Document:

Exhibit 10(k)(iv)

                                                               EXECUTION VERSION
                                                               -----------------

            FIRST AMENDMENT, dated as of November 13, 2006 (this "Amendment"),
to the Note Agreement and Guaranty, dated as of October 25, 2005 (as the same
may be further amended, supplemented, waived or otherwise modified from time to
time, the "Note Agreement"), among ALBANY INTERNATIONAL CORP., a Delaware
corporation (the "Company"), the Guarantors (as defined in the Note Agreement),
and The Prudential Insurance Company of America ("Prudential") and the several
Purchasers (as defined in the Note Agreement) (together with Prudential,
individually, a "Purchaser," " and collectively, "Purchasers").

                              W I T N E S S E T H:
                              --------------------

            WHEREAS, the Company and Guarantors party thereto and the Purchasers
party thereto have executed and delivered the Note Agreement; and

            WHEREAS, the Company has requested the amendment of certain
provisions of the Note Agreement, and the Purchasers have indicated willingness
to agree to such amendments subject to certain limitations and conditions, as
provided for herein;

            NOW THEREFORE, in consideration of the premises, the mutual
covenants and the agreements hereinafter set forth and other good and valuable
consideration, the parties hereto hereby agree that on the Amendment Effective
Date, as defined herein, the Note Agreement will be amended as follows:

            1. Definitions. Unless otherwise defined herein, terms defined in
the Note Agreement are used herein as therein defined.

            2. Amendment to Section 6B of the Note Agreement (Negative Pledge).
Section 6B of the Note Agreement is hereby amended, as of the Amendment
Effective Date, as follows: clause (e) is hereby amended by deleting the text
therein in its entirety and inserting in lieu thereof the following text: "(e)
any Lien on any asset of any corporation existing at the time such corporation
is merged or consolidated with or into the Company or any Consolidated
Subsidiary and not created in contemplation of such event; provided that such
Lien shall not extend to other properties or assets of the Company or any
Subsidiary and shall secure only those obligations which it secures on the date
of such merger or consolidation and extensions, renewals and replacements
thereof that do not increase the outstanding principal amount thereof;".

            3. Amendment to Section 6D of the Note Agreement (Transactions with
Affiliates). Section 6D of the Note Agreement is hereby amended, as of the
Amendment Effective Date, as follows: (a) clause (d) is hereby amended by
deleting the text therein in its entirety and inserting in lieu thereof the
following text:

      "the Company or any Subsidiary (i) may make sales to or purchases from any
      Affiliate and, in connection therewith, extend credit, may make payments
      or provide compensation for services rendered by any Affiliate, and may
      engage in any other transaction with any Affiliate, in each case in the
      ordinary course of business and consistent with past practice and (ii) may
      repurchase common stock of the Company from any Affiliate; provided that

<PAGE>

      any such transaction with an Affiliate pursuant to clause (i) or (ii) is
      on terms and conditions at least as favorable to the Company or such
      Subsidiary as the terms and conditions that would apply (1) in an arm's
      length transaction with a Person not an Affiliate or (2) in the case of a
      transaction relating to pension, deferred compensation, insurance or other
      benefit plans with an Affiliate employee, in a similar transaction with a
      non-Affiliate employee; and".

            4. Amendment to Section 6E of the Note Agreement (Restricted
Payments). Section 6E of the Note Agreement is hereby amended, as of the
Amendment Effective Date, by deleting after the words "does not exceed" the
number "2.25" and inserting in lieu thereof the number "2.50".

            5. Amendment to Section 6G of the Note Agreement (Investments,
Loans, Advances, Guarantees and Acquisitions). Section 6G of the Note Agreement
is hereby amended, as of the Amendment Effective Date, as follows: (a) clause
(c) is hereby amended by deleting after the words "Equity Interest in other
Persons" the words "with an aggregate fair market value for all such
acquisitions not to exceed $250,000,000"; (b) clause (d) is hereby amended by
deleting after the words "Leverage Ratio" the words "is less than 2.50 to 1.00"
and inserting in lieu thereof the words "does not exceed 3.00 to 1.00, and loans
or advances to Subsidiaries to provide funds required to effect such
acquisitions"; and (c) clause (e) is hereby amended by deleting the text therein
in its entirety and inserting in lieu thereof the following text:

      (e) (i) any investment, loan or advance by the Company or a Guarantor in
      or to the Company or another Guarantor, (ii) any investment, loan or
      advance by a Subsidiary that is not a Guarantor in or to the Company or a
      Guarantor; provided that each such loan or advance referred to in this
      preceding clause (ii) shall be subordinated to the obligations hereunder
      (it being understood that any such subordination shall not be construed to
      create a Lien), (iii) any investment, loan or advance by any Subsidiary
      that is not a Guarantor in or to any other Subsidiary that is not a
      Guarantor and (iv) any investment, loan or advance by the Company or any
      Guarantor in or to any Subsidiary that is not a Guarantor; provided that
      each investment, loan or advance referred to in the preceding clause (iv)
      must be in an outstanding principal amount which, together with the
      aggregate outstanding principal amount of all other investments, loans and
      advances permitted by such clause (iv), shall not exceed $100,000,000 at
      any time and (v) any investment, loan or advance by the Company or a
      Guarantor to any Subsidiary that is not a Guarantor (whether directly or
      indirectly through one or more intervening Subsidiaries that is not a
      Guarantor) and the business operations of which are in China, South Korea
      or Brazil; provided that each investment, loan or advance referred to in
      the preceding clause (v) must be in an outstanding principal amount which,
      together with the aggregate outstanding principal amount of all other
      investments, loans and advances permitted by such clause (v), shall not
      exceed $150,000,000 at any time;".

            6. Amendment to Section 6H of the Note Agreement (Leverage Ratio).
Section 6H of the Note Agreement is hereby amended, as of the Amendment
Effective Date, by deleting the text therein in its entirety and inserting in
lieu thereof the following text:

                                       2
<PAGE>

      "6H. Leverage Ratio. The Company will not permit the Leverage Ratio (i) on
any date during any Material Acquisition Period to exceed 3.50 to 1.00, and (ii)
on any other date, to exceed 3.00 to 1.00."

            7. Amendment to Section 6I of the Note Agreement (Interest Coverage
Ratio). Section 6I of the Note Agreement is hereby amended, as of the Amendment
Effective Date, by deleting the text therein in its entirety and inserting in
lieu thereof the following text:

      "The Company will not permit the ratio of (i) Consolidated EBITDA for any
      period of four consecutive fiscal quarters to (ii) Consolidated Interest
      Expense during such four fiscal quarter period to be less than 3.00 to
      1.00".

            8. Amendment to Section 11B of the Note Agreement (Other Terms).
Section 11B of the Note Agreement is hereby amended, as of the Amendment
Effective Date, as follows: (a) the definition of "Consolidated Tangible Net
Worth" is hereby amended by deleting the date that reads "September 30, 2003"
and inserting in lieu thereof the date "December 31, 2005"; and (b) the
definition section is hereby further amended, as follows: (i) by adding the
following defined term and definition in its entirety, in its appropriate,
respective position determined by alphabetical order:

            "Material Acquisition Period" means each period of six consecutive
      fiscal quarters of the Company commencing with the fiscal quarter in which
      one or more of the Company and a Subsidiary has consummated (i) one or
      more acquisitions of Equity Interests in Persons that become Subsidiaries
      upon such acquisition or (ii) one or more acquisitions from a Person or a
      business; provided, that the aggregate consideration paid for any such
      acquisitions pursuant to (including, without limitation, Indebtedness of
      the new Subsidiary and, without duplication, any Indebtedness of such
      Persons that is assumed by any one or more of the Company and/or a
      Subsidiary), taken together with the aggregate consideration (including
      assumed Indebtedness as aforesaid) paid for all other such acquisitions
      consummated during the immediately preceding three fiscal quarters of the
      Company, is equal to at least $250,000,000." and

      (ii) by deleting the definitions of "Adjusted Net Proceeds" and "Pro Rata
Prepayment" in their entirety, and inserting in lieu thereof, in their
appropriate, respective position determined by alphabetical order, the following
new definitions:

            ""Adjusted Net Proceeds" in respect of any Pro Rata Prepayment Event
      means an amount equal to the product of (a) 75% of the Net Proceeds (as
      defined in the Revolving Credit Agreement) of the associated Prepayment
      Event (as defined in the Revolving Credit Agreement), and (b) a fraction,
      the numerator of which is aggregate outstanding principal balance of the
      Notes and the denominator of which is the numerator plus the Aggregate
      Revolving Credit Exposure (as defined in the Revolving Credit Agreement)
      calculated as of the date of the Prepayment event giving rise to such Net
      Proceeds."

                                       3
<PAGE>

            "Pro Rata Prepayment" shall mean a prepayment of the Notes in an
      aggregate amount equal to the Adjusted Net Proceeds in respect of the
      applicable Pro Rata Prepayment Event."

            9. Representations and Warranties. The Company and each other
Guarantor hereby:

            (a) other than such representations expressly given as of a specific
date, repeats (and confirms as true and correct) as of the Amendment Effective
Date to the Purchasers that each of the representations and warranties made by
the Company and each other Guarantor pursuant to the Note Agreement and are
hereby incorporated herein (as though set forth herein) in their entirety; and

            (b) further represent and warrant as of the Amendment Effective Date
that: (i) No Default. No Default or Event of Default shall have occurred and be

            continuing on such date after giving effect to this Amendment;

            (ii) Power and Authority. Each such Person has the corporate or
equivalent power to execute and deliver this Amendment, and to perform the
provisions hereof, and this Amendment has been duly authorized by all necessary
corporate or equivalent action on the part of each such Person;

            (iii) Due Execution. This Amendment has been duly executed and
delivered by such Person and constitutes such Person's legal, valid and binding
obligation, enforceable in accordance with its terms, except as such
enforceability may be limited (x) by general principles of equity and conflicts
of laws or (y) by bankruptcy, reorganization, insolvency, moratorium or other
laws of general application relating to or affecting the enforcement, of
creditors' rights;

            (iv) No Consent's Required. No consent, approval, authorization or
order of, or filing, registration or qualification with, any court or
Governmental Authority or third party is required in connection with the
execution, delivery or performance by such Person of this Amendment;

            (v) Acknowledgement of Obligation; Waiver of Claims. It has no
defenses, offsets or counterclaims against any of its obligations under or in
respect to the Note Agreement, the Notes or the AI Guaranty Agreement and that
all amounts outstanding under and in respect to the Notes and the Note Agreement
are owing to holders of the Notes without defense, offset or counterclaim; and

            (vi) Revolving Credit Agreement. Other than (A) that certain
restatement dated as of April 14, 2006 and (B) the First Amendment dated as of
August 28, 2006, there have been no amendments to the Revolving Credit
Agreement.

