect of a Party A Rating Downgrade, a Moody’s First Rating Trigger Replacement or a
Moody’s Second Rating Trigger Replacement and the entering into by Party B of alternative swap arrangements, Party A shall pay all reasonable out-of-pocket expenses, including legal fees and stamp taxes, relating to the entering into of such
alternative swap arrangements. 
 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 [type of entity] organized under the laws of [            ].

  

					
		  	8	  	 Schedule to ISDA Master Agreement

	 	(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:

  

	(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. 
  

					
		  	9	  	 Schedule to ISDA Master Agreement

	(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
	  	 Upon execution of this Agreement.
	  	Yes

  

					
		  	10	  	 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

		  	 Agreement and enter into Transactions for Party B.
	  		  	
				
	 Party B
	  	 Copies of executed Indenture and Sale and Servicing Agreement.
	  	 Upon execution of such Agreements
	  	 Yes

				
	 Party A
	  	 Financial data relating to Party A, as required pursuant to Part 5(t) of this Schedule.
	  	 As required pursuant to Part 5(t) of this Schedule.
	  	 Yes

				
	 Party A
	  	 Executed Indemnification and Disclosure Agreement, among Party A, Fifth Third Bank, an Ohio banking corporation, Fifth Third Holdings Funding, LLC and Fifth Third
Holdings, 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

  

					
		  	11	  	 Schedule to ISDA Master Agreement

 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:
	  	 [            ]
	  	
	 Attention:
	  	 [            ]
	  	

							
	 Facsimile No.:
	  	  
	  	 Telephone No.:
	  	  

	 Electronic Messaging System Details: [Not Applicable]
	  	

 Address for notices or communications to Party B: 
  

							
	 Address: c/o
	  	 [                    ], as Owner
Trustee
	  	
		  	 [            ]
	  		  	
		  	 [            ]
	  		  	
	 Attention:
	  	 [            ]
	  		  	
	 Telex No.:
	  	 Not applicable
	  	 Answerback:
	  	 Not applicable

	 Facsimile No.:
	  	 [            ]
	  	 Telephone No.:
	  	 [            ]

	 Electronic Messaging System Details: [Not Applicable]

 With a copy to: 
  

	
	 Fifth Third Bank

	 38 Fountain Square Plaza

	 Cincinnati, Ohio 45263

	 Attention: [            ]

	 Telephone No.: (513) 579-5300

	 Facsimile No.: [            ]

 With a copy to the Indenture Trustee at: 
  

	
	 Address: [            ]

	 Attention: [            ]

	 Telex No.: Not applicable    Answerback: Not applicable

	 Facsimile No.: [            ]    Telephone No.:
[            ]

	 Electronic Messaging System Details: [            ]

  

					
		  	12	  	 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] [is not] a Multibranch Party [and may act through the following offices:] 
 [specify]. 
 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 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 guarantee in support of Party A’s obligations under this Agreement.
	  	
			
	 Party B:
	  	 Not applicable.
	  	

  

					
		  	13	  	 Schedule to ISDA Master Agreement

	(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: 

 “(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.” 
  

					
		  	14	  	 Schedule to ISDA Master Agreement

 Part 5. Other Provisions. 
  

	(a)	 ISDA Definitions 

 The definitions and provisions contained in the 2000 ISDA Definitions (the “2000 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 2000 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 2000 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. 
  

					
		  	15	  	 Schedule to ISDA Master Agreement

 (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.

 (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(12) of the U.S. Commodity Exchange Act, 7 U.S.C. Section 1a(12). 
 (v) FDIC Requirements. If it is a bank subject to the requirements of 12 U.S.C. § 1823(e), the necessary action to authorize referred to in the representation in Section 3(a)(ii) includes all
authorizations required under the Federal Deposit Insurance Act as amended, including amendments effected by the Financial Institutions Reform, Recovery and Enforcement Act of 1989, and under any agreement, writ, decree, or order entered into with
such party’s supervisory authorities. At all times during the term of this Agreement, such party will continuously include and maintain as part of its official written books and records this Agreement, this Schedule and all other exhibits,
supplements, and attachments hereto and documents incorporated by reference herein, all Confirmations, and evidence of all necessary authorizations. 
 (vi) ERISA.  
 (A) Party A continuously represents that it is not (i) an
“employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that subject to Title I of ERISA, (ii) a “plan” as defined in
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or (iii) a person or entity the assets of which constitute “plan assets” of an employee benefit plan or plan. 
 (B) Party B represents that the purchase, holding and transfer of the Notes will, throughout the term of this Agreement, be prohibited to
any person who cannot make the following deemed representation: Either (i) it is not acquiring a Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a
“plan” as defined in Section 4975 

