Document:

EX-10.1

 Exhibit 10.1 
  

 
 RECEIVABLES SALE AGREEMENT

 dated as of May 8, 2019 

between 
 FIFTH THIRD BANK

 and 
 FIFTH THIRD
HOLDINGS, LLC 
  
  

 

							
	 ARTICLE I
	 	 DEFINITIONS AND USAGE
	  	 	1	 
			
	 SECTION 1.1
	 	 Definitions
	  	 	1	 
	 SECTION 1.2
	 	 Other Interpretive Provisions
	  	 	1	 
			
	 ARTICLE II
	 	 PURCHASE
	  	 	2	 
			
	 SECTION 2.1
	 	 Agreement to Sell and Contribute on the Closing Date
	  	 	2	 
	 SECTION 2.2
	 	 Consideration and Payment
	  	 	2	 
			
	 ARTICLE III
	 	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	2	 
			
	 SECTION 3.1
	 	 Representations and Warranties of the Bank
	  	 	2	 
	 SECTION 3.2
	 	 Representations and Warranties of the Bank as to each Receivable
	  	 	4	 
	 SECTION 3.3
	 	 Repurchase upon Breach
	  	 	4	 
	 SECTION 3.4
	 	 Dispute Resolution
	  	 	5	 
	 SECTION 3.5
	 	 Protection of Title
	  	 	7	 
	 SECTION 3.6
	 	 Other Liens or Interests
	  	 	8	 
	 SECTION 3.7
	 	 Perfection Representations, Warranties and Covenants
	  	 	8	 
	 SECTION 3.8
	 	 Official Record
	  	 	8	 
	 SECTION 3.9
	 	 Compliance with the FDIC Rule
	  	 	8	 
	 SECTION 3.10
	 	 Merger or Consolidation of, or Assumption of the Obligations of, the Bank
	  	 	8	 
	 SECTION 3.11
	 	 The Bank May Own Notes
	  	 	9	 
			
	 ARTICLE IV
	 	 MISCELLANEOUS
	  	 	9	 
			
	 SECTION 4.1
	 	 Transfers Intended as Sale; Security Interest
	  	 	9	 
	 SECTION 4.2
	 	 Notices, Etc
	  	 	10	 
	 SECTION 4.3
	 	 Choice of Law
	  	 	10	 
	 SECTION 4.4
	 	 Headings
	  	 	10	 
	 SECTION 4.5
	 	 Counterparts
	  	 	11	 
	 SECTION 4.6
	 	 Amendment
	  	 	11	 
	 SECTION 4.7
	 	 Waivers
	  	 	12	 
	 SECTION 4.8
	 	 Entire Agreement
	  	 	12	 
	 SECTION 4.9
	 	 Severability of Provisions
	  	 	12	 
	 SECTION 4.10
	 	 Binding Effect
	  	 	12	 
	 SECTION 4.11
	 	 Acknowledgment and Agreement
	  	 	12	 
	 SECTION 4.12
	 	 Cumulative Remedies
	  	 	13	 

							
	 SECTION 4.13
	 	 Nonpetition Covenant
	  	 	13	 
	 SECTION 4.14
	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	13	 
	 SECTION 4.15
	 	 Not Applicable to the Bank in Other Capacities
	  	 	14	 
	 SECTION 4.16
	 	 Information Requests
	  	 	14	 

 EXHIBITS 

 

			
		
	Exhibit A	  	Form of Assignment Pursuant to Receivables Sale Agreement
		
	Schedule I	  	Representations and Warranties with Respect to the Receivables Transferred by the Bank to FTH LLC
		
	Schedule II	  	Perfection Representations, Warranties and Covenants

 This RECEIVABLES SALE AGREEMENT is made and entered into as of
May 8, 2019 (as amended, restated, supplemented or otherwise modified and in effect from time to time, this “Agreement”) by FIFTH THIRD BANK, an Ohio banking corporation (the “Bank”), and FIFTH THIRD
HOLDINGS, LLC, a Delaware limited liability company (“FTH LLC”). 
 WITNESSETH: 

WHEREAS, FTH LLC desires to purchase from the Bank a portfolio of motor vehicle receivables, including motor vehicle retail
installment sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, vans and other motor vehicles; and 

WHEREAS, the Bank is willing to sell such portfolio of motor vehicle receivables and related property to FTH LLC on the terms
and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements
set forth herein, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND USAGE 

SECTION 1.1    Definitions. Except as otherwise defined herein or as the context may otherwise
require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale Agreement, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect,
the “Sale Agreement”), between Fifth Third Holdings Funding, LLC, as seller, and Fifth Third Auto Trust 2019-1, as issuer, which 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 GAAP (provided that, to
the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (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” and all variations thereof 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. 

  

					
		 		 	Receivables Sale Agreement (FTAT 2019-1)

 ARTICLE II 

PURCHASE 

SECTION 2.1    Agreement to Sell and Contribute on the Closing Date. On the terms and subject to
the conditions set forth in this Agreement, the Bank does hereby transfer, assign, sell, contribute and otherwise convey to FTH LLC without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest, claims
and demands in, to and under the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter acquired, as evidenced by an
assignment substantially in the form of Exhibit A (“Assignment”) delivered on the Closing Date (the “Bank Transferred Assets”). The sale, transfer, assignment, contribution and conveyance made hereunder does not
constitute and is not intended to result in an assumption by FTH LLC of any obligation of the Bank 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. 
 SECTION 2.2    Consideration and
Payment. In consideration of the transfer of the Bank Transferred Assets conveyed to FTH LLC on the Closing Date, FTH LLC shall pay in cash to the Bank on such date an amount equal to the estimated fair market value of the Bank Transferred
Assets on the Closing Date. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 3.1    Representations and Warranties of the Bank. The Bank makes the following
representations and warranties as of the Closing Date on which FTH LLC will be deemed to have relied in acquiring the Bank Transferred Assets. The representations and warranties will survive the conveyance of the Bank Transferred Assets to FTH LLC
pursuant to this Agreement, the conveyance of the Bank Transferred Assets by FTH LLC to the Seller pursuant to the Purchase Agreement, the conveyance of the Bank Transferred Assets by the Seller to the Issuer pursuant to the Sale Agreement and the
Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
 (a)    Existence
and Power. The Bank is a banking corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Bank
has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would reasonably be expected to materially and adversely affect the ability of the Bank to perform its obligations under the Transaction Documents or
affect the enforceability or collectability of the Receivables or any other part of the Bank Transferred Assets. 

(b)    Authorization and No Contravention. The execution, delivery and performance by the Bank of
the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Bank and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation,
(B) its organizational documents or (C) any 

  

					
		 	-2-	 	Receivables Sale Agreement (FTAT 2019-1)

 
material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of clauses (A), (B) and (C), violations which do not affect the
legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Bank’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 Bank of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been
obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or any other
part of the Bank Transferred Assets or would not materially and adversely affect the ability of the Bank to perform its obligations under the Transaction Documents. 