            10. Acknowledgements and Consent of Guarantors. Each Guarantor
hereby acknowledges that it has reviewed the terms and provisions of the Note
Agreement, the Notes, the AI Guaranty Agreement and this Amendment and consents
to the amendment to Note Agreement effected pursuant to this Amendment. Each
Guarantor confirms that they will

                                       4
<PAGE>

continue to guarantee the obligations to the fullest extent in accordance with
the AI Guaranty Agreement and acknowledges and agrees that: (a) the AI Guaranty
Agreement shall continue in full force and effect and that its obligations
thereunder shall be valid and enforceable and shall not be impaired or limited
by the execution or effectiveness of this Amendment; and (b)(i) notwithstanding,
the conditions to effectiveness hereof, such Guarantor is not required by the
terms of the Note Agreement, the Notes or the AI Guaranty Agreement to consent
to the amendments to the Note Agreement effected pursuant to this Amendment; and
(ii) nothing in Note Agreement, the Notes or AI Guaranty Agreement shall be
deemed to require the consent of any such Guarantor to any future amendments to
the Note Agreement.

            11. Conditions Precedent. This Amendment shall become effective as
of August __, 2006 provided the conditions precedent set forth below shall have
been fulfilled (the "Amendment Effective Date") and shall constitute a
Transaction Document:

            (a) the Purchasers shall have received counterparts of this
Amendment, executed and delivered by a duly authorized officer of each of the
parties hereto;

            (b) the Purchasers shall have received such additional documents or
certificates with respect to legal matters or corporate or other proceeding
related to the transactions contemplated hereby as may be reasonable requested
by the Purchasers on or prior to August 17, 2006;

            (c) the representations and warranties contained in Section 10 above
shall be true and correct in all material respects on and as of the Amendment
Effective Date, as if made on and as of the Amendment Effective Date and there
shall exist on the Amendment Effective Date no Event of Default or Default;

            (d) the Company shall have paid the Purchasers (and the Purchasers
shall have received) on the date hereof a fee in the amount of $20,000; and

            (e) the Company and each other Guarantor shall have made all
requests, filings and registrations with, and obtained all consents and
approvals from, the relevant national, state, local or foreign jurisdiction(s),
or any administrative, legal or regulatory body or agency thereof, that are
necessary for the Company and each other Guarantor in connection with this
Amendment and any and all other documents relating hereto.

            12. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

            13. No Other Amendments; Confirmation. Except as expressly amended,
modified and supplemented hereby, the terms, provisions and conditions of the
Note Agreement, the Notes, the AI Guaranty Agreement and the agreements and
instruments relating thereto are and shall remain unchanged and in full force
and effect and are hereby ratified and confirmed in all respects.

            14. Headings. The headings of sections of this Amendment are
inserted for convenience only and shall not be deemed to constitute a part of
this Amendment.

                                       5
<PAGE>

            15. Counterparts. This Amendment may be executed in any number of
counterparts by the parties hereto, each of which counterparts when so executed
shall be an original, but all counterparts taken together shall constitute one
and the same instrument.

      [Remainder of page intentionally left blank. Signature pages follow.]

                                       6
<PAGE>

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

                                     ALBANY INTERNATIONAL CORP.

                                     By: /s/ Christopher J. Connally
                                         ---------------------------------------
                                         Name:  Christopher J. Connally
                                         Title:  Corporate Treasurer

                                     ALBANY INTERNATIONAL HOLDINGS TWO, INC.,
                                     as a Guarantor

                                     By: /s/ Christopher J. Connally
                                         ---------------------------------------
                                         Name:  Christopher J. Connally
                                         Title:  VP, Asst. Secretary

                                     ALBANY INTERNATIONAL TECHNIWEAVE, INC.,
                                     as a Guarantor

                                     By: /s/ Christopher J. Connally
                                         ---------------------------------------
                                         Name:  Christopher J. Connally
                                         Title:  Treasurer, Asst. Secretary

                                     ALBANY INTERNATIONAL RESEARCH CO.,
                                     as a Guarantor

                                     By: /s/ Charles J. Silva, Jr.
                                         ---------------------------------------
                                         Name:  Charles J. Silva, Jr.
                                         Title:  VP, Asst. Treasurer

                                     GESCHMAY CORP., as a Guarantor

                                     By: /s/ Christopher J. Connally
                                         ---------------------------------------
                                         Name:  Christopher J. Connally
                                         Title:  VP, Asst. Secretary

                                       7
<PAGE>

                                     BRANDON DRYING FABRICS, INC.,
                                     as a Guarantor

                                     By: /s/ Christopher J. Connally
                                         ---------------------------------------
                                         Name:  Christopher J. Connally
                                         Title:  VP, Asst. Secretary

                                     GESCHMAY WET FELTS, INC., as a Guarantor

                                     By: /s/ Christopher J. Connally
                                         ---------------------------------------
                                         Name:  Christopher J. Connally
                                         Title:  VP, Asst. Secretary

                                     GESCHMAY FORMING FABRICS CORP.,
                                     as a Guarantor

                                     By: /s/ Christopher J. Connally
                                         ---------------------------------------
                                         Name:  Christopher J. Connally
                                         Title:  VP, Asst. Secretary

 The foregoing Amendment is hereby
accepted as of the date first above written.

THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

By: /s/ Christopher Carey
    -------------------------------------
    Name:  Christopher Carey
    Title: Vice President

                                       8
<PAGE>

THE PRUDENTIAL LIFE INSURANCE COMPANY, LTD.

By: Prudential Investment Management (Japan), Inc.,
    as Investment Manager
    By: Prudential Investment Management, Inc.,
        as Sub-Adviser

By: /s/ Christopher Carey
    -------------------------------------
    Name:  Christopher Carey
    Title: Vice President

GIBRALTAR LIFE INSRUANCE CO. LTD.,
By: Prudential Investment Management (Japan), Inc.,
    as Investment Manager
    By: Prudential Investment Management, Inc.,
        as Sub-Adviser

By: /s/ Christopher Carey
    -------------------------------------
    Name:  Christopher Carey
    Title: Vice President

SECURITY BENEFIT LIFE INSURANCE COMPANY, INC.
By: Prudential Private Placement Investors, L.P.
    (as Investment Advisor)
    By: Prudential Private Placement Investors, L.P.
        (as General Partner)

By: /s/ Christopher Carey
    -------------------------------------
    Name:  Christopher Carey
    Title: Vice President

                                       9exv4w1

 

Exhibit 4.1

BANC OF AMERICA SECURITIES AUTO TRUST 2006-G1

AMENDED AND RESTATED

TRUST AGREEMENT

between

BAS SECURITIZATION LLC,

as the Depositor

and

WILMINGTON TRUST COMPANY,

as the Owner Trustee

Dated as of November 14, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I               DEFINITIONS	 	 	1	 
	SECTION   1.1.
	 	Capitalized Terms	 	 	1	 
	SECTION   1.2.
	 	Other Interpretive Provisions	 	 	1	 
	ARTICLE II              ORGANIZATION	 	 	2	 
	SECTION   2.1.
	 	Name	 	 	2	 
	SECTION   2.2.
	 	Office	 	 	2	 
	SECTION   2.3.
	 	Purposes and Powers	 	 	2	 
	SECTION   2.4.
	 	Appointment of the Owner Trustee	 	 	3	 
	SECTION   2.5.
	 	Initial Capital Contribution of Trust Estate	 	 	3	 
	SECTION   2.6.
	 	Declaration of Trust	 	 	3	 
	SECTION   2.7.
	 	Organizational Expenses; Liabilities of the Holders	 	 	3	 
	SECTION   2.8.
	 	Title to the Trust Estate	 	 	3	 
	SECTION   2.9.
	 	Representations and Warranties of the Seller	 	 	4	 
	SECTION
2.10.
	 	Situs of Issuer	 	 	5	 
	ARTICLE III            RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES	 	 	5	 
	SECTION   3.1.
	 	Initial Ownership	 	 	5	 
	SECTION   3.2.
	 	Authorization of the Certificates	 	 	5	 
	SECTION   3.3.
	 	Form of the Certificate	 	 	5	 
	SECTION   3.4.
	 	Registration of the Certificates	 	 	5	 
	SECTION   3.5.
	 	Transfer of the Certificate	 	 	5	 
	SECTION   3.6.
	 	Lost, Stolen, Mutilated or Destroyed Certificates	 	 	7	 
	SECTION   3.7.
	 	Right of Certificateholder to Purchase Trust Estate	 	 	7	 
	ARTICLE IV            ACTIONS BY OWNER TRUSTEE	 	 	8	 
	SECTION   4.1.
	 	Prior Notice to Residual Interestholder with Respect to Certain Matters	 	 	8	 
	SECTION   4.2.
	 	Action by Residual Interestholder with Respect to Certain Matters	 	 	8	 
	SECTION   4.3.
	 	Action by Residual Interestholder with Respect to Bankruptcy	 	 	8	 
	SECTION   4.4.
	 	Restrictions on Residual Interestholder’s Power	 	 	8	 
	SECTION   4.5.
	 	Majority Control	 	 	9	 

-i-

 

 

TABLE
OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE V            APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	 	 	9	 
	SECTION   5.1.
	 	Application of Trust Funds	 	 	9	 
	SECTION   5.2.
	 	Method of Payment	 	 	9	 
	SECTION   5.3.
	 	Sarbanes-Oxley Act	 	 	9	 
	SECTION   5.4.
	 	Accounting and Reports to Residual Interestholders, the Internal Revenue Service and Others 	 	 	9	 
	ARTICLE VI            AUTHORITY AND DUTIES OF OWNER TRUSTEE	 	 	10	 
	SECTION   6.1.
	 	General Authority	 	 	10	 
	SECTION   6.2.
	 	General Duties	 	 	10	 
	SECTION   6.3.
	 	Action upon Instruction	 	 	10	 
	SECTION   6.4.
	 	No Duties Except as Specified in this Agreement or in Instructions 	 	 	11	 
	SECTION   6.5.
	 	No Action Except under Specified Documents or Instructions	 	 	11	 
	SECTION   6.6.
	 	Restrictions	 	 	11	 
	SECTION   6.7.
	 	Administrative Duties	 	 	12	 
	ARTICLE VII            CONCERNING OWNER TRUSTEE	 	 	17	 
	SECTION   7.1.
	 	Acceptance of Trusts and Duties	 	 	17	 
	SECTION   7.2.
	 	Furnishing of Documents	 	 	19	 
	SECTION   7.3.
	 	Representations and Warranties	 	 	19	 
	SECTION   7.4.
	 	Reliance; Advice of Counsel	 	 	19	 
	SECTION   7.5.
	 	Not Acting in Individual Capacity	 	 	20	 
	SECTION   7.6.
	 	The Owner Trustee May Own Notes	 	 	20	 
	ARTICLE VIII            COMPENSATION OF OWNER TRUSTEE	 	 	20	 
	SECTION   8.1.
	 	Owner Trustee's Fees and Expenses	 	 	20	 
	SECTION   8.2.
	 	Indemnification	 	 	20	 
	SECTION   8.3.
	 	Payments to the Owner Trustee	 	 	21	 
	ARTICLE IX            TERMINATION OF TRUST AGREEMENT	 	 	21	 
	SECTION   9.1.
	 	Termination of Trust Agreement	 	 	21	 
	SECTION   9.2.
	 	Dissolution of the Issuer	 	 	21	 
	SECTION   9.3.
	 	Limitations on Termination	 	 	22	 

