Document:

EX-4.1

 Exhibit 4.1 
  

 
  

 
 CAPITAL ONE PRIME AUTO RECEIVABLES
TRUST 20[    ]-[    ] 
 Class A-1 [    ]% Auto Loan Asset Backed Notes 

Class A-2[-A] [    ]% Auto Loan Asset Backed Notes 

[Class A-2-B LIBOR + [    ]% Auto Loan Asset Backed Notes] 

Class A-3 [    ]% Auto Loan Asset Backed Notes 

Class A-4 [    ]% Auto Loan Asset Backed Notes 

Class B [    ]% Auto Loan Asset Backed Notes 

Class C [    ]% Auto Loan Asset Backed Notes 

Class D [    ]% Auto Loan Asset Backed Notes 

 
  

FORM OF 
 INDENTURE

 Dated as of
[                    ], 20[    ] 
  

 

[                    ], 

as the Indenture Trustee 
  

 
  

  

					
		 		 	20[    ]-[    ] Indenture

 CROSS REFERENCE TABLE1 

 

					
	TIA
Section	  	 	  	Indenture
Section
			
	 310
	  	(a) (1)	  	6.11
		  	(a) (2)	  	6.11
		  	(a) (3)	  	6.10; 6.11
		  	(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
		  	(b)	  	7.2
		  	(c)	  	7.2
	 313
	  	(a)	  	7.3
		  	(b) (1)	  	7.3
		  	(b) (2)	  	7.3
		  	(c)	  	7.3
		  	(d)	  	7.3
	 314
	  	(a)	  	3.9
		  	(b)	  	11.1, 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)
		  	(b)	  	6.5
		  	(c)	  	6.1(a)
		  	(d)	  	6.1(c)
		  	(e)	  	5.13
	 316
	  	(a) (1) (A)	  	5.11
		  	(a) (1) (B)	  	5.12
		  	(a) (2)	  	N.A.
		  	(b)	  	5.7
		  	(c)	  	5.6(b)
	 317
	  	(a) (1)	  	5.3(b)
		  	(a) (2)	  	5.3(d)
		  	(b)	  	3.3
	 318
	  	(a)	  	11.7

  
  

	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. 

  

					
		 		 	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I         DEFINITIONS AND
INCORPORATION BY REFERENCE
	  	 	2	 
			
	 Section 1.1
	  	Definitions	  	 	2	 
			
	 Section 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	 	2	 
			
	 Section 1.3
	  	Other Interpretive Provisions	  	 	2	 
		
	 ARTICLE II         THE NOTES
	  	 	3	 
			
	 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 Owners	  	 	6	 
			
	 Section 2.7
	  	Payment of Principal and Interest; Defaulted Interest	  	 	7	 
			
	 Section 2.8
	  	Cancellation	  	 	7	 
			
	 Section 2.9
	  	Release of Collateral	  	 	8	 
			
	 Section 2.10
	  	Book-Entry Notes	  	 	8	 
			
	 Section 2.11
	  	Notices to Clearing Agency	  	 	9	 
			
	 Section 2.12
	  	Definitive Notes	  	 	9	 
			
	 Section 2.13
	  	Authenticating Agents	  	 	9	 
			
	 Section 2.14
	  	Paying Agent	  	 	10	 
			
	 Section 2.15
	  	Tax and Accounting Treatment	  	 	11	 
			
	 Section 2.16
	  	Certain Transfer Restrictions on all Classes of the Notes	  	 	11	 
			
	 Section 2.17
	  	Certain Transfer Restrictions	  	 	12	 
			
	 Section 2.18
	  	Transfer Restrictions on Certain Notes Upon a Sale of a Certificate	  	 	13	 
			
	 Section 2.19
	  	Certain Transfer Restrictions on the 144A Notes	  	 	13	 
		
	 ARTICLE III         COVENANTS
	  	 	17	 
			
	 Section 3.1
	  	Payment of Principal and Interest	  	 	17	 
			
	 Section 3.2
	  	Maintenance of Office or Agency	  	 	17	 
			
	 Section 3.3
	  	Money for Payments to Be Held in Trust	  	 	17	 
			
	 Section 3.4
	  	Existence	  	 	19	 

  

					
		 	-i-	 	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 3.5
	  	Protection of Collateral	  	 	19	 
			
