Document:

EX-4.1

 Exhibit 4.1 

 
  
  

 
 CALIFORNIA REPUBLIC FUNDING, LLC, 

as Depositor, 
 and 

[•], 
 as Owner Trustee 

 
  

TRUST AGREEMENT 
 Dated as of
[•] 1, 20[__] 
  
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE ONE	 
	
	DEFINITIONS	 
			
	 Section 1.01.
	 	Capitalized Terms; Rules of Construction	  	 	1	 
	
	ARTICLE TWO	 
	
	ORGANIZATION	 
			
	 Section 2.01.
	 	Name	  	 	2	 
	 Section 2.02.
	 	Office	  	 	2	 
	 Section 2.03.
	 	Purposes and Powers	  	 	2	 
	 Section 2.04.
	 	Appointment of Owner Trustee	  	 	3	 
	 Section 2.05.
	 	Initial Capital Contribution of Trust Estate	  	 	3	 
	 Section 2.06.
	 	Declaration of Trust	  	 	3	 
	 Section 2.07.
	 	Liability of the Depositor and Certificateholders	  	 	4	 
	 Section 2.08.
	 	Title to Trust Property	  	 	4	 
	 Section 2.09.
	 	Situs of Issuer	  	 	4	 
	 Section 2.10.
	 	Representations and Warranties of the Depositor	  	 	4	 
	
	ARTICLE THREE	 
	
	CERTIFICATES AND TRANSFER OF INTERESTS	 
			
	 Section 3.01.
	 	Initial Ownership	  	 	6	 
	 Section 3.02.
	 	The Certificates	  	 	6	 
	 Section 3.03.
	 	Execution, Authentication and Delivery of Certificates	  	 	6	 
	 Section 3.04.
	 	Registration of Transfer and Exchange of Certificates	  	 	7	 
	 Section 3.05.
	 	Certificate Transfer Restrictions	  	 	8	 
	 Section 3.06.
	 	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	10	 
	 Section 3.07.
	 	Persons Deemed Owners	  	 	10	 
	 Section 3.08.
	 	Access to List of Certificateholders’ Names and Addresses	  	 	11	 
	 Section 3.09.
	 	Book-Entry Certificates	  	 	11	 
	 Section 3.10.
	 	Notices to Clearing Agency	  	 	12	 
	 Section 3.11.
	 	Definitive Certificates	  	 	12	 
	 Section 3.12.
	 	Maintenance of Office or Agency	  	 	13	 
	 Section 3.13.
	 	Appointment of Certificate Paying Agent	  	 	13	 
	 Section 3.14.
	 	Indemnification	  	 	13	 
	 Section 3.15.
	 	No Recourse	  	 	13	 
	 Section 3.16.
	 	Certificates Nonassessable and Fully Paid	  	 	14	 

  
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	 	 	 	  	Page	 
	
	ARTICLE FOUR	 
	
	ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS	 
			
	 Section 4.01.
	 	Prior Notice with Respect to Certain Matters	  	 	15	 
	 Section 4.02.
	 	Standards of Operations; Separateness of the Issuer and the Depositor	  	 	16	 
	 Section 4.03.
	 	Action by Certificateholders with Respect to Certain Matters	  	 	17	 
	 Section 4.04.
	 	Action by Certificateholders with Respect to Bankruptcy	  	 	18	 
	 Section 4.05.
	 	Restrictions on Certificateholders’ Power	  	 	18	 
	 Section 4.06.
	 	Majority Control	  	 	18	 
	 Section 4.07.
	 	Rule 144A	  	 	18	 
	
	ARTICLE FIVE	 
	
	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	 
			
	 Section 5.01.
	 	Establishment of Certificate Distribution Account	  	 	19	 
	 Section 5.02.
	 	Application of Trust Funds	  	 	19	 
	 Section 5.03.
	 	Method of Payment	  	 	21	 
	 Section 5.04.
	 	Accounting and Reports to Certificateholders, the IRS and Others	  	 	21	 
	 Section 5.05.
	 	Signature on Returns; Partnership Representative	  	 	21	 
	 Section 5.06.
	 	Sarbanes-Oxley Act	  	 	21	 
	
	ARTICLE SIX	 
	
	AUTHORITY AND DUTIES OF OWNER TRUSTEE	 
			
	 Section 6.01.
	 	Duties of Owner Trustee	  	 	22	 
	 Section 6.02.
	 	Rights of Owner Trustee	  	 	23	 
	 Section 6.03.
	 	Acceptance of Trusts and Duties	  	 	23	 
	 Section 6.04.
	 	Action upon Instruction by Certificateholders	  	 	25	 
	 Section 6.05.
	 	Furnishing of Documents	  	 	25	 
	 Section 6.06.
	 	Representations and Warranties of Owner Trustee	  	 	25	 
	 Section 6.07.
	 	Reliance; Advice of Counsel	  	 	26	 
	 Section 6.08.
	 	Owner Trustee May Own Securities	  	 	27	 
	 Section 6.09.
	 	Compensation and Indemnity	  	 	27	 
	 Section 6.10.
	 	Replacement of Owner Trustee	  	 	27	 
	 Section 6.11.
	 	Merger or Consolidation of Owner Trustee	  	 	28	 
	 Section 6.12.
	 	Appointment of Co-Trustee or Separate Trustee	  	 	29	 
	 Section 6.13.
	 	Eligibility Requirements for Owner Trustee	  	 	30	 
	 Section 6.14.
	 	Withholding Certificate	  	 	30	 
	 Section 6.15.
	 	Notice to Administrator of Repurchase Requests	  	 	30	 

  
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	 	 	 	  	Page	 
	ARTICLE SEVEN	 
	
	TERMINATION OF TRUST AGREEMENT	 
			
	 Section 7.01.
	 	Termination of Trust Agreement	  	 	31	 
	
	ARTICLE EIGHT	 
	
	AMENDMENTS	 
			
	 Section 8.01.
	 	Amendments	  	 	33	 
	 Section 8.02.
	 	Form of Amendments	  	 	34	 
	
	ARTICLE NINE	 
	
	MISCELLANEOUS	 
			
	 Section 9.01.
	 	No Legal Title to Trust Estate	  	 	35	 
	 Section 9.02.
	 	Limitations on Rights of Others	  	 	35	 
	 Section 9.03.
	 	Notices	  	 	35	 
	 Section 9.04.
	 	Severability	  	 	35	 
	 Section 9.05.
	 	Counterparts	  	 	35	 
	 Section 9.06.
	 	Successors and Assigns	  	 	35	 
	 Section 9.07.
	 	Nonpetition Covenant	  	 	35	 
	 Section 9.08.
	 	Table of Contents and Headings	  	 	36	 
	 Section 9.09.
	 	GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL	  	 	36	 
	
	ARTICLE TEN	 
	
	REGULATION AB	 
			
	 Section 10.01.
	 	Intent of the Parties; Reasonableness	  	 	37	 
	 Section 10.02.
	 	Representations and Warranties	  	 	37	 
	 Section 10.03.
	 	Information to Be Provided by the Owner Trustee	  	 	37	 

  

							
	
	EXHIBITS	 
			
	 Exhibit A  –
	 	Form of Certificate	  	 	A-1	 
	 Exhibit B  –
	 	Form of Certificate of Trust	  	 	B-1	 
	 Exhibit C  –
	 	Form of Certificate Purchase Agreement	  	 	C-1	 
	 Exhibit D  –
	 	Form of Repurchase Request Notice	  	 	D-1	 

  
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 This AMENDED AND RESTATED TRUST AGREEMENT, dated as of [•] 1, 20[__] (as amended,
restated or otherwise modified from time to time, this “Agreement”), is between California Republic Funding, LLC, a Delaware limited liability company (the “Depositor”), and [•], a national banking association, as owner
trustee (the “Owner Trustee”). 
 WHEREAS, California Republic Auto Receivables Trust 20[__]-[_], a Delaware statutory trust (the
“Issuer”), was formed pursuant to a Trust Agreement, dated as of [•] (the “Original Trust Agreement”), in each case between the Depositor and the Owner Trustee; and 

WHEREAS, the Depositor and the Owner Trustee desire to amend and restate the Original Trust Agreement. 

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

DEFINITIONS 
 Section 1.01.
Capitalized Terms; Rules of Construction. Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of [•] 1, 20[__],
among the Issuer, the Depositor, Mechanics Bank and [•], which Appendix is hereby incorporated into and made a part of this Agreement. Appendix A also contains rules as to usage applicable to this Agreement. 

  
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 ARTICLE TWO 

ORGANIZATION 
 Section 2.01.
Name. The trust created pursuant to the Original Trust Agreement and by the filing of the Certificate of Trust pursuant to the Statutory Trust Act and continued hereby shall be known as “California Republic Auto Receivables Trust
20[__]-[_]”, in which name the Owner Trustee may conduct the business of the Issuer, make and execute contracts and other instruments on behalf of the Issuer and sue and be sued. 

Section 2.02. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such
other address in the State of Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

Section 2.03. Purposes and Powers. 

(a)    The purpose of the Issuer is to engage in the following activities, and the Issuer shall have the power and
authority: 
 (i)    to issue the Notes pursuant to the Indenture and the Certificates pursuant to this
Agreement and to sell, transfer and exchange the Securities, in each case in accordance with the Basic Documents (as defined in Appendix A to the Sale and Servicing Agreement, and together with the Certificate Depository Agreement and the Note
Depository Agreement, hereafter the “Basic Documents”); 
 (ii)    to permit the Depositor to
use, or to use, at the direction of the Depositor, the net proceeds of the sale of the Securities to (i) purchase the Depositor Conveyed Assets, (ii) fund the Reserve Account with an amount equal to the Reserve Account Deposit,
(iii) pay the organizational, start-up and transactional expenses of the Issuer and (iv) pay to the Depositor, or permit the Depositor, to retain, any balance; 

(iii)    to Grant the Trust Estate pursuant to the Indenture and to hold, acquire, manage and distribute
to the Certificateholders pursuant to the terms of this Agreement, any portion of the Trust Estate released from the Lien of, and remitted to the Issuer pursuant to, the Indenture or the Sale and Servicing Agreement; 

(iv)    to pay interest on and principal of the Notes to the Noteholders and to cause any Excess
Collections to be paid to the Certificateholders in accordance with the Indenture and the Sale and Servicing Agreement; 

(v)    to enter into and perform its obligations under the Issuer Basic Documents; 

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

  
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 (vii)    subject to compliance with the Basic Documents,
to engage in such other activities as may be required in connection with servicing, administration and conservation of the Trust Estate, the securing and payment of the Notes and the making of distributions to the Certificateholders. 

(b)    The Issuer is hereby authorized to engage in the foregoing activities. The Issuer shall not engage in any activity
other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement and the other Issuer Basic Documents. 

Section 2.04. Appointment of Owner Trustee. The Depositor hereby confirms the appointment of the Owner Trustee as trustee of the
Issuer effective as of the date of the Original Trust Agreement, to have all the rights, powers and duties set forth in the Original Trust Agreement, herein and in the Statutory Trust Act. 

Section 2.05. Initial Capital Contribution of Trust Estate. The Depositor has previously sold, assigned, transferred, conveyed and
set over to the Owner Trustee, as of the date of the Original Trust Agreement, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of the foregoing contribution, which shall constitute the initial property of the
Issuer. The Depositor shall pay the organizational expenses of the Issuer as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. The Depositor and the
Owner Trustee acknowledge and agree that the Trust Estate shall include all Depositor Conveyed Assets transferred by the Depositor to the Issuer on the Closing Date pursuant to the Sale and Servicing Agreement. 

Section 2.06. Declaration of Trust. 

(a)    The Owner Trustee hereby declares that it shall hold the Trust Property in trust upon and subject to the conditions
set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Basic Documents. The Owner Trustee has filed the Certificate of Trust with the Secretary of State. 

(b)    It is the intention of the parties hereto that (i) the Issuer constitutes a statutory trust under the
Statutory Trust Act and that this Agreement constitutes the governing instrument of such statutory trust, (ii) solely for United States federal, State and local income, single business and franchise tax purposes, the Notes shall be treated as
debt if held by persons other than the beneficial owner of 100% of the equity of the Issuer or by an Affiliate of such beneficial owner for such purposes and (iii) the Issuer shall not be treated as an association (or publicly-traded
partnership) taxable as a corporation. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer and, to the extent applicable, the Certificateholders shall file or cause to be filed annual or other necessary
returns, reports and other forms consistent with the characterization of the Issuer provided in the preceding sentence for such tax purposes and shall not take any position contrary to this characterization in any United States federal or State tax
filings. Effective as of the date hereof, the Owner Trustee shall have all the rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer as set forth in Section 2.03(a).
The Owner Trustee shall not file or join in, and each Certificateholder, by acceptance of its Certificate, and each Certificate Owner, by acceptance of its beneficial interest in the Certificates, agrees that it shall not file or join in, an

  
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election to treat the Issuer as an association taxable as a corporation for tax purposes. The Depositor intends to treat the Issuer for United States federal income tax reporting purposes as a
Grantor Trust. Each purchaser of a Certificate, by its acceptance of the Certificate or beneficial interest in a Certificate, agrees to treat the Issuer as a Grantor Trust and will take no action inconsistent with such treatment, unless otherwise
required by the appropriate authority. 
 Section 2.07. Liability of the Depositor and Certificateholders. 

(a)    The Depositor shall be liable directly to and will indemnify the injured party for all losses, claims, damages,
liabilities and expenses of the Issuer (including expenses, to the extent not paid out of the Trust Estate) to the extent that the Depositor would be liable if the Issuer were a partnership under the Delaware Revised Uniform Limited Partnership Act
in which the Depositor were a general partner; provided, however, that the Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the Certificates or a Noteholder in the capacity of an investor
in the Notes. Any third-party creditors of the Issuer (other than in connection with the obligations described in the preceding proviso for which the Depositor shall not be liable) shall be deemed third-party beneficiaries of this subsection. 

(b)    The Certificateholders shall not have any personal liability for any liability or obligation of the Issuer. 

Section 2.08. Title to Trust Property. Legal title to the Trust Property shall be vested at all times in the Issuer as a separate
legal entity except where Applicable Law in any jurisdiction requires title to any part of the Trust Property to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate trustee, as the case may be; provided, however, that legal title many not be vested in the name of the Owner Trustee without the prior written consent of the Owner Trustee. 

Section 2.09. Situs of Issuer. The Issuer shall be located in the State of Delaware; provided, however, that the Issuer may enter
into administration agreements with Persons located outside of the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the States of Delaware, California or New York. The Issuer shall not
have any employees; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Issuer only in the States of Delaware,
California or New York, and payments shall be made by the Issuer only from the States of Delaware, California or New York. The only office of the Issuer shall be at the Corporate Trust Office of the Owner Trustee in the State of Delaware. 

Section 2.10. Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee
that, as of the Closing Date: 
 (a)    The Depositor is duly formed and validly existing as a limited
liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. 

  
 4 

 (b)    The Depositor is duly qualified to do business as
a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the failure to so qualify of obtain such licenses and approvals would, in the reasonable judgment of the
Depositor, materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement. 

(c)    The Depositor has the power and authority to execute and deliver this Agreement and to carry out
its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Issuer and has duly authorized such sale and assignment and deposit to the Issuer by all necessary corporate
action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary limited liability company action. 

(d)    The Depositor has duly executed and delivered this Agreement, and this Agreement constitutes a
legal, valid and binding obligation of the Depositor, enforceable against the Depositor in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation,
fraudulent conveyance or other similar laws affecting creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a Proceeding in equity or at law. 

(e)    The consummation of the transactions contemplated by this Agreement and the fulfillment of the
terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of the
Depositor, or any material indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such material
indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any Applicable Law or, to the knowledge of the Depositor, any order, rule or regulation applicable to the Depositor of any Governmental Authority
having jurisdiction over the Depositor or its properties. 
 (f)    There are no Proceedings or
investigations pending or, to the knowledge of the Depositor, threatened against the Depositor, before any Governmental Authority having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) that could materially and adversely affect the performance by the Depositor of its obligations under, or the validity or
enforceability of, this Agreement. 
 (g)    The representations and warranties of the Depositor in
Section 3.02 of the Sale and Servicing Agreement are true and correct. 

  
 5 

 ARTICLE THREE 

CERTIFICATES AND TRANSFER OF INTERESTS 

Section 3.01. Initial Ownership. Upon the formation of the Issuer by the contribution and conveyance by the Depositor as described
in Section 2.05 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Issuer. 

Section 3.02. The Certificates. 

(a)    The Certificates shall be issued in one or more registered, physical certificates. The Certificates may be in
printed or in typewritten form and shall be executed on behalf of the Issuer by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time
when such signatures shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

(b)    A transferee of a Certificate, if any, shall become a Certificateholder and shall be entitled to the rights and
subject to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.04; provided, however, that no Certificate shall be
transferred without the prospective transferee and the prospective transferor satisfying the requirements of a Certificate Purchase Agreement. 

Section 3.03. Execution, Authentication and Delivery of Certificates. 

(a)    The Owner Trustee on behalf of the Issuer shall, on the Closing Date, upon the written order of the Depositor,
execute and cause to be authenticated and delivered to the Depositor, Certificates evidencing 100% of the Percentage Interests. No Certificate shall entitle the respective Certificateholder to any benefit under this Agreement, or be valid for any
purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or its authenticating agent, by manual signature; and such authentication shall
constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 

(b)    The Certificates shall consist of a single class designated as the “Certificates”. The rights of the
Certificateholders to receive distributions from the proceeds of the Issuer in respect of their Certificates, and all ownership interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. When executed, issued
and duly authorized, the Certificates will be fully paid, validly issued, nonassessable and entitled to all benefits of this Agreement. 

  
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 (c)    The Certificates shall be substantially in the form attached
hereto as Exhibit A; provided, however, that any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent
with the provisions of this Agreement, as may be required to comply with any Applicable Law, or with the applicable rules of any securities market in which the Certificates are admitted to trading, or to conform to general usage. The Certificates
shall be issuable in registered form only. 
 Section 3.04. Registration of Transfer and Exchange of Certificates. 

(a)    A registrar (the “Certificate Registrar”) shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.12, a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as herein provided. [•] shall be the initial Certificate Registrar. Upon any resignation of any Certificate Registrar, the Owner Trustee shall, upon receipt of written instructions from the Depositor,
promptly appoint a successor thereto. 
 (b)    Subject to Sections 3.05 and 3.09, upon surrender for registration
of transfer of any Certificate at the office or agency maintained pursuant to Section 3.12, the Owner Trustee shall execute, authenticate and deliver (or shall cause to be authenticated and delivered), in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations of a like aggregate Percentage Interest dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Certificates
may be exchanged for other Certificates of authorized denominations of a like aggregate Percentage Interest upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.12. 

(c)    Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the related Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Certificate surrendered for registration of
transfer or exchange shall be cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 

(d)    No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee
or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 

(e)    The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate
Registrar shall not register transfers or exchanges of, Certificates for a period of 15 days preceding the due date for any payment with respect to the Certificates. 

(f)    Each purchaser (including any transferee) of a Certificate must satisfy the transfer restrictions set forth in
Section 3.05 and this Section and in the applicable transfer certificate attached to the related Certificate Purchase Agreement. Each purchaser (including any 

  
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transferee) of a Certificate shall be deemed by its acceptance of an ownership interest in a Certificate to have made the representations and warranties set forth under “Notice to
Investors” in the Offering Memorandum. 
 (g)    The provisions of this Section are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the transfer of the Certificates. 
 Section 3.05. Certificate
Transfer Restrictions. 
 (a)    No transfer, sale, pledge or other disposition of any Certificate or interest
therein shall be made unless that transfer, sale, pledge or other disposition (i) complies with the requirements and restrictions set forth in the related Certificate Purchase Agreement (except that for the initial transfer of the Certificates
to the Depositor, the requirements for transfer shall be deemed to have been met by the Depositor) and (ii) is exempt from the registration and/or qualification requirements of the Securities Act and any applicable State securities laws, or is
otherwise made in accordance with the Securities Act and such State securities laws. Any Certificateholder or Certificate Owner desiring to effect a transfer of Certificates or any interest therein shall, and does hereby agree to, indemnify each of
the Issuer, the Depositor, the Owner Trustee and the Certificate Registrar against any liability that may result if the transfer is not so exempt or is not made in accordance with the Securities Act and such State laws. 

(b)    The Certificates may not be acquired by or for the account of a (i) an employee benefit plan, as defined in
Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, (iii) a governmental plan, as defined in Section 3(32) of
ERISA, subject to any United States federal, State or local law which is, to a material extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the Code, (iv) an entity whose underlying assets include plan assets
by reason of a plan’s investment in the entity (within the meaning of Section 3(42) of ERISA and Department of Labor Regulation 29 C.F.R. Section 2510.3-101) or (v) a Person investing
“plan assets” of any such plan (including, for purposes of this subsection, an insurance company general account, but excluding any entity registered under the Investment Company Act) (each, a “Benefit Plan”). Each
Certificateholder, by its acceptance of a Certificate, and each Certificate Owner, by its acceptance of a beneficial interest in the Certificates, shall be deemed to have represented and warranted that it is not a Benefit Plan and not a Person
acting on behalf of a Benefit Plan or a Person using the assets of a Benefit Plan to effect the transfer of the related Certificate. 
 Any
Person who is not an Affiliate of the Seller and acquires more than 49.9% of the Percentage Interests of the Certificates will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person (within
the meaning of Section 4975(e)(2) of the Code) with respect to any Benefit Plan, other than a Benefit Plan that it sponsors for the benefit of its employees, and that no Benefit Plan with respect to which it is a party in interest has or will
acquire any interest in the Notes. 
 (c)    No transfer (or purported transfer) of a Certificate (or economic interest
therein), whether to another Certificateholder or to a Person who is not a Certificateholder, shall be effective; any such transfer (or purported transfer) shall be void ab initio; no Person shall

  
 8 

 
otherwise become a Certificateholder, and none of the Issuer, the Owner Trustee, the Certificate Registrar or any Certificateholder will recognize such transfer (or purported transfer), unless
the transferee has first represented and warranted in writing to the Issuer and the Certificate Registrar that: 

(i)    it is acquiring the Certificates for its own account and is the sole beneficial owner of such
Certificates; and 
 (ii)    the transfer is not being effected on or through (A) an
“established securities market” within the meaning of Section 7704(b)(1) of the Code, including an over-the-counter market or an interdealer quotation
system that regularly disseminates firm buy or sell quotations or (B) a “secondary market” or “substantial equivalent thereof’ within the meaning of Section 7704(b)(2) of the Code and any Treasury Regulations
thereunder; 
 (d)    Notwithstanding anything to the contrary in this Agreement, no transfer (or purported transfer) of
any Certificate (or any economic interest therein) shall be effective, and any such transfer (or purported transfer) shall be void ab initio if, after such transfer (or purported transfer), there would be more than 75 Certificateholders
(where, for purposes of determining the number of Certificateholders, a Person (beneficial owner) owning an interest in a partnership, Grantor Trust or S corporation (“flow-through entity”), that owns, directly or through other
flow-through entities, an interest in the Issuer, is treated as a Certificateholder if more than 50% of the value of such beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct
or indirect) in the Issuer) unless the transferee delivers an Opinion of Counsel, in a form acceptable to the Certificate Registrar, that the transfer will not cause the Issuer to become a publicly traded partnership for United States federal
income tax purposes. 
 (e)    Unless the Depositor has received an Opinion of Counsel from a nationally recognized tax
counsel that the restriction on the proposed acquisition of a Certificate (or interest therein) described by this paragraph is no longer necessary to conclude that any such acquisition (and subsequent resale of the applicable Notes described below)
will not cause the Treasury Regulations under Code Section 385 to apply to the applicable Notes described below in a manner that could cause a material adverse effect on the Issuer or the Issuer to be treated as other than a Grantor Trust,
(i) a Section 385 Certificateholder cannot acquire a Certificate (or interest therein) if (A) a member of any “expanded group” (as defined in Treasury Regulation
Section 1.385-1(c)(4)) that includes the Section 385 Certificateholder owns any Notes or (B) a Section 385 Controlled Partnership of such expanded group owns any Notes and (ii) a
Section 385 Certificateholder cannot hold a Certificate (or interest therein) if (A) a member of any “expanded group” (as defined in Treasury Regulation Section 1.385-1(c)(4)) that
includes the Section 385 Certificateholder acquires any Notes from the Issuer, any Affiliate of the Issuer or through the marketplace or (B) a Section 385 Controlled Partnership of such expanded group acquires any Notes from the
Issuer, an Affiliate of the Issuer or through the marketplace. The preceding sentence shall not apply if the holder or potential holder of the applicable Notes is a U.S. corporate member of the same U.S. corporate affiliated group (as defined in
Section 1504 of the Code) filing a consolidated United States federal income tax return that includes each of any applicable related Section 385 Certificateholders (including in the case of a partnership, the

  
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relevant “expanded group partner” (as defined in Treasury Regulation Section 1.385-3(g)(12)). If a Certificateholder (or Certificate Owner)
fails to comply with the requirements of this paragraph, the Issuer or Depositor are authorized, at its discretion, to compel such Certificateholder (or Certificate Owner) to sell its Certificate (or interest therein) to a Person whose ownership
does not result in a failure to comply with this paragraph. 
 Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates.

 (a)    If (i) any mutilated Certificate shall be surrendered to the Certificate Registrar, or the Certificate
Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (ii) there is delivered to the Certificate Registrar, the Certificate Paying Agent and the Owner Trustee such security or indemnity as may
be required by them to save each of them harmless, then, in the absence of notice that such Certificate has been acquired by a Protected Purchaser, the Owner Trustee on behalf of the Issuer shall execute, and the Owner Trustee or its authenticating
agent shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of a like tenor and Percentage Interest. If after the delivery of such replacement Certificate or
payment of a destroyed, lost or stolen Certificate, a Protected Purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Issuer and the Owner Trustee shall be
entitled to recover such replacement Certificate (or such payment) from the Person to whom such replacement Certificate was delivered or any Person taking such replacement Certificate from such Person to whom such replacement Certificate was
delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, liability, claim, damage or expense incurred by the Issuer or the
Owner Trustee in connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall
be found at any time. 
 (b)    Upon the issuance of any replacement Certificate under this Section, the Issuer may
require the payment by the Certificateholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses (including the fees and expenses of the Owner
Trustee) related thereto. 
 (c)    Every replacement Certificate issued pursuant to this Section in replacement of any
mutilated, destroyed, lost or stolen Certificate shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Certificate shall be at any time enforceable by anyone, and shall
be entitled to all the benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 

(d)    The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 
 Section 3.07. Persons
Deemed Owners. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Certificate Paying 

  
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Agent may treat the Person in whose name any Certificate is registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall be bound by any notice to the contrary. 