-ii-

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE X              SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	 	 	22	 
	SECTION   10.1.
	 	Eligibility Requirements for the Owner Trustee	 	 	22	 
	SECTION   10.2.
	 	Resignation or Removal of the Owner Trustee	 	 	22	 
	SECTION   10.3.
	 	Successor Owner Trustee	 	 	23	 
	SECTION   10.4.
	 	Merger or Consolidation of the Owner Trustee	 	 	23	 
	SECTION   10.5.
	 	Appointment of Co-Trustee or Separate Trustee	 	 	24	 
	ARTICLE XI            MISCELLANEOUS	 	 	25	 
	SECTION   11.1.
	 	Amendments	 	 	25	 
	SECTION   11.2.
	 	No Legal Title to Trust Estate in Residual Interestholder	 	 	26	 
	SECTION   11.3.
	 	Limitations on Rights of Others	 	 	26	 
	SECTION   11.4.
	 	Notices	 	 	26	 
	SECTION   11.5.
	 	Severability	 	 	27	 
	SECTION   11.6.
	 	Separate Counterparts	 	 	27	 
	SECTION   11.7.
	 	Successors and Assigns	 	 	27	 
	SECTION   11.8.
	 	No Petition	 	 	27	 
	SECTION   11.9.
	 	Information Request	 	 	28	 
	SECTION
11.10.
	 	Headings	 	 	29	 
	SECTION
11.11.
	 	GOVERNING LAW	 	 	29	 
	SECTION
11.12.
	 	Information to be Provided by the Owner Trustee	 	 	29	 
	EXHIBIT A              FORM OF CERTIFICATE	 	 	 	 
	 
	 	 	 	 	 	 
	EXHIBIT B              ADDITIONAL DISCLOSURE NOTIFICATION	 	 	 	 

-iii-

 

 

     This AMENDED AND RESTATED TRUST AGREEMENT is made as of November 14, 2006 (as from time to
time amended, supplemented or otherwise modified and in effect, this “Agreement”) between
BAS SECURITIZATION LLC, a Delaware limited liability company, as the depositor (the
“Seller”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as the owner
trustee (the “Owner Trustee”).

RECITALS

     WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as
of October 4, 2006 (the “Original Trust Agreement”), pursuant to which the Issuer (as
defined below) was created; and

     WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and
restate the Original Trust Agreement;

     NOW THEREFORE, IN CONSIDERATION of the mutual agreements herein contained, and of other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
agree as follows:

ARTICLE I

DEFINITIONS

     SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized terms used in this
Agreement are defined in Appendix A to the Sale Agreement dated as of the date hereof (as
from time to time amended, supplemented or otherwise modified and in effect, the “Sale
Agreement”) between the Issuer and the Seller, as the same may be amended, modified or
supplemented from time to time.

     SECTION 1.2. Other Interpretive Provisions. All terms defined in this Agreement shall have
the defined meanings when used in any certificate or other document delivered pursuant hereto
unless otherwise defined therein. For purposes of this Agreement and all such certificates and
other documents, 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 generally accepted accounting principles;
(b) terms defined in Article 9 of the UCC as in effect in the State of Delaware 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 or Exhibit
are references to Articles, Sections, Schedules 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) 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.

 

 

ARTICLE II

ORGANIZATION

     SECTION 2.1. Name. The trust created under the Original Trust Agreement shall be known as
“Banc of America Securities Auto Trust 2006-G1” (the “Issuer”), in which name the Owner
Trustee may conduct the business of such trust, make and execute contracts and other instruments on
behalf of such trust and sue and be sued.

     SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the
Corporate Trust Office or at such other address as the Owner Trustee may designate by written
notice to the Residual Interestholder and the Seller.

     SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the
power and authority, to engage in the following activities:

     (a) to issue the Notes pursuant to the Indenture and, if so requested by the Residual
Interestholder, to issue the Certificates, pursuant to this Agreement, and to sell, transfer
and exchange the Notes and the Certificates and to pay interest on and principal of the
Notes and distributions to the Residual Interestholder;

     (b) to acquire the property and assets set forth in the Sale Agreement from the Seller
pursuant to the terms thereof, to make deposits to and withdrawals from the Collection
Account and the Principal Distribution Account and to pay the organizational, start-up and
transactional expenses of the Issuer;

     (c) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant
to the Indenture and to hold, manage and distribute to the Residual Interestholder any
portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant
to, the Indenture;

     (d) to enter into and perform its obligations under the Transaction Documents to which
it is a party;

     (e) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith; and

     (f) subject to compliance with the Transaction Documents, to engage in such other
activities as may be required in connection with conservation of the Trust Estate and the
making of distributions to the Residual Interestholder and the Noteholders.

The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the
Issuer. Neither the Issuer nor the Owner Trustee on behalf of the Issuer shall engage in any
activity other than in connection with the foregoing or other than as required or authorized by the
terms of this Agreement or the other Transaction Documents.

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     SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby appoints the Owner Trustee
as trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties
set forth herein.

     SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Original
Trust Agreement, the Seller sold, assigned, transferred, conveyed and set over to the Owner Trustee
the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such
date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be
deposited in the Collection Account.

     SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the
Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit
of the Residual Interestholder, subject to the obligations of the Issuer under the Transaction
Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust
under the Statutory Trust Act and that this Agreement constitute the governing instrument of such
statutory trust. It is the intention of the parties hereto that, solely for federal, state and
local income and franchise tax purposes: (1) if there is one beneficial owner of the Certificates,
the Issuer shall be treated as a disregarded entity, and (2) if there is more than one beneficial
owner of the Certificates, the Issuer shall be treated as a partnership for income and franchise
tax purposes, with the assets of the partnership being the Receivables and other assets held by the
Issuer, the partners of the partnership being the Certificateholders, and the Notes being debt of
the partnership. The parties agree that, unless otherwise required by appropriate tax authorities,
the Issuer will not file or cause to be filed annual or other necessary returns, reports and other
forms consistent with the characterization of the Issuer as an entity separate from its owner. In
the event that the Issuer is deemed to have more than one beneficial owner for federal income tax
purposes, the Issuer will file returns, reports and other forms consistent with the
characterization of the Issuer as a partnership, and this Agreement shall be amended to include
such provisions as may be required under Subchapter K of the Code of 1986, as amended. Effective
as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein
and in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer. The Owner
Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as
required by Section 3810(a) of the Statutory Trust Act. Notwithstanding anything herein or in the
Statutory Trust Act to the contrary, it is the intention of the parties hereto that the Issuer
constitute a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code.

     SECTION 2.7. Organizational Expenses; Liabilities of the Holders.

     (a) The Seller shall pay organizational expenses of the Issuer as they may arise.

     (b) No Residual Interestholder (including the Seller, if the Seller is or becomes a
Residual Interestholder) shall have any personal liability for any liability or obligation
of the Issuer.

     SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate shall be vested
at all times in the Issuer as a separate legal entity.

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     SECTION 2.9. Representations and Warranties of the Seller. The Seller hereby represents and
warrants to the Owner Trustee that:

     (a) Existence and Power. The Seller is a Delaware limited liability company validly
existing and in good standing under the laws of the State of Delaware and has, in all
material respects, full power and authority to own its assets and operate its business as
presently owned or operated, and to execute, deliver and perform its obligations under the
Transaction Documents to which it is a party. The Seller has obtained all necessary
licenses and approvals in all jurisdictions where the failure to do so would materially and
adversely affect the ability of the Seller to perform its obligations under the Transaction
Documents and the Underwriting Agreement.

     (b) Authorization and No Contravention. The execution, delivery and performance by the
Seller of each Transaction Document and the Underwriting Agreement to which it is a party
(i) have been duly authorized by all necessary action on the part of the Seller and (ii) do
not violate or constitute a default under (A) any applicable law, rule or regulation, (B)
its organizational instruments or (C) any material indenture or material agreement or
instrument to which the Seller is a party or by which its properties are bound (other than
violations of such laws, rules, regulations, indenture or agreements which do not affect the
legality, validity or enforceability of any of such agreements and which, individually or in
the aggregate, would not materially and adversely affect the transactions contemplated by,
or the Seller’s ability to perform its obligations under, the Transaction Documents to which
it is a party).

     (c) No Consent Required. No approval, authorization or other action by, or filing
with, any Governmental Authority is required in connection with the execution, delivery and
performance by the Seller of any Transaction Document other than UCC filings and other than
(i) approvals and authorizations that have previously been obtained and filings which have
previously been made and (ii) approvals, authorizations or filings which, if not obtained or
made, would not have a material adverse effect on the ability of the Seller to perform its
obligations under the Underwriting Agreement or the Transaction Documents to which it is a
party.

     (d) Binding Effect. Each of the Transaction Document to which the Seller is a party
and the Underwriting Agreement constitutes the legal, valid and binding obligation of the
Seller enforceable against the Seller 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 creditors’ rights
generally and, if applicable the rights of creditors of limited liability companies from
time to time in effect or by general principles of equity or other similar laws of general
application relating to or affecting the enforcement of creditors’ rights generally and
subject to general principles of equity.

     (e) No Proceedings. There are no actions, orders, suits or Proceedings pending or, to
the knowledge of the Seller, threatened against the Seller 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

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of the Notes or the consummation of any of the transactions contemplated by this
Agreement or any of the other Transaction Documents or (iii) seek any determination or
ruling that would materially and adversely affect the performance by the Seller of its
obligations under this Agreement or any of the other Transaction Documents.

     SECTION 2.10. Situs of Issuer. The Issuer shall be located and administered in the State of
Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be
located in the State of Delaware or the State of New York. The Issuer shall not have any employees
in any state; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee
from having employees within or without the State of Delaware. Payments will be received by the
Issuer only in Delaware or New York and payments will be made by the Issuer only from Delaware or
New York.

ARTICLE III

RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES

     SECTION 3.1. Initial Ownership. Upon the formation of the Issuer by the contribution of the
Seller pursuant to Section 2.5 and until the issuance of the Certificates, the Seller is
the sole beneficiary of the Issuer.

     SECTION 3.2. Authorization of the Certificates. On the Closing Date, the Owner Trustee shall
cause the Certificates to be executed on behalf of the Issuer, authenticated and delivered to or
upon the written order of the Seller, signed by its chairman of the board, its president, its chief
financial officer, its chief accounting officer, any vice president, its secretary, any assistant
secretary, its treasurer or any assistant treasurer, without further corporate action by the
Seller. The Certificates shall represent 100% of the beneficial interest in the Issuer and shall,
to the fullest extent permitted by applicable law, be fully paid and nonassessable.

     SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance, will be issued in the
form of a typewritten Certificate, substantially in the form of Exhibit A hereto,
representing a definitive Certificate and shall be registered in the name of “Blue Ridge
Investments, LLC” or its nominee as the initial registered owner thereof.

