Document:

Sale and Servicing Agreement dated May 25, 2004

 EXHIBIT 10.2 
  
 SALE AND SERVICING AGREEMENT 
  

by and between 
  
 CAPITAL ONE AUTO FINANCE TRUST 2004-A, 
  
 as Issuer 
  
 CAPITAL ONE AUTO RECEIVABLES, LLC, 
  
 as Seller 
  
 CAPITAL ONE
AUTO FINANCE, INC., 
  
 as Servicer 
  
 and 
  
 JPMORGAN CHASE BANK, 
  
 as Indenture Trustee 
  
 Dated as of May 25, 2004 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page

	 ARTICLE I
	 	DEFINITIONS AND USAGE	  	1
				
	 Section 1.1
	 	 	 	 Definitions
	  	1
				
	 Section 1.2
	 	 	 	 Other Interpretive Provisions
	  	1
			
	 ARTICLE II
	 	CONVEYANCE OF TRANSFERRED ASSETS	  	2
				
	 Section 2.1
	 	 	 	 Conveyance of Transferred Assets
	  	2
				
	 Section 2.2
	 	 	 	 Representations and Warranties of the Seller as to each Receivable
	  	2
				
	 Section 2.3
	 	 	 	 Repurchase upon Breach
	  	2
				
	 Section 2.4
	 	 	 	 Custody of Receivable Files
	  	3
				
	 Section 2.5
	 	 	 	 Funding Events
	  	5
				
	 Section 2.6
	 	 	 	 Certificate of Title Repurchase Event
	  	6
			
	 ARTICLE III
	 	ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY	  	7
				
	 Section 3.1
	 	 	 	 Duties of Servicer
	  	7
				
	 Section 3.2
	 	 	 	 Collection of Receivable Payments
	  	8
				
	 Section 3.3
	 	 	 	 Repossession of Financed Vehicles
	  	8
				
	 Section 3.4
	 	 	 	 Maintenance of Security Interests in Financed Vehicles
	  	9
				
	 Section 3.5
	 	 	 	 Covenants of Servicer
	  	9
				
	 Section 3.6
	 	 	 	 Purchase of Receivables Upon Breach
	  	9
				
	 Section 3.7
	 	 	 	 Servicing Fee
	  	10
				
	 Section 3.8
	 	 	 	 Servicer’s Certificate
	  	10
				
	 Section 3.9
	 	 	 	 Annual Officer’s Certificate; Notice of Servicer Termination Event
	  	11
				
	 Section 3.10
	 	 	 	 Annual Independent Public Accountants’ Reports
	  	11
				
	 Section 3.11
	 	 	 	 Servicer Expenses
	  	12
				
	 Section 3.12
	 	 	 	 Insurance
	  	12
			
	 ARTICLE IV
	 	DISTRIBUTIONS; ACCOUNTS STATEMENTS TO THE RESIDUAL INTERESTHOLDERS AND THE NOTEHOLDERS	  	13
				
	 Section 4.1
	 	 	 	 Establishment of Accounts
	  	13
				
	 Section 4.2
	 	 	 	 Remittances
	  	14
				
	 Section 4.3
	 	 	 	 Additional Deposits and Payments
	  	15

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	 	 	  	Page

				
	 Section 4.4
	 	 	 	Distributions	  	16
				
	 Section 4.5
	 	 	 	Net Deposits	  	17
				
	 Section 4.6
	 	 	 	Statements to Noteholders and Residual Interestholders	  	17
				
	 Section 4.7
	 	 	 	No Duty to Confirm	  	19
				
	 Section 4.8
	 	 	 	Interest Rate Swap Agreement	  	19
			
	 ARTICLE V
	 	THE SELLER	  	21
				
	 Section 5.1
	 	 	 	Representations and Warranties of Seller	  	21
				
	 Section 5.2
	 	 	 	Liability of Seller; Indemnities	  	22
				
	 Section 5.3
	 	 	 	Merger or Consolidation of, or Assumption of the Obligations of, Seller	  	23
				
	 Section 5.4
	 	 	 	Limitation on Liability of Seller and Others	  	23
				
	 Section 5.5
	 	 	 	Seller May Own Notes	  	23
				
	 Section 5.6
	 	 	 	Sarbanes-Oxley Act Requirements	  	24
				
	 Section 5.7
	 	 	 	Compliance with Organizational Documents	  	24
				
	 Section 5.8
	 	 	 	Perfection Representations, Warranties and Covenants	  	24
			
	 ARTICLE VI
	 	THE SERVICER	  	24
				
	 Section 6.1
	 	 	 	Representations of Servicer	  	24
				
	 Section 6.2
	 	 	 	Indemnities of Servicer	  	25
				
	 Section 6.3
	 	 	 	Merger or Consolidation of, or Assumption of the Obligations of, Servicer	  	27
				
	 Section 6.4
	 	 	 	Limitation on Liability of Servicer and Others	  	27
				
	 Section 6.5
	 	 	 	Delegation of Duties	  	28
				
	 Section 6.6
	 	 	 	COAF Not to Resign as Servicer	  	28
				
	 Section 6.7
	 	 	 	Servicer May Own Notes	  	28
			
	 ARTICLE VII
	 	TERMINATION OF SERVICER	  	29
				
	 Section 7.1
	 	 	 	Termination of Servicer	  	29
				
	 Section 7.2
	 	 	 	Notification to Noteholders	  	30
			
	 ARTICLE VIII
	 	OPTIONAL PURCHASE	  	30
				
	 Section 8.1
	 	 	 	Optional Purchase of Trust Estate	  	30
			
	 ARTICLE IX
	 	THE NOTE INSURANCE POLICY	  	30
				
	 Section 9.1
	 	 	 	Claims Under Note Insurance Policy	  	30

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	 	 	  	Page

				
	 Section 9.2
	 	 	 	Surrender of Note Insurance Policy	  	32
			
	 ARTICLE X
	 	MISCELLANEOUS PROVISIONS	  	32
				
	 Section 10.1
	 	 	 	Amendment	  	32
				
	 Section 10.2
	 	 	 	Protection of Title	  	33
				
	 Section 10.3
	 	 	 	Other Liens or Interests	  	35
				
	 Section 10.4
	 	 	 	Transfers Intended as Sale; Security Interest	  	35
				
	 Section 10.5
	 	 	 	Notices, Etc	  	36
				
	 Section 10.6
	 	 	 	Choice of Law	  	36
				
	 Section 10.7
	 	 	 	Headings	  	36
				
	 Section 10.8
	 	 	 	Counterparts	  	36
				
	 Section 10.9
	 	 	 	Waivers	  	36
				
	 Section 10.10
	 	 	 	Entire Agreement	  	36
				
	 Section 10.11
	 	 	 	Severability of Provisions	  	37
				
	 Section 10.12
	 	 	 	Binding Effect	  	37
				
	 Section 10.13
	 	 	 	Acknowledgment and Agreement	  	37
				
	 Section 10.14
	 	 	 	Cumulative Remedies	  	37
				
	 Section 10.15
	 	 	 	Nonpetition Covenant	  	37
				
	 Section 10.16
	 	 	 	Submission to Jurisdiction; Waiver of Jury Trial	  	37
				
	 Section 10.17
	 	 	 	Limitation of Liability	  	38
				
	 Section 10.18
	 	 	 	Third-Party Beneficiaries	  	39
				
	 Section 10.19
	 	 	 	Limitation of Rights	  	39

  

			
		
	 Schedule I
	  	Representations and Warranties
	 Schedule II
	  	Notice Addresses
		
	 Exhibit A
	  	Form of Notice of Funding Date
	 Exhibit B
	  	Form of Joint Officer’s Certificate
	 Exhibit C
	  	Form of Assignment pursuant to Sale and Servicing Agreement
	 Exhibit D
	  	Form of Servicer’s Certificate
	 Exhibit E
	  	Perfection Representations, Warranties and Covenants
	 Appendix A
	  	Definitions

  

 -iii- 

 SALE AND SERVICING AGREEMENT, dated as of May 25, 2004 (as amended, supplemented or otherwise modified
and in effect from time to time, this “Agreement”), by and between CAPITAL ONE AUTO FINANCE TRUST 2004-A, a Delaware statutory trust (the “Issuer”), CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability
company, as seller (the “Seller”), CAPITAL ONE AUTO FINANCE, INC., a Texas corporation (“COAF”), as servicer (in such capacity, the “Servicer”), and JPMORGAN CHASE BANK, a New York banking
corporation, as indenture trustee (the “Indenture Trustee”). 
  
 WHEREAS, the Issuer desires to purchase from the Seller a portfolio of motor vehicle receivables, including motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used
automobiles and light-duty trucks; 
  
 WHEREAS, the Seller is
willing to sell such portfolio of motor vehicle receivables and related property to the Issuer; and 
  
 WHEREAS, COAF is willing to service such motor vehicle receivables and related property on behalf of the Issuer; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
  
 ARTICLE I 
 DEFINITIONS AND USAGE 
  
 SECTION 1.1 Definitions. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A hereto, which also
contains rules as to usage that are applicable herein. 
  
 SECTION
1.2 Other Interpretive Provisions. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not
defined, shall have the respective meanings given to them under generally accepted accounting principles; (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as
defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any
Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” means “including without limitation”; (f) except as otherwise expressly provided herein,
references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns; and (h) headings are for
purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

 ARTICLE II 
 CONVEYANCE OF TRANSFERRED ASSETS 
  
 SECTION 2.1 Conveyance of Transferred Assets. (a) In consideration of the Issuer’s sale and delivery to, or upon the order of, the Seller of all of the Notes and the Residual Interest on the Closing Date, the Seller does hereby
irrevocably sell, transfer, assign and otherwise convey to the Issuer without recourse (subject to the obligations herein) all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the Initial Transferred
Assets, identified in an Assignment substantially in the form of Exhibit C delivered on the Closing Date. The sale, transfer, assignment and conveyance made hereunder does not constitute and is not intended to result in an assumption by the
Issuer of any obligation of the Seller or any Originator to the Obligors, the Dealers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related
thereto. 
  
 (b) In consideration of the payment of the
Receivables Purchase Price from the Pre-Funding Account, on each Funding Date the Seller does hereby sell, transfer, assign, and otherwise convey to the Issuer without recourse (subject to the obligations herein) all right, title and interest of the
Seller, whether now owned or hereafter acquired, in, to and under the Subsequent Transferred Assets, identified in an Assignment substantially in the form of Exhibit C delivered on such Funding Date. The purchase of the Subsequent Transferred
Assets on each Funding Date shall be made in accordance with the Purchase Agreement and this Agreement. The sale, transfer, assignment and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Issuer of
any obligation of the Seller or any Originator to the Obligors, the Dealers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto.

  
 SECTION 2.2 Representations and Warranties of the Seller as
to each Receivable. On the date hereof, with respect to the Initial Receivables, or on each Funding Date, with respect to the Subsequent Receivables, the Seller hereby makes the representations and warranties set forth on Schedule I to
the Issuer, the Indenture Trustee and the Note Insurer as to the Initial Receivables and Subsequent Receivables, as applicable, sold, transferred, assigned, and otherwise conveyed to the Issuer under this Agreement on which such representations and
warranties the Issuer relies in acquiring the Receivables. The representations and warranties as to each Receivable shall survive the Grant of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture. Notwithstanding any
statement to the contrary contained herein or in any other Transaction Document, the Seller shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor. 
  
 SECTION 2.3 Repurchase upon Breach. Upon discovery by any party hereto
of a breach of any of the representations and warranties set forth in Section 2.2 with respect to any Receivable at the time such representations and warranties were made which materially and adversely affects the interests of the Issuer, the
Note Insurer or the Noteholders in such Receivable, the party discovering such breach shall give prompt written notice thereof to the other parties hereto; provided, that the failure to give such notice shall not affect any obligation of the
Seller hereunder. If the Seller does not correct or cure such breach prior to the end of the 
  

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 Collection Period which includes the 60th day (or, if the Seller elects, an earlier date) after the date that the Seller
became aware or was notified of such breach, then the Seller shall purchase from the Issuer any Receivable affected by such breach which materially and adversely affects the interests of the Issuer, the Note Insurer or the Noteholders in such
Receivable on the Payment Date following the end of such Collection Period. Any such purchase by the Seller shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Seller shall make (or shall cause to be made) a
payment to the Issuer equal to the Repurchase Price by depositing such amount into the Collection Account prior to noon, New York City time on such Payment Date. Upon payment of such Repurchase Price by the Seller, the Indenture Trustee, on behalf
of the Indenture Secured Parties, and the Issuer shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as may be reasonably requested by the Seller to
evidence such release, transfer or assignment or more effectively vest in the Seller or its designee all of the Issuer’s and Indenture Trustee’s rights in any Receivable and related Transferred Assets repurchased pursuant to this
Section 2.3. It is understood and agreed that, unless the Seller fails to repurchase (or fails to enforce the obligation of COAF under the Purchase Agreement to repurchase) any Receivable as described above, the right to cause the Seller to
repurchase (or to enforce the obligations of COAF under the Purchase Agreement to repurchase) any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer, the Note Insurer and the Indenture
Trustee. Neither the Owner Trustee nor the Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 2.3. 

 
 SECTION 2.4 Custody of Receivable Files. 
  
 (a) Custody. The Issuer and the Indenture Trustee, upon the execution
and delivery of this Agreement, hereby revocably appoint the Servicer, and the Servicer hereby accepts such appointment, to act as the agent of the Issuer and the Indenture Trustee as custodian of the following documents or instruments, which are
hereby or will hereby be constructively delivered to the Indenture Trustee (or its agent or designee), as pledgee of the Issuer pursuant to the Indenture with respect to each Receivable (the “Receivable Files”): 
  
 (i) the fully executed original, electronically
authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC) related to such Receivable, including any written amendments or extensions thereto; 
  
 (ii) the original credit application or a photocopy thereof
to the extent held in paper form; 
  
 (iii) the
original Certificate of Title or, if not yet received, evidence that an application therefore has been submitted with the appropriate authority, a guaranty of title from a Dealer or such other document (electronic or otherwise, as used in the
applicable jurisdiction) that the Servicer keeps on file, in accordance with its Customary Servicing Practices, evidencing the security interest of the applicable Originator in the Financed Vehicle; provided, however, that in lieu of
being held in the Receivable File, the Certificate of Title may be held by a third party service provider engaged by the Servicer to obtain and/or hold Certificates of Title; and 
  

 3 

 (iv) any and all other documents that the Servicer keeps on file, in accordance with its
Customary Servicing Practices, relating to a Receivable, an Obligor or a Financed Vehicle. 
  
 (b) Safekeeping. The Servicer, in its capacity as custodian, shall hold the Receivable Files for the benefit of the Issuer, the Note Insurer and the Indenture Trustee. In performing its duties as custodian, the
Servicer shall act in accordance with its Customary Servicing Practices. In accordance with its Customary Servicing Practices, the Servicer will conduct, or cause to be conducted, periodic audits of the Receivable Files held by it under this
Agreement, and of the related accounts, records, and computer systems, in such a manner as would enable the Issuer, the Note Insurer or the Indenture Trustee to verify the accuracy of the Servicer’s record keeping. The Servicer will promptly
report to the Issuer, the Note Insurer and the Indenture Trustee any failure on its part to hold a material portion of the Receivable Files, maintain its accounts, records, and computer systems as herein provided or promptly take appropriate action
to remedy any such failure. Nothing herein will be deemed to require an initial review or any periodic review by the Issuer, the Note Insurer or the Indenture Trustee of the Receivable Files. The Servicer may, in accordance with its Customary
Servicing Practices, (i) maintain all or a portion of the Receivable Files in electronic form and (ii) maintain custody of all or any portion of the Receivable Files with one or more of its agents or designees. 
  
 (c) Maintenance of and Access to Records. The Servicer will maintain
each Receivable File at one of its offices in the United States, or at such other location as specified to the Issuer, the Note Insurer and the Indenture Trustee by written notice not later than ninety (90) days after any change in location (it
being understood that the Receivable Files, or any part thereof, may be maintained at the offices of any Person to whom the Servicer has delegated responsibilities in accordance with Section 6.5). The Servicer will make available to the
Issuer, the Note Insurer and the Indenture Trustee or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files upon request. The Servicer will provide access to the Receivable Files, and the related
accounts records, and computer systems maintained by the Servicer at such times as the Issuer, the Note Insurer or the Indenture Trustee direct, but only upon reasonable notice and during the normal business hours at the respective offices of the
Servicer. 
  