Section 3.08. Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall
furnish or cause to be furnished to the Servicer, the Certificate Paying Agent, the Owner Trustee and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the Certificate
Paying Agent, the Owner Trustee or the Depositor, a list, in such form as the requesting party may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. The Certificate Registrar shall also
furnish to the Owner Trustee and the Certificate Paying Agent a copy of such list at any time there is a change therein. If (i) three or more Certificateholders or (ii) one or more Certificateholders evidencing not less than 25% of the
Percentage Interests apply in writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such
application is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such applicants access during normal
business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 3.09.
Book-Entry Certificates. Except as provided in Section 3.11, the Certificates, upon original issuance, shall be issued in the form of a typewritten certificate or certificates representing the Book-Entry Certificates, which shall be
deposited on behalf of the purchasers of the Certificates represented by such Book-Entry Certificate with the Certificate Registrar, as custodian for DTC, the initial Clearing Agency, and registered on the Certificate Register in the name of
Cede & Co., the nominee of the initial Clearing Agency, and no Certificate Owner will receive a Definitive Certificate representing such Certificate Owner’s interest in such Certificate, except as provided in Section 3.11. Unless
and until Definitive Certificates with respect to such Certificates have been issued to such Certificate Owners pursuant to Section 3.11, with respect to such Certificates: 

(a)    the provisions of this Section shall be in full force and effect; 

(b)    the Certificate Registrar, the Certificate Paying Agent and the Owner Trustee shall be entitled to
deal with the Clearing Agency for all purposes of this Agreement (including the payment of principal of and interest on such Certificates and the giving of instructions or directions hereunder) as the sole Certificateholder and shall have no
obligation to the related Certificate Owners; 
 (c)    to the extent that the provisions of this
Section conflict with any other provisions of this Agreement, the provisions of this Section shall control; 

  
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 (d)    the rights of the Certificate Owners shall be
exercised only through the Clearing Agency and shall be limited to those established by Applicable Law and agreements between such Certificate Owners and the Clearing Agency and/or the Clearing Agency Participants, and unless and until Definitive
Certificates are issued pursuant to Section 3.11, the initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on such Notes to such Clearing
Agency Participants, pursuant to the Certificate Depository Agreement; and 
 (e)    whenever this
Agreement requires or permits actions to be taken based upon instructions or directions of Certificateholders evidencing a specified Percentage Interest, the Clearing Agency shall be deemed to represent such percentage when it has delivered such
instructions to the Owner Trustee and the Certificate Registrar; the Owner Trustee and Certificate Registrar may fully rely on such instructions and it shall be the duty of the Clearing Agency to ensure that it has received written instructions to
such effect from Certificate Owners and/or Clearing Agency Participants owning or representing, respectively, such required Percentage Interest. 

Section 3.10. Notices to Clearing Agency. With respect to any Certificates issued as Book Entry Certificates, whenever a notice or
other communication to the Certificateholders is required under this Agreement, unless and until Definitive Certificates representing the Certificates shall have been issued to the related Certificate Owners pursuant to Section 3.11, the Owner
Trustee shall give all such notices and communications specified herein to be given to the related Certificateholders to Clearing Agency and shall have no obligation to such Certificate Owners. 

Section 3.11. Definitive Certificates. If for any Certificates issued as Book-Entry Certificates (i) the Administrator
advises the Owner Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to such Certificates and the Administrator on behalf of the Issuer is unable to locate a qualified
successor or (ii) after the occurrence of an Event of Default or a Servicer Termination Event, Certificate Owners representing not less than a majority of the Percentage Interests advise the Clearing Agency in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests of such Certificate Owners, then the Clearing Agency shall notify all Certificate Owners and the Owner Trustee in writing of the occurrence of any such event and of the
availability of Definitive Certificates to such Certificate Owners requesting the same. Upon surrender to the Owner Trustee of the typewritten Certificate or Certificates representing such Book-Entry Certificates by the Clearing Agency, accompanied
by registration instructions, the Issuer shall execute, and the Owner Trustee shall authenticate, the related Definitive Certificates in accordance with the instructions of the Clearing Agency. None of the Issuer, the Administrator, the Certificate
Registrar or the Owner Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of such Definitive Certificates, the Issuer,
the Certificate Registrar and the Owner Trustee shall recognize the holders of such Definitive Certificates as Certificateholders. The Owner Trustee shall not be liable if the Administrator is unable to locate a qualified successor Clearing Agency.

  
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 Section 3.12. Maintenance of Office or Agency. The Certificate Registrar shall
designate in the City of [•] an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificates and
the Basic Documents may be served. The Certificate Registrar initially designates the Indenture Trustee as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Depositor and the Certificateholders of any
change in the location of the Certificate Register or any such office or agency. 
 Section 3.13. Appointment of Certificate Paying
Agent. The Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee. Any Certificate
Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Certificate Paying Agent if
the Owner Trustee determines in its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect; provided, however, the Owner Trustee shall have no duty to monitor or
oversee the compliance by the Certificate Paying Agent of its obligations under the Basic Documents. The Certificate Paying Agent initially shall be [•] and any co-paying agent chosen by the Depositor.
[•] shall be permitted to resign as Certificate Paying Agent upon 30 days’ prior written notice to the Owner Trustee and the Servicer. In the event that [•] shall no longer be the Certificate Paying Agent, the Owner Trustee on
behalf of the Issuer, upon receipt of written instructions from the Depositor, shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). Such successor Certificate Paying Agent or any additional
Certificate Paying Agent shall execute and deliver to the Issuer an instrument in which such successor or additional Certificate Paying Agent shall agree with the Issuer that, as Certificate Paying Agent, such successor or additional Certificate
Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Certificate Paying Agent
shall return all unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Owner Trustee. If at any time the Owner Trustee shall act as
Certificate Paying Agent, the rights, privileges, protections and immunities afforded to the Owner Trustee hereunder shall apply equally to the Owner Trustee in its role as Certificate Paying Agent. Any reference in this Agreement to the Paying
Agent shall include any co-paying agent unless the context requires otherwise. 
 Section 3.14.
Indemnification. The rights, privileges, protections, immunities and benefits given to the Indenture Trustee under Article Six of the Indenture (including the compensation and indemnification provisions of Section 6.07 of the
Indenture), are extended to, and shall be enforceable by, [•] in its capacities as Certificate Registrar and Certificate Paying Agent hereunder. 

Section 3.15. No Recourse. Each Certificateholder and Certificate Owner, by accepting a Certificate or a beneficial interest
therein, acknowledges that the Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, either Trustee or any of their respective

  
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Affiliates and no recourse may be had against any such entities or their assets, except as may be expressly set forth or contemplated in the Certificates or any Basic Document. 

Section 3.16. Certificates Nonassessable and Fully Paid. Certificateholders shall not be personally liable for obligations of the
Issuer. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Sections 3.03, 3.04 or
3.05, the Certificates are and shall be deemed fully paid. 

  
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 ARTICLE FOUR 

ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS 

Section 4.01. Prior Notice with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.05, the
Owner Trustee shall not take action with respect to the following matters unless at least 30 days before the taking of any such action the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and Holders of
Certificates evidencing not less than 51% of the Percentage Interests shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction: 
 (a)    the initiation of
any claim or lawsuit by the Issuer and the settlement of any Proceeding, investigation or claim brought by or against the Issuer, in each case other than claims or lawsuits brought by the Servicer on behalf of the Issuer for collection on or in
respect of the Receivables and the Financed Vehicles; 
 (b)    the election by the Issuer to file an
amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Act); 

(c)    the amendment of any Basic Document in circumstances where the consent of any Noteholder or the
Indenture Trustee is required; 
 (d)    the amendment of the Administration Agreement, except to cure
any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; 

(e)    the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture
Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement,
as applicable; 
 (f)    the consent to the calling or waiver of any default of any Basic Document; 

(g)    the consent to the assignment by the Indenture Trustee or the Servicer of their respective
obligations under any Basic Document, unless permitted in the Basic Documents; 
 (h)    except as
provided in Article Seven, the dissolution, termination or liquidation of the Issuer in whole or in part; 

(i)    the merger, conversion, or consolidation of the Issuer with or into any other entity, or the
conveyance or transfer of all or substantially all of the Issuer’s assets to any other entity; 

(j)    the incurrence, assumption or guaranty of any indebtedness other than as set forth in this
Agreement or the other Basic Documents; 

  
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 (k)    the confession of a judgment against the Issuer;

 (l)    the possession of the Issuer’s assets, or the assignment of the Issuer’s right to
property, for other than an Issuer purpose; 
 (m)    the lending by the Issuer of any funds to any
entity, unless permitted in the Basic Documents; 
 (n)    any change to the Issuer’s purpose and
powers from those set forth in this Agreement; 
 (o)    any act that conflicts with any Basic Document;
or 
 (p)    any act that would make it impossible to carry on the ordinary business of the Issuer as
described in Section 2.03. 
 Section 4.02. Standards of Operations; Separateness of the Issuer and the Depositor. The
operations of the Issuer shall be conducted in accordance with the following standards: 
 (a)    Except
as otherwise expressly provided in the Basic Documents, neither the Depositor nor any Certificateholder or Certificate Owner shall have any authority to act for, or to assume any obligation or responsibility on behalf of, the Issuer. 

(b)    The Issuer shall keep correct and complete books and records of the accounts and minutes of the
meetings and other proceedings of the Issuer and any agents, separate from those of the Depositor or any subsidiary, Affiliate or separate account of either. Any such resolutions, agreements and other instruments shall be continuously maintained as
official records by the Issuer. 
 (c)    Subject to Sections 2.05 and 2.07, each of the Depositor
and the Issuer shall provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Issuer shall not be charged or otherwise allocated to the Depositor (except indirectly, insofar as
the Depositor owns any Certificates), and such expenses of the Depositor shall not be charged or otherwise allocated to the Issuer. 

(d)    The Issuer shall conduct its business under names or trade names so as not to mislead others as to
the identity of the Issuer. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements and applications, shall be made solely in the name of the Issuer (or addressed to
the Issuer, as applicable) if related to the Issuer. The Depositor and the Issuer each shall have separate stationery, checks, invoices and other business forms. 

(e)    The Issuer shall be adequately capitalized for the conduct of its business and in light of its
purposes. 

  
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 (f)    There shall not be any indebtedness between the
Issuer and the Depositor. The Issuer shall not guarantee any obligations of the Depositor or hold itself out to be responsible for the debts and obligations of the Depositor or any other entity. 

(g)    The Issuer shall maintain its assets in such a manner that it shall not be costly or difficult to
ascertain or otherwise identify its individual assets and liabilities from those of any other entity. In that regard, the Issuer shall not commingle its assets with those of any other entity. The Issuer shall maintain its financial and accounting
books and records separate from those of any other entity. Except as expressly set forth herein, the Issuer shall not pay the indebtedness, operating expenses and liabilities of any other entity. The Issuer shall maintain appropriate minutes or
other records of all appropriate actions and shall maintain its office separate from the offices of the Depositor and the Servicer. 

(h)    The Issuer shall not commingle or pool its funds or other assets with those of the Depositor or any
other entity and shall not maintain any joint bank accounts with the Depositor. 
 (i)    The Issuer
shall act solely in its name and through its or the Owner Trustee’s duly authorized officers or agents in the conduct of its business and enter into transactions and agreements with the Depositor solely on an
arm’s-length basis. The Issuer shall not (i) operate or purport to operate as an integrated, single economic unit with respect to the Depositor or any other entity, (ii) seek or obtain credit or
incur any obligation to any third party based upon the assets of the Depositor or any other entity or (iii) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity.
The Issuer shall correct any known misunderstanding or misrepresentation with respect to its separate identity. 

(j)    The Depositor shall maintain an office separate from that of the Issuer. Such business office may
be a separately allocated and identifiable office space within the business offices of the other, provided that the name of the Depositor and the Issuer is posted upon the directory of organizations occupying such building. Each of the Depositor and
the Issuer shall maintain a telephone number that is different from that of each other such party. 

(k)    The Issuer shall not incur any debt or other obligations other than that contemplated herein or in
the other Issuer Basic Documents. 
 (l)    The Issuer shall not merge with or assent to its acquisition
by or of another entity without the prior satisfaction of the Rating Agency Condition. 

(m)    Notwithstanding anything to the contrary in this Agreement, the Issuer shall comply with its
obligations and responsibilities under, and will not do any act in contravention of, the Basic Documents. 
 Section 4.03. Action by
Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power to (i) remove the Administrator under the Administration Agreement pursuant thereto, (ii) appoint a successor Administrator pursuant to
Section 9 of the 

  
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Administration Agreement, (iii) remove the Servicer under the Sale and Servicing Agreement pursuant thereto, (iv) amend the Sale and Servicing Agreement pursuant thereto or
(v) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by
Certificateholders holding a majority of the Percentage Interests. 
 Section 4.04. Action by Certificateholders with Respect to
Bankruptcy. The Owner Trustee shall not have the power to (i) institute Proceedings to have the Issuer declared or adjudicated a bankruptcy or insolvent, (ii) consent to the institution of bankruptcy or insolvency Proceedings against
the Issuer, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the Issuer under any applicable federal or State law relating to bankruptcy, (iv) consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or any similar official) of the Issuer or a substantial portion of the property of the Issuer, (v) make any assignment for the benefit of the Issuer’s creditors, (vi) cause the Issuer to
admit in writing its inability to pay its debts generally as they become due or (vii) take any action, or cause the Issuer to take any action, in furtherance of any of the foregoing without the unanimous prior approval of all Certificateholders
and the delivery to the Owner Trustee by each Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Issuer is insolvent. 

Section 4.05. Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner
Trustee to take or refrain from taking any action (i) if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under any Basic Document or would be contrary to Section 2.03 or (ii) that, for
United States federal, State or local income, single business or franchise tax purposes, would cause the Issuer to be treated as an association (or a publicly-traded partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to
follow any such direction, if given. The Certificateholders shall not direct the Owner Trustee to treat the Issuer as other than a Grantor Trust for United States federal, State and local income tax purposes or take any tax reporting positions
inconsistent with that intent. With respect to any direction of the Certificateholders, the Certificateholders shall be required to certify as to the compliance with this Section and the Owner Trustee shall be entitled to conclusively rely on
any such certification. 
 Section 4.06. Majority Control. Except as expressly provided herein, (i) any action that may be
taken by the Certificateholders under this Agreement may be taken by the Certificateholders holding not less than a majority of the Percentage Interests and (ii) any written notice of the Certificateholders delivered pursuant to this Agreement
shall be effective only if signed by Certificateholders holding not less than a majority of the Percentage Interests at the time of the delivery of such notice. 

Section 4.07. Rule 144A. At any time that the Issuer is not a reporting company under Section 13 or
Section 15(d) of the Exchange Act, or is exempt from reporting pursuant to Rule 12g3-2(b) of the Exchange Act, the Administrator on behalf of the Issuer, upon request by a Certificateholder and at
the expense of such Certificateholder, shall furnish to such Certificateholder and to any prospective purchaser of the Certificates from such Certificateholder, any information to be delivered under Rule 144A(d)(4) under the Securities Act.

  
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 ARTICLE FIVE 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

Section 5.01. Establishment of Certificate Distribution Account. 

(a)    The Certificate Paying Agent, for the benefit of the Certificateholders, shall establish and maintain in the name
of the Issuer an Eligible Account (the “Certificate Distribution Account”) located at the Certificate Paying Agent’s Corporate Office and bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Certificateholders. The title of the Certificate Distribution Account shall be “California Republic Auto Receivables Trust 20[__]-[_]: Certificate Distribution Account for the benefit of the Certificateholders”. 

(b)    The Issuer shall possess all right, title and interest in all funds on deposit from time to time in the Certificate
Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the
Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Certificate Paying Agent shall within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which each
Rating Agency may consent) establish a new Certificate Distribution Account, as applicable, as an Eligible Account and shall transfer all cash and investments to such new Certificate Distribution Account, as applicable. 

Section 5.02. Application of Trust Funds. 

(a)    The Certificate Paying Agent shall deposit, or cause to be deposited, in the Certificate Distribution Account all
funds received by the Issuer pursuant to Section 5.04(a) of the Sale and Servicing Agreement or the terms of the Indenture. All funds held in the Certificate Distribution Account shall be held uninvested pending distribution to the
Certificateholders. On each Payment Date or other Business Day on which amounts are deposited into the Certificate Distribution Account pursuant to Section 5.04(a) of the Sale and Servicing Agreement or Section 5.04(b) of the Indenture,
the Certificate Paying Agent shall distribute or cause to be distributed, to the Certificateholders, ratably, in proportion to each Certificateholder’s Percentage Interest, the funds on deposit in the Certificate Distribution Account. 

(b)    On each Payment Date, the Certificate Paying Agent shall make available on its website at
https://www.usbank.com/abs to each Certificateholder or record the Servicer’s Monthly Certificate provided to the Certificate Paying Agent by the Servicer pursuant to Section 4.09 of the Sale and Servicing Agreement. 

(c)    In the event that any withholding tax is imposed on the Issuer’s payment (or allocations of income) to a
Certificateholder, such tax shall reduce the amount otherwise distributable to such Certificateholder in accordance with this Section. The Owner Trustee and Certificate Paying Agent are hereby authorized and directed to retain from amounts otherwise
distributable to the Certificateholders sufficient funds for the payment of any such withholding tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee 

  
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or the Certificate Paying Agent from contesting any such tax in appropriate Proceedings and withholding payment of such tax, if permitted by Applicable Law, pending the outcome of such
Proceedings, it being understood that neither the Owner Trustee nor any Paying Agent shall have any duty to contest such amounts). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to
such Certificateholder at the time it is withheld by the Issuer for remittance to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a
Certificateholder who is not a United States Person), the Owner Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this Section. If a Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee and each Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee and each Paying Agent for any out-of-pocket expenses that they incur. 

(d)    Any Certificateholder that is a United States Person shall, on or prior to the date that such Person becomes a
Certificateholder, (i) provide the Owner Trustee and the Certificate Paying Agent with IRS Form W-9 (or successor form) or (ii) notify the Owner Trustee and the Certificate Paying Agent that it
is exempt from backup withholding. Any such Certificateholder agrees by its acceptance of a Certificate, upon request of the Issuer, the Owner Trustee or the Certificate Paying Agent, to provide like certification or notification on an ongoing basis
and to notify the Owner Trustee or Certificate Paying Agent should subsequent circumstances render such forms or exemptions incorrect or invalid. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each
Certificateholder by its acceptance of a Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner
Trustee’s and the Certificate Paying Agent’s reliance upon, any documents, forms or information provided by any such Certificateholder to the Issuer, the Owner Trustee or the Certificate Paying Agent pursuant to this Section. 

(e)    Any Certificateholder that is not a United States Person shall, on or prior to the date such Person becomes a
Certificateholder, (i) so notify the Owner Trustee and the Certificate Paying Agent, and (ii) (A) provide the Owner Trustee and the Certificate Paying Agent with applicable IRS Form W-8 (or
successor forms) or (B) notify the Owner Trustee and the Certificate Paying Agent that it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest. Any such Certificateholder
agrees by its acceptance of a Certificate, on an ongoing basis, to provide like certification for each taxable year and to notify the Owner Trustee and the Certificate Paying Agent should subsequent circumstances arise affecting the information
provided the Owner Trustee or the Certificate Paying Agent in clauses (i) and (ii) above. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Certificateholder by its acceptance of a
Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and the Certificate Paying
Agent’s reliance upon any documents, forms or information provided by any Certificateholder to the Owner Trustee or the Certificate Paying Agent. 

  
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 Section 5.03. Method of Payment. Subject to Section 5.02(a), distributions
required to be made to Certificateholders on any Payment Date shall be made by the Certificate Paying Agent to each Certificateholder of record on the related Record Date either by wire transfer, in immediately available funds, to the account of
such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar and the Certificate Paying Agent appropriate written instructions at least five
Business Days prior to such Payment Date, or, if not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. Notwithstanding the foregoing, the final distribution in respect of any
Certificate will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.12. 

Section 5.04. Accounting and Reports to Certificateholders, the IRS and Others. The Administrator, on behalf of the Issuer, shall
(i) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis on the cash method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such
information as may be required to enable such Certificateholder to prepare its United States federal and State income tax returns, (iii) file such tax returns relating to the Issuer and make such elections as may from time to time be required
or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to maintain the Issuer’s characterization as a partnership, if so characterized, for United States federal income tax purposes, (iv) cause
such tax returns to be signed in the manner required by Applicable Law and (v) collect or cause to be collected any withholding tax described in and in accordance with Section 5.02(d) with respect to income or distributions to the
Certificateholders. 
 Section 5.05. Signature on Returns; Partnership Representative. 

(a)    In the event that the Issuer is classified as a partnership for United States federal income tax purposes, the
Person that holds, or is deemed to hold under the Code, the Depositor, for as long as it is a Holder of a Certificate, and thereafter, the Holder of the Certificate with the largest Percentage Interest, will prepare and sign, on behalf of the
Issuer, the tax returns of the Issuer 
 (b)    The entity that is required to prepare the tax returns of the Issuer
pursuant to Section 5.05(a) shall be the partnership representative, within the meaning of Section 6223(a) of the Code. The partnership representative shall, (i) if the Issuer is eligible, cause the Issuer to elect, pursuant to
Section 6221(b) of the Code, that Section 6221(a) of the Code shall not apply to the Issuer or (ii) if the election in Section 6221(b) of the Code is not so available, to the extent applicable, cause the Issuer to make the
election under Section 6226(a) of the Code. 
 Section 5.06. Sarbanes-Oxley Act. Notwithstanding anything to the contrary
in any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the
Exchange Act or any other documents pursuant to the Sarbanes-Oxley Act, as amended. 

  
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 ARTICLE SIX 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.01. Duties of Owner Trustee. 

(a)    The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this
Agreement and the other Issuer Basic Documents, including the administration of the Issuer in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement. No implied covenants or
obligations shall be read into this Agreement. 
 (b)    Notwithstanding the foregoing, the Owner Trustee shall be
deemed to have discharged its duties and responsibilities hereunder and under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or
the Issuer hereunder or under any Issuer Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the
Administrator. 
 (c)    The Owner Trustee may conclusively rely and shall be fully protected in acting or refraining
from acting on any document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The Owner Trustee shall not be bound to make any investigation into any fact or matter
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document. 

(d)    The Owner Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct, except that: 
 (i)    this subsection shall not limit the effect of
Section 6.01(a) or (b); 
 (ii)    the Owner Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer of the Owner Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Owner Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to Sections 4.01, 4.03, 4.04 or 6.04. 

(e)    Subject to Sections 5.01 and 5.02, monies received by the Owner Trustee hereunder need not be segregated in
any manner except to the extent required by Applicable Law or the Sale and Servicing Agreement and the Indenture and may be deposited under such general conditions as may be prescribed by Applicable Law, and the Owner Trustee shall not be liable for
any interest thereon. 

  
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 (f)    The Owner Trustee shall not take any action that (i) is
inconsistent with the purposes of the Issuer set forth in Section 2.03 or (ii) would result in the Issuer’s becoming taxable as a corporation for United States federal income tax purposes. The Owner Trustee shall not treat the Issuer
as other than a Grantor Trust for United States federal, State and local income tax purposes and shall not take any tax reporting positions inconsistent with that intent. 

(g)    The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this
Section. 
 Section 6.02. Rights of Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver the
Issuer Basic Documents and each certificate or other document attached as an exhibit to or contemplated by this Agreement and the Issuer Basic Documents, in such form as the Depositor shall approve, as evidenced conclusively by the Owner
Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Basic Documents. The Owner Trustee is further authorized from
time to time to take such action as the Administrator or Certificateholders recommends with respect to the Basic Documents. 

Section 6.03. Acceptance of Trusts and Duties. Except as otherwise provided in this Article, in accepting the trusts hereby
created, the Owner Trustee acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by the Basic Documents shall look only to the
Trust Estate for payment or satisfaction thereof. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to
disburse all monies actually received by it constituting part of the Trust Estate upon the terms of the Basic Documents. The Owner Trustee shall not be liable or accountable under any Basic Document under any circumstances, except (i) for its
own negligent action, its own negligent failure to act or its own willful misconduct or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.06 and expressly made by the Owner Trustee. In particular,
but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(a)    the Owner Trustee shall at no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by such Receivable in the related Financed Vehicle or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Trust Estate or its ability to generate the distributions and payments to be made to Securityholders under this Agreement or under the Indenture, including the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any Receivable to the Issuer or of any intervening assignment; the completeness or the performance or enforcement of any Receivable; or the compliance by the Seller or the Servicer
with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in
the name of the Owner Trustee; 

  
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 (b)    the Owner Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in accordance with the instructions of the Servicer, the Administrator, the Depositor or any Certificateholder, provided such instructions are in accordance with the Basic Documents; 

(c)    no provision of any Basic Document shall require the Owner Trustee to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(d)    under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising
under any Basic Document, including the principal of and interest on the Notes or any amounts payable on the Certificates; 

(e)    the Owner Trustee shall not be responsible for or in respect of and makes no representation as to
the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of
the Basic Documents, the Notes or of any Receivables held by the Issuer or any related documents, other than the signature and the certificate of authentication of the Owner Trustee on the Certificates, and the Owner Trustee shall in no event assume
or incur any liability, duty or obligation to any Securityholder, other than as expressly provided for in the Basic Documents; 

(f)    the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the
Indenture Trustee, the Depositor or the Servicer under the Basic Documents, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Issuer under the Basic Documents that are required to be performed by the
Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Depositor, the Seller or the Servicer under the Sale and Servicing Agreement; 

(g)    the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by this Agreement, or to institute, conduct or defend any litigation under this Agreement or in relation to any other Basic Document at the request, order or direction of any Certificateholders, unless such Certificateholders have offered security
or indemnity satisfactory to the Owner Trustee against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby; and the right of the Owner Trustee to perform any discretionary act enumerated in any Basic
Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such act; and 

(h)    The Owner Trustee shall not be liable (i) for any losses due to forces beyond the control of
the Owner Trustee, including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and 

  
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interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services provided to the Owner Trustee by third parties caused by such events or (ii) for
any damages in the nature of special, indirect or consequential damages, however styled, including lost profits. 
 Section 6.04.
Action upon Instruction by Certificateholders. 
 (a)    Subject to Sections 4.05 and 4.06, the
Certificateholders may by written instruction direct the Owner Trustee in the management of the Issuer. 

(b)    Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action under any Basic Document
if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on its part, is contrary to the terms of any Basic Document or is otherwise contrary to Applicable Law.

 (c)    Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by
the terms of any Basic Document, or is unsure as to the application, intent, interpretation or meaning of any provision of the Basic Documents, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the
circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and, to the extent the Owner Trustee acts in good faith in accordance with any such instruction received, it shall not be liable on account of
such action to any Person. If the Owner Trustee shall not have received appropriate instructions within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from taking such action, and it shall have no liability to any Person for any such action or inaction. 

Section 6.05. Furnishing of Documents. The Owner Trustee shall furnish to Certificateholders, promptly upon receipt of a written
request therefor and at the expense of the related Certificateholders, copies of (i) all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents
and (ii) the Receivables Purchase Agreement, the Sale and Servicing Agreement, the Administration Agreement, the Indenture and this Agreement. 

Section 6.06. Representations and Warranties of Owner Trustee. The Owner Trustee hereby represents and warrants to the Depositor,
for the benefit of the Certificateholders, that: 
 (a)    It is a national banking association duly
organized and validly existing under the laws of the United States. 
 (b)    It has full power,
authority and legal right to execute, deliver and perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement. The eligibility requirements set forth in Section 6.14
are satisfied with respect to it. 
 (c)    The execution, delivery and performance by it of this
Agreement shall not (i) violate any provision of any law or regulation governing the Owner Trustee or any order, writ, judgment or decree of any Governmental Authority applicable to the Owner 

  
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Trustee or any of its assets, (ii) violate any provision of the corporate charter or by-laws of the Owner Trustee and (iii) violate any provision
of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any properties included in the Issuer pursuant to the provisions of, any mortgage, indenture, contract, agreement or
other undertaking to which it is a party, which violation, default or lien could reasonably be expected to have a materially adverse effect on the Owner Trustee’s performance or ability to perform its duties as Owner Trustee under, or on the
transactions contemplated by, this Agreement. 
 (d)    The execution, delivery and performance by the
Owner Trustee of this Agreement shall not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any Governmental Authority regulating the banking
and corporate trust activities of the Owner Trustee. 
 (e)    This Agreement has been duly executed and
delivered by the Owner Trustee and constitutes the legal, valid and binding agreement of the Owner Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar
laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(f)    There are no actions or Proceedings pending or, to the best of its knowledge, threatened, against
the Owner Trustee before any court, administrative agency or tribunal which, if determined adversely to it, would materially and adversely affect its ability to perform its obligations under this Agreement or the other Basic Documents. 