	 Section 3.6
	  	Opinions as to Collateral	  	 	20	 
			
	 Section 3.7
	  	Performance of Obligations; Servicing of Receivables	  	 	20	 
			
	 Section 3.8
	  	Negative Covenants	  	 	21	 
			
	 Section 3.9
	  	Annual Compliance Statement	  	 	22	 
			
	 Section 3.10
	  	Restrictions on Certain Other Activities	  	 	23	 
			
	 Section 3.11
	  	Restricted Payments	  	 	23	 
			
	 Section 3.12
	  	Notice of Events of Default	  	 	23	 
			
	 Section 3.13
	  	Further Instruments and Acts	  	 	23	 
			
	 Section 3.14
	  	Compliance with Laws	  	 	23	 
			
	 Section 3.15
	  	Removal of Administrator	  	 	24	 
			
	 Section 3.16
	  	Perfection Representations, Warranties and Covenants	  	 	24	 
			
	 Section 3.17
	  	Investment Company Act Representation	  	 	24	 
		
	 ARTICLE IV         SATISFACTION AND
DISCHARGE
	  	 	24	 
			
	 Section 4.1
	  	Satisfaction and Discharge of Indenture	  	 	24	 
			
	 Section 4.2
	  	Application of Trust Money	  	 	25	 
			
	 Section 4.3
	  	Repayment of Monies Held by Paying Agent	  	 	25	 
		
	 ARTICLE V         REMEDIES
	  	 	25	 
			
	 Section 5.1
	  	Events of Default	  	 	25	 
			
	 Section 5.2
	  	Acceleration of Maturity; Waiver of Event of Default	  	 	26	 
			
	 Section 5.3
	  	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	 	27	 
			
	 Section 5.4
	  	Remedies; Priorities	  	 	29	 
			
	 Section 5.5
	  	Optional Preservation of the Collateral	  	 	32	 
			
	 Section 5.6
	  	Limitation of Suits	  	 	33	 
			
	 Section 5.7
	  	Rights of Noteholders to Receive Principal and Interest	  	 	34	 
			
	 Section 5.8
	  	Restoration of Rights and Remedies	  	 	34	 
			
	 Section 5.9
	  	Rights and Remedies Cumulative	  	 	34	 
			
	 Section 5.10
	  	Delay or Omission Not a Waiver	  	 	34	 
			
	 Section 5.11
	  	Control by Noteholders	  	 	34	 

  

					
		 	-ii-	 	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 5.12
	  	Waiver of Past Defaults	  	 	35	 
			
	 Section 5.13
	  	Undertaking for Costs	  	 	35	 
			
	 Section 5.14
	  	Waiver of Stay or Extension Laws	  	 	36	 
			
	 Section 5.15
	  	Action on Notes	  	 	36	 
			
	 Section 5.16
	  	Performance and Enforcement of Certain Obligations	  	 	36	 
			
	 Section 5.17
	  	Sale of Collateral	  	 	37	 
		
	 ARTICLE VI         THE INDENTURE
TRUSTEE
	  	 	37	 
			
	 Section 6.1
	  	Duties of the Indenture Trustee	  	 	37	 
			
	 Section 6.2
	  	Rights of the Indenture Trustee	  	 	38	 
			
	 Section 6.3
	  	Individual Rights of the Indenture Trustee	  	 	39	 
			
	 Section 6.4
	  	The Indenture Trustee’s Disclaimer	  	 	39	 
			
	 Section 6.5
	  	Notice of Defaults	  	 	39	 
			
	 Section 6.6
	  	Reports by the Paying Agent	  	 	40	 
			
	 Section 6.7
	  	Compensation and Indemnity	  	 	40	 
			
	 Section 6.8
	  	Removal, Resignation and Replacement of the Indenture Trustee	  	 	41	 
			
	 Section 6.9
	  	Successor Indenture Trustee by Merger	  	 	42	 
			
	 Section 6.10
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	42	 
			
	 Section 6.11
	  	Eligibility; Disqualification	  	 	43	 
			
	 Section 6.12
	  	Preferential Collection of Claims Against the Issuer	  	 	44	 
			
	 Section 6.13
	  	Representations and Warranties	  	 	44	 
		
	 ARTICLE VII         NOTEHOLDERS’ LISTS
AND REPORTS
	  	 	44	 
			
	 Section 7.1
	  	The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders	  	 	44	 
			
	 Section 7.2
	  	Preservation of Information; Communications to Noteholders	  	 	44	 
			
	 Section 7.3
	  	Reports by the Indenture Trustee	  	 	45	 
			
	 Section 7.4
	  	Statements to Certificateholders and Noteholders	  	 	45	 
			
	 Section 7.5
	  	Noteholder Demand for Repurchase, Dispute Resolution	  	 	47	 
			
	 Section 7.6
	  	Investor Action to Initiate an Asset Review	  	 	48	 
		
	 ARTICLE VIII         ACCOUNTS, DISBURSEMENTS
AND RELEASES
	  	 	49	 

  

					
		 	-iii-	 	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 8.1
	  	Collection of Money	  	 	49	 
			