 (d) Release of Documents. Upon written
instructions from the Indenture Trustee, the Servicer will release or cause to be released any document in the Receivable Files to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may
be, at such place or places as the Indenture Trustee may designate, as soon thereafter as is practicable. Any document so released will be handled by the Indenture Trustee with due care and returned to the Servicer for safekeeping as soon as the
Indenture Trustee or its agent or designee, as the case may be, has no further need therefor. 
  
 (e) Instructions; Authority to Act. All instructions from the Indenture Trustee will be in writing and signed by an Authorized Officer of the Indenture Trustee, and the Servicer will be deemed to have received
proper instructions with respect to the Receivable Files upon its receipt of such written instructions. 
  

 4 

 (f) Custodian’s Indemnification. Subject to Section 6.2, the Servicer as custodian
will indemnify the Issuer, the Note Insurer and the Indenture Trustee for any and all liabilities, obligations, losses, compensatory damages, payments, costs or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against
the Issuer, the Note Insurer or the Indenture Trustee as the result of any improper act or omission in any way relating to the maintenance and custody by the Servicer as custodian of the Receivable Files; provided, however, that the
Servicer will not be liable to (i) the Issuer, the Indenture Trustee or the Note Insurer for any portion of any such amount resulting from the willful misconduct, bad faith or negligence of the Indenture Trustee, the Note Insurer or the Issuer or
(ii) the Indenture Trustee for any portion of any such amount resulting from the failure of the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee to handle with due care any Certificate of Title or other
document released to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee pursuant to Section 2.4(d). 
  
 (g) Effective Period and Termination. The Servicer’s appointment as custodian will become effective as of the Initial Cut-Off Date and will
continue in full force and effect until terminated pursuant to this Section. If COAF resigns as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of the Servicer have been terminated under
Section 7.1, the appointment of the Servicer as custodian hereunder may be terminated by the Indenture Trustee or by the Controlling Party, in the same manner as the Indenture Trustee or the Controlling Party may terminate the rights and
obligations of the Servicer under Section 7.1. After any termination of such appointment, the Servicer will promptly deliver to the Indenture Trustee or the Indenture Trustee’s agent the Receivable Files and the related accounts and
records maintained by the Servicer at such place or places as the Indenture Trustee or the Controlling Party may reasonably designate. 
  
 SECTION 2.5 Funding Events. 
  
 (a) A funding event (each, a “Funding Event”) shall occur upon a Funding Date and in accordance with the requirements of this Section.

  
 (b) During the Funding Period, the Issuer shall, on the
Funding Dates, (i) acquire Subsequent Transferred Assets from the Seller pursuant to Section 2.1(b) (and the Seller shall acquire such Subsequent Transferred Assets from COAF pursuant to the Purchase Agreement) and (ii) Grant all of the
Issuer’s right, title and interest in, to and under such Subsequent Transferred Assets to the Indenture Trustee for the benefit of the Indenture Secured Parties. Such Subsequent Transferred Assets shall be acquired at the option of the Issuer
upon instruction from the Servicer; provided that such Subsequent Transferred Assets may not be acquired through the Pre-Funding Account without the consent of the Note Insurer; provided, however, that the giving or withholding of such
consent shall be based solely on the characteristics of the Subsequent Transferred Assets in relation to the Initial Transferred Assets. 
  
 (c) The following procedures shall be followed to effect a Funding Event: 
  
 (i) COAF will package and forward or cause to be packaged and forwarded to the Servicer (in the event that
COAF is not the Servicer) the Receivables File with respect to each Subsequent Receivable. 
  

 5 

 (ii) On or prior to the Funding Date, the Issuer shall deliver, or cause to be delivered,
to the Indenture Trustee, the Servicer and the Note Insurer the following: 
  
 (1) a Notice of Funding Date (substantially in the form of Exhibit A hereto) with the related Schedule of Receivables delivered by the Seller with respect thereto; and 
  
 (2) a joint Officer’s Certificate of COAF, the Seller
and the Issuer (substantially in the form of Exhibit B hereto). 
  
 (d) Upon satisfaction of the above requirements, the Indenture Trustee will, on the applicable Funding Date, withdraw from the Pre-Funding Account an amount equal to the Receivables Purchase Price for the Subsequent Receivables acquired on
such Funding Date and shall forward such funds (less amounts required to be deposited into the Reserve Account as described below) to the Seller (or to COAF on behalf of the Seller) or its designee, in cash by federal wire transfer funds, pursuant
to the written directions provided to the Indenture Trustee in the Notice of Funding Date. The Indenture Trustee, on behalf of the Seller, shall deposit into the Reserve Account from amounts which would otherwise be released to the Seller from the
Pre-Funding Account, an amount equal to the Subsequent Reserve Account Deposit Amount for such Funding Date. 
  
 SECTION 2.6 Certificate of Title Repurchase Event. The Servicer shall inform the Issuer, the Seller, the Note Insurer, the Indenture Trustee and
the Swap Counterparty promptly, in writing, upon the occurrence of the day that is 10 Business Days prior to the First Title Delivery Date of each Receivable for which no Certificate of Title has been delivered to the Servicer or its agent as of
such day. Upon the occurrence of a Certificate of Title Repurchase Event with respect to any Receivable, the Seller shall purchase such Receivable from the Issuer on the Payment Date following the end of the Collection Period during which such
Certificate of Title Repurchase Event occurs. Any such purchase by the Seller shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Seller shall make (or shall cause to be made) a payment to the Issuer equal to
the Repurchase Price by depositing such amount into the Collection Account prior to noon, New York City time on such Payment Date. Upon payment of such Repurchase Price by the Seller, the Indenture Trustee, on behalf of the Indenture Secured
Parties, and the Issuer shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as may be reasonably requested by the Seller to evidence such release, transfer
or assignment or more effectively vest in the Seller or its designee all of the Issuer’s and Indenture Trustee’s rights in any Receivable and related Transferred Assets repurchased pursuant to this Section 2.6. It is understood and
agreed that, unless the Seller fails to repurchase (or fails to enforce the obligation of COAF under the Purchase Agreement to repurchase) any Receivable as described above, the right to cause the Seller to repurchase (or to enforce the obligations
of COAF under the Purchase Agreement to repurchase) any Receivable as described above shall constitute the sole remedy with respect to a Certificate of Title Repurchase Event available to the Issuer, the Note Insurer and the Indenture Trustee.
Neither the Owner Trustee nor the Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 2.6. 
  

 6 

 ARTICLE III 
 ADMINISTRATION AND SERVICING OF 
 RECEIVABLES AND TRUST PROPERTY 
  
 SECTION 3.1 Duties of Servicer. 
  
 (a) The Servicer is hereby appointed by the Issuer and authorized to act as
agent for the Issuer and in such capacity shall manage, service, administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the
Receivables will be carried out in accordance with its Customary Servicing Practices, using the degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others.
The Servicer’s duties will include collection and posting of all payments, responding to inquiries of Obligors on such Receivables, investigating delinquencies, sending invoices or payment coupons to Obligors, reporting any required tax
information to Obligors, accounting for collections and furnishing monthly and annual statements to the Indenture Trustee and the Note Insurer with respect to distributions and performing the other duties specified herein. The Servicer hereby
accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein. 
  
 (b) The Servicer will follow its Customary Servicing Practices and will have full power and authority to do any and all things in connection with such
managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered to execute and deliver, on behalf of itself, the Issuer,
the Owner Trustee, the Indenture Trustee, the Noteholders, the Note Insurer, the Residual Interestholders, or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable
instruments, with respect to such Receivables or to the Financed Vehicles securing such Receivables. The Servicer is hereby authorized to commence, in its own name or in the name of the Issuer, a legal proceeding to enforce a Receivable or to
commence or participate in any other legal proceeding (including a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences a legal proceeding to enforce a Receivable, the Issuer will
thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Issuer to
execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. If in any enforcement suit or legal proceeding it is held that
the Servicer may not enforce a Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer will, at the Servicer’s expense and direction, take steps to enforce the Receivable,
including bringing suit in its name or the name of the Indenture Trustee. The Issuer will furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder. The Servicer, at its expense, will obtain on behalf of the Issuer all licenses, if any, required by the laws of any jurisdiction to be held by the Issuer in connection with ownership of the Receivables, and will make
all filings and pay all fees as may be required in connection therewith during the term hereof. 
  

 7 

 (c) The Servicer hereby agrees that upon its resignation and the appointment of a successor Servicer
hereunder, the Servicer will terminate its activities as Servicer hereunder in accordance with Section 7.1, and, in any case, in a manner which the Controlling Party or the Indenture Trustee with the consent of the Controlling Party
reasonably determines will facilitate the transition of the performance of such activities to such successor Servicer, and the Servicer shall cooperate with and assist such successor Servicer. 
  
 (d) So long as no Note Insurer Default has occurred and is continuing, the
Servicer shall not change its Customary Servicing Practices without the consent of the Note Insurer if the Servicer determines that such a change would have a material adverse effect on the interests of the Note Insurer or the Noteholders.

  
 SECTION 3.2 Collection of Receivable Payments. The
Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same become due in accordance with its Customary Servicing Practices and will otherwise act with respect to
the Receivables and the Insurance Policies in such manner as will, in the reasonable judgment of the Servicer, maximize the net amount to be received by the Issuer with respect thereto. Subject to Section 3.5, the Servicer may grant
extensions, rebates, deferrals, amendments, modifications or adjustments with respect to any Receivable in accordance with its Customary Servicing Practices; provided, however, that if the Servicer extends the date for final payment by
the Obligor of any Receivable (an “Extension”) beyond the last day of the Collection Period immediately prior to the Class A-4 Final Scheduled Payment Date, it will promptly purchase such Receivable in the manner provided in
Section 3.6; provided, further, however, that in any given three (3) month period, the average percentage of Receivables that have been the subject of an Extension during each of those three months (by number of Receivables at the
beginning of each month) shall not exceed 4.00% (or such other percentage as may be agreed to by the Controlling Party). The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course
of servicing a Receivable. Notwithstanding anything in this Agreement to the contrary, the Servicer may refinance any Receivable by accepting a new promissory note from the related Obligor and depositing the full outstanding Principal Balance of
such Receivable into the Collection Account. The receivable created by such refinancing shall not be property of the Issuer. 
  
 SECTION 3.3 Repossession of Financed Vehicles. On behalf of the Issuer, the Servicer will use commercially reasonable efforts, consistent with its
Customary Servicing Practices, to repossess or otherwise convert the ownership of and liquidate the Financed Vehicle securing any Receivable as to which the Servicer has determined eventual payment in full is unlikely; provided, however, that the
Servicer may elect not to repossess a Financed Vehicle if in its good faith judgment it determines that repossession will not increase the amounts described in clauses (a) through (c) of the definition of Liquidation Proceeds by an amount greater
than the expense of such repossession or that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. The Servicer is authorized as it deems necessary or advisable, consistent with its Customary
Servicing Practices, to make reasonable efforts to realize upon any recourse to any Dealer and selling the related Financed Vehicle at public or private sale. The foregoing will be subject to the provision that, in any case in which the Financed
Vehicle has suffered damage, the Servicer shall not be required to expend funds in 
  

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 connection with the repair or the repossession of such Financed Vehicle unless it determines in its sole discretion that
such repair and/or repossession will increase the amounts described in clauses (a) through (c) of the definition of Liquidation Proceeds with respect to such Financed Vehicle by an amount greater than the amount of such expenses. 
  
 SECTION 3.4 Maintenance of Security Interests in Financed Vehicles.
The Servicer will, in accordance with its Customary Servicing Practices, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The Issuer hereby authorizes the
Servicer to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any other reason. 
  
 SECTION 3.5 Covenants of Servicer. 
  
 (a) Lien in Force. The Servicer will not (i) release the Financed
Vehicle securing each such Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer
would not attempt to collect in accordance with its Customary Servicing Practices or in connection with repossession or except as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle or
(ii) reduce the Contract Rate with respect to any Receivable other than as required by applicable law or (iii) reduce the Principal Balance with respect to any Receivable other than (A) as required by applicable law, (B) in connection with a
settlement in the event the Receivable becomes a Defaulted Receivable or (C) in connection with a Cram Down Loss relating to such Receivable. 
  
 (b) No Impairment. The Servicer will do nothing to materially impair the rights of the Issuer, the Indenture Trustee, the Note Insurer or the
Noteholders in the Receivables or the Insurance Policies except as otherwise expressly provided in the Transaction Documents. 
  
 (c) Restrictions on Liens. The Servicer will not (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to
cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the lien in favor of the Indenture Trustee for the
benefit of the Indenture Secured Parties, and the restrictions on transferability imposed by this Agreement or (ii) file or authorize for filing under the UCC of any jurisdiction any financing statement which names the Servicer as a debtor, or sign
any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the lien of the Indenture Trustee
for the benefit of the Indenture Secured Parties. 
  
 SECTION 3.6
Purchase of Receivables Upon Breach. Upon discovery by any party hereto of a breach of any of the obligations set forth in Section 3.2, 3.3, 3.4 or 3.5 which materially and adversely affects the interests of the
Issuer, the Note Insurer, the Indenture Trustee or the Noteholders in any Receivable, the party discovering such breach shall give prompt written notice thereof to the other parties hereto; provided, that the failure to give such notice shall not
affect any obligation of the Servicer under this Section 3.6. If the Servicer does 
  

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 not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if the
Servicer elects, an earlier date) after the date that the Servicer became aware or was notified of any such breach which materially and adversely affects the interests of the Issuer, the Note Insurer or the Noteholders in any Receivable, then the
Servicer shall purchase any Receivable affected by such breach from the Issuer on the Payment Date following the end of such Collection Period. Any such purchase by the Servicer shall be at a price equal to the Repurchase Price. In consideration for
such repurchase, the Servicer shall make (or shall cause to be made) a payment to the Issuer equal to the Repurchase Price by depositing such amount into the Collection Account prior to noon, New York City time on such Payment Date. Upon payment of
such Repurchase Price by the Servicer, the Indenture Trustee, on behalf of the Indenture Secured Parties, and the Issuer shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse
or representation, as may be reasonably requested by the Seller to evidence such release, transfer or assignment or more effectively vest in the Servicer or its designee all of the Issuer’s and Indenture Trustee’s rights in any Receivable
and related Transferred Assets repurchased pursuant to this Section 3.6. It is understood and agreed that, unless the Servicer fails to purchase any Receivable as described above, the obligation of the Servicer to purchase any Receivable as
described above shall constitute the sole remedy respecting such breach available to the Issuer, the Note Insurer, the Swap Counterparty and the Indenture Trustee; provided, however, that the Servicer will indemnify the Issuer, the Note
Insurer, the Owner Trustee, the Indenture Trustee and the Noteholders from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any
of them as a result of third party claims arising out of the events or facts giving rise to such breach. The indemnification provided pursuant to this section will survive the removal or resignation of the Servicer, the Note Insurer, the Swap
Counterparty and /or the Indenture Trustee. 
  
 SECTION 3.7
Servicing Fee. On each Payment Date, the Issuer shall pay to the Servicer the Servicing Fee in accordance with Section 4.4 for the immediately preceding Collection Period as compensation for its services. In addition, the Servicer will
be entitled to retain all Supplemental Servicing Fees. The Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection
with distributions and reports made by the Servicer to Noteholders or the Note Insurer and, to the extent not provided for pursuant to Section 4.4, all other fees and out-of-pocket expenses of the Owner Trustee and the Indenture Trustee,
except taxes levied or assessed against the Issuer, the Owner Trustee or the Indenture Trustee, and claims against the Issuer, the Owner Trustee, or the Indenture Trustee in respect of indemnification, which taxes and claims in respect of
indemnification against the Issuer are expressly stated to be for the account of COAF). Notwithstanding the foregoing, if the Servicer is not COAF, a successor to COAF as Servicer will not be liable for taxes levied or assessed against the Issuer or
claims against the Issuer in respect of indemnification, the fees referred to above and expenses referred to above. 
  
