Document:

Exhibit 4.2

 Exhibit 4.2 
  
 EXECUTION COPY 
  
 CHASE AUTO OWNER TRUST 2005-B 
  
 AMENDED AND RESTATED TRUST AGREEMENT 
  
 between 
  
 CHASE BANK USA, NATIONAL ASSOCIATION, 
 as Depositor 
  
 -and- 
  
 WILMINGTON TRUST COMPANY, 
 as Owner Trustee 
  
 Dated as of November 1, 2005

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
		
	 SECTION 1.1. Capitalized Terms
	  	1
		
	 ARTICLE II ORGANIZATION
	  	2
		
	 SECTION 2.1. Name
	  	2
	 SECTION 2.2. Office
	  	2
	 SECTION 2.3. Purposes and Powers
	  	2
	 SECTION 2.4. Appointment of Owner Trustee
	  	3
	 SECTION 2.5. Initial Capital Contributions of Trust Estate
	  	3
	 SECTION 2.6. Declaration of Trust
	  	3
	 SECTION 2.7. Title to Issuer Property
	  	4
	 SECTION 2.8. Situs of Issuer
	  	4
	 SECTION 2.9. Representations and Warranties of the Depositor
	  	4
	 SECTION 2.10. Liability of Certificateholders and Class R Certificateholder
	  	5
	 SECTION 2.11. Guaranteed Payments/Gross Income Allocations
	  	5
	 SECTION 2.12. Deduction and Loss Allocations
	  	5
	 SECTION 2.13. Special Allocations
	  	6
	 SECTION 2.14. Characterization of the Trust
	  	6
		
	 ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS
	  	6
		
	 SECTION 3.1. Initial Ownership; Class R Certificate
	  	6
	 SECTION 3.2. The Certificates
	  	7
	 SECTION 3.3. Execution, Authentication and Delivery of Certificates
	  	7
	 SECTION 3.4. Registration of Transfer and Exchange of Certificates
	  	8
	 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates
	  	9
	 SECTION 3.6. Persons Deemed Certificateholders
	  	9
	 SECTION 3.7. Access to List of Certificateholders’ Names and Addresses
	  	9
	 SECTION 3.8. Maintenance of Office or Agency
	  	10
	 SECTION 3.9. Appointment of Paying Agent
	  	10
	 SECTION 3.10. Book-Entry Certificates
	  	11
	 SECTION 3.11. Notices to Clearing Agency
	  	12
	 SECTION 3.12. Definitive Certificates
	  	12
	 SECTION 3.13. Authenticating Agent
	  	13
	 SECTION 3.14. Actions of Certificateholders
	  	14
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	15
		
	 SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters
	  	15

  

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	 	  	Page

	 SECTION 4.2. Action by Certificateholders with Respect to Certain Matters
	  	15
	 SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy
	  	16
	 SECTION 4.4. Restrictions on Certificateholders’ Power
	  	16
	 SECTION 4.5. Majority Control
	  	16
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	16
		
	 SECTION 5.1. Establishment of Certificate Distribution Account.
	  	16
	 SECTION 5.2. Application of Funds in Certificate Distribution Account.
	  	16
	 SECTION 5.3. Method of Payment
	  	17
	 SECTION 5.4. No Segregation of Monies; No Interest
	  	17
	 SECTION 5.5. Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others
	  	18
	 SECTION 5.6. Signature on Returns; Tax Matters Partner
	  	18
	 SECTION 5.7. Capital Accounts
	  	18
		
	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	19
		
	 SECTION 6.1. General Authority
	  	19
	 SECTION 6.2. General Duties
	  	19
	 SECTION 6.3. Action upon Instruction
	  	20
	 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions
	  	20
	 SECTION 6.5. No Action Except under Specified Documents or Instructions
	  	21
	 SECTION 6.6. Restrictions
	  	21
	 SECTION 6.7. Doing Business in Other Jurisdictions
	  	21
		
	 ARTICLE VII CONCERNING OWNER TRUSTEE
	  	22
		
	 SECTION 7.1. Acceptance of Trusts and Duties.
	  	22
	 SECTION 7.2. Furnishing of Documents
	  	24
	 SECTION 7.3. Representations and Warranties.
	  	24
	 SECTION 7.4. Reliance; Advice of Counsel.
	  	24
	 SECTION 7.5. Not Acting in Individual Capacity
	  	25
	 SECTION 7.6. Owner Trustee May Own Certificates and Notes
	  	25
		
	 ARTICLE VIII COMPENSATION OF OWNER TRUSTEE
	  	25
		
	 SECTION 8.1. Owner Trustee’s Fees and Expenses
	  	25
	 SECTION 8.2. Indemnification
	  	25
	 SECTION 8.3. Payments to Owner Trustee
	  	26
		
	 ARTICLE IX TERMINATION OF TRUST AGREEMENT
	  	26
		
	 SECTION 9.1. Termination of Trust Agreement.
	  	26

  

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	 	  	Page

	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	28
		
	 SECTION 10.1. Eligibility Requirements for Owner Trustee
	  	28
	 SECTION 10.2. Resignation or Removal of Owner Trustee.
	  	28
	 SECTION 10.3. Successor Owner Trustee.
	  	29
	 SECTION 10.4. Merger or Consolidation of Owner Trustee
	  	29
	 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.
	  	29
		
	 ARTICLE XI MISCELLANEOUS
	  	31
		
	 SECTION 11.1. Supplements and Amendments.
	  	31
	 SECTION 11.2. No Legal Title to Owner Trust Estate in Certificateholders
	  	32
	 SECTION 11.3. Limitations on Rights of Others
	  	32
	 SECTION 11.4. Notices.
	  	32
	 SECTION 11.5. Severability
	  	33
	 SECTION 11.6. Separate Counterparts
	  	33
	 SECTION 11.7. Successors and Assigns
	  	33
	 SECTION 11.8. No Recourse
	  	33
	 SECTION 11.9. No Petition.
	  	33
	 SECTION 11.10. Headings
	  	33
	 SECTION 11.11. GOVERNING LAW
	  	33
	 SECTION 11.12. Certificate Transfer Restrictions
	  	34
	 SECTION 11.13. Disclosure
	  	34

  

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 EXHIBITS 
  

					
	 Exhibit A-1
	  	-	  	Form of Class R Certificate
	 Exhibit A-2
	  	-	  	Form of Certificate
	 Exhibit B
	  	-	  	Form of Certificate of Trust
	 Exhibit C
	  	-	  	Form of Issuer Letter of Representations

  

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 AMENDED AND RESTATED TRUST AGREEMENT dated as of November 1, 2005 between CHASE BANK USA, NATIONAL
ASSOCIATION (“Chase USA”), a national banking association having its principal executive offices located at 200 White Clay Center Drive, Newark, Delaware 19711, as the depositor (in its capacity as the depositor, the
“Depositor”) and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as the owner trustee (the “Owner Trustee”), amending and restating in its entirety the Trust Agreement, dated as of October 21, 2005
(the “Original Trust Agreement”), between the same parties. 
  
 ARTICLE I 
  
 DEFINITIONS

  
 SECTION 1.1. Capitalized Terms. Capitalized terms
are used in this Agreement as defined in Section 1.1 to the Sale and Servicing Agreement between the trust established by this Agreement and Chase USA, as Seller and Servicer, dated as of November 1, 2005, as the same may be amended
and supplemented from time to time (the “Sale and Servicing Agreement”). 
  
 (a) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (b) As used in this Agreement and in any certificate or other document made
or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent
not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with
the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control. 
  
 (c) The words “hereof,” “herein,” “hereunder,” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise
specified; and the term “including” shall mean “including without limitation.” 
  
 (d) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as
to the feminine and neuter genders of such terms. 
  
 (e) All
calculations of the amount of interest accrued on the Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months. 

 ARTICLE II 
  
 ORGANIZATION 
  
 SECTION 2.1. Name. The trust known as “Chase Auto Owner Trust 2005-B” (hereinafter, the “Issuer”) was formed in accordance with
the provisions of the Statutory Trust Statute pursuant to the Original Trust Agreement. Under the Original Trust Agreement, the Owner Trustee was authorized and vested with the power and authority to make and execute contracts, instruments,
certificates, agreements and other writings and to sue and be sued in the name of the Issuer. 
  
 The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its acceptance and agreement to hold in trust, for the benefit of the Certificateholders and such other Persons as may become
beneficiaries hereunder from time to time, all of the Owner Trust Estate conveyed or to be conveyed to the Issuer, and all monies and proceeds that may be received with respect thereto, subject to the terms of this Agreement. 
  
 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 the State of Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Class R Certificateholder. 
  
 SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and
the Issuer shall have the power and authority, to engage in the following activities: 
  
 (a) to issue the Notes pursuant to the Indenture, the Certificates and the Class R Certificate pursuant to this Agreement, and to sell,
transfer or exchange the Notes, the Certificates and the Class R Certificate; 
  
 (b) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Depositor pursuant to the terms thereof, to make payments or distributions on the Notes, the Certificates and the Class R
Certificate, to make deposits to and to the extent permitted under the Basic Documents withdrawals from the Reserve Account and other accounts established under this Agreement and the Sale and Servicing Agreement; 
  
 (c) to assign, grant, transfer, pledge, mortgage and convey
the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Certificateholders and the Class R Certificateholder pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released from the
Lien of, and remitted to the Issuer pursuant to, the Indenture; 
  
 (d) to enter into and perform its obligations under the Basic Documents to which it is a party; 
  

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 (e) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith, which activities cannot be contrary to the status of the Issuer as a “qualifying special purpose entity” under SFAS 140, any
successor rule thereto and existing accounting literature; and 
  
 (f) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the
Certificateholders and the Noteholders, which activities cannot be contrary to the status of the Issuer as a “qualifying special purpose entity” under SFAS 140, any successor rule thereto and existing accounting literature. 
  
 Issuer is hereby authorized to engage in the foregoing activities. Issuer shall not engage in
any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Basic Documents. Without limitation of the foregoing, except for such activities as are referenced in
paragraphs (a) through (f) of this Section 2.3, the Issuer is not authorized and has no power to (a) borrow money or issue other debt; (b) to the fullest extent permitted by law, merge with another entity, reorganize,
liquidate or sell assets prior to the discharge of the Indenture; or (c) engage in any other business or activities. 
  
 SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Issuer to have all the rights, powers
and duties set forth herein. 
  
 SECTION 2.5. Initial Capital
Contributions of Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner Trustee, as of the date hereof, the Reserve Account Initial Deposit. The Owner Trustee hereby acknowledges receipt in trust from
the Depositor, as of the date hereof, of the foregoing contribution, which, together with the initial contribution referred to in the Original Trust Agreement, shall constitute the initial Owner Trust Estate. The Reserve Account Initial Deposit
shall be deposited in the Reserve Account pursuant to Section 5.7(a) of the Sale and Servicing Agreement. The Depositor shall pay the organizational expenses of the Issuer as they may arise or shall, upon the request of the Owner Trustee,
promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
  
 SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the
Certificateholders and the Class R Certificateholder, 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 Statute and
that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for United States income and franchise tax purposes, the Issuer shall be treated as a partnership. The parties
agree that, unless otherwise required by appropriate tax authorities, the Issuer will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as a partnership for such
tax purposes. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the extent not inconsistent herewith, in the Statutory Trust Statute with 
  

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 respect to accomplishing the purposes of the Issuer. The Owner Trustee has filed the Certificate of Trust with the
Secretary of State of Delaware. All actions taken by the Owner Trustee with respect to the filing or correction of the Certificate of Trust are hereby ratified and confirmed in all respects. 
  
 SECTION 2.7. Title to Issuer Property. Legal title to all the Owner
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 Owner Trust Estate to be vested in a trustee or trustees, in which case the title
shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
  
 SECTION 2.8. Situs of Issuer. The Issuer will be located and administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Issuer shall be located in the State of Delaware or the State of New York. Payments will be received by the Issuer only in Delaware or New York, and payments will be made by the Issuer only from Delaware or New York. The
only office of the Issuer will be at its office in Delaware. 
  
 SECTION 2.9. Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 
  
 (i) The Depositor has been duly organized and is validly existing as a national banking association in good standing under the laws of the
United States of America, 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, and had at all relevant times, and has, power, authority and legal
right to acquire and own the Receivables. 
  
 (ii) The Depositor has the corporate 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 the Depositor has duly authorized such sale and assignment and deposit to the Issuer by all necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all
necessary action. 
  
 (iii) The consummation of
the transactions contemplated by this Agreement and the other Basic Documents and the fulfillment of the terms hereof, do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse
of time) a default under, the articles of association or bylaws of the Depositor, or conflict with or breach any of the material terms or provisions of or constitute (with or without notice or lapse of time) a default under 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; nor violate
any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties. 
  

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 SECTION 2.10. Liability of Certificateholders and Class R Certificateholder. Neither any
Certificateholder nor the Class R Certificateholder shall have any personal liability for any liability or obligation of the Issuer. 
  
 SECTION 2.11. Guaranteed Payments/Gross Income Allocations. (a) Inasmuch as the Certificateholders’ Interest Distributable Amount is
determined and paid hereunder without regard to the income of the Issuer, the Issuer shall treat payments of such amounts as “guaranteed payments” within the meaning of Section 707(c) of the Code. Consequently, Certificateholders will
have ordinary income equal to their allocable share of the Certificateholders’ Interest Distributable Amount, the Issuer will have an equivalent deduction for United States federal income tax purposes and no amount of the gross income of the
Issuer shall be allocable to the Certificateholders (and there will be no corresponding increase in Certificateholders’ Capital Accounts (as defined herein) under Section 5.7). In the event that any taxing authority does not respect such
tax treatment, the gross income of the Issuer for any calendar month as determined for United States federal income tax purposes shall be allocated, after giving effect to special allocations set forth in Section 2.13 of this Agreement and for
purposes of maintaining Capital Accounts under Section 5.7 of this Agreement as follows: 
  
 (1) first, among the Certificateholders as of the close of the last day of such calendar month, in proportion to their ownership of the
principal amount of Certificates outstanding on such date, an amount of gross income equal to the amount of (i) interest that accrues in such calendar month on the Certificates in accordance with their terms, including interest accruing thereon
at the Certificate Rate monthly, (ii) interest on amounts previously due under the Certificates and not yet paid as provided therein and (iii) any gross income of the Issuer attributable to discount on the Receivables that corresponds to
any excess of the principal amount of the Certificates over the initial issue price; and 
  
 (2) the balance of gross income, if any, to the Class R Certificateholder. 
  
 If the gross income of the Issuer for any month is insufficient for the allocations described in clause (1) above, subsequent items of
gross income shall first be allocated to make up such shortfall before being allocated as provided in clause (2). 
  
 (b) In the event the initial issue price of the Certificates differs from their initial principal amount, there shall be specially allocated to the
Certificateholders the portion, if any, of the offset for premium (in the case the issue price of the Certificates exceeds their principal amount) or market discount income (in the case the principal amount of the Certificates exceeds their issue
price) on the Receivables accruing for a calendar month that is attributable to such difference. 
  
 SECTION 2.12. Deduction and Loss Allocations. (a) All items of deduction and loss of the Issuer shall be allocated to the Class R
Certificateholder. 
  

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 (b) To the extent that an allocation of the gross amount of deductions and losses to the Class R
Certificateholder pursuant to Section 2.12(a) above would cause the Capital Account of the Class R Certificateholder to be reduced below zero, such excess deductions and losses shall be allocated to the Certificateholders on a pro rata
basis until each of their Capital Accounts has been reduced to zero. If any amount of gross deduction or loss has not been allocated pursuant to the preceding sentence because all of the Certificateholders’ Capital Accounts have been reduced to
zero, the amount of such remaining unallocated deductions or losses shall be allocated to the Class R Certificateholder. 
  
 (c) If any deductions or losses have been allocated to the Certificateholders under Section 2.12(b) above, an amount of gross income shall be
allocated to such Certificateholders under this Section 2.12(c) in subsequent taxable years sufficient to offset the amount of any deductions or losses previously allocated to such Certificateholders under Section 2.12(b)
above and, thereafter, allocations of gross income and deductions shall be made in accordance with Sections 2.11 and 2.12(a) of this Agreement. 
  
 SECTION 2.13. Special Allocations. In the event any Certificateholder unexpectedly receives any adjustments, allocations or distributions described
in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Issuer gross income and gain shall be specially allocated to such Certificateholder in an amount and manner sufficient to eliminate, to the extent required by the
Treasury Regulations, the deficit, if any, in the balance of the Capital Account of such Certificateholder as quickly as possible; provided, that subsequent allocations of gross income and gain, or deductions, shall take into account any special
allocations made to a Certificateholder under this Section 2.13 and shall be adjusted so that the amount of gross income and gain, or deductions, allocated to a Certificateholder will equal the amount of gross income and gain, or deductions,
that would have been allocated to such Certificateholder had no such special allocations been made to such Certificateholder under this Section 2.13. This Section 2.13 is intended to comply with the qualified income offset provision in
Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations. 
  
 SECTION 2.14. Characterization of the Trust. For purposes of SFAS 140, the parties hereto intend that (a) the Issuer be treated as a “qualifying special purpose entity” as such term is used in SFAS 140 and any
successor rule thereto and (b) the Issuer’s power and authority as stated in Section 2.3 of this Agreement be limited in accordance with paragraph 35 of SFAS 140. 
  
 ARTICLE III 
  
 CERTIFICATES AND TRANSFER OF INTERESTS 
  
 SECTION 3.1. Initial Ownership; Class R Certificate. Upon the formation of the Issuer by the contributions 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. Concurrently with the transfer of the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, the Class R
Certificate shall be issued to the Depositor in the form of Exhibit A-1, which is incorporated herein by reference. The Class R Certificate shall be executed on behalf of the Issuer by manual 
  

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 or facsimile signature of an Authorized Officer or other authorized signatory of the Owner Trustee. The Class R
Certificate bearing the manual or facsimile signature of an individual who was, at the time when such signature shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefit of this
Agreement, notwithstanding that such individual shall have ceased to be so authorized prior to the authentication and delivery of the Class R Certificate or did not hold such office at the date of authentication and delivery of the Class R
Certificate. The Class R Certificate shall not entitle the holder thereof to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on the Class R Certificate a certificate of authentication substantially in
the form set forth in Exhibit A-1, executed by the Owner Trustee or JPMorgan Chase, as the Owner Trustee’s authentication agent, by manual or facsimile signature; such authentication shall constitute conclusive evidence that the Class R
Certificate shall have been duly authenticated and delivered hereunder. The Class R Certificate shall be dated the date of its authentication. The Class R Certificate (or any interest therein) may not be sold, assigned, participated, pledged or
otherwise transferred except by operation of law pursuant to the merger or consolidation of the Class R Certificateholder or except to an Affiliate of the Depositor. 
  
 SECTION 3.2. The Certificates. Upon initial issuance, the Certificates shall each be in the form of Exhibit A-2,
which is incorporated herein by reference, and shall be issued as provided in Section 3.10, in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof, in an aggregate principal amount equal to the Certificate
Balance. The Certificates shall be executed on behalf of the Issuer by manual or facsimile signature of an Authorized Officer or other authorized signatory 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, 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. No Certificate shall entitle the Holder to any benefit under this
Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A-2, executed by the Owner Trustee or JPMorgan Chase, as the Owner
Trustee’s authentication agent, by manual or facsimile signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the
date of their authentication. A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon due registration of such Certificate in such
transferee’s name pursuant to Section 3.4. 
  
 SECTION
3.3. Execution, Authentication and Delivery of Certificates. Concurrently with the transfer of the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates in an aggregate
principal amount equal to the initial Certificate Balance to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president,
without further action by the Depositor, in authorized denominations. 
  

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 SECTION 3.4. Registration of Transfer and Exchange of Certificates. 
  
 The Owner Trustee shall cause to be kept at the office or agency to be
maintained pursuant to Section 3.8 by a certificate registrar (the “Certificate Registrar”), a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate
Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided. JPMorgan Chase shall be the initial Certificate Registrar. In the event that, subsequent to the date of issuance of the
Certificates, JPMorgan Chase notifies the Owner Trustee that it is unable to act as the Certificate Registrar, the Owner Trustee shall act, or the Owner Trustee shall, with the consent of the Depositor, appoint another bank or trust company, having
an office or agency located in The City of New York and which agrees to act in accordance with the provisions of this Agreement applicable to it, to act, as successor Certificate Registrar under this Agreement. 
  