	 Section 8.2
	  	Trust Accounts	  	 	49	 
			
	 Section 8.3
	  	General Provisions Regarding Accounts	  	 	51	 
			
	 Section 8.4
	  	Additional Withdrawals and Deposits	  	 	54	 
			
	 Section 8.5
	  	Distributions	  	 	54	 
			
	 Section 8.6
	  	Release of Collateral	  	 	56	 
			
	 Section 8.7
	  	Opinion of Counsel	  	 	57	 
			
	 Section 8.8
	  	[Interest Rate Swap Agreement	  	 	57	 
		
	 ARTICLE IX         SUPPLEMENTAL
INDENTURES
	  	 	59	 
			
	 Section 9.1
	  	Supplemental Indentures Without Consent of Noteholders	  	 	59	 
			
	 Section 9.2
	  	Supplemental Indentures with Consent of Noteholders	  	 	60	 
			
	 Section 9.3
	  	Execution of Supplemental Indentures	  	 	62	 
			
	 Section 9.4
	  	Effect of Supplemental Indenture	  	 	62	 
			
	 Section 9.5
	  	Conformity with Trust Indenture Act	  	 	62	 
			
	 Section 9.6
	  	Reference in Notes to Supplemental Indentures	  	 	62	 
		
	 ARTICLE X         REDEMPTION OF NOTES
	  	 	62	 
			
	 Section 10.1
	  	Redemption	  	 	62	 
			
	 Section 10.2
	  	Form of Redemption Notice	  	 	63	 
			
	 Section 10.3
	  	Notes Payable on Redemption Date	  	 	64	 
		
	 ARTICLE XI         MISCELLANEOUS
	  	 	64	 
			
	 Section 11.1
	  	Compliance Certificates and Opinions, etc.	  	 	64	 
			
	 Section 11.2
	  	Form of Documents Delivered to the Indenture Trustee	  	 	65	 
			
	 Section 11.3
	  	Acts of Noteholders	  	 	66	 
			
	 Section 11.4
	  	Notices	  	 	67	 
			
	 Section 11.5
	  	Notices to Noteholders; Waiver	  	 	67	 
			
	 Section 11.6
	  	Alternate Payment and Notice Provisions	  	 	67	 
			
	 Section 11.7
	  	Conflict with Trust Indenture Act	  	 	68	 
			
	 Section 11.8
	  	Information Requests	  	 	68	 
			
	 Section 11.9
	  	Effect of Headings and Table of Contents	  	 	68	 
			
	 Section 11.10
	  	Successors and Assigns	  	 	68	 

  

					
		 	-iv-	 	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 11.11
	  	Separability	  	 	68	 
			
	 Section 11.12
	  	Benefits of Indenture	  	 	68	 
			
	 Section 11.13
	  	Legal Holidays	  	 	68	 
			
	 Section 11.14
	  	GOVERNING LAW	  	 	68	 
			
	 Section 11.15
	  	Counterparts	  	 	69	 
			
	 Section 11.16
	  	Recording of Indenture	  	 	69	 
			
	 Section 11.17
	  	Trust Obligation	  	 	69	 
			
	 Section 11.18
	  	No Petition	  	 	69	 
			
	 Section 11.19
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	 	70	 
			
	 Section 11.20
	  	Subordination of Claims	  	 	70	 
			
	 Section 11.21
	  	[Limitation of Rights	  	 	71	 
		
	 ARTICLE XII         COMPLIANCE WITH THE FDIC
RULE
	  	 	71	 
			
	 Section 12.1
	  	Purpose	  	 	71	 
			
	 Section 12.2
	  	Requirements of the FDIC Rule	  	 	72	 
			
	 Section 12.3
	  	Performance	  	 	74	 
			
	 Section 12.4
	  	Actions Upon Repudiation	  	 	74	 
			
	 Section 12.5
	  	Notice	  	 	76	 
			
	 Section 12.6
	  	Reservation of Rights	  	 	77	 

 Schedule I         Perfection Representations, Warranties and Covenants 

Exhibit A-1       Form of Notes 

  

					
		 	-v-	 	20[    ]-[    ] Indenture

 This INDENTURE, dated as of
[            ], 20[    ] (as amended, supplemented, or otherwise modified and in effect from time to time, this “Indenture”), is between CAPITAL ONE
PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ], a Delaware statutory trust (the “Issuer”), and [            ], a
[            ], 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 the equal and ratable benefit of the Holders of the Issuer’s
Class A-1 [    ]% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2[-A] [    ]% Auto Loan Asset Backed Notes (the “Class A-2[-A] Notes”),
[Class A-2-B LIBOR + [    ]% Auto Loan Asset Backed Notes, (the “Class A-2-B Notes” and together with the Class-A-2-A Notes, the “Class A-2 Notes”)], Class A-3
[    ]% Auto Loan Asset Backed Notes (the “Class A-3 Notes”), Class A-4 [    ]% Auto Loan 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 “Class A Notes”), Class B [    ]% Auto Loan Asset Backed Notes (the “Class B Notes”), Class
C [    ]% Auto Loan Asset Backed Notes (the “Class A-4 Notes”) [and Class D [    ]% Auto Loan Asset Backed Notes (the “Class D Notes”] and together with the Class A-1 Notes, the Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, the
“Notes”). 
 GRANTING CLAUSE 

The Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes [and amounts payable
by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement] equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture, hereby Grants
in trust to the Indenture Trustee on the Closing Date [and on each Funding Date], as trustee for the benefit of the Noteholders [and the Swap Counterparty], all of the Issuer’s right, title and interest, whether now owned or hereafter acquired,
in and to (i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect of any or all of the Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, 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, securities, financial assets and other property which at any time constitute all or part
of or are included in the proceeds of any of the Trust Estate (collectively, the “Collateral”). 
 The Indenture Trustee,
on behalf of the Noteholders [and the Swap Counterparty], acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 

The foregoing Grant is made in trust to secure (i) 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, [(ii) the payment of all amounts payable by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement] and
(iii) compliance with the provisions of this Indenture, all as provided in this Indenture. 

  

					
		 		 	20[    ]-[    ] Indenture

 Without limiting the foregoing Grant, any Receivable repurchased or purchased by
(a) the Servicer pursuant to Section 3.6 of the Servicing Agreement or (b) by the Bank pursuant to Section 3.4 of the Purchase Agreement shall be deemed to be automatically released from the lien of this Indenture
without any action being taken by the Indenture Trustee upon payment by the applicable purchaser of the related Repurchase Price for such Repurchased Receivable. 