  

					
		  	16	  	 Schedule to ISDA Master Agreement

 
of the Code, an entity deemed to hold the plan assets of any of the foregoing or any other employee benefit plan or retirement arrangement that is subject to
a law that is similar to Section 406 of ERISA or Section 4975 of the Code; or (ii) the acquisition, holding and disposition of a Note will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or a nonexempt violation of any similar applicable law. 
 Party A and Party B each agree that
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

  

					
		  	17	  	 Schedule to ISDA Master Agreement

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

 Upon the effectiveness of any transfer, each of Party A and Party B shall be released (in each case to the extent of the
obligations so transferred) from its obligations as a party to this Agreement without any further notification or other action. 
 (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). 
  

	(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)	 Events of Default. Section 5(a)(i) of this Agreement is hereby amended by changing the word “third” to “first” in the phrase
“if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party” and the addition of the following at the end thereof: 

  

					
		  	18	  	 Schedule to ISDA Master Agreement

 “, it being understood that amounts payable by Party B are not due except to the
extent set forth in Section [4.4(a)] of the Sale and Servicing Agreement.” 
  

	(i)	 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. 

  

	(j)	 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. 

  

	(k)	 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 (and such
consent shall be deemed to have been given if Party A does not object in writing within ten (10) business days after receipt of a written request for such consent). 

  

	(l)	 No 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,
Advances made on such Payment Date and the Reserve Account Draw Amount] in accordance with the priority of payments set forth in Section [4.4(a)] of the Sale and Servicing Agreement. 

  

	(m)	 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 

  

					
		  	19	  	 Schedule to ISDA Master Agreement

	 	 
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 Fifth Third Holdings Funding, LLC and Party B. 
  

	(n)	 Confirmation. Each party acknowledges and agrees that the Confirmation executed as of the date hereof and designated as Party A Global ID No.
[            ] 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. 

  

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

  

	(p)	 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. 

  

	(q)	 S&P [or Fitch] Downgrade of Party A. 

 In the event (i) S&P [or Fitch] assigns a short-term debt rating lower than “A-1” to Party A or (ii) S&P [or Fitch] assigns a long-term debt rating lower than “A+” to Party A (if

  

					
		  	20	  	 Schedule to ISDA Master Agreement

 
Party A only has a long-term debt rating) (each such event, a “Party A Rating Downgrade”), Party A shall (A) promptly, but in no event
later than two (2) Local Business Days following the date of such Party A Rating Downgrade, give Party B, the Servicer and the Indenture Trustee written notice of the occurrence of such Party A Rating Downgrade, and (B) use commercially
reasonable efforts to find a Qualified Counterparty promptly and transfer, in accordance with and subject to the limitations of Part 5(e), its rights and obligations to Qualified Counterparty. Party A shall continue to perform its obligations and
use commercially reasonable efforts to find a Qualified Counterparty until a Qualified Counterparty is in place. The cost of finding and putting into place a Qualified Counterparty shall be borne by Party A. Not later than thirty (30) calendar
days after such Party A Rating Downgrade, if Party A has not transferred its obligations to a Qualified Counterparty in accordance with the foregoing provisions, Party A shall either (i) obtain (at Party A’s expense) an unconditional
guarantee or other similar assurance in respect of Party A’s obligations under this Agreement from a guarantor that has Rated Debt and which guarantee and guarantor satisfy the Rating Agency Condition; or (ii) transfer within thirty
(30) days of such downgrade and from time to time thereafter to Party B under the Credit Support Annex the amount of Eligible Collateral required under the Credit Support Annex. In the event Party A complies with the requirements set forth in
the preceding sentence and the Party A Rating Downgrade relates only to an action taken by S&P [or Fitch] , Party A shall not be required to find a replacement counterparty until the time at which (i) S&P [or Fitch] assigns a long-term
senior unsecured debt rating lower than BBB+ to Party A or (ii) S&P [or Fitch] withdraws its ratings assigned to Party A (each such event, a “Level Two S&P [or Fitch] Party A Downgrade”), at which time Party A must
(i) transfer within one Local Business Day of such downgrade and from time to time thereafter to Party B under the Credit Support Annex the amount of Eligible Collateral required under the Credit Support Annex and (ii) immediately
(but in no event later than thirty (30) calendar days of such downgrade) find and put into place a Qualified Counterparty. The cost of finding and putting into place a Qualified Counterparty shall be born by Party A. Once a Qualified
Counterparty is in place, Party B shall return any such Eligible Collateral to Party A pursuant to the terms of the Credit Support Annex and to the extent such Eligible Collateral has not already been applied in accordance with this Agreement or the
Credit Support Annex. Party B shall have the right to terminate this Agreement if at any time Party A fails to comply with any of its obligations under this paragraph in full and in a timely manner. 
  