     SECTION 3.4. Registration of the Certificates. The Owner Trustee shall maintain at its office
referred to in Section 2.2, or at the office of any agent appointed by it and approved in
writing by the Residual Interestholder at the time of such appointment, a register for the
registration and transfer of any Certificate.

     SECTION 3.5. Transfer of the Certificate. (a) The Certificateholder may assign, convey or
otherwise transfer all or any of its right, title and interest in the Certificate; provided, that
(i) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of
such counsel, such transfer will not cause the Issuer to be treated as a publicly traded
partnership for federal income tax purposes, (ii) the Certificate may not be acquired by or for the
account of or with the assets of (a) an “employee benefit plan” (as defined in Section 3(3) of
ERISA) that is subject to the provision of Title I of ERISA, (b) a “plan” described in Section
4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of

5

 

an employee
benefit plan’s or other plan’s investment in the entity and (iii) if the proposed transferee
is a governmental plan or foreign plan, it shall be deemed to represent, warrant and covenant that
its acquisition, holding and disposition of the Certificate or interest therein will not result in
a nonexempt prohibited transaction under, or a violation of, any applicable law that is
substantially similar to ERISA or Section 4975 of the Code. Subject to the transfer restrictions
contained herein and in the Certificate, the Certificateholder may transfer all or any portion of
the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the
Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by
the registered Certificateholder in person or by his attorney duly authorized in writing upon
surrender of the Certificate to the Owner Trustee accompanied by a written instrument of transfer
and with such signature guarantees and evidence of authority of the Persons signing the instrument
of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such
documents and receipt by the Owner Trustee of the transferor’s Certificate, the Owner Trustee shall
record the name of such transferee as a Certificateholder and its percentage of beneficial interest
in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder
a Certificate evidencing such beneficial interest in the Issuer. In the event a transferor
transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register
and issue, to such transferor a new Certificate evidencing such transferor’s new percentage of
beneficial interest in the Issuer. Subsequent to a transfer and upon the issuance of the new
Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered
to it in connection with such transfer. The Owner Trustee may treat the Person in whose name any
Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by
such Certificate.

     (b) As a condition precedent to any registration of transfer under this Section
3.5, the Owner Trustee may require the payment of a sum sufficient to cover the payment
of any tax or taxes or other governmental charges required to be paid in connection with
such transfer.

     (c) The Owner Trustee shall not be obligated to register any transfer of a Certificate
unless each of the transferor and the transferee have certified to the Owner Trustee that
such transfer does not violate any of the transfer restrictions stated herein. The Owner
Trustee shall not be liable to any Person for registering any transfer based on such
certifications.

     (d) Notwithstanding anything to the contrary in this Agreement, no transfer (or
purported transfer) of any Certificate (or any economic interest therein, including any
contract described in Treasury Regulation Section 1.7704-1(a)(2)(i)(B)) shall be effective,
and any such transfer (or purported transfer) shall be void ab initio, if after such
transfer (or purported transfer) there would be more than 50 Certificateholders (where, for
purposes of determining the number of Certificateholders, a person (beneficial owner) owning
an interest in a partnership, grantor trust, or S corporation (“flow-through entity”), that
owns, directly or through other flow-through entities, an interest in the Issuer, is treated
as a Certificateholder if more than 50 percent of the value of such beneficial owner’s
interest in the flow-through entity is attributable to the flow-through entity’s interest
(direct or indirect) in the Issuer) or such transfer would otherwise cause the Issuer to
become a publicly traded partnership for U.S. federal income tax purposes;

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     (e) No transfer (or purported transfer) of a Certificate (or economic interest
therein), whether to another Certificateholder or to a person who is not a
Certificateholder, shall be effective, and any such transfer (or purported transfer) shall
be void ab initio, and no person shall otherwise become a Certificateholder, and none of the
Issuer, the Owner Trustee or any of the Certificateholders will recognize such transfer (or
purported transfer), unless the transferee has first represented and warranted in writing to
the Issuer and the Certificateholders that:

     (i) it is acquiring the Certificates for its own account and is the sole
beneficial owner of such Certificates;

     (ii) the transfer is not being effected on or through (x) an “established
securities market” within the meaning of Section 7704(a)(1) of the Code, including
without limitation, an over-the-counter market or an interdealer quotation system
that regularly disseminates firm buy or sell quotations or (y) a “secondary market”
or “substantial equivalent thereof” within the meaning of Section 7704(a)(2) of the
Code and any proposed, temporary or final Treasury regulations thereunder; and

     (iii) such transfer will not cause the Issuer to be classified as a publicly
traded partnership for U.S. federal income tax purposes, and such purchaser or
transferee will not take any action, including any subsequent disposition of such
Certificates or economic interest therein, that would cause the Issuer to be treated
as a publicly traded partnership for U.S. federal income tax purposes.

     SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated
Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its
satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership
satisfactory to the Owner Trustee together with such security or indemnity as may be requested by
the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new
Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so
mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such
notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate
under this Section 3.6, the Issuer or Owner Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable
fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate
Certificate issued pursuant to this Section 3.6 shall constitute complete and indefeasible
evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

     SECTION 3.7. Right of Certificateholder to Purchase Trust Estate. Pursuant to, and in
accordance with, Section 6.6 of the Master Servicing Agreement and Section 10.1 of
the Indenture, any Holder of a majority of the Residual Interest may purchase the outstanding
Receivables and the other assets in the Trust Estate, so long as such Certificateholder is not
BANA, the Depositor or an Affiliate thereof.

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ARTICLE IV

ACTIONS BY OWNER TRUSTEE

     SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters. With
respect to the following matters, the Owner Trustee shall not take action unless at least 30 days
before the taking of such action, the Owner Trustee shall have notified the Residual Interestholder
in writing of the proposed action and the Residual Interestholder shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that the Residual
Interestholder has withheld consent or provided alternative direction:

     (a) the amendment of the Indenture by a supplemental indenture in circumstances where
the consent of any Noteholder is required;

     (b) the amendment of the Indenture by a supplemental indenture in circumstances where
the consent of any Noteholder is not required and such amendment materially adversely
affects the interests of the Residual Interestholder;

     (c) the amendment, change or modification of the Sale Agreement or the Master Servicing
Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in
a manner that would not materially adversely affect the interests of the Residual
Interestholder; or

     (d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the
consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations
under the Indenture or this Agreement, as applicable.

     SECTION 4.2. Action by Residual Interestholder with Respect to Certain Matters. The Owner
Trustee shall not have the power to sell the Collateral after the termination of the Indenture in
accordance with its terms, except upon the direction of the Residual Interestholder and as
expressly provided in the Transaction Documents. The Owner Trustee shall take the action referred
to in the preceding sentence only upon written instructions signed by the Residual Interestholder.

     SECTION 4.3. Action by Residual Interestholder with Respect to Bankruptcy. The Owner Trustee
shall not have the power to commence a voluntary Proceeding in bankruptcy relating to the Issuer
until one year and one day after the Outstanding Amount of all the Notes has been reduced to zero,
and without the prior written approval of the Residual Interestholder and the delivery to the Owner
Trustee by the Residual Interestholder of a certificate certifying that the Residual Interestholder
reasonably believes that the Issuer is insolvent.

     SECTION 4.4. Restrictions on Residual Interestholder’s Power. The Residual Interestholder
shall not direct the Owner Trustee to take or refrain from taking any action if such action or
inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this
Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor
shall the Owner Trustee be obligated to follow any such direction, if given.

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     SECTION 4.5. Majority Control. To the extent that there is more than one Residual
Interestholder, any action which may be taken or consent or instructions which may be given by the
Residual Interestholder under this Agreement may be taken by Residual Interestholders holding in
the aggregate a percentage of the beneficial interest in the Issuer equal to more than 50% of the
beneficial interest in the Issuer at the time of such action.

ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1. Application of Trust Funds. Distributions on the Residual Interest shall be made
in accordance with the provisions of the Indenture. Subject to the Lien of the Indenture, the
Owner Trustee shall promptly distribute to the Residual Interestholder all other amounts (if any)
received by the Issuer or the Owner Trustee in respect of the Trust Estate. After the termination
of the Indenture in accordance with its terms, the Owner Trustee shall distribute all amounts
received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the
direction of the Residual Interestholder.

     SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made
to the Residual Interestholder on any Payment Date and all amounts received by the Issuer or the
Owner Trustee on any other date that are payable to the Residual Interestholder pursuant to this
Agreement or any other Transaction Document shall be made to the Residual Interestholder by wire
transfer, in immediately available funds, to the account of the Residual Interestholder designated
by the Residual Interestholder to the Owner Trustee and Indenture Trustee in writing.

     SECTION 5.3. Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein or in any
Transaction Document, the Owner Trustee shall not be required to execute, deliver or certify in
accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other
Person, any periodic reports filed pursuant to the Exchange Act, or any other documents pursuant to
the Sarbanes-Oxley Act.

     SECTION 5.4. Accounting and Reports to Residual Interestholders, the Internal Revenue Service
and Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the
Issuer on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to
delivered) to each Residual Interestholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1 if the Issuer is treated
as a partnership for federal income tax purposes) to enable each Residual Interestholder to prepare
its federal and state income tax returns, (c) prepare (or cause to be prepared), file (or cause to
be filed) such tax returns relating to the Issuer (including a partnership information return, IRS
Form 1065 if the Issuer is treated as a partnership for federal income tax purposes) and make such
elections as from time to time may be required or appropriate under any applicable state or federal
statute or any rule or regulation thereunder so as to maintain the Issuer’s characterization, and
(d) cause such tax returns to be signed in the manner required by law. The Owner Trustee shall
elect under Section 1278 of the Code to include in income currently any market discount that
accrues with respect to the Receivables. The Owner Trustee shall not make the election provided
under Section 754 of the Code.

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ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE

     SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and
deliver (i) the Transaction Documents to which the Issuer is named as a party and (ii) each
certificate or other document attached as an exhibit to or contemplated by the Transaction
Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto,
in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner
Trustee’s execution thereof, and at the written direction of the Seller, to direct the Indenture
Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of
$596,000,000, Class A-2 Notes in the aggregate principal amount of $484,000,000, Class A-3 Notes in
the aggregate principal amount of $354,000,000, Class A-4 Notes in the aggregate principal amount
of $124,800,000, Class B Notes in the aggregate principal amount of $32,600,000 and Class C Notes
in the aggregate principal amount of $24,500,000. In addition to the foregoing, the Owner Trustee
is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to
the Transaction Documents. The Owner Trustee is further authorized from time to time to take such
action as the Seller or the Residual Interestholder recommends or directs in writing with respect
to the Transaction Documents, except to the extent that this Agreement expressly requires the
consent of the Residual Interestholder for such action.

     SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause
to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other
Transaction Documents and to administer the Issuer in the interest of the Residual Interestholder,
subject to Transaction Documents, and in accordance with the provisions of this Agreement. The
Owner Trustee shall have no obligation to administer, service or collect the Receivables or to
maintain, monitor or otherwise supervise the administration, servicing or collection of the
Receivables.

     SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in accordance
with the Transaction Documents, the Residual Interestholder may, by written instruction, direct the
Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by
written instruction of the Residual Interestholder pursuant to Article IV.

     (b) Subject to Section 7.1, the Owner Trustee shall not be required to take any
action hereunder or under any Transaction Document if the Owner Trustee shall have
reasonably determined or been advised by counsel that such action is likely to result in
liability on the part of the Owner Trustee or is contrary to the terms hereof or of any
Transaction Document or is otherwise contrary to law.

     (c) Whenever the Owner Trustee is unable to decide between alternative courses of
action permitted or required by the terms of this Agreement or any Transaction Document or
is unsure as to the application of any provision of this Agreement or any Transaction
Document or any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this Agreement permits
any determination by the Owner Trustee or is silent or is incomplete

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as to the course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall
be appropriate under the circumstances) to the Residual Interestholder requesting
instruction as to the course of action to be adopted or application of such provision, and
to the extent the Owner Trustee acts or refrains from acting in good faith in accordance
with any written instruction of the Residual Interestholder received, the Owner Trustee
shall not be liable on account of such action or inaction to any Person. If the Owner
Trustee shall not have received appropriate instruction within ten days of such notice (or
within such shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the Transaction Documents,
as it shall deem to be in the best interests of the Residual Interestholder, and shall have
no liability to any Person for such action or inaction.

     SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner
Trustee shall not have any duty or obligation to manage, make any payment with respect to,
register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take
or refrain from taking any action under, or in connection with, any document contemplated hereby to
which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 6.3; and no implied duties or obligations shall be read into this Agreement or any
Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility,
other than as set forth in Section 6.7, for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the perfection of any security
interest or Lien granted to it hereunder or to prepare or file any Commission filing (including any
filings required under the Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any
Transaction Document. Wilmington Trust Company nevertheless agrees that it will, at its own cost
and expense, promptly take all action as may be necessary to discharge any Liens on any part of the
Trust Estate that result from actions by, or claims against, Wilmington Trust Company that are not
related to the ownership or the administration of the Trust Estate.

     SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee
shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust
Estate except (i) in accordance with the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction Documents and
(iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to
Section 6.3.

     SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is
inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the
actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of
the Notes as indebtedness for federal income, state and local income and franchise tax purposes,
(ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or
franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an
association or publicly traded partnership taxable as a corporation for federal income, state and
local income or franchise tax purposes. The Residual Interestholder shall not direct the Owner
Trustee to take action that would violate the provisions of this Section.

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     SECTION 6.7. Administrative Duties.

          (a) The Owner Trustee shall prepare or shall cause the preparation by other appropriate
Persons (and such preparation shall not be the responsibility of the Seller, the Depositor, the
Indenture Trustee, the Master Servicer or the Receivables Servicer) of all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare,
file or deliver pursuant to the Indenture with respect to the following matters under the
Indenture, the Sale Agreement, the Receivables Servicing Agreement and the Master Servicing
Agreement.

     (i) (x) the appointment of a successor Note Registrar and (y) giving the
Indenture Trustee notice of any appointment of a new Note Registrar and the
location, or change in location, of the Note Registrar (Section 2.4 of the
Indenture);

     (ii) the delivery for cancellation of any Note delivered to the Issuer for
cancellation, and the direction to destroy or return such Note (Section 2.8
of the Indenture);

     (iii) the preparation of Definitive Notes in accordance with the instructions
of the Clearing Agency (Section 2.12 of the Indenture);

     (iv) the designation of an office in the Borough of Manhattan, City of New
York, for registration of transfer or exchange of Notes (Section 3.2 of the
Indenture);

     (v) the preparation of an Issuer Order directing the Paying Agent to deposit
with the Indenture Trustee all sums held in trust by such Paying Agent (Sections
3.3 and 4.3 of the Indenture);

     (vi) upon actual knowledge, the preparation of an Issuer Request directing the
Indenture Trustee to provide notification of any unclaimed monies and repayments
(Section 3.3 of the Indenture);

     (vii) upon request, assist in the obtaining and preservation of the Issuer’s
qualification to do business in each jurisdiction in which such qualification is or
shall be necessary to protect the validity and enforceability of the Indenture, the
Notes, the Collateral and each other instrument and agreement included in the Trust
Property (Section 3.4 of the Indenture);

     (viii) upon request, the preparation of all supplements and amendments to the
Indenture, instruments of further assurance and other instruments and the taking of
such other action as is necessary or advisable to protect the Trust Estate,
including the preparation and filing of any financing statements and continuation
statements (Section 3.5 of the Indenture);

     (ix) the delivery of the Opinion of Counsel on the Closing Date and the annual
delivery of Opinions of Counsel as to the Trust Estate, and the annual

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delivery of the Officer’s Certificate and certain other statements as to
compliance with the Indenture (Sections 3.6 and 3.9 of the
Indenture);

     (x) upon its actual knowledge, the delivery of written notice to the Indenture
Trustee and the Rating Agencies of each Event of Default under the Indenture
(Section 3.13 of the Indenture) and each default by the Master Servicer
under the Master Servicing Agreement;

     (xi) upon request, the execution of any further instruments and the performance
of any acts reasonably necessary to carry out more effectively the purpose of the
Indenture (Section 3.14 of the Indenture);

     (xii) the monitoring of the Issuer’s obligations as to the satisfaction and
discharge of the Indenture and the preparation of an Officer’s Certificate and the
obtaining of an Opinion of Counsel and the Independent Certificate relating thereto
(Section 4.1 of the Indenture);

     (xiii) upon request, the preparation, obtaining or filing of instruments,
opinions, certificates and other documents required for the release of Collateral
(Section 2.9 of the Indenture);

     (xiv) upon its actual knowledge of such, the delivery to the Indenture Trustee
of written notice in the form of an Officer’s Certificate of any event that with the
giving of notice and the lapse of time would become an Event of Default under
clause (c) or (d) of Section 5.1 of the Indenture
(Section 5.1 of the Indenture);

     (xv) the performance of any lawful action as the Indenture Trustee may request
to compel or secure the performance and observance (1) by the Seller of its
obligations to the Issuer under or in connection with the Sale Agreement, (2) by the
Master Servicer of the obligations to the Issuer under or in connection with the
Master Servicing Agreement, (3) by the Seller or BANA, as applicable, of each of
their obligations under or in connection with the Purchase Agreement or (4) by CARI
of its obligations to the Issuer, if any, under or in connection with the CARI
Purchase Agreement in each case, in accordance with the terms thereof, and to
exercise any and all rights, remedies, powers and privileges lawfully available to
the Issuer, if any, under or in connection with the Sale Agreement, the Master
Servicing Agreement, the Purchase Agreement or the CARI Purchase Agreement, in each
case, in accordance with the terms thereof, and to exercise any and all rights,
remedies, powers and privileges lawfully available to the Issuer under or in
connection with the Sale Agreement, the Master Servicing Agreement, Receivables
Servicing Agreement and the Purchase Agreement (Section 5.16 of the
Indenture);

     (xvi) upon the request of the Indenture Trustee, provide the Indenture Trustee
with the information necessary to deliver to each Noteholder such information as may
be reasonably requested to enable such Holder to prepare its

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United States federal and state and local income or franchise tax returns
(Section 6.6 of the Indenture);

     (xvii) the preparation and delivery of notice to Noteholders of the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee
(Section 6.8 of the Indenture);

     (xviii) the preparation of any written instruments required to confirm more
fully the authority of any co-trustee or separate trustee and any written
instructions necessary in connection with the resignation or removal of any
co-trustee or separate trustee (Sections 6.8 and 6.10 of the
Indenture);

     (xix) upon request, the notification to the Indenture Trustee if and when the
Notes are listed on any stock exchange (Section 7.3 of the Indenture);

     (xx) upon request, the preparation of an Issuer Order and Officer’s Certificate
and the obtaining of an Opinion of Counsel and Independent Certificates, if
necessary, for the release of the Collateral (Sections 8.5 and 8.6
of the Indenture);

     (xxi) the preparation of Issuer Order and the obtaining of Opinions of Counsel
with respect to the execution of supplemental indentures and the mailing to the
Noteholders of notices with respect to such supplemental indentures (Sections
9.1, 9.2 and 9.3 of the Indenture);

     (xxii) the delivery of new Notes conforming to any supplemental indenture
(Section 9.6 of the Indenture);

     (xxiii) the duty to cause the Issuer to provide notice of redemption of the
Trust Estate pursuant to Section 10.1 of the Indenture to the Certificateholders of
record (Section 10.1 of the Indenture).

     (xxiv) the duty to cause the Indenture Trustee to provide notification to
Noteholders of redemption of the Notes (Section 10.2 of the Indenture);

     (xxv) the preparation and delivery of all Officer’s Certificates, Opinions of
Counsel and Independent Certificates with respect to any requests by the Issuer to
the Indenture Trustee to take any action under the Indenture (Section 11.1
of the Indenture);

     (xxvi) the preparation and delivery of all Officer’s Certificates and the
obtaining of Independent Certificates, if necessary, for the release of property
from the lien of the Indenture (Section 11.1 of the Indenture);

     (xxvii) the preparation and delivery to the Indenture Trustee, for further
delivery to the Noteholders, of any agreements or requests by the Noteholders with
respect to alternate payment and notice provisions (Section 11.6 of the
Indenture);

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     (xxviii) the recording of the Indenture, if applicable (Section 11.16
of the Indenture);

     (xxix) notification to the Certificateholders of the substance of any amendment
to the Sale Agreement , the Master Servicing Agreement or the Indenture (Section
4.1 of the Sale Agreement, Section 7.1 of the Master Servicing Agreement
and Section 9.1 of the Indenture);

     (xxx) preparation and filing of UCC continuation statements and delivery of
copies thereof (Section 3.4 of the Purchase Agreement, Section 4.2
of the Sale Agreement and Section 3.5 of the Indenture);

     (xxxi) upon actual knowledge or receipt of notice thereof, notification to BANA
of a breach of any of the representations and warranties described in Section
3.2 of the Purchase Agreement which materially and adversely affects the
interests of the Issuer or the Noteholders (Section 3.3 of the Purchase
Agreement);

     (xxxii) upon request, the execution and delivery of such instruments of
release, transfer or assignment as may be reasonably requested by BANA to evidence
the release, transfer or assignment of any Receivable and related Purchased Asset
repurchased pursuant to Section 3.3 of the Purchase Agreement (Section
3.3 of the Purchase Agreement);

     (xxxiii) upon request, the filing in the proper filing offices and delivery to
the Seller of such financing statements and continuation and other statements as may
be required to preserve, maintain and protect the interest of the Issuer under the
Purchase Agreement in the Receivables (Section 3.4(a) of the Purchase
Agreement);

     (xxxiv) upon request, the preparation and delivery of a written request to the
Master Servicer (or to the Receivables Servicer) for the release of any document in
the Receivable Files (Section 3.1 of the Master Servicing Agreement);