 SECTION 3.8 Servicer’s Certificate. On the Determination Date preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee
and each Paying Agent, with a copy to each of the Rating Agencies, the Swap Counterparty and the Note Insurer, a Servicer’s Certificate in substantially the form set forth in Exhibit D. At the sole option of the Servicer, each
Servicer’s Certificate may be delivered in electronic or hard copy format. 
  

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 SECTION 3.9 Annual Officer’s Certificate; Notice of Servicer Termination Event. (a) The
Servicer will deliver to the Rating Agencies, the Swap Counterparty, the Issuer, the Indenture Trustee and the Note Insurer, on or before March 30 of each year, beginning on March 30, 2005, an Officer’s Certificate stating, as to the Authorized
Officer signing such Officer’s Certificate, that (i) a review of the activities of the Servicer during the prior calendar year and of performance under this Agreement has been made under such Authorized Officer’s supervision; and (ii) to
the best of such Authorized Officer’s knowledge, based on such review, the Servicer has performed in all material respects its obligations under this Agreement throughout such year, or, if there has been a material default in the performance of
any such obligation, specifying each such default known to such Authorized Officer and the nature and status thereof. 
  
 (b) The Servicer will deliver to the Issuer, the Swap Counterparty, the Note Insurer, the Indenture Trustee and each Rating Agency promptly after having
obtained knowledge thereof, but in no event later than five (5) Business Days after having obtained such knowledge, written notice in an Officer’s Certificate of any event which with the giving of notice or lapse of time, or both, would become
a Servicer Termination Event. 
  
 SECTION 3.10 Annual
Independent Public Accountants’ Reports. 
  
 (a) The
Servicer shall cause a firm of independent certified public accountants, who may also render other services to the Servicer or to its Affiliates, to deliver to the Rating Agencies, the Swap Counterparty, the Issuer, the Indenture Trustee and the
Note Insurer on or before March 30 of each year, beginning March 30, 2005, a report addressed to the board of directors of the Servicer, to the effect that such firm has examined the Officer’s Certificate delivered by the Servicer pursuant to
Section 3.9 and that: (a) such examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the
Servicer’s compliance with those requirements and performing such other procedures as such accountants considered necessary in the circumstances and (b) except as described in such report, the Servicer’s annual statement of compliance for
such year delivered pursuant to Section 3.9 is fairly stated in all material respects. 
  
 (b) The Servicer shall cause a firm of independent certified public accountants, who may also render other services to the Servicer or to its Affiliates, to deliver to the Rating Agencies, the Swap Counterparty and
the Note Insurer upon receipt of covenants and representations from such Persons as such firm of independent certified public accountants may require, and as soon as practicable, but in any event within 120 days after the end of each fiscal year, an
annual review of the Servicer’s procedures and operations in form and substance reasonably satisfactory to the Note Insurer, prepared by such firm of independent certified public accountants, dated as of March 30 of each year beginning March
30, 2005 and substantially stating to the effect that (i) such accountants have examined the accounts and records of the Servicer relating to the Trust Estate (which records shall be described in one or more schedules to such statement), (ii) such
firm has compared the information contained in certain Servicer’s 
  

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 Certificates delivered in the relevant period with information contained in the accounts and records of other relevant
source documents for such period, and (iii) on the basis of the procedures performed, whether the information examined and contained in such Servicer’s Certificates delivered for the relevant period reconciles and agrees with the information
contained in such accounts and records or other relevant source documents except for such exceptions as such firm of independent certified public accountants believe to be immaterial and such other exceptions as shall be set forth in such statement.

  
 (c) The Servicer, however, shall not be obligated to deliver
any report described in clauses (a) or (b) above to any Person who does not comply with required procedures of such firm of independent certified public accountants, including but not limited to execution of engagement letters regarding such
reports; provided that in the case of the Indenture Trustee, the Servicer hereby acknowledges that the Indenture Trustee has not made an independent determination of the sufficiency of any procedures contained in such engagement letters and
the Servicer further acknowledges that any costs, expenses or liabilities of the Indenture Trustee incurred in connection with the execution of any documents required by the firm of independent certified public accountants shall be covered by the
indemnity provisions contained in Section 6.7 of the Indenture. 
  
 SECTION 3.11 Servicer Expenses. The Servicer will be required to pay from its own funds all expenses (other than expenses described in the definition of Liquidation Proceeds) incurred by it in connection with its activities
hereunder, including fees and disbursements of the Indenture Trustee, Owner Trustee (in accordance with Section 8.1 of the Trust Agreement), independent accountants, taxes imposed on the Servicer and expenses incurred in connection with
distributions and reports to the Noteholders and the Residual Interestholders. 
  
 SECTION 3.12 Insurance. The Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if possible, or as agent of the Issuer. If the Servicer elects to commence a legal proceeding to
enforce an Insurance Policy, the act of commencement will be deemed to be an automatic assignment of the rights of the Issuer under such Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal
proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Issuer and/or the Indenture Trustee, at the Servicer’s
expense, will take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Issuer and the Owner Trustee and/or the Indenture Trustee for the benefit of the Noteholders.

  
 SECTION 3.13 1934 Act Filings. The Issuer hereby
authorizes the Servicer and the Seller, or either of them, to prepare, sign, certify and file any and all reports, statements and information respecting the Issuer and/or the Notes required to be filed pursuant to the Securities and Exchange Act of
1934, as amended, and the rules thereunder. 
  

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 ARTICLE IV 
 DISTRIBUTIONS; ACCOUNTS 
 STATEMENTS TO THE RESIDUAL INTERESTHOLDERS 
 AND THE NOTEHOLDERS 
  
 SECTION 4.1 Establishment of Accounts. 
  
 (a) The Servicer shall cause to be established: 
  
 (i) For the benefit of the Indenture Secured Parties in the name of the Indenture Trustee, an Eligible Account (the “Collection
Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Second Parties, which Eligible Account shall be established by and maintained with the Indenture Trustee or its
designee. 
  
 (ii) For the benefit of the
Indenture Secured Parties, in the name of the Indenture Trustee, an Eligible Account (the “Principal Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Indenture Second Parties, which Eligible Account shall be established by and maintained with the Indenture Trustee or its designee. 
  
 (iii) For the benefit of the Indenture Secured Parties, in the name of the Indenture Trustee, an Eligible Account (the “Reserve
Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Second Parties, which Eligible Account shall be established by and maintained with the Indenture Trustee or its
designee. 
  
 (iv) For the benefit of the
Indenture Secured Parties, in the name of the Indenture Trustee, an Eligible Account (the “Pre-Funding Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture
Secured Parties, which Eligible Account shall be established by and maintained with the Indenture Trustee or its designee. 
  
 (b) Funds on deposit in the Collection Account, the Principal Distribution Account, the Reserve Account, the Pre-Funding Account and the Swap Termination
Payment Account (to the extent such account is established under Section 4.8(b)) shall be invested by the Indenture Trustee in Eligible Investments selected in writing by the Servicer and of which the Servicer provides notification (pursuant
to standing instructions or otherwise); provided that it is understood and agreed that neither the Servicer, the Indenture Trustee nor the Issuer shall be liable for any loss arising from such investment in Eligible Investments. All such
Eligible Investments shall be held by or on behalf of the Indenture Trustee as secured party for the benefit of the Indenture Secured Parties. Except to the extent the Rating Agency Condition is satisfied and the Note Insurer (unless the Note
Insurer is not the Controlling Party) consents, all investments of funds on deposit in the Trust Accounts shall mature so that such funds will be available on the immediately following Payment Date. No Eligible Investment shall be sold or otherwise
disposed of prior to its scheduled maturity unless a default occurs with respect to such Eligible Investment and the Servicer directs the Indenture Trustee in writing to dispose of such Eligible Investment. 
  

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 (c) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time
to time in the Trust Accounts and in all proceeds thereof and all such funds, investments and proceeds shall be part of the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the
Indenture Trustee for the benefit of Indenture Secured Parties. If, at any time, any Trust Account ceases to be an Eligible Account, the Servicer shall promptly notify the Note Insurer and the Indenture Trustee (unless such Trust Account is an
account with the Indenture Trustee) in writing and within 10 Business Days (or such longer period as to which each Rating Agency and the Note Insurer (unless the Note Insurer is not the Controlling Party) may consent) after becoming aware of the
fact, establish a new Trust Account as an Eligible Account and shall direct the Indenture Trustee to transfer any cash and/or any investments to such new Trust Account. 
  
 (d) With respect to the Trust Account Property, the parties hereto agree that: 
  
 (i) any Trust Account Property that is held in deposit
accounts shall be held solely in Eligible Accounts and, except as otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and, except as otherwise provided in the
Transaction Documents, the Indenture Trustee or its designee shall have sole signature authority with respect thereto; 
  
 (ii) any Trust Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee or its designee, in
accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or any such designee; 
  
 (iii) any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC
and that is not governed by clause (iv) below shall be delivered to the Indenture Trustee or its designee in accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Indenture Trustee or
such designee, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its designee’s) ownership of such security; and 
  
 (iv) any Trust Account Property that is a book-entry security held through the Federal Reserve System
pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Indenture Trustee or its designee or a financial intermediary (as such
term is defined in Section 8-313(4) of the UCC) acting solely for the Indenture Trustee or such designee, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph.

  
 SECTION 4.2 Remittances. The Servicer shall deposit an
amount equal to all Collections into the Collection Account within two Business Days after receipt; provided, however, that if the Monthly Remittance Condition is satisfied, then the Servicer shall not be required to deposit into the
Collection Account an amount equal to the Collections received 
  

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 during any Collection Period until noon, New York City time, on the following Payment Date. The “Monthly
Remittance Condition” shall be deemed to be satisfied if (i) COAF or one of its Affiliates is the Servicer, (ii) no Servicer Termination Event has occurred and is continuing and (iii) Capital One Financial Corporation has a short-term debt
rating of at least “Prime-1” from Moody’s and “A-1” from Standard & Poor’s. Notwithstanding the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate remittance schedule (but
not later than the related Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule and, unless the Note Insurer is not the Controlling Party, the Note Insurer has provided its prior written
consent to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds. 
  
 SECTION 4.3 Additional Deposits and Payments. 
  
 (a) On each Payment Date, the Servicer and the Seller will deposit into the
Collection Account the aggregate Repurchase Price with respect to Repurchased Receivables purchased by the Servicer or the Seller on such Payment Date and the Servicer will deposit into the Collection Account all amounts to be paid under Section
8.1. All such deposits with respect to a Payment Date will be made, in immediately available funds by noon, New York City time, on such Payment Date related to such Collection Period. 
  
 (b) The Indenture Trustee will, on the Payment Date relating to each Collection Period, withdraw from the Reserve Account
the Reserve Account Draw Amount and the investment income accrued during such Collection Period from the investment of funds in the Reserve Account and deposit such amounts in the Collection Account. 
  
 (c) The Indenture Trustee will, on the Payment Date relating to each
Collection Period, withdraw from the Pre-Funding Account the investment income accrued during such Collection Period from the investment of funds in the Pre-Funding Account and deposit such amount in the Collection Account. 
  
 (d) The Indenture Trustee will, on each Payment Date, withdraw from the
Reserve Account the Reserve Account Excess Amount, if any, for such Payment Date and deposit such amount in the Collection Account. 
  
 (e) On the Closing Date the Seller will deposit, or cause to be deposited from proceeds of the sale of the Notes, into the Reserve Account an amount equal
to the Initial Reserve Account Deposit Amount. 
  
 (f) On each
Funding Date, the Seller will deposit into the Reserve Account an amount equal to the Subsequent Reserve Account Deposit Amount for such Funding Date. 
  
 (g) On or prior to the third Business Day preceding each Determination Date, the Indenture Trustee shall send a written notice to the Servicer stating the
amount of investment income earned, if any, during the related Collection Period on each Trust Account maintained at the Indenture Trustee. 
  

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 (h) The Indenture Trustee will promptly, but in no event later than noon (New York City time) on the
related Payment Date, deposit into the Collection Account all Net Swap Receipts received by it under the Interest Rate Swap Agreement in immediately available funds. 
  
 SECTION 4.4 Distributions. 
  

(a) Prior to any acceleration of the Notes pursuant to Section 5.2 of the Indenture, on each Payment Date, the Indenture Trustee (based on
information contained in the Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section 3.8) shall make the following deposits and distributions, to the extent of Available Funds and the Reserve
Account Draw Amount, on deposit in the Collection Account for such Payment Date, in the following order of priority: 
  
 (1) first, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees (including unpaid Indenture Trustee fees or
Owner Trustee fees with respect to prior periods) and any reasonable expenses (including indemnification amounts) not previously paid by the Servicer; provided, however, that, unless (i) an Event of Default or Servicer Termination
Event has occurred and is continuing and (ii) the Controlling Party shall consent otherwise, expenses and indemnification amounts payable to the Indenture Trustee and the Owner Trustee pursuant to this clause first and Section
5.4(b)(i) of the Indenture shall be limited to $150,000 per annum in the aggregate; 
  
 (2) second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior periods; 
  
 (3) third, to the Swap Counterparty, the Net Swap
Payment; 
  
 (4) fourth, to the
Noteholders, on a pro rata basis, the Accrued Note Interest due and accrued for the related Interest Period; 
  
 (5) fifth, provided that no Note Insurer Default has occurred and is continuing, to the Note Insurer, the Premium (including any
prior unpaid Premium) and the Reimbursement Obligations (excluding Reimbursement Obligations relating to payments made under the Note Insurance Policy with respect to principal of the Notes) due to the Note Insurer; 
  
 (6) sixth, to the Principal Distribution Account for
distribution to the Holders of the Class A Notes, pursuant to Section 8.2(c) of the Indenture, the First Allocation of Principal, if any; 
  
 (7) seventh, to the Note Insurer, all accrued and unpaid Premium and Reimbursement Obligations to the extent not paid pursuant to
clause fifth; 
  
 (8) eighth, to
the Principal Distribution Account for distribution to the Holders of the Class A Notes, in accordance with Section 8.2(c) of the Indenture, the Second Allocation of Principal, if any; 
  

 16 

 (9) ninth, to the Reserve Account, any additional amounts required to cause the
amount in the Reserve Account to equal the Specified Reserve Account Balance; 
  
 (10) tenth, on a pro rata basis, to the Swap Counterparty, any Swap Termination Payments and to the Note Insurer, any reimbursement of payments made under the Swap Policy in respect of Swap Termination
Payments; 
  
 (11) eleventh, to the Owner
Trustee and the Indenture Trustee, expenses (including indemnification amounts) permitted under the Trust Agreement and the Indenture, as applicable, which have not been previously paid; and 
  
 (12) twelfth, to or at the direction of the Residual
Interestholder, any funds remaining. 
  
 Notwithstanding any other provision of
this Section 4.4, following the occurrence and during the continuation of an Event of Default which has resulted in an acceleration of the Notes, the Indenture Trustee shall apply all amounts on deposit in the Collection Account pursuant to
Section 5.4(b) of the Indenture. 
  
 (b) After the payment
in full of the Notes, all amounts payable to the Note Insurer under the Insurance Agreement, all amounts payable to the Swap Counterparty and all other amounts payable under Section 4.4(a), all Collections shall be paid to or in accordance
with the instructions provided from time to time by the Residual Interestholder. 
  
 SECTION 4.5 Net Deposits. If the Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the Collection Account only the net amount distributable to Persons other than the
Servicer and its Affiliates on the Payment Date. The Servicer shall, however, account as if all of the deposits and distributions described herein were made individually and in such event the Indenture Trustee shall distribute funds pursuant to
Section 4.4(a) hereof without allocating any amounts for payment to the Servicer or its Affiliates. 
  