ARTICLE I 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in
Appendix A to the Sale Agreement, dated as of the date hereof (as amended, supplemented, or otherwise modified and in effect from time to time, the “Sale Agreement”), between the Issuer and Capital One Auto Receivables,
LLC, which also contains rules as to usage that are applicable herein. 
 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 Other Interpretive Provisions. All terms defined in
this Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other documents, unless the
context otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given to them under GAAP
(provided, that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this 

  

					
		 	2	 	20[    ]-[    ] Indenture

 
Indenture shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Indenture are used as defined in that Article;
(c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture; (d) references to any Article, Section,
Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Indenture and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such
paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f) except as otherwise expressly provided
herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns and
(h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

ARTICLE II 
 THE NOTES 

SECTION 2.1 Form. The Class A-1 Notes, Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes, Class A-4
Notes, Class B Notes, Class C Notes [and Class D Notes], in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing the 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 terms of the Notes set forth in Exhibit A hereto are part of the
terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the
Issuer by any of its Authorized Officers. 
 Notes bearing the signature of individuals who were at any time Authorized Officers of the
Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

The Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an Initial Note Balance of
$[            ], Class A-2[-A] Notes for original issue in an Initial Note Balance of $[            ], [Class A-2-B Notes
for original issue in an Initial Note Balance of $[            ],] Class A-3 Notes for original issue in an Initial Note Balance of
$[            ], Class A-4 Notes for original issue in an Initial Note Balance of $[            ], Class B Notes for
original issue in an Initial Note Balance of $[            ], Class C Notes for original issue in an Initial Note Balance of
$[            ] [and Class D Notes] for original issue in an Initial Note Balance of $[            ]. The Note Balance of
Class A-1 Notes, Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes [and Class D Notes]
Outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

  

					
		 	3	 	20[    ]-[    ] Indenture

 Each Note shall be dated the date of its authentication. The Notes shall be issuable as
registered Notes in the minimum denomination of $[1,000] and in integral multiples of $[1,000] in excess thereof (except for one Note of each Class which may be issued in a denomination other than an integral multiple of $[1,000]). 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3 Temporary Notes. Pending the
preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order, 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 shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the 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 upon Issuer Order 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 Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee shall initially be the “Note Registrar” for the purpose of registering Notes and transfers of
Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, 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 a Responsible Officer thereof as to the names and addresses of the Noteholders and the principal
amounts and number of such Notes. 

  

					
		 	4	 	20[    ]-[    ] Indenture

 Notwithstanding the foregoing, for so long as
[            ] is acting as the Indenture Trustee hereunder, it shall also act as the Note Registrar. 

(b) 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 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, 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 Outstanding Note Balance. 

At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like
Outstanding Note Balance, 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 of the UCC are met the Issuer shall execute and, upon
Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 

(c) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

(d) 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 and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing, with such signature guaranteed by an “eligible
grantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may require, including but not
limited to the applicable IRS Form W-8 or W-9. 
 (e) No service charge shall be made to a Noteholder for any registration of transfer
or exchange of 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 Section 9.6 not involving any transfer. 
 (f) The preceding provisions of this
Section 2.4 notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of fifteen (15) days preceding
the Redemption Date or any Payment Date, as applicable. 

  

					
		 	5	 	20[    ]-[    ] Indenture

 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer 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”
(as contemplated by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; 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, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of
the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to
whom 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” (as contemplated by Article 8 of the UCC),
and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

Upon the issuance of any replacement Note under this Section 2.5, the Issuer or the Indenture Trustee may require the payment by
the Noteholder 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 or the Note Registrar) 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 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 2.5 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 Owners. Prior
to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the
owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of
the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

  

					
		 	6	 	20[    ]-[    ] Indenture

 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. 

(a) Each of the Notes shall accrue interest at its respective Interest Rate, and such interest shall be payable on each Payment Date as
specified therein, subject to Sections 3.1 and 8.2. 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 Record Date, by wire transfer in immediately available funds to the account designated in writing to the Indenture Trustee by such Person (or, if no such account
is designated in writing to the Indenture Trustee by such Person, then 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, unless Definitive Notes have
been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the 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 such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such Class (and except for the
Redemption Price for any Note called for redemption pursuant to Section 10.1) which 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 on each Payment Date as provided in
Section 8.2. Notwithstanding the foregoing, the entire unpaid Note Balance and all accrued interest thereon shall be due and payable, if not previously paid, on the earlier of (i) the date on which an Event of Default shall have
occurred and be continuing, if the Indenture Trustee or the Holders of a majority of the Outstanding Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2
and (ii) with respect to any Class of Notes, on the Final Scheduled Payment Date for that Class. 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 Indenture Trustee expects that the final installment of principal of and interest on such Note will be paid. Such
notice shall be transmitted prior to such final Payment Date 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. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 

(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus interest on such
defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are
Noteholders on the Record Date for such following Payment Date. 
 SECTION 2.8 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes 

  

					
		 	7	 	20[    ]-[    ] Indenture

 
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 Indenture Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance
with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and that such Notes have not been
previously disposed of by the Indenture Trustee. 
 SECTION 2.9 Release of Collateral. Except as contemplated by
Section 11.1(b)(v), the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and unless the Notes have been
redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 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. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and the terms of
the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of typewritten notes representing the
Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Book-Entry Note shall be issued with respect to each $[500] million in principal amount
of each Class of Notes and any such lesser amount. 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 shall receive a Definitive Note
representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “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 and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholders, 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 Note Owners shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Depository Agreement, 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 Notes to such
Clearing Agency Participants; and 