					
		  	 21
	  	 Schedule to ISDA Master Agreement

 “Rated Debt” means, with respect to a counterparty,(1) in the case of
S&P, (i) S&P assigns (x) a long-term debt rating equal to or higher than “A” to the counterparty, and (y) assigns a short-term debt rating equal to or higher than “A-1” to the counterparty (if the
counterparty has both long-term and short-term debt ratings), or (ii) S&P assigns a long-term debt rating equal to or higher than “A+” to the counterparty (if the counterparty only has a long-term debt rating), and (2) in the
case of Moody’s (i) Moody’s assigns (x) a long-term debt rating equal to or higher than “A2” to the counterparty, and (y) a short-term debt rating equal to or higher than “P1” 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 “A1” to the counterparty (if the counterparty only has a long-term debt rating). 
 “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 by such Rating Agency that the occurrence of such event or circumstance will not cause it to downgrade, qualify or withdraw its rating assigned to any of the Notes or (b) in the case of Moody’s only, that such
Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten days’ advance notice is impracticable, as much advance notice as is practicable) and
such Rating Agency shall not have issued any written notice that the occurrence of such event or circumstance will cause it to downgrade, qualify or withdraw its rating assigned to the Notes. 
 “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies Inc. or its successor.

 “Servicer” means Fifth Third Bank, an Ohio banking corporation. 
 Reference is made to that certain Sale and Servicing Agreement dated as of [    ], 20[    ] (the
“Sale and Servicing Agreement”) among Party B as the Issuer, Fifth Third Holdings Funding, LLC, Fifth Third Bank, an Ohio banking corporation, and [            ], 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 and Servicing Agreement. 
  

	(r)	 Definitions. 

  

					
		  	22	  	 Schedule to ISDA Master Agreement

	 	(i)	 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 Fifth Third Holdings Funding, LLC. 
 “Eligible Collateral” has the meaning set forth in the Credit Support Annex. 
 [“Fitch” means Fitch, Inc. or its successor.] 
 “Free Writing Prospectus” means
any free writing prospectus prepared in connection with the public offering of the Notes. 
 “Moody’s”
means Moody’s Investors Service, Inc. or its successor. 
 “Notes” mean the asset-backed
notes issued by Party B under the Indenture. 
 “Preliminary Prospectus Supplement” means any preliminary
prospectus supplement prepared in connection with the public offering and sale of the Notes. 
 “Prospectus
Supplement” means any prospectus supplement prepared in connection with the public offering and sale of the Notes. 
 “Qualified Counterparty” means a counterparty that (a) has Rated Debt and (b) becomes 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 is not less favorable to Party B than this Agreement. 
  

	(s)	 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. 

 

	(t)	 Regulation AB Financial Disclosure. 

 Subject to the last two paragraphs of this clause (t), so long as Party B, the Depositor or any of such parties’ Affiliates (collectively, “Fifth Third”) shall file reports in respect of

  

					
		  	23	  	 Schedule to ISDA Master Agreement

 
the Notes with the Securities and Exchange Commission (the “SEC”) pursuant to Sections 13(a) or 15(d) of 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 Fifth Third 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 Fifth Third 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 Supplement or Prospectus
Supplement or report filed by Fifth Third 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 Part 5(t) is
referred to as the “Additional Information.” 
 For the purpose of this Part 5(t): 
 “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. §§229.1100-229.1123, 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. 
  

					
		  	24	  	 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 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 a Qualified Counterparty (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(t) 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 a Qualified Counterparty (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(t) hereof.  
  

					
		  	25	  	 Schedule to ISDA Master Agreement

							
		 		 	 FIFTH THIRD AUTO TRUST 200[  ] – [  ]

			
		 		 	 By:
[                            ], not in its individual capacity but solely as owner
trustee

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	
		 		 	 Title:
	 	
			
		 		 	 [                            ]

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	
		 		 	 Title:
	 	

  

					
		  	26	  	 Schedule to ISDA Master Agreement

 ISDA® 
 International Swaps and Derivatives Association, Inc. 
 CREDIT SUPPORT ANNEX 
 to the Schedule to the

 ISDA MASTER AGREEMENT 
 dated as
of [                    ] 
 between

 [                    ]
(“Party A”) 
 and 
 Fifth
Third Auto Trust 200[  ]-[  ] (“Party B”) 
 This Annex supplements, forms part of, and is subject to, the ISDA
Master Agreement referred to above (this “Agreement”), is part of its Schedule and is a Credit Support Document under this Agreement with respect to Party A. 
 Accordingly, the parties agree as follows: 
 Paragraphs 1 - 12. Incorporation 
 Paragraphs 1 through 12 inclusive of the ISDA Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law Only)
published in 1994 by the International Swaps and Derivatives Association, Inc. are incorporated herein by reference and made a part hereof: 
 Paragraph
13. Elections and Variables 
  

	(a)	 Security Interest for “Obligations”. The term “Obligations” as used in this Annex includes no additional
obligations of Secured Party and, for purposes of the definition of Obligations in Paragraph 12, includes no additional obligations of Pledgor. 