 SECTION 4.6 Statements to Noteholders and Residual Interestholders. On or before each Determination Date, the Servicer shall provide to the
Residual Interestholders and to the Indenture Trustee (with a copy to each Rating Agency, the Note Insurer, the Swap Counterparty and the Issuer) for the Indenture Trustee to forward to each Noteholder of record as of the most recent Record Date, a
statement setting forth for the Collection Period and Payment Date relating to such Determination Date the following information (to the extent applicable): 
  
 (a) the aggregate amount being paid on such Payment Date in respect of interest on and principal of each Class of Notes; 
  
 (b) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3
Note Balance, the Class A-4 Note Balance and the Note Factor with respect to each Class of Notes, in each case after giving effect to payments on such Payment Date; 
  
 (c) (i) the amount on deposit in the Reserve Account and the Specified Reserve Account Balance, each as of the beginning and
end of the related Collection Period, 
  

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 (ii) the amount deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve Account Draw
Amount and the Reserve Account Excess Amount, if any, to be withdrawn from the Reserve Account on such Payment Date, (iv) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits
thereto in respect of such Payment Date and (v) the change in such balance from the immediately preceding Payment Date; 
  
 (d) the First Allocation of Principal and the Second Allocation of Principal for such Payment Date; 
  
 (e) the Pool Balance and the Pool Factor as of the close of business on the
last day of the preceding Collection Period; 
  
 (f) the amount of
the Servicing Fee to be paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees and the change in such amount from that of the prior Payment Date; 
  
 (g) the amount of the Noteholders’ Interest Carryover Shortfall, if any,
on such Payment Date and the change in such amount from the preceding Payment Date; 
  
 (h) the aggregate Repurchase Price with respect to Repurchased Receivables paid by (i) the Servicer and (ii) the Seller with respect to the related Collection Period; 
  
 (i) the amount on deposit in the Pre-Funding Account (until the termination
of the Funding Period); 
  
 (j) the Net Swap Receipts and Net Swap
Payment, if any; 
  
 (k) the amount of fees to be paid to the
Indenture Trustee and the Owner Trustee with respect to the related Payment Date and the amount of any unpaid fees to the Indenture Trustee and the Owner Trustee and the change in such amount from that of the prior Payment Date; 
  
 (l) the Deficiency Amount, if any; 
  
 (m) the Delinquency Ratio (as defined in the Insurance Agreement) as of such
Determination Date; and 
  
 (n) the Cumulative Net Charge-off
Ratio (as defined in the Insurance Agreement) as of such Determination Date. 
  
 Each amount set forth pursuant to clause (a) or (g) above relating to the Notes shall be expressed as a dollar amount per $1,000 of the Initial Note Balance of the Notes (or Class thereof). 
  
 The Indenture Trustee may make available via the Indenture Trustee’s
internet website all reports or notices required to be provided by the Indenture Trustee under this Section 4.6. Any information that is disseminated in accordance with the provisions of this Section 4.6 shall not be required to be
disseminated in any other form or manner. The Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. 
  

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 The Indenture Trustee’s internet website shall be initially located at
“www.jpmorgan.com/absmbs” or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders, the Servicer, the Issuer or any Paying Agent. In connection with providing access to
the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement.

  
 SECTION 4.7 No Duty to Confirm. The Indenture Trustee
shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Servicer’s Certificate delivered by the Servicer to the Indenture Trustee, and the Indenture Trustee shall be fully
protected in relying upon such Servicer’s Certificate.  
  
 SECTION 4.8 Interest Rate Swap Agreement. 
  
 (a)
The Issuer shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. Subject to the requirements of this Section 4.8, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap
Agreements in the event that the Initial Interest Rate Swap Agreement is terminated due to any “Termination Event” or “Event of Default” (each as defined in the Initial Interest Rate Swap Agreement) prior to its scheduled
expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap Agreement entered into pursuant to this Section 4.8(a), the Issuer may not enter into any additional interest rate
swap agreements. 
  
 (b) In the event of any early termination of
any Interest Rate Swap Agreement, (i) the Indenture Trustee shall establish the Swap Termination Payment Account over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in which no Person other than the
Indenture Trustee, the Noteholders and the Note Insurer shall have any legal or beneficial interest, (ii) any Swap Termination Payments received from the Swap Counterparty will be remitted to the Swap Termination Payment Account and (iii) any Swap
Replacement Proceeds received from a Replacement Swap Counterparty will be remitted directly to the Swap Counterparty; provided, that any such remittance to the Swap Counterparty shall not exceed the amounts, if any, owed to the Swap
Counterparty under the Interest Rate Swap Agreement; provided, further that the Swap Counterparty shall only receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap Counterparty to the Issuer have been paid
in full and if such amounts have not been paid in full then the amount of Swap Replacement Proceeds necessary to make up any deficiency shall be remitted to the Swap Termination Payment Account. 
  
 (c) The Issuer shall promptly, following the early termination of any Initial
Interest Rate Swap Agreement due to an “Event of Default” or “Termination Event” (each as defined in the Initial Interest Rate Swap Agreement) and in accordance with the terms of such Interest Rate Swap Agreement, enter into a
Replacement Interest Rate Swap Agreement to the extent possible and practicable through application of funds available in the Swap Termination 
  

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 Payment Account unless (i) the Note Insurer (so long as the Note Insurer is the Controlling Party) does not consent or
(ii) entering into such Replacement Interest Rate Swap Agreement will cause the Rating Agency Condition not to be satisfied. 
  
 (d) To the extent that (i) the funds available in the Swap Termination Payment Account exceed the costs of entering into a Replacement Interest Rate Swap
Agreement or (ii) the Issuer determines with the consent of the Note Insurer (so long as the Note Insurer is the Controlling Party) not to replace the Initial Interest Rate Swap Agreement and the Rating Agency Condition is met with respect to such
determination, the amounts in the Swap Termination Payment Account (other than funds used to pay the costs of entering into a Replacement Interest Rate Swap Agreement, if applicable) shall be included in Available Funds and allocated in accordance
with the order of priority specified in Section 4.4(a) on the following Payment Date. In any other situation, amounts on deposit in the Swap Termination Payment Account at any time shall be invested pursuant to Section 4.1(b) and on each
Payment Date after the creation of a Swap Termination Payment Account, the funds therein shall be used to cover any shortfalls in the amounts payable under clauses (1) through (8) under Section 4.4(a), provided that in no event will the
amount withdrawn from the Swap Termination Payment Account on such Payment Date exceed the amount of Net Swap Receipts that would have been required to be paid on such Payment Date under the terminated Interest Rate Swap Transaction had there been
no termination of such transaction. Any amounts remaining in the Swap Termination Payment Account after payment in full of the Class A-4 Notes shall be included in Available Funds and allocated in accordance with the order of priority specified in
Section 4.4(a) on the following Payment Date. 
  
 (e) If
the Swap Counterparty is required to post collateral under the terms of the Interest Rate Swap Agreement, the Indenture Trustee shall establish the Swap Collateral Account over which the Indenture Trustee shall have exclusive control and the sole
right of withdrawal, and in which no Person other than the Indenture Trustee, the Noteholders and the Note Insurer shall have any legal or beneficial interest. The Indenture Trustee shall deposit all collateral received from the Swap Counterparty
under the Interest Rate Swap Agreement into the Swap Collateral Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be held in trust by the Indenture Trustee for the benefit of the
Noteholders and the Note Insurer. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be (i) for application to obligations of the Swap Counterparty to the Issuer
under the Interest Rate Swap Agreement in accordance with the terms of the Interest Rate Swap Agreement or (ii) to return collateral to the Swap Counterparty when and as required by the Interest Rate Swap Agreement. 
  
 (f) If at any time the Interest Rate Swap Agreement becomes subject to early
termination due to the occurrence of an “Event of Default” or “Termination Event” (as defined in the Interest Rate Swap Agreement), the Issuer and the Indenture Trustee shall use reasonable efforts (following the expiration of
any applicable grace period) to enforce the rights of the Issuer thereunder as may be permitted by the terms of the Interest Rate Swap Agreement and consistent with the terms hereof and subject to any rights of the Note Insurer herein or under the
Interest Rate Swap Agreement. To the extent not fully paid from Swap Replacement Proceeds, any Swap Termination Payment owed by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement shall be payable to the Swap Counterparty in
installments made on each 
  

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 following Payment Date until paid in full in accordance with the order of priority specified in Section 4.4(a). To
the extent that the Swap Replacement Proceeds exceed any such Swap Termination Payments (or if there are no Swap Termination Payments due to the Swap Counterparty), the Swap Replacement Proceeds in excess of such Swap Termination Payments, if any,
shall be included in Available Funds and allocated and applied in accordance with the order of priority specified in Section 4.4(a) on the following Payment Date. 
  
 ARTICLE V 
 THE
SELLER; SERVICER INDEMNITIES 
  
 SECTION 5.1 Representations
and Warranties of Seller. The Seller makes the following representations and warranties as of the Closing Date and as of each Funding Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations
and warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Transferred Assets to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
  
 (a) Existence and Power. The Seller is a Delaware limited liability
company validly existing and in good standing under the laws of its state of organization 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 or affect the enforceability or collectibility of the Receivables or any other part of the Transferred Assets. The Seller has obtained all necessary licenses and
approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or
any other part of the Transferred Assets. 
  
 (b) Authorization
and No Contravention. The execution, delivery and performance by the Seller of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Seller and do not contravene or constitute a
default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any indenture or 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, indentures 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). 
  
 (c) No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction
Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approval, authorizations or filings which, if not obtained or made, would not have a
material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Transferred Assets or would not materially and adversely affect the ability of the Seller to perform its obligations under the Transaction
Documents. 
  

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 (d) Binding Effect. Each Transaction Document to which the Seller is a party 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 the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general principles of equity.

  
 (e) Lien Filings. The Seller is not aware of any
material judgment, ERISA or tax lien filings against the Seller. 
  
 (f) 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 of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents,
(iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the
Receivables, or (iv) relate to the Seller that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes. 
  
 (g) [Reserved]. 
  
 (h) Trade Name. “Capital One Auto Receivables, LLC” is the only trade name under which the Seller is currently operating its business.
For the six (6) years (or such shorter period of time during which the Seller was in existence) preceding the date hereof, the Seller operated its business under the trade name “Capital One Auto Receivables, LLC”. “Capital One Auto
Receivables, LLC” is the name of the Seller indicated on the public record of the Seller’s jurisdiction of organization which shows the Seller to have been organized. 
  
 (i) Principal Executive Office. Since its inception, the Seller has maintained its principal executive office in the
Commonwealth of Virginia. 
  
 (j) Investment Company Act.
The Seller is not an “investment company” that is registered or required to be registered under, or otherwise subject to the restrictions of, the Investment Company Act of 1940, as amended. 
  
 SECTION 5.2 Liability of the Servicer; Indemnities. The Servicer shall
be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement, and hereby agrees to the following: 
  
 (a) The Servicer shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Note
Insurer, the Noteholders and the Residual Interestholder from and against any loss, liability or expense incurred by reason of the Seller’s violation of federal or State securities laws in connection with the registration or the sale of the
Notes. 
  

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 (b) The Servicer will pay any and all taxes levied or assessed upon the Issuer or upon all or any part of
the Trust Estate. 
  
 (c) Indemnification under this Section
5.2 will survive the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination of this Agreement and will include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer has made any indemnity payments pursuant to this Section 5.2 and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay such amounts to the
Servicer, without interest. 
  
 SECTION 5.3 Merger or
Consolidation of, or Assumption of the Obligations of, Seller. Any Person (i) into which the Seller may be merged or consolidated, (ii) resulting from any merger, conversion, or consolidation to which the Seller is a party, (iii) succeeding to
the business of the Seller, or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Capital One Financial Corporation, which Person in any of the foregoing cases
executes an agreement of assumption to perform every obligation of the Seller under this Agreement, will be the successor to the Seller under this Agreement without the execution or filing of any document or any further act on the part of any of the
parties to this Agreement. Notwithstanding the foregoing, if the Seller enters into any of the foregoing transactions and is not the surviving entity, (x) the Seller shall deliver to the Indenture Trustee and the Note Insurer an Officer’s
Certificate and an Opinion of Counsel each stating that such merger, conversion, consolidation or succession and such agreement of assumption comply with this Section 5.3 and that all conditions precedent, if any, provided for in this
Agreement relating to such transaction have been complied with and (y) the Seller will deliver to the Indenture Trustee and the Note Insurer an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and
continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, and reciting the details of such
filings, or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve and protect such interest. The Seller will provide notice of any merger, conversion, consolidation, or succession pursuant to this Section
5.3 to the Rating Agencies and the Note Insurer. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (x) and (y) of this Section 5.3 will be conditions to the
consummation of any of the transactions referred to in clauses (i), (ii) or (iii) of this Section 5.3 in which the Seller is not the surviving entity. 
  
 SECTION 5.4 Limitation on Liability of Seller and Others. The Seller and any officer or employee or agent of the Seller may rely in good faith on
the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Seller will not be under any obligation to appear in, prosecute, or defend any legal action
that is not incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
  
 SECTION 5.5 Seller May Own Notes. The Seller, and any Affiliate of the Seller, may in its individual or any other capacity become the owner or
pledgee of Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein or 
  

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 in the other Transaction Documents, Notes so owned by the Seller or any such Affiliate will have an equal and
proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority, or distinction as among all of the Notes. Unless all Notes are owned by the Issuer, the Seller, the Servicer, the
Administrator or any of their respective Affiliates, any Notes owned by the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded with respect to the determination of any request, demand,
authorization, direction, notice, consent, vote or waiver hereunder or under any other Transaction Document. 
  
 SECTION 5.6 Sarbanes-Oxley Act Requirements. To the extent any documents are required to be filed or any certification is required to be made with
respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Seller shall prepare and execute any such document or certification and is authorized to file such document or certification on behalf of the Issuer. 
  
 SECTION 5.7 Compliance with Organizational Documents. The Seller shall
comply with its limited liability company agreement and other organizational documents. 
  
 SECTION 5.8 Perfection Representations, Warranties and Covenants. The Seller hereby makes the perfection representations, warranties and covenants attached hereto as Exhibit E to the Issuer, the
Indenture Trustee and the Note Insurer and the Issuer shall be deemed to have relied on such representations, warranties and covenants in acquiring the Transferred Assets. 
  
 ARTICLE VI 
 THE
SERVICER 
  
 SECTION 6.1 Representations of Servicer. The
Servicer makes the following representations and warranties as of the Closing Date and as of each Funding Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and warranties speak as of the
execution and delivery of this Agreement and will survive the conveyance of the Transferred Assets to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
  
 (a) Existence and Power. The Servicer is a Texas corporation validly
existing and in good standing under the laws of its state of organization 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 or which affect the enforceability or collectibility of the Receivables or any other part of the Transferred Assets. The Servicer has obtained all necessary licenses and approvals in
each jurisdiction where the failure to do so would materially and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or any other
part of the Transferred Assets. 
  
 (b) Authorization and No
Contravention. The execution, delivery and performance by the Servicer of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Servicer and do not contravene or constitute a
default under (i) any applicable law, rule or regulation, (ii) its organizational documents or 
  

 24 

 (iii) any material indenture or material agreement or instrument to which the Servicer is a party or by which its
properties are bound, in each case, other than violations of such laws, rules, regulations, indentures or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or if the aggregate,
would not materially and adversely affect the transactions contemplated by, or the Servicer’s ability to perform its obligations under, the Transaction Documents. 
  
 (c) No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in
connection with the execution, delivery and performance by the Servicer of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made or
approvals, authorizations or filings which will be made on a timely basis and (iii) approval, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the
Receivables or would not materially and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents. 
  
 (d) Binding Effect. Each Transaction Document to which the Servicer is a party constitutes the legal, valid and binding obligation of the Servicer
enforceable against the Servicer 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. 
  
 (e) No Proceedings. There are no actions, suits or proceedings pending or, to the knowledge of the Servicer,
threatened against the Servicer before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Servicer of its obligations
under this Agreement or any of the other Transaction Documents, or (iv) relate to the Servicer that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

  
 SECTION 6.2 Indemnities of Servicer. The Servicer will
be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement, and hereby agrees to the following: 
  
 (a) The Servicer will defend, indemnify and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the
Noteholders, the Note Insurer, the Residual Interestholders and the Seller from and against any and all costs, expenses, losses, damages, claims and liabilities, arising out of or resulting from the use, ownership or operation by the Servicer or any
Affiliate thereof of a Financed Vehicle. 
  
 (b) The Servicer will
indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein or in the

  

 25 

 other Transaction Documents, if any, including, without limitation, any sales, gross receipts, general corporation,
tangible personal property, privilege, or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, and as of the date of, the conveyance of the Receivables to the Issuer or the issuance and original sales of
the Notes, or asserted with respect to ownership of the Receivables, or federal or other Applicable Tax State income taxes arising out of the transactions contemplated by this Agreement and the other Transaction Documents) and costs and expenses in
defending against the same. For the avoidance of doubt, the Servicer will not indemnify for any costs, expenses, losses, claims, damages or liabilities due to the credit risk of the Obligor and for which reimbursement would constitute recourse for
uncollectible Receivables. 
  