  

					
		 	8	 	20[    ]-[    ] Indenture

 (e) whenever this Indenture requires or permits actions to be taken based upon instructions
or directions of Noteholders evidencing a specified percentage of the Outstanding Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners
and/or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture
Trustee. 
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required
under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders
to the Clearing Agency, and shall have no obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If (a) the
Administrator 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 Notes, and the Administrator or the Indenture Trustee is unable to locate a
qualified successor, (b) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) an Event of Default shall have occurred, and Note Owners
representing beneficial interests aggregating at least a majority of the Outstanding Note Balance of the Controlling Class, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that
the continuation of a book entry system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such
event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency or the custodian holding the
Book-Entry Notes on behalf of the Clearing Agency at its direction, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive 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 Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
 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 2.13 Authenticating Agents. 

(a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture Trustee may appoint
one or more Persons (each, an “Authenticating Agent”) with power to act on its behalf and subject to its direction in the 

  

					
		 	9	 	20[    ]-[    ] Indenture

 
authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.4, 2.5 and 9.6, as fully to all
intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this
Section shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 

(b) Any entity which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from
any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such
Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

(c) Any 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 any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such termination, the Indenture
Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 
 (d) The
provisions of Section 6.4 shall be applicable to any Authenticating Agent. 
 SECTION 2.14 Paying Agent.
(a) The Indenture Trustee may appoint a Paying Agent with respect to the Notes. Initially, the Paying Agent shall be the Indenture Trustee. The Paying Agent shall have the revocable power to withdraw funds from the Collection Account and the
Principal Distribution Account and to make distributions to the Noteholders, to the Certificate Distribution Account, to the Servicer, to the Administrator and to the Owner Trustee pursuant to Section 8.4 of this Indenture. 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. Any Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Seller and the Indenture Trustee. In the event that the Paying Agent shall have been removed or resigned, 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. Notwithstanding the foregoing, for so long as
[            ] is acting as the Indenture Trustee hereunder, it shall also act as the Paying Agent. 

(b) The Indenture Trustee 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 Person and (ii) shall comply with all requirements of the Code regarding the withholding of payments in respect of
United States federal income taxes due from the Noteholders or Note Owners. 

  

					
		 	10	 	20[    ]-[    ] Indenture

 (c) The provisions of Section 6.1, 6.2, 6.3, 6.4,
6.7 and 6.9 shall be applicable, mutatis mutandis, to the Indenture Trustee as Paying Agent. An institution succeeding to the corporate trust or 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. 

SECTION 2.15 Tax and Accounting Treatment. 

(a) The parties hereto acknowledge and agree that it is their mutual intent that the Notes constitute and be treated as indebtedness for U.S.
federal and all applicable state and local income and franchise tax purposes (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is considered to be the same Person as the Issuer for U.S. federal
income tax purposes). Further, each party hereto, and each Noteholder by accepting and holding a Note (other than a Noteholder that is the Issuer or a Person that is considered to be the same Person as the Issuer for U.S. federal income tax
purposes), hereby covenants to every other party hereto and to every other Noteholder to treat the Notes as indebtedness for U.S. federal and all applicable state and local income and franchise tax purposes in all tax filings, reports and returns
and otherwise, and further covenants that neither it nor any of its Affiliates will take, or participate in the taking of or permit to be taken, any action that is inconsistent with such tax treatment and tax reporting of the Notes, unless required
by applicable law. All successors and assignees of the parties hereto shall be bound by the provisions hereof. 
 (b) The parties hereto
agree that it is their mutual intent that, for all applicable purposes the Certificates will not constitute indebtedness. 
 (c) Prior to
the first Payment Date, at any time required by law and/or promptly upon request, each Noteholder shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with its Tax Information.
Each Noteholder is deemed to understand that by acceptance of a Note, such Noteholder agrees to supply the foregoing information. Further, each Noteholder is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to
withhold as required on amounts payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with both of the preceding sentences. 

(d) It is the intent of the Issuer that the Notes constitute indebtedness for all financial accounting purposes and the Issuer agrees and each
purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all financial accounting purposes. 

SECTION 2.16 Certain Transfer Restrictions on all Classes of the Notes. 

(a) By acquiring a Note (or any interest therein), each purchaser and transferee (and, if the purchaser or transferee is a Plan, its
fiduciary) (i) shall be deemed to represent and warrant that either (a) it is not acquiring and will not hold such Note (or any interest therein) on behalf of, or with any assets of, a Benefit Plan or any Plan that is subject to Similar
Law or (b) the acquisition, holding and disposition of such Note (or any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 

  

					
		 	11	 	20[    ]-[    ] Indenture

 
4975 of the Code or a violation of any Similar Law and (ii) acknowledges and agrees if it is a Benefit Plan or a Plan that is subject to Similar Law, it shall not acquire such Note (or any
interest therein) at any time that the ratings on such Note are below investment grade or if such Note has been characterized as other than indebtedness for applicable local law purposes. 

(b) If for tax or other reasons it may be necessary to track any Notes (e.g., if the Notes have original issue discount), tracking conditions
such as requiring that such Notes be in definitive registered form may be required by the Seller or the Administrator as a condition to such transfer. 