Section 6.07. Reliance; Advice of Counsel. 

(a)    The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter in any such document. The
Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and
effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by any Authorized Officer of the relevant party, as to such
fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b)    In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations
under the Basic Documents, the Owner Trustee (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the negligent conduct
or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or 

  
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nominees shall have been selected by it with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care and employed
by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to any Basic Document. 

Section 6.08. Owner Trustee May Own Securities. The Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Securities and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in transactions in the same manner as it would have if it were not the Owner Trustee. 

Section 6.09. Compensation and Indemnity. The Owner Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between the Depositor and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Servicer for its other expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. The Servicer shall
indemnify the Owner Trustee and its successors, assigns, agents, servants, officers, directors and employees in accordance with the provisions of Section 7.03 of the Sale and Servicing Agreement. To the extent these fees and indemnification
amounts are not paid by the Servicer, they will be paid out of Available Funds as described in the Sale and Servicing Agreement. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the
termination of this Agreement. Any amounts paid to the Owner Trustee pursuant to this Section shall be deemed not to be a part of the Trust Estate immediately after such payment. 

Section 6.10. Replacement of Owner Trustee. 

(a)    The Owner Trustee may at any time give notice of its intent to resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator; provided, that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). Upon giving such notice, the Owner
Trustee will provide to the Depositor in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with
respect to the resignation of the Owner Trustee. The Administrator may appoint a successor Owner Trustee by delivering a written instrument, in duplicate, to the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner Trustee
shall have been appointed and have accepted appointment within 30 days after the giving of such notice, the resigning Owner Trustee giving such notice may petition at the expense of the Servicer any court of competent jurisdiction for the
appointment of a successor Owner Trustee. The Depositor or the Administrator shall remove the Owner Trustee if: 

(i)    the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 6.13
and shall fail to resign after written request therefor by the Administrator; 

  
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 (ii)    the Owner Trustee shall be adjudged bankrupt or
insolvent; 
 (iii)    a receiver or other public officer shall be appointed or take charge or control
of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

(iv)    the Owner Trustee shall otherwise be legally incapable of acting; or 

(v)    the Owner Trustee shall fail to comply with any of its obligations under this Agreement during the
period that the Depositor is required to file Exchange Act Reports with respect to the Issuer, and such failure is not remedied within the lesser of ten calendar days and the period of time in which the related Exchange Act Report is required to be
filed. 
 (b)    If the Owner Trustee resigns or is removed or if a vacancy exists in the office of Owner Trustee for
any reason, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee and one copy to the successor Owner Trustee) and shall
pay all fees owed to the outgoing Owner Trustee. 
 (c)    Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment is delivered by the successor
Owner Trustee to the outgoing Owner Trustee and the Administrator, and all fees and expenses due to the outgoing Owner Trustee are paid. Any successor Owner Trustee appointed pursuant to this Section shall be eligible to act in such capacity in
accordance with Section 6.13 and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named
as Owner Trustee. 
 (d)    The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the
successor Owner Trustee all documents, computer files and statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may
reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

(e)    Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail
notice of the successor of such Owner Trustee to the Certificateholders, the Indenture Trustee and the Rating Agencies. 

Section 6.11. Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall be the successor of the Owner Trustee hereunder; provided, such Person shall be eligible pursuant to Section 6.13, and without the execution or filing of any instrument or any further act on the part of any of the parties hereto.
The Owner Trustee shall 

  
 28 

 
provide the Depositor in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting
obligation under the Exchange Act with respect to the successor Owner Trustee. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 Section 6.12.
Appointment of Co-Trustee or Separate Trustee. 
 (a)    Notwithstanding
any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate or any of the Dealers may at the time be located, the Administrator and the Owner Trustee
acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as
separate trustee or trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the
Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to
Section 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10. 

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

(ii)    no trustee under this Agreement shall be personally liable by reason of any act or omission of any
other trustee under this Agreement; and 
 (iii)    the Administrator and the Owner Trustee acting
jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c)    Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the
then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this

  
 29 

 
Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the
estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 

(d)    Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement
on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and
be exercised by the Owner Trustee, to the extent permitted by Applicable Law, without the appointment of a new or successor trustee. 

Section 6.13. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirements of
Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times (i) be authorized to exercise corporate trust powers, (ii) have an aggregate capital, surplus and undivided profits of at least $50,000,000 and be
subject to supervision or examination by federal or State authorities and (iii) have (or have a parent which has) a long-term unsecured debt rating of at least “BBB-” by Standard and
Poor’s. If such corporation shall publish reports of condition at least annually, pursuant to Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the aggregate
capital, surplus and undivided profits of such corporation shall be deemed to be its aggregate capital, surplus and undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to
be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner
Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of
Section 3807(a) of the Statutory Trust Act. 
 Section 6.14. Withholding Certificate. Prior to the first Payment Date, the
Administrator, on behalf of the Issuer, shall deliver to the Servicer a properly completed and executed IRS Form W-9. 

Section 6.15. Notice to Administrator of Repurchase Requests. Not later than the fifth day of the month following the end of a
calendar quarter (or, if such day is not a Business Day, the immediately following Business Day), beginning [•] 5, 20[__], the Owner Trustee shall provide to the Administrator a notice in substantially the form of Exhibit D with respect to
any requests received by the Owner Trustee during the immediately preceding calendar quarter (or, in the case of the initial notice, since the Closing Date) that any Receivable be repurchased by the Depositor or the Seller pursuant to
Section 3.03 of the Sale and Servicing Agreement or pursuant to the Receivables Purchase Agreement. 

  
 30 

 ARTICLE SEVEN 

TERMINATION OF TRUST AGREEMENT 

Section 7.01. Termination of Trust Agreement. 

(a)    This Agreement shall terminate (other than the provisions of Section 6.09) and be of no further force or
effect and the Issuer shall dissolve and wind-up in accordance with Section 3808 of the Statutory Trust Act upon the earlier of (i) the payment to the Servicer, the Trustees, any Backup Servicer and
the Securityholders of all amounts required to be paid to them pursuant to the Indenture, the Sale and Servicing Agreement and Article Five of this Agreement, (ii) the Payment Date next succeeding the month which is one year after the maturity
or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation or any property remaining in the Issuer or (iii) upon the purchase of the Receivables by the Servicer in connection with an Optional
Purchase and retirement of the Securities. 
 (b)    Except as provided in Section 7.01(a), none of the Depositor
or the Certificateholders shall be entitled to revoke, dissolve or terminate the Issuer. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Issuer,
(ii) entitle any Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate or
(iii) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (c)    Notice of any
termination of the Issuer, specifying the Payment Date upon which Certificateholders shall surrender their Certificates to the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee to
Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and
surrender of the Certificates at the Certificate Paying Agent’s Corporate Office, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments
are being made only upon presentation and surrender of the Certificates at the office of the Certificate Paying Agent’s Corporate Office therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the
Owner Trustee) and the Certificate Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Certificate Paying Agent shall cause to be distributed to Certificateholders, subject to
Section 3808 of the Statutory Trust Act, amounts distributable on such Distribution Date pursuant to Section 5.02. 

(d)    In the event that all of the Certificateholders shall not surrender their Certificates for cancellation within six
months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the
remaining Certificateholders concerning surrender of their 

  
 31 

 
Certificates and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the
Issuer after exhaustion of such remedies shall be distributed by the Owner Trustee to the Seller. 
 (e)    Upon
dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from
the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual
knowledge of any other claim against the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory
Trust Act, and the Depositor shall instruct the Owner Trustee in writing, and the Owner Trustee, at the expense of the Depositor, shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of
State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than Section 6.09) shall be of no further force or effect. 

  
 32 

 ARTICLE EIGHT 

AMENDMENTS 
 Section 8.01.
Amendments. 
 (a)    This Agreement may be amended by the Depositor and the Owner Trustee without the consent of
any of the Certificateholders to: 
 (i)    cure any ambiguity; 

(ii)    correct or supplement any provisions in this Agreement that may be defective or inconsistent with
any other provision in this Agreement; 
 (iii)    add or supplement any credit, liquidity or other
enhancement arrangement for the benefit of all Certificateholders; 
 (iv)    add to the covenants,
restrictions or obligations of the Depositor or the Owner Trustee; 
 (v)    evidence and provide for
the acceptance of the appointment of a successor trustee with respect to the Trust Estate and add to or change any provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to
Article Six; 
 (vi)    restrict transfers of the Certificates (or interest therein) or as
otherwise required to prevent the Issuer from being treated as a “publicly traded partnership” under Section 7704 of the Code; 

(vii)    add provisions to, delete or modify the existing provisions of this Agreement as appropriate to
allow the Issuer to acquire and issue securities backed by any assets other than the Collateral, subject to satisfaction of the Rating Agency Condition with respect thereto; or 

(viii)    add, change or eliminate any other provision of this Agreement in any manner that shall not, as
evidenced by an Opinion of Counsel, materially and adversely affect the interests of the Certificateholders; 
 provided, however, that no such amendment
may materially and adversely affect the interests of any Securityholder. 
 (b)    This Agreement may be amended from
time to time by the Depositor and the Owner Trustee, with the consent of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, and the consent of the Certificateholders representing a majority of the Percentage
Interests 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 Securityholders; provided, however, that no amendment may
(i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collection on 

  
 33 

 
payments on the Trust Estate or payments that are required to be made for the benefit of the Noteholders without the consent of each Noteholder adversely affected by such amendment. 

(c)    Notwithstanding the foregoing, this Agreement may not be amended in any way that would significantly change the
permitted activities or powers of the Issuer even if such amendment would not have an adverse effect on the Holders of the Notes, without the consent of the Holders representing not less than 51% of the Note Balance. 

(d)    An amendment to this Agreement shall be deemed not to materially and adversely affect the interests of any
Securityholders if (i) the Person requesting such amendment obtains and delivers to the Owner Trustee an Opinion of Counsel or an Officer’s Certificate of the Depositor to that effect and (ii) with respect to the Notes, the Rating
Agency Condition has been satisfied. 
 (e)    Any amendment that affects the Certificate Registrar or the Certificate
Paying Agent shall require the consent of such party. 
 Section 8.02. Form of Amendments. 

(a)    Prior to the execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency with
written notice of the substance of such amendment. Promptly after the execution of any amendment, the Owner Trustee shall furnish a copy of such amendment to each Rating Agency and the Indenture Trustee. 

(b)    It shall not be necessary for the consent of Securityholders pursuant to Section 8.01(b) to approve the
particular form of any proposed amendment or consent, but it shall be sufficient if such Person consents to the substance thereof. The manner of obtaining such consents (and any other consents of Securityholders provided for in the Basic Documents)
and of evidencing the authorization of the execution thereof by Noteholders and the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe; provided, that the consent of a Certificateholder shall be
deemed to have been given if the Depositor does not receive a written objection from such Person within ten Business Days after a written request for consent shall have been given. Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall file such amendment or cause such amendment to be filed with the Secretary of State. 

(c)    Prior to the execution of any amendment to this Agreement, the Owner Trustee, Certificate Registrar or the
Certificate Paying Agent, if their consent is required, shall be entitled to receive and rely upon an Opinion of Counsel to the effect that the execution of such amendment is authorized or permitted by this Agreement and that all conditions
precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this
Agreement or otherwise. 

  
 34 

 ARTICLE NINE 

MISCELLANEOUS 

Section 9.01. No Legal Title to Trust Estate. The Certificateholders shall not have legal title to any part of the Trust Estate.
The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles Five and Seven. No transfer, by operation of law or otherwise, of any right, title,
and interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any
part of the Trust Estate. 
 Section 9.02. Limitations on Rights of Others. The provisions of this Agreement are solely for the
benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 9.03. Notices. All demands, notices and communications upon or to the Depositor, the Servicer, the Administrator, the
Trustees or the Rating Agencies or Certificateholders under this Agreement shall be delivered as specified in Section 10.03 of the Sale and Servicing Agreement. 

Section 9.04. Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement or the
Certificates shall be for any reason whatsoever held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement
and the Certificates and shall in no way affect the validity or enforceability of the other provisions of this Agreement, the Certificates or the rights of the Certificateholders. 

Section 9.05. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one and the same instrument. 
 Section 9.06. Successors and Assigns. All covenants and
agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and Certificateholders and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 

Section 9.07. Nonpetition Covenant. The Owner Trustee, by entering into this Agreement, and each Noteholder, Note Owner,
Certificateholder and Certificate Owner, by accepting the benefits of this Agreement, hereby covenants that will not at any time institute against, or join any Person in instituting against, the Issuer or the Depositor any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Basic Documents, and 

  
 35 

 
agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer or the Depositor. 

Section 9.08. Table of Contents and Headings. The Table of Contents and the various headings herein are for purposes of reference
only and shall not affect the meaning or interpretation of any provision hereof. 
 Section 9.09. GOVERNING LAW; JURISDICTION;
WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF
THE STATE OF DELAWARE, AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE
AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

  
 36 

 ARTICLE TEN 

REGULATION AB 

Section 10.01. Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of this Article is
to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these
provisions other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of
disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Owner Trustee which is required in order to enable the
Depositor to comply with the provisions of Regulation AB, including Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as such items relate to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement. 

Section 10.02. Representations and Warranties. The Owner Trustee represents that: 

(a)    there are no affiliations relating to the Owner Trustee with respect to any Item 1119 Party;

 (b)    other than the transactions contemplated by the Basic Documents, there are no relationships or
transactions with respect to any Item 1119 Party and the Owner Trustee that are outside the ordinary course of business or on terms other than would be obtained in an arm’s-length transaction with an
unrelated third party that are material to the investors’ understanding of the Notes; and 

(c)    there are no Proceedings pending, or known to be contemplated by Governmental Authorities, against
the Owner Trustee, or of which the property of the Owner Trustee is subject, that are material to the Noteholders. 
 Section 10.03.
Information to Be Provided by the Owner Trustee. 
 (a)    For so long as the Depositor is required to report
under Regulation AB, the Owner Trustee shall, as promptly as practicable, notify the Depositor, in writing, of (i) the commencement of, a material development in or, if applicable, the termination of, any and all Proceedings against the Owner
Trustee or any and all Proceedings of which any property of the Owner Trustee is the subject, that is material to the Noteholders and (ii) any such Proceedings known to be contemplated by Governmental Authorities. The Owner Trustee shall also
notify the Depositor, in writing, as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any material changes to Proceedings described in the preceding sentence. In addition, the Owner Trustee
will furnish to the Depositor, in writing, the necessary disclosure regarding the Owner Trustee describing such Proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the
Depositor pursuant to the Exchange Act. 

  
 37 

 (b)    For so long as the Depositor is required to report under
Regulation AB, the Owner Trustee shall (i) on or before the fifth Business Day of each January, April, July and October, provide to the Depositor such information regarding the Owner Trustee as is required for the purpose of compliance
with Items 1109(a), 1109(b) and 1119 of Regulation AB; provided, however, the Owner Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Owner Trustee
to the Depositor, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such information, provide to the Depositor, in writing, such updated information. Such
information shall include, at a minimum: 
 (i)    the Owner Trustee’s name and form of
organization; 
 (ii)    a description of the extent to which the Owner Trustee has had prior experience
serving as a trustee for asset-backed securities transactions involving auto finance receivables; and 

(iii)    a description of any affiliation between the Owner Trustee and any of the following parties to a
Securitization Transaction, as such parties are identified by name to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction: (1) the sponsor, (2) any depositor, (3) the issuing entity,
(4) any servicer or subservicer, (5) any other trustee, (6) any originator, (7) any significant obligor, (8) any enhancement or support provider and (9) any other material party related to any Securitization
Transaction. 
 In addition, the Owner Trustee shall provide a description of whether there is, and if so the general character of, any
business relationship, agreement, arrangement, transaction or understanding between the Owner Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s-length transaction with an unrelated third party, apart from the Securitization Transactions, that currently exists or that existed during the past two years and that is material to an investor’s
understanding of the Notes. 
 To help the government fight the funding of terrorism and money laundering activities, the Customer
Identification Program (CIP) requirements established under the Patriot Act, the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from
time to time applicable to banking institutions (“Applicable Anti-Money Laundering Law”), requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, in order
to comply with the Applicable Anti-Money Laundering Law, the Owner Trustee is required to obtain on or before closing and from time to time thereafter documentation to verify and record information that identifies each Person who opens an account.
For a non-individual Person such as a business entity, a charity, a trust or other legal entity, the Owner Trustee will ask for documentation to verify its formation and existence as a legal entity, financial
statements, licenses, tax identification documents and identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such
entities). The Owner Trustee may, to the fullest extent permitted by Applicable Law, including Applicable 

  
 38 

 
Anti-Money Laundering Law, conclusively rely on, and shall be fully protected and indemnified in relying on, any information received, and failure to provide such information may result in an
inability of the Owner Trustee to perform its obligations hereunder which, at the sole option of the Owner Trustee, may result in the immediate resignation of the Owner Trustee, notwithstanding anything to the contrary in this Agreement. 

If the Certificates are issued as Definitive Certificates, the parties hereto agree that for purposes of Applicable Anti-Money Laundering Law,
(a) Ownership Prong: Each Certificateholder owning 25% or more of the beneficial interest in the Issuer is and shall be deemed to be the beneficial owners of the Trust for purposes of providing the information required under Applicable
Anti-Money Laundering Law, and (b) Control Prong: Each such Certificateholder is and shall deemed to be the parties with the power and authority to control the Trust. Further, each Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by such documentation as may be required by the Owner Trustee in order to comply with Applicable Anti-Money Laundering Law, each in a form satisfactory to the Owner Trustee, duly executed by the
Certificateholder or its attorney duly authorized in writing. No transfer will be effectuated hereunder unless the Owner Trustee has received the transfer documentation required hereunder. 

  
 39 

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

                          
                                         
                                    CALIFORNIA REPUBLIC 
FUNDING, LLC 

			
	as Depositor

  

			
	By:	 	  

		 	Name:
		 	Title:

  

  
 20[__]-[_] A&R
Trust Agreement 

 
			
	[•],
	as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 20[__]-[_] A&R
Trust Agreement 

 In acknowledgement of its obligations as Servicer 

and Administrator, including, but not limited to, its 

obligations under Section 6.09: 
  

			
	MECHANICS BANK,
	not in its individual capacity but solely as
	Servicer and Administrator
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 20[__]-[_] A&R
Trust Agreement 

 In acknowledgement of its obligations as Certificate Paying 

Agent and Certificate Registrar: 
  

			
	[•],
	not in its individual capacity but solely
	as Certificate Paying Agent and Certificate Registrar

			
		
	By:	 	  

		 	    Name:
		 	    Title:

  

  
 20[__]-[_] A&R
Trust Agreement 

 EXHIBIT A 

FORM OF CERTIFICATE 
 THIS
CERTIFICATE IS SUBORDINATE TO THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE REFERRED TO HEREIN. 

THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY. 

THIS CERTIFICATE HAS NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAWS OR SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, THE TRANSFER OF THIS CERTIFICATE IS
SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN THE TRUST AGREEMENT UNDER WHICH THIS CERTIFICATE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE OWNER TRUSTEE UPON REQUEST), INCLUDING RECEIPT BY THE OWNER TRUSTEE OF AN INVESTMENT LETTER
IN WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS. 
 THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN OBLIGATION OF CALIFORNIA
REPUBLIC FUNDING, LLC, MECHANICS BANK, [•] OR ANY OF THEIR RESPECTIVE AFFILIATES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR WITH PLAN ASSETS OF(A) AN EMPLOYEE BENEFIT PLAN,
AS DEFINED IN SECTION 3(3) OF ERISA, THAT IS SUBJECT TO TITLE I OF ERISA, (B) A PLAN DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) A GOVERNMENTAL PLAN, AS
DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE, (D) AN ENTITY WHOSE UNDERLYING ASSETS
INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF SECTION 3(42) OF ERISA 

  
 A-1 

 
AND DEPARTMENT OF LABOR REGULATION 29 C.F.R. SECTION 2510.3-101) OR (E) A PERSON INVESTING “PLAN ASSETS” OF ANY SUCH PLAN. 

 

			
	Registered: R-1	  	Percentage Interest: 100%

 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 20[__]-[_] 

CERTIFICATE 
 evidencing a
fractional undivided beneficial interest in the California Republic Auto Receivables Trust 20[__]-[_] (the “Issuer”), the property of which includes a pool of motor vehicle retail installment sale contracts and/or installment loans that
are secured by new and used automobiles, sport utility vehicles and light-duty trucks sold by Mechanics Bank, a California corporation authorized to transact a banking business (“Mechanics Bank”), to California Republic Funding, LLC, a
Delaware limited liability company (the “Depositor”), and sold by the Depositor to the Issuer. The property of the Issuer has been pledged by the Issuer under the Indenture, dated as of [•] 1, 20[__] (as amended, restated,
supplemented or otherwise modified from time to time, the “Indenture”), between the Issuer and [•], as trustee (the “Indenture Trustee”), to secure the payment of the Notes issued thereunder. 

This certifies that CEDE & CO. is the registered owner of a 100% Percentage Interest nonassessable, fully paid, validly issued
undivided beneficial interest in the Issuer. The Issuer is governed pursuant to an Amended and Restated Trust Agreement, dated as of [•] 1, 20[__] (as amended, restated, supplemented or otherwise modified from time to time, the “Trust
Agreement”), between the Depositor and [•], as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of [•] 1, 20[__] (as amended, restated, supplemented or otherwise modified from time to time, the “Sale and Servicing Agreement”), among
the Issuer, the Depositor, Mechanics Bank, as Seller, Servicer, Administrator and Custodian, and the Indenture Trustee. 
 This Certificate
is subordinate to the Notes to the extent set forth in the Sale and Servicing Agreement, the Trust Agreement and the Indenture. Subject to the foregoing, this Certificate represents a right to amounts in the Certificate Distribution Account
distributable to Certificateholders. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of its acceptance hereof assents
and by which such Holder is bound. 
 Pursuant to the Trust Agreement, there will be distributed on each Payment Date to the Person in whose
name this Certificate is registered at the close of business on the related Record Date such Certificateholder’s Percentage Interest in any amount to be distributed to Certificateholders on such Payment Date. 

THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE

  
 A-2 

 
SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 

A Certificateholder, by its acceptance of a Certificate, and each Certificate Owner, by its acceptance of an interest in a Certificate,
covenants and agrees that such Certificateholder or Certificate Owner shall not at any time direct the Owner Trustee to take or to refrain from taking any action (ii) if such action or inaction would be contrary to any obligation of the Issuer
or the Owner Trustee under the Trust Agreement or any other Basic Document or would be contrary to Section 2.03 of the Trust Agreement or (ii) that, for United States federal, State or local income, single business or franchise tax
purposes, would cause the Issuer to be treated as an association (or a publicly-traded partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to follow any such direction, if given. 

Distributions on this Certificate shall be made as provided in the Trust Agreement by the Owner Trustee or Certificate Paying Agent by wire
transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and,
notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency
designated for that purpose in the Borough of Manhattan, The City of New York. 
 Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. In the event of any discrepancies between this Certificate and the terms of the Trust Agreement, the
Trust Agreement shall govern. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the
Owner Trustee or authenticating agent, by manual signature, this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

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

  
 A-3 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual
capacity, has caused this Certificate to be duly executed, as of the date set forth below. 
  

					
	Dated: [•] __, 20[__]	  	 CALIFORNIA REPUBLIC AUTO

RECEIVABLES TRUST 20[__]-[_]

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

		  		  	Authorized Signatory

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Trust Agreement. 

[To be authenticated by either signatory below] 
  

					
	[•],	 	    [•],
	as Owner Trustee	 	        as Owner Trustee
		 	         By: [•],

                      as Authenticating
Agent

			
	By:                                     
                   	 	By:	  	  

	                Authorized Signatory	 		  	Authorized Signatory

  
 A-4 

 [REVERSE OF CERTIFICATE] 

The Certificates do not represent an obligation of, or an interest in, Depositor, the Servicer, the Owner Trustee or any Affiliates of any of
them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the other Basic Documents. In addition, this Certificate is not guaranteed by any Governmental
Authority and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically set forth in the Trust Agreement, the Sale and Servicing Agreement and the
Indenture. A copy of each of the Receivables Purchase Agreement, the Sale and Servicing Agreement, the Indenture and the Trust Agreement will be furnished by the Depositor to any Certificateholder promptly upon receipt by the Depositor of a written
request therefor. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of
the rights and obligations of the Depositor and the rights of Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Noteholders representing not less than 51% of the Note Balance of
the Controlling Class and the Holders of the Certificates evidencing not less than a majority of the Percentage Interests. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future
Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain circumstances, without the consent of the Holders of any of the Certificates. 
 As provided in the Trust Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
designated by the Owner Trustee in the Borough of Manhattan, The City of New York, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate interest in the Issuer shall be issued to the designated transferee. The initial Certificate
Registrar appointed under the Trust Agreement is [•]. The Certificates are issuable only in registered form in Percentage Interests as provided in the Trust Agreement. 

As provided in the Trust Agreement and subject to certain limitations therein set forth, including the transfer limitations and restrictions
provided for therein, Certificates are exchangeable for new Certificates of authorized Percentage Interests evidencing the same aggregate Percentage Interest, as requested by the Certificateholder surrendering the same. No service charge shall be
made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

The Owner Trustee, the Certificate Registrar and any Certificate Paying Agent may treat the Person in whose name this Certificate is
registered in the Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner

  
 A-5 

 
Trustee, the Certificate Registrar or any Certificate Paying Agent shall be affected by any notice to the contrary. 

The Trust Agreement, with certain exceptions therein provided, shall terminate and be of no further force or effect and the Issuer shall
dissolve upon the earlier of (i) the payment to the Servicer, the Trustees, any Backup Servicer and the Securityholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing Agreement and the
Trust Agreement, (ii) the Payment Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property remaining in the
Issuer or (iii) upon the purchase of the Receivables by the Servicer in connection with an Optional Purchase and retirement of the Securities. 

The Certificates may not be acquired by or for the account of a (A) an employee benefit plan, as defined in Section 3(3) of ERISA,
that is subject to Title I of ERISA, (B) a plan described in Section 4975(e)(1) of the Internal Revenue Code that is subject to Section 4975 of the Internal Revenue Code, (C) a governmental plan, as defined in Section 3(32)
of ERISA, subject to any United States federal, state or local law which is, to a material extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code, (D) an entity whose underlying assets
include plan assets by reason of a plan’s investment in the entity (within the meaning of Section 3(42) of ERISA and Department of Labor Regulation 29 C.F.R. Section 2510.3-101) or (E) a
Person investing “plan assets” of any such plan (including without limitation, for purposes of this paragraph, an insurance company general account, but excluding any entity registered under the Investment Company Act) (each, a
“Benefit Plan”). Each Certificateholder, by its acceptance of a Certificate, and each Certificate Owner, by its acceptance of a beneficial interest in the Certificates, shall be deemed to have represented and warranted that it is not a
Benefit Plan and not a Person acting on behalf of a Benefit Plan or a Person using the assets of a Benefit Plan to effect the transfer of the related Certificate. 