 (c) The Servicer will indemnify,
defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the Note Insurer, the Residual Interestholders and the Seller from and against any and all costs, expenses, losses, claims, damages, and liabilities to
the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon any such Person through, the negligence, willful misfeasance, or bad faith (other than errors in judgment) of the Servicer in the performance of
its duties under this Agreement or any other Transaction Document to which it is a party, or by reason of its failure to perform its obligations or of reckless disregard of its obligations and duties under this Agreement or any other Transaction
Document to which it is a party; provided, however, that the Servicer will not indemnify for any costs, expenses, losses, claims, damages or liabilities arising from its breach of any covenant for which the repurchase of the affected
Receivables is specified as the sole remedy pursuant to Section 2.6 or Section 3.6 (except to the extent described in Section 3.6). 
  
 (d) The Servicer will indemnify Wilmington Trust Company in its individual capacity and as trustee and its successors, assigns, directors, officers,
employees and agents (the “Indemnified Parties”) from and against, any and all loss, liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be
imposed on, incurred by, or asserted against Wilmington Trust Company in its individual capacity and as trustee or any Indemnified Party in any way relating to or arising out of the Trust Agreement, the other Transaction Documents, the Trust Estate,
the administration of the Trust Estate or the action or inaction of Wilmington Trust Company under the Trust Agreement; provided, however, that the Servicer shall not be liable for or required to indemnify Wilmington Trust Company from
and against any of the foregoing expenses arising or resulting from (i) its own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or warranty contained in Section 7.3 of the Trust Agreement expressly
made by Wilmington Trust Company in its individual capacity, (iii) liabilities arising from the failure of Wilmington Trust Company to perform obligations expressly undertaken by it in the last sentence of Section 6.4 of the Trust Agreement
or (iv) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the Servicer, such indemnification shall be paid in accordance with Section 4.4
of this Agreement or Section 5.4(b) of the Indenture. The Servicer will compensate the Indenture Trustee and indemnify the Indenture Trustee to the extent and subject to the conditions set forth in Section 6.7 of the Indenture, except
to the extent that any cost, expense, loss, claim, damage or liability arises out of or is incurred in connection with the performance by the Indenture Trustee of the duties of a Successor Servicer hereunder. 
  

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 (e) Indemnification under this Section 6.2 by COAF (or any successor thereto pursuant to
Section 7.1) as Servicer, with respect to the period such Person was the Servicer, will survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the termination of this Agreement or the
resignation or removal of the Owner Trustee or the Indenture Trustee and will include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Section 6.2 and the
Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay such amounts to the Servicer, without interest. 
  
 SECTION 6.3 Merger or Consolidation of, or Assumption of the Obligations of, Servicer. Any Person (i) into which the
Servicer may be merged or consolidated, (ii) resulting from any merger, conversion, or consolidation to which the Servicer is a party, (iii) succeeding to the business of the Servicer, or (iv) any company or other business entity of which Capital
One Financial Corporation owns, directly or indirectly, more than 50% of the voting stock or voting power and 50% or more of the economic equity, which Person in any of the foregoing cases executes an agreement of assumption to perform every
obligation of the Servicer under this Agreement, will be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement. Notwithstanding the
foregoing, if the Servicer enters into any of the foregoing transactions and is not the surviving entity, (x) the Servicer shall deliver to the Indenture Trustee and the Note Insurer an Officer’s Certificate and an Opinion of Counsel each
stating that such merger, conversion, consolidation, or succession and such agreement of assumption comply with this Section 6.3 and that all conditions precedent provided for in this Agreement relating to such transaction have been complied
with and (y) the Servicer will deliver to the Indenture Trustee and the Note Insurer an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been
executed and filed that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, and reciting the details of such filings, or (B) stating that, in the opinion of such
counsel, no such action is necessary to preserve and protect such interests. The Servicer will provide notice of any merger, conversion, consolidation or succession pursuant to this Section 6.3 to the Rating Agencies and the Note Insurer.
Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (x) and (y) of this Section 6.3 will be conditions to the consummation of any of the transactions referred to
in clauses (i), (ii), or (iii) of this Section 6.3 in which the Servicer is not the surviving entity. 
  
 SECTION 6.4 Limitation on Liability of Servicer and Others. 
  
 (a) Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer will be under any
liability to the Issuer, the Indenture Trustee, the Owner Trustee, the Noteholders, the Note Insurer, the Swap Counterparty or the Residual Interestholders, except as provided under this Agreement, for any action taken or for refraining from the
taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision will not protect the Servicer or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance
or bad faith in the performance of duties or by reason of its failure to perform its obligations or of reckless disregard of obligations and duties under this Agreement, or by reason of negligence in the 
  

 27 

 performance of its duties under this Agreement (except for errors in judgment). The Servicer and any director, officer or
employee or agent of the Servicer may rely in good faith on any Opinion of Counsel or on any Officer’s Certificate of the Seller or certificate of auditors believed to be genuine and to have been signed by the proper party in respect of any
matters arising under this Agreement. 
  
 (b) Except as provided
in this Agreement, the Servicer will not be under any obligation to appear in, prosecute, or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement, and that in its opinion may
involve it in any expense or liability; provided, however, that the Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties to this Agreement and the
interests of the Noteholders and the Residual Interestholders under this Agreement. In such event, the legal expenses and costs of such action and any liability resulting therefrom will be expenses, costs and liabilities of the Servicer. 

 
 SECTION 6.5 Delegation of Duties. The Servicer may, at any time
without notice or consent, delegate (a) any or all of its duties (including, without limitation, its duties as custodian) under the Transaction Documents to any of its Affiliates or (b) specific duties (including, without limitation, its duties as
custodian) to sub-contractors who are in the business of performing such duties; provided, that no such delegation shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable
to the Note Insurer, the Issuer and the Indenture Trustee for its duties hereunder as if the Servicer alone were performing such duties. 
  
 SECTION 6.6 COAF Not to Resign as Servicer. Subject to the provisions of Sections 6.3 and 6.5, (a) COAF will not resign from the
obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties under this Agreement by reason of a change in applicable legal requirements is no longer permissible under
applicable law and (b) COAF will not assign this Agreement or any of its rights, powers, duties or obligations hereunder. Notice of any such determination permitting the resignation of COAF will be communicated to the Issuer, the Note Insurer and
the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing, will be confirmed in writing at the earliest practicable time) and any such determination will be evidenced by an Opinion of Counsel to such effect
delivered to the Issuer, the Note Insurer and the Indenture Trustee concurrently with or promptly after such notice. No such resignation will become effective until a successor Servicer has assumed the responsibilities and obligations of COAF as
Servicer. 
  
 SECTION 6.7 Servicer May Own Notes. The
Servicer, and any Affiliate of the Servicer, may, in its individual or any other capacity, become the owner or pledgee of Notes with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise expressly
provided herein or in the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes so owned by or pledged to the Servicer or such Affiliate will have an equal and proportionate benefit under the provisions
of this Agreement, without preference, priority or distinction as among all of the Notes. 
  

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 ARTICLE VII 
 TERMINATION OF SERVICER 
  
 SECTION 7.1 Termination of Servicer. 
  
 (a) If a
Servicer Termination Event shall have occurred and be continuing, the Indenture Trustee shall, at the direction of the Controlling Party, by notice given to the Servicer, the Owner Trustee, the Issuer, the Administrator, the Noteholders, the Note
Insurer, the Swap Counterparty and each Rating Agency, terminate the rights and obligations of the Servicer under this Agreement with respect to the Receivables. In the event the Servicer is removed or resigns as Servicer with respect to servicing
the Receivables, the Indenture Trustee, acting at the direction of the Controlling Party, shall appoint a successor Servicer. Upon the Servicer’s receipt of notice of termination, such Servicer will continue to perform its functions as Servicer
under this Agreement only until the date specified in such termination notice or, if no such date is specified in such termination notice, until receipt of such notice. If a successor Servicer has not been appointed at the time when the outgoing
Servicer ceases to act as Servicer in accordance with this Section 7.1, the Indenture Trustee without further action will automatically be appointed the successor Servicer. Notwithstanding the above, the Indenture Trustee, if it is legally
unable or is unwilling to so act, will appoint, or petition a court of competent jurisdiction to appoint a successor Servicer. Any successor Servicer shall be an established institution having a net worth of not less than $100,000,000 (or such
lesser amount that the Note Insurer may consent to in writing) and whose regular business includes the servicing of comparable motor vehicle receivables having an aggregate outstanding principal amount of not less than $50,000,000. 
  
 (b) The Controlling Party may waive any Servicer Termination Event. Upon any
such waiver, such Servicer Termination Event shall cease to exist and be deemed to have been cured and not to have occurred, and any Servicer Termination Event arising therefrom shall be deemed to have been cured and not to have occurred for every
purpose of this Agreement, but no such waiver shall extend to any prior, subsequent or other Servicer Termination Event or impair any right consequent thereto. 
  

(c) If replaced, the Servicer agrees that it will use commercially reasonable efforts at its own expense to effect the orderly and efficient transfer
of the servicing of the Receivables to a successor Servicer. 
  
 (d) Upon the effectiveness of the assumption by the successor Servicer of its duties pursuant to this Section 7.1, the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this
Agreement with respect to the Receivables, and shall be subject to all the responsibilities, duties and liabilities relating thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as Servicer,
including indemnification obligations as set forth in Section 6.2(e). In such event, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such termination and replacement of the Servicer, whether to complete the
transfer and endorsement of the Receivables and related documents, or otherwise. No Servicer 
  

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 shall resign or be relieved of its duties under this Agreement, as Servicer of the Receivables, until a newly appointed
Servicer for the Receivables shall have assumed the responsibilities and obligations of the resigning or terminated Servicer under this Agreement. 
  
 In connection with such appointment, the Indenture Trustee may make such arrangements for the compensation of the successor Servicer out of Available
Funds as it and such successor Servicer will agree; provided, however, that no such compensation will be in excess of the amount paid to the predecessor Servicer under this Agreement. 
  
 SECTION 7.2 Notification to Noteholders. Upon any termination of, or
appointment of a successor to, the Servicer pursuant to this Article VII, the Indenture Trustee will give prompt written notice thereof to the Owner Trustee, the Issuer, the Note Insurer, the Administrator, each Rating Agency and to the Noteholders
at their respective addresses of record. 
  
 ARTICLE VIII

 OPTIONAL PURCHASE 
  
 SECTION 8.1 Optional Purchase of Trust Estate. The Servicer (other than any successor Servicer appointed pursuant to Section 7.1(a)) shall
have the right at its option (the “Optional Purchase”) to purchase the Trust Estate from the Issuer on any Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date,
the aggregate Pool Balance is less than or equal to 10% of the sum of (i) the initial Pool Balance and (ii) the Initial Pre-Funding Account Deposit Amount divided by 87%. The purchase price for the Trust Estate shall equal the Redemption Price (the
“Optional Purchase Price”), which amount shall be deposited by the Servicer into the Collection Account on the Redemption Date. If the Servicer exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole
but not in part on the related Payment Date for the Redemption Price. 
  
 ARTICLE IX 
 THE NOTE INSURANCE POLICY 
  
 SECTION 9.1 Claims Under Note Insurance Policy. 
  
 (a) In the event that the Servicer’s Certificate with respect to any Determination Date states that there is a
Deficiency Amount, or in the event that the Indenture Trustee has received a certified copy of a final, nonappealable order of an appropriate court or other body exercising jurisdiction of any Preference Amount, the Indenture Trustee shall furnish
to the Note Insurer no later than noon, New York City time, on the first Business Day following the Indenture Trustee’s receipt of such Servicer’s Certificate or certified copy, as applicable, a complete a notice substantially in the form
of Exhibit A or Exhibit B, as applicable, to the Note Insurance Policy (a “Notice”) specifying the amount of the Deficiency Amount, provided, that if such Notice is received after noon, New York City time, on such Business
Day, it will be deemed to be received before noon, New York City time, on the following Business Day. If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under the Note Insurance Policy, such
Notice will be deemed not to have been received for purposes of making such claim, and the Insurer will promptly so advise the Indenture Trustee in 
  

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 writing and the Indenture Trustee may submit an amended or corrected Notice. If such an amended or corrected Notice is in
proper form and is otherwise sufficient for the purpose of making a claim under the Note Insurance Policy, it will be deemed to have been timely received on the Business Day of such resubmission; provided, that if such notice is received after noon,
New York City time, it shall be deemed to be received before noon, New York City time, on the following Business Day. 
  
 (b) The Indenture Trustee shall establish and maintain an Eligible Account for the benefit of the Noteholders for the exclusive use as an account into
which to deposit any proceeds of the Note Insurance Policy (the “Insurance Account”). Upon receipt of an Insured Payment from the Insurer, the Indenture Trustee shall deposit such Insured Payment in the Insurance Account. All
amounts on deposit in the Insurance Account shall remain uninvested. On each Payment Date, the Indenture Trustee shall return any money in the Insurance Account which does not constitute an Insured Payment (as defined in the Note Insurance Policy)
to the Note Insurer. The Indenture Trustee shall distribute on each Payment Date, to the Noteholders, the Insured Payment for such Payment Date from the Insurance Account in accordance with the priorities set forth in Section 4.4(a).

  
 (c) The Indenture Trustee will (i) receive as attorney-in-fact
of each Noteholder any Insured Payment from the Note Insurer and (ii) distribute such Insured Payment as set forth in Section 9.1(b). Any and all Insured Payments disbursed by the Indenture Trustee shall not be considered payment by the
Issuer with respect to the Notes, and shall not discharge the obligations of the Issuer with respect thereto. The Note Insurer shall, upon any payment pursuant to the Note Insurance Policy, in furtherance and not in limitation of its equitable right
of subrogation and its rights under the Insurance Agreement, to the extent it makes any payment with respect to the Notes, become subrogated to the rights of any Noteholder to receive any and all amounts due in respect of the Insured Obligations as
to which such payment was made. The Note Insurer shall be a co-beneficiary of the Indenture Trustee’s lien under the Indenture. Subject to and conditioned upon any payment with respect to the Notes by or on behalf of the Note Insurer, the
Indenture Trustee shall assign to the Insurer all rights to the payment of interest or principal with respect to the Notes which are then due for payment to the extent of all payments made by the Note Insurer, and the Note Insurer may exercise any
option, vote, right, power or the like with respect to the Notes to the extent that it has made payment pursuant to the Note Insurance Policy. The foregoing subrogation will in all cases be subject to the rights of the Noteholders to receive all
Scheduled Payments (as defined in the Note Insurance Policy) in respect of the Notes. 
  
 (d) The Indenture Trustee will promptly notify the Note Insurer of any proceeding or the institution of any action (of which a Responsible Officer of the Indenture Trustee has actual knowledge) seeking the avoidance
as a preferential transfer under applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (a “Note Preference Claim”) of any payment made to a Noteholder that has been deemed a preferential transfer and
recoverable, or theretofore recovered, from such Noteholder pursuant to Title 11 of United States Code in accordance with an order of an appropriate court or other body. Each Noteholder, by its purchase of Notes, and the Indenture Trustee hereby
agree that so long as the Note Insurer is the Controlling Party, the Note Insurer may at any time during the continuation of any proceeding relating to a Note Preference Claim direct all matters relating to such Note Preference Claim, 
  

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 including (i) the direction of any appeal of any order relating to any Note Preference Claim and (ii) the posting of any
surety, supersedeas or performance bond pending any such appeal at the expense of the Note Insurer, but subject to reimbursement as provided in the Insurance Agreement. In addition, and without limitation of the foregoing, as set forth in Section
9.1(c), the Note Insurer will be subrogated to, and each Noteholder and the Indenture Trustee hereby delegate and assign, to the fullest extent permitted by law, the rights of the Indenture Trustee and each Noteholder in the conduct of any
proceeding with respect to a Note Preference Claim, including all rights of any party to an adversary proceeding action with respect to any court order issued in connection with any such Note Preference Claim. 
  