 The Owner Trustee may revoke such appointment and remove JPMorgan Chase as
the Certificate Registrar if the Owner Trustee determines in its sole discretion that JPMorgan Chase failed to perform its obligations under this Agreement in any material respect. JPMorgan Chase shall be permitted to resign as the Certificate
Registrar upon 30 days’ written notice to the Owner Trustee, the Depositor and the Issuer; provided, however, that such resignation shall not be effective and JPMorgan Chase shall continue to perform its duties as the Certificate
Registrar until the Owner Trustee has appointed a successor Certificate Registrar with the consent of the Depositor. 
  
 An institution succeeding to the corporate agency business of the Certificate Registrar shall continue to be the Certificate Registrar without the
execution or filing of any paper or any further act on the part of the Owner Trustee or such Certificate Registrar. 
  
 Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.8, the Owner Trustee
shall execute, authenticate and (if the Certificate Registrar is different than the Owner Trustee, then the Certificate Registrar shall) deliver (or shall cause JPMorgan Chase as its authenticating agent to authenticate and deliver), in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations of a like class and aggregate face amount dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a
Holder, Certificates may be exchanged for other Certificates of the same class in authorized denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to
Section 3.8. 
  
 Whenever any Certificate is
surrendered for exchange, the Owner Trustee shall execute, authenticate and (if the Certificate Registrar is different than the Owner Trustee, then the Certificate Registrar shall) deliver the Certificates which the Certificateholder making the
exchange is entitled to receive. 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 Owner Trustee and the Certificate Registrar
duly executed by the Holder, which signature on such assignment must be guaranteed by a member of the New York Stock Exchange or a commercial bank or trust company. 
  

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 Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently
disposed of by the Owner Trustee or Certificate Registrar in accordance with its customary practice. 
  
 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. 
  
 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. (a) If any mutilated Certificate shall be surrendered to the Certificate
Registrar, of 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 shall have been acquired by a protected purchaser, the Owner Trustee on behalf of Issuer shall execute and the Owner Trustee, or
JPMorgan Chase, as the Owner Trustee’s authenticating agent, shall authenticate and (if the Certificate Registrar is different from the Owner Trustee, then the Certificate Registrar shall) deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like class, tenor and denomination. If, after delivery of such replacement Certificate, a protected purchaser of the original Certificate in lieu of which such replacement
Certificate was issued presents for payment such original Certificate, the Owner Trustee or the Certificate Registrar shall be entitled to recover such replacement Certificate from such Person to whom such replacement Certificate was delivered or
any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Owner Trustee or the Certificate
Registrar in connection therewith. In connection with the issuance of any new Certificate under this Section 3.5, 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 an ownership interest in Issuer, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time. The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, destroyed,
lost or stolen Certificates. 
  
 SECTION 3.6. Persons Deemed
Certificateholders. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be 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 neither the Owner Trustee nor the Certificate Registrar shall be bound by any notice to the contrary.

  
 SECTION 3.7. Access to List of Certificateholders’
Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Servicer and the Depositor (and to the Owner Trustee, if the Owner Trustee is not the Certificate Registrar) within 15 days after receipt by the
Certificate Registrar of a request therefor from the Servicer or the Depositor (or the Owner Trustee) in writing, a list, in such form as the Servicer or the Depositor (or the Owner 
  

 9 

 Trustee) may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date.
If, at such time, if any, as Definitive Certificates have been issued, if three or more Holders of Certificates or one or more Holders of Certificates evidencing not less than 25% of the Certificate Balance apply in writing to the Certificate
Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the
communication that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of
Certificateholders. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed to hold none of the Depositor, the Certificate Registrar, the Servicer or the Owner Trustee accountable by reason of the disclosure of its name
and address, regardless of the source from which such information was derived. 
  
 SECTION 3.8. Maintenance of Office or Agency. The Owner Trustee shall maintain in the City of New York, an office or offices or agency or agencies where Certificates may be surrendered for registration of
transfer or exchange. The Owner Trustee initially designates the offices of JPMorgan Chase located at 450 West 33rd Street, New York, New York 10001-2697 as its office for such purposes. The Owner Trustee shall give prompt written notice to the
Depositor, the Servicer and to the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
  
 SECTION 3.9. Appointment of Paying Agent. The Owner Trustee may appoint a Paying Agent with respect to the Certificates. The Owner Trustee hereby
appoints JPMorgan Chase as the initial Paying Agent. The Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account, 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. 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 or for other good cause. The Paying Agent shall be permitted to resign upon 30 days’ written notice to the Owner Trustee and the Servicer. In the event
that JPMorgan Chase shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company and may be the Owner Trustee), with the consent of the Depositor (which consent shall
not be unreasonably withheld). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee (unless it is the Owner Trustee) 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 will hold all sums, if any, held by it for payment to the Certificateholders
in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon the removal of a Paying Agent, such Paying
Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.1, 7.3, 7.4, 7.6, 8.1 and 8.2 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. 
  

 10 

 SECTION 3.10. Book-Entry Certificates. 
  
 The Certificates, upon original issuance, will be issued in the form of a
typewritten Certificate or Certificates representing Book-Entry Certificates, to be delivered to The Depository Trust Company, the initial Clearing Agency, by or on behalf of the Issuer. Such Book-Entry Certificate or Certificates shall initially be
registered on the Certificate Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no beneficial owner will receive a definitive Certificate representing such beneficial owner’s interest in such
Certificate, except as provided in Section 3.12. Unless and until Definitive Certificates have been issued to beneficial owners pursuant to Section 3.12: 
  
 (a) the provisions of this Section 3.10 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 Clearing Agency and the Clearing Agency Participants for all purposes of this Agreement relating to the Book-Entry Certificates (including the payment of principal of and interest on the Book-Entry
Certificates and the giving of instructions or directions to Certificate Owners of Book-Entry Certificates) as the sole Holder of Book-Entry Certificates and shall have no obligations to Certificate Owners thereof; 
  
 (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 Certificate Owners of the Book-Entry Certificates shall be exercised only through the Clearing Agency (or to the extent
Certificateholders are not Clearing Agency Participants, through the Clearing Agency Participants through which such Certificateholders own Book-Entry Certificates), and shall be limited to those established by law and agreements between such
Certificate Owners and the Clearing Agency and/or Clearing Agency Participants, and all references in this Agreement to actions by Certificateholders shall refer to actions taken by the Clearing Agency upon instructions from the Clearing Agency
Participants, and all references in this Agreement to distributions, notices, reports and statements to Certificateholders shall refer to distributions, notices, reports and statements to the Clearing Agency, as registered holder of the
Certificates, as the case may be, for distribution to Certificateholders in accordance with the procedures of the Clearing Agency. Pursuant to the Issuer Letter of Representations, unless and until Definitive Certificates are issued pursuant to
Section 3.12, the initial Clearing Agency will make book-entry transfers among Clearing Agency Participants and receive and transmit payments of principal of and interest on the Book-Entry Certificates to such Clearing Agency
Participants; and 
  

 11 

 (e) whenever this Agreement requires or permits actions to be taken based upon
instructions or directions of the Holders of Certificates evidencing a specified percentage of the Certificate Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such
effect from Certificate Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Book-Entry Certificates and has delivered such instructions to the Owner Trustee.

  
 SECTION 3.11. Notices to Clearing Agency. Whenever a
notice or other communication to Certificateholders is required under this Agreement, unless and until Definitive Certificates shall have been issued to Certificate Owners pursuant to Section 3.12, the Owner Trustee and the Paying Agent shall
give all such notices and communications specified herein to be given to Certificateholders to the Clearing Agency, and shall have no obligations to Certificate Owners. 
  
 SECTION 3.12. Definitive Certificates. If (a) the Servicer advises the Owner Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Certificates, and the Servicer is unable to locate a qualified successor, (b) the Servicer at its option elects to terminate the
book-entry system through the Clearing Agency, or (c) after the occurrence of an Event of Servicing Termination or Event of Default, Certificate Owners of the Certificates representing beneficial interests aggregating not less than a majority
of the Certificate Balance advise the Clearing Agency through the Clearing Agency Participants, and the Owner Trustee, in writing, and if the Clearing Agency shall so notify the Owner Trustee, that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of Certificate Owners, then the Owner Trustee shall notify the Clearing Agency of the occurrence of any such event, which shall be responsible to notify the Certificate Owners of the occurrence of
such event and of the availability of the Definitive Certificates to Certificate Owners requesting the same. Upon surrender to the Certificate Registrar of the typewritten Certificate or Certificates representing the Book-Entry Certificates by the
Clearing Agency, accompanied by re-registration instructions, the Owner Trustee shall execute, authenticate, or cause to be authenticated, and (if the Certificate Registrar is different than the Owner Trustee, then the Certificate Registrar shall)
deliver the Definitive Certificates in accordance with the instructions of the Clearing Agency. Neither the Certificate Registrar nor the Owner Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of Definitive Certificates, all references herein to obligations imposed upon or to be performed by the Clearing Agency shall be deemed to be imposed upon and performed by the
Certificate Registrar, to the extent applicable with respect to such Definitive Certificates, and the Owner Trustee and the Paying Agent shall recognize the Holders of the Definitive Certificates as Certificateholders. The Definitive Certificates
shall be printed, lithographed or engraved or may be produced in any other matter as is reasonably acceptable to the Owner Trustee, as evidenced by its execution thereof. 
  

 12 

 SECTION 3.13. Authenticating Agent. 
  
 (a) The Owner Trustee may appoint one or more authenticating agents with respect to the Certificates and the Class R
Certificate which shall be authorized to act on behalf of the Owner Trustee in authenticating the Certificates and the Class R Certificate in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Certificates
and the Class R Certificate. The Owner Trustee hereby appoints JPMorgan Chase as Authenticating Agent for the authentication of Certificates and the Class R Certificate upon any issuance or registration of transfer or exchange of the Certificates or
the Class R Certificate. Whenever reference is made in this Agreement to the authentication of Certificates or the Class R Certificate by the Owner Trustee or the Owner Trustee’s certificate of authentication, such reference shall be deemed to
include authentication on behalf of the Owner Trustee by an authenticating agent and a certificate of authentication executed on behalf of the Owner Trustee by an authenticating agent. Each authenticating agent (other than JPMorgan Chase) shall be
subject to acceptance by the Depositor. 
  
 (b) Any institution
succeeding to the corporate agency business of an authenticating agent shall continue to be an authenticating agent without the execution or filing of any paper or any further act on the part of the Owner Trustee or such authenticating agent.

  
 (c) An authenticating agent may at any time resign by giving
written notice of resignation to the Owner Trustee and the Depositor. The Owner Trustee may at any time terminate the agency of an authenticating agent by giving notice of termination to such authenticating agent and to the Depositor. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time an authenticating agent shall cease to be acceptable to the Owner Trustee or the Depositor, the Owner Trustee promptly may appoint a successor authenticating agent with
the consent of the Depositor. Any successor authenticating agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
authenticating agent. 
  
 (d) The Depositor shall pay the
authenticating agent from time to time reasonable compensation for its services under this Section 3.13. 
  
 (e) The provisions of Sections 7.1, 7.3, 7.4, 7.6, 8.1 and 8.2 shall be applicable to any authenticating agent.

  

 13 

 (f) Pursuant to an appointment made under this Section 3.13, the Certificates may have
endorsed thereon, in lieu of the Owner Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 
  
 This is one of the Certificates referred to in the within mentioned Agreement. 
  

					
	 	 	  

	 	,
	 	 	as Owner Trustee	 	 
			
	 By:
	 	  

	 	 
	 	 	Authorized Officer	 	 
			
	 	 	or	 	 
			
	 	 	  

	 	 
	 	 	 as Authenticating Agent
 for the Owner
Trustee,
	 	 
	 	 	  

	 	 
	 	 	Authorized Officer	 	 

  
 SECTION 3.14.
Actions of Certificateholders. 
  
 (a) Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by the Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Owner Trustee and, when required,
to the Depositor or the Servicer. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Owner Trustee, the Depositor and the Servicer,
if made in the manner provided in this Section 3.14. 
  
 (b) The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Owner Trustee deems sufficient. 
  
 (c) Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind
every Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Owner Trustee, the Depositor or the Servicer in reliance
thereon, regardless of whether notation of such action is made upon such Certificate. 
  
 (d) The Owner Trustee may require such additional proof of any matter referred to in this Section 3.14 as it shall deem necessary. 
  

 14 

 ARTICLE IV 
  
 ACTIONS BY OWNER TRUSTEE 
  
 SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters. 
  
 With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of
such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction: 
  
 (a) the initiation of any material claim or lawsuit by the Issuer (except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any material action, claim or lawsuit
brought by or against the Issuer (except with respect to the aforementioned claims or lawsuits for collection of 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 Statute); 
  
 (c) the amendment
of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
  
 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and
such amendment materially adversely affects the interest of the Certificateholders; 
  
 (e) the amendment, change or modification of the Sale and Servicing Agreement, except to any amendment where the consent of any
Certificateholder is not required under the terms of the Sale and Servicing Agreement; or 
  
 (f) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the Note Registrar, the
Paying Agent, the Trustee or the Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 
  
 The Owner Trustee shall notify the Certificateholders in writing of any appointment of a successor Paying Agent, Authenticating Agent or Certificate Registrar within five
Business Days thereof. 
  
 SECTION 4.2. Action by
Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII
thereof, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) except as expressly provided in the Basic Documents, sell the Receivables or any interest therein 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 the Certificateholders. 
  

 15 

 SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not
have the power to commence a voluntary proceeding in bankruptcy relating to the Issuer without the unanimous prior approval of all Certificateholders unless the Owner Trustee reasonably believes that the Issuer is insolvent. 
  
 SECTION 4.4. Restrictions on Certificateholders’ Power. The
Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the other Basic
Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be obligated to follow any such direction, if given. 
  
 SECTION 4.5. Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may
be taken by the Holders of Certificates evidencing not less than a majority of the Certificate Balance. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if
signed by the Holders of Certificates evidencing not less than a majority of the Certificate Balance at the time of the delivery of such notice. 
  
 ARTICLE V 
  
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  
 SECTION 5.1. Establishment of Certificate Distribution Account. The Owner Trustee, for the benefit of Certificateholders, shall establish and
maintain in the name of the Issuer an Eligible Deposit Account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders.

  
 The Owner Trustee 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. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Servicer shall establish a new
Certificate Distribution Account as an Eligible Deposit Account in accordance with Section 5.1(b) of the Sale and Servicing Agreement, and the Owner Trustee shall transfer any cash and/or any investments to such new Certificate Distribution
Account and shall assist the Servicer in establishing such account as necessary. 
  
 Amounts on deposit in the Certificate Distribution Account shall not be invested. 
  
 SECTION 5.2. Application of Funds in Certificate Distribution Account. (a) Not later than 12:00 noon, New York City time, on each Payment Date, the
Owner Trustee or the Paying Agent on behalf of the Owner Trustee will, based on the information contained in the Servicer’s Certificate delivered on the related Determination Date pursuant to Section 4.8 of the Sale and Servicing
Agreement, distribute to Certificateholders, to the extent of the funds available, amounts deposited in the Certificate Distribution Account pursuant to Section 5.5 of the Sale and Servicing Agreement on such Payment Date in the following order
of priority: 
  
 (i) first, to the
Certificateholders, on a pro rata basis, an amount equal to the Certificateholders’ Interest Distributable Amount; and 
  

 16 

 (ii) second, to the Certificateholders, on a pro rata basis, an amount equal to the
Certificateholders’ Principal Distribution Amount. 
  
 (b) On
each Payment Date, the Owner Trustee shall send, or cause to be sent, to each Certificateholder the statement provided to the Owner Trustee by the Servicer pursuant to Section 5.9 of the Sale and Servicing Agreement on such Payment Date.

  
 (c) In the event that any withholding tax is imposed on the
Issuer’s payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section. Each of the Owner Trustee and the 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 from
contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). 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. The Owner Trustee or the Paying Agent, on its behalf, intends to withhold United States withholding taxes from any
amounts allocable or distributed to non-United States Certificateholders at a rate of 35% for non-United States Certificateholders that are classified as corporations for United States federal income tax purposes and at the highest individual income
tax rate for all other non-United States Certificateholders. In the event that a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee and the Paying Agent shall reasonably cooperate with such
Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee and the Paying Agent for any out-of-pocket expenses incurred. 
  
 SECTION 5.3. Method of Payment. Subject to Section 9.1(c), distributions required to be made to
Certificateholders on any Payment Date shall be made to each Certificateholder of record on the preceding Record Date either (a) by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Holder’s Certificates in the aggregate
evidence a denomination of not less than $1,000,000 or (b) by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register; provided that, unless Definitive Certificates have been issued pursuant to
Section 3.12, with respect to Certificates registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), distributions will be made by wire transfer in immediately
available funds to the account designated by such nominee. 
  
 SECTION 5.4. No Segregation of Monies; No Interest. Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee or any Paying Agent hereunder need not be segregated in any manner except to the extent required by law and may
be deposited under such general conditions as may be prescribed by law, and neither the Owner Trustee nor any Paying Agent shall be liable for any interest thereon. 
  

 17 

 SECTION 5.5. Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue
Service and Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis on the accrual method of accounting, (b) deliver (or cause to be delivered) to each
Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1) to enable each Certificateholder to prepare its Federal and state income tax returns,
(c) prepare or cause to be prepared and file such tax returns relating to the Issuer (including a partnership information return, Form 1065), and make such elections as may from time to time be required or appropriate under any applicable state
or Federal statute or rule or regulation thereunder so as to maintain the Issuer’s characterization as a partnership for Federal income tax purposes and (d) collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. The Depositor shall sign all tax information returns filed pursuant to this Section 5.5 and any other returns as may be required by
law. The Issuer shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Receivables. The Issuer shall not make the election provided under Section 754 of the Code.

  
 SECTION 5.6. Signature on Returns; Tax Matters Partner.
Notwithstanding the provisions of Section 5.5, the Class R Certificateholder shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such
documents shall be signed by the Owner Trustee at the written direction of the Class R Certificateholder. 
  
 The Class R Certificateholder shall be the “tax matters partner” of the Issuer pursuant to the Code. 
  
 SECTION 5.7. Capital Accounts. 
  
 The Issuer shall maintain accounts (“Capital Accounts”)
with respect to the Certificateholders and the Class R Certificateholder (each an “Owner”). For this purpose, Capital Accounts shall be maintained in accordance with the following provisions: 
  
 (a) Each Owner’s Capital Account shall be
increased by the Capital Contributions (as defined below) of such Owner, such Owner’s distributive share of gross income (if any) and any items in the nature of income or gain that are allocated to such Owner pursuant to Section 2.11,
2.12(c) or 2.13. 
  

 18 

 (b) Each Owner’s Capital Account shall be reduced by any amount distributed to
such Owner (including, in the case of the Class R Certificateholder, any amount released or otherwise distributed to the Class R Certificateholder from the Reserve Account under Section 5.7, of the Sale and Servicing Agreement) and any items in
the nature of deductions or losses that are allocated to such Owner pursuant to Section 2.12 or 2.13. 
  
 (c) In the event all or a portion of a Certificate is transferred in accordance with the terms of this Agreement, the transferee
shall succeed to the Capital Account of the transferor to the extent it related to such Certificate or a portion thereof. 
  
 “Capital Contribution” means the amount of any cash contributed to the Issuer by an Owner (including any amounts deemed to be contributed
in connection with the original issuance of the Certificates), including, in the case of the Class R Certificateholder, the amount of any Receivables deemed to have been contributed by the Class R Certificateholder (with such amount for Receivables
intended to reflect the amount of the Receivables and monies due thereon or with respect thereto, including accrued but unpaid interest and finance charges, conveyed to the Issuer by the Class R Certificateholder on the Closing Date under Article II
of the Sale and Servicing Agreement). The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Section 1.704-l(b) of the Treasury Regulations and shall be
interpreted in a manner consistent therewith. 
  
 ARTICLE VI

  
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
  
 SECTION 6.1. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Issuer is named as a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Issuer is named as a party, including,
without limitation, any filing authorizations authorizing the filing of a financing statement on form UCC-1 with the Secretary of State of the State of Delaware, and any amendment thereto, in each case, in such form as the Depositor shall approve as
evidenced conclusively by the Owner Trustee’s execution thereof, and, on behalf of the Issuer at the written direction of the Depositor, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal
amount of $395,000,000, Class A-2 Notes in the aggregate principal amount of $302,000,000, Class A-3 Notes in the aggregate principal amount of $415,000,000 and Class A-4 Notes in the aggregate principal amount of $256,880,000. In
addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the
Administrator recommends or directs in writing with respect to the Basic Documents. 
  