  
 A-6 

 ASSIGNMENT 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 (Please print or type name and address, including
postal zip code, of assignee) 
 the within Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints 

__________, attorney, to transfer said Certificate on the books of the Certificate Registrar, with 

full power of substitution in the premises. 

Dated: 
     1 
  
  

 
  
  

 

	1	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP. 

  
 A-7 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRUST 

This Certificate of Trust of California Republic Auto Receivables Trust 20[__]-[_] (the “Issuer”), is being duly executed and filed
on behalf of the Issuer by [•], as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801, et seq. (the “Act”)). 

1.    Name. The name of the statutory trust being formed hereby is California Republic Auto Receivables Trust
20[__]-[_]. 
 2.    Delaware Trustee. The name and business address of the trustee of the Issuer in the State of
Delaware is [•], [Address], Wilmington, Delaware [•], Attention: Corporate Trust Administration. 

3.    Effective Date. This Certificate of Trust shall be effective upon filing. 

IN WITNESS WHEREOF, the undersigned, being the trustee of the Issuer, has executed this Certificate of Trust in accordance with
Section 3811(a)(1) of the Act. 
  

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

	Name:	 	
	Title:	 	

  
 B-1 

 EXHIBIT C 

FORM OF CERTIFICATE PURCHASE AGREEMENT 

  
 C-1 

 EXHIBIT D 

FORM OF REPURCHASE REQUEST NOTICE 

___________, 20__ 
 Mechanics Bank 

1111 Civic Drive, Suite 390 
 Walnut Creek, California 94596 

Attn: General Counsel 
 Tel:    925-482-8000 
 Fax:
925-627-3274 
 Re:      California
Republic Auto Receivables Trust 20[__]-[_] 
    Noteholder Request to Repurchase Receivables  

Ladies and Gentlemen: 
 Reference is hereby made
to (i) the Indenture, dated as of [•] 1, 20[__] (the “Indenture”), between California Republic Auto Receivables Trust 20[__]-[_], as issuer (the “Issuer”), and [•], as indenture trustee (the “Indenture
Trustee”), and (ii) the Amended and Restated Trust Agreement of the Issuer, dated as of [•] 1, 20[__], between California Republic Funding, LLC, as depositor (the “Depositor”), and [•], as owner trustee (in such
capacity, the “Owner Trustee”). Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 

[During the period from and including ____, 20__ to but excluding ____, 20__, the Owner Trustee received no requests requesting that
Receivables be repurchased by the Seller or the Depositor pursuant to Section 3.03 of the Sale and Servicing Agreement or Section 3.03 of the Receivables Purchase Agreement.] 

[During the period from and including ____, 20__ to but excluding ____, 20__, the Owner Trustee received one or more requests requesting that
Receivables be repurchased by the Seller or the Depositor pursuant to Section 3.03 of the Sale and Servicing Agreement or Section 3.03 of the Receivables Purchase Agreement. The details of such requests are set forth below:] 

 

					
	Date of Request	  	 Number
of Receivables
 Subject to Request
	  	
Aggregate Principal Balance
 of
Receivables Subject to
 Request

	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 

  
 D-1 

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

		 	Name:
		 	Title:

  
 D-2EX-4.2

 Exhibit 4.2 

 
  
  

 
  

 
  

CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 20[    ]-[    ], 

as Issuer, 
 and 

[●], 
 as Indenture Trustee

  
  

INDENTURE 
 Dated as of [●]
1, 20[    ] 
  
  

 
  
  

 

 CROSS REFERENCE TABLE* 

 

					
	    TIA

Section
	 	 	  	Indenture
Section
	 310
	 	(a)(1)	  	6.11
		 	(a)(2)	  	6.11
		 	(a)(3)	  	6.10; 6.11
		 	(a)(4)	  	N.A.**
		 	(a)(5)	  	6.11
		 	(b)	  	6.08; 6.11
	 311
	 	(a)	  	6.15
		 	(b)	  	6.15
	 312
	 	(a)	  	7.01
		 	(b)	  	7.02
		 	(c)	  	7.02
	 313
	 	(a)	  	7.06
		 	(b)(1)	  	7.06
		 	(b)(2)	  	7.06
		 	(c)	  	7.06; 11.05
		 	(d)	  	7.06
	 314
	 	(a)	  	3.09; 7.07
		 	(b)	  	3.06; 11.15
		 	(c)(1)	  	11.01
		 	(c)(2)	  	11.01
		 	(c)(3)	  	11.01
		 	(d)	  	11.01
		 	(e)	  	11.01
		 	(f)	  	11.01
	 315
	 	(a)	  	6.01
		 	(b)	  	6.05; 11.01
		 	(c)	  	6.01
		 	(d)	  	6.01
		 	(e)	  	5.13
	 316
	 	(a)(1)(A)	  	5.11
		 	(a)(1)(B)	  	5.12
		 	(a)(2)	  	N.A.
		 	(b)	  	5.07
		 	(c)	  	N.A.
	 317
	 	(a)(1)	  	5.03
		 	(a)(2)	  	5.03
		 	(b)	  	3.03
	 318
	 	(a)	  	11.23

  
  

	*	 This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

  

	**	 N.A. means Not Applicable. 

 

 TABLE OF CONTENTS 
  

							
	Page	  

	
	ARTICLE ONE	  

	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  

			
	 Section 1.01.
	  	 Capitalized Terms; Rules of Usage
	  	 	2	 
	 Section 1.02.
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	2	 
	
	ARTICLE TWO	  

	
	THE NOTES	  

			
	 Section 2.01.
	  	 Form; Denomination
	  	 	3	 
	 Section 2.02.
	  	 Execution, Authentication and Delivery
	  	 	3	 
	 Section 2.03.
	  	 Temporary Notes
	  	 	4	 
	 Section 2.04.
	  	 Registration; Registration of Transfer and Exchange
	  	 	4	 
	 Section 2.05.
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	 
	 Section 2.06.
	  	 Persons Deemed Owners
	  	 	7	 
	 Section 2.07.
	  	 Payment of Principal and Interest
	  	 	7	 
	 Section 2.08.
	  	 Cancellation
	  	 	8	 
	 Section 2.09.
	  	 Tax Treatment; Withholding
	  	 	8	 
	 Section 2.10.
	  	 Book-Entry Notes
	  	 	10	 
	 Section 2.11.
	  	 Notices to Clearing Agency
	  	 	11	 
	 Section 2.12.
	  	 Definitive Notes
	  	 	11	 
	 Section 2.13.
	  	 Depositor as Noteholder
	  	 	12	 
	 Section 2.14.
	  	 Authenticating Agents
	  	 	12	 
	
	ARTICLE THREE	  

	
	COVENANTS	  

			
	 Section 3.01.
	  	 Payment of Principal and Interest
	  	 	13	 
	 Section 3.02.
	  	 Maintenance of Office or Agency
	  	 	13	 
	 Section 3.03.
	  	 Money for Payments to Be Held in Trust
	  	 	13	 
	 Section 3.04.
	  	 Existence
	  	 	15	 
	 Section 3.05.
	  	 Protection of Collateral; Manner of Perfection
	  	 	15	 
	 Section 3.06.
	  	 Opinions as to Collateral
	  	 	17	 
	 Section 3.07.
	  	 Performance of Obligations; Servicing of Receivables
	  	 	17	 
	 Section 3.08.
	  	 Negative Covenants
	  	 	18	 
	 Section 3.09.
	  	 Annual Statement as to Compliance
	  	 	19	 
	 Section 3.10.
	  	 Issuer May Not Merge or Consolidate
	  	 	19	 
	 Section 3.11.
	  	 Successor or Transferee
	  	 	21	 
	 Section 3.12.
	  	 Servicer’s Obligations
	  	 	21	 
	 Section 3.13.
	  	 Guarantees, Loans, Advances and Other Liabilities
	  	 	21	 

  
 i 

							
		  		  	 	Page	 
			
	 Section 3.14.
	  	 Capital Expenditures
	  	 	21	 
	 Section 3.15.
	  	 Removal of Administrator
	  	 	21	 
	 Section 3.16.
	  	 Restricted Payments
	  	 	21	 
	 Section 3.17.
	  	 Notice of Events of Default and Servicing Termination Events
	  	 	22	 
	 Section 3.18.
	  	 Further Instruments and Acts
	  	 	22	 
	 Section 3.19.
	  	 Compliance with Laws
	  	 	22	 
	 Section 3.20.
	  	 Amendments to Sale and Servicing Agreement
	  	 	22	 
	 Section 3.21.
	  	 Recordkeeping
	  	 	22	 
	
	ARTICLE FOUR	  

	
	SATISFACTION AND DISCHARGE	  

			
	 Section 4.01.
	  	 Satisfaction and Discharge of Indenture
	  	 	23	 
	 Section 4.02.
	  	 Application of Trust Money
	  	 	23	 
	 Section 4.03.
	  	 Repayment of Monies Held by Paying Agent
	  	 	24	 
	 Section 4.04.
	  	 Repayment of Monies Held by Paying Agent
	  	 	24	 
	 Section 4.05.
	  	 Satisfaction, Discharge and Defeasance of the Notes
	  	 	24	 
	
	ARTICLE FIVE	  

	
	EVENTS OF DEFAULT; REMEDIES	  

			
	 Section 5.01.
	  	 Events of Default
	  	 	26	 
	 Section 5.02.
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	26	 
	 Section 5.03.
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	27	 
	 Section 5.04.
	  	 Remedies; Priorities
	  	 	29	 
	 Section 5.05.
	  	 Optional Preservation of the Collateral
	  	 	32	 
	 Section 5.06.
	  	 Limitation of Suits
	  	 	32	 
	 Section 5.07.
	  	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	 	33	 
	 Section 5.08.
	  	 Restoration of Rights and Remedies
	  	 	33	 
	 Section 5.09.
	  	 Rights and Remedies Cumulative
	  	 	33	 
	 Section 5.10.
	  	 Delay or Omission Not a Waiver
	  	 	33	 
	 Section 5.11.
	  	 Control by Controlling Class
	  	 	34	 
	 Section 5.12.
	  	 Waiver of Past Defaults
	  	 	34	 
	 Section 5.13.
	  	 Undertaking for Costs
	  	 	35	 
	 Section 5.14.
	  	 Waiver of Stay or Extension Laws
	  	 	35	 
	 Section 5.15.
	  	 Action on Notes
	  	 	35	 
	 Section 5.16.
	  	 Performance and Enforcement of Certain Obligations
	  	 	35	 
	 Section 5.17.
	  	 Sale of Collateral
	  	 	36	 

  
 ii 

							
		  		  	 	Page	 
	
	ARTICLE SIX	  

	
	THE INDENTURE TRUSTEE	  

			
	 Section 6.01.
	  	 Duties of Indenture Trustee
	  	 	37	 
	 Section 6.02.
	  	 Rights of Indenture Trustee
	  	 	38	 
	 Section 6.03.
	  	 Individual Rights of Indenture Trustee
	  	 	40	 
	 Section 6.04.
	  	 Indenture Trustee’s Disclaimer
	  	 	40	 
	 Section 6.05.
	  	 Notice of Defaults; Repurchase Requests
	  	 	40	 
	 Section 6.06.
	  	 Furnishing of Monthly Certificates and Other Documents
	  	 	41	 
	 Section 6.07.
	  	 Compensation and Indemnity
	  	 	41	 
	 Section 6.08.
	  	 Replacement of Indenture Trustee
	  	 	42	 
	 Section 6.09.
	  	 Successor Indenture Trustee by Merger
	  	 	43	 
	 Section 6.10.
	  	 Appointment of Co-Trustee or Separate Trustee
	  	 	44	 
	 Section 6.11.
	  	 Eligibility; Disqualification
	  	 	45	 
	 Section 6.12.
	  	 Waiver of Setoffs
	  	 	45	 
	 Section 6.13.
	  	 Indenture Trustee as Securities Intermediary
	  	 	45	 
	 Section 6.14.
	  	 Representations and Warranties of the Indenture Trustee
	  	 	46	 
	 Section 6.15.
	  	 Preferential Collection Claims Against Issuer
	  	 	46	 
	 Section 6.16.
	  	 Encryption
	  	 	46	 
	
	ARTICLE SEVEN	  

	
	NOTEHOLDER COMMUNICATIONS AND REPORTS	  

			
	 Section 7.01.
	  	 Noteholder List
	  	 	47	 
	 Section 7.02.
	  	 Noteholder List Retention; TIA Communication
	  	 	47	 
	 Section 7.03.
	  	 Noteholder Communications with Indenture Trustee
	  	 	47	 
	 Section 7.04.
	  	 Communications Among Noteholders
	  	 	48	 
	 Section 7.05.
	  	 Noteholder Demand for Asset Representations Review
	  	 	48	 
	 Section 7.06.
	  	 Reports by Indenture Trustee
	  	 	49	 
	 Section 7.07.
	  	 Reports by Issuer
	  	 	50	 
	
	ARTICLE EIGHT	  

	
	ACCOUNTS, DISBURSEMENTS AND RELEASES	  

			
	 Section 8.01.
	  	 Collection of Money
	  	 	51	 
	 Section 8.02.
	  	 Trust Accounts
	  	 	51	 
	 Section 8.03.
	  	 General Provisions Regarding Trust Accounts
	  	 	52	 
	 Section 8.04.
	  	 Release of Collateral
	  	 	52	 
	 Section 8.05.
	  	 Opinion of Counsel and Officer’s Certificate
	  	 	52	 

  
 iii 

							
		  		  	 	Page	 
	
	ARTICLE NINE	  

	
	SUPPLEMENTAL INDENTURES	  

			
	 Section 9.01.
	  	 Supplemental Indentures With Consent of the Noteholders
	  	 	54	 
	 Section 9.02.
	  	 Supplemental Indentures Without Consent of Noteholders
	  	 	55	 
	 Section 9.03.
	  	 Execution of Supplemental Indentures
	  	 	57	 
	 Section 9.04.
	  	 Effect of Supplemental Indentures
	  	 	57	 
	 Section 9.05.
	  	 Reference in Notes to Supplemental Indentures
	  	 	57	 
	 Section 9.06.
	  	 Conformity with Trust Indenture Act
	  	 	57	 
	
	ARTICLE TEN	  

	
	REDEMPTION OF NOTES	  

			
	 Section 10.01.
	  	 Redemption
	  	 	58	 
	 Section 10.02.
	  	 Form of Redemption Notice
	  	 	58	 
	 Section 10.03.
	  	 Notes Payable on Redemption Date
	  	 	59	 
	
	ARTICLE ELEVEN	  

	
	MISCELLANEOUS	  

			
	 Section 11.01.
	  	 Compliance Certificates and Opinions, Etc.
	  	 	60	 
	 Section 11.02.
	  	 Form of Documents Delivered to Indenture Trustee
	  	 	61	 
	 Section 11.03.
	  	 Acts of Noteholders
	  	 	62	 
	 Section 11.04.
	  	 Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies
	  	 	63	 
	 Section 11.05.
	  	 Notices to Noteholders; Waiver
	  	 	63	 
	 Section 11.06.
	  	 Alternate Payment and Notice Provisions
	  	 	64	 
	 Section 11.07.
	  	 Conflict with Trust Indenture Act
	  	 	64	 
	 Section 11.08.
	  	 Effect of Headings and Table of Contents
	  	 	64	 
	 Section 11.09.
	  	 Successors and Assigns
	  	 	64	 
	 Section 11.10.
	  	 Severability
	  	 	64	 
	 Section 11.11.
	  	 Benefits of Indenture
	  	 	64	 
	 Section 11.12.
	  	 Legal Holidays
	  	 	65	 
	 Section 11.13.
	  	 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	  	 	65	 
	 Section 11.14.
	  	 Counterparts
	  	 	65	 
	 Section 11.15.
	  	 Recording of Indenture
	  	 	65	 
	 Section 11.16.
	  	 Trust Obligation
	  	 	66	 
	 Section 11.17.
	  	 Non-Petition
	  	 	66	 
	 Section 11.18.
	  	 Limitation of Liability
	  	 	66	 
	 Section 11.19.
	  	 PATRIOT Act
	  	 	67	 
	 Section 11.20.
	  	 No Waiver; Cumulative Remedies
	  	 	67	 

  
 iv 

							
		  		  	 	Page	 
			
	 Section 11.21.
	  	 Conflicts with Trust Indenture Act
	  	 	67	 
	 Section 11.22.
	  	 No Recourse
	  	 	67	 
	
	ARTICLE TWELVE	  

	
	COMPLIANCE WITH THE FDIC RULE	  

			
	 Section 12.01.
	  	 Purpose
	  	 	68	 
	 Section 12.02.
	  	 Requirements of FDIC Rule
	  	 	68	 
	 Section 12.03.
	  	 Performance
	  	 	70	 
	 Section 12.04.
	  	 Effect of Section 941 Rules
	  	 	70	 
	 Section 12.05.
	  	 Actions Upon Repudiation
	  	 	71	 
	 Section 12.06.
	  	 Notice
	  	 	73	 
	 Section 12.07.
	  	 Reservation of Rights
	  	 	73	 

  

									
	EXHIBITS	  

				
	 Exhibit A
	    	–  	  	Form of Notes	  	 	A-1	 
	 Exhibit B
	    	–  	  	Form of Repurchase Request Notice	  	 	B-1	 

  

  
 v 

 This INDENTURE, dated as of [●] 1, 20[    ] (as amended,
restated, supplemented or otherwise modified from time to time, this “Indenture”), is between CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 20[    ]-[    ], a Delaware statutory trust (the
“Issuer”), and [●], a national banking association, not in its individual capacity but solely as trustee (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer’s
[●]% Class A-1 Asset Backed Notes (the “Class A-1 Notes”), [●]% Class A-2 Asset Backed Notes
(the “Class A-2 Notes”), [●]% Class A-3 Asset Backed Notes (the “Class A-3 Notes”),
[●]% Class A-4 Asset Backed Notes (the “Class A-4 Notes”), [●]% Class B Asset Backed Notes (the “Class B Notes”),
[●]% Class C Asset Backed Notes (the “Class C Notes”) and [●]% Class D Asset Backed Notes (the “Class D Notes” and, together with the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, the Class B Notes and the Class C Notes, the
“Notes”): 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee on the Closing Date, for the benefit of the Noteholders, without recourse, all of the
Issuer’s right, title and interest in, to and under all accounts, payment intangibles and other general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, letters of credit, advices of
credit and Investment Property and all other tangible and intangible property (together with all related supporting obligations and proceeds), whether now owned or hereafter acquired and whether now existing or hereafter coming into existence,
including: (i) the Depositor Conveyed Assets; (ii) the Trust Accounts, the Certificate Distribution Account (as defined in the Trust Agreement) and any other accounts established pursuant to this Indenture, the Trust Agreement or the Sale
and Servicing Agreement, and all funds, cash, investment property and other property from time to time credited thereto and all proceeds thereof (including all Net Investment Earnings thereon); (iii) all Securities Accounts and all security
entitlements with respect to Financial Assets credited to any Securities Account; (iv) all rights under the Sale and Servicing Agreement; (v) all enforcement and other rights under the UCC and other Applicable Law in respect of any or all
of the foregoing; (vi) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing; and (vii) the proceeds of or with respect to any and all of the foregoing (collectively, the
“Collateral”). It is understood and agreed that the foregoing Grant is intended to cover property owned by the Issuer at the Closing Date. 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and the other Basic Documents and to secure compliance with the provisions of this Indenture for the benefit of the Noteholders,
all as provided in this Indenture. 
 The Indenture Trustee, on behalf of the Noteholders, acknowledges such Grant, accepts the trusts under
this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties as required in this Indenture to the best of its ability to the end that the interests of the Holders of the Notes may be adequately and effectively
protected. The Issuer hereby 

 
authorizes the filing of a financing statement against the Issuer describing the Collateral as constituting all assets of the Issuer as debtor, including its present and future right, title and
interest in, to and under (but not, except to the extent required by Applicable Law, any obligations with respect to) whether now owned or existing or hereafter arising or acquired and wheresoever located. 

This Indenture shall be deemed to be and hereby is a security agreement within the meaning of the UCC as in effect in the State of New York.

 ARTICLE ONE 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01. Capitalized Terms; Rules of Usage. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of [●] 1, 20[    ], among the Issuer, the Indenture Trustee, California Republic Funding,
LLC and Mechanics Bank, which Appendix is hereby incorporated into and made a part of this Indenture. Appendix A also contains rules as to usage applicable to this Indenture. 

Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, that
provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

(a)    “indenture securities” means the Notes. 

(b)    “indenture security holder” means a Noteholder. 

(c)    “indenture to be qualified” means this Indenture. 

(d)    “indenture trustee” or “institutional trustee” means the Indenture Trustee.

 (e)    “obligor” on the indenture securities means the Issuer and any other obligor on the
indenture securities. 
 All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute
or defined by Commission rule have the meaning assigned to them by such definitions. 

  
 2 

 ARTICLE TWO 

THE NOTES 
 Section 2.01.
Form; Denomination. 
 (a)    The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes,
in each case together with the Indenture Trustee’s certificate of authentication, shall be issued in definitive form in substantially the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Authorized Officer of
the Issuer executing such Notes, as evidenced by his or her execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note. The terms of the Notes
as set forth in Exhibit A are part of the terms of this Indenture. Except as provided in Section 2.12, owners of beneficial interests in Book-Entry Notes will not be entitled to receive physical delivery of Notes. 

(b)    The Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods
(with or without steel engraved borders), all as determined by the Authorized Officers executing such Notes, as evidenced by their execution of the Notes. 

Section 2.02. Execution, Authentication and Delivery. 

(a)    The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such
Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices on the date of such Notes. 

(b)    The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver for original issue the
following aggregate principal amounts of Notes: (i) $[●] of Class A-1 Notes, (ii) $[●] of Class A-2 Notes, (iii) $[●] of Class A-3 Notes, (iv) $[●] of Class A-4 Notes, (v) $[●] of Class B Notes, (vi) $[●] of Class C Notes and (vii) $[●] of Class D
Notes. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes, as the case may be, outstanding at any time may not exceed the respective amounts set forth above with respect to such
Classes of Notes, except as otherwise provided in Section 2.05. [NOTE: The number of classes and interest accrual terms are for illustrative purposes only. In a particular transaction, there may be more or fewer classes of senior and
subordinate notes offered and one or more classes may be retained or offered privately.] 
 (c)     Each Note shall
be dated the date of its authentication. The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and in integral multiples of 

  
 3 

 
$1,000 in excess thereof (except that on the Closing Date one Note of each Class may be issued in a denomination other than an integral multiple of $1,000). 

(d)    No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless
there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 Section 2.03.
Temporary Notes. 
 (a)    Pending the preparation of Definitive Notes pursuant to Section 2.12, the Issuer
may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of
which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b)    If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay.
After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the Agency Office, without charge to the surrendering Noteholder. Upon surrender for cancellation of
any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like tenor and principal amount of Definitive Notes of the same Class or Classes and authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 2.04. Registration; Registration of Transfer and Exchange. 

(a)    The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable
regulations as the Issuer may prescribe, the Issuer shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The Indenture Trustee shall initially be the registrar (the “Note Registrar”)
for the purpose of registering the Notes and transfers and exchanges of the Notes as herein provided. Upon any resignation of the Note Registrar, the Issuer shall promptly appoint a successor Note Registrar or, if it elects not to make such an
appointment, assume the duties of the Note Registrar. 
 (b)    If a Person other than the Indenture Trustee is
appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register. The Indenture Trustee
shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer thereof as to the names and addresses of the
Noteholders and the principal amounts and number of such Notes. 

  
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 (c)    Upon surrender for registration of transfer of any Note at the
Corporate Trust Office of the Indenture Trustee or the Agency Office, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, and the Indenture
Trustee shall authenticate and deliver to the Noteholder making such surrender and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any
authorized denomination and a like aggregate principal amount. 
 (d)    At the option of a Noteholder, Notes may be
exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency Office, if
the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, the Notes that the Noteholder making such exchange is entitled to receive. 
 Every Note presented or surrendered for registration
of transfer or exchange shall (if so required by the Issuer or the Indenture Trustee) be duly endorsed by, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Indenture Trustee, duly executed by the Holder
thereof or its attorney-in-fact duly authorized in writing. 

All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 No
service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer or Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith, other than exchanges pursuant to Section 2.03(b) or Section 9.05 not involving any transfer. 

(e)    The preceding provisions of this Section notwithstanding, the Issuer shall not be required to transfer or make
exchanges, and the Note Registrar need not register transfers or exchanges, of Notes (i) that are due for repayment within 15 days of submission to the Corporate Trust Office or the Agency Office or (ii) selected for redemption. 

(f)    Each Person to whom a Note is transferred will be required to represent, in the case of a Definitive Note, or
deemed to represent, in the case of a Book-Entry Note, that either (i) it is not, and it is not investing on behalf of or with plan assets of a Plan or (D) a governmental, non-U.S. or church plan
which is subject to any Similar Law or (ii) the acquisition, holding and disposition of the Note will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of any Similar Law. 
 (g)    The Indenture Trustee shall not be
responsible for ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the requirements or terms of the Securities Act, applicable State securities laws, ERISA or the Code; except that if a
certificate and other documentation or evidence are specifically required by the 

  
 5 

 
terms of this Section to be provided to the Indenture Trustee by a prospective transferor or transferee, the Indenture Trustee shall be under a duty to receive and examine the same to determine
whether it conforms substantially on its face as to the applicable requirements of this Section. 
 (h)    Any Notes
retained (i.e., held on the Closing Date) by (i) the Issuer or (ii) the single beneficial owner of the Issuer for United States federal income tax purposes may not be transferred to another Person (other than a Person that is
considered the same Person as the Issuer or its single beneficial owner, as the case may be, for United States federal income tax purposes) unless the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the Indenture
Trustee at such time stating that (A) such Notes will be treated as debt for United States federal income tax purposes and (B) the sale of such Notes will not cause the Issuer to be taxable as an association or publicly traded partnership
taxable as a corporation. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered
form may be required by the Administrator as a condition to such transfer. 
 (i)    Any purported transfer of a Note
not in accordance with this Section shall be null and void and shall not be given effect for any purpose whatsoever. 
 Section 2.05.
Mutilated, Destroyed, Lost or Stolen Notes. 
 (a)    If (i) any mutilated Note is surrendered to the
Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, (ii) there is delivered to the Issuer and the Indenture Trustee such security or indemnity as may be reasonably
required to hold them harmless and (iii) the requirements of Section 8-405 of the UCC are met, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note
has been acquired by a Protected Purchaser, the Issuer shall execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement Note of like tenor and principal amount; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within 15 days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note, a Protected Purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement
Note (or such payment) from the Person to whom such replacement Note was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser,
and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

(b)    Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of
such Note of a sum sufficient to cover any tax or other 

  
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governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 

(c)    Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or
stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or wrongfully taken Note shall be at any time enforceable by anyone, and shall be entitled to all of the benefits
of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 (d)    The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.06. Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture
Trustee, the Note Registrar and any agent of the Issuer, the Indenture Trustee or the Note Registrar may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving
payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar or any agent of the Issuer, the Note Registrar
or the Indenture Trustee shall be affected by notice to the contrary. 
 Section 2.07. Payment of Principal and Interest. 