 SECTION 9.2 Surrender of Note Insurance Policy. The Indenture Trustee
shall surrender the Note Insurance Policy to the Note Insurer for cancellation upon the expiration of the Note Insurance Policy in accordance with the terms of the Note Insurance Policy. 
  
 ARTICLE X 
 MISCELLANEOUS PROVISIONS 
  
 SECTION 10.1
Amendment. 
  
 (a) Any term or provision of this Agreement
may be amended by the Seller and the Servicer, with the prior written consent of the Note Insurer (so long as the Note Insurer is the Controlling Party), but without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Swap
Counterparty or the Owner Trustee; provided that such amendment shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of any Noteholder, the
Indenture Trustee or the Owner Trustee; provided, further, that such amendment shall be deemed not to materially and adversely affect the interests of any Noteholder, and no Opinion of Counsel shall be required, if the Rating Agency
Condition is satisfied with respect to such amendment; provided, further, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty under this Sale and Servicing Agreement unless
(i) the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after confirmed verbal receipt of a
written request for such consent) and (ii) the Rating Agency Condition is satisfied with respect to such amendment; provided, further, that if the Note Insurer is not the Controlling Party, such amendment shall not materially and
adversely affect the interests of the Note Insurer without the prior written consent of the Note Insurer. 
  
 (b) Any term or provision of this Agreement may be amended by the Seller and the Servicer, with the prior written consent of the Note Insurer (so long as
the Note Insurer is the Controlling Party) but without the consent of the Indenture Trustee, any Noteholder, the Swap Counterparty, the Issuer, the Owner Trustee or any other Person to add, modify or eliminate any provisions as may be necessary or
advisable in order to enable the Seller, the Servicer or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle, it being a condition to any such amendment that the
Rating Agency Condition shall have been satisfied. 
  

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 (c) This Agreement may also be amended from time to time by the parties hereto, with the prior written
consent of the Controlling Party, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Note Insurer;
provided that no such amendment shall (i) reduce the interest rate or principal amount of any Note or delay any Payment Date or the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note, (ii) reduce the
percentage of the Note Balance, the Holders of which are required to consent to any matter without the consent of the Holders of at least the percentage of the Note Balance which were required to consent to such matter before giving effect to such
amendment; provided, further, that if the Note Insurer is not the Controlling Party, no amendment pursuant to this Section 10.1(b) shall materially and adversely affect the interests of the Note Insurer without the prior written
consent of the Note Insurer; provided, further, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty under this Sale and Servicing Agreement unless (i) the Swap Counterparty
shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent) and (ii)
the Rating Agency Condition is satisfied with respect to such amendment. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves
the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable
requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
  
 (d) Prior to the execution of any amendment to this Agreement, the Servicer shall provide written notification of the substance of such amendment to each
Rating Agency; and promptly after the execution of any such amendment or consent, the Servicer shall furnish a copy of such amendment or consent to each Rating Agency and the Indenture Trustee. 
  
 (e) Prior to the execution of any amendment to this Agreement, the Seller,
the Note Insurer, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all
conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s
or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement. Furthermore, notwithstanding anything to the contrary herein, this Agreement may not be amended in any way that would adversely affect the Owner
Trustee’s rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise without the prior written consent of the Owner Trustee. 
  
 SECTION 10.2 Protection of Title. 
  
 (a) The Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation and
other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer, 
  

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 the Note Insurer, and the Indenture Trustee under this Agreement in the Receivables (other than any Related Security with
respect thereto, to the extent that the interest of the Issuer, the Note Insurer or the Indenture Trustee therein cannot be perfected by the filing of a financing statement). The Seller shall deliver (or cause to be delivered) to the Indenture
Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 
  
 (b) None of the Issuer, the Seller or the Servicer shall change its name, identity, organizational structure or jurisdiction of organization in any manner
that would make any financing statement or continuation statement filed by the Seller in accordance with paragraph (a) above “seriously misleading” within the meaning of Sections 9-506, 9-507 or 9-508 of the UCC, unless it shall have given
the Issuer, the Note Insurer and the Indenture Trustee at least five days’ prior written notice thereof and, to the extent necessary, has promptly filed amendments to previously filed financing statements or continuation statements described in
paragraph (a) above. 
  
 (c) The Seller shall give the
Issuer, the Note Insurer and the Indenture Trustee at least five days’ prior written notice of any change of location of the Seller for purposes of Section 9-307 of the UCC and shall have taken all action prior to making such change (or shall
have made arrangements to take such action substantially simultaneously with such change, if it is not possible to take such action in advance) reasonably necessary or advisable to amend all previously filed financing statements or continuation
statements described in paragraph (a) above. 
  
 (d) The Servicer
shall maintain (or shall cause its Sub-Servicer to maintain) accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and
recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such
Receivable. 
  
 (e) The Servicer shall maintain (or shall cause
its Sub-Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly
the interest of the Issuer in such Receivable and that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee on behalf of the Indenture Secured Parties pursuant to the Indenture. Indication of the Issuer’s and the
Indenture Trustee’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or repurchased. 
  
 (f) If at any time the Servicer shall propose to sell, grant a security
interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or
printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged to the Indenture
Trustee on behalf of the Indenture Secured Parties. 
  

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 SECTION 10.3 Other Liens or Interests. Except for the conveyances and grants of security interests
pursuant to this Agreement and the other Transaction Documents, the Seller shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Issuer to any other Person, or grant, create, incur, assume or suffer to exist
any Lien on any interest therein, and the Seller shall defend the right, title and interest of the Issuer in, to and under such Receivables and other property transferred to the Issuer against all claims of third parties claiming through or under
the Seller. 
  
 SECTION 10.4 Transfers Intended as Sale;
Security Interest. 
  
 (a) Each of the parties hereto
expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales and transfers rather than pledges or assignments of only a security interest and shall be given effect as such for all
purposes. It is further the intention of the parties hereto that the Receivables and related Transferred Assets shall not be part of the Seller’s estate in the event of a bankruptcy or insolvency of the Seller. The sales and transfers by the
Seller of Receivables and related Transferred Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, the Seller, except as otherwise specifically provided herein. The limited rights of recourse
specified herein against the Seller are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 
  
 (b) Notwithstanding the foregoing, in the event that the Receivables and
other Transferred Assets are held to be property of the Seller, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Transferred Assets, then it is intended that:

  
 (i) This Agreement shall be deemed to be a
security agreement within the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction; 
  
 (ii) The conveyance provided for in Section 2.1 shall be deemed to be a grant by the Seller, and the
Seller hereby grants, to the Issuer of a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other Transferred Assets, to
secure such indebtedness and the performance of the obligations of the Seller hereunder; 
  
 (iii) The possession by the Issuer, or the Servicer as the Issuer’s agent, of the Receivables Files and any other property as
constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the purchaser or a person designated by such purchaser, for purposes of perfecting the security
interest pursuant to the New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction; and 
  
 (iv) Notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property,
shall be 
  

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 deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as
applicable) of the Issuer for the purpose of perfecting such security interest under applicable law. 
  
 SECTION 10.5 Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or
certified first-class United States or international mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile, and addressed in each case as set forth on Schedule II or at such other address as shall be designated in a written
notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon
receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, that any notice to a Noteholder mailed within
the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 
  
 SECTION 10.6 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF
NEW YORK INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING TO THE MAXIMUM EXTENT PERMITTED BY LAW ALL OTHER RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 SECTION 10.7 Headings. The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
  
 SECTION 10.8 Counterparts. This Agreement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 10.9 Waivers. No failure or delay on the part of the Servicer, the Seller, the Note Insurer, the Issuer or
the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other
or further exercise thereof or the exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by any party hereto
under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to
be granted hereunder. 
  
 SECTION 10.10 Entire Agreement.
The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the
subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 
  

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 SECTION 10.11 Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
  
 SECTION 10.12 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree. 

 
 SECTION 10.13 Acknowledgment and Agreement. By execution below, the
Seller expressly acknowledges and consents to the pledge, assignment and grant of a security interest in the Receivables and the other Transferred Assets by the Issuer to the Indenture Trustee on behalf of the Indenture Secured Parties pursuant to
the Indenture for the benefit of the Indenture Secured Parties. In addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and
claims of the Issuer under this Agreement. 
  
 SECTION 10.14
Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
  
 SECTION 10.15 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment
of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such
Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or
statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 
  
 SECTION 10.16 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 
  
 (a) submits for itself and its property in any legal action or proceeding
relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the
courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
  

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 (b) consents that any such action or proceeding may be brought in such courts and waives any objection
that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  
 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 10.5 of this Agreement; 
  
 (d) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
  
 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any action, proceeding or counterclaim
based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 
  
 SECTION 10.17 Limitation of Liability. 
  
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or under the Notes or any of the other Transaction
Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the Owner Trustee be personally liable for the
payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of this
Agreement, in the performance of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
  
 (b) Notwithstanding anything contained herein to the contrary, this Agreement
has been executed and delivered by JPMorgan Chase Bank, not in its individual capacity but solely as Indenture Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of
the Issuer under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer; provided that
the Indenture Trustee will be responsible for its actions as Indenture Trustee hereunder and under the Indenture. Under no circumstances shall the 
  

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 Indenture Trustee be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the
breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of this Agreement, in the performance of its duties or obligations hereunder, the Indenture
Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI of the Indenture. 
  
 SECTION 10.18 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto, the Noteholders and
the Residual Interestholders and their respective successors and permitted assigns and each of the Owner Trustee, the Note Insurer and the Swap Counterparty shall be an express third party beneficiary hereof and may enforce the provisions hereof as
if it were a party hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder. 
  
 SECTION 10.19 Limitation of Rights. 
  
 (a) All of the rights of the Note Insurer in, to and under this Agreement (including, but not limited to, all of the Note Insurer’s rights as a third
party beneficiary of this Agreement and all of the Note Insurer’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Insurance Agreement in
accordance with the terms thereof and the payment in full of all amounts owing to the Note Insurer. 
  
 (b) All of the rights of the Swap Counterparty in, to and under this Agreement (including, but not limited to, all of the Swap Counterparty’s rights
as a third party beneficiary of this Agreement and all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest
Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty. 
  
 [SIGNATURES FOLLOW] 
  

 39 

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

			
	CAPITAL ONE AUTO RECEIVABLES, LLC, as Seller
		
	 By:
	 	 /s/ Al Ciafre

	 Name:
	 	 Albert Ciafre

	 Title:
	 	 Assistant Vice President

  

 S-1 

			
	CAPITAL ONE AUTO FINANCE TRUST 2004-A, as Issuer
		
	 By:
	 	 WILMINGTON TRUST COMPANY,

	 	 	not in its individual capacity but solely as Owner Trustee
		
	 By:
	 	 /s/ Kathleen A. Pedelini

	 Name:
	 	 Kathleen A. Pedelini

	 Title:
	 	 Financial Services Officer

  

 S-2 

			
	CAPITAL ONE AUTO FINANCE, INC., as Servicer
		
	 By:
	 	 /s/ Jerry Hamstead

	 Name:
	 	Jerry Hamstead
	 Title:
	 	Assistant Vice President

  

 S-3 

			
	JPMORGAN CHASE BANK, not in its individual capacity but solely as Indenture Trustee
		
	 By:
	 	 /s/ Joshua Goldberg

	 Name:
	 	Joshua M. Goldberg
	 Title:
	 	Assistant Treasurer

  

 S-4 

 SCHEDULE I 
  

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 
  

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

  
 (i) has been fully and properly executed or electronically
authenticated by the Obligor thereto; 
  
 (ii)
has been originated directly by the related Originator in accordance with its customary origination practices; 
  
 (iii) as of the Closing Date or Subsequent Funding Date, as applicable, is secured by a first priority validly perfected security interest
in the Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions with respect to the Receivable has been taken or will be taken to perfect a first priority security interest in the Financed Vehicle in favor
of the applicable Originator, as secured party, which security interest, in either case, is assignable and has been so assigned by the applicable Referral Originator to COAF (in the case of a Referral Receivable), by COAF to the Seller and by the
Seller to the Issuer and is enforceable by or on the Issuer’s behalf; 
  
 (iv) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security; 
  
 (v) provided, at origination, for level monthly payments
which fully amortize the initial Principal Balance over the original term; provided, that the amount of the first or last payment may be different from the level payment but in no event more than three times the level monthly payment or less
than one-third of the level monthly payment; 
  
 (vi) provides for interest at the Contract Rate specified in the Schedule of Receivables; 
  
 (vii) was originated in the United States and denominated in Dollars; 
  
 (viii) is secured by a new or used automobile or light-duty truck; 
  
 (ix) has a Contract Rate of at least 3.00%; 
  
 (x) had an original term to maturity of not more than 72
months and each Receivable has a remaining term to maturity, as of its respective Cut-Off Date, of not more than 72 months and not less than 6 months; 
  
 (xi) had an original Principal Balance of no more than $50,000; 
  
 (xii) has a Principal Balance on its respective Cut-Off Date of greater than or equal to $500; 

 

 I-1 

 (xiii) has a final Scheduled Payment due on or before March 15, 2011; 
  
 (xiv) was not more than 30 days past due as of its Cut-Off
Date; 
  
 (xv) is not subject to a force-placed
Insurance Policy on the related Financed Vehicle; 
  
 (xvi) is a Simple Interest Receivable, and scheduled payments under each Receivable have been applied in accordance with the method for allocating principal and interest set forth in such Receivable; and 
  
 (xvii) has not had an extension or modification except as
permitted by the terms of the Customary Servicing Practices. 
  

	(b)	Schedule of Receivables The information with respect to a Receivable transferred on the Closing Date or on any Funding Date set forth in the Schedule of Receivables for such
date and the computer tape to the Note Insurer and the Indenture Trustee was true and correct in all material respects as of the Cut-Off Date for such Receivable. 

  

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

  

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

  

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

  

	(f)	No Default; No Waiver Except for payment delinquencies continuing for a period of not more than 30 days as of the applicable Cut-Off Date, the Seller has no knowledge that a
default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the applicable Cut-Off Date or that any continuing condition that with notice or lapse of time, or both, would constitute a default, breach,
violation or event permitting acceleration under the terms of the Receivable had arisen as of the applicable Cut-Off Date and the Seller has not waived any of the foregoing. 

  

 I-2 

	(g)	Insurance The Receivable requires that the related Financed Vehicle be covered by a comprehensive and collision insurance policy (i) subject to a maximum deductible of
$1,000, (ii) naming the Servicer as loss payee and (iii) insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision insurance policies.

  

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

  

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

  

	(j)	Good Title. It is the intention of the Seller that the sale, transfer, assignment and conveyance herein contemplated constitute an absolute sale, transfer, assignment and
conveyance of the Receivables and that the Receivables not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. As of the Closing Date or Funding Date, as
applicable, no Receivable has been sold, transferred, assigned, conveyed or pledged to any Person other than pursuant to the Transaction Documents. As of the Closing Date or Funding Date, as applicable, and immediately prior to the sale and transfer
herein contemplated, the Seller had good and marketable title to and was the sole owner of each Receivable free and clear of all Liens (except any Lien which will be released prior to assignment of such Receivable hereunder), and, immediately upon
the sale and transfer thereof, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens. 

  

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

  

	(l)	Priority. The Receivable is not pledged, assigned, sold, subject to a security interest, or otherwise conveyed other than pursuant to the Transaction Documents. The Seller
has not authorized the filing of and is not aware of any financing statements against any Originator or the Seller that include a description of collateral covering any Receivable other than any financing statement relating to security interests
granted under the Transaction Documents or that have been or, prior to the assignment of such Receivable hereunder, will be terminated, amended or released. The Sale and Servicing Agreement 

  
  

 I-3 

 creates a valid and continuing security interest in the Receivable (other than the Related Security with
respect thereto) in favor of the Issuer which security interest is prior to all other Liens and is enforceable as such against all other creditors of and purchasers and assignees from the Seller. 
  

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

  

	(n)	One Original. There is only one executed original, electronically authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC)
related to each Receivable. 

  

	(o)	No Defenses. As of the related Cut-Off Date, there are no rights of rescission, offset, claim, counterclaim or defense, and the Seller has no knowledge of the same being asserted or
threatened, with respect to any Receivable. 

  

	(p)	No Fraud or Misrepresentation. Each Receivable was (i) originated by the applicable Originator and (ii) was sold by the applicable Referral Originator (in the case of a
Referral Receivable) to COAF and by COAF to the Seller and by the Seller to the Issuer without any fraud or misrepresentation on the part of the applicable Originator or the Seller. 