     (xxxv) upon request, the provision to the Master Servicer or the Receivables
Servicer, as applicable, of evidence of the assignment in trust for the benefit of
the Issuer, as applicable, as may be reasonably necessary for such Person to
participate in a legal Proceeding relating to or involving a Receivable or a
Defaulted Receivable (Section 3.1 of the Master Servicing Agreement);

     (xxxvi) upon request, the furnishing to the Master Servicer or the Receivables
Servicer, as applicable, any of powers of attorney and other documents and take any
other steps which such Person may deem necessary or appropriate to enable the Master
Servicer or the Receivables Servicer to carry out its servicing and administrative
duties under the Master Servicing Agreement (Section 3.1 of the Master
Servicing Agreement);

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     (xxxvii) upon request, the preparation, execution and delivery of such
instruments as required to assign to the Master Servicer all of the Issuer’s right,
title and interest in, to and under a Receivable which the Master Servicer has
repurchased pursuant to Section 3.8 of the Master Servicing Agreement
(Section 3.8 of the Master Servicing Agreement);

     (xxxviii) upon actual knowledge thereof, notification to the Master Servicer of
a breach of the covenant set forth in Section 3.5 of the Master Servicing
Agreement that materially and adversely affects the interest of the Issuer in any
Receivable (Section 3.7 of the Master Servicing Agreement);

     (xxxix) upon actual knowledge thereof, notification to the Seller of a breach
of any of the representations and warranties described in Section 2.2 of the
Sale Agreement which materially and adversely affects the interests of the Issuer or
the Noteholders (Section 2.3 of the Sale Agreement);

     (xl) upon request, the execution and delivery of such instruments of release,
transfer or assignment as may be reasonably requested by the Seller to evidence the
release, transfer or assignment of any Receivable and related Transferred Assets
repurchased pursuant to Section 2.3 of the Sale Agreement (Section
2.3 of the Sale Agreement); and

     (xli) upon request, the provision of any information in the possession of the
Owner Trustee reasonably requested by the Master Servicer, the Issuer, the Seller or
any of their Affiliates, in order to comply with or obtain more favorable treatment
under any current or future law, rule, regulation, accounting rule or principle
(Section 4.1(b) of the Sale Agreement).

     (b) The Owner Trustee shall receive as compensation for its services hereunder such
fees as have been separately agreed upon before the date hereof among the Depositor and the
Owner Trustee, and the Owner Trustee shall be reimbursed for its other reasonable expenses
hereunder in the priority set forth in Section 8.4 of the Indenture. In performing
its duties under Section 5.4 or 6.7, the Owner Trustee shall be entitled to
the indemnification provided by the Issuer under Section 8.2 of this Agreement, in
the priority set forth in Section 8.4 of the Indenture.

     (c) It is understood and agreed that the Owner Trustee shall be entitled to engage
outside counsel, independent accountants and other experts to assist the Owner Trustee in
connection with the performance of its duties set forth in Sections 5.4 and
6.7, including the preparation of all tax reports and returns, securities law
filings, Opinions of Counsel and Independent Certificates and the Owner Trustee shall be
reimbursed for the expenses of such counsel, accountants and experts in accordance with the
priority set forth in Section 8.4 of the Indenture. The Owner Trustee shall not be
obligated to engage any counsel, accountant or expert or perform any duty as required under
Section 5.4 and this Section 6.7 for which reimbursement would exceed $1,000
until such amount has been paid to the Owner Trustee, if payment of such reimbursable amount
is required of the Owner Trustee prior to the next Payment Date.

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     (d) The Depositor and the Indenture Trustee shall furnish to the Owner Trustee from
time to time such additional information regarding the Issuer or the Transaction Documents
as the Owner Trustee shall reasonably request. The Indenture Trustee shall furnish to the
Owner Trustee upon request a copy of the Note Register.

     (e) The Owner Trustee shall not be responsible for taking any action with respect to
this Section 6.7 unless a Responsible Officer in the Corporate Trust Administration
Department of the Owner Trustee has actual knowledge or has received written notice of the
need to take such action.

     (f) The rights and protections afforded to the Owner Trustee pursuant to Article VII of
this Agreement shall also be afforded to the Owner Trustee with respect to the performance
of its administrative duties under this Section 6.7.

ARTICLE VII

CONCERNING OWNER TRUSTEE

     SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby
created and agrees to perform its duties hereunder with respect to such trusts but only upon the
terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by
it constituting part of the Trust Estate upon the terms of the Transaction Documents and this
Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any
Transaction Document under any circumstances notwithstanding anything herein or in the Transaction
Documents to the contrary, except (i) for its own willful misconduct, bad faith or gross
negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 7.3 expressly made by Wilmington Trust Company in its individual capacity, (iii)
for liabilities arising from the failure of Wilmington Trust Company to perform obligations
expressly undertaken by it in the last sentence of Section 6.4 or (iv) for taxes, fees or
other charges on, based on or measured by, any fees, commissions or compensation received by the
Owner Trustee. In particular, but not by way of limitation (and subject to the exemptions set
forth in the preceding sentence):

     (a) The Owner Trustee shall not be liable for any error of judgment made in good faith
by any officer of the Owner Trustee.

     (b) Under no circumstances shall the Owner Trustee be personally liable hereunder for
any indebtedness of the Issuer.

     (c) The Owner Trustee shall not be personally liable for the payment of any tax imposed
on the Issuer or amounts that are includable in the federal gross income of the Residual
Interestholder.

     (d) No provision of this Agreement shall require the Owner Trustee to expend or risk
funds or otherwise incur any financial liability in the performance of any of the Owner
Trustee’s duties or powers hereunder, if the Owner Trustee believes or is advised by its
legal counsel that repayment of such funds or adequate indemnity against such risk or
liability is not assured or provided to its reasonable satisfaction.

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     (e) Under no circumstance shall the Owner Trustee be liable for any representation,
warranty, covenant, or obligation or indebtedness of the Issuer hereunder or under the
Transaction Documents or any other agreement, document or certificate contemplated by the
foregoing.

     (f) The Owner Trustee shall not be liable with respect to any action taken or omitted
to be taken by the Indenture Trustee or the Master Servicer and the Owner Trustee shall not
be liable for performing or supervising the performance of any obligations or duties under
this Agreement, the Sale Agreement, the Master Servicing Agreement or the Indenture, or
under any other document contemplated hereby or thereby, which are to be performed by the
Indenture Trustee, the Master Servicer or any other Person under such documents.

     (g) The Owner Trustee shall not be responsible for or in respect of the recitals
herein, the validity or sufficiency of this Agreement, or for the due execution hereof by
the Seller or for the form, character, genuineness, sufficiency, value or validity of any of
the Trust Estate or for or in respect of the validity or sufficiency of the Transaction
Documents or any other document contemplated thereby to which the Owner Trustee is not a
party.

     (h) Notwithstanding anything contained herein or in any of the Transaction Documents to
the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction
other than in the State of Delaware if the taking of such action will (i) require the
consent or approval or authorization or order of or the giving of notice to, or the
registration with or taking of any action in respect of, any state or other governmental
authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any
fee, tax or other governmental charge under the laws of any jurisdiction or any political
subdivisions thereof in existence on the date hereof other than the State of Delaware
becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal
jurisdiction in any jurisdiction other than the State of Delaware for causes of action
arising from acts unrelated to the consummation of the transactions by the Owner Trustee
contemplated hereby.

     (i) The Owner Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in accordance with the instructions of the Residual Interestholder or the
Master Servicer.

     (j) The Owner Trustee shall be under no duty to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any litigation under this
Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the
request, order or written direction of the Residual Interestholder, unless such Residual
Interestholder has offered to provide to the Owner Trustee, to the extent requested by the
Owner Trustee, security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the
Owner Trustee to perform any discretionary act enumerated in this Agreement or in any
Transaction Document shall not be answerable for other than its gross negligence, bad faith
or willful misconduct in the performance of any such act.

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     (k) All funds deposited with the Owner Trustee hereunder may be held in a non-interest
bearing account and the Owner Trustee shall not be liable for any interest thereon or for
any loss as a result of the investment thereof at the direction of the Residual
Interestholder.

     SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Residual
Interestholder promptly upon receipt of a written request therefor, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any other instruments
furnished to the Owner Trustee under the Transaction Documents.

     SECTION 7.3. Representations and Warranties. Wilmington Trust Company hereby represents and
warrants to the Seller for the benefit of the Residual Interestholder, that:

     (a) It is a banking corporation duly incorporated and validly existing in good standing
under the laws of Delaware and having an office within the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its obligations
under this Agreement.

     (b) It has taken all corporate action necessary to authorize the execution and delivery
by it of this Agreement, and this Agreement will be executed and delivered by one of its
officers who is duly authorized to execute and deliver this Agreement on its behalf.

     (c) This Agreement constitutes a legal, valid and binding obligation of the Owner
Trustee, enforceable against the Owner Trustee in accordance with its terms, subject, as to
enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship,
receivership, liquidation and other similar laws affecting enforcement of the rights of
creditors of banks generally and to equitable limitations on the availability of specific
remedies.

     (d) Neither the execution nor the delivery by it of this Agreement, nor the
consummation by it of the transactions contemplated hereby nor compliance by it with any of
the terms or provisions hereof will contravene any federal or Delaware law, governmental
rule or regulation governing the banking or trust powers of the Owner Trustee or any
judgment or order binding on it, or constitute any default under its charter documents or
by-laws.

     SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal
liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by it to be genuine
and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of the determination of
which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on
a certificate, signed by the president or any vice president or by the treasurer, secretary or
other Authorized Officers of the relevant party, as to such fact or matter,

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and such certificate shall constitute full protection to the Owner Trustee for any action
taken or omitted to be taken by it in good faith in reliance thereon.

     (b) In the exercise or administration of the trusts hereunder and in the performance of
its duties and obligations under this Agreement or the Transaction Documents, the Owner
Trustee (i) may act directly or, at the expense of the Issuer, through its agents or
attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall
not be personally liable for the conduct or misconduct of such agents, custodians, nominees
(including persons acting under a power of attorney) or attorneys selected with reasonable
care and (ii) may, at the expense of the Issuer, consult with counsel, accountants and other
skilled persons knowledgeable in the relevant area to be selected with reasonable care and
employed by it at the expense of the Issuer. The Owner Trustee shall not be personally
liable for anything done, suffered or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants or other such persons.

     SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created, Wilmington Trust Company acts solely as the Owner
Trustee hereunder and not in its individual capacity and all Persons having any claim against the
Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction
Document shall look only to the Trust Estate for payment or satisfaction thereof.

     SECTION 7.6. The Owner Trustee May Own Notes. The Owner Trustee in its individual or any
other capacity may become the owner or pledgee of Notes. The Owner Trustee may deal with the
Seller, the Indenture Trustee and their respective Affiliates in banking transactions with the same
rights as it would have if it were not the Owner Trustee, and the Seller, the Indenture Trustee and
their respective Affiliates may maintain normal commercial banking relationships with the Owner
Trustee and its Affiliates.