(a)    The Notes shall accrue interest during each Interest Period at the applicable Interest Rate, calculated in
accordance with the terms of the Notes, and shall be payable from amounts deposited in the Collection Account in accordance with Section 5.04(a) of the Sale and Servicing Agreement or Section 5.04(b) hereof. Interest accrued on the Notes
during an Interest Period shall be due and payable on the related Payment Date. 
 (b)    The principal of the Notes
will be due and payable in accordance with Section 5.04(b) of the Sale and Servicing Agreement or Section 5.04(b) hereof. The principal of the Notes shall also be due and payable as follows: (i) on the Redemption Date, in an amount
equal to the outstanding Note Balance, (ii) on the date of acceleration of the maturity of the Notes pursuant to Section 5.02 in the amount of the outstanding Note Balance and (iii) on the related Final Scheduled Payment Date for any
Class of Notes to the extent that the Note Balance of such Class of Notes has not been reduced to zero prior to such date, in an amount equal to the Note Balance of such Class of Notes. 

(c)    Any installment of interest or principal payable with respect to a Note that is punctually paid or duly provided
for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note is registered on the related Record Date, by wire transfer of immediately available funds to the account of any such Noteholder at a bank or other
entity having appropriate facilities therefor, if such Noteholder shall have provided the Indenture Trustee with wiring instructions no less than two Business Days prior to the related Record Date (which wiring instructions may be in the form of a
standing order applicable to all subsequent Payment Dates), or otherwise by check mailed to the address of such Noteholder as it appears in 

  
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the Note Register; provided, however, that with respect to Book-Entry Notes registered on the applicable Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to
be Cede & Co.) for which Definitive Notes have not been issued pursuant to Section 2.12, payment shall be made by wire transfer in immediately available funds to Cede & Co., for further credit to the account designated by such
Holder. The final distribution on each Note will be made in like manner, but only upon presentation and surrender of such Note at the Corporate Trust Office of the Indenture Trustee or such other location specified in the notice to Noteholders of
such final distribution. With respect to Book-Entry Notes for which Definitive Notes have not been issued, such notice shall be sent on the Business Day prior to such Payment Date by facsimile, and with respect to Definitive Notes, such notice shall
be sent not later than three Business Days after such Record Date in accordance with Section 11.05, and, in each case, shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall
specify the place where such Note may be presented and surrendered for payment of such installment. The Indenture Trustee shall not be liable for any failure to provide notice to the Noteholders as required pursuant to this subsection to the extent
it has not received notice of such expected Final Scheduled Payment Date from the Issuer not later than two Business Days after the Record Date. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in
Section 10.02. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. The final interest payment on each Class of Notes is due on the date on which the Note Balance of that
Class of Notes is reduced to zero (including any Redemption Date and the applicable Final Scheduled Payment Date). 

Section 2.08. Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if
surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder that the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange
for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect
at the time. 
 Section 2.09. Tax Treatment; Withholding. 

(a)    The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for United
States federal, State and local income, single business and franchise tax purposes, if held by Persons other than the beneficial owner of 100% of the equity of the Issuer or by an Affiliate of such beneficial owner for such purposes, the Notes will
qualify as indebtedness secured by the Collateral, and, unless otherwise required by Applicable Law, each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note) agrees that,
by acquiring any Note or interest therein, that it will not take a position contrary to such treatment. The Issuer, by entering into this Indenture, agrees solely for United States federal, State and local income, single business and franchise tax
purposes, (i) to treat the Notes as indebtedness secured by the Collateral and (ii) not to treat the Issuer as an association (or publicly-traded partnership) taxable as a corporation, in each case

  
 8 

 
unless such treatment has been determined to be contrary to Applicable Law by a decision, judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree
or other order is final and binding after all appeals allowed by Applicable Law. 
 (b)    In the event that any
withholding tax is imposed on payments to a Noteholder (or Note Owner), such tax shall reduce the amount otherwise distributable to such Noteholder (or Note Owner) in accordance with this Section. The Indenture Trustee or the Paying Agent is hereby
authorized and directed to retain from amounts otherwise distributable to the Noteholders and Note Owners sufficient funds for the payment of any tax, including FATCA Withholding Tax, that is legally owed with respect to such payment (but such
authorization shall not prevent the Indenture Trustee or the Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by Applicable Law, pending the outcome of such proceedings; provided,
however, the Indenture Trustee or the Paying Agent shall not be required to contest any such tax). The amount of any withholding tax imposed with respect to a Noteholder or Note Owner shall be treated as cash distributed to such Noteholder or Note
Owner at the time it is withheld by the Indenture Trustee or the Paying Agent and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a payment (such as a payment to a non
U.S. Noteholder), the Indenture Trustee or the Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph with no liability therefor. 

(c)    Prior to the receipt of any interest payment, any Noteholder, Note Owner or any respective transferee that is a
United States person (as defined in Section 7701(a)(30) of the Code) shall (i) provide the Indenture Trustee and the Paying Agent with IRS Form W-9 (or successor form) or (ii) establish to
the satisfaction of the Indenture Trustee and the Paying Agent that it is exempt from backup withholding. Each Noteholder, Note Owner or any respective transferee agrees by acceptance of a Note (or a beneficial interest in a Note) that, upon request
of the Issuer, the Indenture Trustee or the Paying Agent, such Noteholder, Note Owner or transferee will provide the Issuer, the Indenture Trustee or the Paying Agent with a supplemental IRS Form W-9 (or
successor form) to the extent legally able to do so and that each Noteholder, Note Owner or transferee shall notify the Indenture Trustee or the Paying Agent should subsequent circumstances render such forms or exemptions incorrect or invalid. The
Indenture Trustee and the Paying Agent shall be fully protected in relying upon, and each Noteholder, Note Owner or transferee by its acceptance of a Note (or a beneficial interest in a Note) hereunder agrees to indemnify and hold the Indenture
Trustee and the Paying Agent harmless against all claims or liability of any kind arising in connection with or related to reliance by the Indenture Trustee and the Paying Agent upon, any documents, forms or information provided by any Noteholder,
Note Owner or transferee to the Issuer, the Indenture Trustee or the Paying Agent pursuant to this Section. 

(d)    Prior to the receipt of any interest payment, any Noteholder or Note Owner, and upon transfer, any transferee that
is not a United States person (as defined in Section 7701(a)(30) of the Code) shall provide the Indenture Trustee and the Paying Agent with an applicable IRS Form W-8 (or successor forms). Each
Noteholder, Note Owner or transferee agrees by acceptance of a Note (or a beneficial interest in a Note) that, upon request of the Issuer, the Indenture Trustee or the Paying Agent, such Noteholder, Note Owner or transferee will provide the Issuer,
the Indenture Trustee or the Paying Agent with a supplemental applicable IRS 

  
 9 

 
Form W-8 (or successor forms) to the extent legally able to do so and that each Noteholder, Note Owner or transferee shall notify the Indenture
Trustee or the Paying Agent should subsequent circumstances render such forms incorrect or invalid. The Indenture Trustee and the Paying Agent shall be fully protected in relying upon, and each Noteholder, Note Owner or transferee, by its acceptance
of a Note (or an interest in a Note) hereunder agrees to indemnify and hold the Indenture Trustee and the Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the reliance by the Indenture
Trustee and the Paying Agent upon, any documents, forms or information provided by any Noteholder, Note Owner or transferee to the Issuer, the Indenture Trustee or the Paying Agent pursuant to this Section. 

(e)    Each holder of a Note or an interest therein, by acceptance of such Note or such interest in such Note, will be
deemed to have agreed to provide the Issuer and the Indenture Trustee with the Tax Information. In addition, each holder of a Note or an interest therein will be deemed to understand that the Indenture Trustee and any other agent of the Issuer may
withhold interest and principal payable with respect to a Note (without any corresponding gross-up) on any Noteholder or beneficial owner of an interest in a Note that fails to comply with the foregoing
requirements. 
 (f)    In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations
promulgated by competent authorities) related to the Basic Documents in effect from time to time that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Issuer agrees (i) to
provide to the Indenture Trustee and its Affiliates sufficient information about the parties and/or transactions (including any modification to the terms of such transactions) so the Indenture Trustee can determine whether it has tax related
obligations under Applicable FATCA Law, (ii) that the Indenture Trustee and its Affiliates shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable FATCA Law for which the Indenture
Trustee and its Affiliates shall not have any liability, and (iii) to hold harmless the Indenture Trustee and its Affiliates for any losses it may suffer due to the actions it takes to comply with the Applicable FATCA Law. The terms of this
Section shall survive the termination of this Indenture. 
 Section 2.10. Book-Entry Notes. Except as provided in
Section 2.12, the Notes, upon original issuance, shall be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, which shall be deposited on behalf of the purchasers of the Notes represented by such Book-Entry Note
with the Indenture Trustee, as custodian for DTC, the initial Clearing Agency. The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner
will receive a Definitive Note representing such Note Owner’s interest in such Book-Entry Notes, except as provided in Section 2.12. Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.12: 

(a)    the provisions of this Section shall be in full force and effect; 

(b)    the Note Registrar, the Paying Agent and the Indenture Trustee shall be entitled to deal with the
Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or 

  
 10 

 
directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 

(c)    to the extent that the provisions of this Section conflict with any other provisions of this
Indenture, the provisions of this Section shall control; 
 (d)    the rights of the Note Owners
shall be exercised only through the Clearing Agency and shall be limited to those established by Applicable Law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants and, pursuant to the Note Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the
Notes to Clearing Agency Participants; and 
 (e)    whenever this Indenture requires or permits actions
to be taken based upon instructions or directions of the Holders of Notes (or the Holders of any Class, including the Controlling Class) evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such
percentage only to the extent that it has (i) received written instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the
Notes or such Class of Notes and (ii) delivered such instructions to the Indenture Trustee. 
 Section 2.11. Notices to
Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to the related Note Owners pursuant to Section 2.12, the Indenture
Trustee shall give all such notices and communications specified herein to be given to the related Noteholders to the Clearing Agency and shall have no obligation to such Note Owners. 

Section 2.12. Definitive Notes. Definitive Notes will be issued only if: 

(i)      (a) the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Book-Entry Notes and (b) the Indenture Trustee is not able to locate a qualified successor; or 

(ii)      after the occurrence of an Event of Default, owners of Book-Entry Notes representing
beneficial interests aggregating not less 51% of the Note Balance of a Class of Notes advise the Indenture Trustee and the Clearing Agency Participant through the Clearing Agency in writing that the continuation of a book-entry system through
the Clearing Agency is no longer in the best interests of such Note Owners. 
 In each case, the Indenture Trustee shall then notify Note
Owners of the related Class of Notes through the Clearing Agency of the occurrence of any such event and of the availability of Definitive Notes of the related Class of Notes to Note Owners requesting the same. 

Upon surrender to the Indenture Trustee of the Notes or Notes representing such Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the related Definitive Notes in accordance 

  
 11 

 
with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively
rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of such Definitive Notes as Noteholders. 

If Definitive Notes are issued and the Indenture Trustee is not the Note Registrar, the Issuer shall furnish or cause to be furnished to the
Indenture Trustee a list of the names and addresses of the Noteholders (i) as of each Record Date, within five days thereafter and (ii) within 30 days after receipt by the Issuer of a request therefor. 

Section 2.13. Depositor as Noteholder. The Depositor, in its individual or any other capacity, may become the owner or pledgee of
Notes and, except as otherwise provided herein, may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not the Depositor. 

Section 2.14. Authenticating Agents. Upon the request of the Issuer, the Indenture Trustee may appoint one or more Authenticating
Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.02, 2.03, 2.05 and 2.06, as fully to all intents and purposes as though
each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the
authentication of Notes “by the Indenture Trustee”. 
 Any entity into which any Authenticating Agent may be merged or converted
or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of
any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any document or any further act on the part of the parties hereto or such Authenticating Agent or such successor entity. 

  
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 ARTICLE THREE 

COVENANTS 
 Section 3.01.
Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes, and all other amounts owing hereunder or in respect of the Notes, in accordance with the terms of the Notes, this
Indenture and the Sale and Servicing Agreement. Without limiting the foregoing, subject to Section 8.02(c), on each Payment Date, the Issuer shall cause all amounts deposited pursuant to the Sale and Servicing Agreement for the benefit of the
Notes to be paid to the Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of
this Indenture. 
 Section 3.02. Maintenance of Office or Agency. So long as any of the Notes remain Outstanding, the Issuer
will maintain in [●] an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby
initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. Such office will initially be located at the Corporate Trust Office. The Issuer will give prompt written notice to the Indenture Trustee of the location, and
of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may
be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

Section 3.03. Money for Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Notes that are
to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from any Trust Account for payments of Notes shall be paid over to the Issuer
except as provided in this Section. 
 On or before the Business Day preceding each Payment Date or the Redemption Date, the Issuer shall
deposit or cause to be deposited in the Collection Account and the Principal Distribution Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled
thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee, in writing, of its action or failure so to act. 

The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in
which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 

(i)      hold all sums held by it for the payment of amounts due with respect to the Notes in
trust for the benefit of the Persons entitled thereto until such sums shall be 

  
 13 

 
paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii)      give the Indenture Trustee written notice of any default by the Issuer (or any other
obligor on the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

(iii)      at any time during the continuance of any such default, upon the written request of
the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv)      immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all
sums held by it in trust for the payment of the Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(v)      comply with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

The Issuer may, at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Subject to Applicable Laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid upon Issuer Request to the Issuer; and the Holder of such Note
shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust
money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and written direction of the Issuer cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and written direction of the Issuer, any other
reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

  
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 Section 3.04. Existence. The Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer
will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes and the Collateral until such time as the Issuer shall terminate in accordance with the terms hereof. 

Section 3.05. Protection of Collateral; Manner of Perfection. 

(a)    The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on
behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first Lien on and
a first priority, perfected security interest in the Collateral. 
 (b)    The Issuer will from time to time authorize,
execute and deliver all such supplements and amendments hereto and all such UCC financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 

(i)      Grant more effectively any portion of the Collateral 

(ii)      maintain or preserve the Lien and security interest (and the first priority thereof)
of this Indenture or carry out more effectively the purposes hereof; 
 (iii)      perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

(iv)      enforce the Indenture Trustee’s rights in any of the Collateral; 

(v)      preserve and defend title to the Collateral and the rights of the Indenture Trustee and
the Noteholders in such Collateral against the claims of all Persons; or 
 (vi)      pay or
cause to be paid all taxes or assessments levied or assessed upon the Collateral when due. 
 (c)    The Issuer hereby
designates the Indenture Trustee, its agent and attorney-in-fact to execute any UCC financing statement, continuation statement or other instrument required to be
executed pursuant to this Section. 
 (d)    The Issuer hereby represents and warrants that, as to the Collateral
pledged to the Indenture Trustee for the benefit of the Noteholders, on the Closing Date: 

(i)      the Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Collateral that is in existence in favor of the 

  
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Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer; 

(ii)      the Issuer has taken all steps necessary to perfect its security interest against the
Obligor in the Financed Vehicle; 
 (iii)      the Receivables constitute “tangible
chattel paper” or “electronic chattel paper” under the applicable UCC; as of the Cutoff Date, no more than [10%] of the Pool Balance is represented by Receivables constituting “electronic chattel paper” and at least [90%] of
the Pool Balance is represented by Receivables constituting “tangible chattel paper”; 

(iv)      the Issuer owns and has good and marketable title to such Collateral free and clear of
any liens, claims or encumbrances of any Person, other than the interest Granted under this Indenture; 

(v)      the Issuer has received a written acknowledgment from the Servicer that the Servicer is
holding the loan agreements and installment sale contracts that constitute or evidence the Receivables solely on behalf and for the benefit of the Issuer; 

(vi)      other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables; the Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that
include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated; the Issuer is not aware of any judgment or tax
lien filings against the Issuer; 
 (vii)      none of the installment sale contracts that
constitute or evidence the Receivables has any marks or notations indicating that it has been pledged, assigned, or otherwise conveyed by the Issuer to any Person other than the Indenture Trustee; 

(viii)      the Trust Accounts are not in the name of any Person other than the Indenture
Trustee and the Issuer has not consented to the bank maintaining the Trust Accounts to comply with the instructions of any Person other than the Indenture Trustee; 

(ix)      the Issuer has caused or will have caused, within ten days after the Closing Date, the
filing of all appropriate financing statements in the proper filing office in the appropriate jurisdiction under Applicable Law in order to perfect the security interest Granted hereunder in the Receivables; 

(x)      other than its Granting hereunder, the Issuer has not Granted such Collateral, the
Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of such Collateral other than the financing statement in favor of the Indenture Trustee, and the Issuer is not aware
of any judgment or tax lien filing against it; and 

  
 16 

 (xi)    the information relating to such Collateral set
forth in the Schedule of Receivables is correct. 
 The representations and warranties set forth in this Section may not be waived. The representations and
warranties set forth in this Section will survive the termination of this Section until the Indenture has been discharged. 

(e)    All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in connection
with this Indenture describing the Collateral shall contain a statement to the following effect: “A purchase of, or a security interest in, any of the collateral covered by this financing statement will violate the rights of the secured
party.” 
 Section 3.06. Opinions as to Collateral. 

(a)    On the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in
the opinion of such counsel, either (i) all UCC financing statements and continuation statements have been executed and filed that are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the
details of such filings or (ii) no such action shall be necessary to make such lien and security interest effective. 

(b)    On or before June 30th of each year, beginning in 20[__], the Issuer shall furnish to the Indenture
Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents and with respect to the authorization and filing of any UCC financing statements and continuation statements as is necessary to maintain the lien and security interest created by this
Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any UCC financing statements and continuation statements that will,
in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until June 30th of the following calendar year. 

Section 3.07. Performance of Obligations; Servicing of Receivables. 

(a)    The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others
that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Basic Documents or such other instrument or agreement. 

(b)    The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer, provided that any delegation shall not release the Issuer from its
obligations hereunder and under 

  
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the Notes. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 

(c)    The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture,
the other Basic Documents and in the instruments and agreements included in the Collateral, and shall enforce its rights hereunder and thereunder and the obligations of the other parties thereto, including filing or causing to be filed all UCC
financing statements and continuation statements required to be filed by the terms of this Indenture and the other Basic Documents in accordance with and within the time periods provided for herein and therein. 

(d)    Upon any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the
Issuer shall promptly notify the Indenture Trustee and the Noteholders. As soon as a Successor Servicer is appointed, the Issuer shall notify the Indenture Trustee and the Noteholders in writing of such appointment, specifying in such notice the
name and address of such Successor Servicer. 
 (e)    The Issuer shall not waive timely performance or observance by
the Depositor, the Servicer or the Seller of their respective duties or obligations under the Basic Documents if such waiver would reasonably be expected to materially adversely affect the interests of the Noteholders. 

Section 3.08. Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 

(a)    engage in any business or activities other than those permitted by Section 2.03 of the Trust
Agreement and financing, acquiring, owning, pledging and managing the Receivables and the other Collateral as contemplated by the Basic Documents and activities incidental to such activities; 

(b)    except as expressly permitted by the Basic Documents, sell, transfer, exchange or otherwise dispose
of any of the properties or assets of the Issuer, including those included in the Collateral, unless directed to do so in writing by the Indenture Trustee; 

(c)    claim any credit on, or make any deduction from the principal or interest payable in respect of,
the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Collateral; 

(d)    dissolve or liquidate in whole or in part; 

(e)     (i) permit the validity or effectiveness of this Indenture to be impaired or permit any Person to
be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged,
(ii) permit any Lien (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any 

  
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interest therein or the proceeds thereof (other than Permitted Liens) or (iii) permit the lien of this Indenture not to constitute a valid first priority (other than Permitted Liens)
security interest in the Collateral; 
 (f)    take any action that, for United States federal, State or
local income, single business and franchise tax purposes, (i) would cause the Notes to fail to be treated as debt or (ii) would cause the Issuer to be treated as an association (or publicly-traded partnership) taxable as a corporation; or

 (g)    incur, assume or guarantee or otherwise become liable for any indebtedness other than the
indebtedness evidenced by the Notes or indebtedness otherwise permitted by the Basic Documents. 
 Section 3.09. Annual Statement as
to Compliance. The Issuer will deliver to the Depositor, the Indenture Trustee, on or before March 31 of each year, beginning in 20[__], an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that: (i) a review of the activities of the Issuer during the preceding calendar year (or, in the case of the first such report, during the period from the Closing Date to December 31, 20[__]) and of its performance under this
Indenture has been made under such Authorized Officer’s supervision and (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture
throughout the preceding year (or such shorter period specified above in the case of the first such Officer’s Certificate) in all material respects or, if there has been a default in its compliance with any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and status thereof. 
 Section 3.10. Issuer May Not
Merge or Consolidate. 
 (a)    The Issuer shall not consolidate or merge with or into any other Person, unless:

 (i)    the Person (if other than the Issuer) formed by or surviving such consolidation or merger
shall be a Person organized and existing under the laws of the United States or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Depositor and the
Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed; 

(ii)    immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; 
 (iii)    the Issuer shall have given ten days’ (or such shorter
period as shall be acceptable to each Rating Agency) prior written notice to each Rating Agency of its intent to effect such transaction; 

(iv)    the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to
the Indenture Trustee) to the effect that such transaction will 

  
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not have any material adverse United States federal income tax consequence to the Issuer or any Securityholder; 

(v)    any action that is necessary to maintain the Lien of this Indenture shall have been taken; and 

(vi)    the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an
Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article and that all conditions precedent herein relating to such transaction have been complied with. 

(b)    Other than as specifically contemplated by the Basic Documents, the Issuer shall not convey or transfer all or
substantially all of its properties or assets, including those included in the Trust Estate, to any other Person, unless: 

(i)    the Person that acquires by conveyance or transfer the properties or assets of the Issuer shall
(A) be a United States citizen or a Person organized and existing under the laws of the United States or any State, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form
satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or
observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Noteholders and (D) unless
otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes; 

(ii)    immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; 
 (iii)    the Issuer shall have given ten days’ (or such shorter
period as shall be acceptable to each Rating Agency) prior written notice to each Rating Agency of its intent to effect such transaction; 

(iv)    the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to
the Indenture Trustee) to the effect that such transaction will not have any material adverse United States federal income tax consequence to the Issuer or any Noteholder; 

(v)    any action that is necessary to maintain the Lien created by this Indenture shall have been taken;
and 
 (vi)    the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

  
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 Section 3.11. Successor or Transferee. 

(a)    Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the
Issuer herein. 
 (b)    Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), the Issuer will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture
Trustee stating that the Issuer is to be so released. 
 Section 3.12. Servicer’s Obligations. The Issuer
shall cause the Servicer to comply with the Sale and Servicing Agreement. 
 Section 3.13. Guarantees, Loans, Advances and Other
Liabilities. Except as otherwise contemplated by the Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or
performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or
agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.14. Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for
capital assets (whether consisting of realty or personalty). 
 Section 3.15. Removal of Administrator. So long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause without prior satisfaction of the Rating Agency Condition. 

Section 3.16. Restricted Payments. Except as otherwise permitted by the Issuer Basic Documents, the Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or
otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing
Agreement, this Indenture or the Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Trust Accounts except in accordance with this Indenture and the other Issuer Basic Documents. 

  
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 Section 3.17. Notice of Events of Default and Servicing Termination Events. The
Issuer shall give the Depositor, the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default, each Servicer Termination Event, each default on the part of the Seller, the Servicer or the Depositor of their respective
obligations under the Sale and Servicing Agreement and each default on the part of the Seller or the Purchaser of their respective obligations under the Receivables Purchase Agreement and shall specify in each such notice the action, if any, the
Issuer is taking with respect to such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the
Issuer shall take all reasonable steps available to it to remedy such failure. 
 Section 3.18. Further Instruments and Acts.
Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 3.19. Compliance with Laws. The Issuer shall comply with the requirements of all Applicable Laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Issuer Basic
Document. 
 Section 3.20. Amendments to Sale and Servicing Agreement. The Issuer shall not agree to any amendment to
Section 10.01 of the Sale and Servicing Agreement or Section 8.02 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee or the Noteholders consent to amendments thereto as provided therein, unless the
Indenture Trustee or the Noteholders, as the case may be, consent to such amendment eliminating such requirement. 
 Section 3.21.
Recordkeeping. The Issuer will (i) timely prepare and maintain the documentation and other written information evidencing the material rights and obligations of the Issuer and the Noteholders relating to the Notes, and any associated
rights and obligations of other parties and (ii) maintain such documentation and other written information for at least all taxable years that the Notes are Outstanding and until the period of limitations expires for any tax return with respect
to which the treatment of the Notes is relevant, in order to support its position under Treasury Regulation Section 1.385-2 (or an applicable successor provision) for treatment of the Notes as
indebtedness for United States federal income tax purposes. 

  
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 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

Section 4.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the
Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon and all
other amounts with respect thereto, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.11, 3.13, 3.14, 3.15, 3.16 and 3.17, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture
Trustee under Section 6.07) and the obligations of the Indenture Trustee under Section 4.02 and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all
or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(a)    either: (A) all Notes theretofore authenticated and delivered (other than Notes (1) that
have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and (2) for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid
to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have
become due and payable, (2) will become due and payable on the [Class D] Final Scheduled Distribution Date within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for
the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee, cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the related Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01),
as the case may be; 
 (b)    the Issuer has paid or caused to be paid all other sums payable by the
Issuer hereunder and under the other Issuer Basic Documents; and 
 (c)    the Issuer has delivered to
the Depositor and the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and, if required by the TIA or Section 11.01, an Independent Certificate, each meeting the applicable requirements of Section 11.01(a) and,
subject to Section 11.02, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

Section 4.02. Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to this Article shall be
held in trust and applied by it, in accordance with the 

  
 23 

 
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the Notes for the payment or
redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or in
the Sale and Servicing Agreement or required by Applicable Law. 
 Section 4.03. Repayment of Monies Held by Paying Agent. In
connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon
written demand of the Issuer or the Indenture Trustee, be paid to the Indenture Trustee to be held and applied according to Section 3.03; and thereupon, such Paying Agent shall be released from all further liability with respect to such monies.

 Section 4.04. Repayment of Monies Held by Paying Agent. Subject to Section 11.01 and the terms of the other Basic
Documents, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, if required by Section 11.01, Independent
Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall
issue an exemptive order under TIA Section 304(d) modifying the Indenture Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the Lien of this Indenture in accordance with
the conditions and procedures set forth in such exemptive order. 
 Section 4.05. Satisfaction, Discharge and Defeasance of the
Notes. 
 (a)    Upon satisfaction of the conditions set forth in Section 4.05(b), the Issuer shall be deemed
to have paid and discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute
proper instruments acknowledging the same), except as to: 
 (i)      the rights of the
Noteholders to receive, from the trust funds described in Section 4.05(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest; 

(ii)      the obligations of the Issuer with respect to the Notes under Sections 2.04,
2.05, 3.02 and 3.03; 
 (iii)      the obligations of the Issuer and Servicer to the Indenture
Trustee under Section 6.07; and 
 (iv)      the rights, powers, trusts, protections,
indemnities and immunities of the Indenture Trustee hereunder and the duties of the Indenture Trustee hereunder. 