  

	(q)	No Impairment. Other than pursuant to the Transaction Documents or as released prior to the Closing Date or Funding Date, as applicable, no Originator has done anything to
convey any right to any Person that would result in such Person having a right to payments due under a Receivable or otherwise to impair the rights of the Issuer, the Note Insurer, the Indenture Trustee or the Noteholders in any Receivable or the
proceeds thereof. 

  

	(r)	Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s obligations with respect
to such Receivable. 

  

	(s)	Bankruptcy Proceeding. As of the applicable Cut-off Date, none of the Receivables was noted in the Servicer’s records as dischargeable debt under a bankruptcy proceeding
and, as of the applicable Cut-off Date, none of the Receivables has been reduced or discharged in any bankruptcy proceeding. 

  

	(t)	No Charge Off. As of its respective Cut-off Date, no Receivable has been charged off for accounting purposes by the Seller. 

  

	(u)	Extensions Modifications. No extension or modification has been made with respect to any Receivable other than as evidenced in the Receivable File relating thereto.

  

	v)	No Adverse Selection. No selection procedures materially adverse to the Noteholders or the Note Insurer were utilized in selecting any Receivable from those receivables owned
by COAF or the Referral Originators, as applicable, which met the selection criteria contained in this Schedule I. 

  
  

 I-4 

 SCHEDULE II 
  
 NOTICE ADDRESSES 
  
 If to the Issuer: 
  
 Capital One Auto Finance Trust 2004-A 
 c/o Wilmington Trust Company 
 1100 North Market Street 
 Rodney Square North, Wilmington, Delaware
19890-0001 
 Facsimile: (302) 636-4140 
 Attention: Corporate
Trust Department 
  
 with copies to the Administrator and the Indenture Trustee

  
 If to COAF, the Servicer or the Administrator: 
  
 Capital One Auto Finance, Inc. 
 1680 Capital One Drive 
 McLean, Virginia 22102 
 Facsimile: (703) 720-2121 
 Attention: Manager of Securitization 
  
 with a copies to: 
  
 Capital One Auto Finance, Inc. 
 1680 Capital
One Drive 
 McLean, Virginia 22102 
 Facsimile: (703) 720-2227

 Attention: Funding Counsel 
  
 Capital One Auto Finance, Inc. 
 3901 N. Dallas Parkway 
 Plano, Texas 75093 
 Facsimile: (888) 722-8255 
 Attention: Chief Financial Officer 
  
 Capital One Auto Finance, Inc. 
 3901 N. Dallas Parkway 
 Plano, Texas 75093 
 Facsimile: (866) 722-6341 
 Attention: Legal 
  
 If to the Seller: 
  
 Capital One Auto
Receivables, LLC 
 1680 Capital One Drive 
 McLean, Virginia
22102 
 Facsimile: (703) 720-2121 
 Attention: Capital Markets

  

 II-1 

 with a copy to: 
  
 Capital One Auto Finance, Inc. 
 1680 Capital One Drive 
 McLean, Virginia 22102 
 (Facsimile No. (703) 720-2227 
 Attention: Funding Counsel 
  
 If to the Indenture Trustee: 
  
 JPMorgan
Chase Bank 
 4 New York Plaza, 6th Floor 
 New York, New York 10004-2477 
 Facsimile: (212) 623-5932 
 Attention: Structured Finance Administration – Capital One Auto Finance Trust 2004-A 
  
 If to the Owner Trustee: 
  
 Wilmington Trust Company 
 1100 North Market Street 
 Rodney Square North, Wilmington, Delaware 19890-0001 
 Facsimile: (302) 636-4140 
 Attention: Corporate Trust Department 

 
 If to Moody’s: 
  
 Moody’s Investors Service, Inc. 
 99 Church
Street 
 New York, New York 10007 
 Facsimile: (212) 298-7139)

 Attention: ABS Monitoring Group, 4th Floor 
  
 If to S&P: 
  
 Standard & Poor’s Ratings Services 
 55 Water Street 
 New York, New York 10041 
 Facsimile: (212) 438-2664 
 Attention: Asset Backed Surveillance Group

  
 If to Fitch: 
  
 Fitch, Inc. 
 One State Street Plaza, 32nd Floor 
 New York, New York 10004 
 Facsimile: (212) 480-4438 
 Attention: Asset-Backed Securities Group 
  

 II-2 

 If to the Note Insurer: 
  

Ambac Assurance Corporation 
 One State Street Plaza 
 New York, New York 10004 
 Facsimile: (212) 668-0340 
 Attention: Structured Finance Department ABS 
  
 If to the Initial Swap Counterparty: 
  
 Credit Suisse First Boston International 
 One Cabot Square 
 London, England E144QJ 

			
	 Attention:
	 	(1) Head of Credit Risk Management
	 	 	(2) Managing Director, Operations Department
	 	 	(3) Managing Director, Legal and Compliance Department

  
  

 II-3 

 EXHIBIT A 
  
 NOTICE OF FUNDING DATE 
  
 In accordance with the Indenture dated as of May 25, 2004 (as amended or supplemented from time to time, the “Indenture”) by and between
Capital One Auto Finance Trust 2004-A (the “Issuer”), and JPMorgan Chase Bank, as indenture trustee (the “Indenture Trustee”), the undersigned hereby gives notice of the Funding Date to occur on or before
[            ], 200[    ] for each of the Receivables listed on the Schedule of Receivables attached hereto executed by the undersigned and accompanying this Notice of
Funding Date. Unless otherwise defined herein, capitalized terms have the meanings set forth in Appendix A to the Sale and Servicing Agreement dated as of May 25, 2004 by and between the Issuer, the Indenture Trustee, Capital One Auto Finance, Inc.
and Capital One Auto Receivables, LLC, as Seller (the “Seller”). 
  
 Such Subsequent Receivables represent the following amounts: 
  

				
	 Aggregate Principal Balance of Subsequent Receivables as of the Subsequent Cut-Off Date:
	  	$	                        
		
	 Amount to be wired to or at the direction of the Seller in payment for such Subsequent Receivables:
	  	$	                        
		
	 Subsequent Cut-Off
Date:                              , 200[    ]
	  	 	 

  
 The undersigned hereby
certifies that, in connection with the Funding Date specified above, the undersigned has complied with all terms and provisions specified in Section 2.5 of the Sale and Servicing Agreement, including, but not limited to, delivery of the
Officer’s Certificate, as specified therein. 
  

			
	 Date:
                                    ,
200[    ]

	
	 CAPITAL ONE AUTO FINANCE TRUST 2004-A

		
	 By:
	 	Capital One Auto Finance, Inc., as Administrator
		
	 By:
	 	  

  
  

 A-1 

 EXHIBIT B 
  
 JOINT OFFICER’S CERTIFICATE 
  
 re: Funding Date 
  
 CAPITAL ONE AUTO FINANCE, INC. 
 CAPITAL ONE AUTO RECEIVABLES, LLC 
 CAPITAL ONE AUTO FINANCE TRUST 2004-A 
  
 This Officer’s Certificate is being delivered in accordance with Section 2.5 of that certain Sale and Servicing Agreement dated as of May 25,
2004 (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”) by and between Capital One Auto Finance Trust 2004-A (the “Issuer”), Capital One Auto Receivables, LLC (the
“Seller”), Capital One Auto Finance, Inc. (the “Servicer”) and JPMorgan Chase Bank (the “Indenture Trustee”). Terms not otherwise defined herein shall have the meanings ascribed thereto in the
Appendix A to the Sale and Servicing Agreement. Reference is hereby made to the Funding Date to occur on
                            , 200[    ] (the “Subject Funding
Date”). 
  
 By his or her signature below, each of the
undersigned officers on behalf of the Servicer, the Seller, and the Issuer, as the case may be, certify to the Indenture Trustee and the Note Insurer that: 
  
 (a) the representations and warranties of the Seller contained in Section 2.2 of the Sale and Servicing Agreement with respect to the Subsequent
Receivables to be acquired on the Subject Funding Date are true and correct as of the applicable date set forth on Schedule I to the Sale and Servicing Agreement; 
  
 (b) the representations and warranties of the Seller contained in Section 5.1 of the Sale and Servicing Agreement are
true and correct as of the date hereof; 
  
 (c) the
representations and warranties of the Servicer set forth in Section 6.1 of the Sale and Servicing Agreement are true and correct as of the date hereof; and 
  
 (d) the requirements stated in Section 2.5 of the Sale and Servicing Agreement regarding the Subsequent Receivables
to be acquired on the Subject Funding Date have been met. 
  

 B-1 

			
	 Date:
                        , 200    

	
	 CAPITAL ONE AUTO FINANCE TRUST 2004-A

		
	 By:
	 	Capital One Auto Finance, Inc., as Administrator
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 CAPITAL ONE AUTO FINANCE, INC.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 CAPITAL ONE AUTO RECEIVABLES, LLC

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
  

 B-2 

 EXHIBIT C 
  
 ASSIGNMENT PURSUANT TO SALE AND SERVICING AGREEMENT 
  
 [Date] 
  
 For value received, in accordance with the Sale and Servicing Agreement (the “Agreement”), dated as of May 25, 2004, by and between Capital One
Auto Finance Trust 2004-A, a Delaware statutory trust (the “Issuer”), Capital One Auto Receivables, LLC, a Delaware limited liability company (the “Seller”), Capital One Auto Finance, Inc., a Texas corporation
(“COAF”), and JPMorgan Chase Bank (the “Indenture Trustee”), on the terms and subject to the conditions set forth in the Agreement, the Seller does hereby irrevocably sell, transfer, assign and otherwise convey to
the Issuer without recourse (subject to the obligations in the Agreement) on the date hereof, all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the Receivables set forth on the schedule of
Receivables delivered by the Seller to the Issuer on the date hereof (such schedule, together with any other Schedule of Receivables delivered by Seller to the Issuer pursuant to the Agreement, the “Schedule of Receivables”), and
the Collections after the related Cut-Off Date and the Related Security relating thereto, together with all of Seller’s rights under the Purchase Agreement and all proceeds of the foregoing, which sale shall be effective as of such Cut-Off
Date. 
  
 The foregoing sale does not constitute and is not
intended to result in an assumption by the Issuer of any obligation of the Seller or any Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder
or any agreement, document or instrument related thereto. 
  
 This
assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Agreement and is governed by the Agreement. 
  
 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Agreement.

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

			
	 CAPITAL ONE AUTO RECEIVABLES, LLC

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 C-1 

 EXHIBIT D 
  
 FORM OF SERVICER’S CERTIFICATE 
  

 D-1 

 EXHIBIT E 
  
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 In addition to the representations, warranties and covenants contained in the Agreement, the Seller hereby represents, warrants, and covenants to the
Issuer and the Indenture Trustee as follows on the Closing Date and on each Funding Date: 
  
 General 
  
 1. This Agreement
creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other Transferred Assets in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such as
against creditors of and purchasers from the Seller. 
  
 2. The Receivables
constitute “chattel paper” (including “electronic chattel paper” or “tangible chattel paper”), “accounts,” “instruments” or “general intangibles,” within the meaning of the UCC. 

 
 3. Each Receivable is secured by a first priority validly perfected security interest in
the related Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed
Vehicle in favor of the applicable Originator, as secured party. 
  
 Creation 
  
 4. Immediately prior to the sale, transfer,
assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such
Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of any Lien. 
  
 5. The related Originator has received all consents and approvals to the sale of the Receivables hereunder to the Issuer required by the terms of the Receivables that
constitute instruments. 
  
 Perfection 
  
 6. The Seller has caused or will have caused, within ten days after the effective date of
this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from the Seller to Issuer, and the security interest
in the Receivables granted to the Issuer hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all
financing statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party”. 
  
 7. With respect to Receivables that constitute instruments or tangible chattel paper, either:

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

 E-1 

 (ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture
Trustee has received a written acknowledgment from the Servicer that the Servicer, in its capacity as custodian, is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or 
  
 (iii) The Servicer received possession of such instruments or tangible
chattel paper after the Indenture Trustee received a written acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee. 
  
 Priority 
  
 8. Neither the Seller nor COAF has authorized the filing of, or is aware of any financing statements against either the Seller or COAF that include a description of
collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by COAF to the Seller under the Purchase Agreement, (ii) relating to the security interest granted to Issuer hereunder or (iii)
that has been terminated. 
  
 9. Neither the Seller nor COAF is aware of any
material judgment, ERISA or tax lien filings against either the Seller or COAF. 
  
 10. Neither the Seller nor COAF nor a custodian holding any Receivable that is electronic chattel paper has communicated an authoritative copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the
Servicer. 
  
 11. None of the instruments, tangible chattel paper or electronic
chattel paper that constitute or evidence the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Seller, the Issuer or the Indenture Trustee. 
  
 12. Survival of Perfection Representations. Notwithstanding any other provision of the
Sale and Servicing Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this Exhibit E shall be continuing, and remain in full force and effect until such time as all obligations under
the Transaction Documents and the Notes have been finally and fully paid and performed. 
  
 13. No Waiver. The parties to the Sale and Servicing Agreement shall provide the Rating Agencies with prompt written notice of any breach of the perfection representations, warranties and covenants contained in this Exhibit E, and
shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants. 
  
 14. Servicer to Maintain Perfection and Priority. The Servicer covenants that, in order to evidence the interests of the Seller and Issuer under the Sale and
Servicing Agreement and the Indenture Trustee under the Indenture, Servicer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the
Indenture Trustee) to maintain and perfect, as a first priority perfected 
  

 E-2 

 security interest, the Indenture Trustee’s security interest in the Receivables. The Servicer shall, from time to
time and within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial
releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as a first-priority perfected security interest (each a “Filing”). 
  

 E-3Administration Agreement dated May 25, 2004

 EXHIBIT 10.3 
  

  
 ADMINISTRATION AGREEMENT 
  
 between

  
 CAPITAL ONE AUTO FINANCE TRUST 2004-A, 

as Issuer, 
  
 CAPITAL ONE AUTO FINANCE, INC., 
 as Administrator 
  
 and 
  
 JPMORGAN CHASE BANK, 
 as Indenture Trustee 
  
 Dated as of May 25, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	 	Page

	 1.
	 	Duties of the Administrator	 	1
			
	 2.
	 	Records	 	2
			
	 3.
	 	Compensation; Payment of Fees and Expenses	 	3
			
	 4.
	 	Independence of the Administrator	 	3
			
	 5.
	 	No Joint Venture	 	3
			
	 6.
	 	Other Activities of the Administrator	 	3
			
	 7.
	 	Representations and Warranties of the Administrator	 	3
			
	 8.
	 	Administrator Termination Events; Termination of the Administrator	 	4
			
	 9.
	 	Action upon Termination or Removal	 	6
			
	 10.
	 	Liens	 	6
			
	 11.
	 	Notices	 	6
			
	 12.
	 	Amendments	 	7
			
	 13.
	 	Governing Law; Submission to Jurisdiction	 	9
			
	 14.
	 	Headings	 	10
			
	 15.
	 	Counterparts	 	10
			
	 16.
	 	Severability of Provisions	 	10
			
	 17.
	 	Not Applicable to COAF in Other Capacities	 	10
			
	 18.
	 	Benefits of the Administration Agreement	 	10
			
	 19.
	 	Assignment	 	10
			
	 20.
	 	Nonpetition Covenant	 	10
			
	 21.
	 	Limitation of Liability	 	11
			
	 22.
	 	Limitation of Rights	 	11

  
  

 -i- 

 THIS ADMINISTRATION AGREEMENT (this “Agreement”) dated as of May 25, 2004, is between
CAPITAL ONE AUTO FINANCE TRUST 2004-A, a Delaware statutory trust (the “Issuer”), CAPITAL ONE AUTO FINANCE, INC., a Texas corporation, as administrator (“COAF” or the “Administrator”), and JPMORGAN
CHASE BANK, a national banking association, as indenture trustee (the “Indenture Trustee”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned such terms in Appendix A to the Sale
and Servicing Agreement dated as of May 25, 2004 (the “Sale and Servicing Agreement”) by and between Capital One Auto Receivables, LLC, as seller, the Issuer, the Administrator, as servicer, and the Indenture Trustee. 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and has
entered into certain agreements in connection therewith, including, (i) the Sale and Servicing Agreement, (ii) the Indenture, (iii) the Note Depository Agreement, (iv) the Limited Guaranty, (v) the Interest Rate Swap Agreement and (vi) the Trust
Agreement (each of the agreements referred to in clauses (i) through (vi) are referred to herein collectively as the “Issuer Documents”); 
  
 WHEREAS, to secure payment of the Notes, the Issuer has pledged the Collateral to the Indenture Trustee pursuant to the Indenture; 
  
 WHEREAS, pursuant to the Issuer Documents, the Issuer and the Owner Trustee
are required to perform certain duties; 
  
 WHEREAS, the Issuer
and the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee (in its capacity as Owner Trustee), and to provide such additional services consistent with this Agreement and the Issuer
Documents as the Issuer may from time to time request; 
  
 WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner Trustee on the terms set forth herein; 
  
 NOW, THEREFORE, in consideration of the mutual terms and covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
  
 1. Duties of the Administrator. 
  
 (a) Duties with Respect to the Issuer Documents. The Administrator shall perform all of its duties as Administrator under this
Agreement and the Issuer Documents and the duties and obligations of the Issuer and the Owner Trustee (in its capacity as owner trustee) under the Issuer Documents; provided, however, except as otherwise provided in the Issuer Documents, that
the Administrator shall have no obligation to make any payment required to be made by the Issuer under any Issuer Document. In addition, the Administrator shall consult with the Issuer and the Owner Trustee regarding its duties and obligations under
the Issuer Documents. The Administrator shall monitor the performance of the Issuer and the Owner Trustee and shall advise the Issuer and the 

 Owner Trustee when action is necessary to comply with the Issuer’s and the Owner Trustee’s
duties and obligations under the Issuer Documents. The Administrator shall perform such calculations, and shall prepare for execution by the Issuer or shall cause the preparation by other appropriate persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Issuer and the Owner Trustee (in its capacity as owner trustee) to prepare, file or deliver pursuant to the Issuer Documents. In furtherance of the foregoing, the Administrator
shall take all appropriate action that is the duty of the Issuer and the Owner Trustee (in its capacity as owner trustee) to take pursuant to the Issuer Documents, and shall prepare and execute on behalf of the Issuer all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Issuer Documents or otherwise by law. 
  