(d)    Binding Effect. Each Transaction Document to which the Bank is a party constitutes the
legal, valid and binding obligation of the Bank enforceable against the Bank in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship
or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 

(e)    No Proceedings. There are no Proceedings pending or, to the knowledge of the Bank,
threatened against the Bank 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 Bank of its obligations
under this Agreement or any of the other Transaction Documents or the collectability or enforceability of the Receivables, or (iv) relate to the Bank that would materially and adversely affect the federal or Applicable Tax State income, excise,
franchise or similar tax attributes of the Notes. 
 (f)    Lien Filings. The Bank is not aware
of any material judgment, ERISA or tax lien filings against the Bank. 
 (g)    Selection
Procedures. No selection procedures believed by the Bank to be adverse to the Noteholders were utilized in selecting the Receivables from the Bank’s portfolio of retail installment sale contracts and installment loans. 

(h)    Ordinary Course. The transactions contemplated by this Agreement and the other Transaction
Documents to which the Bank is a party are in the ordinary course of the Bank’s business. 

(i)    Security Interest. No Receivables are pledged, assigned, sold, subject to a security
interest or otherwise conveyed other than pursuant to the Transaction Documents. The Bank has not authorized the filing of and is not aware of any financing statements against the Bank that 

  

					
		 	-3-	 	Receivables Sale Agreement (FTAT 2019-1)

 
includes 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 Receivables hereunder, will be terminated, amended or released. This Agreement creates a valid and continuing security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an
ownership interest therein cannot be perfected by the filing of a financing statement) in favor of FTH LLC which security interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and
purchasers and assignees from the Bank. 
 SECTION 3.2    Representations and Warranties of the Bank
as to each Receivable. The Bank hereby makes the representations and warranties set forth on Schedule I as to the Receivables sold, contributed, transferred, assigned and otherwise conveyed to FTH LLC under this Agreement on which such
representations and warranties FTH LLC is relying in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement or as of the Cut-off Date, as
applicable, but shall survive the conveyance of the Receivables to the Seller under the Purchase Agreement, the conveyance of the Receivables by the Seller to the Issuer under the Sale Agreement and 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 Bank shall not be required to notify any insurer with respect to any Insurance Policy obtained by
an Obligor or to notify any Dealer about any aspect of the transaction contemplated by the Transaction Documents. Any inaccuracy in any of such representations or warranties shall be deemed not to constitute a breach of such representations or
warranties if such inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Receivable. 

SECTION 3.3    Repurchase upon Breach. 

(a) The Bank hereby covenants and agrees that if the Bank discovers or is notified by a Requesting Party with a Repurchase
Request regarding a breach of any of the Bank’s representations and warranties set forth in Section 3.2 with respect to any Receivable at the time such representations and warranties were made, the Bank will
investigate the Receivable to confirm the breach and determine if the breach materially and adversely affects the interests of the Issuer or the Noteholders and triggers a repurchase event (“Repurchase Event”). Upon discovery by any
party hereto of a Repurchase Event, the party discovering such breach shall give prompt written notice thereof to the other party hereto; provided, that delivery of a Servicer’s Certificate which identifies the Receivables that are being
or have been repurchased shall be deemed to constitute prompt written notice of such breach; provided, further, that the failure to give such notice shall not affect any obligation of the Bank under this
Section 3.3(a). Following a Repurchase Event, the Bank shall either (a) correct or cure such breach or (b) repurchase such Receivable from the Issuer, in either case on or before the Payment Date following the end
of the Collection Period which includes the sixtieth (60th) day (or, if the Bank elects, an earlier date) after the date that the Bank became aware of or was notified of and confirmed such breach.
Any such breach or failure will be deemed not to have a material adverse effect on the Noteholders or the Issuer if such breach or failure does not affect the ability of the Issuer or the Noteholders to receive and retain payment in full on such
Receivable. Any such purchase by the Bank shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Bank shall make (or shall cause to be made) a payment to the Issuer equal

  

					
		 	-4-	 	Receivables Sale Agreement (FTAT 2019-1)

 
to the Repurchase Price by depositing such amount into the Collection Account prior to 11:00 a.m., New York City time on the date of such repurchase, if such repurchase date is not a Payment Date
or, if such repurchase date is a Payment Date, then prior to the close of business on the Business Day prior to such repurchase date. Upon payment of such Repurchase Price by the Bank, the Issuer and the Indenture Trustee 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 Bank to evidence such release, transfer or assignment or more effectively vest in the
Bank or its designee any Receivable and the related Bank Transferred Assets repurchased pursuant hereto. It is understood and agreed that the obligation of the Bank to purchase any Receivable as described above shall constitute the sole remedy
respecting such breach available to FTH LLC, the Depositor, the Issuer, the Noteholders, the Delaware Trustee, the Owner Trustee, the Certificateholders and the Indenture Trustee. 

(b) With respect to all Receivables repurchased by the Bank pursuant to this Agreement, FTH LLC (or its assignee) shall
assign, without recourse, representation or warranty, to the Bank all of FTH LLC’s right, title and interest in and to such Receivables and all security and documents relating thereto. 

SECTION 3.4    Dispute Resolution. 

(a)    If a Requesting Party submits a Repurchase Request to the Bank pursuant to Section 3.3(a) of
this Agreement and the Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by the Bank, the Requesting Party shall have the
right to refer the matter, at its discretion, to either mediation (including non-binding arbitration) or binding arbitration pursuant to this Section 3.4. Dispute resolution to
resolve any repurchase request will be available regardless of whether the Noteholders vote to direct an Asset Representations Review. 

(b)    The Requesting Party will provide notice in accordance with the provisions of Section 4.2 of
its intention to refer the matter to mediation (including non-binding arbitration) or binding arbitration, as applicable, to the Bank, with a copy to FTH LLC, the Issuer, the Depositor, the Owner Trustee and
the Indenture Trustee. The Bank agrees that it will participate in the resolution method selected by the Requesting Party. Any settlement agreement reached in a mediation and any decision by an arbitrator in a binding arbitration shall be binding
upon the Requesting Party, the Issuer, the Owner Trustee and the Indenture Trustee with respect to the Receivable that is the subject matter of the Repurchase Request, and, in that situation, issues relating to that Receivable may not be re-litigated by the Requesting Party or the Bank or become the subject of a subsequent Repurchase Request by the Requesting Party in mediation (including non-binding
arbitration), arbitration, court, or otherwise. 
 (c)    If the Requesting Party selects mediation as
the resolution method, the following provisions will apply: 
 (i) The mediation will be administered by a
nationally recognized arbitration and mediation association selected by the Requesting Party pursuant to such association’s mediation procedures in effect at such time. 

  

					
		 	-5-	 	Receivables Sale Agreement (FTAT 2019-1)

 (ii)    The fees and expenses of the
mediation will be allocated as mutually agreed by the parties as part of the mediation. 