  

	(b)	 Credit Support Obligations. 

  

	 	(i)	 “Delivery Amount” will have the meanings specified in Paragraph 3(a) except that the words “upon a demand made by the Secured Party on or
promptly following a Valuation Date” shall be deleted and replaced by the words “on each Valuation Date”. 

  

	 	(ii)	 “Credit Support Amount” (x) means the Credit Support Amount required under Paragraph 13(n) (in the case of a Party A Rating Downgrade
or Level Two S&P 

  

 1 

	 	 
Party A Downgrade relating to an action taken by S&P); (y) has the meaning specified under the relevant definition of Ratings Criteria (in the case
of Moody’s First Trigger Event or Moody’s Second Trigger Event); [or (z) means Party B’s Exposure under the Agreement to which this Annex relates (in the case of a Party A Rating Downgrade relating to an action taken by Fitch)]
in each case as calculated on a daily basis by the Valuation Agent. The Credit Support Amount shall be calculated by reference to the provisions set forth in this Annex which would result in Party A transferring the greatest amount of Eligible
Credit Support to Party B or, if applicable, which would result in Party B returning the least amount of Posted Credit Support. In circumstances where more than one of the Ratings Criteria or Party A Rating Downgrade or Level Two S&P Party A
Downgrade apply, the Credit Support Amount shall be calculated by reference to the Ratings Criteria or Party A Rating Downgrade or Level Two S&P Party A Downgrade which would result in Party A transferring the greatest amount of Eligible Credit
Support or, if applicable, which would result in Party B returning the least amount of Posted Credit Support. 

  

	 	(iii)	 Eligible Collateral. The following items will qualify as “Eligible Collateral”: 

  

											
	 	 	 	  	 Valuation
 Percentage:*
	  	Moody’s First
Ratings Trigger	 	Moody’s Second
Ratings
Trigger**	 	S&P [& Fitch]**
	(A)	 	 Cash: US Dollars
	  		  	[100]%	 	[100]%	 	[100]%
						
	(B)	 	 U.S. Treasury Securities: negotiable debt obligations issued by the U.S. Treasury Department (“Treasuries”) having a remaining maturity of up to and
not
	  		  	[100]%	 	[100]%	 	[98.9]%

  

 2 

											
	 	 	 	  	 Valuation
 Percentage:*
	  	Moody’s First
Ratings Trigger	  	 Moody’s Second
Ratings
 Trigger**
	  	S&P [& Fitch]**
		 	 more than 1 year.
	  		  		  		  	
						
	(C)	 	 Treasuries having a remaining maturity of greater than 1 year but not more than 10 years.
	  		  	[100]%	  	[97]% (1-5yr) [94]% (5-10yr)
	  	[95.5]% (1-5yr) [92.8]% (5-10yr)

						
	(D)	 	 Treasuries having a remaining maturity of greater than 10 years.
	  		  	[100]%	  	[90]% (10-20yr) [88]% (>20yr)
	  	[91.1]% (10-20yr) [88.6]% (>20yr)

						
	(E)	 	 Agency Securities: Debenture obligations of the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) (collectively, “Agency
Securities”) having a remaining maturity of not more than 1 year.
	  		  	[100]%	  	[99]%	  	[98.5]%

  

 3 

											
	 	 	 	  	 Valuation
 Percentage:*
	  	Moody’s First
Ratings Trigger	  	Moody’s Second
Ratings
Trigger**	  	S&P [& Fitch]**
	(F)	 	 Agency Securities having a remaining maturity of greater than 1 year but not more than 5 years.
	  		  	[100]%	  	[96]% (1-5yr)	  	[94.5]% (1-5yr)
						
	(G)	 	 Agency Securities having a remaining maturity of greater than 5 years but not more than 10 years.
	  		  	[100]%	  	[93]% (5-10yr)	  	[90.7]% (5-10yr)
						
	(H)	 	 Agency Securities having a remaining maturity of greater than 10 years but not more than 20 years.
	  		  	[100]%	  	[89]%	  	[87.7]%

  