(c) Any purported transfer of a Note not in accordance with this Section 2.16 or not in accordance with Sections 2.17,
2.18 or 2.19 shall be null and void ab initio and shall not be given effect for any purpose hereunder. The Issuer may sell, or direct the Indenture Trustee to sell on its behalf, any Notes acquired in violation of the foregoing
at the cost and risk of the purported transferee. If the transferee fails to transfer such Note or such beneficial interests in such Note within thirty (30) days after notice of the voided transfer, then the Issuer shall cause such
Noteholder’s interest or Note Owner’s interest in such Note to be transferred in a commercially reasonable sale arranged by the Issuer (conducted by the Issuer or an agent of the Issuer in accordance with Section 9-610(b) of the UCC
as applied to securities that are sold on a recognized market or that may decline speedily in value). 
 (d) The Indenture Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture (including, without limitation, under this Section 2.16 or under Sections 2.17,
2.18 or 2.19) or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

SECTION 2.17 Certain Transfer Restrictions. 

(a) Any Notes (or interests therein) beneficially owned by the Issuer or a Person that is considered to be the same Person as the Issuer for
United States federal income tax purposes after the Closing Date may not be transferred for United States federal income tax purposes to another Person (other than a Person that is considered to be the same Person as the Issuer for United States
federal income tax purposes) unless the Administrator shall cause an Opinion of Counsel, of nationally recognized tax counsel, to be delivered to the Seller and the Indenture Trustee to the effect that (x) such Notes will be treated as debt for
United States federal income tax purposes and (y) the sale of such Notes will not cause the Issuer to be treated as other than a grantor trust for United States federal income tax purposes. The transferee acknowledges that any transfer in
violation of the foregoing will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., the Notes have
original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form or have a different CUSIP may be required by the Administrator as a condition to such transfer. 

  

					
		 	12	 	20[    ]-[    ] Indenture

 (b) Other than as described in clause (a) above, after the Closing Date, a Note
(or beneficial interest therein) may not be sold or transferred to a Person that beneficially owns more than 99% of the Certificates of the Issuer (and any other interest in the Issuer treated as equity for United States federal income tax
purposes), provided, however, that such sale or transfer shall be permitted if such Person covenants and agrees in writing, in form and substance satisfactory to the Issuer and Indenture Trustee, that it will not transfer its Certificates or
Notes except upon prior delivery to the Indenture Trustee of an Opinion of Counsel substantially to the effect described in clause (a) and subject to any tracking conditions that may be imposed by the Administrator with respect to such Notes
pursuant to clause (a). 
 SECTION 2.18 Transfer Restrictions on Certain Notes Upon a Sale of a Certificate. The
restrictions on transfer of Notes retained by the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes provided in Section 2.17(a) shall not continue to apply in the event the
Indenture Trustee and the Seller have received the Initial Certificate Transfer Opinion. 
 SECTION 2.19 Certain Transfer
Restrictions on the 144A Notes. 
 (a) None of the Issuer, the Indenture Trustee nor any other Person may register the 144A Notes
under the Securities Act or any state securities laws. No 144A Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional Buyer in
accordance with Rule 144A (except for transfers of 144A Notes to the Seller or any of its Affiliates and by the Seller or any of its Affiliates as part of the initial distribution or any redistribution of the 144A Notes by the Seller or any of its
Affiliates pursuant to a note purchase agreement or any similar agreement). 
 (b) Prior to any sale or transfer of any 144A Note (or any
interest therein) each prospective transferee of such 144A Note (or any interest therein) (except for transfers of Notes to the Seller or any of its U.S. corporate Affiliates (or disregarded entities thereof)) shall be deemed to make the following
representations to the Indenture Trustee, the Note Registrar and the Seller: 
 (i) The transferee (A) is a Qualified
Institutional Buyer, (B) is aware that the sale of the 144A Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the 144A Notes for its own account or for one or more accounts,
each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such 144A Note for the purchaser and for each such
account. 
 (ii) The 144A Notes may not at any time be held by or on behalf of any Person (other than the Seller or an
Affiliate of the Seller) that is not a Qualified Institutional Buyer. 
 (iii) The transferee understands that the 144A Notes
are being offered only in a transaction not involving any public offering in the United States within the 

  

					
		 	13	 	20[    ]-[    ] Indenture

 
meaning of the Securities Act, none of the 144A Notes have been or will be registered under the Securities Act, and, if in the future the transferee decides to offer, resell, pledge or otherwise
transfer the 144A Notes, such 144A Notes may only be offered, resold, pledged or otherwise transferred in accordance with this Indenture and the applicable legend on such 144A Notes set forth below. The transferee acknowledges that no representation
is made by the Issuer as to the availability of any exemption under the Securities Act or any applicable State securities laws for resale of the 144A Notes. 

(iv) The transferee understands that an investment in the 144A Notes involves certain risks, including the risk of loss of all
or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the 144A Notes as it deemed necessary or appropriate in order to make an informed
investment decision with respect to its purchase of the 144A Notes, including an opportunity to ask questions of and request information from the Servicer, the Seller and the Issuer. The transferee has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of its investment in the 144A Notes, and the transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of its investment.