(iii)    The mediator will be impartial, knowledgeable about and experienced with the laws
of the State of New York that are relevant to the repurchase dispute and will be appointed from a list of neutrals maintained by the AAA. 

(d)    If the Requesting Party selects arbitration (including
non-binding arbitration) as the resolution method, the following provisions will apply: 

(i) The arbitration will be administered by a nationally recognized arbitration and mediation association
jointly selected by the parties, and if the Requesting Party and the Bank are unable to agree on an association, by the AAA, and conducted pursuant to such association’s arbitration procedures in effect at such time. 

(ii)    The arbitrator will be impartial, knowledgeable about and experienced with the laws
of the State of New York that are relevant to the repurchase dispute and will be appointed from a list of neutrals maintained by AAA. 

(iii) The arbitrator will make its final determination no later than 90 days after appointment or as soon as
practicable thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitrator will not have the power to award punitive damages or consequential
damages in any arbitration conducted by it, and the Bank shall not be required to pay more than the applicable Repurchase Price with respect to any receivable which the Bank is required to repurchase under the terms of this Agreement. In its final
determination, the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the
Requesting Party and the Bank as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the Requesting Party and the Bank. For binding
arbitration, the determination of the arbitrator will be final and non-appealable (absent manifest error), except for actions to confirm or vacate the determination permitted under federal or state law, and
may be entered and enforced in any court with jurisdiction over the Requesting Party and the Bank and the matter. 

(iv)    By selecting binding arbitration, the Requesting Party waives the right to sue in
court, including the right to a trial by jury. 
 (e)    The following provisions will apply to both
mediations (including non-binding arbitrations) and arbitrations: 

(i)    Any mediation or arbitration will be held in New York, New York or such other
location mutually agreed to by the Requesting Party and the Seller; 

(ii)    Notwithstanding this dispute resolution provision, the Requesting Party and the
Bank will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; 

  

					
		 	-6-	 	Receivables Sale Agreement (FTAT 2019-1)

 Other than as publicly available with the Commission or otherwise publicly disclosed, the
details and/or existence of any unfulfilled Repurchase Request, any meetings or discussions regarding any unfulfilled Repurchase Request, mediations or arbitration proceedings conducted under this Section 3.4, including all offers, promises,
conduct and statements, whether oral or written, made in the course of the Requesting Party and the Bank’s attempt to resolve an unfulfilled Repurchase Request, any information exchanged in connection with any mediation, and any discovery taken
in connection with any arbitration (collectively, “Confidential Information”), shall be and remain confidential and inadmissible (except as permitted in accordance with applicable law) for any purpose, including impeachment, in any
mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 3.4) other than as required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that
the Bank, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party, and except that a party may disclose such information to its own
attorneys, experts, accountants and other agents and representatives (collectively “Representatives”), as reasonably required in connection with any resolution procedure under this Section 3.4, if the disclosing party
(a) directs such Representatives to keep the information confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such
Representatives from disclosing such information. If any party receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the
other party and will provide the other party with the opportunity to object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in
the absence of a protective order, such party or any of its representatives are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to
the party compelling disclosure only the part of such Confidential Information that is required to be disclosed. 
 SECTION
3.5    Protection of Title. 
 (a)    The Bank 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 FTH LLC under this Agreement in
the Receivables (other than any Related Security with respect thereto, to the extent that the interest of FTH LLC therein cannot be perfected by the filing of a financing statement). The Bank shall deliver (or cause to be delivered) to FTH LLC
file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) The Bank shall notify FTH LLC in writing within ten (10) days following the occurrence of (i) any change in the
Bank’s organizational structure as a banking corporation, (ii) any change in the Bank’s “location” (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions)
and (iii) any change in the Bank’s name and shall take all action prior to 

  

					
		 	-7-	 	Receivables Sale Agreement (FTAT 2019-1)

 
making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably
necessary or advisable in the opinion of FTH LLC to amend all previously filed financing statements or continuation statements described in paragraph (a) above. The Bank will at all times maintain its “location” within the United
States. 
 (c) The Bank shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time to
time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of FTH LLC (or any subsequent assignee of FTH LLC) in such
Receivable and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid
in full or repurchased. 
 (d)    If at any time the Bank 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 Bank 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 FTH LLC (or any subsequent assignee of FTH LLC). 

SECTION 3.6    Other Liens or Interests. Except for the conveyances and grants of security
interests pursuant to this Agreement and the other Transaction Documents, the Bank shall not sell, pledge, assign or transfer the Receivables or other property transferred to FTH LLC to any other Person, or grant, create, incur, assume or suffer to
exist any Lien (other than Permitted Liens) on any interest therein, and the Bank shall defend the right, title and interest of FTH LLC in, to and under such Receivables or other property transferred to FTH LLC against all claims of third parties
claiming through or under the Bank. 
 SECTION 3.7    Perfection Representations, Warranties and
Covenants. The perfection representations, warranties and covenants set forth on Schedule II hereto are true and correct to the extent that they are applicable. 

SECTION 3.8    Official Record. So long as the Notes remain outstanding, this Agreement shall be
treated as an official record of the Bank within the meaning of Section 13(e) of the Federal Deposit Insurance Act (12 U.S.C. Section 1823(e)). 

SECTION 3.9    Compliance with the FDIC Rule. The Bank (i) shall perform the covenants set
forth in Article XII of the Indenture applicable to it and (ii) shall facilitate compliance with Article XII of the Indenture by the Fifth Third Parties. 

SECTION 3.10    Merger or Consolidation of, or Assumption of the Obligations of, the Bank. Any
Person (i) into which the Bank may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale,
transfer, conversion, or consolidation to which the Bank shall be a party, (iii) succeeding to the business of the Bank or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned

  

					
		 	-8-	 	Receivables Sale Agreement (FTAT 2019-1)

 
directly or indirectly by Fifth Third Bancorp, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Bank under this Agreement, will be
the successor to the Bank 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 anything herein to the contrary notwithstanding. Notwithstanding the foregoing, if
the Bank enters into any of the foregoing transactions and is not the surviving entity, the Bank will deliver to the Indenture Trustee 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 to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables or (B) stating that, in the opinion of
such counsel, no such action is necessary to preserve and protect such interest. 
 SECTION
3.11    The Bank May Own Notes. The Bank, and any Affiliate of the Bank, 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 Bank 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 the Bank 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 Bank, the Servicer, the
Administrator or any of their respective Affiliates, any Notes owned by the Issuer, the Bank, 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. 
 ARTICLE IV 

MISCELLANEOUS 

SECTION 4.1    Transfers Intended as Sale; Security Interest. 

(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement
are complete and absolute sales, transfers, assignments and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the
Receivables and the related Bank Transferred Assets shall not be part of the Bank’s estate in the event of a bankruptcy or insolvency of the Bank. The sales and transfers by the Bank of the Receivables and the related Bank Transferred Assets
hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, the Bank, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Bank are intended to
provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectability of the Receivables. 

