Document:

EX-10.55

 Exhibit 10.55 

Execution Version 
 OPTION
EXTENSION AGREEMENT 
 This Option Extension Agreement (the “Agreement”) is made as of August 5, 2013, by and
among Michael Saunders (“Saunders”), Kellwood Company, a Delaware corporation (the “Company”), Apparel Holding Corp., a Delaware corporation (the “Parent”), SCSF Cardinal, LLC, a Delaware limited
liability company (“SCSF Cardinal”), and Sun Cardinal, LLC, a Delaware limited liability company (“Sun Cardinal”). The parties hereto are referred to collectively herein as the “Parties” and each as
a “Party”. Capitalized terms not otherwise defined herein have the meaning set forth in that certain Grant Agreement by and between the Company and Saunders dated June 30, 2010 (the “Grant Agreement”). 

WHEREAS, Saunders holds 10,000 vested options (the “Options”) to acquire 10,000 shares of non-voting common stock of
the Company pursuant to the Grant Agreement; 
 WHEREAS, the Options were granted pursuant to the terms of that certain 2010
Stock Option Plan of the Company (as such Plan is later amended from time to time in accordance with its terms, the “Plan”); 

WHEREAS, the Company and Saunders are party to that certain Extension Agreement, dated as of July 2, 2013 (the “Extension
Agreement”) which such Extension Agreement, inter alia, extended the expiration of the Options until August 15, 2013; 

WHEREAS, unless exercised in accordance with the Extension Agreement, the Options will expire on August 15, 2013; 

WHEREAS, the Parties desire to further extend the expiration of the Options and otherwise set forth the terms and conditions on which
the Options may be exercised; 
 NOW THEREFORE, in consideration of the mutual covenants and obligations contained herein, and
intending to be legally bound, the parties, subject to the terms and conditions set forth herein, agree as follows.  
 1.
Termination. Notwithstanding anything to the contrary in the Grant Agreement, the Plan, the Extension Agreement or any other agreement between the Parties, the Options shall not expire on August 15, 2013, but shall instead expire on the
earliest of (a) the date which is ten (10) days after the consummation of the initial public offering by the Parent or its successor of its common stock pursuant to an effective registration statement under the Securities Act of 1933, as
amended (the “IPO”), (b) the date of the consummation of a Sale (as such term is defined in the Grant Agreement) and (c) 11:59 on the tenth anniversary of the original grant date of the Option, which date the parties agree
is June 30, 2020 (such earliest of (a), (b) or (c) referred to herein as, the “Expiration Time”). The Company shall provide Saunders with at least ten (10) days’ notice of the Expiration Time. 

2. Exercise. 

(a) Saunders agrees that Saunders shall not, and has no right to, exercise any of the Options (and any such exercise or attempt
to exercise any of the Options prior to such period shall be void and ineffective) until the date that is ten (10) days prior to the 

 
Expiration Time. If the Options are not exercised prior to the Expiration Time, the Options shall immediately expire upon the Expiration Time and Saunders shall have no further rights thereunder.

 (b) Saunders shall notify the Company in writing of his intention to exercise his Options no less than five (5) days
prior to such Expiration Time (such written notice referred to herein as an “Exercise Notice”). In the event that Saunders elects to exercise his Options, Saunders agrees that the Option shall be exercised only by executing a
“Notice of Exercise of Stock Options” in substantially the form attached as Annex B to the Grant Agreement as may be reasonably modified to reflect the terms of this Agreement and that such exercise shall be conditioned upon the execution
of the other documentation required by Section 4 hereof. 
 3. Sun Repurchase Rights; Settlement Rights. 

(a) Repurchase of Options. Within the thirty (30) day period prior to the Expiration Time, Sun Cardinal, SCSF
Cardinal or any their respective affiliates (as determined by Sun Cardinal or SCSF Cardinal) (“Purchaser”) shall have a right to purchase from Saunders (or any successor in interest by purchase, gift or other mode of transfer) all
or any number of the Options, as determined by Purchaser in Purchaser’s sole discretion. Such purchase shall be made, in respect of each Option that the Purchaser elects to purchase, at the lower of (i) $120.78 per Option to acquire a
share of non-voting common stock of the Company (a “Share”) (as such amount may be adjusted pursuant to Section 3(c)) or (ii) the Fair Market Value of a Share at the time of the Repurchase Notice (as defined below)
minus, in the case of clause ii only, $1.00 (such amount, the “Purchase Price”). This right to purchase the Options shall be exercisable by Purchaser within the thirty (30) day period prior to the Expiration Time
by: (i) giving written notice of such purchase to Saunders (a “Repurchase Notice”), which such Repurchase Notice shall include the number of Options that are to be purchased by the Purchaser, (ii) tendering payment of the
applicable purchase price of the Options to Saunders within thirty (30) days of the delivery of such Repurchase Notice and (iii) complying with such other terms and conditions established herein. The Purchase Price may be made, at the
discretion of the Company, (x) entirely in cash, (y) in a combination (as determined by the Parent in its good faith sole discretion) of cash and in a number of shares of non-voting common stock of the Parent valued at the Fair Market
Value of such shares (as defined below) as of the date of the Repurchase Notice (“Parent Stock”) or (z) entirely in Parent Stock valued at the Fair Market Value of such shares as of the date of the Repurchase Notice. For
purposes of this Agreement, “Fair Market Value” of either Company Stock or Parent Stock shall be determined by Parent in its good faith sole discretion, it being understood that the Parent, in determining Fair Market Value, shall
consider the results of at least one commonly used business valuation methodology. Saunders hereby agrees that in the event that any portion of the Purchase Price is paid in Parent Stock, Saunders will enter into an agreement containing customary
representations and warranties regarding the Options and the Parent Stock substantially similar to the representations and warranties contained within the “Notice of Exercise of Stock Options” attached as Annex B to the Grant Agreement. In
the event that the Purchaser elects to purchase such Options in accordance with this Section 3(a), any Exercise Notice 

  
 2 

 
Saunders may have provided shall be null and void with respect to the Options repurchased by the Purchaser and Saunders shall have no further rights pursuant to the Options other than to the
payment of the Purchase Price contemplated under this Section 3(a), subject to the conditions contained herein. For the avoidance of doubt, the Purchaser’s purchase right pursuant to this Section 3(a) is not contingent
upon Saunders providing the Company with an Exercise Notice. 
 (b) Repurchase of Shares. In the event that Saunders
exercises the Options in accordance with Section 2 herein, then, following such exercise, Purchaser shall have a right, exercisable by the Purchaser at any time within seven (7) months of Saunders’ exercise of Options, to
purchase from Saunders (or any successor in interest by purchase, gift or other mode of transfer) all or any number of Shares issued to Saunders in settlement of the Options, as determined by Purchaser in Purchaser’s sole discretion. Such
purchase shall be made, in respect of each Share, at the lower of (i) $121.78 per share (as such amount may be adjusted pursuant to Section 3(d)) or (ii) the Fair Market Value of each such share of stock at the time of
repurchase. This right to purchase shall be exercisable by: (i) giving written notice of such purchase to Saunders, which such notice shall include the number of shares that are to be purchased by Purchaser, (ii) tendering payment of the
applicable purchase price in cash of the shares to Saunders within thirty (30) days of the delivery of such written notice and (iii) complying with such other terms and conditions established herein. 

(c) Repurchase of Parent Stock. In the event that Purchaser repurchases all or any number of Options from Saunders
pursuant to Section 3(a) and pays all or part of the Purchase Price to Saunders in Parent Stock, then, following such repurchase, Purchaser shall have a right, exercisable by the Purchaser at any time within seven (7) months of such
repurchase, to purchase from Saunders (or any successor in interest by purchase, gift or other mode of transfer) all or any number of shares of Parent Stock issued to Saunders in the repurchase of the Options, as determined by Purchaser in
Purchaser’s sole discretion. Such repurchase shall be made, in respect of each share of Parent Stock at the Fair Market Value of each such share of Parent Stock at the time of repurchase. This right to repurchase shall be exercisable by:
(i) giving written notice of such repurchase to Saunders, which such notice shall include the number of shares of Parent Stock that are to be repurchased by Purchaser, (ii) tendering payment of the applicable purchase price in cash of the
shares of Parent Stock to Saunders within thirty (30) days of the delivery of such written notice and (iii) complying with such other terms and conditions established herein. 