(b)    The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.05(a) is subject to the
satisfaction of all of the following conditions: 

  
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 (i)      the Issuer has deposited or caused to
be deposited irrevocably (except as provided in Section 4.04) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Noteholders, which, through the payment of
interest and principal in respect thereof in accordance with their terms will provide, not later than one day prior to the due date of any payment referred to below, money in an amount sufficient, in the opinion of a nationally recognized firm of
Independent Accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes Outstanding, for principal thereof and interest thereon to the date of such deposit
(in the case of Notes that have become due and payable) or to the maturity of such principal and interest, as the case may be; 

(ii)      such deposit will not result in a breach or violation of, or constitute an event of
default under, any Issuer Basic Document to or other agreement or instrument to which the Issuer is bound; 

(iii)      no Event of Default has occurred and is continuing on the date of such deposit or on
the 91st day after such date; and 
 (iv)      the Issuer has delivered to the Depositor
and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the defeasance contemplated by this Section have been complied with. 

  
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 ARTICLE FIVE 

EVENTS OF DEFAULT; REMEDIES 

Section 5.01. Events of Default. “Event of Default”, wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any Governmental
Authority): 
 (a)    default in the payment of any interest on any Note of the Controlling
Class when the same becomes due and payable, and such default shall continue for a period of five days; 

(b)    default in the payment of the principal of any Note on its Final Scheduled Payment Date or the
Redemption Date; 
 (c)    any failure by the Issuer to duly observe or perform any of its covenants or
agreements or a breach of any of its representations and warranties in this Indenture (other than as specified above in clauses (a) and (b) above), which failure has a Material Adverse Effect on the Noteholders and which continues
unremedied for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee, by the Holders of Notes
evidencing not less than 25% of the Note Balance of the Controlling Class of Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(d)    the occurrence of an Insolvency Event with respect to the Issuer. 

The Issuer shall promptly (but in any event not later than five Business Days) deliver to the Depositor and the Indenture Trustee written
notice in the form of an Officer’s Certificate of any event that with the giving of notice, the lapse of time or both would become an Event of Default under clause (c) above, its status and what action the Issuer is taking or proposes to
take with respect thereto. 
 Section 5.02. Acceleration of Maturity; Rescission and Annulment. 

(a)    If an Event of Default shall have occurred and be continuing (other than an Event of Default specified in
Section 5.01(d)), the Indenture Trustee may, or if so requested in writing by the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, shall, declare by written notice to the Issuer all of the Notes to be
immediately due and payable, and upon any such declaration (but subject to Section 5.02(b)) the entire outstanding Note Balance, together with accrued interest thereon through the date of acceleration, shall become immediately due and payable
as provided in the Notes. If following the occurrence of an Event of Default (other than an Event of Default specified in Section 5.01(d)), the Indenture Trustee has not declared the Notes to be immediately due and payable, the Issuer shall
continue to pay interest and principal on the Notes on each Payment Date in accordance with Section 5.04 of the Sale and Servicing Agreement, until the Notes are accelerated or until a liquidation, if any, of the

  
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Collateral. If an Event of Default specified in Section 5.01(d) shall have occurred and be continuing, the Notes shall automatically become immediately due and payable without any further
action on the part of any Person. 
 (b)    If the Notes have been declared immediately due and payable following an
Event of Default, before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as provided hereinafter in this Article, the Noteholders representing not less than 51% of the Note Balance of the Controlling
Class may, by written notice to the Issuer, the Depositor and the Indenture Trustee, rescind such declaration and annul such consequences if: 

(i)      the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:

 (A)    all payments of principal of and interest on all Notes and all other amounts that would then
be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 

(B)    all sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses and
disbursements of the Indenture Trustee and its agents and counsel; and 
 (ii)      all Events
of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 

No such rescission shall affect any subsequent default or impair any right consequent thereto. 

Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a)    The Issuer covenants that if a default is made in the payment of (i) any interest on any Note of the
Controlling Class when the same becomes due and payable, and such default continues for a period of five days, or (ii) the principal of or any installment of the principal of any Note on its Final Scheduled Payment Date, the Issuer will,
upon demand of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, pay to the Indenture Trustee, for the benefit of the Noteholders, the entire amount then due and payable on such Notes in respect of
principal and interest, with interest on the overdue principal at the applicable Interest Rate and, to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest at the applicable Interest Rate and,
in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses and disbursements of the Indenture Trustee and its agents and counsel. 

(b)    In case the Issuer shall fail forthwith to pay such amounts upon such demand or if any such amounts became due and
payable automatically pursuant to the terms of Section 5.02(a), the Indenture Trustee, in its own name and as trustee of an express trust, may (and at the written direction of the Noteholders representing not less than 51% of the Note

  
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Balance of the Controlling Class shall) institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuer or other obligor on such Notes and collect in the manner provided by law out of the Collateral or the property of any other obligor on such Notes, wherever situated, the monies adjudged or decreed to be payable.

 (c)    If an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in
Section 5.04, or shall at the written direction of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate
Proceedings as the Indenture Trustee or the Noteholders, if the Indenture Trustee is acting at the written direction of Noteholders representing no less than 51% of the Note Balance of the Controlling Class, shall reasonably deem most effective to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law. 
 (d)    In case there shall be pending, relative to the Issuer
or any other obligor on the Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under any Insolvency Law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or
similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor on the Notes, or to the
creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i)      to file and prove a claim or claims for the entire amount of principal and interest
owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and
each predecessor Indenture Trustee, and their respective agents and counsel, and for all expenses and other amounts due and owing to the Indenture Trustee pursuant to Section 6.07) and of the Noteholders allowed in such Proceedings; 

(ii)      unless prohibited by Applicable Law, to vote on behalf of the Noteholders in any
election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii)      to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

(iv)      to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the 

  
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Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property; 
 and
any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee for application in accordance with Section 5.04 of the Sale
and Servicing Agreement and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the
Indenture Trustee, each predecessor Indenture Trustee and their respective agents and counsel, and all other expenses and amounts due and owing to the Indenture Trustee pursuant to Section 6.07. 

(e)    Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for
or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f)    All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by
the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for
the ratable benefit of the Holders of the Notes. 
 (g)    In any Proceedings brought by the Indenture Trustee (and also
any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all of the Holders of the Notes, and it shall not be necessary to make
any Noteholder a party to any such Proceedings. 
 Section 5.04. Remedies; Priorities. 

(a)    If the Notes have been declared to be immediately due and payable following an Event of Default, the Indenture
Trustee may, and at the written direction of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following action (subject to Sections 5.02 and 5.05): 

(i)      institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any other obligor on such Notes monies adjudged due;

 (ii)      institute Proceedings from time to time for the complete or partial foreclosure
of this Indenture with respect to the Collateral; 

  
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 (iii)    exercise any remedies of a secured party under
the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of the Notes; and 

(iv)    sell or otherwise liquidate the Collateral or any portion thereof or rights or interest therein,
at one or more public or private sales called and conducted in any manner permitted by Applicable Law; 
 provided, however, notwithstanding anything else
herein to the contrary, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Event of Default, other than an Event of Default described in Section 5.01(a) or (b), unless: (A) the Noteholders
representing 100% of the Note Balance consent thereto, (B) the proceeds of such sale or liquidation will be sufficient to pay in full all amounts then due and unpaid on such Notes in respect of principal and interest, including amounts due and
owing to the Indenture Trustee and the Owner Trustee, or (C) the Indenture Trustee determines that the Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become
due if the Notes had not been declared immediately due and payable, and the Indenture Trustee obtains the consent of the Noteholders representing 66-2/3% of the Note Balance. 

In determining such sufficiency or insufficiency with respect to clause (B) and (C) above, the Indenture Trustee may, at the
Issuer’s expense, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such
purpose. 
 (b)    If the Indenture Trustee collects any money or property pursuant to this Article as a result of
selling or liquidating the Collateral, it shall pay out such money or property, together with all other Available Collections and amounts on deposit in the Trust Accounts, on the related Payment Date or other date fixed pursuant to
Section 5.04(c) in the following order of priority: 
 (i)      first, to the Indenture
Trustee, the Owner Trustee, the Administrator, the Asset Representations Reviewer and the Issuer, any accrued and unpaid fees, indemnity payments and reasonable expenses permitted under the Basic Documents; 

(ii)      second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees and to any
Backup Servicer, the Backup Servicing Fee and all unpaid Backup Servicing Fees, if any, with respect to prior Collection Periods; 

(iii)      third, pro rata, to the Holders of the
Class A-1 Notes, the Holders of the Class A-2 Notes, the Holders of the Class A-3 Notes and the Holders of the Class A-4 Notes, the Accrued Class A-1 Note Interest, the Accrued Class A-2 Note Interest, the Accrued Class A-3 Note Interest and the Accrued Class A-4 Note Interest, respectively; 

(iv)      fourth, if (A) the Receivables have been sold after an Event of Default has
occurred or (B) an Event of Default described in Section 5.01(a), (b) or (d) has occurred, in the following order of priority: 

  
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 (A)    to the Holders of the Class A-1 Notes in respect of principal thereon until the Class A-1 Notes have been Paid in full; 

(B)    pro rata, to the Holders of the Class A-2 Notes,
the Holders of the Class A-3 Notes and the Holders of the Class A-4 Notes, in respect of principal thereon, until the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes have been Paid in full; 

(C)    to the Holders of the Class B Notes, the Accrued Class B Note Interest; 

(D)    to the Holders of the Class B Notes in respect of principal thereon until the Class B
Notes have been Paid in full; 
 (E)    to the Holders of the Class C Notes, the Accrued
Class C Note Interest; 
 (F)    to the Holders of the Class C Notes in respect of principal
thereon until the Class C Notes have been Paid in full; 
 (G)    to the Holders of the
Class D Notes, the Accrued Class D Note Interest; and 
 (H)    to the Holders of the
Class D Notes in respect of principal thereon until the Class D Notes have been Paid in full; 

(v)    fifth, if an Event of Default other than that described in clause (iv) directly above has
occurred and the Receivables have not been sold after such Event of Default has occurred, in the following order of priority: 

(A)    to the Holders of the Class B Notes, the Accrued Class B Note Interest; 

(B)    to the Holders of the Class C Notes, the Accrued Class C Note Interest; 

(C)    to the Holders of the Class D Notes, the Accrued Class D Note Interest; 

(D)    to the Holders of the Class A-1 Notes in respect of
principal thereon until the Class A-1 Notes have been Paid in full; 

(E)    pro rata, to the Holders of the Class A-2 Notes,
the Holders of the Class A-3 Notes and the Holders of the Class A-4 Notes, in respect of principal thereon, until the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes have been Paid in full; 

  
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 (F)    to the Holders of the Class B Notes in
respect of principal thereon until the Class B Notes have been Paid in full; 
 (G)    to the
Holders of the Class C Notes in respect of principal thereon until the Class C Notes have been Paid in full; and 

(H)    to the Holders of the Class D Notes in respect of principal thereon until the Class D
Notes have been Paid in full; and 
 (vi)    sixth, any remaining funds shall be distributed to the
Certificateholders. 
 (c)    The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section. At least 15 days before such record date, the Indenture Trustee shall mail to each Noteholder and the Servicer a notice that states the record date, the payment date and the amount to be paid. 

Section 5.05. Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under
Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral and continue to apply the
proceeds thereof as if there had been no declaration of acceleration in the manner specified in Section 5.04 of the Sale and Servicing Agreement. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient
funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of
the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Collateral for such purpose. 
 Section 5.06. Limitation of Suits. 

(a)    Other than in connection with a dispute resolution pursuant to Section 3.04 of the Sale and Servicing
Agreement, no Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(i)    such Holder has previously given written notice to the Indenture Trustee of a continuing Event of
Default; 
 (ii)    the Holders evidencing not less than 25% of the Note Balance of the Controlling
Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

(iii)    such Holder or Holders have offered to the Indenture Trustee reasonable indemnity satisfactory to
it against the costs, expenses and liabilities that may be incurred in complying with such request; 

  
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 (iv)    the Indenture Trustee, for 30 days after
its receipt of such notice, request and offer of indemnity, has failed to institute such Proceedings; and 

(v)    no direction inconsistent with such written request has been given to the Indenture Trustee during
such 30-day period by Noteholders evidencing not less than not less than 51% of the Note Balance of the Controlling Class. 

(b)    It is understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue
of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this
Indenture, except in the manner herein provided. 
 (c)    In the event the Indenture Trustee shall receive conflicting
or inconsistent requests and indemnity from two or more groups of Noteholders pursuant to this Section, each representing less than 51% but not less than 25% of the Note Balance of the Controlling Class of Notes, the Indenture Trustee shall
take such action as is requested by Noteholders representing the greatest percentage interest, notwithstanding any other provisions of this Indenture. 

Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions of this
Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

Section 5.08. Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to
enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the
Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.09. Rights and Remedies Cumulative. No
right or remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by Applicable Law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 Section 5.10. Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event

  
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of Default or an acquiescence therein. Every right and remedy given by this Article or by Applicable Law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as
often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be. 
 Section 5.11. Control by
Controlling Class. The Holders of 51% or more of the Note Balance of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect
to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that: 

(i)    such direction shall not be inconsistent with any rule of law or with this Indenture; 

(ii)    the Indenture Trustee may take any other action reasonably deemed proper by the Indenture Trustee
that is not inconsistent with such direction;
 (iii)    subject to the terms of Section 5.04, any
direction to the Indenture Trustee to sell or liquidate the Collateral shall be by Holders of Notes evidencing not less than 100% of the Note Balance of the Outstanding Notes; and 

(iv)    if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee
elects to retain the Collateral pursuant to such Section, then any direction to the Indenture Trustee by the Holders of Notes evidencing less than 100% of the Note Balance of the Outstanding Notes to sell or liquidate the Collateral shall be of no
force and effect. 
 Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture
Trustee need not take any action that it determines might involve it in liability for which it will not be adequately indemnified or might materially adversely affect the rights of any Noteholders not consenting to such action. 

Section 5.12. Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.02, the Noteholders representing not less than 51% of the Note Balance of the Controlling Class may, on behalf of all Noteholders, waive any past Default or Event of Default and its consequences except a Default or Event of
Default (i) in payment of principal of or interest on any of the Notes, (ii) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each Note or (iii) arising from the
occurrence of an Insolvency Event with respect to the Issuer. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such
waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 Upon any such waiver,
such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

  
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 Section 5.13. Undertaking for Costs. All parties to this Indenture agree, and
each Noteholder or Note Owner, by its acceptance of the related Note or an interest therein, shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, that the
provisions of this Section shall not apply to any suit instituted by (i) the Indenture Trustee, (ii) any Noteholder, or group of Noteholders, in each case holding Notes evidencing in the aggregate more than 10% of the Note Balance (or
in the case of any suit which is instituted by the Controlling Class, more than 10% of the Note Balance of the Controlling Class) or (iii) any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the
respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

Section 5.14. Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 5.15.
Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture.
Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Collateral or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b). 

Section 5.16. Performance and Enforcement of Certain Obligations. 

(a)    Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the
Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor, the Seller and the Servicer of their respective obligations under or in connection with the Basic
Documents, in each case in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Basic Documents to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of default on the part of Mechanics Bank or the Depositor hereunder or thereunder and the institution of legal or administrative actions or Proceedings to compel or secure
performance by Mechanics Bank or the Depositor of its respective obligations under the Basic Documents. 

  
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 (b)    If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing) of Holders of Notes evidencing not less than 662⁄3[●]% of the Note Balance
of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor, the Seller or the Servicer under or in connection with the Sale and Servicing Agreement or against the Seller
under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor, the Seller or the Servicer, as the case may be, of its obligations to the
Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action
shall be suspended. 
 (c)    If an Event of Default shall have occurred and be continuing, the Indenture Trustee may,
and at the direction (which direction shall be in writing) of the Holders of Notes evidencing not less than 66-2/3% of the Note Balance of the Controlling Class shall, exercise all rights, remedies,
powers, privileges and claims of the Depositor against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller of its
obligations to the Depositor thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Receivables Purchase Agreement, and any right of the Depositor to take such action shall be suspended. 

Section 5.17. Sale of Collateral. If the Indenture Trustee acts to sell the Trust Estate or any part thereof pursuant to
Section 5.04(a), the Indenture Trustee, at the expense of the Administrator, shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on
commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part
thereof, in such manner and on such terms as provided above to the highest bidder; provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture
Trustee shall give notice to the Depositor and the Servicer of any proposed sale, and each of them shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or
trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.04 and this Section shall not be exhausted by
any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until all of the Collateral shall have been sold or all amounts payable on the Notes shall have been paid. 

  
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 ARTICLE SIX 

THE INDENTURE TRUSTEE 

Section 6.01. Duties of Indenture Trustee. 

(a)     If an Event of Default has occurred and is continuing that a Responsible Officer of the Indenture Trustee has
actual knowledge thereof, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs. 
 (b)    Except during the continuance of an Event of Default: 

(i)    the Indenture Trustee undertakes to perform such duties and only such duties as are specifically
set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 

(ii)    in the absence of bad faith or negligence on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee
shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 

(c)    The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to
act, its own bad faith or its own willful misconduct, except that: 
 (i)    this paragraph does not
limit the effect of Section 6.01(a); 
 (ii)    the Indenture Trustee shall not be liable for any
error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to Sections 5.11 and 7.05. 
 (d)    Every provision
of this Indenture that in any way relates to the Indenture Trustee shall be subject to Sections 6.01(a), (b) and (c). 

(e)    The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee
may agree in writing with the Issuer. 
 (f)    Money held in trust by the Indenture Trustee need not be segregated from
other funds except to the extent required by Applicable Law or the terms of this Indenture or any other Basic Document. 

  
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 (g)    No provision of this Indenture shall require the Indenture
Trustee to (i) advance, expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, or (ii) perform, or be responsible for the performance of, any of the obligations of the Servicer under this Indenture except during
such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in accordance with the terms of this Indenture and the Sale and Servicing Agreement. 

(h)    Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to
the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 Section 6.02.
Rights of Indenture Trustee. 
 (a)    Except as provided in the second succeeding sentence, the Indenture
Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in any such document. Notwithstanding the foregoing, the
Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision
of this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture. 

(b)    Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an
Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c)    The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee
appointed by it with due care; provided, that any such appointment shall not release the Indenture Trustee from its obligations and responsibilities hereunder. 

(d)    The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith that it believes
to be authorized or within its rights or powers; provided that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e)    The Indenture Trustee may consult with counsel, and the written advice of such counsel or Opinion of Counsel with
respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel. The Indenture Trustee may also consult with financial expert(s) with respect to the performance of its duties under this Indenture, and so long as the Indenture Trustee

  
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selects such financial experts(s) with due care, the Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the advice of such financial
expert(s) and not contrary to this Indenture or any other Basic Document. 
 (f)    The Indenture Trustee shall be under
no obligation to, at the request or direction of any of the Noteholders pursuant to this Indenture, (i) exercise any of the rights or powers vested in it by this Indenture or (ii) institute, conduct or defend litigation or investigate any
matter, unless requested to do so by Noteholders evidencing not less than 25% (or such higher percentage provided pursuant to any other applicable provision of this Indenture) of the Note Balance of the Controlling Class of Notes and such
Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

(g)    Subject to Sections 6.01(a) and (c), the Indenture Trustee shall not be deemed to have notice or knowledge of any
matter, including any Default, Event of Default or a breach of any representation or warranty made in Section 3.03 of the Receivables Purchase Agreement or Section 3.02 of the Sale and Servicing Agreement, unless a Responsible Officer
thereof has actual knowledge thereof or unless written notice thereof is received by a Responsible Officer thereof in accordance with the provisions thereof. For the avoidance of doubt, the Indenture Trustee shall not be deemed to have knowledge of
a breach of representation or warranty solely as a result of the receipt and possession by the Indenture Trustee of the Review Report. 

(h)    Subject to Sections 6.01(a) and (c), in no event shall the Indenture Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer systems or services; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 (i)    In the absence of
willful misconduct, bad faith or negligence on its part, the Indenture Trustee will not be liable for any action taken or not taken by it in good faith in the administration of any Noteholder vote as to whether to direct the Asset Representations
Reviewer to conduct a Review of the Review Assets so long as the administration of such vote conforms in all material respects to the Indenture Trustee’s standard internal vote solicitation process in effect at the time of such Noteholder vote.

 (j)    In no event shall the Indenture Trustee have any responsibility to monitor compliance with or enforce
compliance with Regulation RR or other rules or regulations relating to risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Noteholder or other party for violation of such rules now
or hereinafter in effect. 
 (k)    The Indenture Trustee shall not be required to take any action it is directed to
take under this Indenture if the Indenture Trustee determines in good faith that the action so directed would involve the Indenture Trustee in personal liability, would be unjustly prejudicial to the

  
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non-directing Holders, is contrary to law or is inconsistent with this Indenture or any other Basic Document. 

(l)    The Indenture Trustee shall not be liable for failure to perform its duties hereunder if such failure is a direct
or proximate result of another party’s failure to perform its obligations hereunder other than if such other party’s failure is caused by the Indenture Trustee’s willful misconduct, bad faith or negligence. 

(m)    The Indenture Trustee’s receipt of reports and information hereunder shall not constitute notice of any
information contained therein or determinable therefrom, including but not limited to a party’s compliance with covenants under the Indenture. 

(n)    Any discretion, permissive right or privilege of the Indenture Trustee hereunder shall not be deemed to be or
otherwise construed as a duty or obligation. 
 (o)    In the event [●] is also acting in any other capacity
hereunder or under any other Basic Document, the rights, protections, benefits, immunities and indemnities afforded to the Indenture Trustee pursuant to this Article Six shall also be afforded to [●] acting in such capacities; provided that
such rights, protections, benefits, immunities and indemnities shall be in addition to any rights, immunities and indemnities provided in this Indenture, any other Basic Document or any other documents to which [●] in such capacity is a party.

 (p)    Notwithstanding anything to the contrary contained herein, in no event shall the Indenture Trustee be liable
for special, indirect, punitive or consequential damages of any kind whatsoever, including lost profits, even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

Section 6.03. Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. The Indenture Trustee must, however, comply with Section 6.11. 

Section 6.04. Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be (i) responsible for and
makes no representation as to the validity or adequacy of this Indenture or the Notes, (ii) accountable for the Issuer’s use of the proceeds from the Notes and (iii) responsible for any statement of the Issuer in this Indenture or in
any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 

Section 6.05. Notice of Defaults; Repurchase Requests. 

(a)    If an Event of Default occurs and is continuing and if a Responsible Officer of the Indenture Trustee has actual
knowledge thereof, the Indenture Trustee shall mail to each Noteholder notice of such Event of Default within five Business Days after it occurs. Except in the case of an Event of Default in payment of principal of or interest on any Note (including
payments pursuant to the redemption provisions of such Note), the Indenture Trustee may 

  
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withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 

(b)    Not later than the fifth Business Day of each calendar month, beginning September 7, 20[__], the Indenture
Trustee shall provide to the Administrator a notice in substantially the form of Exhibit B with respect to any requests received by a Responsible Officer of the Indenture Trustee from a Noteholder during the immediately preceding calendar month
(or, in the case of the initial notice, since the Closing Date) that any Receivable be repurchased by the Seller pursuant to Sections 3.03 and 4.07 of the Sale and Servicing Agreement or Section 3.04 of the Receivables Purchase Agreement.
The Indenture Trustee and the Issuer acknowledge and agree that the purpose of this subsection is to facilitate compliance by Mechanics Bank and the Depositor with Rule 15Ga-1 under the Exchange Act. The
Indenture Trustee agrees to comply with reasonable requests made by Mechanics Bank or the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of such Rule. The Indenture Trustee shall
cooperate fully with all reasonable requests of Mechanics Bank and the Depositor to deliver any and all records and any other information, in each case in its possession, necessary to permit Mechanics Bank and the Depositor to comply with the
provisions of such Rule. 
 Section 6.06. Furnishing of Monthly Certificates and Other Documents. 

(a)    On or prior to each Payment Date, the Indenture Trustee shall make available on its website
(http://www.usbank.com/abs) to each Noteholder and Note Owner a copy of each Servicer’s Monthly Certificate delivered to it pursuant to Section 4.09 of the Sale and Servicing Agreement. The Indenture Trustee shall provide or make available
to each Noteholder or Note Owner upon written request (and at the expense of the requesting Noteholder or Note Owner), copies of the Basic Documents, the Servicer’s Annual Certification delivered pursuant to Section 4.10 of the Sale and
Servicing Agreement and the annual accountant’s report delivered pursuant to Section 4.11 of the Sale and Servicing Agreement. In the event that a Note Owner or Noteholder requests a complete copy of the Review Report, the Indenture
Trustee shall not deliver such complete copy until (i) such Note Owner or Noteholder delivers to the Indenture Trustee a nondisclosure agreement in a form satisfactory to the Indenture Trustee with respect to the information in such Review
Report, (ii) such complete copy of the Review Report is redacted by the Servicer prior to such delivery in a form satisfactory to the Indenture Trustee or (iii) the Servicer provides a certificate that, to the certifying officer’s
knowledge, the Review Report does not contain any not publicly available Personally Identifiable Information. 

(b)    The Indenture Trustee shall make available electronically, within a reasonable period of time after the end of each
calendar year, to each Person who at any time during such calendar year was a Noteholder, such information furnished to the Indenture Trustee as may be required to enable such Person to prepare its United States federal and State income tax returns.

 Section 6.07. Compensation and Indemnity. 

(a)    The Issuer shall, or shall cause the Servicer to, pay to the Indenture Trustee from time to time reasonable
compensation for its services pursuant to a fee agreement between the Servicer and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited 

  
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by any law on compensation of a trustee of an express trust. The Issuer shall, or shall cause the Servicer to, reimburse the Indenture Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall, or shall cause the Servicer to, indemnify and hold harmless the Indenture Trustee and its officers,
directors, employees, representatives and agents against any and all loss, liability, damage, claim, tax (other than taxes based on the income of the Indenture Trustee) or expense (including any reasonable attorneys’ fees) of whatever kind or
nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated
by this Indenture, including (i) the reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under this Indenture or under any of the
other Basic Documents and (ii) legal fees and expenses incurred in connection with any action or suit brought by the Indenture Trustee to enforce any indemnification or other obligations hereunder. The Indenture Trustee shall notify the Issuer
and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall cause the
Servicer to defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel. Neither the Issuer nor the Servicer need reimburse any expense or
indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith as determined by a non-appealable order
from a court of competent jurisdiction. 
 (b)    The Issuer’s payment obligations to the Indenture Trustee
pursuant to this Section shall survive the discharge of this Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default specified in Section 5.01(d)
with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable Insolvency Law. 

Section 6.08. Replacement of Indenture Trustee. 

(a)    No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become
effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section. The Indenture Trustee may resign at any time by so notifying the Issuer, the Depositor, the Servicer and the Noteholders with 30 days’
prior written notice, and will provide all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K under the Exchange Act, with
respect to the resignation of the Indenture Trustee. The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause by notifying the Indenture Trustee with 30
days’ prior written notice (with a copy to the Issuer, the Depositor and the Rating Agencies) of such removal and, following such removal, may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee with 30
days’ prior written notice if (i) the Indenture Trustee fails to comply with Section 6.11, (ii) the Indenture Trustee is adjudged to be bankrupt or insolvent, (iii) a receiver or

  
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other public officer takes charge of the Indenture Trustee or its property or (iv) the Indenture Trustee otherwise becomes incapable of acting. 

(b)    The Depositor may remove the Indenture Trustee with 30 days’ prior written notice if the Indenture Trustee
fails to comply with (i) Sections 6.08 or 6.09 with respect to notice to or providing information to the Depositor or (ii) Sections 4.17 or 4.18 of the Sale and Servicing Agreement, in each case if such failure continues for the lesser of
ten days or such period during which the applicable Exchange Act Report can be timely filed (without taking into account any extensions). 