 4 

											
	 	  	 	  	 Valuation
 Percentage:*
	  	Moody’s First
Ratings Trigger	  	Moody’s Second
Ratings
Trigger**	  	S&P [& Fitch]**
	(I)	  	 Agency Securities having a remaining maturity of greater than 20 years but not more than 30 years.
	  		  	[100]%	  	[87]%	  	[84.4]%
						
	(J)	  	 FHLMC Certificates. Mortgage participation certificates issued by FHLMC evidencing undivided interests or participations in pools of first lien conventional or FHA/VA
residential mortgages or deeds of trust, guaranteed by FHLMC, and having a remaining maturity of not more than 30 years.
	  		  	to be
determined	  	to be
determined	  	to be
determined
						
	(K)	  	 FNMA Certificates. Mortgage-backed pass-through certificates
	  		  	to be
determined	  	to be
determined	  	[91.5]%

  

 5 

											
	 	 	 	  	 Valuation
 Percentage:*
	  	Moody’s First
Ratings Trigger	  	Moody’s Second
Ratings
Trigger**	  	S&P [& Fitch]**
		 	 issued by FNMA evidencing undivided interests in pools of first lien mortgages or deeds of trust on residential properties, guaranteed by FNMA, having a remaining maturity of
not more than 30 years.
	  		  		  		  	
						
	(L)	 	 GNMA Certificates. Mortgage-backed pass-through certificates issued by private entities, evidencing undivided interests in pools of first lien mortgages or deeds of trust on
single family residences, guaranteed by the Government National Mortgage Association (GNMA) with the full faith and credit of the United States, and having a remaining
	  		  	to be
determined	  	to be
determined	  	[91.5]%

  

 6 

											
	 	 	 	  	 Valuation
 Percentage:*
	  	Moody’s First
Ratings Trigger	  	Moody’s Second
Ratings
Trigger**	  	S&P [& Fitch]**
						
		 	 maturity of not more than 30 years.
	  		  		  		  	
						
	(M)	 	 Commercial Paper. Commercial Paper with a rating of at least P-1 by Moody’s, at least F-1 by Fitch and at least A-1+ by S&P and having a remaining maturity of not
more than 30 days.
	  		  	to be
determined	  	to be
determined	  	[99.0]%
						
	(N)	 	 Other. Other items of Credit Support approved in writing by each applicable rating agency with such valuation percentages as determined by each applicable rating
agency.
	  		  	to be
determined	  	to be
determined	  	[    ]%

	*	 The Valuation Percentage shall equal the percentage specified under such Rating Agency’s name above. If Party A is rated by more than one Rating Agency
specified above, the Valuation Percentage shall equal the lowest of the applicable percentages specified above. 

	**	 A parenthetical in the form of (a-b yr) means a security having a remaining maturity greater than or equal to a years and less than b years.

  

 7 

	 	(iv)	 There shall be no “Other Eligible Support” for Party A for purposes of this Annex. 

  

	 	(v)	 Thresholds. 

  

	 	(A)	 “Independent Amount” means with respect to Party A: Not Applicable. 

 “Independent Amount” means with respect to Party B: Not Applicable. 
  

	 	 (B)
	 “Threshold” means with respect to Party A: Infinity; provided that for so long as (i) Party A is not
above the Moody’s First Trigger Required Ratings and either (x) Party A had been below the Moody’s First Trigger Required Ratings since this Annex was executed or (y) at least 30 Local Business Days have elapsed since the last
time Party A had been below the Moody’s First Trigger Required Ratings or (ii)(x) a Party A Rating Downgrade has occurred and has been continuing for a least 30 days, or (y) a Level Two S&P Party A Downgrade has occurred and is
continuing, the Threshold with respect to Party A shall be zero; further, provided, if a Moody’s Second Rating Trigger Requirement has occurred and is continuing pursuant to the Agreement, the Threshold shall be zero in the event Party A fails
to assign all of its rights and obligations under the Agreement on or before the 20th day after the date of a Moody’s Second Rating Trigger Requirement (as described in Part 1(g) of the Schedule) continues to exist. Party A will post Eligible
Collateral on or prior to the 20th day following a Moody’s Second Rating Trigger Requirement. 

 “Threshold” means with respect to Party B: Not Applicable. 
  

	 	(C)	 “Minimum Transfer Amount” means with respect to Party A $50,000. 

 “Minimum Transfer Amount” means with respect to Party B $50,000. 
  

	 	(D)	 Rounding. The Delivery Amount will be rounded up and the Return Amount will be rounded down to the nearest integral multiple of $10,000.00, respectively.

  

	(c)	 Valuation and Timing. 