 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Basic Documents
and to administer the Issuer in the interest of 
  

 19 

 Certificateholders and the Class R Certificateholder, subject to the Basic Documents and in accordance with the
provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the
Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Issuer hereunder or under any 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. 
  
 SECTION 6.3. Action upon Instruction. 
  
 (a)
Subject to Article IV, the Certificateholders may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to
Section 4.5. 
  
 (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 reasonably determine, or shall have been advised by counsel in writing, that such action is likely to result in personal
liability to the Owner Trustee (in such capacity or individually), is contrary to the terms of this Agreement or any other Basic Document or is contrary to law. 
  

(c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any
other Basic Document or is unsure as to the application of any provision of this Agreement or any Basic Document, or if any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision,
or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may
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
written instruction of the Certificateholders 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 instruction within ten days of such notice (or within
such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the other
Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction. 
  

SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall undertake to perform such duties and
only such duties as are specifically set forth in this Agreement and the other Basic Documents, and no implied covenants or obligations shall be read into this Agreement or the other Basic Documents. The Owner Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee is a party, except as expressly provided by the 
  

 20 

 terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public
office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Commission filing for the Issuer or to record this Agreement or any other Basic Document. The
Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee,
in its individual capacity, that are not related to the ownership or the administration of the Owner Trust Estate. 
  
 SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or
otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents, and
(iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 
  
 SECTION 6.6. Restrictions. The Owner Trustee shall not (a) take any action that is inconsistent with the purposes of the Issuer set forth in
Section 2.3 or (b) take any action or amend this Agreement in any manner that, to the best knowledge of the Owner Trustee, would result in the Issuer’s becoming taxable as a corporation for United States federal income tax purposes.
The Owner Trustee and Depositor agree that no election to treat the Issuer other than as a partnership for United States federal income tax purposes or any relevant state tax purposes shall be made by or on behalf of the Issuer. The
Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 
  
 SECTION 6.7. Doing Business in Other Jurisdictions. (a) Notwithstanding anything contained herein to the contrary, the Owner Trustee shall not
be required to take any action in any jurisdiction other than in the State of Delaware, other than as set forth in the last sentence of this Section 6.7, if the taking of such action will (i) require the consent or approval or
authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware;
(ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or
(iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee, as the case may be,
contemplated hereby. The Owner Trustee shall be entitled to obtain advice of counsel (which advice shall be an expense of the Depositor) to determine whether any action required to be taken pursuant to this Agreement results in the consequences
described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee will appoint an additional trustee pursuant
to Section 10.5 to proceed with such action. 
  

 21 

 ARTICLE VII 
  
 CONCERNING OWNER TRUSTEE 
  
 SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Owner Trust Estate upon the terms of the other Basic Documents and
this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or gross negligence or (ii) in the case of
the breach of any representation or warranty contained in Section 7.3 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 not be liable for any error of
judgment made in good faith by a Responsible Officer of the Owner Trustee unless it is proved that the Owner Trustee was grossly negligent in ascertaining the pertinent facts; 
  
 (b) The Owner Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with the instructions of the Certificateholders given pursuant to Section 6.3 or the Administrator given pursuant to Section 6.1; 
  
 (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 its own 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 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; 
  
 (e) The Owner Trustee shall not be responsible for and makes no representation as to the validity or adequacy 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 Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication on the Certificates or the Class R Certificate, shall not be accountable for the use
or application by the Depositor of the proceeds from the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder, any Certificateholder or the Class R Certificateholder, other than as
expressly provided for herein and in the Basic 
  

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 Documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to
the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority; or the ability of the
Owner Trust Estate to generate the payments to be distributed to Certificateholders under this Agreement or the Noteholders under the Indenture, including: the existence, condition and ownership of any Financed Vehicle; the existence and
enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Issuer or of any intervening assignment; the completeness of any
Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor 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 Indenture Trustee, the Administrator or the Servicer or any subservicer taken in the name of the Owner Trustee; 
  
 (f) The Owner Trustee shall not be liable for the default or misconduct of the Indenture Trustee, the Administrator 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 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; 
  
 (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 gross negligence, bad faith or willful misconduct in the performance of any such act; and

  
 (h) The Owner Trustee, upon receipt of any
resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Owner Trustee that shall be specifically required to be furnished pursuant to any provision of this Agreement or the other Basic
Documents, shall examine them to determine whether they conform to the requirements of this Agreement or such other Basic Document; provided, however, that the Owner Trustee shall not be responsible for the accuracy or content of any
such resolution, certificate, statement, opinion, report, document, order or other instrument furnished to the Owner Trustee pursuant to this Agreement or the other Basic Documents. 
  

 23 

 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish 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. 

 
 SECTION 7.3. Representations and Warranties. The Owner Trustee
hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
  
 (a) It is a banking corporation duly organized and validly existing in good standing under the laws of the State of Delaware and having an
office within the State of Delaware. It has all requisite corporate power, authority and legal right to execute, deliver and perform its obligations under this Agreement. 
  
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this
Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  

(c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment, writ, decree or order applicable
to it, or constitute any default under its charter documents or by-laws or, with or without notice or lapse of time, any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

  
 (d) The execution, delivery and performance
by the Owner Trustee of this Agreement does 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 or agency of
the State of Delaware or the United States of America regulating the corporate trust activities of the Owner Trustee. 
  
 (e) This Agreement has been duly authorized, executed and delivered by the Owner Trustee and shall constitute the legal, valid, and
binding agreement of the Owner Trustee, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization and other laws affecting the rights of creditors generally, and by general
principles of equity regardless of whether enforcement is pursuant to a proceeding in equity or at law. 
  
 SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument,
notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. 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 
  

 24 

 and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other authorized officers of the relevant party, as to such fact or
matter, 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 Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of
such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with due care and (ii) may consult with counsel, accountants and other skilled persons knowledgeable in the relevant area 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 written opinion or advice of any such counsel, accountants or other such persons and not
contrary to this Agreement or any Basic Document. 
  
 SECTION 7.5.
Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington Trust Company acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having
any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
  
 SECTION 7.6. Owner Trustee May Own Certificates and Notes. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee of the Certificates or the Notes and may deal with the Depositor, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if
it were not the Owner Trustee. 
  
 ARTICLE VIII 
  
 COMPENSATION OF OWNER TRUSTEE 
  
 SECTION 8.1. Owner Trustee’s Fees and Expenses. In accordance
with Section 4.7 of the Sale and Servicing Agreement, 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 Servicer and the Owner Trustee,
and the Owner Trustee shall be entitled to be reimbursed by the Servicer for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner
Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder except any such expenses as may arise from its gross negligence, willful misfeasance, or bad faith or that is the responsibility of
Certificateholders under this Agreement. 
  
 SECTION 8.2.
Indemnification. In accordance with Section 7.2 of the Sale and Servicing Agreement, the Servicer shall be liable as primary obligor for, and shall indemnify the Owner Trustee (in such capacity or individually) and its successors,
assigns, agents and servants 
  

 25 

 (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations,
losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at
any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the other Basic Documents, the Owner Trust Estate, the administration of the Owner Trust
Estate or the action or inaction of the Owner Trustee hereunder, except only that the Servicer shall not be liable for or required to indemnify the Owner Trustee from and against Expenses arising or resulting from any of the matters described in the
third sentence of Section 7.1. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted against any Indemnified Party in respect of which indemnity may be sought pursuant to this Section 8.2, such Indemnified Party shall promptly notify the Servicer
in writing, and the Servicer upon request of the Indemnified Party shall retain counsel reasonably satisfactory to the Indemnified Party (or, with the consent of the Servicer, counsel selected by the Indemnified Party acceptable to the Servicer) to
represent the Indemnified Party and any others the Servicer may designate in such proceeding and shall pay the reasonable fees and expenses of such counsel related to such proceeding. The Servicer shall not be liable for any settlement of any claim
or proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Servicer agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such
settlement or judgment. The Servicer shall not, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and
indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. 
  
 SECTION 8.3. Payments to Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
  
 ARTICLE IX 
  
 TERMINATION OF TRUST AGREEMENT 
  
 SECTION 9.1. Termination of Trust Agreement. (a) The Issuer shall dissolve as soon as reasonably practicable after the final distribution by the Owner Trustee of all moneys or other property or proceeds of the
Owner Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V, but before the payment to the Certificateholders of all amounts required to be paid to them pursuant to this Agreement, which
payment will be made only after the Owner Trustee has satisfied its obligations under Section 3808(e) of the Statutory Trust Statute; provided, however, that in no event shall the Issuer created by this Agreement continue beyond
the expiration of 21 years from the date of this Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any 
  

 26 

 Certificateholder, any Certificate Owner or the Class R Certificateholder shall not (x) operate to terminate this
Agreement or the Issuer, nor (y) entitle such Certificateholder’s, such Certificate Owner’s or the Class R 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 the Owner Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
  
 (b) Except as provided in clause (a), none of the Depositor, the Class R Certificateholder or any Certificateholder
shall be entitled to revoke or terminate the Issuer. 
  
 (c)
Notice of any termination of the Issuer, specifying the Payment Date upon which the Certificateholders shall surrender their Certificates to the Owner Trustee or the Paying Agent for payment of the final distribution and cancellation, shall be given
by the Owner Trustee by letter to the Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 9.1(c) of the Sale and Servicing Agreement, stating
(i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Owner Trustee or the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Owner Trustee or the
Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to the Certificateholders. Upon presentation and surrender
of the Certificates, the Owner Trustee or the Paying Agent shall cause to be distributed to the Certificateholders amounts distributable on such Payment Date pursuant to Section 5.2. 
  
 If all of the Certificateholders shall not surrender their Certificates for
cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the
final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate
steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Owner Trust
Estate after exhaustion of such remedies shall be distributed, subject to applicable escheat laws, by the Owner Trustee to the Class R Certificateholder. 
  
 (d) Any funds remaining in the Issuer after funds for final distribution have been distributed or set aside for distribution shall be distributed by the
Owner Trustee to the Class R Certificateholder. 
  
 (e) Upon the
winding up of the Issuer in accordance with Section 3808 of the Statutory Trust Statute, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance
with the provisions of Section 3810 of the Statutory Trust Statute and thereupon, this Agreement (other than Article VIII) and the Issuer shall terminate. 
  

 27 

 ARTICLE X 
  
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
  
 SECTION 10.1. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation authorized to exercise corporate
trust powers; and having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by Federal or state authorities. If such corporation shall publish reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in
Section 10.2. In addition, at all times the Owner Trustee or a co-trustee shall be a person that satisfies the requirements of Section 3807(a) of the Statutory Trust Statute (the “Delaware Trustee”). 
  
 SECTION 10.2. Resignation or Removal of Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by
written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.1 and shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the
Administrator may remove the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, 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 so removed and one copy of which shall be delivered to the successor Owner Trustee, and payment of all fees owed to the outgoing Owner Trustee shall be made to
the outgoing Owner Trustee. 
  
 Any resignation or removal of the
Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment
of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
  

 28 

 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to
Section 10.2 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner
Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as
if originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the 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. 
  
 No successor Owner Trustee shall accept
appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice of
the successor of such Owner Trustee to all Certificateholders, the Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 days after acceptance of appointment by the successor Owner Trustee,
the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 
  
 Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly file an amendment to the Certificate of Trust with the Secretary
of State identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware. 
  
 SECTION 10.4. Merger or Consolidation of Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting form any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 10.1, without the execution or filing of any instrument or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies; and provided further, that such successor Owner Trustee shall file an amendment to the
Certificate of Trust as described in Section 10.3. 
  
 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner
Trust Estate or any Financed Vehicle 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 separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and 
  

 29 

 to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. If the Delaware Trustee shall become incapable of acting, resign or be removed, unless the Owner Trustee is qualified to act as the Delaware
Trustee, a successor co-trustee shall promptly be appointed in the manner specified in this Section 10.5 to act as the Delaware Trustee. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility
as a successor trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 
  
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following
provisions and conditions: 
  
 (i) all rights,
powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly
by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this
Agreement; and 
  
 (iii) the Administrator and
the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the
Administrator. 
  
 Any separate trustee or co-trustee may at any
time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any 
  

 30 

 separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  
 ARTICLE XI 
  
 MISCELLANEOUS 
  
 SECTION 11.1. Supplements and Amendments. This Agreement may be amended by the Depositor and the Owner Trustee, with the consent of the Class R
Certificateholder and prior written notice to the Rating Agencies, but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity or defect, to correct or supplement any provisions in this Agreement or for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided that such action shall not
(i) materially change the purposes and powers of the Issuer set forth in Section 2.3 or (ii) as evidenced by an Opinion of Counsel, materially and adversely affect the interests of any Noteholder or Certificateholder; provided,
further, that the Depositor shall deliver written notice of such amendments to each Rating Agency prior to the execution of any such amendment. Notwithstanding the foregoing, no amendment modifying the provisions of Section 5.2
shall become effective without satisfaction of the Rating Agency Condition. 
  
 This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, with the consent of the Class R Certificateholder, the consent of the
Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes and the consent of the Holders of Certificates evidencing not less than a majority of the Certificate Balance for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Noteholders or the Certificateholders; provided that no such amendment shall (a) increase or reduce in any manner
the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders, or (b) reduce the aforesaid
percentage of the Outstanding Amount of the Notes and the Certificate Balance required to consent to any such amendment. 
  
 Promptly after the execution of any amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or
consent to each Certificateholder, the Indenture Trustee and each of the Rating Agencies. 
  
 It shall not be necessary for the consent of Certificateholders or the Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution
thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
  

 31 

 Promptly after the execution of any amendment to the Certificate of the Trust, the Owner Trustee shall
cause the filing of such amendment with the Secretary of State. 
  
 Prior to the execution of any amendment to this Agreement or the Certificate of the Trust, 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. 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. 
  
 SECTION 11.2. No Legal Title to Owner Trust Estate in
Certificateholders. Neither the Class R Certificateholder nor the Certificateholders shall have legal title to any part of the Owner 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 IX. The Class R Certificateholder shall be entitled to receive distributions with respect to its ownership interest therein only in accordance with the Sale and
Servicing Agreement and this Agreement. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders or of the Class R Certificateholder to and in their respective ownership interests in the Owner 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 Owner Trust Estate. 
  
 SECTION 11.3. Limitations on Rights of Others. Except for Sections
2.7 and 2.10, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Class R Certificateholder, the Certificateholders 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 Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein. 
  
 SECTION
11.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or mailed certified mail,
return receipt requested and shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust
Administration, if to the Depositor or the Class R Certificateholder, addressed to, Chase Bank USA, National Association, c/o Chase Auto Finance Corp., 900 Stewart Avenue, Garden City, New York 11530, Attn: Financial Controller; or, as to each
party, at such other address as shall be designated by such party in a written notice to each other party. 
  
 (b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Holder
as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, regardless of whether the Certificateholder receives such notice. 
  

 32 

 SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts
shall together constitute but one and the same instrument. 
  
 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Class R Certificateholder, the Owner Trustee and their respective successors
and each Certificateholder and its 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 11.8. No Recourse. Each
Certificateholder, by accepting a Certificate, acknowledges that such Certificateholder’s Certificates represent equity interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Servicer, the Owner
Trustee, the Indenture Trustee or any Affiliate thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates or the other Basic Documents.

  
 SECTION 11.9. No Petition. 
  
 (a) The Depositor will not at any time institute against the Issuer any
bankruptcy proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, this Agreement or any of the other Basic Documents. 
  
 (b) The Owner Trustee, by entering into this Agreement, the Class R
Certificateholder, by accepting the Class R Certificate, and each Certificateholder, by accepting a Certificate, hereby covenant and agree that they will not at any time institute against the Issuer, or join in any institution against the Issuer of,
any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Class R Certificate, the Certificates, this Agreement or any of the other Basic Documents. 

 
 SECTION 11.10. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 33 

 SECTION 11.12. Certificate Transfer Restrictions. The Certificates may not be acquired by or for
the account of an individual or entity that is not a U.S. person as defined in Section 7701(a)(30) of the Code and any transfer of a Certificate to a person that is not a U.S. Person shall be void. By accepting and holding a Certificate, the
Holder shall be deemed to have represented and warranted under penalties of perjury that it (or, if it is acting as a nominee, the beneficial owner) is a U.S. Person. 
  
 SECTION 11.13. Disclosure. Notwithstanding anything herein to the contrary, Chase USA and the Owner Trustee (and any
employee, representative or other agent of both Chase USA and the Owner Trustee) may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the transactions contemplated by this
Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. 
  

 34 

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

			
	 WILMINGTON TRUST COMPANY,
as Owner Trustee

		
	By:	 	 /s/ Michele C. Harra

	Name:	 	Michele C. Harra
	Title:	 	Financial Services Officer
	
	 CHASE BANK USA, NATIONAL ASSOCIATION,
as Depositor

		
	By:	 	 /s/ William J. Schiralli

	 	 	William J. Schiralli, Attorney-in-Fact

 EXHIBIT A-1 
  
 THIS CLASS R CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS CLASS R CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR
SOLD OR OTHERWISE TRANSFERRED OTHER THAN IN COMPLIANCE WITH THE TRUST AGREEMENT. 
  
 THIS CLASS R CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY. 
  
 CHASE AUTO OWNER TRUST 2005-B 
  
 CLASS R CERTIFICATE 
  
 evidencing a beneficial ownership interest in certain distributions of the Issuer, as defined below, the property of which includes a pool of retail installment sales
contracts or purchase money notes and security agreements and other notes secured by new or used automobiles or light duty trucks and sold to the Issuer by Chase Bank USA, National Association, a national banking association. 
  
 (This Certificate does not represent an interest in or obligation of Chase Bank USA,
National Association or any of its Affiliates, except to the extent described below.) 
  
 THIS CERTIFIES THAT Chase Bank USA, National Association is the registered owner of 100% of the beneficial ownership interest in certain distributions of Chase Auto Owner Trust 2005-B (the “Issuer”)
formed by Chase Bank USA, National Association, a national banking association (the “Depositor”). 
  
 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is the Class R Certificate referred to in the within-mentioned Trust Agreement. 
  

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

					
	By:	 	  

	  	 	 	By:	 	  

	 	 	 	  	 	 	 	 	            Authenticating Agent

 Issuer was created pursuant to an Amended and Restated Trust Agreement dated as of November 1, 2005
(the “Trust Agreement”), between the Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in Section 1.1 of the Sale and Servicing Agreement between the Issuer and Chase Bank USA, National Association, as Seller and Servicer, dated
as of November 1, 2005, as the same may be amended or supplemented from time to time (the “Sale and Servicing Agreement”). 
  
 This Class R 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 Class R Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 
  
 The holder of this Class R Certificate acknowledges and agrees that its rights to receive distributions in respect of this Class R Certificate are limited
to amounts distributable to it pursuant to the Sale and Servicing Agreement and the Trust Agreement. 
  
 It is the intent of the Class R Certificateholder and the Certificateholders that, for United States federal income tax purposes, the Issuer will be
treated as a partnership and the Class R Certificateholder and the Certificateholders will be treated as partners in that partnership. The Class R Certificateholder by acceptance of this Class R Certificate, agrees to treat, and to take no action
inconsistent with the treatment of, the Class R Certificate for such tax purposes as equity (i.e., partnership interests) in the Issuer. 
  
 The Class R Certificateholder, by its acceptance of this Class R Certificate, acknowledges and agrees that neither the Depositor nor the Owner Trustee is
authorized to elect to treat the Issuer other than as a partnership for United States federal income tax purposes or any relevant state tax purposes. The Class R Certificateholder, by its acceptance of the Class R Certificate, agrees not to take any
actions (or direct the Owner Trustee to take such acts or actions) that would violate such restriction. 
  
 The Class R Certificate does not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or
any Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the other Basic Documents. 
  
 Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee or the Authentication Agent, by manual or facsimile signature, this Class R 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 CLASS R CERTIFICATE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of Issuer and not in its individual capacity, has caused
this Class R Certificate to be duly executed. 
  

					
	 	 	CHASE AUTO OWNER TRUST 2005-B
			
	 	 	By:	 	WILMINGTON TRUST COMPANY,
	 	 	 	 	 not in its individual capacity,
     but solely as Owner Trustee

			
	Dated: November 22, 2005	 	By:	 	  

  

			
	 	 	EXHIBIT A-2
		
	 NUMBER
	 	$31,750,000
	 R-A-1
	 	CUSIP NO. 161443AH9

  
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY 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. 
  