(c)    If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for
any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment. Any successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuer and the Depositor and shall also provide all information reasonably requested by the Depositor in order to comply with its reporting
obligation under the Exchange Act with respect to the replacement Indenture Trustee. Upon delivery of such written acceptance, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee
shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property
held by it as Indenture Trustee to the successor Indenture Trustee. 
 (d)    If a successor Indenture Trustee does not
take office within 30 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of Notes representing not less than 51% of the Note Balance of the Controlling Class may
petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 (e)    Any resignation or removal of the
Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment
of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for
the benefit of the retiring Indenture Trustee. 
 Section 6.09. Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association,
without any further act, shall be the successor Indenture Trustee; provided, that such corporation or banking association must be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Depositor, the
Servicer, the Rating Agencies and the Noteholders notice of any such transaction. 

  
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 In case at the time such successor or successors by merger, conversion or consolidation to
the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
Indenture Trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of the predecessor
Indenture Trustee or in the name of the successor to the Indenture Trustee; and in all such cases such certificates of authentication shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of
authentication of the Indenture Trustee shall have. 
 Section 6.10. Appointment of
Co-Trustee or Separate Trustee. 
 (a)    Notwithstanding any other
provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, the Indenture Trustee shall have the power and may execute and deliver an
instrument to appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the Indenture Trustee, or separate trustee or separate trustees, of all or
any part of the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral or any part thereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

(b)    Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions: 
 (i)      all
rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or
co-trustee jointly (it being understood that such separate trustee or co-trustee shall not be authorized to act separately without the Indenture Trustee joining in such
act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but
solely at the direction of the Indenture Trustee; 
 (ii)      no trustee hereunder shall be
personally liable by reason of any act or omission of any other trustee hereunder; and 

(iii)      the Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee. 

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

(d)    Any separate trustee or co-trustee may at any time constitute the Indenture
Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on
its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by Applicable Law, without the appointment of a new or successor trustee. 

Section 6.11. Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a). The Indenture Trustee or its parent shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition, and it shall have a long term, senior unsecured debt
rating of investment grade or better by Standard & Poor’s and DBRS or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall comply with TIA Section 310(b). 

Section 6.12. Waiver of Setoffs. The Indenture Trustee hereby expressly waives any and all rights of setoff that it may otherwise
at any time have under Applicable Law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely in accordance with the provisions hereof and of the other Basic Documents. 

Section 6.13. Indenture Trustee as Securities Intermediary. 

(a)    The Indenture Trustee represents that it is a securities intermediary within the meaning of Section 8-102(c)(14) and a “bank” within the meaning of Section 9-102(a)(8) of the UCC. 

(b)    The Indenture Trustee, in its capacity as Securities Intermediary, shall: 

(i)      treat all Collateral credited to the Trust Accounts as “financial assets”
within the meaning of Section 8-102(a)(9) of the UCC to the fullest extent permitted by the UCC; 

(ii)      indicate by book entry that a financial asset has been credited to the relevant Trust
Account, and when receiving a financial asset from the Issuer or acquiring a financial asset for the Issuer, shall accept it for credit to the relevant Account; and 

  
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 (iii)      comply with any “entitlement
orders” (within the meaning of Section 8-102(a)(8) of the UCC) originated by the Indenture Trustee with respect to the Trust Accounts without further consent by the Issuer. 

Section 6.14. Representations and Warranties of the Indenture Trustee. The Indenture Trustee hereby represents that: 

(a)    the Indenture Trustee is duly organized and validly existing as a national banking association duly
organized under the laws of the United States with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted; 

(b)    the Indenture Trustee has the power and authority to execute and deliver this Indenture and to
carry out its terms; and the execution, delivery and performance of this Indenture have been duly authorized by the Indenture Trustee by all necessary corporate action; 

(c)    the consummation of the transactions contemplated by this Indenture and the fulfillment of the
terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under the articles of organization or bylaws of the Indenture Trustee or any agreement
or other instrument to which the Indenture Trustee is a party or by which it is bound; and 

(d)    there are no pending or, to the best of its knowledge, threatened actions or proceedings against
the Indenture Trustee before any court, administrative agency or tribunal which, if determined adversely to it, would materially and adversely affect its ability, either in its individual capacity or as Indenture Trustee, as the case may be, to
perform its obligations under this Indenture or the other Basic Documents. 
 Section 6.15. Preferential Collection Claims Against
Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to
the extent indicated. 
 Section 6.16. Encryption. Notwithstanding anything to the contrary herein, any and all communications
(both text and attachments) by or from the Indenture Trustee that the Indenture Trustee in its sole discretion deems to contain confidential, proprietary, and/or sensitive information may be encrypted or made available at the Indenture
Trustee’s website at http://www.usbank.com/abs on a password protected basis. 

  
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 ARTICLE SEVEN 

NOTEHOLDER COMMUNICATIONS AND REPORTS 

Section 7.01. Noteholder List. The Issuer shall furnish or cause to be furnished to the Indenture Trustee (i) not more than
three days after the earlier of (a) each Record Date and (b) three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such
Record Date, and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the
time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished. 

Section 7.02. Noteholder List Retention; TIA Communication. The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by the Indenture Trustee in
its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. Noteholders may communicate pursuant to TIA Section 312(b) with other
Noteholders with respect to their rights under this Indenture or under the Notes. The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). Upon written request of any Noteholder made for purposes
of communicating with other Noteholders with respect to their rights under this Indenture, the Note Registrar shall promptly furnish such Noteholder with a list of the other Noteholders of record identified in the Note Register at the time of the
request or shall request a DTC participant listing at the expense of such Noteholder. Every Noteholder, by receiving such access, agrees with the Note Registrar that the Note Registrar will not be held accountable in any way by reason of the
disclosure of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived. 

Section 7.03. Noteholder Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or
a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and
by notice to the Indenture Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter
from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, other
than requests, demands or directions relating to an asset representations review demand under Section 7.05 (for which the Indenture Trustee’s fees and expenses shall be payable pursuant to Section 6.07) unless the Noteholder or Note
Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction. 

  
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 Section 7.04. Communications Among Noteholders. Three or more Noteholders (if
the Notes are represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) may request a list of all Noteholders or Note Owners, as applicable, maintained by the Indenture Trustee for the purpose of
communicating with other Noteholders about their rights under this Indenture or under the Notes. Any such request must be accompanied by a copy of the communication that the requesting Noteholders propose to send. A Noteholder (if the Notes are
represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other
Basic Documents may send a request to the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be filed by the Issuer with the Commission. Each
request must include (a) the name of the requesting Noteholder or Note Owner, (b) the method by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (c) in the case of a Note
Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar
document. A Noteholder or Note Owner, as applicable, that delivers a request under this Section will be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable,
relates solely to a possible exercise of rights under this Indenture or the other Basic Documents, and will not be used for other purposes. The Issuer will promptly deliver any request to the Servicer. On receipt of a request, the Servicer will
include in the Form 10-D filed by the Issuer with the Commission for the Collection Period in which the request was received (i) a statement that the Issuer has received a request from a Noteholder or
Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents, (ii) the name of the requesting
Noteholder or Note Owner, (iii) the date the request was received and (iv) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. Any expenses of the
Issuer or the Servicer relating to an investor communication, including any review of documents evidencing ownership of a Note and the inclusion of the investor communication information in a Form 10-D, will
be paid by the Servicer. 
 Section 7.05. Noteholder Demand for Asset Representations Review. If a Delinquency Trigger occurs, a
Noteholder (if the Notes are represented by Definitive Notes), a Note Owner (if the Notes are represented by Book-Entry Notes), a Certificateholder (if the Certificates are represented by Definitive Certificates) or a Certificate Owner (if the
Certificates are represented by Book-Entry Certificates) may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct a Review of
the Review Receivables under the Asset Representations Review Agreement. In the case of a Note Owner or Certificate Owner, each demand must be accompanied by a certification from that Person that it is a Note Owner or Certificate Owner, together
with at least one form of documentation evidencing its ownership of a Note or Certificate, including a trade confirmation, account statement, letter from a broker or dealer or similar document. If Noteholders and Note Owners of at least 5% of the
aggregate Note Balance of the Notes as of the related Record Date or Certificateholders and Certificate Owners of at least 40% of the aggregate Percentage Interests of the Certificates as of the related Record Date

  
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demand a vote within 90 days of the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger, (i) the Indenture Trustee will
promptly request a vote of Noteholders as of the related Record Date through the Clearing Agency using the Indenture Trustee’s standard procedures for conducting a vote for Noteholders or, with respect to Book-Entry Notes, as directed by the
Note Owners or the applicable Clearing Agency procedures for such votes, and (ii) the Issuer’s Form 10-D filing for the Collection Period in which the demand requirement was met will include a
statement that sufficient requesting Noteholders or Note Owners, or Certificateholders or Certificate Owners, as applicable, are requesting a full Noteholder or Note Owner vote to commence a Review. The vote will remain open until the 150th day
after the filing of the Form 10-D. The Form 10-D filing also will specify the applicable voting procedures. Assuming a voting quorum of Noteholders holding at least 5%
of the aggregate Note Balance of the Outstanding Notes is reached, if the Noteholders of a majority of the Note Balance of Outstanding Notes voted agree to a Review, the Indenture Trustee will promptly send a Review Notice to the Asset
Representations Reviewer and the Servicer under the Asset Representations Review Agreement informing the Asset Representations Reviewer to conduct the Review. Any fees and expenses incurred by the Indenture Trustee pursuant to this Section shall be
subject to reimbursement pursuant to Section 6.07. For the avoidance of doubt, the Indenture Trustee shall not be required to (i) determine whether, or give notice to Noteholders or Certificateholders that, a Delinquency Trigger has
occurred or (ii) determine which assets are subject to a Review by an Asset Representations Reviewer. The Indenture Trustee shall have no obligation to pursue or otherwise be involved in resolving any Repurchase Request, including any such
request that is the subject of dispute resolution, unless it is directed to do so by the Noteholders representing not less than 51% of the Note Balance of the Controlling Class and such Noteholders shall have offered to the Indenture Trustee
security or indemnity satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such direction. For the avoidance of doubt, if the
Indenture Trustee does not agree to pursue or otherwise be involved in resolving any Repurchase Request, the Noteholders representing not less than 51% of the Note Balance of the Controlling Class may independently pursue dispute resolution in
respect of such Repurchase Request in accordance with Section 3.04 of the Sale and Servicing Agreement. The Indenture Trustee may select a vote agent that is experienced in the administration of Noteholder votes and/or consent solicitations to
conduct and administer any Noteholder vote about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Receivables and, so long as the Indenture Trustee selects such vote agent with due care, the Indenture Trustee
will not be liable for any actions or inactions of such vote agent. 
 Section 7.06. Reports by Indenture Trustee. 

(a)     If required by TIA Section 313(a), within 60 days after each December 31, beginning with
December 31, 20[__], the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee shall also comply with TIA
Section 313(b). 
 (b)    The Indenture Trustee shall provide to the Administrator and the Servicer, to be filed by
the Administrator or the Servicer with the Commission and each stock exchange, if any, on which the Notes are listed, a copy of each report mailed to Noteholders pursuant to this 

  
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Indenture. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

Section 7.07. Reports by Issuer. 

(a)    The Issuer shall: 

(i)      file with the Indenture Trustee, within 15 days after the Issuer is required to
file the same with the Commission, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the
Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

(ii)      file with the Indenture Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such
rules and regulations; and 
 (iii)      supply to the Indenture Trustee (and the Indenture
Trustee shall mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) above and by the rules and regulations
prescribed from time to time by the Commission. 
 (b)    Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year. 

  
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 ARTICLE EIGHT 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

Section 8.01. Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the
Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture, if any default occurs in the
making of any payment or performance under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution
of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article Five. 

Section 8.02. Trust Accounts. 

(a)    On or prior to the Closing Date, the Issuer shall cause the Indenture Trustee to establish with the Paying Agent on
its behalf and maintain the Trust Accounts for the benefit of the Noteholders as provided in Section 5.01 of the Sale and Servicing Agreement. 

(b)    On the day required by Section 5.02 of the Sale and Servicing Agreement, all Available Collections will be
deposited in the Collection Account as provided in such Section. On each Payment Date, all amounts required to be distributed from the Collection Account and Principal Distribution Account pursuant to Section 5.04 of the Sale and Servicing
Agreement will be transferred from such accounts and distributed in accordance with Section 5.04 of the Sale and Servicing Agreement; provided, however, that following the occurrence and during the continuation of an Event of Default which has
resulted in an acceleration of the Notes, all amounts on deposit in the Collection Account, the Principal Distribution Account and Reserve Account shall be applied pursuant to Section 5.04. 

(c)    Interest on and principal of each Note shall be payable in accordance with the instruction of the Servicer given to
the Indenture Trustee from and to the extent of funds available in accordance with Section 5.04 of the Sale and Servicing Agreement. The final payment of principal of and interest on each Note (or payment of the Redemption Price thereof in the
case of a Note called for redemption pursuant to Article Ten) shall be payable only upon presentation and surrender thereof at the Corporate Trust Office or at the office of any Paying Agent. 

(d)    No interest will accrue with respect to any Note from and after its Final Scheduled Payment Date to the extent that
all amounts owing with respect to such Notes were Paid in full on such Payment Date. 
 (e)    So long as the Indenture
Trustee shall be the Paying Agent, the Indenture Trustee shall make payments of principal on the Notes from amounts deposited into the Principal 

  
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Distribution Account and shall make payment of interest on the Notes from amounts deposited into the Collection Account; provided, however, that if the Owner Trustee has removed the Indenture
Trustee as the Paying Agent, the Indenture Trustee shall distribute such amounts to the Paying Agent as instructed by the Owner Trustee. If an Event of Default has occurred and the Notes have been accelerated under Section 5.02, then amounts
then held in the Collection Account shall be treated by the Indenture Trustee as money or property collected pursuant to Article Five and shall be applied as provided in Section 5.04(b). 

Section 8.03. General Provisions Regarding Trust Accounts. The Indenture Trustee shall not in any way be held liable by reason of
any insufficiency in either the Collection Account or the Principal Distribution Account resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on
such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

Section 8.04. Release of Collateral. 

(a)    Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent
with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 
 (b)    Notwithstanding any other provision of this
Indenture, the Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.07 have been paid in full, release any remaining portion of the Collateral from the Lien of
this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this subsection only upon receipt
of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, if required by the TIA or Section 11.01, Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA, and otherwise in
accordance with the applicable requirements of Section 11.01. 
 Section 8.05. Opinion of Counsel and
Officer’s Certificate. The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved,
and the Indenture Trustee shall also require, except in connection with any action contemplated by Section 8.04(b), as a condition to such action, an Opinion of Counsel stating the legal effect of any such action, outlining the steps required
to complete such action, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering any such opinion may rely, without independent
investigation, on the accuracy and validity of any 

  
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certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

  
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 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

Section 9.01. Supplemental Indentures With Consent of the Noteholders. 

(a)    Except as permitted by Section 9.02, the Issuer and the Indenture Trustee, when authorized by an Issuer Order,
may, subject to satisfaction of the Rating Agency Condition and with the consent of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, by Act of such Holders delivered to the Issuer and the Indenture
Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders
of the Notes under this Indenture; provided that the Issuer shall have received a Tax Opinion (and shall have delivered copies thereof to the Indenture Trustee); provided, further, that no such supplemental indenture may, without the consent of the
Holder of each Outstanding Note, to the extent any such Person is materially and adversely affected by such supplemental indenture: 

(i)      change any Final Scheduled Payment Dates, the date of payment of any installment of
principal of or interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the
proceeds of the sale of, the Collateral to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit
for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article Five, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in
the case of redemption, on or after the Redemption Date); 
 (ii)      reduce the percentage
of the Note Balance or the Note Balance of the Controlling Class, the consent of the Holders of Notes of which is required for any such supplemental indenture, or the consent of the Holders of Notes of which is required for any waiver of compliance
with certain provisions of, or certain defaults and their consequences provided for in, this Indenture; 

(iii)      change the definition of “Controlling Class,” “Note Balance”,
“Outstanding” or any other provision hereof specifying the number or percentage of Holders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder; 

(iv)      modify or alter the provisions of this Indenture regarding the voting of Notes held by
the Issuer, any other obligor on the Notes, the Depositor or any Affiliate of any of them, or definition of “Notes”; 

  
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 (v)      reduce the percentage of the Notes
required to be represented to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Collateral pursuant to Section 5.04; 

(vi)      modify any provision of this Section except to increase any percentage specified
herein or to provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Holder of each Note affected thereby; 

(vii)      modify any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of
any provisions for the mandatory redemption of the Notes contained herein; or 

(viii)      permit the creation of any lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Collateral or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Noteholder of the security provided by
the lien of this Indenture. 
 (b)    It shall not be necessary for any Act of Noteholders under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

(c)    Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
Section, the Indenture Trustee shall mail to the Holders of the Notes to which such supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 9.02. Supplemental Indentures Without Consent of Noteholders. 

(a)    Without the consent of the Noteholders or any other Person, but with prior written notice to the Rating Agencies,
the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at
the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(i)      to correct or amplify the description of any property at any time subject to the lien
of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject additional property to the lien of this Indenture; 

  
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 (ii)      to evidence the succession, in
compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer contained herein and in the Notes; 

(iii)      to add to the covenants of the Issuer, for the benefit of the Noteholders, or to
surrender any right or power herein conferred upon the Issuer; 
 (iv)      to convey,
transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 

(v)      to cure any ambiguity, to correct or to supplement any provision herein or in any
supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or in any (A) offering document used in connection with the initial offer and sale of the Notes or to add any provisions to or
change in any manner or eliminate any of the provisions of this Indenture which will not be inconsistent with other provisions of this Indenture or (B) other Basic Document with respect to matters or questions arising under this Indenture or in
any supplemental indenture; 
 (vi)      to make any other provisions with respect to matters
or questions arising under this Indenture or in any supplemental indenture; provided, that such action shall not materially adversely affect the interests of the Noteholders; 

(vii)      to evidence and provide for the acceptance of the appointment hereunder by a
successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of
Article Six; or 
 (viii)      to amend Article Twelve as set forth in
Sections 12.01 and 12.04; 
 (ix)      to add, modify or eliminate such provisions as may
be necessary or advisable in order to enable (A) the transfer to the Issuer of all or any portion of the Receivables to be derecognized under U.S. generally accepted accounting principles by the Seller to the Issuer, (B) the Issuer to
avoid becoming a member of the Seller’s consolidated group under U.S. generally accepted accounting principles or (C) the Seller or any of its Affiliates to otherwise comply with or obtain more favorable treatment under any law or
regulation or any accounting rule or principle (whether now or in the future in effect); or 

(x)      to modify, eliminate or add to the provisions of this Indenture to such extent as shall
be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA or the rules and regulations
of the Commission; 
 provided, however, that no such supplemental indenture (i) may materially adversely affect the interests of any Noteholder and
(ii) will be permitted unless (A) the Rating Agency Condition shall have been satisfied with respect to such action, or (B) a Tax Opinion is delivered to the 

  
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Indenture Trustee. The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may
be therein contained. 
 (b)    A supplemental indenture shall be deemed not to materially adversely affect the
interests of any Noteholder if (i) the Rating Agency Condition has been satisfied with respect to such supplemental indenture or (ii) the Person requesting such supplemental indenture obtains and delivers to the Indenture Trustee an
Opinion of Counsel (which counsel may not be in-house counsel to the Servicer or the Depositor) or an Officer’s Certificate to the effect that the supplemental indenture would not materially adversely
affect the interests of any Noteholder. 
 Section 9.03. Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02,
shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that the conditions precedent in this Indenture to the execution and delivery
of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that materially affects the Indenture Trustee’s rights, duties, liabilities, indemnities or
immunities under this Indenture or otherwise. Promptly after the execution of any supplemental indenture, the Issuer shall provide a fully executed copy of such supplemental indenture to each Rating Agency. 

Section 9.04. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.05. Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
 Section 9.06. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be qualified under the TIA. 

  
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 ARTICLE TEN 

REDEMPTION OF NOTES 

Section 10.01. Redemption. 

(a)    The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to
Section 9.01 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Collateral (other than the Reserve Account) pursuant to such Section and the Optional Purchase Price paid by the
Servicer shall be treated as Available Collections and applied to pay the Note Balance, all accrued and unpaid interest thereon, all amounts due to the Servicer under the Sale and Servicing Agreement and all amounts due to the Trustees, any Backup
Servicer and the Administrator. 
 (b)    The Servicer or the Issuer shall furnish the Rating Agencies and the Indenture
Trustee notice of such redemption. If the Notes are to be redeemed pursuant to this Section, the Servicer shall furnish notice of such redemption to the Indenture Trustee not later than 30 days prior to the Redemption Date and the Issuer will,
or will cause the Servicer to, deposit on the Business Day prior to the Redemption Date with the Indenture Trustee in the Collection Account the Redemption Price (as well as all Available Fund), whereupon all such Notes shall be due and payable on
the Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Holder of the Notes. 
 Section 10.02.
Form of Redemption Notice. 
 (a)    Notice of redemption under Section 10.01 shall be given by the
Indenture Trustee by first-class mail, postage prepaid, or by facsimile and mailed or transmitted not later than ten days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the
applicable Redemption Date, at such Holder’s address or facsimile number appearing in the Note Register. 

(b)    All notices of redemption shall state: 

(i)      the Redemption Date; 

(ii)      the Redemption Price; 

(iii)      that the Record Date otherwise applicable to that Redemption Date is not applicable
and that payments will be made only upon presentation and surrender of the Notes; 

(iv)      the place where the Notes are to be surrendered for payment of the Redemption Price
(which shall be the office or agency of the Issuer to be maintained as provided in Section 3.02); and 

(v)      that on the Redemption Date, the Redemption Price will become due and payable upon the
Notes and interest on the Notes shall cease to accrue from and after the Redemption Date. 

  
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 (c)    Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 

Section 10.03. Notes Payable on Redemption Date. The Notes shall, following notice of redemption as required by
Section 10.02, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to
which accrued interest is calculated for purposes of calculating the Redemption Price. 

  
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 ARTICLE ELEVEN 

MISCELLANEOUS 

Section 11.01. Compliance Certificates and Opinions, Etc. 

(a)    Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of
this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with,
(ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) if required by Section 11.01(b)(i) or the TIA, an Independent Certificate, except that, in
the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(i)      a statement that each signatory of such certificate or opinion has read or has caused
to be read such covenant or condition and the definitions herein relating thereto; 

(ii)      a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 

(iii)      a statement that, in the opinion of each signatory, such signatory has made such
examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv)      a statement as to whether, in the opinion of each signatory, such condition or
covenant has been complied with. 
 (b)    Prior to the deposit of any Collateral or other property or securities with
the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture,
deliver to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each individual signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property
or securities to be so deposited. 
 (i)      Whenever the Issuer is required to furnish to
the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in Section 11.01(b), the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to
the same matters, if the fair value to the Issuer of the property or securities to be so deposited and of all other such securities made the basis 

  
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of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer is 10% or more of the Note Balance of all Notes, but such a certificate need not be
furnished with respect to any property or securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance of all Notes. 

(ii)      Other than with respect to any release described in clause (A) or (B) of
Section 11.01(b)(iv), whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person
signing such certificate as to the fair value (as of a date no more than 30 days prior to such release) of the property or securities proposed to be released and stating that in the opinion of such person, the proposed release will not impair
the security under this Indenture in contravention of the provisions hereof. 

(iii)      Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (ii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of
the property or securities and of all other property, other than property as contemplated by Section 11.01(b)(iv), or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as set forth in
the certificates required by clause (ii) above and this clause (iii), equals 10% or more of the Note Balance of all Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value
thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance at the time of such release. 

(iv)      Notwithstanding Section 4.04 or any other provision of this Section, the Issuer
may, without compliance with the requirements of the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Basic Documents
(including in connection with payment of the Purchase Amount therefor to the Issuer) and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents. 

Section 11.02. Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person
may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(a)    Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or an opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the

  
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matters upon which such certificate or opinion are based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer,
the Depositor, the Issuer or the Administrator, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or representations with respect to such matters are erroneous. 

(b)    Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

(c)    Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the
time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have
such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in
any such document as provided in Article Six. 
 Section 11.03. Acts of Noteholders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that
the Indenture Trustee deems sufficient. 
 (c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note
shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered 

  
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to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

Section 11.04. Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents
provided or permitted by this Indenture shall be in writing and, if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other document is to be made upon, given or furnished to or filed with: 

(i)      the Indenture Trustee by any Noteholder or by the Issuer, shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; or 

(ii)      the Issuer by the Indenture Trustee or by any Noteholder, shall be sufficient for
every purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to: California Republic Auto Receivables Trust 20[__]-[_], in care of [Address], Attention: [•], or at any other address previously furnished
in writing to the Indenture Trustee by the Issuer or the Administrator; the Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 

(b)    Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall
be in writing and, upon notice that it has been posted to the Depositor’s Rule 17g-5 Website, personally delivered, mailed by certified mail, return receipt requested or delivered by e-mail, to [•], at the following address: [•]; or to [•], [•], Attention: [•], or as to each of the foregoing, at such other address as shall be designated by written notice to the other
parties. 
 (c)    All demands, notices, communications and instructions upon or to the Depositor under this Indenture
shall be in writing, personally delivered, faxed and followed by first class mail, or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt by, in the case of the Depositor, California Republic
Funding, LLC, 1111 Civic Drive, Suite 390, Walnut Creek, California 94596, Attention: General Counsel, Facsimile No. (925) 627-3274; with a copy to Mechanics Bank, 1111 Civic Drive, Walnut Creek,
California 94596, Attention: General Counsel, Facsimile No. (925) 627-3274. 

Section 11.05. Notices to Noteholders; Waiver. Where this Indenture provides for any notice, report or other communication to any
Noteholders, such notice, report or other communication shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Holder’s
address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice, report or other communication and shall be deemed given only upon receipt. In any case
where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice
that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

  
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 Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular
mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of
giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this
Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 

Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

Section 11.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in this Indenture by any provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

Section 11.08. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 11.09. Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors,
co-trustees and agents. 
 Section 11.10. Severability. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

Section 11.11. Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their permitted successors 

  
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hereunder, the Noteholders and Note Owners (and, with respect to Section 5.04, the Certificateholders and Certificate Owners) and their respective successors and assigns, any other party
secured hereunder and any other Person with an ownership interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 11.12. Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and except
as otherwise provided in the Basic Documents, no interest shall accrue for the period from and after any such nominal date. 

Section 11.13. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. THIS INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (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. EACH OF THE PARTIES HERETO HEREBYAGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, LOCATED IN THE BOROUGH OF MANHATTAN, AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN. EACH OF THE PARTIES
HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
APPROPRIATE BY SUCH COURT. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING
OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT
A JURY. 
 Section 11.14. Counterparts. This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 11.15. Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such
recording shall be effected by the Issuer and at the expense of the Servicer accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or
for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

  
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 Section 11.16. Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate delivered in connection herewith or therewith, against (i) either Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer, solely in such capacity, including the Depositor or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of either Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, solely in such capacity, either Trustee or of any successor or assign of the either Trustee in its individual capacity, except as any such Person may have expressly agreed (it
being understood that neither Trustee has any such obligations in its individual capacity). For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Article Six, Seven and Eight of the Trust Agreement. 
 Section 11.17.
Non-Petition. The Indenture Trustee, by entering into this Indenture, each Noteholder and Note Owner, by accepting a Note or a beneficial interest in a Book-Entry Note, as the case may be, and each
Certificateholder and Certificate Owner, by accepting the benefits of this Indenture, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of the Issuer in respect of all
securities issued by the Issuer, such party shall not institute against the Issuer or the Depositor, or join in any institution against the Issuer or the Depositor, of any bankruptcy, reorganization, arrangement, insolvency or liquidation
Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the Basic Documents, and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer or the
Depositor during the same period. 
 Section 11.18. Limitation of Liability. 