(d) In the event of a dividend, recapitalization, or spin-off, split-up, combination or exchange of shares of the non-voting common stock of the Company or Parent or the like, any of which results in a change in the number or kind of shares of stock of the Company or Parent
outstanding immediately prior to such event, the amounts that may be paid by Purchaser pursuant to this Section 3 shall be appropriately adjusted in order that the rights of Purchaser and Saunders are neither enlarged nor diminished as a
result of such event. The Parties acknowledge that the proposed structure, including capital structure, of the Parent at the time of a potential IPO, if any, has not been finally determined, but such capital structure may involve (i) a stock
split of the issued and outstanding capital stock of the Parent in anticipation of such an IPO and (ii) prior to an IPO, only a single class of voting common stock of the Parent being issued and

  
 3 

 
outstanding, and that the provisions of this Section 3(d) shall be applied, if applicable, such that the rights of Purchaser and Saunders are neither enlarged nor diminished as a
result of such event. 
 (e) SAUNDERS HEREBY ACKNOWLEDGES THAT ANYTIME AFTER THE DATE HEREOF ANY OF SCSF CARDINAL OR SUN
CARDINAL OR THEIR RESPECTIVE AFFILIATES MAY SELL THE SHARES PURCHASED HEREUNDER OR OBTAINED BY EXERCISE OF OPTIONS PURCHASED HEREUNDER OR SIMILAR EQUITY SECURITIES OF THE PARENT OR THE COMPANY FOR CONSIDERATION SIGNIFICANTLY HIGHER THAN THE
CONSIDERATION BEING PAID TO SAUNDERS FOR SUCH SHARES OR SUCH OPTIONS AND AGREES THAT SAUNDERS SHALL HAVE NO “LOOK BACK” OR SIMILAR RIGHTS. 

4. Additional Agreements; Full Force and Effect. Saunders shall, in the Company’s reasonable discretion, be required to execute a
stockholders’ agreement of the Parent or the Company, as applicable, a registration agreement of the Parent of the Company, as applicable and a limited liability company agreement of the Company (if applicable), or joinders thereto, as a
condition to exercising any of the Options or as a condition of receiving the Parent Stock to which he may entitled pursuant to Section 3, as applicable, as well as an Underwriters Lock-Up Agreement substantially similar to any
Underwriters Lock-Up Agreement entered into by any other holder of equity in Parent. Saunders acknowledges and agrees that in the event Saunders receives Parent Stock pursuant to Section 3, the provisions of the Plan and Grant Agreement
shall be modified, in the Company’s reasonable discretion, for any conforming changes made necessary by his ownership of shares in Parent rather than the Company. All sections, provisions and clauses in the Grant Agreement and Plan, as
modified, shall remain in full force and effect. All other sections, provisions, and clauses in the Extension Agreement, the Grant Agreement and the Plan not expressly modified by this Agreement shall remain in full force and effect. 

5. No Assignments; Binding Effect. Except as provided in this Section 5, no party may assign or delegate any rights or
obligations hereunder without first obtaining the written consent of the other parties hereto. SCSF Cardinal, Sun Cardinal, the Company and the Parent may assign this Agreement to any affiliate and any successor to all or substantially all of the
business and/or assets of SCSF Cardinal, Sun Cardinal, the Company or the Parent, respectively, provided that the assigning party shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the assigning party would be required to perform it if no such succession had taken place. As used in this Agreement, the term “Company” shall mean the Company and any successor to its business and/or assets, which
assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise and the term “Parent” shall mean the Parent and any successor to its business and/or assets, which assumes
and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise. This Agreement is binding upon, and shall inure to the benefit of, the parties and their respective heirs, executors and
administrators (including Saunders’s estate, in the event of Saunders’s death), and their respective permitted successors and assigns. 

  
 4 

 6. Saunders Acknowledgements. Saunders acknowledges that Saunders: (a) has carefully
read this Agreement in its entirety; (b) is hereby advised by the other Parties in writing to consult with an attorney of Saunders’s choice prior to signing this Agreement; (c) fully understands the significance of all of the terms
and conditions of this Agreement and has discussed them with Saunders’s independent legal counsel, or has had a reasonable opportunity to do so; (d) has had answered to Saunders’s satisfaction by Saunders’s independent legal
counsel all questions that Saunders has asked with regard to the meaning and significance of any of the provisions of this Agreement; and (e) is signing this Agreement voluntarily and of Saunders’s own free will and agrees to abide by all
of the terms and conditions contained herein. 
 7. Information. Saunders acknowledges that (i) SCSF Cardinal and Sun Cardinal
control the Parent, (ii) the Parent controls the Company, (iii) the Company’s board of directors is composed of officers, directors, employees and affiliates of the Parent, SCSF Cardinal and Sun Cardinal (iv) Sun Cardinal, SCSF
Cardinal, the Parent and the Company may have, and later may come into possession of, information with respect to the Company’s or the Parent’s common stock, the Company, the Parent or their respective affiliates that is not known to
Saunders and that may be material to a decision to accept or sell stock in either the Company or the Parent (the “Information”), (v) Saunders has decided to enter into the transactions contemplated by this Agreement
notwithstanding his lack of knowledge of the Information and (vi) none of Sun Cardinal, SCSF Cardinal, the Company nor the Parent shall have any liability to Saunders and Saunders waives and releases any claims that he might have against Sun
Cardinal, SCSF Cardinal, the Parent or the Company or any of their respective officers, directors, representatives or affiliates, whether under applicable securities laws or otherwise, with respect to the nondisclosure of the Information in
connection with the transactions contemplated hereby. 
 8. Authority. Each of the Parties represents and warrants to the other
Parties that (i) such Party has full legal capacity, power and authority to enter in to this Agreement and consummate the transactions contemplated hereby and by the exhibits hereto and (ii) the consummation of the transactions
contemplated by this Agreement and the exhibits hereto and the performance of such Party’s obligations hereunder will not conflict with, or result in any violation of or default under, any provision of any agreement or other instrument to which
such Party is a party or by which such Party or any of its properties is bound, or any judgment, decree, order, statute, rule or regulation applicable to such Party’s properties. Saunders represents and warrants to each of the other Parties
that Saunders has legal, beneficial and marketable title to the Options, and upon their exercise, the shares issued to settle the Options, free and clear of any lien, liability or encumbrance, and Saunders has not transferred nor taken any action
which could be interpreted to transfer or intend to transfer the Options to any other person or third party. 
 9. Restrictive
Covenants. Saunders hereby (a) reaffirms Saunders’ obligations under Annex A of the Grant Agreement and (b) understands, acknowledges and agrees that such obligations survived Saunders’ termination of employment with the
Company and execution of the Options and remain in full force and effect and be binding on Saunders in accordance with all of the terms and conditions thereof. 

10. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by the internal Law of the State of New York without giving effect to any choice of law or conflict of law provision or rule (whether of 

  
 5 

 
the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY LITIGATION, ACTION, PROCEEDING, CROSS-CLAIM, OR COUNTERCLAIM IN ANY COURT (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF, RELATING TO OR IN CONNECTION WITH (I) THIS AGREEMENT OR THE VALIDITY,
PERFORMANCE, INTERPRETATION, COLLECTION OR ENFORCEMENT HEREOF OR (II) THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, AUTHORIZATION, EXECUTION, DELIVERY, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

11. Entire Agreement. Saunders understands that this Agreement and the documents referenced herein constitute the complete
understanding between the Company and Saunders, and, except as specifically provided herein, supersedes any and all agreements, understandings, and discussions, whether written or oral, between Saunders and the Company. No other promises or
agreements shall be binding unless in writing and signed by both the Company and Saunders after the date of this Agreement. 
 12.
Notices. All notices, demands, requests, or other communications which may be or are required to be given or made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by
first-class registered or certified mails, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by facsimile transmission addressed as follows: 

 

	 	(i)	If to the Company, to: 

 Kellwood Company 

600 Kellwood Parkway 

Chesterfield, MO 63017 

Attention: General Counsel 

Facsimile Number: (314) 576-3388 
  

	 	(ii)	If to the Parent, to: 

 Apparel Holding Corp. 

c/o Kellwood Company 
 600
Kellwood Parkway 
 Chesterfield, MO 63017 

Attention: General Counsel 

Facsimile Number: (314) 576-3388 
  

	 	(iii)	If to SCSF Cardinal, to: 

 SCSF Cardinal, LLC 

c/o Sun Capital Advisors V, L.P. 