(b)    Notwithstanding the foregoing, in the event that the Receivables and other Bank Transferred Assets
are held to be property of the Bank, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Bank Transferred Assets, then it is intended that: 

  

					
		 	-9-	 	Receivables Sale Agreement (FTAT 2019-1)

 (i)    This Agreement shall be deemed to
be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction; 

(ii)    The conveyance provided for in Section 2.1 shall be deemed to be a grant by
the Bank of, and the Bank hereby grants to FTH LLC, 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 Bank
Transferred Assets, to secure such indebtedness and the performance of the obligations of the Bank hereunder; 

(iii) The possession by FTH LLC or its agent of the Receivable Files and any other property that constitute
instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by FTH LLC or a Person designated by FTH LLC, for purposes of perfecting the security interest pursuant to the
New York UCC and the UCC of any other applicable jurisdiction; and 

(iv)    Notifications to Persons holding such property, and acknowledgments, receipts or
confirmations from Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of FTH LLC for the purpose of perfecting such security interest under
applicable law. 
 SECTION 4.2    Notices, Etc. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or email (if an
applicable facsimile number or email address is provided on Schedule I to the Sale Agreement), and addressed in each case as specified on Schedule I to the Sale Agreement, or at such other address as shall be designated by any of the
specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register.
Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, that any
notice to a Noteholder mailed within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 

SECTION 4.3    Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 4.4    Headings. The section headings hereof have been inserted for convenience only and
shall not be construed to affect the meaning, construction or effect of this Agreement. 

  

					
		 	-10-	 	Receivables Sale Agreement (FTAT 2019-1)

 SECTION 4.5    Counterparts. This Agreement may
be executed in any number of counterparts, each of which so executed shall be deemed to be an original, regardless of whether delivered in physical or electronic form, but all of such counterparts shall together constitute but one and the same
instrument. 
 SECTION 4.6    Amendment. 

(a)    Any term or provision of this Agreement may be amended by the Bank and FTH LLC without the consent
of the Indenture Trustee, the Issuer, any Noteholder, the Delaware Trustee, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) The Bank or FTH LLC delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture
Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii)    The Rating Agency Condition is satisfied with respect to such amendment and the
Bank or FTH LLC notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b)    This Agreement may also be amended from time to time by the Bank and FTH LLC, with the consent of
(i) the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance, voting as a single class, and (ii) the Majority Certificateholders, 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 Certificateholders. It will not be necessary for the Noteholders or Certificateholders to approve the particular form of any
proposed amendment or consent, but it will be sufficient if the Noteholders and Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders 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. 
 (c)    Prior to the execution of any amendment pursuant to this
Section 4.6, the Bank or FTH LLC shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Bank or FTH LLC shall furnish a copy
of such amendment to each Rating Agency, the Issuer and the Indenture Trustee; provided, that no amendment pursuant to this Section 4.6 shall be effective which materially and adversely affects the rights, protections or
duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(d) Prior to the execution of any amendment to this Agreement, the Delaware Trustee, 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 an Officer’s Certificate from the Seller or the Administrator
that all conditions precedent to the execution and delivery of such amendment have been satisfied. 

  

					
		 	-11-	 	Receivables Sale Agreement (FTAT 2019-1)

 (e)    Notwithstanding subsections (a) or (b) of
this Section 4.6, this Agreement may only be amended by the Bank and FTH LLC if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s
Certificate of the Bank or FTH LLC or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the
Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the
Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe. 

SECTION 4.7    Waivers. No failure or delay on the part of FTH LLC, the Servicer, the Bank, 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 FTH LLC or the Bank in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either
party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder. 
 SECTION 4.8    Entire Agreement. The Transaction Documents
contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof,
superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 
 SECTION
4.9    Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

SECTION 4.10    Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such
time as the parties hereto shall agree. 
 SECTION 4.11    Acknowledgment and Agreement. By
execution below, the Bank expressly acknowledges and consents to the conveyance of the Bank Transferred Assets and the assignment of all rights and obligations of the Bank related thereto by FTH LLC to the Seller pursuant to the Purchase Agreement
and by the Seller to the Issuer pursuant to the Sale Agreement and the Grant of a security interest in the Receivables and the other Bank Transferred Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders. In addition, the Bank 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 FTH LLC under this Agreement in the event
that FTH LLC shall fail to exercise the same. 

  

					
		 	-12-	 	Receivables Sale Agreement (FTAT 2019-1)

 SECTION 4.12    Cumulative Remedies. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION
4.13    Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by
any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation,
reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party and
(ii) such party shall not commence 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
4.14    Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 

(a)    submits for itself and its property in any Proceeding relating to this Agreement or any documents
executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York and appellate courts from any thereof; 
 (b)    consents that any such
Proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such 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 Proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.2 of this Agreement; 

(d)    agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and 

  

					
		 	-13-	 	Receivables Sale Agreement (FTAT 2019-1)

 (e)    to the extent permitted by applicable law,
each party hereto irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or
thereunder. 
 SECTION 4.15    Not Applicable to the Bank in Other Capacities. Nothing in
this Agreement shall affect any obligation the Bank may have in any other capacity. 
 SECTION
4.16    Information Requests. The parties hereto shall provide any information reasonably requested by the Issuer, Fifth Third Holdings Funding, LLC or any of their Affiliates, in order to comply with or obtain more
favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 
 [Remainder of Page Intentionally Left
Blank] 

  

					
		 	-14-	 	Receivables Sale Agreement (FTAT 2019-1)

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

			
	 FIFTH THIRD BANK

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	
	 FIFTH THIRD HOLDINGS, LLC

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-1	 	Receivables Sale Agreement (FTAT 2019-1)

 EXHIBIT A 

FORM OF 
 ASSIGNMENT
PURSUANT TO RECEIVABLES SALE AGREEMENT 
 May 8, 2019 

For value received, in accordance with the Receivables Sale Agreement, dated as of May 8, 2019, (the
“Agreement”), between Fifth Third Bank, an Ohio banking corporation (the “Bank”), and Fifth Third Holdings, LLC, a Delaware limited liability company (“FTH LLC”), on the terms and subject to the conditions set
forth in the Agreement, the Bank does hereby transfer, assign, sell, contribute and otherwise convey to FTH LLC without recourse (subject to the obligations in the Agreement) on the Closing Date, all of its right, title, interest, claims and demands
in, to and under the Receivables set forth on the schedule of Receivables delivered by the Bank to FTH LLC on the date hereof, the Collections after the Cut-Off Date, the Receivable Files and the Related
Security relating thereto, whether now owned or hereafter acquired. 
 The foregoing sale does not constitute and is not
intended to result in an assumption by FTH LLC of any obligation of the undersigned or the Bank 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 respective meanings assigned to them in the Agreement
or, if not defined in the Agreement, in Appendix A to the Sale Agreement, dated as of May 8, 2019, between Fifth Third Auto Trust 2019-1 and Fifth Third Holdings Funding, LLC. 