ARTICLE VIII

COMPENSATION OF OWNER TRUSTEE

     SECTION 8.1. Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as
compensation for its services hereunder such fees as have been separately agreed upon before the
date hereof between the Seller and the Owner Trustee, and the Owner Trustee shall be reimbursed for
its other reasonable expenses hereunder, including the reasonable compensation, expenses and
disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ
in connection with the exercise and performance of its rights and its duties hereunder, in the
priority set forth in Sections 5.4 and 8.4 of the Indenture.

     SECTION 8.2. Indemnification. The Issuer shall indemnify the Owner Trustee and its respective
successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and
against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits,
and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and
expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any
time be imposed on, incurred by, or asserted against the Owner Trustee, or any Indemnified

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Party in any way relating to or arising out of this Agreement, the Transaction Documents, the
Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner Trustee
hereunder, except only that the Issuer shall not be liable for or required to indemnify an
Indemnified Party from or against Expenses arising or resulting from (i) the willful misconduct,
gross negligence or bad faith of the Owner Trustee or (ii) the inaccuracy of a representation or
warranty made by the Owner Trustee in Section 7.3. The indemnities contained in this
Section shall survive the resignation or termination of the Owner Trustee or the termination of
this Agreement. In the event of any claim, action or Proceeding for which indemnity will be sought
pursuant to this Section, the Indemnified Party’s choice of legal counsel shall be subject to the
approval of the Issuer, which approval shall not be unreasonably withheld. When the Owner Trustee
incurs expenses after the occurrence of an Event of Default under Sections 5.1(e) and
5.1(f) of the Indenture, the expenses are intended to constitute expenses of administration
under the Bankruptcy Code or any applicable federal or state bankruptcy, insolvency or similar law.

     SECTION 8.3. Payments to the Owner Trustee. Any amounts paid pursuant to this
Article VIII and the Sale Agreement shall be deemed not to be a part of the Trust Estate
immediately after such payment.

ARTICLE IX

TERMINATION OF TRUST AGREEMENT

     SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this
Agreement (other than Article VIII) shall terminate, upon the later of (a) the final
distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate
in accordance with the terms of the Indenture and Article V and (b) the discharge of the
Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation,
dissolution, death or incapacity of the Residual Interestholder shall not (x) operate to terminate
this Agreement or the Issuer, nor (y) entitle the Residual Interestholder’s legal representatives
or heirs to claim an accounting or to take any action or Proceeding in any court for a partition or
winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights,
obligations and liabilities of the parties hereto.

     SECTION 9.2. Dissolution of the Issuer. Upon dissolution of the Issuer, the Owner Trustee
shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory
Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from
the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture
Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the
Notes, the Owner Trustee, in the absence of actual knowledge of any other claim against the Issuer
and at the written direction of the Residual Interestholder, shall be deemed to have made
reasonable provision to pay all claims and obligations (including conditional, contingent or
unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act and shall cause
the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware
Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at
which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be
of no further force or effect.

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     SECTION 9.3. Limitations on Termination. Except as provided in Section 9.1, neither
the Seller nor the Residual Interestholder shall be entitled to revoke or terminate the Issuer.

ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL

OWNER TRUSTEES

     SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all
times be a bank (i) authorized to exercise corporate trust powers, (ii) having a combined capital
and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or
state authorities. If such bank shall publish reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published.
The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a)
of the Statutory Trust Act. In case at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the
manner and with the effect specified in Section 10.2.

     SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner Trustee may at any time
resign and be discharged from the trusts hereby created by giving written notice thereof to the
Seller, the Master Servicer, the Indenture Trustee and the Residual Interestholder. Upon receiving
such notice of resignation, the Seller shall promptly appoint a successor Owner Trustee which
satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one
copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a
successor Owner Trustee; provided, however, that such right to appoint or to petition for the
appointment of any such successor shall in no event relieve the resigning Owner Trustee from any
obligations otherwise imposed on it under the Transaction Documents until such successor has in
fact assumed such appointment.

     If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of Section 10.1 and shall fail to resign after written request therefor by the Seller or if
at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Owner Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then the Seller may remove the Owner
Trustee. If the Seller shall remove the Owner Trustee under the authority of the immediately
preceding sentence, the Seller shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner
Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the
outgoing Owner Trustee.

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     Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees
and expenses owed to the outgoing Owner Trustee. The Seller shall provide (or shall cause to be
provided) notice of such resignation or removal of the Owner Trustee to each of the Rating
Agencies.

     SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to
Section 10.2 shall execute, acknowledge and deliver to the Seller and to its predecessor
Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become effective and such successor
Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as
if originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its
fees and expenses deliver to the successor Owner Trustee all documents and statements and monies
held by it under this Agreement; and the Seller and the predecessor Owner Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

     No successor Owner Trustee shall accept appointment as provided in this Section unless at the
time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section
10.1.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the
Seller shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to
the Residual Interestholder, Indenture Trustee, the Noteholders and each of the Rating Agencies.
If the Seller shall fail to mail (or cause to be mailed) such notice within 10 days after
acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause
such notice to be mailed at the expense of the Seller.

     Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly
file an amendment to the Certificate of Trust with the Secretary of State identifying the name and
principal place of business of such successor Owner Trustee in the State of Delaware.

     SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation into which the
Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party,
or any corporation succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall, without the execution or filing of any instrument or any further act on the
part of any of the parties hereto, anything herein to the contrary notwithstanding, be the
successor of the Owner Trustee hereunder; provided that such corporation shall be eligible pursuant
to Section 10.1; and provided further that the Owner Trustee shall file an amendment to the
Certificate of Trust of the Issuer, if required by applicable law, and mail notice of such merger
or consolidation to the Seller and the Rating Agencies.

23

 

     SECTION 10.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Trust Estate may at the time be located, the Seller and the
Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to
appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate,
and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Seller and the Owner Trustee may consider necessary or desirable. If the Seller
shall not have joined in such appointment within 15 days after the receipt by it of a request so to
do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of eligibility as a
successor trustee pursuant to Section 10.1 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.3.

     Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions:

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

     (ii) no trustee under this Agreement shall be personally liable by reason of
any act or omission of any other trustee under this Agreement; and

     (iii) the Seller and the Owner Trustee acting jointly may at any time accept
the resignation of or remove any separate trustee or co-trustee.

     Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of
them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies thereof given
to the Seller.

24

 

     Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the
extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee
shall have no obligation to determine whether a co-trustee or separate trustee is legally required
in any jurisdiction in which any part of the Trust Estate may be located.

ARTICLE XI

MISCELLANEOUS

SECTION 11.1. Amendments.

     (a) Any term or provision of this Agreement may be amended by the Seller and the Owner
Trustee with prior notice to each Rating Agency but without the consent of the Indenture
Trustee, any Noteholder or the Issuer; provided that such amendment shall not, as evidenced
by an Officer’s Certificate of the Depositor delivered to the Indenture Trustee and the
Owner Trustee materially and adversely affect the interests of the Noteholders; provided,
further, any amendment entered into pursuant to this Section 11.1(a) shall not
significantly change the permitted activities of the Issuer.

     (b) Any term or provision of this Agreement may be amended by the Seller and the Owner
Trustee, with prior notice to each Rating Agency but without the consent of the Indenture
Trustee, any Noteholder, the Issuer or any other Person to add, modify or eliminate any
provisions as may be necessary or advisable in order to enable the Seller, the Owner Trustee
or any of their Affiliates to comply with or obtain more favorable treatment under any law
or regulation or any accounting rule or principle, provided that such amendment shall not,
as evidenced by an Officer’s Certificate of the Depositor delivered to the Indenture
Trustee, materially and adversely affect the interests of the Noteholders; provided,
further, that the Rating Agency Condition with respect to Standard & Poor’s shall have been
satisfied; provided, further, that any amendment entered into pursuant to this Section
11.1(b) shall not significantly change the permitted activities of the Issuer.

     (c) This Agreement may also be amended from time to time by the Seller and the Owner
Trustee, with prior notice to each Rating Agency and with the consent of the Holders of a
majority of the Note Balance of the Controlling 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 to obtain the consent of the 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

25

 

Indenture Trustee may prescribe, including the establishment of record dates pursuant
to the Note Depository Agreement.

     Notwithstanding anything in this Section 11.1 to the contrary, no amendment to
this Agreement may significantly change the permitted activities of the Issuer without the
consent of the majority of all Outstanding Noteholders.

     (d) Prior to the execution of any such amendment, the Seller shall provide written
notification of the substance of such amendment to each Rating Agency and the Owner Trustee;
and promptly after the execution of any such amendment or consent, the Seller shall furnish
a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the
Indenture Trustee.

     (e) Prior to the execution of any amendment to this Agreement, the Owner 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 may, but shall not be obligated to, enter into any such amendment which
affects the Owner Trustee’s own rights, duties or immunities under this Agreement.

     SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder. The Residual
Interestholder shall not have legal title to any part of the Trust Estate. The Residual
Interestholder shall be entitled to receive distributions with respect to its undivided beneficial
interest therein only in accordance with Articles V and IX. No transfer, by
operation of law or otherwise, of any right, title or interest of the Residual Interestholder to
and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Trust Estate.

     SECTION 11.3. Limitations on Rights of Others. The provisions of this Agreement are solely
for the benefit of the Owner Trustee, the Seller, the Residual Interestholder and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

     SECTION 11.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms
hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt
acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight
courier or mailed certified mail, return receipt requested or via Electronic Transmission, if to
the Owner Trustee, addressed as specified on Schedule I to the Sale Agreement; or, as to
each party, at such other address as shall be designated by such party in a written notice to each
other party.

     (b) Any notice required or permitted to be given to a Residual Interestholder shall be
given by first-class mail, postage prepaid, at the address of such Residual

26

 

Interestholder as shall be designated by such party in a written notice to each other
party. Any notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the Residual Interestholder
receives such notice.

     SECTION 11.5. Severability. Any provision of this Agreement that 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 hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all
such counterparts shall together constitute but one and the same instrument.

     SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be
binding upon, and inure to the benefit of, the Seller, the Owner Trustee and its successors and the
Residual Interestholder and its successors and permitted assigns, all as herein provided. Any
request, notice, direction, consent, waiver or other instrument or action by the Residual
Interestholder shall bind the successors and assigns of the Residual Interestholder.

     SECTION 11.8. No Petition.