5200 Town Center Circle, Suite 600 

Boca Raton, Florida 33486 

Attention: C. Deryl Couch, Jason H. Neimark and Brian McGee 

Facsimile No.: (561) 394-0540 

  
 6 

	 	(iv)	If to Sun Cardinal, to: 

 Sun Cardinal, LLC 

c/o Sun Capital Advisors V, L.P. 

5200 Town Center Circle, Suite 600 

Boca Raton, Florida 33486 

Attention: C. Deryl Couch, Jason H. Neimark and Brian McGee 

Facsimile No.: (561) 394-0540 
  

	 	(v)	If to Saunders, to the address last shown on the Company’s records. 

 13. Further
Assurances. Saunders shall execute and deliver such further agreements and take such additional action as may be necessary in the reasonable discretion of either the Parent or the Company to effect or consummate the IPO, the corporate
restructuring undertaken in anticipation of the IPO (the “Restructuring”), the Sale or such other similar transactions as are contemplated by the IPO, the Restructuring or the Sale. 

14. Miscellaneous. This Agreement is not intended, and shall not be construed, as an admission that the Company has violated any
federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract or committed any wrong whatsoever against Saunders. Should any provision of this Agreement require interpretation or construction, it is agreed by
the parties that the entity interpreting or constructing this Agreement shall not apply a presumption against one party by reason of the rule of construction that a document is to be construed more strictly against the party who prepared the
document. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

 15. Section 409A Compliance. The intent of the parties hereto is that payments and benefits under this Agreement that are
subject to Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) comply with or be exempt from Code Section 409A, and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. Saunders acknowledges and agrees that the Parent and the Company make no warranty or representations with respect to the application of Code
Section 409A and other tax consequences to any payments contemplated hereunder. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  
 7 

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

			
	KELLWOOD COMPANY
		
	By:	 	 /s/ Jill Granoff

		 	Jill Granoff
		 	Chief Executive Officer & President
	
	SCSF CARDINAL, LLC
		
	By:	 	 /s/ Michael J. McConvery

		 	Michael J. McConvery
		 	Vice President & Assistant Secretary
	
	SUN CARDINAL, LLC
		
	By:	 	 /s/ Michael J. McConvery

		 	Michael J. McConvery
		 	Vice President & Assistant Secretary
	
	APPAREL HOLDING CORP.
		
	By:	 	 /s/ Jill Granoff

		 	Jill Granoff
		 	Chief Executive Officer & President
	
	MICHAEL SAUNDERS
	
	 /s/ Michael Saunders

	Michael Saunders

 Signature Page to Option Extension AgreementEX-4.1

 Exhibit 4.1 
  

 
 AMENDED AND RESTATED TRUST AGREEMENT 

between 
 CALIFORNIA REPUBLIC
FUNDING, LLC 
 and 

[                    ], 

as Owner Trustee 
 Amended and
Restated as of [                    ], 201[  ] 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 Section 1.1  Capitalized Terms
	  	 	1	  
	 Section 1.2  Other Definitional Provisions
	  	 	3	  
		
	 ARTICLE II ORGANIZATION
	  	 	3	  
		
	 Section 2.1  Name
	  	 	3	  
	 Section 2.2  Office
	  	 	3	  
	 Section 2.3  Purposes and Powers
	  	 	3	  
	 Section 2.4  Appointment of Owner Trustee
	  	 	4	  
	 Section 2.5  Initial Capital Contribution of Trust Estate
	  	 	4	  
	 Section 2.6  Declaration of Trust
	  	 	4	  
	 Section 2.7  Liability of the Depositor and Certificateholders
	  	 	4	  
	 Section 2.8  Title to Trust Property
	  	 	5	  
	 Section 2.9  Situs of Trust
	  	 	5	  
	 Section 2.10    Representations, Warranties and Covenants of the Depositor
	  	 	5	  
		
	 ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS
	  	 	6	  
		
	 Section 3.1  Initial Ownership
	  	 	6	  
	 Section 3.2  The Certificates
	  	 	6	  
	 Section 3.3  Execution, Authentication and Delivery of Certificates
	  	 	7	  
	 Section 3.4  Registration of Transfer and Exchange of Certificates
	  	 	7	  
	 Section 3.5  Certificate Transfer Restrictions
	  	 	8	  
	 Section 3.6  Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	9	  
	 Section 3.7  Persons Deemed Owners
	  	 	10	  
	 Section 3.8  Access to List of Certificateholders’ Names and Addresses
	  	 	10	  
	 Section 3.9  Book-Entry Certificates
	  	 	10	  
	 Section 3.10    Notices to Depository
	  	 	11	  
	 Section 3.11    Definitive Certificates
	  	 	11	  
	 Section 3.12    Maintenance of Office or Agency
	  	 	12	  
	 Section 3.13    Appointment of Paying Agent
	  	 	12	  
	 Section 3.14    Indemnification
	  	 	12	  
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS
	  	 	13	  
		
	 Section 4.1  Prior Notice with Respect to Certain Matters
	  	 	13	  
	 Section 4.2  Standards of Operations; Separateness of the Trust and the Depositor
	  	 	14	  
	 Section 4.3  Action by Certificateholders with Respect to Certain Matters
	  	 	15	  
	 Section 4.4  Action by Certificateholders with Respect to Bankruptcy
	  	 	16	  
	 Section 4.5  Restrictions on Certificateholders’ Power
	  	 	16	  
	 Section 4.6  Majority Control    
	  	 	16	  

  
 i 

					
	 Section 4.7  Rule 144A
	  	 	16	  
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	17	  
		
	 Section 5.1  Establishment of Certificate Distribution Account
	  	 	17	  
	 Section 5.2  Application of Trust Funds
	  	 	17	  
	 Section 5.3  Method of Payment
	  	 	18	  
	 Section 5.4  Accounting and Reports to Certificateholders, the Internal Revenue Service and Others
	  	 	19	  
	 Section 5.5  Signature on Returns, Tax Matters Partner
	  	 	19	  
	 Section 5.6  Sarbanes-Oxley Act
	  	 	19	  
		
	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	20	  
		
	 Section 6.1  Duties of Owner Trustee
	  	 	20	  
	 Section 6.2  Rights of Owner Trustee
	  	 	21	  
	 Section 6.3  Acceptance of Trusts and Duties
	  	 	21	  
	 Section 6.4  Action upon Instruction by Certificateholders
	  	 	23	  
	 Section 6.5  Furnishing of Documents
	  	 	23	  
	 Section 6.6  Representations and Warranties of Owner Trustee
	  	 	23	  
	 Section 6.7  Reliance; Advice of Counsel
	  	 	24	  
	 Section 6.8  Owner Trustee May Own the Residual Interest and Notes
	  	 	25	  
	 Section 6.9  Compensation and Indemnity
	  	 	25	  
	 Section 6.10    Replacement of Owner Trustee
	  	 	25	  
	 Section 6.11    Merger or Consolidation of Owner Trustee
	  	 	26	  
	 Section 6.12    Appointment of Co-Trustee or Separate Trustee
	  	 	26	  
	 Section 6.13    Eligibility Requirements for Owner Trustee
	  	 	28	  
	 Section 6.14    Withholding Certificate
	  	 	28	  
	 Section 6.15    Notice to Administrator of Repurchase Requests
	  	 	28	  
		