[Remainder of page intentionally left blank] 

  

					
		 	A-1	 	Receivables Sale Agreement (FTAT 2019-1)

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

			
	 FIFTH THIRD BANK

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	A-2	 	Receivables Sale Agreement (FTAT 2019-1)

 SCHEDULE I 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 
  

	(a)	 Characteristics of Receivables. As of the Cut-Off Date (or
such other date as may be specifically set forth below), each Receivable: (i) has been fully executed or electronically authenticated (as defined by the UCC) by the Obligor thereto; (ii) contains provisions that permit the repossession and
sale of the Financed Vehicle upon a default under the Receivable by the Obligor; (iii) provided, at origination, for level monthly payments which fully amortize the initial Outstanding Principal Balance over the original term; provided,
that the amount of the first or last payment may be different from the level payment but in no event more than three times the level monthly payment; (iv) was originated in the United States. 

 

	(b)	 Individual Characteristics. As of the Cut-Off Date (or such
other date as may be specifically set forth below), each Receivable has the following individual characteristics: (i) the Receivable is secured by a new or used automobile, light duty truck, van or other motor vehicle; (ii) the Receivable
had an original term to maturity of not more than 84 months and not less than 24 months and the Receivable has a remaining term to maturity of not less than 3 months; (iii) the Receivable has a scheduled maturity date on or before
April 24, 2026; (iv) the Receivable was not more than 30 days past due; (v) the Receivable was not noted in the records of the Servicer as being the subject of any pending bankruptcy or insolvency Proceeding; and (vi) the Receivable
is a Simple Interest Receivable. 

  

	(c)	 Security Interest. The Receivable, is secured by a first priority perfected security interest in the
Financed Vehicle in favor of the Bank, as secured party, or all necessary actions have been commenced that would result in a first priority perfected security interest in the Financed Vehicle in favor of the Bank, as secured party, which security
interest, in either case, is assignable and has been so assigned (x) by the Bank to FTH LLC, (y) by FTH LLC to the Seller and (z) by the Seller to the Issuer. 

 

	(d)	 Compliance with Law. The Receivable complied at the time it was originated or made, in all material
respects with all requirements of law in effect at that time and applicable to such Receivable. 

  

	(e)	 Binding Obligation. The Receivable constitutes the legal and binding payment obligation in writing of
the Obligor, enforceable in all respects by the holder thereof in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other laws, equitable principles and consumer protection laws
and the Servicemembers Civil Relief Act, as amended, to the extent applicable to the related Obligor. 

  

	(f)	 Receivable in Force. As of the Cut-Off Date, the Bank’s
records related to the Receivables do not indicate that any Receivable was satisfied, subordinated or rescinded or that the related Financed Vehicle was released from the lien granted by the Receivable in whole or in part. 

  

					
		 	Schedule I-1	 	Receivables Sale Agreement (FTAT 2019-1)

	(g)	 No Waiver. As of the Cut-Off Date, no provision of a
Receivable has been expressly waived in writing in any material respect, except by instruments or documents identified in the related Receivable File. 

  

	(h)	 No Default. Except for payment delinquencies continuing for a period of not more than 30 days as of
the Cut-Off Date, the records of the Servicer did not disclose any payment defaults under the terms of the Receivable existed as of the Cut-Off Date.

  

	(i)	 Insurance. Under the terms of the Receivable, the Obligor is required to maintain physical damage
insurance covering the related Financed Vehicle. 

  

	(j)	 No Government Obligor. The Obligor on each Receivable is not listed on the Bank’s electronic
records as the United States of America or any state thereof or any local government, or any agency, department, political subdivision or instrumentality of the United States of America or any state thereof or any local government.

  

	(k)	 Good Title. As of the Closing Date, and immediately prior to the sale and transfer herein
contemplated, the Bank had good and marketable title to each Receivable free and clear of all Liens (except Permitted Liens and any Lien which will be released prior to the sale and transfer of such Receivable to FTH LLC), and, immediately upon the
sale and transfer thereof to FTH LLC, FTH LLC will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens). 

 

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

  

	(m)	 No Defenses. The Bank’s electronic records related to the Receivables do not reflect any right
of rescission, setoff, counterclaim or defense, or of the same being asserted or threatened, with respect to any Receivable. 

  

					
		 	Schedule I-2	 	Receivables Sale Agreement (FTAT 2019-1)

 SCHEDULE II 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Agreement, the Bank hereby represents, warrants,
and covenants to FTH LLC as follows on the Closing Date: 
 General 

1.    This Agreement creates a valid and continuing security interest (as defined in the applicable UCC)
in the Receivables and the other Bank Transferred Assets in favor of FTH LLC, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Bank. 

2. The Receivables constitute “chattel paper” (including “electronic chattel paper” or “tangible
chattel paper”), “accounts”, “instruments”, “promissory notes”, “payment intangibles” or “general intangibles,” within the meaning of the applicable UCC. 

3.    Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable,
such Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Bank, 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 Bank, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws
and equitable principles relating to or affecting the enforcement of creditors’ rights generally. 
 Creation 

4.    Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable
by the Bank to FTH LLC, the Bank owned and had good and marketable title to such Receivable free and clear of any Lien (other than any Liens in favor of FTH LLC) and immediately after the sale, transfer, assignment and conveyance of such Receivable
to FTH LLC, FTH LLC will have good and marketable title to such Receivable free and clear of any Lien. 

5.    The Bank has received all consents and approvals to the sale of the Receivables hereunder to FTH LLC
required by the terms of the Receivables that constitute instruments. 
 Perfection 

6.    The Bank has submitted or will have caused to be submitted, on 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 Bank to FTH LLC and the security interest in the
Receivables granted to FTH LLC hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies 

  

					
		 	Schedule II-1	 	Receivables Sale Agreement (FTAT 2019-1)

 
of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: “A purchase of
or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser.” 

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

 

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

  

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

  

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

Priority 

8.    The Bank has not authorized the filing of, and is not aware of any financing statements against the
Bank that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to FTH LLC under the Receivables Sale Agreement, (ii) relating to the
conveyance of the Receivables by FTH LLC to the Seller under the Purchase Agreement, (iii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale Agreement, (iv) relating to the security interest granted
to the Indenture Trustee under the Indenture or (v) that has been terminated. 
 9.    The Bank is
not aware of any material judgment, ERISA or tax lien filings against the Bank. 
 10. Neither the Bank nor a custodian or
vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement
that constitutes or evidences such Receivable to any Person other than the Servicer. 
 11.    None of
the instruments, electronic chattel paper or tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than FTH LLC, the
Seller, the Issuer or the Indenture Trustee. 