  

	 	(i)	 “Valuation Agent” means Party A; provided, however, that if an Event of Default shall have occurred with respect to which Party A is the
Defaulting Party, Party B 

  

 8 

	 	 
shall have the right to designate as Valuation Agent an independent party, reasonably acceptable to Party A, the cost for which shall be borne by
Party A. All calculations by the Valuation Agent must be made in accordance with standard market practice, including, in the event of a dispute as to the Value of any Eligible Credit Support or Posted Credit Support, by making reference to
quotations received by the Valuaton Agent from one or more pricing sources. 

  

	 	(ii)	 “Valuation Date” means: each Local Business Day on which the Credit Support Amount would be greater than zero. 

  

	 	(iii)	 “Valuation Time” means: 

  

	 	 ̈	 the close of business in the city of the Valuation Agent on the Valuation Date or date of calculation, as applicable; 

  

	 	x	 the close of business on the Local Business Day before the Valuation Date or date of calculation, as applicable; 

 provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date. 
  

	 	(iv)	 “Notification Time” means 1:00 p.m., New York time, on a Local Business Day. 

  

	 	(v)	 Notwithstanding the definition of Valuation Agent and Valuation Date, at any time while the long-term unsecured debt or counterparty rating of Party A’s
Credit Support Provider is not above “BBB”, the calculations of Exposure and the Value of any Eligible Credit Support or Posted Credit Support must be verified by an external mark monthly. The external mark must be obtained by an
independent third party, and cannot be verified by the same entity more than four times in any 12-month period. In addition, the external mark-to-market valuations should reflect the higher of two bids from counterparties that would be eligible and
willing to provide the swap in the absence of the current provider. The Value of any Eligible Credit Support or Posted Credit Support and Exposure should be based on the greater of the calculations of the Valuation Agent and the external marks, and
any deficiencies in Value and Exposure must be cured within three days. 

  

	 	(vi)	 Notice to S&P. At any time at which Party A (or, to the extent applicable, its Credit Support Provider) does not have a long-term
unsubordinated and unsecured debt 

  

 9 

	 	 
rating of at least “BBB+” from S&P, the Valuation Agent shall provide to S&P not later than the Notification Time on the Local Business Day
following each Valuation Date its calculations of the Secured Party’s Exposure and the S&P Value of any Eligible Credit Support or Posted Credit Support for that Valuation Date. The Valuation Agent shall also provide to S&P any
external marks received pursuant to the preceding paragraph. 

  

	(d)	 Conditions Precedent. No event shall constitute a “Specified Condition”. 

  

	(e)	 Substitution. 

  

	 	(i)	 “Substitution Date” means the Local Business Day in New York on which the Secured Party is able to confirm irrevocable receipt of the Substitute Credit
Support, provided that (x) such receipt is confirmed before 3:00 p.m. (New York time) on such Local Business Day in New York and (y) the Secured Party has received, before 1:00 p.m. (New York time) on the immediately preceding Local
Business Day in New York, the notice of substitution described in Paragraph 4(d)(i). 

  

	 	(ii)	 Consent. The Pledgor is not required to obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d). 

  

	(f)	 Dispute Resolution. 

  

	 	(i)	 “Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which a notice is given that gives rise to a dispute
under Paragraph 5. 

  

	 	(ii)	 Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support will be calculated as follows: for Cash, the U.S. dollar value
thereof, and for each item of Eligible Collateral (except for Cash), an amount in U.S. dollars equal to the product of (i) either (A) the bid price for such security quoted on such day by a principal market-maker for such security selected
in good faith by the Secured Party or (B) the most recent publicly available bid price for such security as reported by a quotation service or in a medium selected in good faith and in a commercially reasonable manner by Secured Party,
multiplied by (ii) the percentage figure listed in Paragraph 13(b)(ii) hereof with respect to such security. 

  

 10 

	 	(iii)	 Alternative. The provisions of Paragraph 5 will apply. 

  

	(g)	 Holding and Using Posted Collateral. 

  

	 	(i)	 Eligibility to Hold Posted Collateral; Custodians. Secured Party will not be entitled to hold Posted Collateral itself, and instead the Secured Party will
be entitled to hold Posted Collateral through the Indenture Trustee which Posted Collateral (i) shall not be commingled or used with any other asset held by the Indenture Trustee but shall be held in a separate trust account for this purpose
only and (ii) shall not be transferred to any other person or entity but Party A pursuant to the provisions herein except (x) in any case contemplated by Paragraph 8(a) of this Annex with respect to Party A or (y) as
directed by Party A; provided, however, that if the Indenture Trustee does not have a short-term debt rating of at least “A-1” by S&P, then a third party custodian with a short-term debt rating of at least “A-1” by
S&P must hold such Posted Collateral. 