     (a) Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by
entering into this Agreement, the Seller, the Residual Interestholder, by accepting the
Residual Interest, and the Indenture Trustee and each Noteholder or Note Owner by accepting
the benefits of this Agreement, hereby covenants and 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 the Bankruptcy Remote Parties (i) such party
shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other Proceeding seeking liquidation, reorganization or other relief with
respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the appointment
of an administrator, a trustee, receiver, liquidator, custodian or other similar official
with respect to such Bankruptcy Remote Party or any substantial part of its property or to
consent to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of, its creditors generally, any
party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party
shall not commence, join or institute against, with any other Person, any Proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation
or insolvency law or statute now or hereafter in effect in any jurisdiction; provided, that,
notwithstanding the foregoing, Bankruptcy Remote Party shall not be prohibited from filing a
voluntary bankruptcy petition to the extent such Bankruptcy Remote Party obtains the
necessary vote for filing a voluntary bankruptcy petition as required by the organizational
documents of such Bankruptcy Remote Party. Without limiting the

27

 

foregoing, in no event shall the Owner Trustee authorize, institute or join in any
bankruptcy or similar Proceeding described in the preceding sentence without the prior
written approval of the Residual Interestholder and the delivery to the Owner Trustee of a
certificate certifying that the Residual Interestholder reasonably believes that the Issuer
is insolvent.

     (b) The Seller’s obligations under this Agreement are obligations solely of the Seller
and will not constitute a claim against the Seller to the extent that the Seller does not
have funds sufficient to make payment of such obligations. In furtherance of and not in
derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as
the Owner Trustee), by entering into or accepting this agreement, each Certificateholder, by
accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by
accepting the benefits of this Agreement, hereby acknowledges and agrees that such Person
has no right, title or interest in or to the Other Assets of the Seller. To the extent
that, notwithstanding the agreements and provisions contained in the preceding sentence,
each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the
Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets,
or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets,
whether by operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), then such Person
further acknowledges and agrees that any such interest, claim or benefit in or from Other
Assets is and will be expressly subordinated to the indefeasible payment in full, which,
under the terms of the relevant documents relating to the securitization or conveyance of
such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise
secured by such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against the Seller),
including the payment of post-petition interest on such other obligations and liabilities.
This subordination agreement will be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual
capacity and as the Owner Trustee), by entering into or accepting this agreement, each
Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder
or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section and the terms of
this Section may be enforced by an action for specific performance. The provisions of this
Section will be for the third party benefit of those entitled to rely thereon and will
survive the termination of this Agreement.

     SECTION 11.9. Information Request. Owner Trustee shall provide any information in its
possession reasonably requested by the Master Servicer, the Issuer, the Seller, the Residual
Interestholder or any of their Affiliates, in order to comply with or obtain more favorable
treatment under any current or future law, rule, regulation, accounting rule or principle.

28

 

     SECTION 11.10. Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof.

     SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 11.12. Information to be Provided by the Owner Trustee. The Owner Trustee shall:

     (a) On or before the fifth Business Day of each month, provide to the Indenture
Trustee, such information regarding the Owner Trustee for the purpose of compliance with
Item 1117 of Regulation AB; provided, however, that the Owner Trustee shall not be required
to provide such information in the event that there has been no change to the information
previously provided by the Owner Trustee to the Indenture Trustee.

     (b) On or before the fifth Business Day of each month, provide to the Indenture
Trustee, such information regarding the Issuer for the purpose of compliance with Item 1117
of Regulation AB, to the extent a Responsible Officer of the Owner Trustee has actual
knowledge, without independent investigation or inquiry, of such information; provided,
however, that the Owner Trustee shall not be required to provide such information in the
event that there has been no change to the information previously provided by the Owner
Trustee to the Indenture Trustee.

     (c) On or before March 15 of each year, provide to the Indenture Trustee, such Item
1119 information regarding the Owner Trustee for the purposes of compliance with Item 1119
of Regulation AB; provided, however, that the Owner Trustee shall only be required to
provide such information with respect to BANA, the Depositor, the Originator, the Master
Servicer, the Receivables Servicer, the Indenture Trustee and any other names supplied by
the Depositor in writing to the Owner Trustee from time to time.

     (d) On or before March 15 of each year, provide to the Indenture Trustee, the following
Item 1119 information regarding the Issuer, to the extent a Responsible Officer of the Owner
Trustee has actual knowledge of such information, as is requested for the purposes of
compliance with Item 1119 of Regulation AB, (i) whether the Issuer is an affiliate of the
Owner Trustee, (ii) whether there are any “outside the ordinary course of business
arrangements” other than would be obtained in an arm’s length transaction between the Issuer
and the Owner Trustee, and (iii) whether there are any specific relationships involving the
transaction or the pool assets between the Issuer and the Owner Trustee; provided, however,
that the Owner Trustee shall only be required to provide such information with respect to
affiliations, arrangements or relationships between the Issuer and the Owner Trustee, other
than contemplated by the Transaction Documents. For the avoidance of doubt, the parties
hereto do not deem the Owner Trustee an affiliate of the Issuer for the purposes of
Regulation AB.

29

 

     (e) Prior to the execution of any such amendment, provide to the Indenture Trustee
notice of any amendment to this Agreement or the Certificate of Trust of the Issuer.

     (f) The Owner Trustee shall be required to provide to the Indenture Trustee, in EDGAR
compatible format, or in such other form as otherwise agreed upon by the Indenture Trustee
and the Owner Trustee, any of the information set forth in clauses (a) through
(f), if applicable, together with an additional disclosure notification in the form
of Exhibit B hereto (an “Additional Disclosure Notification”).

[Remainder of Page Intentionally Left Blank]

30

 

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

	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, as the Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ J. Christopher Murphy
 

J. Christopher Murphy
	 	 
	 

	 	Title:
	 	Financial Services Officer	 	 

S-1 

 

	 	 	 	 	 	 	 
	 	 	BAS SECURITIZATION LLC, as the Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ William A. Glenn
 

William A. Glenn
	 	 
	 

	 	Title:
	 	President	 	 

S-2 

 

EXHIBIT A

FORM OF CERTIFICATE

	 	 	 	 	 
	NUMBER	 	100% BENEFICIAL INTEREST

R-          

BANC OF AMERICA SECURITIES AUTO TRUST 2006-G1

CERTIFICATE

     Evidencing the 100% beneficial interest in all of the assets of the Issuer (as defined below),
which consist primarily of motor vehicle receivables, including motor vehicle retail installment
sales contracts and/or installment loans that are secured by new and used automobiles, light-duty
trucks and other similar vehicles.

     (This Certificate does not represent an interest in or obligation of BAS Securitization LLC,
Bank of America, National Association or any of their respective Affiliates, except to the extent
described below.)

     THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE
SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.

     THIS CERTIFIES THAT                                                             is the registered owne
r of a 100%
nonassessable, fully-paid, beneficial interest in the Trust Estate of BANC OF AMERICA SECURITIES
AUTO TRUST 2006-G1, a Delaware statutory trust (the “Issuer”) formed by BAS Securitization
LLC, a Delaware limited liability company, as depositor (the “Seller”).

     The Issuer was created pursuant to a Trust Agreement dated as of October 4, 2006 (as amended
and restated as of November 14, 2006, the “Trust Agreement”), between the Seller and
Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of
the pertinent provisions of which is set forth below. To the extent not otherwise defined herein,
the capitalized terms used herein have the meanings assigned to them in the Sale Agreement, dated
as of November 14, 2006, between the Seller and the Issuer as the same may be amended or
supplemented from time to time.

     This Certificate is issued under and is subject to the terms, provisions and conditions of the
Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the
acceptance hereof assents and by which such holder is bound. The provisions and conditions of the
Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein.

A-1 

 

     The holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of the Noteholders as
described in the Indenture, the Sale Agreement and the Trust Agreement, as applicable.

     THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     By accepting this Certificate, the Certificateholder hereby covenants and 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 the Bankruptcy Remote Parties (i) such Person
shall not authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect
to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a
trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy
Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other Proceeding
commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of
any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person 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 Certificate may not be acquired by or for the account of or with the assets of (a) an
“employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (b) a “plan” described in Section 4975(e)(1) of the Code or (c) any entity whose
underlying assets include plan assets by reason of an employee benefit plan’s or other plan’s
investment in the entity (each, a “Benefit Plan Investor”). By accepting and holding this
Certificate, the holder hereof shall be deemed to have represented and warranted that it is not a
Benefit Plan Investor and is not purchasing on behalf of a Benefit Plan Investor. By its
acquisition and holding of this Certificate (or any interest herein), each Certificateholder that
is a governmental plan or foreign plan shall be deemed to represent and warrant that its
acquisition, holding and disposition of the Certificate (or interest herein) will not result in a
nonexempt prohibited transaction under, or a violation of, any applicable law that is substantially
similar to ERISA or Section 4975 of the Code.

     It is the intention of the parties to the Trust Agreement that, solely for federal, state and
local income and franchise tax purposes: (1) if there is one beneficial owner of the Certificates,
the Issuer shall be treated as a disregarded entity, and (2) if there is more than one beneficial
owner of the Certificates, the Issuer shall be treated as a partnership for income and franchise
tax purposes, with the assets of the partnership being the Receivables and other assets held by the
Issuer, the partners of the partnership being the Certificateholders, and the Notes being debt of
the partnership.

A-2 

 

     By accepting this Certificate, the Certificateholder acknowledges that this Certificate
represents a beneficial interest in the Issuer only and does not represent interests in or
obligations of the Seller, the Master Servicer, the Receivables Servicer, the Owner Trustee, the
Indenture Trustee or any of their respective Affiliates and no recourse may be had against such
parties or their assets, except as expressly set forth or contemplated in this Certificate, the
Trust Agreement or any other Transaction Document.

A-3 

 

     IN WITNESS WHEREOF, the Issuer has caused this Certificate to be duly executed.

	 	 	 	 	 	 	 
	 	 	BANC OF AMERICA SECURITIES AUTO TRUST 2006-G1	 	 
	 
	 	 	 	 	 	 
	 	 	By: Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	Dated:                                         

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

A-4 

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is the Certificate referred to in the within-mentioned Trust Agreement.

	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

A-5 

 

EXHIBIT B

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION

**SEND TO U.S. BANK NATIONAL ASSOCIATION VIA FAX TO (312) 325-8905 AND VIA EMAIL TO
melissa.rosal@usbank.com AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW. SEND TO THE
SELLER AT THE ADDRESS BELOW**

U.S. Bank National Association, as Indenture Trustee

209 S. LaSalle Street

Suite 300

Chicago, IL 60604

Fax: (312) 325-8905

E-mail: melissa.rosal@usbank.com

BAS Securitization LLC

Hearst Tower

214 North Tryon Street

NC1-027-21-04

Charlotte, NC 28255

Attention: William A. Glenn

Attn:
Corporate Trust Department— BASAT 2006-G1

RE:
**Additional Form                      Disclosure** Required

Ladies and Gentlemen:

     In accordance with Section 11.12 of the Amended and Restated Trust Agreement, dated as
of November 14, 2006, between BAS Securitization LLC, as the Depositor, and Wilmington Trust
Company, as the Owner Trustee, the undersigned, as Owner Trustee, hereby notifies you that certain
events have come to our attention that [will] [may] need to be disclosed.

     Description of Additional Disclosure:

     List of any attachments hereto to be included in the Additional Disclosure:

     Any inquiries related to this notification should be directed to                     , phone number:
                    ; email address:                     .

	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

B-1

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