	 ARTICLE VII DISSOLUTION / TERMINATION
	  	 	28	  
		
	 Section 7.1  Dissolution / Termination
	  	 	28	  
		
	 ARTICLE VIII AMENDMENTS
	  	 	29	  
		
	 Section 8.1  Amendments Without Consent of Certificateholders
	  	 	29	  
	 Section 8.2  Amendments With Consent of the Noteholders and the Certificateholders
	  	 	30	  
	 Section 8.3  Form of Amendments
	  	 	31	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	31	  
		
	 Section 9.1  No Legal Title to Trust Estate
	  	 	31	  
	 Section 9.2  Limitations on Rights of Others
	  	 	31	  
	 Section 9.3  Notices
	  	 	31	  
	 Section 9.4  Severability of Provisions
	  	 	32	  
	 Section 9.5  Counterparts
	  	 	32	  
	 Section 9.6  Successors and Assigns    
	  	 	32	  

  
 ii 

					
	 Section 9.7  Nonpetition Covenant
	  	 	32	  
	 Section 9.8  No Recourse
	  	 	32	  
	 Section 9.9  Headings
	  	 	32	  
	 Section 9.10    Governing Law
	  	 	32	  
	 Section 9.11    Indemnification by and Reimbursement of the Servicer
	  	 	33	  
	 Section 9.12    Submission to Jurisdiction
	  	 	33	  
		
	Exhibit A        Form of Certificate	  			
	Exhibit B        Form of Certificate of Trust	  			
	Exhibit C        Form of Certificate Purchase Agreement	  			
	Exhibit D        Form of Repurchase Request Notice	  			

  
 iii 

 This AMENDED AND RESTATED TRUST AGREEMENT (as amended, restated or otherwise
modified from time to time, this “Agreement”), dated as of [                    ], 201[    ], is
between California Republic Funding, LLC, a Delaware limited liability company (the “Depositor”), and [                    ],
a[                                ], as owner trustee (the “Owner
Trustee”). 
  
 RECITALS 

WHEREAS, pursuant to a Receivables Purchase Agreement, dated as of
[            ], 201[  ], between California Republic Bank (“CRB”) and the Depositor, CRB desires to transfer and assign to the Depositor certain
motor vehicles receivables and related rights and assets all as more fully described herein and in the other Basic Documents; 

WHEREAS, California Republic Auto Receivables Trust 201[  ]-[  ] (the
“Issuer”), a Delaware statutory trust, was formed pursuant to that Trust Agreement, dated as of
[                        ], 201[  ], between the Depositor and the Owner Trustee (the “Original
Trust Agreement”); 
 WHEREAS, the Depositor and the Owner Trustee desire to amend and restate the Original Trust
Agreement in its entirety. 
 NOW THEREFORE, the Depositor and the Owner Trustee hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1      Capitalized Terms.     For all purposes
of this Agreement, the following terms have the meanings set forth below: 
 “Bankruptcy Action” has the
meaning assigned to such term in Section 4.4. 
 “Certificate Distribution Account” has the meaning
assigned to such term in Section 5.1(a). 
 “Certificate of Trust” means the certificate of trust
attached hereto as Exhibit B filed for the Issuer pursuant to Section 3810(a) of the Statutory Trust Act. 

“Certificate Purchase Agreement” means each purchase agreement setting forth the sale of any of the
Certificates, substantially in the form attached hereto as Exhibit C, entered into between the Depositor and a purchaser of Certificates. 

“Certificate Register” and “Certificate Registrar” means the register mentioned in and the
registrar appointed pursuant to Section 3.4(a). 

  
 Amended and Restated Trust Agreement

 “Certificateholder” or “Holder” means a Person
in whose name a Certificate is registered. 
 “Certificates” has the meaning ascribed to such term in
Section 3.3. 
 “Code” means the U.S. Internal Revenue Code of 1986. 

“Corporate Trust Office” means, with respect to the Owner Trustee, the principal corporate trust office of
the Owner Trustee located at [                                ], Attention:
Corporate Trust Administration, or at such other address in the State of Delaware as the Owner Trustee may designate by notice to the Certificateholders and the Depositor, or the principal corporate trust office of any successor Owner Trustee at the
address (which shall be in the State of Delaware) designated by such successor Owner Trustee by notice to the Certificateholders and the Depositor. 

“CRB” means California Republic Bank, a California corporation authorized to transact a banking business.

 “Issuer” has the meaning ascribed to such term in the recitals. 

“Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 3.10 and shall
initially be [                    ]. 

“Paying Agent’s Corporate Office” means (i) as long as the Paying Agent is
[                    ], the Corporate Trust Office, as such term is defined in Appendix A to the Sale and Servicing Agreement, and
(ii) thereafter, a designated office of the Paying Agent. 
 “Percentage Interest” means, with
respect to any Certificate, the percentage specified on such Certificate, which percentage represents the beneficial ownership interest of the Certificateholder in the Issuer. The sum of all Percentage Interests will equal 100%. 

“Private Placement Memorandum” means the Private Placement Memorandum, dated
[                    ], 201[    ], relating to the placement of the Certificates by the Depositor 

“Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of
[                    ], 201[  ], among the Issuer, the Depositor, CRB, as Seller, Servicer, Administrator and Custodian, the
Backup Servicer, and the Indenture Trustee. 
 “Secretary of State” means the Secretary of State of the
State of Delaware. 
 “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code,
12 Del. Code § 3801 et seq. 
 “Treasury Regulations” means regulations, including proposed
or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

  
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 “Trust Estate” has the same meaning as Collateral (as such term
is defined in the Granting Clause of the Indenture). 
 “United States Person” means a “United States
person”, as such term is defined in Section 7701(a)(30) of the Code. 

Section 1.2      Other Definitional Provisions.    Capitalized
terms not defined in this Agreement have the meanings assigned thereto in Appendix A to the Sale and Servicing Agreement including the rules of construction and usage set forth therein. 

ARTICLE II 
 ORGANIZATION 

Section 2.1      Name.  The trust created under the Original Trust
Agreement and by the filing of the Certificate of Trust pursuant to the Statutory Trust Act and continued hereby shall continue to be known as California Republic Auto Receivables Trust 201[_]-[_], 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 2.2      Office.  The office of the Issuer shall be in care of
the Owner Trustee at the Corporate Trust Office or at such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

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

(a)        to issue the Notes, secure the Notes and pay the Notes pursuant to the
Indenture, to issue the Certificates pursuant to this Agreement and to sell, transfer and exchange the Notes and the Certificates, in each case in accordance with the Basic Documents; 

(b)        with the proceeds of the sale of the Notes and the Certificates, to
purchase the Depositor Conveyed Assets, to fund the Reserve Account and make all other payments required pursuant to Section 5.04 of the Sale and Servicing Agreement and Section 5.04 of the Indenture, and to pay the organizational,
start-up and transactional expenses of the Issuer; 
 (c)        to assign, grant,
transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, 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; 

(d)        to enter into and perform its obligations under the Basic Documents to
which it is a party; 
 (e)        to engage in those activities, including
entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing purposes or are incidental thereto or connected therewith; and 

  
 3 

 (f)        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. 
 Section 2.4      Appointment of Owner
Trustee.    The Depositor hereby appoints the Owner Trustee as trustee effective as of the date of the Original Trust Agreement, to have all the rights, powers and duties set forth herein. 