  

	 	(ii)	 Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to Secured Party and without prejudice to Secured Party’s rights under
Paragraph 8 of the Credit Support Annex, Secured Party will not take any action specified in such Section 6(c). 

  

	(h)	 Distributions and Interest Amount. 

  

	 	(i)	 The “Interest Rate”, with respect to Eligible Collateral in the form of Cash, for any day, will be the lesser of (x) the rate opposite the caption
“Federal funds (effective)” for such day as published by the Federal Reserve Publication H.15 (519) or any successor publication as published by the Board of Governors of the Federal Reserve System and (y) the rate of interest
actually received on such Cash. 

  

	 	(ii)	 The “Transfer of Interest Amount” will be made within 3 Local Business Days after the last Local Business Day of each calendar month in an amount not
to exceed the interest actually received. 

  

	 	(iii)	 Alternative Interest Amount. The provisions of Paragraph 6(d)(ii) will apply. 

  

	(i)	 Additional Representations. None. 

  

	(j)	 Other Eligible Support and Other Posted Support. Not Applicable. 

  

 11 

	(k)	 Demands and Notices. All demands, specifications and notices made by a party to this Annex will be made to the following: 

  

			
	 Party A:
	 	 As set forth in the Schedule.

		
	 Party B:
	 	 As set forth in the Schedule.

  

	(l)	 Addresses for Transfers. 

  

			
	Party A:	 	 Cash/Interest Payments: (USD Only)

		
		 	 USD Cash Collateral Instructions:

		
		 	 Eligible Collateral (other than cash):

		
	Party B:	 	 Contact Indenture Trustee in the event Transfers are required.

  

	(m)	 Other Provisions. 

  

	 	(i)	 This Credit Support Annex is a Security Agreement under the New York UCC. 

  

	 	(ii)	 Paragraph 1(b) of this Annex is amended by deleting it and restating it in full as follows: 

 “(b) Secured Party and Pledgor. All references in this Annex to the “Secured Party” mean Party B, and all references in
this Annex to the “Pledgor” mean Party A; provided, however, that if Other Posted Support is held by Party B, all references herein to the Secured Party with respect to that Other Posted Support 

  

 12 

 
will be to Party B as the beneficiary thereof and will not subject that support or Party B as the beneficiary thereof to provisions of law generally relating
to security interests and secured parties.” 
  

	 	(iii)	 Paragraph 2 of this Annex is amended by deleting the first sentence thereof and restating that sentence in full as follows: 

 “Party A, as the Pledgor, hereby pledges to Party B, as the Secured Party, as security for the Pledgor’s Obligations, and grants
to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder.” 
  

	 	(iv)	 Only Party A makes the representations contained in Paragraph 9 of this Annex. 

  

	 	(v)	 Paragraph 12 of this Annex is amended by deleting the definitions of “Pledgor” and “Secured Party” and replacing them with the following:

 “‘Secured Party’ means Party B. 
 ‘Pledgor’ means Party A.” 
  

	 	(vi)	 Paragraph 12 is hereby amended by adding, in alphabetical order, the following: 

 [“Fitch” means Fitch, Inc., or any successor to the rating business of such entity.”] 
 “Moody’s” means Moody’s Investor Services, Inc., or any successor to the rating business of such entity.”

 “S&P” means Standard and Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any
successor to the rating business of such entity.” 
  

	 	(vii)	 Notwithstanding anything to the contrary in Paragraph 10, the Pledgor will be responsible for, and will reimburse the Secured Party for all transfer and other
taxes and other costs involved in any Transfer of Eligible Collateral. 

  

	(n)	 S&P Criteria 

 “S&P Credit Support Amount” means, for any Valuation Date, the excess, if any, of (I) (A) for any Valuation Date on which (i) a Party A Rating Downgrade has occurred and 

  

 13 

 
been continuing for at least 30 days, or (ii) a Level Two S&P Party A Downgrade has occurred and is continuing, an amount equal to the sum of
(1) 100% of the Secured Party’s Exposure for such Valuation Date and (2) the VB for such Transaction, or (B) for any other Valuation Date, zero, over (II) the Threshold for Party A for such Valuation Date. 
 “VB” means the Notional Amount (as defined in the Confirmation for each outstanding Transaction under this Agreement) times the
relevant percentage set out in Table A below: 
  

 14 

 TABLE A 
 Volatility Buffer 
  

										
	 Counterparty
	  	Less than 5 years
to Termination Date
of the Transaction.	 	 	Less than 10 years,
but more than 5
years to
Termination Date of
the
Transaction.	 	 	Greater than 10
years to
Termination Date of
the Transaction.	 
	 The rating by S&P of Party A’s short-term unsecured, unsubordinated obligations is at least equal to “A-2”
	  	3.25	%	 	4.00	%	 	4.75	%
				
	 The rating by S&P of Party A’s short-term unsecured, unsubordinated obligations is equal to “A-3”
	  	4.00	%	 	5.00	%	 	6.25	%
				
	 The rating by S&P of Party A’s long-term unsecured, unsubordinated obligations is equal to or less than “BB+”
	  	4.50	%	 	6.75	%	 	7.50	%

  

 15 

	(o)	 Moody’s Ratings Criteria. 