  

					
		 	Schedule II-2	 	Receivables Sale Agreement (FTAT 2019-1)

 Survival of Perfection Representations 

12.    Notwithstanding any other provision of this Agreement or any other Transaction Document, the
perfection representations, warranties and covenants contained in this Schedule II shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes
have been finally and fully paid and performed. 
 No Waiver 

13.    The Bank shall provide the Rating Agencies with prompt written notice of any material breach of the
perfection representations, warranties and covenants contained in this Schedule II, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or
covenants. 

  

					
		 	Schedule II-3	 	Receivables Sale Agreement (FTAT 2019-1)EX-10.2

 Exhibit 10.2 
  

 
 PURCHASE AGREEMENT 

dated as of May 8, 2019 

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

 TABLE OF CONTENTS 

 

							
	 	  	 	 	Page	 
	 ARTICLE I
	  	 DEFINITIONS AND USAGE
	 	 	1	 
			
	 SECTION 1.1
	  	 Definitions
	 	 	1	 
	 SECTION 1.2
	  	 Other Interpretive Provisions
	 	 	1	 
			
	 ARTICLE II
	  	 PURCHASE
	 	 	2	 
			
	 SECTION 2.1
	  	 Agreement to Sell and Contribute on the Closing Date
	 	 	2	 
	 SECTION 2.2
	  	 Consideration and Payment
	 	 	2	 
			
	 ARTICLE III
	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	2	 
			
	 SECTION 3.1
	  	 Representations and Warranties of FTH LLC
	 	 	2	 
	 SECTION 3.2
	  	 Protection of Title
	 	 	4	 
	 SECTION 3.3
	  	 Other Liens or Interests
	 	 	4	 
	 SECTION 3.4
	  	 Perfection Representations, Warranties and Covenants
	 	 	5	 
	 SECTION 3.5
	  	 Compliance with the FDIC Rule
	 	 	5	 
	 SECTION 3.6
	  	 Merger or Consolidation of, or Assumption of the Obligations of, FTH LLC
	 	 	5	 
	 SECTION 3.7
	  	 FTH LLC May Own Notes
	 	 	5	 
			
	 ARTICLE IV
	  	 MISCELLANEOUS
	 	 	5	 
			
	 SECTION 4.1
	  	 Transfers Intended as Sale; Security Interest
	 	 	5	 
	 SECTION 4.2
	  	 Notices, Etc
	 	 	6	 
	 SECTION 4.3
	  	 Choice of Law
	 	 	7	 
	 SECTION 4.4
	  	 Headings
	 	 	7	 
	 SECTION 4.5
	  	 Counterparts
	 	 	7	 
	 SECTION 4.6
	  	 Amendment
	 	 	7	 
	 SECTION 4.7
	  	 Waivers
	 	 	8	 
	 SECTION 4.8
	  	 Entire Agreement
	 	 	8	 
	 SECTION 4.9
	  	 Severability of Provisions
	 	 	8	 
	 SECTION 4.10
	  	 Binding Effect
	 	 	9	 
	 SECTION 4.11
	  	 Acknowledgment and Agreement
	 	 	9	 
	 SECTION 4.12
	  	 Cumulative Remedies
	 	 	9	 
	 SECTION 4.13
	  	 Nonpetition Covenant
	 	 	9	 
	 SECTION 4.14
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	 	 	9	 
	 SECTION 4.15
	  	 Information Requests
	 	 	10	 

  
 i 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Assignment Pursuant to Purchase Agreement
		
	Schedule I	  	Perfection Representations, Warranties and Covenants

  
 ii 

 This PURCHASE AGREEMENT is made and entered into as of May 8, 2019 (as
amended, restated, supplemented or otherwise modified and in effect from time to time, this “Agreement”) by FIFTH THIRD HOLDINGS, LLC, a Delaware limited liability company (“FTH LLC”), and FIFTH THIRD HOLDINGS
FUNDING, LLC, a Delaware limited liability company (the “Purchaser”). 
 WITNESSETH: 

WHEREAS, the Purchaser desires to purchase from FTH LLC a portfolio of motor vehicle receivables, including motor vehicle
retail installment sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, vans and other motor vehicles; and 

WHEREAS, FTH LLC is willing to sell such portfolio of motor vehicle receivables and related property to the Purchaser on the
terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual
agreements set forth herein, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND USAGE 

SECTION 1.1    Definitions. Except as otherwise defined herein or as the context may otherwise
require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale Agreement, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect,
the “Sale Agreement”), between the Purchaser, as seller, and Fifth Third Auto Trust 2019-1, as issuer, which 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 GAAP (provided, that, to
the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (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” and all variations thereof 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. 

  
 Purchase Agreement
(FTAT 2019-1) 

 ARTICLE II 

PURCHASE 

SECTION 2.1    Agreement to Sell and Contribute on the Closing Date. On the terms and subject to
the conditions set forth in this Agreement, FTH LLC does hereby transfer, assign, sell, contribute and otherwise convey to the Purchaser without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest,
claims and demands in, to and under each of (a) the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter
acquired, as evidenced by an assignment substantially in the form of Exhibit A (“Assignment”) delivered on the Closing Date and (b) the Receivables Sale Agreement (the “Purchased Assets”). The sale,
transfer, assignment, contribution and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of FTH LLC or the 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. 

SECTION 2.2    Consideration and Payment. In consideration of the transfer of the Purchased Assets
conveyed to the Purchaser pursuant to Section 2.1 on the Closing Date, the Purchaser shall pay in cash to FTH LLC on such date an amount equal to the estimated fair market value of the Purchased Assets on the Closing Date.
Such purchase price shall be paid in cash to FTH LLC in an amount agreed to between FTH LLC and the Purchaser, and, to the extent not paid in cash by the Purchaser, shall be paid by a capital contribution by FTH LLC in an undivided interest in such
Purchased Assets that increases its equity interest in the Purchaser in an amount equal to the excess of the estimated fair market value of the Purchased Assets over the amount of cash paid by the Purchaser to FTH LLC. 

ARTICLE III 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS 
 SECTION 3.1    Representations and Warranties of FTH LLC. FTH LLC
makes the following representations and warranties as of the Closing Date on which the Purchaser will be deemed to have relied in acquiring the Purchased Assets. The representations and warranties will survive the conveyance of the Purchased Assets
to the Purchaser pursuant to this Agreement, the conveyance of the Purchased Assets to the Issuer pursuant to the Sale Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 

(a)    Existence and Power. FTH LLC is a limited liability company validly existing and in good
standing under the laws of the State of Delaware and has, in all material respects, all power and authority to carry on its business as it is now conducted. FTH LLC has obtained all necessary licenses and approvals in each jurisdiction where the
failure to do so would reasonably be expected to materially and adversely affect the ability of FTH LLC to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of
the Purchased Assets. 

  

					
		 	-2-	 	Purchase Agreement (FTAT 2019-1)

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

(c)    No Consent Required. No approval or authorization by, or filing with, any Governmental
Authority is required in connection with the execution, delivery and performance by FTH LLC of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have
previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Purchased Assets or
would not materially and adversely affect the ability of FTH LLC to perform its obligations under the Transaction Documents. 