Section 2.5      Initial Capital Contribution of Trust
Estate.    The Depositor has heretofor sold, assigned, transferred, conveyed and set over to the Owner Trustee, as of the date thereof, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor,
as of the date of formation of the Issuer, of the foregoing contribution, which constitutes the initial Trust Estate and has been deposited in the Certificate Distribution Account. The Depositor shall pay 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 2.6      Declaration of Trust.    The Owner Trustee
hereby declares that it shall hold the Trust Estate 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. It is the
intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely
for federal, State and local income, single business and franchise tax purposes, (a) the Notes shall be treated as debt and (b) 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 federal or state tax filings. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer. The Owner Trustee shall not file or join in, and each Certificateholder by acceptance of its
Certificate agrees that it shall not file or join in, an election to treat the Issuer as an association taxable as a corporation for tax purposes. The Depositor intends to treat the Issuer for federal income tax reporting purposes as a grantor trust
under subpart E, part 1, subchapter J, chapter 1 of subtitle A of the Code. Each purchaser of a Certificate, by its acceptance of the 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 2.7      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 

  
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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. In addition, 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 Section 2.7(a). 
 (b)        The Certificateholders shall not have any
personal liability for any liability or obligation of the Issuer. 

Section 2.8      Title to Issuer Property.  Legal title to all the Trust
Estate 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 Estate 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. 

Section 2.9      Situs of Trust.  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 State of Delaware, the State of California or the State of 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 Delaware, California or New York, and payments shall be made by the Issuer only from the State of Delaware, the State of California or the State of New York.
The only office of the Issuer shall be at the Corporate Trust Office in the State of Delaware. 

Section 2.10    Representations, Warranties and Covenants of the Depositor.  The
Depositor hereby represents and warrants to the Owner Trustee and the Holders of Notes and the Certificateholders, 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. 

(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 ownership or lease of its property or the conduct of its business shall require such qualifications. 

(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; 

  
 5 

 
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. 

(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 limited liability company agreement of the Depositor,
or any 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 indenture, agreement or
other instrument (other than pursuant to the Basic Documents); nor violate any Applicable Law to the Depositor of any Governmental Authority having jurisdiction over the Depositor or its properties. 

(f)        There are no proceedings or investigations pending or threatened 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 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. 
 ARTICLE III 

CERTIFICATES AND TRANSFER OF INTERESTS 

Section 3.1      Initial Ownership.     Upon the formation
of the Issuer by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Issuer. 

Section 3.2      The Certificates. 

(a)        The Certificates 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 benefit of this Agreement and shall be valid and binding obligations of the Issuer, 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

  
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to Section 3.4; 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 3.3      Execution, Authentication and
Delivery of Certificates. 
 (a)        The Owner Trustee on behalf of the
Issuer shall, on the date hereof, upon the written order of the Depositor, execute and cause to be authenticated and delivered to the Depositor, Certificates evidencing 100% Percentage Interest. 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. 

(b)        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 3.4      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 Issuer 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)        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 desiring to effect a transfer of Certificates or interest therein shall, and does hereby agree to, indemnify the
Issuer, each of 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. 

(c)        Subject to Section 3.9, upon surrender for registration of transfer
of any Certificate at the office or agency maintained pursuant to Section 3.12, the Owner Trustee shall 

  
 7 

 
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. 

(d)        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. 

(e)        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. 

(f)        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 fifteen (15) days preceding the due date for any payment with respect to the Certificates. 

(g)        Each purchaser (including any transferee) of a Certificate must satisfy
the transfer restrictions as set forth herein and in the applicable transfer certificate attached to the Certificate Purchase Agreement. Each purchaser (including any 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 Private Placement Memorandum. 

(h)        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 3.5      Certificate Transfer Restrictions. 

(a)        The Certificates may not be acquired by or for the account of (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 Internal Revenue Code that is subject to Section 4975 of the Internal Revenue
Code, (iii) 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, (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 

  
 8 

 
this clause (a), an insurance company general account, but excluding any entity registered under the 1940 Act). 

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

(c)        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
seventy-five (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 fifty percent (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 U.S. federal income tax purposes. 

Section 3.6      Mutilated, Destroyed, Lost or Stolen
Certificates.     If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of
any Certificate and (b) there shall be delivered to the Certificate Registrar 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 the Certificate Registrar, as the Owner Trustee’s 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 like tenor and denomination. In connection with the issuance of any new Certificate under this Section, the Owner Trustee or the Certificate Registrar may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of

  
 9 

 
ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at anytime. 

Section 3.7      Persons Deemed Owners.  Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Paying 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 5.2 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary. 

Section 3.8      Access to List of Certificateholders’ Names and
Addresses.   The Certificate Registrar shall furnish or cause to be furnished to the Servicer, the Paying Agent and the Depositor, within fifteen (15) days after receipt by the Certificate Registrar of a written request
therefor from the Servicer, the Paying Agent or the Depositor, a list, in such form as the Servicer, the Paying Agent or the Depositor 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 Paying Agent a copy of such list at any time there is a change therein. If (i) three (3) or more Certificateholders or (ii) one (1) or more
Certificateholders evidencing not less than twenty-five percent (25%) of the Percentage Interest 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 and written direction from the Administrator is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate
Registrar shall, within five (5) 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. The Certificate Registrar shall upon the request of the Owner Trustee provide such list, or access to such list, of Certificateholders as contemplated by this Section. 

Section 3.9      Book-Entry Certificates.  Each Certificate, 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 Depository or the Certificate Registrar, as custodian for the Depository, and registered on the Certificate Register in the name of the Depository or a nominee thereof (initially, such nominee to be Cede & Co.). No Owner shall
receive a Definitive Certificate representing such 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 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 Paying Agent and the Owner Trustee shall be entitled to deal with the Depository for all purposes of this Agreement (including the payment of 

  
 10 

 
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 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; 

(d)        the rights of the Owners shall be exercised only through the Depository
and shall be limited to those established by Applicable Law and agreements between such Owners and the Depository and/or the Depository Participants, and unless and until Definitive Certificates are issued pursuant to Section 3.11, the initial
Depository shall make book-entry transfers between the Depository Participants and receive and transmit payments of principal of and interest on such Notes to such Depository Participants, pursuant to the 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 Depository 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 Depository to ensure that it has received written instructions to such effect from Owners and/or Depository Participants owning or
representing, respectively, such required Percentage Interest. 
 Section 3.10    Notices to
Depository.   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 such Notes shall have been issued to the related 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 the Depository and shall have no obligation to such 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 Depository 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, Owners representing more than 50% of the Percentage Interest advise the Depository in writing
that the continuation of a book-entry system through the Depository is no longer in the best interests of such Owners, then the Depository shall notify all Owners and the Owner Trustee in writing of the occurrence of any such event and of the
availability of Definitive Certificates to such Owners requesting the same. Upon surrender to the Owner Trustee of the typewritten Certificate or Certificates representing such Book-Entry Certificates by the Depository, 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 Depository. 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 

  
 11 

 
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 Depository. 

Section 3.12    Maintenance of Office or Agency.  The Certificate Registrar shall
designate in the Borough of Manhattan, the City of New York, 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 Paying Agent.    The Paying Agent shall
make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee. Any 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 Paying Agent if the Owner Trustee determines in its sole discretion that the 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 Paying Agent of its obligations under
this Agreement or any other Basic Document. The Paying Agent initially shall be [                    ], and any co-paying agent chosen by the
Depositor. [                    ] shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Owner
Trustee. In the event that [                    ] shall no longer be the Paying Agent, the Depositor, with the consent of the Owner Trustee,
shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed hereunder to execute and deliver to the Owner Trustee an
instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent shall 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 Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying
Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee
shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. 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 VI 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 Paying Agent hereunder. 

  
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 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS 

Section 4.1      Prior Notice with Respect to Certain Matters. 

With respect to the following matters, the Owner Trustee shall not take action unless at least thirty (30) days before
the taking of such action, the Owner Trustee shall have notified the Certificateholders of record as of the preceding Record Date in writing of the proposed action and such Certificateholders shall not have notified the Owner Trustee in writing
prior to the thirtieth (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 (except claims or
lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Issuer (except with respect to the aforementioned claims or lawsuits for collection on the
Receivables); 
 (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,
change or modification 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 Registrar, Paying
Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the 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 Servicer of their respective obligations under any Basic Document, unless permitted in the Basic Documents; 

(h)        except as provided in Article VII, 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 Basic Documents; 

  
 13 

 (k)        the confession of a judgment
against the Issuer; 
 (l)         the possession of Issuer’s assets, or
the assignment of the Issuer’s right to property, for other than a 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 other Basic Document; or 
 (p)        any act that would make it impossible to
carry on the ordinary business of the Issuer as described in Section 2.3. 