 THE CERTIFICATES MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN INDIVIDUAL OR ENTITY THAT IS NOT A U.S. PERSON AS DEFINED
IN SECTION 7701(A)(30) OF THE CODE. BY ACCEPTING AND HOLDING A CERTIFICATE, THE HOLDER SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT (OR, IF IT IS ACTING AS A NOMINEE, THE BENEFICIAL OWNER) IS A U.S. PERSON. 
  
 THE PRINCIPAL OF THIS CERTIFICATE IS DISTRIBUTABLE IN INSTALLMENTS AS SET
FORTH IN THE TRUST AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY. 
  
 CHASE AUTO OWNER TRUST 2005-B 
  
 4.97% ASSET BACKED CERTIFICATE 
  
 evidencing a beneficial ownership interest in certain distributions of the Issuer, as defined
below, the property of which includes a pool of retail installment sales contracts or purchase money notes and security agreements and other notes secured by new or used automobiles or light duty trucks and sold to the Issuer by Chase Bank USA,
National Association, a national banking association. 
  
 (This Certificate
does not represent an interest in or obligation of Chase Bank USA, National Association or any of its Affiliates, except to the extent described below.) 
  
 THIS CERTIFIES THAT CEDE & CO. is the registered owner of $31,750,000 nonassessable, fully-paid, beneficial ownership interest in certain
distributions of Chase Auto Owner Trust 2005-B (the “Issuer”) formed by Chase Bank USA, National Association, a national banking association (the “Depositor”). This Certificate has a Certificate Rate of
4.97% per annum. 

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Certificates referred to in the within-mentioned Trust
Agreement. 
  

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

					
	By:	 	  

	 	 	 	By:	 	  

	 	 	 	 	 	 	 	 	Authenticating Agent

  

 2 

 Issuer was created pursuant to an Amended and Restated Trust Agreement dated as of November 1, 2005
(the “Trust Agreement”), between the Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in Section 1.1 of the Sale and Servicing Agreement between the Issuer and Chase Bank USA, National Association, as Seller and Servicer, dated
as of November 1, 2005, as the same may be amended or supplemented from time to time (the “Sale and Servicing Agreement”). 
  
 This Certificate is one of the duly authorized Certificates of the Issuer designated as “4.97% Asset Backed Certificates” (herein called the
“Certificates”). Issued under the Indenture dated as of November 1, 2005, between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Indenture”), are four classes of Notes designated as
“Class A-1 4.41% Asset Backed Notes” (the “Class A-1 Notes”), “Class A-2 4.77% Asset Backed Notes” (the “Class A-2 Notes”), “Class A-3 4.84% Asset Backed Notes” (the “Class A-3
Notes”) and “Class A-4 4.88% Asset Backed Notes” (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the
“Notes”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by
which such holder is bound. 
  
 The holder of this Certificate
acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable.

  
 It is the intent of the Class R Certificateholder and
Certificateholders that, for United States federal income tax purposes, the Issuer will be treated as a partnership and the Class R Certificateholder and Certificateholders will be treated as partners in that partnership. The Certificateholders by
acceptance of a Certificate, agree to treat, and to take no action inconsistent with the treatment of, the Certificates for such tax purposes as equity (i.e., partnership interests) in the Issuer. 
  
 Each Certificateholder, by its acceptance of a Certificate or a beneficial
interest in a Certificate, acknowledges and agrees that neither the Depositor nor the Owner Trustee is authorized to elect to treat the Issuer other than as a partnership for United States federal income tax purposes or any relevant state tax
purposes. Each Certificateholder, by its acceptance of a Certificate or a beneficial interest in a Certificate, agrees not to take any actions (or direct the Owner Trustee to take such acts or actions) that would violate such restriction.

  
 The Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or any Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in
the Trust Agreement, the Indenture or the other Basic Documents. 
  

 3 

 The Certificates may not be acquired by or for the account of an individual or entity that is not a U.S.
Person as defined in Section 7701(A)(30) of the Code. By accepting and holding a Certificate, the Holder shall be deemed to have represented and warranted that it (or, if it is acting as a nominee, the Beneficial Owner) is a U.S. Person.

  
 Unless the certificate of authentication hereon shall have
been executed by an authorized officer of the Owner Trustee or the Authentication Agent, by manual or facsimile 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, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 IN WITNESS WHEREOF, the Owner Trustee, on behalf of Issuer and not in its individual capacity, has caused this Certificate
to be duly executed. 
  

					
	 	 	CHASE AUTO OWNER TRUST 2005-B
			
	 	 	By:	 	WILMINGTON TRUST COMPANY,
	 	 	 	 	 not in its individual capacity, but
     solely as Owner Trustee

			
	Dated: November 22, 2005	 	By:	 	  

  

 4 

 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, hereby irrevocably constituting and appointing
                     as Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in
the premises. 
  
 Dated: 
  

	
	 1

	Signature Guaranteed:

  

	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 a member firm of the New York Stock Exchange or a commercial bank or trust
company. 

  

 5 

 EXHIBIT B 
  
 FORM OF CERTIFICATE OF TRUST 
  
 Chase Auto Owner Trust 2005-B 
  
 This Certificate of Trust of Chase Auto Owner Trust 2005-B (the “Trust”) is being duly executed and filed by Wilmington Trust Company, a
Delaware banking corporation, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801 et seq.) (the “Act”). 
  

	1.	Name. The name of the statutory trust formed hereby is Chase Auto Owner Trust 2005-B. 

  

	2.	Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890-0001, Attn: Corporate Trust Administration. 

  

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

  
 IN WITNESS WHEREOF, the undersigned has duly executed this certificate in accordance with the Act. 
  

			
	 WILMINGTON TRUST COMPANY, not in its
 individual capacity but solely as trustee of the Trust

		
	By:	 	  

	Name:	 	 
	Title:	 	 

 EXHIBIT C 
  
 FORM OF ISSUER LETTER OF REPRESENTATIONS 
  
 The Depository Trust Company 
 A subsidiary of
The Depository Trust & Clearing Corporation 
  
 ISSUER
LETTER OF REPRESENTATIONS 
 [To be Completed by Issuer and Co-Issuer(s), if applicable] 
  
  
 _______________________________________________________ 
 [Name of Issuer and Co-Issuer(s), if applicable] 
  
  
 _______________________________________________________ 
 [Security Description, including series designation if applicable]

  
  
 _______________________________________________________ 
 [CUSIP Number of the Securities] 
  
 [For Municipal Issues: Underwriting
Department—Eligibility; 25th Floor] 
 [For Corporate Issues: General Counsel’s Office; 22nd Floor] 
 The Depository Trust Company 
 55 Water Street 
 New York, NY 10041-0099 
  
 Ladies and Gentlemen: 
  
 This letter sets forth our understanding with respect to the Securities
represented by the CUSIP number referenced above (the “Securities”). Issuer requests that The Depository Trust Company (“DTC”) accept the Securities as eligible for deposit at DTC. The DTC Participant, (manager, underwriter, or
placement agent) will distribute the securities through DTC. 
  
 To induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC that Issuer will comply with the requirements applicable to it
stated in DTC’s Operational Arrangements (found at www.dtcc.com and www.dtc.org), as they may be amended from time to time. 
  

							
	 Note:
  
 Schedule A contains statements that DTC believes accurately describe DTC, the method of effecting book-entry transfers of securities distributed through DTC, and certain
related matters.
  
 Received and Accepted:
 THE DEPOSITORY TRUST COMPANY
	 	 By:
  
	 	 Very truly yours,
  
  

 (Issuer)
  

 (Authorized Officer’s
Signature)
  

 (Print Name)

				
	By:	 	  

	 	 	 	
 (Street Address)

				
	 	 	 	 	 	 	
 (City)                (State)
(Country) (Zip Code)

				
	 	 	 	 	 	 	
 (Phone Number)

				
	 	 	 	 	 	 	
 (E-mail Address)Exhibit 4.3

 Exhibit 4.3 
  
 EXECUTION COPY 
  

  
 CHASE AUTO OWNER TRUST 2005-B

  
 Class A-1 4.41% Asset Backed Notes 
 Class A-2 4.77% Asset Backed Notes 
 Class A-3 4.84% Asset Backed Notes 
 Class A-4 4.88% Asset Backed Notes 
  

  
 INDENTURE 
  
 Dated as of November 1, 2005 
  

  
 Wells Fargo Bank, National Association 
  
 as Indenture Trustee 
  

  
 Table of Contents

  

					
	 	  	 	  	Page

	ARTICLE I	  	 
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 
			
	 SECTION 1.1
	  	Definitions	  	2
	 SECTION 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	2
	 SECTION 1.3
	  	Usage of Terms	  	2
	 SECTION 1.4
	  	Calculations of Interest	  	3
		
	ARTICLE II	  	 
		
	THE NOTES	  	 
			
	 SECTION 2.1
	  	Form	  	3
	 SECTION 2.2
	  	Execution, Authentication and Delivery	  	3
	 SECTION 2.3
	  	Temporary Notes	  	4
	 SECTION 2.4
	  	Registration of Transfer and Exchange	  	4
	 SECTION 2.5
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	6
	 SECTION 2.6
	  	Persons Deemed Owner	  	7
	 SECTION 2.7
	  	Payment of Principal and Interest; Defaulted Interest	  	7
	 SECTION 2.8
	  	Cancellation	  	8
	 SECTION 2.9
	  	Release of Collateral	  	8
	 SECTION 2.10
	  	Book-Entry Notes	  	8
	 SECTION 2.11
	  	Notices to Clearing Agency	  	10
	 SECTION 2.12
	  	Definitive Notes	  	10
	 SECTION 2.13
	  	Authenticating Agent	  	10
	 SECTION 2.14
	  	Appointment of Paying Agent	  	12
		
	ARTICLE III	  	 
		
	COVENANTS	  	 
			
	 SECTION 3.1
	  	Payment of Principal and Interest	  	13
	 SECTION 3.2
	  	Maintenance of Office or Agency	  	13
	 SECTION 3.3
	  	Money for Payments To Be Held in Trust	  	13
	 SECTION 3.4
	  	Existence	  	14
	 SECTION 3.5
	  	Protection of Trust Estate	  	15
	 SECTION 3.6
	  	Opinions as to Trust Estate	  	15
	 SECTION 3.7
	  	Performance of Obligations; Servicing of Receivables	  	16
	 SECTION 3.8
	  	Negative Covenants	  	17
	 SECTION 3.9
	  	Annual Statement as to Compliance	  	17
	 SECTION 3.10
	  	The Issuer May Consolidate, Etc. Only on Certain Terms	  	18

  

 ii 

					
	 	  	 	  	Page

	 SECTION 3.11
	  	Successor or Transferee	  	19
	 SECTION 3.12
	  	No Other Business	  	20
	 SECTION 3.13
	  	No Borrowing	  	20
	 SECTION 3.14
	  	Servicer’s Obligations	  	20
	 SECTION 3.15
	  	Guarantees, Loans, Advances and Other Liabilities	  	20
	 SECTION 3.16
	  	Capital Expenditures	  	20
	 SECTION 3.17
	  	Restricted Payments	  	20
	 SECTION 3.18
	  	Notice of Events of Default	  	20
	 SECTION 3.19
	  	Further Instruments and Acts	  	21
		
	ARTICLE IV	  	 
		
	SATISFACTION AND DISCHARGE	  	 
			
	 SECTION 4.1
	  	Satisfaction and Discharge of Indenture	  	21
	 SECTION 4.2
	  	Application of Trust Money	  	22
	 SECTION 4.3
	  	Repayment of Moneys Held by Paying Agent	  	22
	 SECTION 4.4
	  	Duration of the Position of the Indenture Trustee for the Benefit of Certificateholders	  	22
		
	ARTICLE V	  	 
		
	REMEDIES	  	 
			
	 SECTION 5.1
	  	Events of Default	  	23
	 SECTION 5.2
	  	Acceleration of Maturity; Rescission and Annulment	  	23
	 SECTION 5.3
	  	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	24
	 SECTION 5.4
	  	Remedies; Priorities	  	26
	 SECTION 5.5
	  	Optional Preservation of the Receivables	  	27
	 SECTION 5.6
	  	Limitation of Suits	  	27
	 SECTION 5.7
	  	Unconditional Rights of Noteholders To Receive Principal and Interest	  	28
	 SECTION 5.8
	  	Restoration of Rights and Remedies	  	28
	 SECTION 5.9
	  	Rights and Remedies Cumulative	  	28
	 SECTION 5.10
	  	Delay or Omission Not a Waiver	  	28
	 SECTION 5.11
	  	Control by Noteholders	  	28
	 SECTION 5.12
	  	Waiver of Past Defaults	  	29
	 SECTION 5.13
	  	Undertaking for Costs	  	29
	 SECTION 5.14
	  	Waiver of Stay or Extension Laws	  	30
	 SECTION 5.15
	  	Action on Notes	  	30
	 SECTION 5.16
	  	Performance and Enforcement of Certain Obligations	  	30

  

 iii 

					
	 	  	 	  	Page

	ARTICLE VI	  	 
		
	THE INDENTURE TRUSTEE	  	 
			
	 SECTION 6.1
	  	Duties of the Indenture Trustee	  	31
	 SECTION 6.2
	  	Rights of the Indenture Trustee	  	32
	 SECTION 6.3
	  	Individual Rights of the Indenture Trustee	  	33
	 SECTION 6.4
	  	The Indenture Trustee’s Disclaimer	  	33
	 SECTION 6.5
	  	Notice of Defaults	  	34
	 SECTION 6.6
	  	Reports by the Indenture Trustee to Holders	  	34
	 SECTION 6.7
	  	Compensation and Indemnity	  	34
	 SECTION 6.8
	  	Replacement of the Indenture Trustee	  	34
	 SECTION 6.9
	  	Successor Indenture Trustee by Merger	  	35
	 SECTION 6.10
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	36
	 SECTION 6.11
	  	Eligibility; Disqualification	  	37
	 SECTION 6.12
	  	Preferential Collection of Claims Against the Issuer	  	37
		
	ARTICLE VII	  	 
		
	NOTEHOLDERS’ LISTS AND REPORTS	  	 
			
	 SECTION 7.1
	  	The Issuer To Furnish the Indenture Trustee Names and Addresses of the Noteholders	  	38
	 SECTION 7.2
	  	Preservation of Information; Communications to the Noteholders	  	38
	 SECTION 7.3
	  	Reports by the Issuer	  	38
	 SECTION 7.4
	  	Reports by the Indenture Trustee	  	39
		
	ARTICLE VIII	  	 
		
	ACCOUNTS, DISBURSEMENTS AND RELEASES	  	 
			
	 SECTION 8.1
	  	Collection of Money	  	39
	 SECTION 8.2
	  	Trust Accounts	  	39
	 SECTION 8.3
	  	General Provisions Regarding Trust Accounts	  	40
	 SECTION 8.4
	  	Release of Trust Estate	  	41
	 SECTION 8.5
	  	Opinion of Counsel	  	42

  

 iv 

					
	 	  	 	  	Page

	ARTICLE IX	  	 
		
	SUPPLEMENTAL INDENTURES	  	 
			
	 SECTION 9.1
	  	Supplemental Indentures Without Consent of Noteholders	  	42
	 SECTION 9.2
	  	Supplemental Indentures with Consent of the Noteholders	  	43
	 SECTION 9.3
	  	Effect of Supplemental Indenture	  	45
	 SECTION 9.4
	  	Conformity with Trust Indenture Act	  	45
	 SECTION 9.5
	  	Reference in Notes to Supplemental Indentures	  	45
	 SECTION 9.6
	  	Execution of Supplemental Indentures	  	45
		
	ARTICLE X	  	 
		
	PREPAYMENT OF NOTES	  	 
			
	 SECTION 10.1
	  	Prepayment	  	45
	 SECTION 10.2
	  	Form of Notice of Prepayment	  	46
	 SECTION 10.3
	  	Notes Payable	  	46
		
	ARTICLE XI	  	 
		
	MISCELLANEOUS	  	 
			
	 SECTION 11.1
	  	Compliance Certificates and Opinions, etc.	  	47
	 SECTION 11.2
	  	Form of Documents Delivered to the Indenture Trustee	  	48
	 SECTION 11.3
	  	Actions of Noteholders	  	49
	 SECTION 11.4
	  	Notices, etc., to the Indenture Trustee, the Issuer, and Rating Agencies	  	50
	 SECTION 11.5
	  	Notices to Noteholders; Waiver	  	50
	 SECTION 11.6
	  	Alternate Payment and Notice Provisions	  	51
	 SECTION 11.7
	  	Conflict with Trust Indenture Act	  	51
	 SECTION 11.8
	  	Effect of Headings and Table of Contents	  	51
	 SECTION 11.9
	  	Successors and Assigns	  	51
	 SECTION 11.10
	  	Separability	  	51
	 SECTION 11.11
	  	Benefits of Indenture	  	52
	 SECTION 11.12
	  	Legal Holidays	  	52
	 SECTION 11.13
	  	GOVERNING LAW	  	52
	 SECTION 11.14
	  	Counterparts	  	52
	 SECTION 11.15
	  	Recording of Indenture	  	52
	 SECTION 11.16
	  	Trust Obligation	  	52
	 SECTION 11.17
	  	No Petition	  	52
	 SECTION 11.18
	  	Inspection	  	53

  

 v 

							
	 	  	 	  	 	  	Page

	 Exhibit A
	  	-	  	Schedule of Receivables	  	 
	 Exhibit B
	  	-	  	Form of Class A-1 Note	  	 
	 Exhibit C
	  	-	  	Form of Class A-2 Note	  	 
	 Exhibit D
	  	-	  	Form of Class A-3 Note	  	 
	 Exhibit E
	  	-	  	Form of Class A-4 Note	  	 
	 Exhibit F
	  	-	  	Form of Issuer Letter of Representations	  	 
	 Exhibit G
	  	-	  	Transferee Letter	  	 

  

 vi 

 CROSS REFERENCE TABLE1 
  

					
	 TIA Section

	  	Indenture Section

	310	 	(a)(1)	  	    6.11       
	 	 	(a)(2)	  	    6.11       
	 	 	(a)(3)	  	    6.10       
	 	 	(a)(4)	  	N.A.2  
	 	 	(a)(5)	  	    6.11       
	 	 	(b)	  	    6.8; 6.11
	 	 	(c)	  	N.A.    
	311	 	(a)	  	    6.12       
	 	 	(b)	  	    6.12       
	 	 	(c)	  	N.A.    
	312	 	(a)	  	    7.1; 7.2  
	 	 	(b)	  	    7.2         
	 	 	(c)	  	    7.2         
	313	 	(a)	  	    7.4         
	 	 	(b)(1)	  	    7.4         
	 	 	(b)(2)	  	    7.4         
	 	 	(c)	  	    7.4         
	 	 	(d)	  	    7.4         
	314	 	(a)	  	    3.9, 7.3  
	 	 	(b)	  	    3.6         
	 	 	(c)(1)	  	11.1       
	 	 	(c)(2)	  	11.1       
	 	 	(c)(3)	  	11.1       
	 	 	(d)	  	11.1       
	 	 	(e)	  	11.1       
	 	 	(f)	  	N.A.    
	315	 	(a)	  	    6.1         
	 	 	(b)	  	    6.5; 11.5
	 	 	(c)	  	    6.1         
	 	 	(d)	  	    6.1         
	 	 	(e)	  	    5.13       
	316	 	(a) (last sentence)	  	    1.1         
	 	 	(a)(1)(A)	  	    5.11       
	 	 	(a)(1)(B)	  	    5.12       
	 	 	(a)(2)	  	N.A.    

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

  

	2	N.A. means Not Applicable. 

  

 i 

					
	 TIA Section

	  	Indenture Section

	 	  	(b)	  	    5.7         
	 	  	(c)	  	N.A.    
	317	  	(a)(1)	  	    5.3           
	 	  	(a)(2)	  	    5.3         
	 	  	(b)	  	    3.3         
	318	  	(a)	  	11.7       

  

 ii 

 INDENTURE dated as of November 1, 2005, between CHASE AUTO OWNER TRUST 2005-B, a Delaware statutory
trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, solely as trustee and not in its individual capacity (the “Indenture Trustee”). 
  
 Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Issuer’s Class A-1 4.41% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 4.77% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 4.84%
Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 4.88% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
“Notes”): 
  
 GRANTING CLAUSE 

 
 The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as
Indenture Trustee for the benefit of the Holders of the Notes, all of the Issuer’s right, title and interest in, to and under (a) the Receivables listed in the Schedule of Receivables attached hereto as Exhibit A, which is
incorporated by reference herein, all proceeds thereof and all amounts and monies received thereon on and after the Cutoff Date (including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.2 of the Sale and
Servicing Agreement or the purchase of Receivables by the Servicer pursuant to Section 4.6 or 9.1 of the Sale and Servicing Agreement); (b) the security interests in the Financed Vehicles granted by the Obligors pursuant to
the Receivables and in any repossessed Financed Vehicles; (c) Liquidation Proceeds and any proceeds of any extended warranties, theft and physical damage, guaranteed auto protection, credit life or credit disability policies relating to the
Financed Vehicles or the Obligors; (d) any proceeds from Dealer repurchase obligations relating to the Receivables; (e) the Trust Accounts and funds on deposit from time to time in the Trust Accounts (including without limitation the
Reserve Account Initial Deposit), and in all investments and proceeds thereof (but excluding all investment income on funds on deposit in the Collection Account); (f) the Sale and Servicing Agreement; and (g) all present and future claims,
demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion,
voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, contract rights, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the
“Collateral”). 
  
 The foregoing Grant is made in
trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the
provisions of this Indenture, all as provided in this Indenture. 

 The Indenture Trustee, as trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts
the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders of the Notes and (only to the
extent expressly provided herein) Holders of the Certificates may be adequately and effectively protected. 
  
 ARTICLE I 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION
1.1 Definitions. Capitalized terms are used in this Indenture as defined in Section 1.1 to the Sale and Servicing Agreement dated as of November 1, 2005, between the Issuer and Chase Bank USA, National Association, as Seller and
Servicer (the “Sale and Servicing Agreement”). 
  
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in
this Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “indenture securities” means the Notes. 
  
 “indenture security holder” means a Noteholder. 
  
 “indenture to be qualified” means this Indenture. 
  
 “indenture trustee” or “institutional trustee” means the Indenture Trustee. 
  
 “obligor” on the indenture securities means the Issuer and
any other obligor on the indenture securities. 
  
 All other TIA
terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions. 
  
 SECTION 1.3 Usage of Terms. With respect to all terms in this Indenture, the singular includes the plural and the
plural the singular; words importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Indenture; references to Persons include their permitted successors and assigns; and the term
“including” means “including without limitation.” 

  

 2 

 
All references herein to Articles, Sections, Subsections and Exhibits are references to Articles, Sections, Subsections and Exhibits contained in or attached
to this Indenture unless otherwise specified, and each such Exhibit is part of the terms of this Indenture. 
  
 SECTION 1.4 Calculations of Interest. All calculations of interest made hereunder shall be made on the basis of a year of 360 days of twelve 30-day
months, other than the calculation of interest accrued on the Class A-1 Notes at the Class A-1 Interest Rate, which will be calculated on the basis of a 360-day year based upon the actual number of days elapsed. 
  
 ARTICLE II 
  
 THE NOTES 
  
 SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, in each case together
with the Indenture Trustee’s or Authenticating Agent’s certificate of authentication, shall be in substantially the forms set forth in Exhibits B, C, D and E, respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be
determined to be appropriate by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the
Note. Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof. 
  
 Notes bearing the manual or facsimile signature of individuals who were at
any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the date of authentication and delivery of such Notes or did not hold such offices at
such date. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the
Indenture Trustee or an Authenticating Agent by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder. The terms of the Notes set forth in Exhibits B, C, D and E are part of the terms of this Indenture. 
  
 The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
  
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers or by any
other authorized 

  

 3 

 
signatory of the Issuer. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
  
 The Indenture Trustee shall, upon written order of the Seller, authenticate
and deliver Class A-1 Notes for original issue in an aggregate principal amount of $395,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $302,000,000, Class A-3 Notes for original issue in the aggregate
principal amount of $415,000,000 and Class A-4 Notes for original issue in the aggregate principal amount of $256,880,000. The respective aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes outstanding at any time may not exceed such amounts, except as provided in Section 2.5. 
  
 SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and at the direction of the Issuer, the Indenture
Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent
with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 
  
 If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged,
the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
  
 SECTION 2.4 Registration of Transfer and Exchange. 
  
 (a) The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may
prescribe, the Note Registrar shall provide for the registration of the Notes and the registration of transfers of the Notes. JPMorgan Chase shall initially be “Note Registrar” for the purpose of registering Notes and transfers of
Notes as herein provided. In the event that, subsequent to the date of issuance of the Notes, JPMorgan Chase notifies the Indenture Trustee that it is unable to act as Note Registrar, the Indenture Trustee shall act, or the Indenture Trustee shall,
with the consent of the Issuer, appoint another bank or trust company, having an office or agency located in the City of New York and which agrees to act in accordance with the provisions of this Indenture applicable to it, to act, as successor Note
Registrar under this Indenture. 
  
 The Indenture Trustee may
revoke such appointment and remove JPMorgan Chase as Note Registrar if the Indenture Trustee determines in its sole discretion that JPMorgan Chase failed to perform its obligations under this Indenture in any material respect. JPMorgan Chase shall
be permitted to resign as Note Registrar upon 30 days’ written notice to the Indenture Trustee, the Seller and the Servicer; provided, however, that such resignation shall not 

  

 4 

 
be effective and JPMorgan Chase shall continue to perform its duties as Note Registrar until the Indenture Trustee has appointed a successor Note Registrar
with the consent of the Issuer. 
  
 If a Person other than the
Indenture Trustee is appointed by the Issuer as the Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register,
and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts and number of such Notes. 
  
 An institution succeeding to the corporate agency business of the Note Registrar shall continue to be the Note Registrar without the execution or filing
of any paper or any further act on the part of the Indenture Trustee or such Note Registrar. 
  
 The Note Registrar shall maintain in the City of New York an office or offices or agency or agencies where Notes may be surrendered for registration of transfer or exchange. The Note Registrar initially designates its
corporate trust office located at 4 New York Plaza, New York, New York 10004 as its office for such purposes. The Note Registrar shall give prompt written notice to the Indenture Trustee, the Seller, the Servicer and to the Noteholders of any change
in the location of such office or agency. 
  
 Upon surrender for
registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(a) of the Relevant UCC are met and, in the case of a Class A-1 Note,
the requirements of Section 2.4(b) are met, the Issuer shall execute, the Indenture Trustee shall authenticate and (if the Note Registrar is different than the Indenture Trustee, then the Note Registrar shall) deliver to the Noteholder,
in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount. 
  
 At the option of the Holder, the Notes may be exchanged for other Notes in any authorized denominations, of the same class
and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the Relevant UCC are met, the Issuer
shall execute and the Indenture Trustee shall authenticate and (if the Note Registrar is different than the Indenture Trustee, then the Note Registrar shall) deliver to the Noteholder, the Notes which the Noteholder making the exchange is entitled
to receive. 
  
 All Notes issued upon any registration of transfer
or exchange of the Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
  
 Every Note presented or surrendered for registration of transfer or exchange
shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s 

  

 5 

 
attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the
City of New York or the city in which the Corporate Trust Office is located, or by a member firm of a national securities exchange, and (ii) accompanied by such other documents as the Indenture Trustee may require. Each Note surrendered for
registration of transfer or exchange shall be cancelled by the Note Registrar and disposed of by the Indenture Trustee or Note Registrar in accordance with its customary practice. 
  
 No service charge shall be made to a Holder for any registration of transfer or exchange of the Notes, but the Issuer may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.5 not
involving any transfer. 
  
 The preceding provisions of this
section notwithstanding, the Issuer shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note for a period of 15 days preceding the due date for any payment in full with respect to such Note.

  
 (b) A Class A-1 Noteholder may only offer, sell or
otherwise transfer, in whole or in part, a Class A-1 Note pursuant to an available exemption from the registration requirements of the Securities Act and all applicable laws of any state of the United States or any other jurisdiction. A
Class A-1 Noteholder may only sell or otherwise transfer, in whole or in part, a Class A-1 Note to (i) a Person who shall have delivered to the Note Registrar and the Issuer a Transferee Letter substantially in the form of Exhibit G
or (ii) the Seller or an Affiliate of the Seller. In addition, the Issuer and the Note Registrar shall have the right prior to any such sale or transfer to require the delivery to it of such certifications, legal opinions and other information
as the Issuer or the Note Registrar, as the case may be, may reasonably require to confirm that the proposed sale or other transfer complies with the requirements of this Section 2.4(b). 
  
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If
(i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Note Registrar and the Indenture
Trustee such security or indemnity as may be required by them to hold the Issuer, the Note Registrar and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has
been acquired by a protected purchaser, and provided that the requirements of Section 8-405 of the Relevant UCC are met, the Issuer shall execute and the Indenture Trustee or an Authenticating Agent shall authenticate and (if the Note Registrar
is different from the Indenture Trustee, the Note Registrar shall) deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like class, tenor and denomination; provided that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable without
surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a protected purchaser of the original Note in lieu of which such replacement 

  

 6 

 
Note was issued presents for payment such original Note, the Issuer, the Note Registrar and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Note Registrar or the Indenture Trustee in connection therewith. 
  
 Upon the issuance of any replacement Note under this Section, the Issuer may
require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee)
connected therewith. 
  
 Every replacement Note issued pursuant to
this Section 2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any
time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  
 SECTION 2.6 Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee, the Note Registrar and any agent of the Issuer, the Indenture Trustee or
the Note Registrar may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note shall be overdue, and neither the Issuer, the Indenture Trustee or the Note Registrar nor any agent of the Issuer, the Indenture Trustee or the Note Registrar shall be bound by notice to the contrary.

  
 SECTION 2.7 Payment of Principal and Interest; Defaulted
Interest. 
  
 (a) The Notes shall accrue interest as provided
in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note and the Class A-4 Note set forth in Exhibits B, C, D and E, respectively, and such interest shall be payable on each Payment
Date as specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one
or more Predecessor Notes) is registered on the preceding Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, (i) with respect to Notes
registered on the Record Date in the name of the Clearing Agency or a nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated
by the Clearing Agency or such nominee or (ii) with respect to any Class A-1 Note, payment will be made by wire transfer in immediately 

  

 7 

 
available funds to the account designated by the Class A-1 Noteholder of such Class A-1 Note on or prior to the Record Date; provided,
however, that, the final installment of principal payable with respect to such Note on a Payment Date or on a Note Final Scheduled Payment Date shall be payable as provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.3. 
  
 (b)
The principal of each Note shall be payable in installments no later than 12 noon, New York City time, on each Payment Date as provided in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note and the Class A-4
Note, set forth in Exhibits B, C, D and E, respectively. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of
Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the Notes representing a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in
Section 5.2. All principal payments on each class of Notes shall be made pro rata to the Noteholders of such class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be (i) transmitted by facsimile on such Record Date if such
Note is a Book-Entry Note or (ii) mailed as provided in Section 10.2 not later than three Business Days after such Record Date if such Note is a Definitive Note and shall specify that such final installment will be payable only upon
presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. 
  
 SECTION 2.8 Cancellation. All Notes surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than
the Note Registrar, be delivered to the Note Registrar and shall be promptly cancelled by the Note Registrar. The Issuer may at any time deliver to the Note Registrar for cancellation any Notes previously authenticated and delivered hereunder which
the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Note Registrar. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Note Registrar in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct that they be
destroyed or returned to it; provided that such direction is timely and the Notes have not been previously disposed of by the Note Registrar. 
  
 SECTION 2.9 Release of Collateral. Subject to Section 11.1, the Indenture Trustee shall release property from the lien of this
Indenture only upon request of the Issuer accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with the TIA §§314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such
Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 
  
 SECTION 2.10 Book-Entry Notes. The Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, upon original issuance, will be
issued in the form of typewritten Notes 

  

 8 

 
representing the Book-Entry Notes, to be delivered to The Depository Trust Company (the initial Clearing Agency) by, or on behalf of, the Issuer. Such Notes
shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note, except as
provided in Section 2.12. Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.12: 
  
 (a) the provisions of this Section shall be in full force and effect; 
  
 (b) the Note Registrar, the Paying Agent and the Indenture Trustee shall be entitled to deal with the
Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes and the giving of instructions or directions hereunder) as the
sole Holder of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, and shall have no obligation to the Note Owners; 
  
 (c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section
shall control; 
  
 (d) the rights of the Note
Owners shall be exercised only through the Clearing Agency (or to the extent the Note Owners are not Clearing Agency Participants, through the Clearing Agency Participants through which such Note Owners own Book-Entry Notes) and shall be limited to
those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants, and all references in this Indenture to actions by the Class A-2 Noteholders, the Class A-3 Noteholders and
the Class A-4 Noteholders shall refer to actions taken by the Clearing Agency upon instructions from the Clearing Agency Participants, and all references in this Indenture to distributions, notices, reports and statements to the Class A-2
Noteholders, the Class A-3 Noteholders and the Class A-4 Noteholders shall refer to distributions, notices, reports and statements to the Clearing Agency, as registered holder of the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes, as the case may be, for distribution to the Note Owners in accordance with the procedures of the Clearing Agency. Pursuant to the Issuer Letter of Representations, unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes to such Clearing Agency Participants; and 
  
 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of the Holders of the Notes evidencing a specified percentage of the Outstanding Amount of the Notes, the
Clearing Agency shall be deemed to represent such percentage of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes only to the extent that it has received instructions to such effect from the Note Owners and/or Clearing
Agency Participants owning or representing, respectively, the beneficial interest in the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes and has delivered such instructions to the Indenture Trustee. 
  

 9 

 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication is required
under this Indenture to the Class A-2 Noteholders, the Class A-3 Noteholders or the Class A-4 Noteholders, unless and until Definitive Notes shall have been issued to the Note Owners pursuant to Section 2.12, the Indenture
Trustee shall give all such notices and communications specified herein to be given to the Class A-2 Noteholders, the Class A-3 Noteholders or the Class A-4 Noteholders to the Clearing Agency, and shall have no obligation to the Note
Owners. 
  
 SECTION 2.12 Definitive Notes. If (a) the
Servicer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, and
the Servicer is unable to locate a qualified successor, (b) the Servicer at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency, or (c) after the occurrence of
an Event of Default or an Event of Servicing Termination, the Note Owners representing beneficial interests aggregating not less than a majority of the Outstanding Amount of the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes advise the Indenture Trustee and the Clearing Agency through the Clearing Agency Participants in writing, and if the Clearing Agency shall so notify the Indenture Trustee that the continuation of a book-entry system through the Clearing Agency
is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all the Note Owners of the occurrence of any such event and of the availability of Definitive Notes representing the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes to the Note Owners requesting the same. Upon surrender to the Note Registrar of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by re-registration
instructions, the Issuer shall execute and the Indenture Trustee shall authenticate and (if the Note Registrar is different than the Indenture Trustee, then the Note Registrar shall) deliver the Definitive Notes representing the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of the Definitive Notes representing the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the Indenture Trustee
shall recognize such Holders as the Class A-2 Noteholders, the Class A-3 Noteholders and the Class A-4 Noteholders, respectively. 
  
 SECTION 2.13 Authenticating Agent. 
  
 (a) The Indenture Trustee may appoint one or more authenticating agents (each, an “Authenticating Agent”) with respect to the Notes which
shall be authorized to act on behalf of the Indenture Trustee in authenticating the Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Notes. The Indenture Trustee hereby appoints JPMorgan Chase
as Authenticating Agent for the authentication of the Notes upon any registration of transfer or exchange of such Notes. Whenever reference is made in this Indenture to the authentication of the Notes by the Indenture Trustee or the Indenture
Trustee’s certificate of authentication, such reference shall be deemed to include authentication on behalf of the Indenture Trustee by an Authenticating Agent and a certificate of authentication executed on 

  

 10 

 
behalf of the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent, other than JPMorgan Chase, shall be acceptable to the Issuer.

  
 (b) Any institution succeeding to the corporate agency
business of an Authenticating Agent shall continue to be an Authenticating Agent without the execution or filing of any paper or any further act on the part of the Indenture Trustee or such Authenticating Agent. 
  
 (c) An Authenticating Agent may at any time resign by giving written notice
of resignation to the Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the agency of an Authenticating Agent by giving notice of termination to such Authenticating Agent and to the Issuer. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time an Authenticating Agent shall cease to be acceptable to the Indenture Trustee or the Issuer, the Indenture Trustee promptly may appoint a successor Authenticating Agent with
the consent of the Issuer. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless acceptable to the Issuer. 
  
 (d) The Servicer shall pay the Authenticating Agent from time to time reasonable compensation for its services under this Section 2.13.

  
 (e) The provisions of Sections 6.1, 6.2,
6.3, 6.4, 6.7 and 6.9 shall be applicable, mutatis mutandis, to any Authenticating Agent. 
  
 (f) Pursuant to an appointment made under this Section 2.13, the Notes may have endorsed thereon, in lieu of the Indenture Trustee’s
certificate of authentication, an alternate certificate of authentication in substantially the following form: 
  
 This is one of the Notes referred to in the within mentioned Indenture. 
  

			
		
	 	 	 
	 	 	 as Indenture Trustee

		
	By:	 	 
	 	 	 Authorized Officer

		
	 	 	 or

		
	 	 	 
	 as Authenticating Agent

	 	 	 for the Indenture Trustee,

		
	 	 	 
	 	 	 Authorized Officer

  

 11 

 SECTION 2.14 Appointment of Paying Agent. 
  
 (a) The Indenture Trustee may appoint a Paying Agent with respect to the
Notes. The Indenture Trustee hereby appoints JPMorgan Chase as the initial Paying Agent. The Paying Agent shall have the revocable power to withdraw funds from the Collection Account and the Note Distribution Account and make distributions to the
Noteholders, the Servicer, the Administrator and the Owner Trustee pursuant to Section 5.5 of the Sale and Servicing Agreement. The Indenture Trustee may revoke such power and remove the Paying Agent if the Indenture Trustee determines
in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Indenture in any material respect or for other good cause. JPMorgan Chase shall be permitted to resign as Paying Agent upon 30 days’ written
notice to the Seller and the Indenture Trustee. In the event that JPMorgan Chase shall no longer be the Paying Agent, the Indenture Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company and may be the
Indenture Trustee) with the consent of the Seller, which consent shall not be unreasonably withheld. If at any time the Indenture Trustee shall be acting as the Paying Agent, the provisions of Sections 6.1, 6.3 and 6.4 shall
apply, mutatis mutandis, to the Indenture Trustee in its role as Paying Agent. 
  
 The Indenture Trustee will cause each Paying Agent, other than itself and JPMorgan Chase, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee
(and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 
  
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
  
 (ii) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge
in the making of any payment required to be made with respect to the Notes; 
  
 (iii) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
  
 (iv) immediately resign as a Paying Agent and forthwith pay
to the Indenture Trustee all sums held by it in trust for the payment of the Notes if at any time it ceases to meet the standards required to be met by the Paying Agent at the time of its appointment; and 
  
 (v) comply with all requirements of the Code with respect to
the withholding from any payments made by it on any Notes of any applicable withholding 

  

 12 

 
taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 (b) JPMorgan Chase in its capacity as initial Paying Agent hereunder agrees
that it (i) will hold all sums held by it hereunder for payment to the Noteholders in trust for the benefit of the Noteholders entitled thereto until such sums shall be paid to such Noteholders and (ii) shall comply with all requirements
of the Code regarding the withholding by the Indenture Trustee of payments in respect of United States federal income taxes due from the Noteholders or Note Owners. 
  
 (c) An institution succeeding to the corporate agency business of the Paying Agent shall continue to be the Paying Agent
without the execution or filing of any paper or any further act on the part of the Indenture Trustee or such Paying Agent. 
  
 ARTICLE III 
  
 COVENANTS 
  
 SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject
to Section 8.2(c), the Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a Payment Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit of the
Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders and
(iv) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by
the Issuer to such Noteholder for all purposes of this Indenture. 
  
 SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain in the City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange. The Issuer hereby initially appoints the Note
Registrar to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to
maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture
Trustee as its agent to receive all such surrenders, notices and demands. 
  
 SECTION 3.3 Money for Payments To Be Held in Trust. As provided in Sections 8.2(a) and (b), all payments of amounts due and payable with respect to any Notes that are to be made from amounts
withdrawn from the Collection Account and the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuer by the Indenture Trustee 

  

 13 

 
or by a Paying Agent, and no amounts so withdrawn from the Collection Account and the Note Distribution Account for payments on the Notes shall be paid over
to the Issuer except as provided in this Section 3.3. 
  