(d)    Binding Effect. Each Transaction Document to which FTH LLC is a party constitutes the legal,
valid and binding obligation of FTH LLC enforceable against FTH LLC in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other
similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general principles of equity. 

(e)    No Proceedings. There are no Proceedings pending or, to the knowledge of FTH LLC, threatened
against FTH LLC before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of
any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by FTH LLC of its obligations under this
Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables or (iv) relate to FTH LLC that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or
similar tax attributes of the Notes. 
 (f)    Lien Filings. FTH LLC is not aware of any material
judgment, ERISA or tax lien filings against FTH LLC. 

  

					
		 	-3-	 	Purchase Agreement (FTAT 2019-1)

 SECTION 3.2    Protection of Title. 

(a)    FTH LLC shall authorize and file such financing statements and cause to be authorized and filed
such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchaser under this Agreement in the Receivables (other than any Related Security
with respect thereto, to the extent that the interest of the Purchaser therein cannot be perfected by the filing of a financing statement). FTH LLC shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts
for, any document filed as provided above, as soon as available following such filing. 
 (b) FTH LLC shall notify the
Purchaser in writing within ten (10) days following the occurrence of (i) any change in FTH LLC’s organizational structure as a limited liability company, (ii) any change in FTH LLC’s “location” (within the meaning
of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in FTH LLC’s name and shall take 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 practicable to take such action in advance) reasonably necessary or advisable in the opinion of the Purchaser to amend all previously filed financing statements or continuation
statements described in paragraph (a) above. FTH LLC will at all times maintain its “location” within the United States. 

(c) FTH LLC shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time to time after the
conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or any subsequent assignee of the Purchaser) in such
Receivable and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid
in full or repurchased. 
 (d)    If at any time FTH LLC shall propose to sell, grant a security
interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, FTH LLC shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts
(including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Purchaser (or any subsequent assignee of the
Purchaser). 
 SECTION 3.3    Other Liens or Interests. Except for the conveyances and grants of
security interests pursuant to this Agreement and the other Transaction Documents, FTH LLC shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Purchaser to any other Person, or grant, create, incur, assume
or suffer to exist any Lien (other than Permitted Liens) on any interest therein, and FTH LLC shall defend the right, title and interest of the Purchaser in, to and under such Receivables or other property transferred to the Purchaser against all
claims of third parties claiming through or under FTH LLC. 

  

					
		 	-4-	 	Purchase Agreement (FTAT 2019-1)

 SECTION 3.4    Perfection Representations, Warranties
and Covenants. The representations, warranties and covenants set forth on Schedule I are true and correct to the extent that they are applicable. 

SECTION 3.5    Compliance with the FDIC Rule. FTH LLC (i) shall perform the covenants set
forth in Article XII of the Indenture applicable to it and (ii) shall facilitate compliance with Article XII of the Indenture by the Fifth Third Parties. 

SECTION 3.6    Merger or Consolidation of, or Assumption of the Obligations of, FTH LLC. Any Person
(i) into which FTH LLC may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale, transfer,
conversion, or consolidation to which FTH LLC shall be a party, (iii) succeeding to the business of FTH LLC 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 Fifth Third Bancorp, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of FTH LLC under this Agreement, will be the successor to FTH LLC 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 anything herein to the contrary notwithstanding. Notwithstanding the foregoing, if FTH LLC enters into any of the foregoing transactions and
is not the surviving entity, FTH LLC will deliver to the Indenture Trustee 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 to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve
and protect such interest. 
 SECTION 3.7    FTH LLC May Own Notes. FTH LLC, and any Affiliate of
FTH LLC, 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 FTH LLC 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 FTH LLC 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, FTH LLC, the Servicer, the Administrator or any of their respective Affiliates, any Notes owned by the Issuer, FTH LLC, 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. 

ARTICLE IV 
 MISCELLANEOUS 

SECTION 4.1    Transfers Intended as Sale; Security Interest. 

(a)    Each of the parties hereto expressly intends and agrees that the transfers contemplated and
effected under this Agreement are complete and absolute sales, transfers, 

  

					
		 	-5-	 	Purchase Agreement (FTAT 2019-1)

 
assignments and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto
that the Receivables and the related Purchased Assets shall not be part of FTH LLC’s estate in the event of a bankruptcy or insolvency of FTH LLC. The sales and transfers by FTH LLC of the Receivables and the related Purchased Assets hereunder
are and shall be without recourse to, or representation or warranty (express or implied) by, FTH LLC, except as otherwise specifically provided herein. The limited rights of recourse specified herein against FTH LLC are intended to provide a remedy
for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 

(b)    Notwithstanding the foregoing, in the event that the Receivables and other Purchased Assets are
held to be property of FTH LLC, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Purchased Assets, then it is intended that: 

(i)    This Agreement shall be deemed to be a security agreement within the meaning of
Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction; 

(ii)    The conveyance provided for in Section 2.1 shall be
deemed to be a grant by FTH LLC of, and FTH LLC hereby grants to the Purchaser, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the
Receivables and other Purchased Assets, to secure such indebtedness and the performance of the obligations of FTH LLC hereunder; 

(iii) The possession by the Purchaser or its agent of the Receivable Files and any other property that
constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security
interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and 

(iv)    Notifications to Persons holding such property, and acknowledgments, receipts or
confirmations from Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Purchaser for the purpose of perfecting such security interest
under applicable law. 
 SECTION 4.2    Notices, Etc. All demands, notices and communications
hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or email (if
an applicable facsimile number or email address is provided on Schedule I to the Sale Agreement), and addressed in each case as specified on Schedule I to the Sale Agreement, or at such other address as shall be designated by any of
the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note
Register. Delivery shall occur only upon receipt or reported tender of such communication by an 

  

					
		 	-6-	 	Purchase Agreement (FTAT 2019-1)

 
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 and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 

SECTION 4.3    Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 4.4    Headings. The section headings hereof have been inserted for convenience only and
shall not be construed to affect the meaning, construction or effect of this Agreement. 
 SECTION
4.5    Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, regardless of whether delivered in physical or electronic form, but all of
such counterparts shall together constitute but one and the same instrument. 
 SECTION
4.6    Amendment. 
 (a)    Any term or provision of this Agreement may be
amended by FTH LLC and the Purchaser without the consent of the Indenture Trustee, the Issuer, any Noteholder, the Delaware Trustee, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) FTH LLC or the Purchaser delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture
Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii)    The Rating Agency Condition is satisfied with respect to such amendment and FTH LLC
or the Purchaser notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b)    This Agreement may also be amended from time to time by FTH LLC and the Purchaser, with the consent
of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance (voting as a single class) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Noteholders approve
the substance thereof. The manner of obtaining such consents (and any other consents of the Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the 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. 