Section 4.2      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 other holder of a Certificate 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 2.5 and 2.7, 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 of the 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. 
 (f)        There shall be no guarantees made by
the Issuer with respect to obligations of the Depositor. There shall not be any indebtedness among the Issuer and the 

  
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Depositor. The Issuer shall not 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 any of the others, 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 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 the Basic Documents and will not do any act in contravention of the Basic Documents. 

Section 4.3      Action by Certificateholders with Respect to Certain
Matters.  The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders holding a majority of the Percentage Interests, to (a) remove the Administrator under the Administration Agreement
pursuant thereto, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer under the Sale and Servicing Agreement pursuant thereto, (d) amend the Sale and Servicing
Agreement 

  
 15 

 
pursuant thereto, or (e) 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 Interest. 

Section 4.4      Action by Certificateholders with Respect to
Bankruptcy.    The Owner Trustee shall not have the power to (a) remove or replace the Indenture Trustee, (b) institute proceedings to have the Issuer declared or adjudicated a bankruptcy or insolvent,
(c) consent to the institution of bankruptcy or insolvency proceedings against the Issuer, (d) 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, (e) 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, (f) make any assignment for
the benefit of the Issuer’s creditors, (g) cause the Issuer to admit in writing its inability to pay its debts generally as they become due, or (h) take any action, or cause the Issuer to take any action, in furtherance of any of the
foregoing (any of the above, a “Bankruptcy Action”) without the unanimous prior approval of all Certificateholders and the delivery to the Owner Trustee by each such Certificateholder of a certification certifying that such
Certificateholder reasonably believes that the Issuer is insolvent, and to the extent otherwise consistent with the Basic Documents. 

Section 4.5      Restrictions on Certificateholders’ Power.  The
Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action (a) if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the other
Basic Documents or would be contrary to Section 2.3, (b) that, for 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. With respect to any direction of the Certificateholders, the Certificateholders shall be required to certify as to the compliance with this
Section 4.5 and the Owner Trustee shall be entitled to conclusively rely on any such certificate. 

Section 4.6      Majority Control.  Except as expressly provided herein,
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. Except as expressly provided herein, any written notice of the
Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders holding not less than a majority of the Percentage Interests at the time of the delivery of such notice. 

Section 4.7      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 V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

Section 5.1      Establishment of Certificate Distribution Account. 

(a)        The 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 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 201[  ]-[  ]: 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 Paying Agent for
the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Paying Agent shall within ten (10) Business Days (or such longer period, not to exceed thirty (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 any cash or any investments to such new Certificate Distribution Account, as applicable.

 Section 5.2      Application of Issuer Funds. 

(a)        The 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 the terms of
the Indenture, the 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)        Notwithstanding any provision of this Agreement to the contrary, on the
Closing Date the Paying Agent on behalf of the Issuer shall remit to the Reserve Account created under the Sale and Servicing Agreement (to the extent that the Issuer has received sufficient funds from net proceeds of the issuance of the Notes) an
amount equal to the Initial Reserve Account Deposit Amount. 
 (c)        On each
Payment Date, the Paying Agent shall send to each Certificateholder the statement or statements provided to the Paying Agent by the Servicer pursuant to the Sale and Servicing Agreement with respect to such Payment Date. 

(d)        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 or 

  
 17 

 
Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the
Issuer (but such authorization shall not prevent the Owner 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 they shall have no obligation to do so). 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 and
remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Owner Trustee or the Paying Agent may in its sole discretion withhold such amounts in accordance with this
paragraph. 
 (e)        Any Certificateholder that is a United States Person
shall, on or prior to the date that such Certificateholder becomes a Certificateholder, (i) provide the Owner Trustee and the Paying Agent with Internal Revenue Service Form W-9 (or successor form) or (ii) notify the Owner Trustee and
the 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 Paying Agent, to provide like certification or notification on an
ongoing basis and to notify the Owner Trustee or Paying Agent should subsequent circumstances render such forms or exemptions incorrect or invalid. The Owner Trustee and the 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 Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s
and the Paying Agent’s reliance upon, any documents, forms or information provided by any such Certificateholder to the Issuer, the Owner Trustee or the Paying Agent pursuant to this Section. 

(f)        Any Certificateholder that is not a United States Person shall, on or
prior to the date such Certificateholder becomes a Certificateholder , (a) so notify the Owner Trustee and the Paying Agent, (b) (i) provide the Owner Trustee and the Paying Agent with Internal Revenue Service Form W-8BEN,
Form W-8ECI or other applicable Internal Revenue Service Form W-8 (or successor forms), as appropriate, or (ii) notify the Owner Trustee and the 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 Paying
Agent should subsequent circumstances arise affecting the information provided the Owner Trustee or the Paying Agent in clauses (a) and (b) above. The Owner Trustee and the 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 Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s
and the Paying Agent’s reliance upon any documents, forms or information provided by any Certificateholder to the Owner Trustee or the Paying Agent. 

Section 5.3      Method of Payment.     Subject to
Section 5.2(a), distributions required to be made to Certificateholders on any Payment Date shall be made 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 

  
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Registrar and the Paying Agent appropriate written instructions at least five (5) 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. 

Section 5.4      Accounting and Reports to Certificateholders, the Internal Revenue
Service and Others.  The Administrator on behalf of the Issuer shall (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis on the cash method of accounting, (b) deliver to the
Certificateholders, as may be required by the Code and applicable Treasury Regulations or otherwise, such information provided to it as may be required to enable the Certificateholders to prepare their respective federal income tax returns,
(c) 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, for so long as the Depositor is the sole Certificateholder, a division or branch of the Depositor and, if not, as determined by the Depositor for federal income tax purposes, in all such cases on forms prepared by the
Administrator, (d) cause such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax required to be withheld by the Owner Trustee or the Paying Agent in accordance with
Section 5.2(d) with respect to income or distributions to the Certificateholders. 

Section 5.5      Signature on Returns, Tax Matters
Partner.     The Owner Trustee shall sign on behalf of the Issuer any and all tax returns of the Issuer that are prepared and delivered to it for execution by the Administrator, unless Applicable Law requires a
Certificateholder to sign such documents, in which case such documents shall be signed by the Depositor if the Depositor is a Certificateholder at the applicable time. To the extent that the Issuer is treated as a partnership, the Depositor shall be
the “tax matters partner” of the Issuer pursuant to the Code if the Depositor is a Certificateholder at the applicable time. If the Depositor is not a Certificateholder at the applicable time, the “tax matters partner” of the
Issuer shall be the partner with the largest Percentage Interest in the Trust. Under no circumstances shall the Owner Trustee be the “tax matters partner” of the Trust. 

Section 5.6      Sarbanes-Oxley Act.     Notwithstanding
anything to the contrary herein or 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. 

Section 5.7      Optional Purchase.    The Servicer may at its
option purchase the Trust Estate (other than the Reserve Account) at a time and price specified in Section 9.01 of the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Issuer shall effect retirement
of the Certificates. Following such purchase, the Issuer shall dissolve, wind up and terminate pursuant to Section 7.1. 

  
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 ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.1      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 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 hereunder or under
any other 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 Section 6.1(d) shall not limit
the effect of Section 6.1(a) or (b); 
   (ii)       the
Owner Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer 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 4.1, 4.3, 4.4 or 6.4. 

(e)        Subject to Sections 5.1 and 5.2, 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 law, and the Owner
Trustee shall not be liable for any interest thereon. 

  
 20 

 (f)        The Owner Trustee shall not
take any action that (i) is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (ii) would result in the Issuer’s becoming taxable as a corporation for federal income tax purposes. 