 On or before each Payment Date, at the direction of the Servicer in accordance with Section 5.5 of the Sale and Servicing Agreement, the Indenture Trustee or the Paying Agent shall deposit in the Note Distribution Account an
aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee or deposit was made by the Indenture
Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 
  
 The Issuer may, at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by
such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money. 
  
 Subject to applicable laws with respect to the escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after
such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on its request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but
only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided that the Indenture Trustee or such Paying Agent, before
being required to make any such repayment, shall at the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the City of New
York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The
Indenture Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to the Holders whose right to or interest in
moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 
  
 SECTION 3.4 Existence. Except as otherwise permitted by the provisions of Section 3.10, the Issuer will
keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor to the Issuer hereunder is or becomes, organized under the laws of any other state or of the
United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which
such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 
  

 14 

 SECTION 3.5 Protection of Trust Estate. The Issuer will from time to time prepare (or shall cause
to be prepared), execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or
advisable to: 
  
 (a) maintain or preserve the
lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 
  
 (b) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 
  
 (c) enforce the rights of the Indenture Trustee and the
Noteholders in any of the Collateral; or 
  
 (d)
preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties. 
  
 The Issuer hereby authorizes the Indenture Trustee to file any financing statement, continuation statement or other
instrument required to be executed or filed by the Issuer pursuant to this Section. 
  
 SECTION 3.6 Opinions as to Trust Estate. 
  
 (a) On the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing
of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien
and security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 
  
 (b) On or before March 31 of each calendar year, commencing with
March 31, 2006, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the perfection of the lien and security
interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements 

  

 15 

 
that will, in the opinion of such counsel, be required to maintain the perfection of the lien and security interest of this Indenture until March 31 in
the following calendar year. 
  
 SECTION 3.7 Performance of
Obligations; Servicing of Receivables. 
  
 (a) The Issuer will
not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust
Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly
provided in this Indenture, any other Basic Documents or such other instrument or agreement. 
  
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s
Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 
  
 (c) The Issuer will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements included in the Trust Estate, including but not limited to preparing (or causing to be prepared) and filing (or causing to be filed) all Uniform
Commercial Code financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 
  
 (d) If the Issuer shall have knowledge of the occurrence of an Event of
Servicing Termination under the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if any,
the Issuer is taking in respect of such default. If an Event of Servicing Termination shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables,
the Issuer shall take all reasonable steps available to it to remedy such failure. 
  
 (e) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees that, unless such action is
specifically permitted hereunder or under the other Basic Documents, it will not, without the prior written consent of the Indenture Trustee or the Holders of at least a majority of Outstanding Amount of the Notes, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral or the Basic Documents, or waive timely performance or observance by the Servicer or the Seller under the
Sale and Servicing Agreement; provided that no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made for the benefit of the Noteholders,
or (ii) reduce the aforesaid percentage of the Notes which are 

  

 16 

 
required to consent to any such amendment, in each case, without the consent of the Holders of all the Outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuer agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense,
such agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary or appropriate under the circumstances. 
  
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 
  
 (a) except as expressly permitted by this Indenture or the
other Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Indenture Trustee; 
  
 (b) claim any credit on, or make any deduction from the
principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed
upon any part of the Trust Estate; or 
  
 (c)
(i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be
created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case
on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor) or (iii) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’
or other lien) security interest in the Trust Estate. 
  
 SECTION
3.9 Annual Statement as to Compliance. The Issuer will deliver to the Indenture Trustee on or before March 31 of each year, commencing March 31, 2006, and otherwise in compliance with the requirements of TIA
Section 314(a)(4), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
  
 (a) a review of the activities of the Issuer during the twelve months then ending and of performance under this Indenture has been made
under such Authorized Officer’s supervision; and 
  
 (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants in all material respects under this Indenture throughout such twelve-month period, or, if there has
been a default in the 

  

 17 

 
compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 
  
 SECTION 3.10 The Issuer May Consolidate, Etc. Only on Certain Terms.

  
 (a) The Issuer shall not consolidate or merge with or into any
other Person, unless 
  
 (i) the Person (if other
than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any State thereof and shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all the Notes and the performance or observance of every agreement and covenant of this
Indenture on the part of the Issuer to be performed or observed, all as provided herein; 
  
 (ii) immediately after giving effect to such transaction, no Default shall have occurred and be continuing; 
  
 (iii) the Rating Agency Condition shall have been satisfied
with respect to such transaction; 
  
 (iv) the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Trust, any Noteholder or any
Certificateholder; 
  
 (v) any action as is
necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 
  
 (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this Section 3.10 and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the
Exchange Act). 
  
 (b) Except as otherwise expressly permitted by
this Indenture or the other Basic Documents, the Issuer shall not convey or transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless: 
  
 (i) the Person that acquires by conveyance or transfer the
properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any State thereof,
(B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all the Notes and the
performance or observance of every agreement and covenant of this 

  

 18 

 
Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture
that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of the Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and
hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then
one specified Person) shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
  
 (ii) immediately after giving effect to such transaction, no
Default shall have occurred and be continuing; 
  
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
  
 (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to the Trust, any Noteholder or any Certificateholder; 
  
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 

 
 (vi) the Issuer shall have delivered to the Indenture
Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Section 3.10 and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the Exchange Act). 
  
 SECTION 3.11 Successor or Transferee. 
  
 (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. 
  
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer in accordance with
Section 3.10(b), Chase Auto Owner Trust 2005-B will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written
notice to the Indenture Trustee from the Person acquiring such assets and properties stating that Chase Auto Owner Trust 2005-B is to be so released. 
  

 19 

 SECTION 3.12 No Other Business. The Issuer shall not engage in any business other than financing,
purchasing, owning, selling and managing the Receivables and the other Collateral in the manner contemplated by this Indenture and the other Basic Documents, issuing the Notes and the Certificates, making payments thereon, and such other activities
that are necessary, suitable or desirable to accomplish the foregoing or are incidental to the purposes as set forth in Section 2.3 of the Trust Agreement. 
  
 SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly
or indirectly, for any indebtedness except for money borrowed in respect of the Notes or in accordance with the Basic Documents. 
  
 SECTION 3.14 Servicer’s Obligations. The Issuer shall use its best efforts to cause the Servicer to comply with the Sale and Servicing
Agreement. 
  
 SECTION 3.15 Guarantees, Loans, Advances and
Other Liabilities. Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuming
another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase,
repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
  
 SECTION 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty) other than the purchase of the Receivables and related property pursuant to the Sale and Servicing Agreement. 
  
 SECTION 3.17 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any
distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity
interest or security in or of the Issuer, (b) redeem, purchase, retire, or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided
that the Issuer may make, or cause to be made, distributions to the Servicer, the Seller, the Owner Trustee, the Administrator, the Indenture Trustee, the Class R Certificateholder and the Certificateholders as permitted by, and to the extent funds
are available for such purpose under, the Basic Documents. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the other Basic Documents. 

 
 SECTION 3.18 Notice of Events of Default. The Issuer agrees to give
the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default, any Event of Servicing Termination and each default on the part of the Seller of its obligations under the Sale and Servicing Agreement. 
  

 20 

 SECTION 3.19 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  
 ARTICLE IV 
  
 SATISFACTION AND DISCHARGE 
  
 SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to
(a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.2,
3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.15, 3.16 and 3.18, (e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations
of the Indenture Trustee under Sections 4.2 and 4.4) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture
Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when, 
  
 (i) either: 
  
 (A) all Notes theretofore authenticated and delivered (other than (1) the Notes that have been destroyed, lost or stolen and that
have been replaced or paid as provided in Section 2.5 and (2) the Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 
  
 (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation: 
  
 (1) have become due and payable, 
  
 (2) will become due and payable at their respective Note
Final Scheduled Payment Dates within one year, or 
  
 (3) will be subject to prepayment within one year under arrangements satisfactory to the Indenture Trustee, 
  
 and the Issuer, in the case of clauses (1), (2) or (3) of Section 4.1(i)(B), has irrevocably deposited or caused to be
irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which 

  

 21 

 
will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire unpaid principal
and accrued interest on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due on their respective Note Final Scheduled Payment Dates or the Payment Date on which the Notes are to be prepaid in full pursuant to
Section 10.1); 
  
 (ii) the Issuer
has paid or caused to be paid all other sums payable hereunder by the Issuer; and 
  
 (iii) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA
or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1 and each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with. 
  
 SECTION 4.2 Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.1(i)(B) shall be held in trust and applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment of which such moneys have been deposited with the Indenture Trustee, of all sums
due and to become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 
  
 SECTION 4.3 Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the
Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
  
 SECTION 4.4 Duration of the Position of the Indenture Trustee for the
Benefit of Certificateholders. Notwithstanding (i) the earlier payment in full of all principal and interest due to the Noteholders under the terms of the Notes of each class, (ii) the cancellation of such Notes pursuant to
Section 2.8 and (iii) the discharge of the Indenture Trustee’s duties hereunder with respect to such Notes, the Indenture Trustee shall continue to act in the capacity of the Indenture Trustee hereunder for the benefit of the
Certificateholders and the Indenture Trustee, for the benefit of the Certificateholders, shall comply with its obligations under Sections 5.1, 5.5, 7.5, 8.1 and 8.2 of the Sale and Servicing Agreement, as
appropriate, until such time as all distributions in respect of the Certificate Balance and interest due to the Certificateholders have been paid in full. 
  

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 ARTICLE V 
  
 REMEDIES 
  
 SECTION 5.1 Events of Default. “Event of Default”, wherever used herein, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
  
 (a) default in the payment of any
interest on any Note when the same becomes due and payable on any Payment Date, and such default shall continue for a period of five days; 
  
 (b) default in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable;

  
 (c) default in the observance or performance
of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with) which default materially and adversely
affects the rights of the Noteholders, and which default shall continue or not be cured for a period of 30 days (or for such longer period, not in excess of 90 days, as may be reasonably necessary to remedy such default; provided that such
default is capable of remedy within 90 days or less and the Servicer on behalf of the Issuer delivers an Officer’s Certificate to the Indenture Trustee to the effect that the Issuer has commenced, or will promptly commence and diligently
pursue, all reasonable efforts to remedy such default) after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the
Outstanding Amount of the Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; and 
  
 (d) an Insolvency Event shall have occurred for the Issuer. 
  
 The Issuer shall deliver to the Indenture Trustee, within five days after the
occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (c), its status and what action the Issuer is
taking or proposes to take with respect thereto. 
  
 SECTION 5.2
Acceleration of Maturity; Rescission and Annulment. If an Event of Default shall occur and be continuing, then and in every such case the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding
Amount of the Notes may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by the Noteholders), and upon any such declaration the unpaid principal amount of such
Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
  

 23 

 At any time after such declaration of acceleration of maturity has been made and before a judgment or
decree for payment of the money due has been obtained by the Indenture Trustee as provided hereinafter in this Article V, the Holders of the Notes representing a majority of the Outstanding Amount of the Notes, by written notice to the Issuer
and the Indenture Trustee, may rescind and annul such declaration and its consequences; provided, that, no such rescission shall affect any subsequent default or impair any right consequent thereto. 
  
 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the
Indenture Trustee. 
  
 (a) The Issuer covenants that if
(i) default is made in the payment of any interest on any Note when the same becomes due and payable on any Payment Date, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or
any installment of the principal of any Note when the same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the rate borne by the Notes, and in addition thereto
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
  
 (b) In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 
  
 (c) If an Event of Default occurs and is continuing, the Indenture Trustee
may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate proceedings as the Indenture Trustee shall deem most effective to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law. 
  
 (d) In
case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United States Code or any other applicable Federal
or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its
property or such other obligor or Person, or in the case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable as 

  

 24 

 
therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 
  
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful
misconduct) and of the Noteholders allowed in such proceedings; 
  
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings;

  
 (iii) to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
  
 (iv) to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of the Notes allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 
  
 and any trustee, receiver, liquidator, custodian or other similar official in any such
proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee
such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances
made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or wilful misconduct. 
  
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding
except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
  
 (f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any
trial or other proceedings relative thereto, and any such action or proceedings instituted by the Indenture Trustee shall be brought in its own name as 

  

 25 

 
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 
  
 (g) In any proceedings brought by the Indenture Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which
the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such proceedings. 
  
 SECTION 5.4 Remedies; Priorities. 
  
 (a) If an Event of Default shall have occurred and be continuing and the
Notes have been accelerated under Section 5.2, the Indenture Trustee may do one or more of the following (subject to Section 5.5): 
  
 (i) institute proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes
or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes moneys adjudged due; 
  
 (ii) institute proceedings from time to time for the
complete or partial foreclosure of this Indenture with respect to the Trust Estate; 
  
 (iii) exercise any remedies of a secured party under the Relevant UCC and take any other appropriate action to protect and enforce the
rights and remedies of the Indenture Trustee and the Holders of the Notes; and 
  
 (iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and
conducted in any manner permitted by law; 
  
 provided that the Indenture
Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, (B) the proceeds of such sale or liquidation distributable
to the Noteholders and the Certificateholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest and the Certificate Balance plus accrued interest thereon, or (C)(1) there has been an
Event of Default described in Section 5.1(a) or (b), (2) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they
would have become due if the Notes had not been declared due and payable, and (3) the Indenture Trustee obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes. In determining such sufficiency or insufficiency with
respect to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action
and as to the sufficiency of the Trust Estate for such purpose. 
  

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 (b) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall
pay out such money or property (and other amounts including amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders in the following order: 
  
 FIRST: to the Indenture Trustee for amounts due under Section 6.7; and 
  
 SECOND: to the Collection Account for distribution pursuant
to Section 9.1(b) of the Sale and Servicing Agreement. 
  
 SECTION 5.5 Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded
and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may,
but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
  
 SECTION 5.6 Limitation of Suits. No Holder of any Note shall have any
right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  
 (a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

 
 (b) the Holders of not less than 25% of the Outstanding Amount of the
Notes have made written request to the Indenture Trustee to institute such proceeding in respect of such Event of Default in its own name as the Indenture Trustee hereunder; 
  
 (c) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in complying with such request; 
  
 (d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such proceedings; and 
  
 (e) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of
the Outstanding Amount of the Notes; 
  
 it being understood and intended that no
one or more Holders of the Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of the Notes or to obtain or to seek to
obtain 

  

 27 

 
priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided. 
  
 In the event the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of the Notes, each representing less than a majority of the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture. 
  
 SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture and to institute suit for the enforcement of any such payment, and such right shall not be
impaired without the consent of such Holder. 
  
 SECTION 5.8
Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been
determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as through no such proceeding had been instituted. 
  
 SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture
Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver of any such Default or an acquiescence therein. Every right and remedy given by
this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
  
 SECTION 5.11 Control by Noteholders. The Holders of a majority of the
Outstanding Amount of the Notes shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the
Indenture Trustee; provided that 
  
 (a) such
direction shall not be in conflict with any rule of law or with this Indenture; 
  

 28 

 (b) subject to the express terms of Section 5.4, any direction to the
Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of the Notes representing not less than 100% of the Outstanding Amount of the Notes; 
  
 (c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee
elects to maintain possession of the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of the Notes representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate
shall be of no force and effect; 
  
 (d) the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction; and 
  
 (e) such direction shall be in writing; 
  
 provided, further, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might involve it in liability
or might materially adversely affect the rights of any Noteholders not consenting to such action. 
  
 SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of the Notes of not less than a majority of the Outstanding Amount of the Notes may, on behalf of all such Holders, waive any past Default and its consequences except a Default (a) in payment of principal of
or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
  
 Upon any such waiver, such Default shall cease to exist and be deemed to have
been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereto. The Issuer shall give prompt written notice of any waiver to the Rating Agencies. 
  
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall
be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the
Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee,
(b) any suit instituted by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes, or (c) any suit instituted by any Noteholder for the enforcement of the payment
of 

  

 29 

 
principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture. 
  
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. 
  
 SECTION 5.16 Performance and Enforcement of Certain Obligations.

  
 (a) Promptly following a request from the Indenture Trustee to
do so and at the Administrator’s expense, the Issuer agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their
respective obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in
connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the Seller or the Servicer of each of their respective obligations under the Sale and Servicing Agreement. 
  
 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction
shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, foreclose upon its security interest in the Issuer’s rights under the Sale and Servicing
Agreement and exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or
secure performance or observance by the Seller or the Servicer of each of their respective obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing
Agreement, and any right of the Issuer to take such action shall be suspended. 
  

 30 

 ARTICLE VI 
  
 THE INDENTURE TRUSTEE 
  
 SECTION 6.1 Duties of the Indenture Trustee. 
  
 (a) The Indenture Trustee, both prior to and after the occurrence of an Event of Default, shall undertake to perform such duties and only such duties as
are specifically set forth in this Indenture and the Sale and Servicing Agreement. If an Event of Default known to the Indenture Trustee has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and the Sale and Servicing Agreement and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided, however, that if
the Indenture Trustee shall assume the duties of the Servicer pursuant to Section 8.2 of the Sale and Servicing Agreement, the Indenture Trustee in performing such duties shall use the degree of skill and attention customarily exercised
by a servicer with respect to automobile receivables that it services for itself. 
  
 The Indenture Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders, or other instruments furnished to the Indenture Trustee that shall be specifically required to be
furnished pursuant to any provision of this Indenture or the Sale and Servicing Agreement, shall examine them to determine whether they conform to the requirements of this Indenture or the Sale and Servicing Agreement; provided,
however, that the Indenture Trustee shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Servicer to the Indenture Trustee
pursuant to this Indenture or the Sale and Servicing Agreement. 
  
 (b) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own bad faith or wilful malfeasance; provided,
however, that: 
  
 (i) prior to the
occurrence of an Event of Default, and after the curing of all such Events of Default, the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the Sale and Servicing Agreement,
and no implied covenants or obligations shall be read into this Indenture or the Sale and Servicing Agreement against the Indenture Trustee, and in the absence of bad faith on its part or manifest error, the Indenture Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture or the Sale and Servicing Agreement; and

  
 (ii) The Indenture Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts nor shall the Indenture Trustee be liable with respect to any action it
takes or omits to take in good faith in accordance with this Indenture or in accordance with a direction received by it pursuant to Section 5.11. 
  

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 (c) The Indenture Trustee shall not be liable for interest on any money received by it except as the
Indenture Trustee may agree in writing with the Issuer. 
  
 (d)
Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
  
 (e) No provision of this Indenture shall require the Indenture Trustee to
expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or
indemnity satisfactory to it against such risk or liability is not assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of,
any of the obligations of the Servicer (including its obligations as custodian) under this Indenture except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges
of, the Servicer in accordance with the terms of the Sale and Servicing Agreement. 
  
 (f) The Indenture Trustee shall not be charged with knowledge of an Event of Default until such time as a Responsible Officer shall have actual knowledge or have received written notice thereof. 
  
 (g) Except for actions expressly authorized by this Indenture or, based upon
an Opinion of Counsel, in the best interests of the Noteholders, the Indenture Trustee shall take no action reasonably likely to impair the security interests created or existing under any Receivable or to impair the value of any Receivable.

  
 (h) Every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
  
 SECTION 6.2 Rights of the Indenture Trustee. 
  
 (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or
presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Opinion of Counsel. The Indenture Trustee shall not be liable for any
action it takes, suffers or omits to take in good faith in reliance on the Opinion of Counsel. 
  
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee
shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee 

  

 32 

 
appointed with due care by it hereunder. The Indenture Trustee shall have no duty to monitor the performance of the Issuer. 
  
 (d) The Indenture Trustee shall not be personally liable for any action it
takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
  
 (e) The Indenture Trustee may consult with counsel, and the written advice or
opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the written advice or opinion of such counsel. A copy of such written advice or Opinion of Counsel shall be provided to the Seller, the Servicer and the Rating Agencies. 
  