(a)    It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered
by [●], not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the
part of the Issuer is made and intended not as personal representations, undertakings and agreements by [●], but is made and intended for the purpose for binding only the Issuer, (iii) nothing herein contained shall be construed as
creating any liability on [●], individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or
under the parties hereto and (iv) under no circumstances shall [●] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by the Issuer under this Indenture or any other related documents. 
 (b)    Notwithstanding
anything contained herein to the contrary, this Indenture has been accepted by $[●], not in its individual capacity but solely as Indenture Trustee, and in no event shall $[●] have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer in accordance with the
priorities set forth herein. 

  
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 Section 11.19. PATRIOT Act. The parties hereto acknowledge that, in accordance
with Section 326 of the Patriot Act, each of $[●] and Mechanics Bank, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or opens an account. The parties to this Indenture agree that they will provide $[●] and Mechanics Bank, as the case may be, with such information as either may request in
order for them to satisfy the requirements of the Patriot Act. 
 Section 11.20. No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of any Person, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by Applicable Law. 
 Section 11.21. Conflicts with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. The provisions of TIA §§ 310 through 317 that impose
duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

Section 11.22. No Recourse. The Notes represent obligations of the Issuer only and do not represent an interest in or obligations
of the Servicer, the Depositor or any of their respective Affiliates, and no recourse may be had against such parties or their assets, except as may be set forth in this Indenture and the other Basic Documents. Each Noteholder or Note Owner, by
acceptance of a Note or a beneficial interest therein, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith against (i) either Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of either Trustee in its individual capacity or any holder of a beneficial interest in the Issuer, either Trustee or of any successor or assign of either Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. 

  
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 ARTICLE TWELVE 

COMPLIANCE WITH THE FDIC RULE 

Section 12.01. Purpose. 

(a)    Each of the Noteholders, the issuing entity (as hereinafter defined), Mechanics Bank and the Indenture Trustee
(i) acknowledges and agrees that the purpose of this Article is to facilitate compliance by Mechanics Bank with the provisions of the FDIC Rule, (ii) acknowledges that the interpretations of the requirements of the FDIC Rule may change
over time, whether due to interpretive guidance provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise, and (iii) agrees that the provisions of this Article shall
have the effect and meanings that are appropriate under the FDIC Rule as such meanings change over time on the basis of evolving interpretations of the FDIC Rule. 

(b)    If any provision of the FDIC Rule is amended, or any interpretive guidance regarding the FDIC Rule is provided by
the FDIC or its staff, as a result of which the issuing entity determines that an amendment to this Article is necessary or desirable, then the issuing entity and the Indenture Trustee shall be authorized and entitled to amend this Article in
accordance with such FDIC Rule amendment or guidance; provided, that the issuing entity delivers to the Indenture Trustee an Officer’s Certificate to the effect that (i) such amendment will not have a material adverse effect on the
Noteholders or (ii) such amendment is required to remain in compliance with the FDIC Rule. Nothing in this subsection shall limit the rights of the Indenture Trustee pursuant to Section 9.03. 

(c)    As used in this Article, but subject to the rules of interpretation specified in Section 12.01(a) and
Section 12.01(b), references to (i) the “sponsor” means Mechanics Bank, (ii) the “issuing entity” means, collectively, the Depositor and the Issuer (except in Section 12.02(e), where such term shall have the
meaning in the FDIC Rule), (iii) the “servicer” means the Servicer or Administrator, as applicable, (iv) “obligations” or “securitization obligations” means the Notes and, to the extent permitted by the FDIC
Rule, the Certificates, (v) “investors” means the Noteholders and, to the extent permitted by the FDIC Rule, Certificateholders, and (vi) “financial assets” and “securitized financial assets” means the
Receivables (except in Section 12.02(e), where such term shall have the meaning in the FDIC Rule). 
 (d)    The
issuing entity believes that the transactions and actions contemplated by the Basic Documents comply with the requirements of Section 12.02. 

Section 12.02. Requirements of FDIC Rule. As required by the FDIC Rule: 

(a)    Payment of principal and interest on the securitization obligations must be primarily based on the
performance of financial assets that are transferred to the issuing entity and, except for interest rate or currency mismatches between the financial assets and the obligations, shall not be contingent on market or credit events that are independent
of such financial assets. 

  
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 (b)    The sponsor, issuing entity and/or the servicer,
as appropriate, shall make available to investors information describing the financial assets, obligations, capital structure, compensation of relevant parties and relevant historical performance data set forth below: 

(i)      On or prior to issuance of obligations and at the time of delivery of any periodic
distribution report and, in any event, at least once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized financial assets shall be disclosed to all potential investors at the financial asset
or pool level, as appropriate for the financial assets, and security level to enable evaluation and analysis of the credit risk and performance of the obligations and financial assets. Such information and its disclosure, at a minimum, shall comply
with the requirements of Regulation AB or any successor disclosure requirements for public issuances, even if the obligations are issued in a private placement or are not otherwise required to be registered; provided, however, that information that
is unknown or not available to the sponsor or the issuing entity after reasonable investigation may be omitted if the issuing entity includes a statement in the offering documents disclosing that the specific information is otherwise unavailable;

 (ii)      On or prior to issuance of obligations, the structure of the securitization and
the credit and payment performance of the obligations shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features; representations and warranties made with respect to the financial
assets, the remedies for and the time permitted for cure of any breach of representations and warranties, including the repurchase of financial assets, if applicable; liquidity facilities and any credit enhancements permitted by the FDIC Rule, any
waterfall triggers or priority of payment reversal features; and policies governing delinquencies, servicer advances, loss mitigation, and write-offs of financial assets; 

(iii)      While obligations are outstanding, the issuing entity shall provide to investors
information with respect to the credit performance of the obligations and the financial assets, including periodic and cumulative financial asset performance data, delinquency and modification data for the financial assets, substitutions and removal
of financial assets, servicer advances, as well as losses that were allocated to such tranche and the remaining balance of financial assets supporting such tranche, if applicable, and the percentage of each tranche in relation to the securitization
as a whole; and 
 (iv)      The nature and amount of compensation paid to the originator,
sponsor, rating agency or third-party advisor, any mortgage or other broker, and the servicer(s), and the extent to which any risk of loss on the underlying assets is retained by any of them for such securitization shall be disclosed; the issuing
entity shall provide to investors while any obligations are outstanding any changes to such information and the amount and nature of payments of any deferred compensation or similar arrangements to any of the parties. 

  
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 (c)    Prior to the Section 941 Effective Date, the
sponsor shall retain an economic interest in a material portion, defined as not less than 5%, of the credit risk of the financial assets. This retained interest may be either in the form of an interest of not less than 5% in each of the credit
tranches sold or transferred to the investors or in a representative sample of the securitized financial assets equal to not less than 5% of the principal amount of the financial assets at transfer. This retained interest may not be sold or pledged
or hedged, except for the hedging of interest rate or currency risk, during the term of the securitization. 

(d)    The obligations shall not be predominantly sold to an Affiliate (other than a wholly-owned
subsidiary consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor. 

(e)    The sponsor shall separately identify in its financial asset data bases the financial assets
transferred into any securitization and shall maintain an electronic or paper copy of the closing documents in a readily accessible form, a current list of all of its outstanding securitizations and issuing entities, and the most recent Form 10-K, if applicable, or other periodic financial report for each securitization and issuing entity. The sponsor shall make these records readily available for review by the FDIC promptly upon written
request. 
 (f)    To the extent serving as servicer, custodian or paying agent for the securitization,
the sponsor shall not comingle amounts received with respect to the financial assets with its own assets except for the time, not to exceed two Business Days, necessary to clear any payments received. 

(g)    The sponsor shall maintain continuously, from the time of execution, a copy of all executed Basic
Documents and other securitization agreements in its official records. 
 Section 12.03. Performance. The issuing entity agrees
to (i) perform the covenants set forth in Section 12.02, except to the extent any such obligation is imposed exclusively on the servicer or the sponsor and (ii) facilitate compliance with this Article by Mechanics Bank and the
Depositor. 
 Section 12.04. Effect of Section 941 Rules. The sponsor will be required to adjust the economic
interest it retains to the extent necessary to comply with Section 941 Rules upon the Section 941 Effective Date and thereafter. Section 12.02(c) shall not, however, be construed to require the sponsor to retain any greater economic
interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to adjust the amount of
credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with Applicable Law. Within a reasonable time after the
sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Securityholders, and each of the Indenture Trustee, the Depositor and Mechanics Bank is authorized and entitled to amend

  
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Section 12.02(c), in accordance with and to the extent the issuing entity determines necessary or appropriate, to reflect the requirements of the Section 941 Rules. 

Section 12.05. Actions Upon Repudiation. Without such actions constituting an acknowledgement or agreement by any investor or any
other party to the Basic Documents that the provisions of paragraph (d)(4) of the FDIC Rule are applicable: 

(a)    In the event that Mechanics Bank becomes the subject of an insolvency proceeding and the FDIC as
receiver or conservator for Mechanics Bank provides a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the FDIC in such capacity will pay damages as provided in such
paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter, so notify the Indenture Trustee and the Owner Trustee. 

(b)    Following delivery of the notice specified in Section 12.05(a): 

(i)      at the direction of the Holders of at least 25% of the Note Balance of the Controlling
Class, the Indenture Trustee shall request and the Servicer shall compute the damages due to the Holders of each Class of Notes pursuant to paragraph (d)(4)(ii) of the FDIC Rule and shall notify the Indenture Trustee, the Owner Trustee and
the FDIC of such amounts; and 
 (ii)      at the direction of the Certificateholders
pursuant to the Trust Agreement, the Owner Trustee shall provide the Servicer with written instructions setting forth the amount of damages claimed by the Certificateholders pursuant to paragraph (d)(4)(ii) of the FDIC Rule, and the Servicer
shall notify the Indenture Trustee, the Owner Trustee and the FDIC of such claim for damages. 

(c)    If any principal or accrued interest on the Notes remains unpaid upon receipt of the notice
specified in Section 12.05(a), the Indenture Trustee shall thereupon determine the Applicable Payment Date for making a distribution to Noteholders of such damages, which date shall be the earlier of (i) the next Payment Date on which such
damages could be distributed and (ii) the earliest practicable date by which the Indenture Trustee could declare a special payment date, in each case subject to all applicable provisions of this Indenture, Applicable Law and the procedures of
the Clearing Agency. The Indenture Trustee is authorized and instructed to retain possession and control of the Trust Accounts and all amounts on deposit therein. 

(d)    When the Applicable Payment Date is determined, the Servicer shall promptly compute the amount of
interest to be paid on each Class of Notes on the Applicable Payment Date, which interest (unless such Applicable Payment Date is a Payment Date) shall be the amount accruing up to the Applicable Payment Date and which shall be computed by pro
rating the amount that would otherwise be payable on the next succeeding Payment Date on the basis of (i) the number (not to exceed 30) of days elapsed from such preceding Payment Date divided by (ii) 30. The Servicer shall notify the
Indenture Trustee of the applicable amounts of principal and interest to be paid 

  
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on each Class of Notes and the Aggregate Note Amount not later than the Business Day following the day on which the Applicable Payment Date is determined. 

(e)    If the Applicable Payment Date is a special payment date, the Indenture Trustee shall
(i) declare such special payment date (the record date for which shall be the close of business on the day immediately preceding such special payment date), (ii) declare a special distribution to Noteholders consisting of unpaid interest
on each Note and the outstanding principal balance of each Note and (iii) deliver notice to the Noteholders and the Servicer (which shall deliver such notice to the Owner Trustee) of such special payment date and special distribution. 

(f)    Following payment by the FDIC of any damages described in Section 12.05(a), 

(i)      such damages shall be deposited, first, into the Principal Distribution Account (in an
amount equal to the lesser of the (A) the Aggregate Note Amount and (B) the amount of such damages) and, second, into the Certificate Distribution Account under the Trust Agreement (in the amount of such damages, if any, remaining after
making the deposit described in clause first); 
 (ii)      the Servicer shall promptly, and
no later than one Business Day after such damages have been paid by the FDIC, (A) compute the amount, if any, required to be withdrawn from available funds in the Reserve Account (and, if necessary, the Collection Account) and transferred to
the Principal Distribution Account so that the amount on deposit in the Principal Distribution Account shall equal the Aggregate Note Amount, if any and (B) promptly inform the Indenture Trustee and Owner Trustee of such computations; and 

(iii)      on the Applicable Payment Date, the Indenture Trustee, at the written direction of
the Servicer, shall, based solely on the computations delivered to it under Section 12.05(d), first, withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount so computed
and cause such amount to be deposited into the Principal Distribution Account and second, cause all amounts deposited in the Principal Distribution Account pursuant to this Section to be applied in accordance with Section 2.07, to the
extent of the amounts available for application pursuant thereto (but distributing to each class the amount of interest computed by the Servicer pursuant to Section 12.05(d), rather than the amount specified in Section 2.07). 

(g)    As promptly as practicable after giving effect to the distributions in Section 12.05(f), any
funds remaining in the Principal Distribution Account, the Certificate Distribution Account, the Collection Account and the Reserve Account shall be distributed on the earlier of (i) the date, if any, specified in the Trust Agreement and
(ii) the following Payment Date (or on such applicable distribution date, if it is a Payment Date), such distributions to be made in accordance with the applicable provisions of the 

  
 72 

 
Basic Documents, with the Servicer to adjust the amounts of such distributions to take into account the amounts distributed on the Applicable Payment Date. 

Section 12.06. Notice. 

(a)    In the event that Mechanics Bank becomes the subject of an insolvency proceeding and the FDIC as receiver or
conservator provides a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver such notice to each of the Depositor, Mechanics Bank and each Trustee. If the
FDIC is appointed as a conservator or receiver of Mechanics Bank and Mechanics Bank is in default in the payment of principal or interest when due following the expiration of any cure period hereunder or under the other Basic Documents, the
Indenture Trustee at the written direction of the Holders of at least [•]% of the Note Balance of the Controlling Class, the Servicer or a Noteholder shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual
rights hereunder and under the other Basic Documents. 
 (b)    If the FDIC (i)is appointed as a conservator or receiver
of Mechanics Bank, (ii) is in default in the payment of principal of or interest on the Notes when due and (iii) is in default in the payment of any amounts due to Certificateholders following the expiration of any cure period hereunder or
under the other Basic Documents, the Owner Trustee, at the direction of a Certificateholders, shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and under the other Basic Documents. 

Section 12.07. Reservation of Rights. Notwithstanding anything herein to the contrary: 

(a)    neither the inclusion of this Article in this Indenture nor the compliance by any Person with,
or the acknowledgment by any Person of, the provisions of this Article (i) constitutes an agreement or acknowledgment by any Person that, in the case of an insolvency proceeding with respect to Mechanics Bank, a receiver or conservator will
have any rights with respect to the trust estate under this Indenture or (ii) shall be deemed to limit in any way whatsoever the right of any Person to contest any decision, assertion or other action taken or made by such a receiver or
conservator in respect of the obligations or the Basic Documents, including any such action seeking to apply the FDIC Rule, or the provisions of paragraph (d)(4) of the FDIC Rule rather than paragraph (d)(3) thereof, to the transactions
contemplated by the Basic Documents; and 
 (b)    the Indenture Trustee shall not (i) have any
responsibility to monitor compliance with or enforce any party’s compliance with or obligations under the FDIC Rule, (ii) be charged with knowledge of the FDIC Rule or have any liability to any Noteholder or other party for violation of
the FDIC Rule or (iii) be obligated to take any action under this Article unless it receives written direction from the appropriate requesting party. 

  
 73 

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

			
	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 20[    ]-[    ]
		
	By:	 	[●], NATIONAL
		 	ASSOCIATION, not in its individual capacity
		 	but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

  

20[    ]-[    ] Indenture 

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

		 	Name:
		 	Title:

  

  

20[    ]-[    ] Indenture 

 EXHIBIT A 

FORM OF CLASS
[A-1][A-2][A-3][A-4][B][C][D] NOTE 

CLASS
[A-1][A-2][A-3][A-4][B][C][D] ASSET BACKED NOTE 

EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE REPRESENTED THAT EITHER (I) IT IS NOT, AND IT IS NOT INVESTING ON BEHALF OF, OR
WITH THE PLAN ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A
“PLAN” DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, OR (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHERWISE (ANY OF (A), (B) OR (C), A
“PLAN”) OR (D) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN WHICH IS SUBJECT TO ANY UNITED STATES FEDERAL, STATE OR LOCAL LAW THAT IMPOSES REQUIREMENTS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF
THE CODE (COLLECTIVELY “SIMILAR LAW”), OR (II) ITS ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION OF ANY APPLICABLE SIMILAR LAW. EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.)). 
 TRANSFERS OF THIS NOTE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO HEREIN. 

  
 A-1 

 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE. 

THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE UNITED STATES FEDERAL INCOME TAX CERTIFICATIONS
(GENERALLY, AN INTERNAL REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN
APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE) MAY
RESULT IN THE IMPOSITION OF UNITED STATES FEDERAL BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE. 

[[FOR CLASS A-2, A-3, A-4, B, C AND D
NOTES] THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO [[FOR THE CLASS A-2 NOTES] THE CLASS A-1 NOTES] 

[[FOR THE CLASS A-3 NOTES] THE CLASS A-1 NOTES AND THE CLASS A-2 NOTES] 
 [[FOR THE CLASS A-4 NOTES] THE CLASS
A-1 NOTES, THE CLASS A-2 NOTES AND THE CLASS A-3 NOTES] [[FOR THE CLASS B NOTES] THE CLASS A NOTES] [[FOR THE CLASS C NOTES] THE
CLASS A NOTES AND THE CLASS B NOTES] [[FOR THE CLASS D NOTES] THE CLASS A NOTES, THE CLASS B NOTES AND THE CLASS C NOTES] 
 CALIFORNIA
REPUBLIC AUTO RECEIVABLES TRUST 20[__]-[_] 
 ____[●]% CLASS [A-1][A-2][A-3][A-4][B][C][D] ASSET BACKED NOTE 

$[●]                    
        1 
 NOTE
No. R-1                                  
                                         
                     CUSIP
NO.                         

CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 20[    ]-[    ], a Delaware statutory trust
(herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
                     MILLION DOLLARS
($[●]                    ), payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator is $[●]                     and the denominator of which is
$[●]                     by (ii) the aggregate amount, if any, payable to the extent described in the Indenture referred to on the
reverse hereof on each Payment Date; provided, however, that the entire unpaid principal amount of this Note shall be payable on the earlier of
                    , 20     (the “Class [A-1][A-2][A-3][A-4][B][C][D] Final Scheduled Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture.
Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Indenture or, if not 
  

	1 	 Denominations of $[●]1,000 and integral multiples of $[●]1,000 in excess thereof.

  
 A-2 

 
defined therein, then in the Sale and Servicing Agreement, in each case referred to on the reverse hereof. 

The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date (to the extent that such rate does not exceed
the maximum rate permitted by Applicable Law) until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the close of business on the preceding Payment Date (after giving effect to all
payments of principal made on such preceding Payment Date, or on the Closing Date in the case of the first Payment Date or if no interest has yet been paid, subject to certain limitations contained in the Indenture and the Sale and Servicing
Agreement. Interest on this Note will accrue for each Payment Date, from and including [For Class A-1 Notes: the most recent Payment Date on which interest has been paid (or, in the case of the first
Payment Date or if no interest has yet been paid, from and including the Closing Date), to but excluding such current Payment Date. Interest will be computed on the basis of the actual number of days during the related Interest Period divided by
360.] [For Class A-2, Class A-3, Class A-4, Class B, Class C Notes and Class D Notes: the 15th day of the prior calendar month (or, in the case of the first Payment Date or if no interest has yet been paid, from and including the Closing Date), to but excluding the 15th day of the current calendar month. Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months.] The Issuer shall pay interest on overdue installments of interest at the interest rate otherwise applicable thereto to the extent lawful. Such principal of and interest on this Note shall be
paid in the manner specified in the Indenture and the Sale and Servicing Agreement. 
 The Notes are secured by certain assets of the Issuer
consisting primarily of a portfolio of motor vehicle installment sale contracts and loans. This Note does not represent an interest in, or obligation of, California Republic Funding, LLC (the “Depositor”), Mechanics Bank or any of their
respective Affiliates. 
 The principal of and interest on this Note are payable in such coin or currency of the United States as at the
time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of
this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the
Indenture Trustee, by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture or the Sale and Servicing Agreement or be valid or obligatory for any purpose. 

THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND

  
 A-3 

 
REMEDIES OF THE HOLDER HEREOF AND THE PARTIES THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 

 

							
	Date: [●]     , 20[    ]	 		 	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 20[    ]-[    ]
			
		 		 	By: [●], not in its individual capacity but solely as Owner Trustee
				
		 		 	By:	 	Authorized Signatory

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	Date: [●]     , 20[    ]	 		 	[●],	 	
		 		 	not in its individual capacity
		 		 	but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-4 

 REVERSE OF CLASS [A-1][A-2][A-3][A-4][B][C][D] NOTE 
 This Note is
one of a duly authorized issue of Notes of the Issuer, designated as its ___[●]% Class
[A-1][A-2][A-3][A-4][B][C][D] Asset Backed Notes (the “Class ___ Notes”), all
issued under the Indenture, dated as of [●] 1, 20[    ] (as amended, the “Indenture”), between the Issuer and [●], as trustee (the “Indenture Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to the terms of the Indenture and the Sale and
Servicing Agreement, dated as of [●] 1, 20[    ] (as amended, the “Sale and Servicing Agreement”), among Mechanics Bank, the Depositor, the Indenture Trustee and the Issuer. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (collectively, the “Notes”) are, except as
otherwise provided in the Indenture or in the Sale and Servicing Agreement, equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

This Note is issued under and is subject to the terms, provisions and conditions of the Sale and Servicing Agreement, and the Indenture, as
each may be amended and supplemented from time to time, the Noteholder by virtue of the acceptance hereof assents and is bound. Although a summary of certain provisions of the Sale and Servicing Agreement and the Indenture are set forth below, this
Note does not purport to summarize the Sale and Servicing Agreement or the Indenture and reference is made to the Sale and Servicing Agreement and the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds
and duties evidenced hereby and the rights, duties and obligations of the Indenture Trustee. A copy of the Sale and Servicing Agreement and the Indenture (without schedules and exhibits) may be requested from the Indenture Trustee by writing to the
Indenture Trustee at [●], [Address], Attention: [●]. In the event of any conflict between this Note, on the one hand, and the Indenture or the Sale and Servicing Agreement on the other hand, the Indenture or the Sale and Servicing
Agreement shall control. 
 The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States
federal, State and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder, by acceptance of a Note (and each Note Owner, by acceptance of a beneficial
interest in a Note), agrees to treat the Notes for United States federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Principal payable on the Class [A-1][A-2][A-3][A-4][B][C][D] Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire unpaid
principal amount of this Note will be payable on the earlier of the Class
[A-1][A-2][A-3][A-4][B][C][D] Final Scheduled Payment Date and the Redemption Date, if
any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Class [A-1][A-2][A-3][A-4][B][C][D] Notes shall be due and payable following the occurrence and continuance of an Event of Default, if the Indenture Trustee or the Holders of Notes evidencing not less
than 51% 

  
 A-5 

 
of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class [A-1][A-2][A-3][A-4][B][C][D] Notes shall be made pro rata to the Class [A-1][A-2][A-3][A-4][B][C][D] Noteholders entitled thereto. 

Payments of principal and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the
Person whose name appears as the registered Noteholder (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the registered Noteholder as of the Record Date preceding such Payment Date or Redemption Date by notice mailed in accordance with the Indenture and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes. Final payment of this Note will be made only upon
presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholder in accordance with the Indenture. 

This Note does not represent an obligation of, or an interest in, the Depositor, Mechanics Bank, or any affiliate of any of them and is not
insured or guaranteed by any governmental agency or instrumentality. This Note is limited in right of payment to certain Available Collections with respect to the Collateral, all as more specifically set forth herein and in the Sale and Servicing
Agreement and the Indenture. 
 Upon the satisfaction of the Rating Agency Condition, the Sale and Servicing Agreement may be amended from
time to time by the Depositor, the Seller, the Servicer, the Indenture Trustee, the Issuer and the Noteholders holding not less than 51% of the Note Balance of the Controlling Class for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Sale and Servicing Agreement or of modifying in any manner the rights of the Noteholders. 

The Indenture may be amended and supplemental indentures may be adopted in accordance with the terms and conditions set forth in the
Indenture. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in
the Note Register of the Note Registrar upon surrender of 

  
 A-6 

 
this Note for registration of transfer at the office or agency maintained by the Note Registrar in [●], accompanied by a written instrument of transfer in form satisfactory to the Note
Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized, and thereupon one or more new Notes of authorized denominations evidencing the same aggregate fractional undivided interest will be issued to the designated
transferee or transferees. 
 The Notes are issuable only as registered Notes without coupons in denominations specified in the Indenture.

 As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for new Notes of a like
Class and aggregate principal amount as requested by the Noteholder surrendering such Notes. No service charge will be imposed for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 The
Servicer, the Indenture Trustee, the Issuer and the Note Registrar and any agent of any of them, may treat the Person in whose name this Note is registered as the owner hereof for all purposes, and neither the Servicer nor the Indenture Trustee, the
Issuer and Note Registrar, nor any agent of any of them, shall be affected by notice to the contrary except in certain circumstances described in the Indenture. 

Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, as the case may be, covenants and agrees by accepting
the benefits of the Indenture and such Note that prior to the date which is one year and one day after payment in full of all obligations of the Issuer in respect of all securities issued by the Issuer, such Noteholder or Note Owner shall not
institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings under any Insolvency Law in connection with any
obligations relating to the Notes, the Certificates, the Indenture or the other Basic Documents. 
 The Indenture Trustee is not responsible
for and makes no representation as to the validity or adequacy of the Indenture or this Note, is not accountable for the Issuer’s use of proceeds of the Notes and is not responsible for any statement in this Note other than the Indenture
Trustee’s certificate of authentication. 

  
 A-7 

 ASSIGNMENT 
  

			
	 Social Security or taxpayer I.D. or other identifying number of
assignee:

	
	
                   
                                         
                                         
                                         
      

	
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:

	
	  

	 (name and address of assignee)

 
 the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints
                                    , attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises.

		
	 Dated:
                                
	  	
		  	  

Signature Guaranteed:

		
		  	  

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the reverse of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  
 A-8 

 EXHIBIT B 

FORM OF REPURCHASE REQUEST NOTICE 

Reporting Period: [calendar month] 

☐ Check here if nothing to report. 

									
	  
	  	  	  	Activity During
Period2
	    Transaction    	  	    Loan    	  	    Date of Reputed    
Demand3	  	
    Party Making Reputed    

Demand
	  	
    Date of Withdrawal of    

Reputed Demand

	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	 	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  

  

 
  

	2 	 Forward any applicable information or documentation relating to any reputed demands to the Servicer. See
Item 11 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of what constitutes activity. 

  

	3 	 See Item 23 in the ASF Rule 15Ga-1 Market Implementation Guide for a
discussion of “demands.” 

  
 B-1

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