(g)       The Certificateholders shall not direct the Owner Trustee to take action that
would violate the provisions of this Section 6.1. 
 Section 6.2      Rights of
Owner Trustee.  The Owner Trustee is authorized and directed to execute and deliver the Basic Documents and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Issuer is to
be a party, 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 recommends with respect to the Basic Documents. 

Section 6.3      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 this Agreement or any Basic Document 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 other Basic Documents and this Agreement. The Owner Trustee shall not
be liable or accountable hereunder or under any other 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 6.6 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 held by the Issuer, or the perfection and priority of any security interest created by any such Receivable in any 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 the Certificateholders under this Agreement or to Noteholders under the Indenture,
including: the existence and contents of any such Receivable on any computer or other record thereof; the validity of the assignment of any such Receivable to the Issuer or of any intervening assignment; the completeness of any such Receivable; the
performance or enforcement of any such Receivable; 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; 

(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, 

  
 21 

 
the Depositor or any Certificateholder, provided such instructions are in accordance with this Agreement and the other Basic Documents; 

(c)        no provision of this Agreement or any other Basic Document shall require
the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any other 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 of the Basic Documents, including the principal of and interest on the Notes or any amounts payable with respect to 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 any provision 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 other Basic Documents, the Notes or of any Receivables held by the Issuer or any related documents, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any
Noteholder or to any Certificateholder, other than as expressly provided for herein and in the other 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 any of the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Issuer under this Agreement or the other
Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the Sale and Servicing Agreement; and 

(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 otherwise or in relation to this Agreement or any other Basic Document, at the request, order or direction of any of the
Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby; the right of the
Owner Trustee to perform any discretionary act enumerated in this Agreement or in any other 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. 
 (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 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. 

  
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 Section 6.4      Action upon Instruction
by Certificateholders. 
 (a)        Subject to Sections 4.5 and 4.6, the
Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. 

(b)        Notwithstanding the foregoing, the Owner Trustee shall not be required to
take any action hereunder or under any other 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 the part of the Owner Trustee or is
contrary to the terms hereof or of any other 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 this Agreement or any other Basic Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Agreement or the other 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, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instructions within ten (10) 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 the Owner Trustee shall have no liability to
any Person for any such action or inaction. 
 Section 6.5      Furnishing of
Documents.  The Owner Trustee shall furnish (a) to the Certificateholders, promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements
and any other instruments furnished to the Owner Trustee under the Basic Documents and (b) to the Noteholders and the Certificateholders, promptly upon receipt of a written request therefor, copies of the Receivables Purchase Agreement, the
Sale and Servicing Agreement, the Administration Agreement, the Indenture and this Agreement. 

Section 6.6      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 6.13 are satisfied
with respect to it. 
 (c)        The execution, delivery and performance by it of
this Agreement (i) shall not 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 Trustee or any of its assets, (ii) shall
not violate any provision of the corporate charter or by-laws of the Owner 

  
 23 

 
Trustee and (iii) shall not 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 this Agreement or on the transactions contemplated in 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 pending or, to the best of its knowledge, threatened actions
or proceedings against the Owner 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 Owner Trustee, as the case
may be, to perform its obligations under this Agreement or the Basic Documents. 

Section 6.7      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 (whether in its original or facsimile form) 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 the president or any vice president or by the treasurer or other authorized officers 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 this Agreement or the other 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 

  
 24 

 
agents, attorneys, custodians or nominees shall have been selected by the Owner Trustee 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 this Agreement or any other Basic Document. 

Section 6.8      Owner Trustee May Own Certificates and
Notes.    The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Certificates or Notes 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 6.9      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 7.02 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). 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; 

  (ii)        the Owner Trustee shall be adjudged bankrupt
or insolvent; 

  
 25 

   (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; or 

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

(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 6.10, the Administrator shall mail notice of the successor of such Owner Trustee to all 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 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 

  
 26 

 
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 fifteen (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
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 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. 

  
 27 

 
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 1940 Act. The Owner Trustee shall at all times: (a) be authorized to exercise corporate trust powers; (b) 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 (c) have (or have a parent which has) a long-term unsecured debt rating of at least Baa3 by Moody’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 1940 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 Internal Revenue Service 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
[            ], 201[  ], 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. 
 ARTICLE VII

DISSOLUTION / TERMINATION 

Section 7.1      Dissolution / Termination. 

(a)        The Issuer shall dissolve in accordance with Section 3808 of the
Statutory Trust Act upon the optional purchase of the Trust Estate (other than the Reserve Account) by the Servicer pursuant to Section 5.7 or immediately prior to the date upon which is to occur the final distribution by the Paying Agent or
the Owner Trustee of all monies or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V. The bankruptcy, liquidation, dissolution, death or

  
 28 

 
incapacity of any Certificateholders shall not (x) operate to terminate this Agreement or the Issuer or (y) 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 (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b)        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 upon the written direction of the Certificateholders the
Owner Trustee 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 6.9) shall be of no further force or effect. 

(c)        Except as provided in Section 7.1(a), none of the Depositor or the
Certificateholders shall be entitled to revoke or terminate the Trust. 
 ARTICLE VIII

AMENDMENTS 

Section 8.1      Amendments Without Consent of Certificateholders. 

(a)        This Agreement may be amended by the Depositor and the Owner Trustee
without the consent of any of the Certificateholders (but with prior notice to the Rating Agencies) 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 VI; 

  
 29 

  (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. 

(b)        The consent of the Certificateholders shall be deemed to have been given
if the Depositor does not receive a written objection from such Person within ten (10) Business Days after a written request for consent shall have been given. 

Section 8.2      Amendments With Consent of the Noteholders and the
Certificateholders. 
 (a)        This Agreement may be amended from time to
time by the Depositor and the Owner Trustee with the consent of the Noteholders representing a majority of the outstanding Note Balance of the Controlling Class (unless, as evidenced by an Opinion of Counsel, such amendment shall not materially and
adversely affect the interests of the Noteholders), and the consent of the Certificateholders (unless, as evidenced by an Opinion of Counsel, such amendment shall not materially and adversely affect the interests of the Certificateholders) (which
consent, whether given pursuant to this Section 8.2 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Persons and on all future Noteholders and Certificateholders, whether or not notation of such
consent is made upon the Notes or the Certificates for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders and
Certificateholders); provided, however, that no amendment may increase or reduce in any manner the amount of, or accelerate or delay the timing of, collection on 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. 

(b)        Notwithstanding the foregoing, this Agreement may not be amended in any
way that would: (i) materially and adversely affect the Owner Trustee’s own rights, privileges, indemnities, duties or obligations under this Agreement, the other Basic Documents or otherwise without the prior written consent of the Owner
Trustee; or (ii) 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 a majority of the Note
Balance. The Owner Trustee may request an officer’s certificate from a Responsible Officer of the Depositor certifying that any amendment does not have an adverse effect on the Holders of the Notes or that the consent of the Holders
representing a majority of the Note Balance has been obtained, which officer’s certificate may be conclusively relied upon by the Owner Trustee. 

  
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 Section 8.3      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, the Owner Trustee and
the Indenture Trustee. It shall be a condition of the execution and delivery of any amendments to be entered into pursuant to this Article that the Rating Agency Condition be satisfied with respect to such amendment. 

(b)        It shall not be necessary for the consent of Noteholders or the
Certificateholders pursuant to Section 8.2 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 Noteholders and the Certificateholders provided for in this Agreement or in any other Basic Document) 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. 
 (c)        Prior to
the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions
precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this
Agreement or otherwise. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.1      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 V and
VII. 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 9.2      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 9.3      Notices.   All demands, notices and communications
upon or to the Depositor, the Servicer, the Administrator, the Indenture Trustee, the Owner Trustee or the Rating Agencies or Certificateholders under this Agreement shall be delivered as specified in Section 10.03 of the Sale and Servicing
Agreement. 