 (f) Prior to the occurrence of an Event of Default and after the curing of all Events of Default that may have occurred, the
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, or other paper or document,
unless requested in writing to do so by Holders of the Notes evidencing not less than 25% of the Outstanding Amount of the Notes; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs,
expenses, or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this
Indenture, the Indenture Trustee may require reasonable indemnity against such cost, expense, or liability or payment of such expenses as a condition precedent to so proceeding. The reasonable expense of every such examination shall be paid by the
Issuer or by the Servicer at the direction of the Issuer or, if paid by the Indenture Trustee, shall be reimbursed by the Issuer or by the Servicer at the direction of the Issuer upon demand. Nothing in this clause (f) shall affect the
obligation of the Issuer or the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors. 
  
 SECTION 6.3 Individual Rights of the Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or
pledgee of the Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not the Indenture Trustee. Any Paying Agent, the Note Registrar, co-registrar or co-paying agent may do the same with like
rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12. 
  
 SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be
accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the
Indenture Trustee’s certificate of authentication. 
  

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 SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is either actually
known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within 90 days after such knowledge or notice occurs.
Except in the case of a Default in accordance with the provisions of Section 313(c) of the TIA in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interest of the Noteholders. 
  
 SECTION 6.6 Reports by the Indenture Trustee to Holders. Within the prescribed period of time for tax reporting purposes after the end of each
calendar year during the term of this Indenture, the Indenture Trustee (or the Paying Agent on its behalf) shall deliver to each Noteholder such information as may be reasonably required to enable such Holder to prepare its United States federal,
state and local income or franchise tax returns for such calendar year. 
  
 SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture
Trustee’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to indemnify the Indenture Trustee against any and all loss, liability or expense (including the fees of either
in-house counsel or outside counsel, but not both) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim
for which it may seek indemnity. 
  
 The Servicer’s payment
obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(d) with respect to the
Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
  
 SECTION 6.8 Replacement of the Indenture Trustee. 
  
 (a) The Indenture Trustee may give notice of its intent to resign at any time
by so notifying the Issuer. The Holders of a majority in Outstanding Amount of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture
Trustee if: 
  
 (i) the Indenture Trustee fails
to comply with Section 6.11; 
  

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 (ii) the Indenture Trustee is adjudged bankrupt or insolvent; 
  
 (iii) a receiver or other public officer takes charge of the
Indenture Trustee or its property; or 
  
 (iv)
the Indenture Trustee otherwise becomes incapable of acting. 
  
 (b) If the Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring
Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee. 
  
 (c) A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer and thereupon the resignation or removal of the Indenture Trustee shall
become effective, and the successor Indenture Trustee, without any further act, deed or conveyance shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture Trustee to the successor Indenture Trustee. 
  
 (d) If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee gives notice
of its intent to resign or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

  
 (e) If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
  
 (f) Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of
the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to Section 6.8(c) and payment of all fees and expenses owed to the outgoing Indenture Trustee.

  
 (g) Notwithstanding the resignation or removal of the
Indenture Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. The Indenture Trustee shall not be liable for the acts
or omissions of any successor Indenture Trustee. 
  
 SECTION 6.9
Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee. The Indenture Trustee shall provide the Issuer and the Rating Agencies prior written notice of any such transaction. 
  

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 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture
Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor Indenture
Trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor Indenture Trustee may authenticate such Notes either in the name of any predecessor Indenture Trustee
hereunder or in the name of the successor Indenture Trustee; and in all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or in this Indenture with respect to the certificate of
authentication of the Indenture Trustee. 
  
 SECTION 6.10
Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
  
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Issuer may at the time be located, the Indenture
Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Issuer, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Issuer, or any part hereof, and, subject to the other provisions of this Section, such power, duties, obligations, rights and trusts as the Indenture Trustee may
consider necessary or desirable. The Administrator will pay all reasonable fees and expenses of any co-trustee or co-trustees or separate trustee or separate trustees. The appointment of any separate trustee or co-trustee shall not absolve the
Indenture Trustee of its obligations under this Indenture. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as an Indenture Trustee under Section 6.11, and no notice to the Noteholders of the
appointment of any co-trustee or separate trustee shall be required under Section 6.8. 
  
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

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

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 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of
any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 
  
 (iii) the Indenture Trustee 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 Indenture Trustee shall
be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this
Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately,
as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every
such instrument shall be filed with the Indenture Trustee (with a copy given to the Issuer). 
  
 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or
in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised
by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  
 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA §310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $100,000,000 as of the last day of the most recent fiscal quarter for such institution and shall be subject to examination or supervision by federal or state authorities. The long-term
unsecured debt of the Indenture Trustee shall at all times be rated not lower than “BBB-” by Standard & Poor’s and Fitch (if rated by Fitch) and Baa3 by Moody’s or such other ratings as are acceptable to the Rating
Agencies. The Indenture Trustee shall comply with TIA §310(b), provided that there shall be excluded from the operation of TIA §310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in the TIA §310(b)(1) are met. 
  
 SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall comply with TIA §311(a), excluding any creditor relationship listed in TIA §311(b). A Indenture Trustee
who has resigned or been removed shall be subject to TIA §311(a) to the extent indicated therein. 
  

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 ARTICLE VII 
  
 NOTEHOLDERS’ LISTS AND REPORTS 
  
 SECTION 7.1 The Issuer To Furnish the Indenture Trustee Names and Addresses of the Noteholders. The Issuer will furnish or cause to be furnished to
the Indenture Trustee (a) not more than five days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date and (b) at such other times as
the Indenture Trustee may request in writing, within 14 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished, provided that so
long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
  
 SECTION 7.2 Preservation of Information; Communications to the Noteholders. 
  
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the
Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of the Holders of Notes received by the Indenture Trustee in its capacity as the Note Registrar.
The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 
  
 (b) The Noteholders may communicate pursuant to TIA §312(b) with other Noteholders with respect to their rights under this Indenture or under the
Notes. 
  
 (c) The Issuer, the Indenture Trustee and the Note
Registrar shall have the protection of TIA §312(c). 
  
 SECTION 7.3 Reports by the Issuer. 
  
 (a) The
Issuer shall: 
  
 (i) file with the Indenture
Trustee within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
  
 (ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed
from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations;
and 
  

 38 

 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail
to all Noteholders described in TIA §313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
required by rules and regulations prescribed from time to time by the Commission. 
  
 (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year. 
  
 SECTION 7.4 Reports by the Indenture Trustee. If required by TIA § 313(a), within 60 days after each March 31, beginning with
March 31, 2006, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A
copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the
Notes are listed on any stock exchange. On each Payment Date, the Indenture Trustee shall include with each payment to each Noteholder a copy of the statement for the related Collection Period provided to the Indenture Trustee pursuant to
Section 5.9 of the Sale and Servicing Agreement. 
  
 ARTICLE VIII 
  
 ACCOUNTS, DISBURSEMENTS AND RELEASES

  
 SECTION 8.1 Collection of Money. Except as otherwise
provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable
by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise provided in this Indenture, if any default
occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default under this Indenture and any right to proceed thereafter as provided in Article V. 
  
 SECTION 8.2 Trust Accounts. 
  
 (a) On or prior to the Closing Date, the Issuer shall establish and
thereafter maintain the Collection Account and the Reserve Account as provided in Sections 5.1 and 5.7 of the Sale and Servicing Agreement. On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and
thereafter maintain the Note Distribution Account as provided in Section 5.1 of the Sale and Servicing Agreement. 
  

 39 

 (b) Before each Payment Date, the Servicer and the Seller are required to deposit the Available Amount
for such Payment Date in the Collection Account pursuant to Sections 5.2 and 5.4 of the Sale and Servicing Agreement. On each Deposit Date, the Indenture Trustee shall withdraw the Reserve Account Transfer Amount for the related
Payment Date from the Reserve Account and deposit it in the Collection Account in accordance with Section 5.5(b) of the Sale and Servicing Agreement. On or before each Payment Date, the Indenture Trustee or the Paying Agent on behalf of
the Indenture Trustee shall transfer the Noteholders’ Interest Distributable Amount and the Noteholders’ Principal Distribution Amount for such Payment Date from the Collection Account (or the Principal Distribution Subaccount) to the Note
Distribution Account in accordance with Section 5.5(c) and (e) of the Sale and Servicing Agreement. 
  
 (c) Not later than 12:00 noon, New York City time, on each Payment Date, the Indenture Trustee or the Paying Agent on behalf of the Indenture Trustee
shall distribute all amounts on deposit in the Note Distribution Account to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority: 

 
 (i) to accrued and unpaid interest on the Notes;
provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Notes, the amount in the Note Distribution Account shall be applied to the payment of
such interest on the Notes pro rata on the basis of the total such interest due on the Notes; 
  
 (ii) unless otherwise provided in clause (vi) below, to the Holders of the Class A-1 Notes until the Outstanding Amount
of the Class A-1 Notes is reduced to zero; 
  
 (iii) unless otherwise provided in clause (vi) below, to the Holders of the Class A-2 Notes until the Outstanding Amount of the Class A-2 Notes is reduced to zero; 
  
 (iv) unless otherwise provided in clause
(vi) below, to the Holders of the Class A-3 Notes until the Outstanding Amount of the Class A-3 Notes is reduced to zero; 
  
 (v) unless otherwise provided in clause (vi) below, to the Holders of the Class A-4 Notes until the Outstanding Amount of the
Class A-4 Notes is reduced to zero; and 
  
 (vi) if the Notes have been declared immediately due and payable as provided in Section 5.2, any amounts remaining in the Note Distribution Account after the applications described in Section 8.2(c)(i) and (c)(ii)
shall be applied to the repayment of principal of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective Outstanding Amounts of the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, respectively. 
  
 SECTION 8.3 General Provisions Regarding Trust Accounts. 
  
 (a) In accordance with Section 5.1 and Section 5.7 of the Sale and Servicing Agreement, all funds in the Collection Account and
the Reserve Account shall be invested in 

  

 40 

 
Permitted Investments upon written direction of the Servicer or the Class R Certificateholder, as applicable. All income or other gain from investments of
moneys deposited in the Collection Account and the Reserve Account shall be paid as provided in the Sale and Servicing Agreement, and any loss resulting from such investments shall be charged to such account. 
  
 (b) Subject to Section 6.1(b), the Indenture Trustee shall not in
any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such
Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
  
 (c) If (i) the Servicer or the Class R Certificateholder, as applicable, shall have failed to give investment directions for any funds on deposit in
the Collection Account or the Reserve Account, as the case may be, to the Indenture Trustee by 11:00 a.m. New York City time (or such other time as may be agreed by the Servicer or the Class R Certificateholder, as applicable, and the Indenture
Trustee) on any Business Day, or (ii) a Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall
have been declared due and payable following an Event of Default, amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.5 as if there had not been such a declaration, then the Indenture
Trustee shall, to the fullest extent practicable, invest and reinvest funds in such Trust Accounts in one or more Permitted Investments. The Indenture Trustee shall not be liable for losses in respect of such investments in Permitted Investments
that comply with the requirements of the Basic Documents except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal
obligor and not as trustee, in accordance with their terms. 
  
 SECTION 8.4 Release of Trust Estate. 
  
 (a)
Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or
convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this
Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 
  
 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding, and all sums due the Indenture Trustee
pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in
the Note Distribution Account. The Indenture Trustee shall release to the Issuer or any other Person entitled thereto any funds then on deposit in the Reserve Account or the Collection Account only at such time as (x) there are no Notes
Outstanding, (y) all payments in respect of Certificate Balance and interest due to the Certificateholders have been paid in full and (z) all sums due to 

  

 41 

 
the Indenture Trustee pursuant to Section 6.7 have been paid. The Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c)
and 314(d)(1) meeting the applicable requirements of Section 11.1. 
  
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies
of any instruments involved, and the Indenture Trustee may also require as a condition of such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders; provided, however that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action. 
  
 ARTICLE IX

  
 SUPPLEMENTAL INDENTURES 
  
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

  
 (a) Without the consent of the Holders of any Notes but with
prior notice to the Rating Agencies by the Issuer, when authorized by an Issuer Request, the Issuer and the Indenture Trustee at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture,
or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
  
 (ii) to evidence the succession, in compliance with the
applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
  
 (iii) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender
any right or power herein conferred upon the Issuer; 
  
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
  

 42 

 (v) to cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture;
provided that such action shall not materially and adversely affect the interests of any Noteholder; 
  
 (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add
to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; and 
  
 (vii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the
TIA. 
  
 The Indenture Trustee is hereby authorized to join in the
execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 
  
 (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes but with
prior notice to the Rating Agencies by the Issuer, as evidenced to the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided that such action shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests
of any Noteholder. 
  
 SECTION 9.2 Supplemental Indentures with
Consent of the Noteholders. The Issuer and the Indenture Trustee, when authorized by the Issuer, also may, with prior notice to the Rating Agencies and with the consent of the Holders of a majority of the Outstanding Amount of the Notes, by Act
of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

 
 (i) change the date of payment of any installment of
principal of or interest on any Note, or reduce the principal amount thereof or the interest rate thereon, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to
payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement 

  

 43 

 
of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount
due on the Notes on or after the respective due dates thereof; 
  
 (ii) reduce the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver
of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 
  
 (iii) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 
  
 (iv) reduce the percentage of the Outstanding Amount of the
Notes required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4; 
  
 (v) modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional
provisions of this Indenture or any of the other Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
  
 (vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of the
amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Holders of the Notes to the benefit of any
provisions for the mandatory prepayment of the Notes contained herein; or 
  
 (vii) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the
Basic Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture. 
  
 The Indenture Trustee may determine whether any Notes would be affected by any supplemental indenture and any such
determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 
  
 It shall not be necessary for any Noteholders under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such Noteholders shall approve the substance thereof. 
  
 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in 

  

 44 

 
general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental indenture. 
  
 SECTION 9.3 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be an be deemed to be part of the terms and conditions
of this Indenture and the Notes affected thereby for any and all purposes. 
  
 SECTION 9.4 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall comply in all respects with the TIA. 
  
 SECTION 9.5 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided
for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so require, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed
by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  
 SECTION 9.6 Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture permitted
by this Article IX or the modifications thereby of the trusts created by this Indenture the Indenture Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Indenture Trustee’s
own rights, duties or immunities under this Indenture or otherwise. 
  
 ARTICLE X 
  
 PREPAYMENT OF NOTES 
  
 SECTION 10.1 Prepayment. The principal amount of the Class A-4
Notes, plus all accrued and unpaid interest thereon, will be due and payable on any Payment Date upon the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 9.1(a) of the Sale and Servicing Agreement;
provided that the Issuer has available funds sufficient to pay 

  

 45 

 
the principal amount of the Class A-4 Notes, plus accrued and unpaid interest thereon, on such Payment Date. The Servicer shall furnish notice of such
election to the Indenture Trustee and the Note Registrar not later than the 25th day of the month prior to the Payment Date on which it proposes to purchase the Receivables pursuant to Section 9.1(a) of the Sale and Servicing Agreement and the
Issuer shall deposit or cause the Servicer to deposit with the Indenture Trustee in the Collection Account on such Payment Date an amount equal to the principal amount of the Class A-4 Notes, plus accrued and unpaid interest thereon, whereupon
all such Class A-4 Notes shall become due and payable on such Payment Date. 
  
 SECTION 10.2 Form of Notice of Prepayment. Notice of prepayment in full under Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted
or mailed prior to the applicable Payment Date to each Holder of Class A-4 Notes, as of the close of business on the Record Date preceding the applicable Payment Date, at such Holder’s address appearing in the Note Register. 
  
 All notices of prepayment shall state: 
  
 (i) the Payment Date on which the Class A-4 Notes will
be prepaid; 
  
 (ii) that the Record Date
otherwise applicable to such Payment Date is not applicable and that payments shall be made only upon presentation and surrender of such Class A-4 Notes and the place where such Class A-4 Notes are to be surrendered for payment in full
(which shall be the office or agency to be maintained as provided in Section 3.2); and 
  
 (iii) that interest on the Class A-4 Notes shall cease to accrue on such Payment Date. 
  
 Notice of prepayment of the Class A-4 Notes shall be given by the
Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of prepayment or any defect therein, to any Holder of any Class A-4 Notes shall not impair or affect the validity of the prepayment of any other
Class A-4 Note. 
  
 SECTION 10.3 Notes Payable. The
principal amount of the Class A-4 Notes, plus accrued and unpaid interest thereon, shall, following notice of prepayment as required by Section 10.2, on the Payment Date on which the Servicer purchases the Receivables pursuant to
Section 9.1(a) of the Sale and Servicing Agreement become due and payable and (unless the Issuer shall default in the payment of the principal of and accrued and unpaid interest on the Class A-4 Notes) no interest shall accrue on the
principal of and accrued and unpaid interest on the Class A-4 Notes for any period after such Payment Date. 
  

 46 

 ARTICLE XI 
  
 MISCELLANEOUS 
  
 SECTION 11.1 Compliance Certificates and Opinions, etc. 
  
 (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall
furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants or other experts meeting the
applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need
be furnished. 
  
 Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the
definitions herein relating thereto; 
  
 (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or
investigation as is necessary to enable such signatory to express an informed opinion as to whether such covenant or condition has been complied with; and 
  
 (iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with. 
  
 (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited. 
  
 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the 

  

 47 

 
matters described in clause (i), the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair
value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates
delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to
the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 
  
 (iii) Other than with respect to the release of any Repurchased Receivables or Defaulted Receivables, whenever any property or securities
are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days
of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
  
 (iv) Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii), the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the
same matters if the fair value of the property or securities and of all other property other than Repurchased Receivables and Defaulted Receivables, or securities released from the lien of this Indenture since the commencement of the then current
calendar year, as set forth in the certificates required by clause (iii) and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of
property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 
  
 (v) Notwithstanding Section 2.9 or any provision
of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of the Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the
extent permitted or required by the Basic Documents. 
  
 SECTION
11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters,
and any such Person my certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of 

  

 48 

 
reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the
Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument. 
  
 Whenever in this Indenture, in
connection with any application, certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document (x) as a condition of the granting of such application, or (y) as evidence of the Issuer’s
compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such
document shall in each case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture
Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
  
 SECTION 11.3 Actions of Noteholders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing; and except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, when required, to the Issuer or the Servicer. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and conclusive in favor of the Indenture Trustee, the Issuer and the Servicer, if made in the manner provided in this Section 11.3. 
  
 (b) The fact and date of the execution by any Noteholder of any such
instrument or writing may be proved in any reasonable manner which the Indenture Trustee deems sufficient. 
  
 (c) The ownership of the Notes shall be proved by the Note Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other act by a Noteholder shall bind every
Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted 

  

 49 

 
to be done, by the Indenture Trustee, the Issuer or the Servicer in reliance thereon, regardless of whether notation of such action is made upon such Note.

  
 (e) The Indenture Trustee may require such additional proof of
any matter referred to in this Section 11.3 as it shall deem necessary. 
  
 SECTION 11.4 Notices, etc., to the Indenture Trustee, the Issuer, and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or
permitted by this Indenture to be made upon, given or furnished to or filed with: 
  
 (a) The Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if personally delivered or mailed certified mail, return receipt requested and shall be deemed to have been
duly given upon receipt by the Indenture Trustee at its Corporate Trust Office, or 
  
 (b) The Issuer by the Indenture Trustee or any Noteholder shall be sufficient for every purpose hereunder if personally delivered or mailed certified mail, return receipt to the Issuer addressed to: Chase Auto Owner
Trust 2005-B, in care of Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at any other address previously furnished in writing to the Indenture
Trustee by the Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 
  
 Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Indenture Trustee shall be in writing, personally
delivered, electronically delivered or mailed certified mail, return receipt requested to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, 99 Church Street, New York, New York 10007, (ii) in the
case of Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com and in the case of any information not available in electronic format, at the following address: Standard & Poor’s Ratings Services, 55
Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group and (iii) in the case of Fitch, at the following address: Fitch, Inc., One State Street Plaza, New York, New York 10004; or as to each of the foregoing,
at such other address as shall be designated by written notice to the other parties. 
  
 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other
Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 
  

 50 

 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any
Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such a waiver. 
  
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to the Noteholders when such notice is
required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
  
 Where this Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other right or obligations created hereunder, and shall not under any circumstance constitute a Default. 
  
 SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the
Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder that is different from the methods provided for in this Indenture for such
payments or notices, provided that such methods are reasonable and consented to by the Indenture Trustee (which consent shall not be unreasonably withheld). The Issuer will furnish to the Indenture Trustee a copy of each such agreement, and the
Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
  
 SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this indenture by any of the provisions of the TIA, such required provision shall control. 
  
 The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
  
 SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
  
 SECTION 11.9
Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 
  
 SECTION 11.10 Separability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not be affected or impaired thereby. 
  