 (b) Notwithstanding anything to the contrary in the Agreement, the Administrator shall not be obligated to,
and shall not, take any action that the Issuer directs the Administrator not to take nor which would result in a violation or breach of the Issuer’s covenants, agreements or obligations under any of the Issuer Documents. 
  
 (c) Non-Ministerial Matters; Exceptions to Administrator
Duties. 
  
 (i) Notwithstanding anything to the
contrary in this Agreement, with respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless, within a reasonable time before the taking of such action, the
Administrator shall have notified the Issuer of the proposed action and the Issuer shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include,
without limitation: 
  
 (A) the initiation of any
claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer; 
  
 (B) the appointment of successor Note Registrars, successor Paying Agents, successor Indenture Trustees, successor Administrators or
successor Servicers, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of its obligations under the Indenture; and 
  
 (C) the removal of the Indenture Trustee. 
  
 (ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (x) make any
payments to the Noteholders under the Transaction Documents, (y) except as provided in the Transaction Documents, sell the Trust Estate or (z) take any other action that the Issuer or the Issuer directs the Administrator not to take on its behalf.

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

  

 2 

 3. Compensation; Payment of Fees and Expenses. As compensation for the performance of the
Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to receive $2,500 annually which shall be solely an obligation of the Servicer. The Administrator shall
pay all expenses incurred by it in connection with its activities hereunder. 
  
 4. Independence of the Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect to the
manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or to represent the Issuer in any way (other than as permitted hereunder)
and shall not otherwise be deemed an agent of the Issuer. 
  
 5.
No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Administrator and the Issuer as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be
construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
  
 6. Other Activities of the Administrator. Nothing herein shall prevent
the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person even though such Person may engage in business activities similar to those
of the Issuer, the Owner Trustee or the Indenture Trustee. 
  
 7.
Representations and Warranties of the Administrator. The Administrator represents and warrants to the Issuer, the Owner Trustee and the Indenture Trustee as follows: 
  
 (a) Existence and Power. The Administrator is a corporation validly existing and in good standing
under the laws of its state of organization 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 or affect the enforceability or collectibility of the Receivables or any other part of the Collateral. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where the
failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or any other part of the Collateral.

  
 (b) Authorization and No
Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Administrator and do not contravene or
constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material indenture or material agreement or instrument to which the Administrator is a party by which its properties are bound
(other than violations of such laws, rules, regulations, indentures or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, 
  

 3 

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

  
 (a) Subject to clauses (d) and (e) below, the
Administrator may resign its duties hereunder by providing the Issuer with at least sixty (60) days’ prior written notice. 
  
 (b) Subject to clauses (d) and (e) below, the Issuer may remove the Administrator without cause by providing the Administrator with at
least sixty (60) days’ prior written notice. 
  
 (c) The occurrence of any one of the following events (each, an “Administrator Termination Event”) shall also entitle the Issuer, subject to Section 19 hereof, to terminate and replace the Administrator: 

 
 (i) any failure by the Administrator to deliver or cause
to be delivered any required payment to the Indenture Trustee for distribution to the Noteholders, which failure continues unremedied for five business days after discovery thereof by a Responsible Officer of the Administrator or receipt by the
Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a 25% of Outstanding Notes, voting together as a single class; 
  
 (ii) any failure by the Administrator to duly observe or perform in any material respect any other of its
covenants or agreements in this Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which continues unremedied for 60 days (or such longer period not in excess of 90 days as may be reasonably
necessary to remedy such failure; provided that such failure is capable of remedy within 90 days or less) after 
  

 4 

 discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of
written notice thereof from the Indenture Trustee or Noteholders evidencing at least 25% of Outstanding Notes, voting together as a single class; 
  
 (iii) any representation or warranty of the Administrator made in any Transaction Document to which the Administrator is a party or by
which it is bound or any certificate delivered pursuant to this Agreement proves to have been incorrect in any material respect when made, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which failure
continues unremedied for 60 days (or such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure; provided that such failure is capable of remedy within 90 days or less) after discovery thereof by a Responsible
Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least 25% of Outstanding Notes, voting together as a single class (it being understood that any repurchase
of a Receivable by COAF pursuant to Section 3.3 of the Purchase Agreement, by the Seller pursuant to Section 2.3 of the Sale and Servicing Agreement or by the Administrator pursuant to Section 3.6 of the Sale and Servicing
Agreement shall be deemed to remedy any incorrect representation or warranty with respect to such Receivable); or 
  
 (iv) the Administrator suffers a Bankruptcy Event. 
  
 (d) If an Administrator Termination Event shall have occurred, the Issuer may, subject to Section 19
hereof, by notice given to the Administrator and the Owner Trustee, terminate all or a portion of the rights and powers of the Administrator under this Agreement, including the rights of the Administrator to receive the annual fee for services
hereunder for all periods following such termination; provided, however that such termination shall not become effective until such time as the Issuer, subject to Section 19 hereof, shall have appointed a successor Administrator
in the manner set forth below. Upon any such termination, all rights, powers, duties and responsibilities of the Administrator under this Agreement shall vest in and be assumed by any successor Administrator appointed by the Issuer, subject to
Section 19 hereof, pursuant to a management agreement between the Issuer and such successor Administrator, containing substantially the same provisions as this Agreement (including with respect to the compensation of such successor
Administrator), and the successor Administrator is hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Administrator, as attorney-in-fact or otherwise, all documents and other instruments, and to do or accomplish all
other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the administration of the
Issuer to the new Administrator. 
  
 (e) The
Issuer, subject to Section 19 hereof, may waive in writing any Administrator Termination Event by the Administrator in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past Administrator Termination
Event, such Administrator Termination Event shall cease to 
  

 5 

 exist, and any Administrator Termination Event arising therefrom shall be deemed to have been remedied
for every purpose of this Agreement. No such waiver shall extend to any subsequent or other Administrator Termination Event or impair any right consequent thereon. 
  
 9. Action upon Termination or Removal. Promptly upon the effective date of termination of this Agreement pursuant to
Section 8, or the removal of the Administrator pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer all fees and reimbursable expenses accruing to it to the date of such termination or removal.

  
 10. Liens. The Administrator will not directly or
indirectly create, allow or suffer to exist any Lien on the Collateral other than Permitted Liens. 
  
 11. Notices. Any notice, report or other communication given hereunder shall be in writing and addressed as follows: 
  

	 	(a)	if to the Administrator, to: 

  
 Capital One Auto Finance, Inc. 
 1680 Capital One Drive 
 McLean, Virginia 22102 
 Attention: Manager of Securitization 
 Telephone: (703) 720-1000 
 Facsimile: (703) 720-2121 
  
 with a copy to: 
  
 Mayer, Brown, Rowe & Maw LLP 
 190 South LaSalle Street 
 Chicago, IL 60603 
 Attention: Stuart M. Litwin 
 Facsimile: (312) 701-7711 
 Confirmation No.: (312) 701-7373 
  

	 	(b)	if to the Issuer, to: 

  
 Capital One Auto Finance Trust 2004-A 
 1680 Capital One Drive 
 McLean, Virginia 22102 
 Attention: Manager of Securitization 
 Telephone: (703) 720-1000 
 Facsimile: (703) 720-2121 
  

 6 

 with a copy to: 
  
 Mayer, Brown, Rowe & Maw LLP 
 190 South LaSalle Street 
 Chicago, IL 60603 
 Attention: Stuart M. Litwin 
 Facsimile: (312) 701-7711 
 Confirmation No.: (312) 701-7373 
  
 with a copy to: 
  
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Jeanne Oller 
 Telephone: (302) 636-6188 
 Facsimile: (302) 636-4140 
  
  

	 	(c)	if to the Owner Trustee, to: 

  
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Don MacKelcan 
 Telephone: (302) 651-1464 
 Facsimile: (302) 651-427-4749 
  

	 	(d)	if to the Indenture Trustee, to: 

  
 JPMorgan Chase Bank 
 4 New York Plaza, 6th Floor 
 New York, New York 10004-2413 
 Attention: Structured Finance Administration – Capital One 
 Auto Finance Trust 2004-A

 Telephone: (212) 623-5379 
 Facsimile: (212) 623-5932 
  
 or to such other
address as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified mail, postage prepaid or hand-delivered to the address of such party
as provided above. 
  
 12. Amendments. 
  
 (a) Any term or provision of this Agreement may be amended
by the Administrator without the consent of the Indenture Trustee, any Noteholder, the Issuer or 
  

 7 

 the Owner Trustee (subject to Section 12(e) below); provided that such amendment shall not,
as evidenced by an Opinion of Counsel delivered to the Indenture Trustee materially and adversely affect the interests of the Noteholders; provided, further, that such amendment shall not materially and adversely affect the rights or
obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty
does not object in writing within ten (10) Business Days after receipt of a written request for such consent); provided, further, that any amendment requiring the Swap Counterparty’s consent hereunder must also satisfy the Rating Agency
Condition to be effective. 
  
 (b) Any term or
provision of this Agreement may be amended by the Administrator but without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee (subject to Section 12(e) below) or any other Person to add, modify or eliminate
any provisions as may be necessary or advisable in order to enable the Seller, the Servicer or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle, it being a
condition to any such amendment that the Rating Agency Condition shall have been satisfied. 
  
 (c) This Agreement may also be amended from time to time by the Issuer, the Administrator and the Indenture Trustee, with the consent of
the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Outstanding Notes, voting as a single class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Noteholders; provided, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate
Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a
written request for such consent); provided, further, that any amendment requiring the Swap Counterparty’s consent hereunder must also satisfy the Rating Agency Condition to be effective. It will not be necessary for the consent of
Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in
this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note
Depository Agreement. 
  
 (d) Prior to the
execution of any such amendment, the Administrator 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
Administrator shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture Trustee. 
  

 8 

 (e) Prior to the execution of any amendment to this Agreement, the Issuer, the Owner
Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the
execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture
Trustee’s, as applicable, own rights, duties or immunities under this Agreement. Furthermore, notwithstanding anything to the contrary herein, this Agreement may not be amended in any way that would adversely affect the Owner Trustee’s
rights, duties or obligations under this Agreement, the Transaction Documents or otherwise or the Administrator’s duties and obligations under Section 1 of this Agreement, without the prior written consent of the Owner Trustee.

  
 13. Governing Law; Submission to Jurisdiction.

  
 (a) THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
  
 (b) Each of
the parties hereto hereby irrevocably and unconditionally: 
  
 (i) submits for itself and its property in any legal action or proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment
in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
  
 (ii) consents that any such action or proceeding may be
brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the
same; 
  
 (iii) agrees that service of process in
any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11 of
this Agreement; and 
  
 (iv) agrees that nothing
herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 
  

 9 

 14. Headings. The section headings hereof have been inserted for convenience of reference only and
shall not be construed to affect the meaning, construction or effect of this Agreement. 
  
 15. Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and
the same instrument. 
  
 16. Severability of Provisions. If
any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
  
 17. Not Applicable to COAF in Other Capacities. Nothing in this Agreement shall affect any obligation COAF may have in any other capacity.

  
 18. Benefits of the Administration Agreement. Nothing
in this Agreement, expressed or implied, shall give to any Person other than the parties hereto and their successors hereunder, the Owner Trustee, any separate trustee or co-trustee appointed under Section 7.13 of the Indenture, the Note
Insurer, the Swap Counterparty and the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Agreement. For the avoidance of doubt, the Owner Trustee, the Note Insurer and the Swap Counterparty are third party
beneficiaries of this Agreement and are entitled to the rights and benefits hereunder and may enforce the provisions hereof as if they were a party hereto. 
  
 19. Assignment. Each party hereto hereby acknowledges and consents to the mortgage, pledge, assignment and grant of a security interest by the
Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all of the Issuer’s rights under this Agreement. In addition, the Administrator hereby acknowledges and agrees that for so long as any Notes are
outstanding, the Indenture Trustee will have the right to exercise all waivers and consents, rights, remedies, powers, privileges and claims of the Issuer under this Agreement. 
  
 20. Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after
payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or
seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any
other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in 
  

 10 

 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. 
  
 21. Limitation of Liability. Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Wilmington Trust Company, not in its individual capacity but solely as
Owner Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or under the Notes or any of the other Transaction Documents or in any of the
certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or
expense of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of this Agreement, in the performance of its
duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
  
 22. Limitation of Rights. (a) All of the rights of the Note Insurer in, to and under this Agreement (including, but
not limited to, all of the Note Insurer’s rights as a third party beneficiary of this Agreement and all of the Note Insurer’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall
terminate upon the termination of the Insurance Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Note Insurer. 
  
 (b) All of the rights of the Swap Counterparty in, to and under this Agreement (including, but not limited
to, all of the Swap Counterparty’s rights as a third party beneficiary of this Agreement and all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall
terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty. 
  
 [SIGNATURES ON NEXT PAGE] 
  

 11 

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

			
	 CAPITAL ONE AUTO FINANCE TRUST 2004-A

	
	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	 By:
	 	 /s/ Kathleen A. Pedelini

	 Name:
	 	 Kathleen A. Pedelini

	 Title:
	 	 Financial Services Officer

  

 S-1 

			
	CAPITAL ONE AUTO FINANCE, INC., as Administrator
		
	 By:
	 	 /s/ Jerry Hamstead

	 Name:
	 	 Jerry Hamstead

	 Title:
	 	 Assistant Vice President

  

 S-2 

			
	 JPMORGAN CHASE BANK, as Indenture Trustee

		
	 By:
	 	 /s/ Joshua M. Goldberg

	 Name:
	 	 Joshua M. Goldberg

	 Title:
	 	 Assistant Treasurer

  

 S-3 

 Joinder of Servicer: 
  
 CAPITAL ONE AUTO FINANCE, INC., as Servicer, joins in this Agreement solely for purposes of Section 3. 
  

			
	CAPITAL ONE AUTO FINANCE, INC., as Servicer
		
	 By:
	 	 /s/ Jerry Hamstead

	 Name:
	 	 Jerry Hamstead

	 Title:
	 	 Assistant Vice President

  

 S-4

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