  
 31 

 Section 9.4      Severability of
Provisions.   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, then such covenants, agreements, provisions or terms shall
be deemed enforceable to the fullest extent permitted, and if not so permitted, shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and the Certificates 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 9.5      Counterparts.    This Agreement may be
executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

Section 9.6      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 9.7      Nonpetition Covenant.   The Owner Trustee, by
entering into this Agreement, and each Noteholder and the Certificateholders, by accepting the benefits of this Agreement, hereby covenant and agree that it shall not prior to the date which is one year and one day after the termination of the
Issuer and with respect to the Depositor, of each other such trust formed by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuer to invoke in any proceeding involving a Government Authority for the purpose of
commencing or sustaining a case against the Depositor or the Issuer under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Depositor or the Issuer or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Depositor or the Trust. 

Section 9.8      No Recourse.     Each Certificateholder
acknowledges that the Certificates represents an undivided ownership interest in the Issuer only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any
Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement or the other Basic Documents. 

Section 9.9      Headings.   The headings herein are for purposes of
reference only and shall not affect the meaning or interpretation of any provision hereof. 

Section 9.10    Governing Law.         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. 

  
 32 

 Section 9.11    Indemnification by and Reimbursement
of the Servicer.    The Owner Trustee further acknowledges and accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify, defend and hold the Owner Trustee harmless as set forth in
Section 7.02 of the Sale and Servicing Agreement. 
 Section 9.12    Submission to
Jurisdiction.    Each of the parties hereto hereby irrevocably and unconditionally: 

(a)        submits for itself and its property in any legal action or proceeding
relating to this Agreement, any documents executed and delivered in connection herewith or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the
courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 

(b)        consents that any such action or proceeding may be brought in such courts
and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c)        agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address in Section 10.03 of the Sale and Servicing Agreement; and 

(d)        agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 
 [SIGNATURES APPEAR ON NEXT PAGE]

  
 33 

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

			
	CALIFORNIA REPUBLIC FUNDING, LLC        
	as Depositor
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Additional Signature Pages
Follow] 

  
 [Signature Page to
Amended and Restated Trust Agreement – 201[    ]-[    ]] 

 
			
	[                    ],
	as Owner Trustee
		
	By:  	 	  

		 	Name:
		 	Title:

  
  

[Additional Signature Pages Follow] 

  
 [Signature Page to
Amended and Restated Trust Agreement – 201[    ]-[    ]] 

			
	In acknowledgement of its obligations as Servicer and Administrator, including, but not limited to, its obligations under Section 6.9:
	
	 CALIFORNIA REPUBLIC BANK,
 not in
its individual capacity but solely as
Servicer and Administrator

		
	By:	 	  

		 	Name:
		 	Title:

  
 [Additional Signature Page Follows] 

  
 2 

			
	In acknowledgement of its obligations as Paying Agent and Certificate Registrar:
	
	
[                    ],

not in its individual capacity but solely as Paying Agent and Registrar

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Amended and Restated Trust Agreement – 201[    ]-[    ]] 

 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 DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN INTEREST IN CALIFORNIA REPUBLIC BANK. 

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 TRUST AGREEMENT 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, CALIFORNIA REPUBLIC 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 TRUST 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. 

  
 A-1 

 Registered 

Percentage Interest:  100% 
 R-1 

CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[    ]-[    ] 

CERTIFICATE 
 evidencing a
fractional undivided beneficial interest in the California Republic Auto Receivables Trust 201[    ]-[    ] (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 California Republic Bank, a California corporation authorized to transact a banking business
(“CRB”), to California Republic Funding, LLC, a Delaware limited liability company (the “Depositor”), and sold by the Depositor to the Trust. The property of the Issuer has been pledged by the Issuer under the Indenture, dated as
of [                    ], 201[    ] (as amended or supplemented from time to time, the “Indenture”),
between the Issuer and [                    ], as trustee (the “Indenture Trustee”), to secure the payment of the Notes issued
thereunder. The interest represented by this Certificate is only that remaining after all obligations of the Issuer, including, in particular, the Notes, are fully satisfied. 

The Issuer was created pursuant to a Trust Agreement, dated as of
[              ], 201[    ] (as amended or supplemented from time to time, the “Trust Agreement”), between the Depositor and
[                    ], as owner trustee (the “Owner Trustee”). To the extent not otherwise defined herein, the capitalized terms
used herein have the meanings assigned to them in the Trust Agreement and the Sale and Servicing Agreement, dated as of
[                    ], 201[    ] (as amended or supplemented from time to time, the “Sale and Servicing
Agreement”), among the Issuer, the Depositor, CRB, as Seller, Servicer, Administrator and Custodian, and the Indenture Trustee. 

This certifies that California Republic Funding, LLC is the registered owner of 100% nonassessable, fully paid, validly
issued undivided percentage interest in California Republic Auto Receivables Trust 201[    ]-[    ] and is entitled to all benefits of the Trust Agreement. 

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. 

A Certificateholder, by its acceptance of a Certificate, covenants and agrees that such Certificateholder shall not at any
time institute against or join in any institution against the Depositor or the Issuer of any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State
bankruptcy or similar law. 

  
 A-2 

 Distributions on this Certificate shall be made as provided in the Trust
Agreement by the Owner Trustee or 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
[                                ]. 

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 Trust and not in its
individual capacity, has caused this Certificate to be duly executed. 
  

					
	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[    ]-[    ]
		
	By:  	 	
[                    ], not in its individual 
capacity, but

	solely as Owner Trustee	 	
			
	By:  	 	  
	 	
		 	Authorized Signatory	 	

  
 Dated: 

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 agency or instrumentality 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 and in the
Sale and Servicing Agreement and the Indenture. A copy of each of 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 consent of the Noteholders representing a majority
of the Outstanding 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 as registered Certificates, without coupons, in the Percentage Interests reflected
thereon. 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 agent of the Owner Trustee or the Certificate Registrar may treat the
Person in whose name this Certificate is registered as 

  
 A-5 

 
the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary. 

The obligations and responsibilities to the Certificateholders created by the Trust Agreement and the Issuer created thereby
shall terminate upon the payment to Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Trust Estate. The Servicer
of the Receivables may at its option purchase the Trust Estate at a time and price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Issuer shall effect retirement of the Certificates;
provided, however, that such right of purchase is exercisable only as of the last day of any Collection Period of which the Pool Balance is less than or equal to 10% of the Cutoff Date Pool Balance. 

The Certificates may not be acquired by (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 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 sentence, an insurance company general account, but excluding any entity registered under the 1940 Act). By accepting and holding this Certificate, the Holder hereof shall be deemed to have
represented and warranted that it is not any of the entities described in clauses (A) through (E) of the preceding sentence. 

  
 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 and “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 

CERTIFICATE OF TRUST OF CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[    ]-[    ] (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”)). 

Name. The name of the statutory trust being formed hereby is CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST
201[    ]-[    ]. 
 Delaware Trustee. The name and business
address of the trustee of the Issuer in the State of Delaware is [                    ],
[                                         
       ], Attention: Corporate Trust Administration. 
 Effective Date. This
Certificate of Trust shall be effective upon filing. 
 [The remainder of the page is intentionally left blank] 

  
 B-1 

 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-2 

 EXHIBIT C 

FORM OF CERTIFICATE PURCHASE AGREEMENT 

  
 C-1 

 EXHIBIT D 
  

FORM OF REPURCHASE REQUEST NOTICE 

                    ,
201     
  
 California Republic Bank 

18400 Von Karman, Suite 1100 
 Irvine, California 92612 

Attn: 

			
	Tel:	 	949-270-9700
	Fax: 	 	949-270-9799

  

					
	Re:	    	California Republic Auto Receivables Trust 201[_]-[_] Noteholder Request to
		    	 Repurchase Receivables             
	  	

 Reference is hereby made to (i) the Indenture, dated as of
[                    ], 201[    ] (the “Indenture”), between California Republic Auto Receivables Trust
201[    ]-[    ], 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
[                    ], 201[    ], 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
        , 201     to but excluding         , 201    , 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 3.3 of the Receivables Purchase Agreement.] 

[During the period from and including         , 201     to but
excluding         , 201    , 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 3.3 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-2

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