  

					
		 	-7-	 	Purchase Agreement (FTAT 2019-1)

 (c)    Prior to the execution of any amendment pursuant
to this Section 4.6, FTH LLC or the Purchaser shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, FTH LLC or the Purchaser
shall furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture Trustee; provided, that no amendment pursuant to this Section 4.6 shall be effective which materially and adversely affects
the rights, protections or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(d) Prior to the execution of any amendment to this Agreement, the Delaware Trustee, 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 an Officer’s Certificate from the Depositor or the Administrator
that all conditions precedent to the execution and delivery of such amendment have been satisfied. 

(e)    Notwithstanding subsections (a) or (b) of this
Section 4.6, this Agreement may only be amended by FTH LLC and the Purchaser if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s
Certificate of FTH LLC or the Purchaser or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for
the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the
Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe. 

SECTION 4.7    Waivers. No failure or delay on the part of the Purchaser, the Servicer, FTH LLC,
the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right
preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Purchaser or FTH LLC in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or
approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or
approval thereafter to be granted hereunder. 
 SECTION 4.8    Entire Agreement. The Transaction
Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter
thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 

SECTION 4.9    Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

  

					
		 	-8-	 	Purchase Agreement (FTAT 2019-1)

 SECTION 4.10    Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and
shall remain in full force and effect until such time as the parties hereto shall agree. 
 SECTION
4.11    Acknowledgment and Agreement. By execution below, FTH LLC expressly acknowledges and consents to the conveyance of the Purchased Assets and the assignment of all rights and obligations of FTH LLC related thereto by
the Purchaser to the Issuer pursuant to the Sale Agreement and the Grant of a security interest in the Receivables and the other Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders. In
addition, FTH LLC hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Purchaser under this Agreement in the event that the
Purchaser shall fail to exercise the same. 
 SECTION 4.12    Cumulative Remedies. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION
4.13    Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by
any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation,
reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party and
(ii) such party shall not commence 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
4.14    Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 

(a)    submits for itself and its property in any 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; 

  

					
		 	-9-	 	Purchase Agreement (FTAT 2019-1)

 (b)    consents that any such Proceeding may be brought
in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such 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 Proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.2 of this Agreement; 

(d)    agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e)    to the
extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any
matter arising hereunder or thereunder. 
 SECTION 4.15    Information Requests. The parties
hereto shall provide any information reasonably requested by the Issuer, the Purchaser or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or
principle. 
 [Remainder of Page Intentionally Left Blank] 

  

					
		 	-10-	 	Purchase Agreement (FTAT 2019-1)

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

			
	 FIFTH THIRD HOLDINGS, LLC

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	
	 FIFTH THIRD HOLDINGS FUNDING, LLC

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-1	 	Purchase Agreement (FTAT 2019-1)

 EXHIBIT A 

FORM OF 
 ASSIGNMENT
PURSUANT TO PURCHASE AGREEMENT 
 May 8, 2019 

For value received, in accordance with the Purchase Agreement dated as of May 8, 2019, (the
“Agreement”), between Fifth Third Holdings, LLC, a Delaware limited liability company (“FTH LLC”), and Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the “Purchaser”), on
the terms and subject to the conditions set forth in the Agreement, FTH LLC does hereby transfer, assign, sell, contribute and otherwise convey to the Purchaser without recourse (subject to the obligations in the Agreement) on the Closing Date, all
of its right, title, interest claims and demands in, to and under the Receivables Sale Agreement, the Receivables set forth on the schedule of Receivables delivered by FTH LLC to the Purchaser on the date hereof, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter acquired. 

The foregoing sale does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of
the undersigned or the 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 respective meanings assigned to them in the Agreement or, if not defined in the Agreement, in Appendix A to the Sale Agreement, dated as of May 8, 2019, between Fifth Third Auto Trust
2019-1 and the Purchaser, as seller. 
 [Remainder of page intentionally left blank] 

  

					
		 	A-1	 	Purchase Agreement (FTAT 2019-1)

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

			
	FIFTH THIRD HOLDINGS, LLC

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	A-2	 	Purchase Agreement (FTAT 2019-1)

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Agreement, FTH LLC hereby represents, warrants,
and covenants to the Purchaser as follows on the Closing Date: 
 General 

1.    This Agreement creates a valid and continuing security interest (as defined in the applicable UCC)
in the Receivables and the other Purchased Assets in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from FTH LLC. 

2. The Receivables constitute “chattel paper” (including “electronic chattel paper” or “tangible
chattel paper”), “accounts”, “instruments”, “promissory notes”, “payment intangibles” or “general intangibles”, within the meaning of the applicable UCC. 

3.    Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable,
such Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the 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 Originator, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other
similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights generally. 
 Creation

 4.    Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of
a Receivable by FTH LLC to the Purchaser, FTH LLC owned and had good and marketable title to such Receivable free and clear of any Lien (other than any Liens in favor of the Purchaser) and immediately after the sale, transfer, assignment and
conveyance of such Receivable to the Purchaser, the Purchaser will have good and marketable title to such Receivable free and clear of any Lien. 

5.    FTH LLC has received all consents and approvals to the sale of the Receivables hereunder to the
Purchaser required by the terms of the Receivables that constitute instruments. 
 Perfection 

6.    FTH LLC has submitted or will have caused to be submitted, on 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 FTH LLC to the Purchaser, and the security interest in the
Receivables granted to the Purchaser hereunder; and the Servicer, in its capacity as custodian, has in its possession the 

  

					
		 	Schedule I-1	 	Purchase Agreement (FTAT 2019-1)

 
original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that:
“A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser”. 

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

 

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

  

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

  

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

Priority 

8.    FTH LLC has not authorized the filing of, and is not aware of any financing statements against FTH
LLC that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to FTH LLC under the Receivables Sale Agreement, (ii) relating to the
conveyance of the Receivables by FTH LLC to the Purchaser under the Purchase Agreement, (iii) relating to the conveyance of the Receivables by the Purchaser to the Issuer under the Sale Agreement, (iv) relating to the security interest
granted to the Indenture Trustee under the Indenture or (v) that has been terminated. 
 9.    FTH
LLC is not aware of any material judgment, ERISA or tax lien filings against FTH LLC. 
 10. Neither FTH LLC nor a custodian
or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan
agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

11.    None of the instruments, electronic chattel paper or tangible chattel paper that constitutes or
evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than FTH LLC, the Purchaser, the Issuer or the Indenture Trustee. 

  

					
		 	Schedule I-2	 	Purchase Agreement (FTAT 2019-1)

 Survival of Perfection Representations 

12.    Notwithstanding any other provision of the Purchase Agreement or any other Transaction Document,
the perfection representations, warranties and covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes
have been finally and fully paid and performed. 
 No Waiver 

13.    The Purchaser shall provide the Rating Agencies with prompt written notice of any material breach
of the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties
or covenants. 

  

					
		 	Schedule I-3	 	Purchase Agreement (FTAT 2019-1)

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