 “Moody’s First Trigger Event” means that no Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s First Trigger Ratings Threshold. 
 “Moody’s First Trigger Ratings Threshold” means, with respect to Party A, the guarantor under an Eligible Guarantee or an
Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s, a long-term
unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A1”. 
 “Moody’s
Second Trigger Event” means that no Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold. 
 “Moody’s Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a
short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term unsecured and unsubordinated debt rating from
Moody’s of “Prime-2”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of
“A3”. 
 Moody’s Credit Support Amount.* With respect to a Moody’s First Trigger Event or a
Moody’s Second Trigger Event relating to an action taken by Moody’s, the “Credit Support Amount” shall mean with respect to a Pledgor on a Valuation Date the sum of: 
  

	 	(i)	 With respect to a Moody’s First Trigger Event: 

  

	 	(A)	 the greater of the Secured Party’s Exposure and $0, plus 

  

	 	(B)	 Notional Amount times the relevant percentage set out in Table B below. 

  

	 	(ii)	 With respect to a Moody’s Second Trigger Event: 

  

 16 

	 	(A)	 the greater of the Secured Party’s Exposure, $0 or the amount owed by Party A on the next Payment Date (as such term is defined in the Confirmation for each
outstanding Transaction under this Agreement), plus 

  

	 	(B)	 Notional Amount times the relevant percentage set out in Table B below. 

	*	 To the extent that both the Moody’s Credit Support Amount and the S&P Credit Support Amount apply, the greater of the two amounts shall be the Credit
Support Amount. 

 TABLE B 
  

								
	 Weighted Average Life of Hedge in Years
	  	Moody’s First Trigger
Event has Occurred	 	 	Moody’s Second Trigger
Event has Occurred	 
	 1
	  	 	0.15	%	 	0.50	%
	 2
	  	 	0.30	%	 	1.00	%
	 3
	  	 	0.40	%	 	1.50	%
	 4
	  	 	0.60	%	 	1.90	%
	 5
	  	 	0.70	%	 	2.40	%
	 6
	  	 	0.80	%	 	2.80	%
	 7
	  	 	1.00	%	 	3.20	%
	 8
	  	 	1.10	%	 	3.60	%
	 9
	  	 	1.20	%	 	4.00	%
	 10
	  	 	1.30	%	 	4.40	%
	 11
	  	 	1.40	%	 	4.70	%
	 12
	  	 	1.50	%	 	5.00	%
	 13
	  	 	1.60	%	 	5.40	%

  

 17 

							
	 Weighted Average Life of Hedge in Years
	  	Moody’s First Trigger
Event has Occurred	 	 	Moody’s Second Trigger
Event has Occurred	 
	 14
	  	1.70	%	 	5.70	%
	 15
	  	1.80	%	 	6.00	%
	 16
	  	1.90	%	 	6.30	%
	 17
	  	2.00	%	 	6.60	%
	 18
	  	2.00	%	 	6.90	%
	 19
	  	2.00	%	 	7.20	%
	 20
	  	2.00	%	 	7.50	%
	 21
	  	2.00	%	 	7.80	%
	 22
	  	2.00	%	 	8.00	%
	 23
	  	2.00	%	 	8.00	%
	 24
	  	2.00	%	 	8.00	%
	 25
	  	2.00	%	 	8.00	%
	 26
	  	2.00	%	 	8.00	%
	 27
	  	2.00	%	 	8.00	%
	 28
	  	2.00	%	 	8.00	%
	 29
	  	2.00	%	 	8.00	%
	 30
	  	2.00	%	 	8.00	%

  

 18 

 Accepted and agreed: 
  

													
	 [                                     
   ]
	 		 		 	FIFTH THIRD AUTO TRUST 200[  ]-[  ]
					
	 By:
	 	  
	 		 		 	 By:
[                            ], not in its individual capacity but solely in its capacity as Owner
Trustee

							
		 	 Name:
	 		 		 		 		 	
							
		 	 Title:
	 		 		 		 	 By:
	 	  

							
		 	 Date:
	 		 		 		 		 	 Name:

							
		 		 		 		 		 		 	 Title:

							
		 		 		 		 		 		 	 Date:

 Credit Support  
 Annex

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]