 51 

 SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders and (only to the extent expressly provided herein) the Certificateholders, and any other party secured hereunder, and any other
person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 SECTION 11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the
period from and after any such nominal date. 
  
 SECTION 11.13
GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an
Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other person
secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture or to satisfy any provision of the TIA. 
  
 SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
  

SECTION 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
agree that they will 

  

 52 

 
not at any time institute against the Issuer or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
  
 SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to
cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable
applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 
  

 53 

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

			
	CHASE AUTO OWNER TRUST 2005-B
		
	By:	 	 WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee

		
	By:	 	/s/    MICHELE C. HARRA        
	Name:	 	Michele C. Harra
	Title:	 	Financial Services Officer
	
	 WELLS FARGO BANK,
NATIONAL ASSOCIATION,
not in its individual capacity but solely as Indenture Trustee

		
	By:	 	/s/    CORY BRANDEN        
	Name:	 	Cory Branden
	Title:	 	Vice President

  

 54 

  
 EXHIBIT A 
  
 SCHEDULE OF RECEIVABLES 
  
 Delivered to the Owner Trustee and the Indenture Trustee on the Closing Date.

  
 EXHIBIT B 
  
 FORM OF CLASS A-1 NOTES 
  

				
	 REGISTERED
	  	$	395,000,000
		
	 No.   R-A-1
	  	 	 

  
 THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES THAT SUCH NOTE IS BEING ACQUIRED NOT WITH A VIEW TO
DISTRIBUTION AND MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER JURISDICTION. EACH HOLDER OF THIS NOTE AND ANY SUBSEQUENT HOLDER OF THIS NOTE WILL BE REQUIRED TO CERTIFY, AMONG OTHER THINGS, THAT SUCH HOLDER OR SUBSEQUENT HOLDER IS AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT. THE HOLDER OF THIS NOTE WILL, AND EACH SUBSEQUENT HOLDER OF THIS NOTE IS REQUIRED TO, NOTIFY ANY PURCHASER OF SUCH NOTES FROM IT OF THE RESALE RESTRICTION
REFERRED TO ABOVE. EACH HOLDER OF THIS NOTE WILL NOT TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT TO (1) THE SELLER OR AN AFFILIATE OF THE SELLER OR (2) A PURCHASER WHO CAN MAKE THE ABOVE REPRESENTATIONS AND AGREEMENTS ON
BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. THE HOLDER ACKNOWLEDGES THAT THE NOTE REGISTRAR AND THE ISSUER RESERVE THE RIGHT PRIOR TO ANY SALE OR OTHER TRANSFER TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS AND
OTHER INFORMATION AS THE NOTE REGISTRAR OR THE ISSUER MAY REASONABLY REQUIRE TO CONFIRM THAT THE PROPOSED SALE OR OTHER TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CHASE AUTO OWNER TRUST 2005-B 
  
 4.41% CLASS A-1 ASSET BACKED NOTES 
  
 Chase Auto Owner
Trust 2005-B, a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the “Issuer”), for value received, 

 
hereby promises to pay to CHASE BANK USA, NATIONAL ASSOCIATION, or its registered assigns, the principal sum of THREE HUNDRED NINETY FIVE MILLION DOLLARS
($395,000,000), partially payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is $395,000,000 and the denominator of which is $395,000,000 by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-1 Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due
and payable on the May 2007 Payment Date. The Issuer will pay interest on this Note at the rate per annum shown above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on
this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding the then current Payment Date or, if no interest has yet been paid, from November 22, 2005. Interest will be computed
on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
  
 For the avoidance of doubt, this Note has been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as
Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 
  
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  
 Dated: November 22,
2005 
  

			
	CHASE AUTO OWNER TRUST 2005-B
		
	By:	 	 WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee under the Trust Agreement

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 3 

  
 INDENTURE TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes
designated above and referred to in the within mentioned Indenture. 
  
 Dated:
November 22, 2005 
  

			
	 JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authentication Agent for the
Indenture Trustee

		
	By:	 	 
	 	 	Authorized Signatory

  

 4 

  
 [REVERSE OF NOTE] 

 
 This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.41% Class A-1 Asset Backed Notes (herein called the “Class A-1 Notes” or the “Notes”), all issued under an Indenture dated as of November 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The Notes and the Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful. 
  
 Each Class A-1 Noteholder, by acceptance of a Class A-1 Note,
covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered
in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that
any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

 
 It is the intent of the Seller, the Servicer, the Noteholders and the Note
Owners, the Issuer, the Class R Certificateholder, the Certificateholders and the Certificate Owners that the Notes will be classified as indebtedness of the Issuer for all United States tax purposes. Each Class A-1 Noteholder, by acceptance of
a Class A-1 Note, agrees to treat, and to take no action inconsistent with the treatment of, the Notes as indebtedness of the Issuer for such tax purposes. 
  

Each Class A-1 Noteholder, by acceptance of a Class A-1 Note, covenants and agrees that it will not at any time institute against the Issuer,
or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or 

  

 5 

 
other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture
or any of the other Basic Documents. 
  
 This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws. 
  
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
  
 Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, neither Chase Bank USA, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries,
agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Indenture Trustee for the sole purpose of binding the interests of the
Indenture Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note. 
  

 6 

  
 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or other identifying number of assignee 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (name and address of
assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints __________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated: ___________________	 	 	 	*1
	 	 	 	 	Signature Guaranteed:
			
	  	 	 	 	  

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

  

 7 

  
 EXHIBIT C 
  
 FORM OF CLASS A-2 NOTES 
  

			
	 REGISTERED
	  	$302,000,000
		
	 No. R-A-2
	  	CUSIP NO. 161443AE61

  
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 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. 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CHASE AUTO OWNER
TRUST 2005-B 
  
 4.77% CLASS A-2 ASSET BACKED NOTES 
  
 Chase Auto Owner Trust 2005-B, a statutory trust organized and existing under
the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of THREE HUNDRED TWO MILLION DOLLARS ($302,000,000),
partially payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is $302,000,000 and the denominator of which is $302,000,000 by the (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due and payable on the
March 2008 Payment Date. No payments of principal of the Class A-2 Notes will be made until the principal of the Class A-1 Notes has been paid in full. The Issuer will pay interest on this Note at the rate per annum shown above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but
excluding the then current Payment Date or, if no interest has yet been paid, from November 22, 2005. 

	1	Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

 Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified in the Indenture. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect
to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof which shall have the same effect as though fully set forth on the
face of this Note. 
  
 For the avoidance of doubt, this Note has
been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity have any liability for the obligations
hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 
  
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
  
 Dated: November 22, 2005 
  

					
	 CHASE AUTO OWNER TRUST 2005-B

		
	By:	 	 WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee under the Trust
Agreement

			
	 	 	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 2 

  
 INDENTURE TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes
designated above and referred to in the within-mentioned Indenture. 
  
 Dated:
November 22, 2005 
  

					
	 JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authentication Agent for the
Indenture Trustee

			
	 	 	 By:
	 	 
	 	 	 	 	Authorized Signatory

  

 3 

  
 [REVERSE OF NOTE] 

 
 This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.77% Class A-2 Asset Backed Notes (herein called the “Class A-2 Notes” or the “Notes”), all issued under an Indenture dated as of November 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The Notes and the Class A-1 Notes, Class A-3 Notes and
Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful. 
  
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a
Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture Trustee or the Owner Trustee or of
any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in
their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 
  
 It is the intent of the Seller,
the Servicer, the Noteholders, the Note Owners, the Issuer, the Class R Certificateholder, the Certificateholders and the Certificate Owners that the Notes will be classified as indebtedness of the Issuer for all United States tax purposes. Each
Noteholder, by acceptance of a Note, agrees to treat, and to take no action inconsistent with the treatment of, the Notes as indebtedness of the Issuer for such tax purposes. 
  
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that it will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under 

  

 4 

 
any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other
Basic Documents. 
  
 This Note and the Indenture shall be
construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

  
 No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

  
 Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, neither Chase Bank USA, National Association, in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees, successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Indenture Trustee for the sole purpose of binding the interests of the Indenture
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note. 
  

 5 

  
 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or other identifying number of assignee 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (name and address of
assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _______________________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated: ___________________	 	 	 	1
	 	 	 	 	Signature Guaranteed:
			
	  	 	 	 	  

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

  

 6 

  
 EXHIBIT D 
  
 FORM OF CLASS A-3 NOTES 
  

			
	 REGISTERED
	  	$415,000,000
		
	 No. R-A-3
	  	CUSIP NO. 161443AF31

  
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 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. 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CHASE AUTO OWNER
TRUST 2005-B 
  
 4.84% CLASS A-3 ASSET BACKED NOTES 
  
 Chase Auto Owner Trust 2005-B, a statutory trust organized and existing under
the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of FOUR HUNDRED FIFTEEN MILLION DOLLARS
($415,000,000), partially payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is $415,000,000 and the denominator of which is $415,000,000 by the (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-3 Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of this Note shall be due
and payable on the July 2009 Payment Date. No payments of principal of the Class A-3 Notes will be made until the principal of the Class A-1 Notes and the Class A-2 Notes have been paid in full. The Issuer will pay interest on this
Note at the rate per annum shown above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture. Interest on this Note will accrue for each Payment Date from the most recent Payment Date
on which interest has been paid to but excluding the then current Payment Date or, if no interest has 

	1	Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

 yet been paid, from November 22, 2005. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the
reverse hereof which shall have the same effect as though fully set forth on the face of this Note. 
  
 For the avoidance of doubt, this Note has been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as
Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity have any liability for the obligations hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 
  
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer. 
  
 Dated: November 22,
2005 
  

					
	 CHASE AUTO OWNER TRUST 2005-B

		
	By:	 	 WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee under the Trust
Agreement

			
	 	 	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 2 

  
 INDENTURE TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes
designated above and referred to in the within-mentioned Indenture. 
  
 Dated:
November 22, 2005 
  

					
	 JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authentication Agent for the
Indenture Trustee

			
	 	 	 By:
	 	 
	 	 	 	 	Authorized Signatory

  

 3 

  
 [REVERSE OF NOTE] 

 
 This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.84% Class A-3 Asset Backed Notes (herein called the “Class A-3 Notes” or the “Notes”), all issued under an Indenture dated as of November 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The Notes and the Class A-1 Notes, Class A-2 Notes and
Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 The Issuer shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful. 
  
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a
Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture Trustee or the Owner Trustee or of
any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in
their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 
  
 It is the intent of the Seller,
the Noteholders, the Note Owners, the Issuer, the Class R Certificateholder, the Certificateholders and the Certificate Owners that, the Notes will be classified as indebtedness of the Issuer for all United States tax purposes. Each Noteholder, by
acceptance of a Note, agrees to treat, and to take no action inconsistent with the treatment of, the Notes as indebtedness of the Issuer for such tax purposes. 
  

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that it
will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, 

  

 4 

 
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
  
 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither Chase Bank USA, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees, successors or assigns shall be personally liable for, nor shall recourse be had to
any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 5 

  
 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or other identifying number
of assignee 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (name and address of
assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _______________________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated: ___________________	 	 	 	1
	 	 	 	 	Signature Guaranteed:
			
	  	 	 	 	  

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

  

 6 

  
 EXHIBIT E 
  
 FORM OF CLASS A-4 NOTES 
  

			
	 REGISTERED
	  	$256,880,000
		
	 No. R-A-4
	  	CUSIP NO. 161443AG11

  
 UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 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. 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CHASE AUTO OWNER
TRUST 2005-B 
  
 4.88% CLASS A-4 ASSET BACKED NOTES 
  
 Chase Auto Owner Trust 2005-B, a statutory trust organized and existing under
the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of TWO HUNDRED FIFTY SIX MILLION EIGHT HUNDRED
EIGHTY THOUSAND DOLLARS ($256,880,000), partially payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is $256,880,000 and the denominator of which is $256,880,000 by the
(ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-4 Notes pursuant to Section 3.1 of the Indenture; provided that the entire unpaid principal amount of
this Note shall be due and payable on the earlier of the June 2012 Payment Date and the date on which the Class A-4 Notes are subject to prepayment pursuant to Section 10.1 of the Indenture. No payments of principal of the
Class A-4 Notes will be made until the principal of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes have been paid in full. The Issuer will pay interest on this Note at the rate per annum shown above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture. 

	1	Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

 Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid
to but excluding the then current Payment Date or, if no interest has yet been paid, from November 22, 2005. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be
paid in the manner specified in the Indenture. 
  
 The principal
of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be
applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof which shall have the same effect as though fully set forth on the
face of this Note. 
  
 For the avoidance of doubt, this Note has
been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity have any liability for the obligations
hereunder as to all of which recourse shall be had solely to the assets of the Issuer. 
  
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
  
 Dated: November 22, 2005 
  

					
	 CHASE AUTO OWNER TRUST 2005-B

		
	By:	 	 WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee under the Trust
Agreement

			
	 	 	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 2 

  
 INDENTURE TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes
designated above and referred to in the within-mentioned Indenture. 
  
 Dated:
November 22, 2005 
  

					
	 JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION,
not in its individual capacity but solely as Authentication Agent for the
Indenture Trustee

			
	 	 	 By:
	 	 
	 	 	 	 	Authorized Signatory

  

 3 

  
 [REVERSE OF NOTE] 

 
 This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.88% Class A-4 Asset Backed Notes (herein called the “Class A-4 Notes” or the “Notes”), all issued under an Indenture dated as of November 1, 2005 (such Indenture, as supplemented or amended, is
herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
  
 The Notes and the Class A-1 Notes, Class A-2 Notes and
Class A-3 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 The Issuer shall pay interest on overdue installments of interest at the Class A-4 Interest Rate to the extent lawful. 
  
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a
Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Indenture Trustee or the Owner Trustee or of
any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Indenture Trustee have no such
obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
  
 It is the intent
of the Seller, the Servicer, the Noteholders, the Note Owners, the Issuer, the Class R Certificateholder, the Certificateholders and the Certificate Owners that, the Notes will be classified as indebtedness of the Issuer for all United States tax
purposes. Each Noteholder, by acceptance of a Note, agrees to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer. 
  
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a
Note Owner, a beneficial interest in a Note, covenants and agrees that it will not at any time 

  

 4 

 
institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents. 
  
 This Note and the Indenture shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided
in the Basic Documents, neither Chase Bank USA, National Association, in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees,
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Indenture Trustee for the sole purpose of binding the interests of the Indenture Trustee in the assets
of the Issuer. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note. 
  

 5 

  
 ASSIGNMENT 
  
 Social Security or taxpayer I.D. or other identifying number of assignee 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (name and address of
assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _______________________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated: ___________________	 	 	 	1
	 	 	 	 	Signature Guaranteed:
			
	  	 	 	 	  

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

  

 6 

  
 EXHIBIT F 
  
 FORM OF ISSUER LETTER OF REPRESENTATIONS 
  
 The Depository Trust Company 
 A subsidiary of The Depository Trust & Clearing Corporation 
  
 ISSUER LETTER OF REPRESENTATIONS 
 [To be Completed by Issuer and Co-Issuer(s), if applicable] 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 [Name of Issuer and
Co-Issuer(s), if applicable] 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 [Security Description,
including series designation if applicable] 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 [CUSIP Number of the
Securities] 
  
 [For Municipal Issues:
Underwriting Department—Eligibility; 25th Floor] 
 [For Corporate Issues: General Counsel’s Office; 22nd Floor]

 The Depository Trust Company 
 55 Water Street 
 New York, NY 10041-0099 
  
 Ladies and
Gentlemen: 
  
 This letter sets forth our understanding with
respect to the Securities represented by the CUSIP number referenced above (the “Securities”). Issuer requests that The Depository Trust Company (“DTC”) accept the Securities as eligible for deposit at DTC. The DTC Participant,
(manager, underwriter, or placement agent) will distribute the securities through DTC. 
  
 To induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC that Issuer will comply with the
requirements applicable to it stated in DTC’s Operational Arrangements (found at www.dtcc.com and www.dtc.org), as they may be amended from time to time. 
  

									
	Note:	 	 	 	Very truly yours,
			
	Schedule A contains statements that DTC believes accurately describe DTC, the method of effecting book-entry transfers of securities distributed through DTC, and certain
related matters.	 	 	 	 
	 	 	 	 (Issuer)
  

	 	 	 	By:	 	 
	 	 	 	 	 	 (Authorized Officer’s Signature)
  

	 	 	 	 
	 	 	 	 	 	 	(Print Name)
			
	Received and Accepted:	 	 	 	 
	THE DEPOSITORY TRUST COMPANY	 	 	 	(Street Address)
				
	By:	 	 	 	 	 	 
	 	 	 	 	 	 	        (City)                (State)             
   (Country)         (Zip Code)        
				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	(Phone Number)
				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	(E-mail Address)

  
 EXHIBIT G 
  
 Form of Transferee Letter 
  

	To:	Chase Auto Owner Trust 2005-B 

 c/o Wilmington Trust
Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Corporate Trust Administration 
  
 JPMorgan Chase Bank, National Association 
 4
New York Plaza 
 New York, New York 10004 
  

	 	Re:	4.41% Class A-1 Asset Backed Notes (the “Notes”) 

  
 Reference is hereby made to the Indenture, dated as of November 1, 2005 (the “Indenture”), between Chase Auto Owner Trust 2005-B, as
issuer (the “Issuer”), and Wells Fargo Bank, National Association, as indenture trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
 In connection with our proposed purchase of $____________ aggregate principal
amount of the Notes, we hereby confirm that: 
  
 (1) we are an institutional “accredited investor” (as defined in 501(a)(1), (2), (3) or (7) (an “IAI”) under the Securities Act of 1933, as amended (the “Securities Act”)) and have such
knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our investment;

  
 (2) we are acquiring the Notes for our own
account or for one or more accounts (each of which is an IAI) as to each of which we exercise sole investment discretion; 
  
 (3) we understand that the Notes are being offered in a transaction not involving any public offering in the United States within the
meaning of the Securities Act, that the Notes have not been registered under the Securities Act and that (A) the Notes may be offered, resold, pledged or otherwise transferred only (i) to the Seller or an Affiliate of the Seller or
(ii) to a person who is an IAI and in accordance with the Indenture and any applicable securities laws of any State of the United States and (B) we will, and each subsequent holder of the Notes is required to, notify any subsequent
purchaser of a Note of the resale restrictions set forth in (A) above; 
  
 (4) we understand that the Notes will bear a legend substantially to the following effect: 
  
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES 

 
ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES THAT SUCH NOTE IS BEING ACQUIRED NOT WITH A VIEW TO
DISTRIBUTION AND MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER JURISDICTION. EACH HOLDER OF THIS NOTE AND ANY SUBSEQUENT HOLDER OF THIS NOTE WILL BE REQUIRED TO CERTIFY, AMONG OTHER THINGS, THAT SUCH HOLDER OR SUBSEQUENT HOLDER IS AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT. THE HOLDER OF THIS NOTE WILL, AND EACH SUBSEQUENT HOLDER OF THIS NOTE IS REQUIRED TO, NOTIFY ANY PURCHASER OF SUCH NOTES FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO ABOVE. EACH HOLDER OF THIS NOTE WILL NOT TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT (1) TO THE SELLER OR AN AFFILIATE OF THE SELLER OR (2) TO A PURCHASER WHO CAN MAKE THE ABOVE REPRESENTATIONS AND AGREEMENTS ON
BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. THE HOLDER ACKNOWLEDGES THAT THE NOTE REGISTRAR AND THE ISSUER RESERVE THE RIGHT PRIOR TO ANY SALE OR OTHER TRANSFER TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS AND
OTHER INFORMATION AS THE NOTE REGISTRAR OR THE ISSUER MAY REASONABLY REQUIRE TO CONFIRM THAT THE PROPOSED SALE OR OTHER TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 
  
 (5) we understand that any subsequent transfer of the Notes or any interest therein is subject to certain
restrictions and conditions set forth in the Indenture, we agree to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act,
and we acknowledge that the Note Registrar and the Issuer reserve the right prior to any sale or other transfer of the Notes to require the delivery of such certifications, legal opinions and other information as the Note Registrar or the Issuer may
reasonably require to confirm that the proposed sale or other transfer complies with the foregoing restrictions; and 
  
 (6) we are acquiring the Notes for investment purposes only with no present intention to resell the Notes. 

 You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	
	 
	[Insert Name of Transferee]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Dated: _____________________

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