 (v) In connection with the transfer of the 144A Notes (a) none of the Issuer, the Servicer, the Seller, any initial
purchaser of the 144A Notes, nor the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying (for purposes of making any investment decision or otherwise) upon any
advice, counsel or representations (whether written or oral) of any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Seller, or the Indenture Trustee other than in the most current offering memorandum for such 144A Notes and any
representations expressly set forth in a written agreement with such party, (c) none of any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Seller, or the Indenture Trustee has given to the transferee (directly or indirectly
through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial,
accounting, or otherwise) of its purchase or the documentation for the 144A Notes, (d) the transferee has consulted with its own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent it has deemed
necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and
not upon any view expressed by any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Seller, or the Indenture Trustee, (e) the transferee has determined that the rates, prices or amounts and other terms of the purchase and sale
of the 144A Notes reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the 144A Notes with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is
capable of assuming and willing to assume (financially and otherwise) these risks and (g) the transferee is a sophisticated investor familiar with transactions similar to its investment in the 144A Notes. 

  

					
		 	14	 	20[    ]-[    ] Indenture

 (vi) The transferee understands that the 144A Notes will bear the legend(s)
substantially similar to those set forth in Section 2.17(c) unless the Issuer determines otherwise in compliance with applicable law. 

(vii) The transferee will not, at any time, offer to buy or offer to sell the 144A Notes by any form of general solicitation or
advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been
invited by general solicitations or advertising. 
 (viii) The transferee is not acquiring the 144A Notes with a view to the
resale, distribution or other disposition thereof in violation of the Securities Act. 
 (ix) The transferee will provide
notice to each Person to whom it proposes to transfer any interest in the 144A Notes of the transfer restrictions and representations set forth in this Indenture. 

(x) The transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be
void ab initio, and will not operate to transfer any rights to the transferee. 
 (c) Each 144A Note will bear a legend to the
following effect: 
 “THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT
COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED
INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN [FOR CLASS A, CLASS B, CLASS C [AND CLASS D NOTES]: $[1,000] AND IN GREATER
WHOLE NUMBER DENOMINATIONS OF $[1,000] IN EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $[1,000])] FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE SELLER OR ANY OF ITS U.S. CORPORATE AFFILIATES (OR
DISREGARDED ENTITIES THEREOF) AND (B) IN  

  

					
		 	15	 	20[    ]-[    ] Indenture

 
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND
AGREEMENTS SET FORTH IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE
CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS
SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER.

 BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU (AND, IF YOU ARE A PLAN (AS DEFINED BELOW), YOUR FIDUCIARY) (A) SHALL BE
DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE SERVICER, ANY INITIAL PURCHASER OF THIS NOTE AND THE INDENTURE TRUSTEE, THAT EITHER (I) YOU ARE NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR INTEREST HEREIN) ON BEHALF
OF, OR WITH THE ASSETS OF, ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) (EACH, A “BENEFIT PLAN”) OR ANY PLAN THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF
THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE IF YOU ARE A BENEFIT PLAN OR A PLAN
THAT IS SUBJECT TO SIMILAR LAW THAT YOU SHALL NOT ACQUIRE THIS NOTE (OR INTEREST HEREIN) AT ANY TIME THAT THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW
PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN
ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

  

					
		 	16	 	20[    ]-[    ] Indenture

 TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER
DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.” 
 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 and subject to
Section 8.2, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the Collection Account which represent the Reserve Account Draw Amount and Available Funds for such Payment Date received by the Servicer
during the preceding Collection Period. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered to have been paid by the Issuer to such Noteholder for all purposes of
this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) on which the principal
amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Notes. 

SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain Outstanding, the Issuer shall maintain at the
Corporate Trust Office, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby
initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall 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. (a) As provided in Sections 5.4 and 8.2, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on
behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and Section 8.5. 

(b) On or prior to noon, New York City time, on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall deposit or
cause to be deposited into the Collection Account Available Funds with respect to the related Collection Period and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto pursuant to the Transaction Documents
and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 

  

					
		 	17	 	20[    ]-[    ] Indenture

 (c) The Issuer shall cause each Paying Agent, other than the Indenture Trustee, to execute
and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to the extent relevant), 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 provided in the Transaction Documents; 

(ii) give the Indenture Trustee written notice of any default by the Issuer 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 Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; 

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Information and making any withholdings with respect to the Notes as
required by the Code (including FATCA) and paying over such withheld amounts to the appropriate governmental authority); and 

(vi) comply with respect to any applicable reporting requirements in connection with any payments made by it on any Notes and
any withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer. 
 (d) The Issuer may at any time, for the
purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Indenture Trustee upon the same trusts as those upon which such 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. 
 (e) 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 distributed by the Indenture Trustee to the Issuer
upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an 

  

					
		 	18	 	20[    ]-[    ] Indenture

 
unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease;
provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, shall at the reasonable expense of the Issuer cause to be published once, in an Authorized Newspaper, notice that such
money remains unclaimed and that, after a date specified therein, which date shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuer. The
Indenture Trustee may also adopt and employ, at the written direction of and 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 Holders whose
Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of
record for each such Noteholder).  
 SECTION 3.4 Existence. The Issuer will keep in full effect its existence, rights
and franchises as a statutory trust under the laws of the State of Delaware and shall 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. 

SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the
Indenture Trustee on behalf of the Noteholders [and the Swap Counterparty] to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee
on behalf of the Noteholders [and the Swap Counterparty], a first Lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing
of a financing statement). The Issuer shall from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize the filing of all such financing statements, continuation statements, instruments of further
assurance and other instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to: 

(a) Grant more effectively all or any portion of the Collateral; 

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

(d) enforce any of the Collateral; or 

(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the
claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes
the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any) pursuant to this Section; provided, 

  

					
		 	19	 	20[    ]-[    ] Indenture

 
however, the Indenture Trustee shall have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public
office at any time or times or otherwise perfecting or maintaining the perfection of any security interest and shall have no liability in connection with taking or failing to take such action. Notwithstanding any statement to the contrary contained
herein or in any other Transaction Document, the Issuer shall not be required to notify any Dealer or any insurer with respect to any Insurance Policy about any aspect of the transactions contemplated by the Transaction Documents. 

SECTION 3.6 Opinions as to Collateral. 

(a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee [and the Swap Counterparty] an Opinion of
Counsel to the effect that, in the opinion of such counsel, either (i) 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 filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest of this Indenture, and reciting the details of such action, or (ii) no such
action is necessary to make such lien and security interest effective. 
 (b) Within 120 days after the beginning of each calendar year,
beginning with [April 30, 20[    ]], the Issuer shall furnish to the Indenture Trustee [and the Swap Counterparty] an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) 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 filing of any financing statements and continuation
statements as are necessary to maintain the lien and security interest created by this Indenture, and reciting the details of such actions or (ii) no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel
shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing statements and continuation statements that will, in the
opinion of such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 

SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

(a) The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by others, including the
Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination,
termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the other Transaction 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 Administrator, and the
Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. 

  

					
		 	20	 	20[    ]-[    ] Indenture

 (c) The Issuer shall, and shall cause the Administrator and the Servicer to, punctually
perform and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be
prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance with the amendment provisions set
forth in such Transaction Document. 
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer
shall not: 
 (a) engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other
Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b) except as expressly permitted by this Indenture or
in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 
 (c)
claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) 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; 
 (d) dissolve or liquidate
in whole or in part; 
 (e) (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 (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to
constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Collateral (it being understood that (A) either each Receivable constituting part of the Collateral is secured by a first priority
validly perfected security interest in the Financed Vehicle in favor of the [applicable] Originator, as secured party, or all necessary actions with respect to the Receivable have been taken or will be taken to perfect a first priority security
interest in the Financed Vehicle in favor of the [applicable] Originator, as secured party and (B) the Issuer shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor about any aspect of the
transactions contemplated by the Transaction Documents); 

  

					
		 	21	 	20[    ]-[    ] Indenture

 (f) incur, assume or guarantee any indebtedness other than indebtedness incurred in
accordance with the Transaction Documents; or 
 (g) merge or consolidate with, or transfer substantially all of its assets to, any other
Person. 
 SECTION 3.9 Annual Compliance Statement. 

(a) The Issuer shall deliver to the Indenture Trustee [and the Swap Counterparty] on or before [March 30th] of each calendar year beginning with [March 30], 20[    ], an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that:

 (i) a review of the activities of the Issuer during the preceding 12-month period (or since the Closing Date, in the case of the first
such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

(ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material respects with all
conditions and covenants under this Indenture throughout such period, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status
thereof. 
 (b) The Issuer shall: 

(i) file with the Indenture Trustee, within 15 days after the Issuer is required (if at all) to file the same with the
Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) as the Issuer may be required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1); 

(ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time
by the Commission such other information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders as required by TIA
Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 3.9(b) as may be required pursuant to rules and
regulations prescribed from time to time by the Commission. 

  

					
		 	22	 	20[    ]-[    ] Indenture

 (c) Unless the Issuer otherwise determines, the fiscal year of the Issuer
shall be the same as the fiscal year of the Servicer [(which shall end on the December 31st of each year)]. 

SECTION 3.10 Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any activities other than
financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for
any indebtedness other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so
doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, 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; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.11 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 or to the Servicer or the Administrator, (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 cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, [the Swap Counterparty,] the Indenture Trustee, the Noteholders and the Certificateholders as permitted by, and
to the extent funds are available for such purpose under, this Indenture, the Servicing Agreement, the Administration Agreement or the Trust Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly,
make distributions from the Trust Accounts. 
 SECTION 3.12 Notice of Events of Default. The Issuer shall promptly deliver to
the Indenture Trustee[, the Swap Counterparty] and each Rating Agency written notice, in the form of an Officer’s Certificate, of an Event of Default or any event which with the giving of notice, the lapse of time or both would become an
Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 
 SECTION 3.13 Further
Instruments and Acts. Upon request of the Indenture Trustee, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this
Indenture. 
 SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the
non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document. 

  

					
		 	23	 	20[    ]-[    ] Indenture

 SECTION 3.15 Removal of Administrator. For so long as any Notes are Outstanding,
the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 

SECTION 3.16 Perfection Representations, Warranties and Covenants. The perfection representations, warranties and covenants
attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 
 SECTION 3.17 Investment
Company Act Representation. The Issuer hereby represents and warrants to the Indenture Trustee that it is not an “investment company” that is registered or required to be registered under, or otherwise subject to the restrictions of,
the Investment Company Act of 1940, as amended. 
 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 3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e) the rights, protections, indemnities and immunities of the Indenture Trustee hereunder 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: 
 (a) either (i) all Notes theretofore authenticated and delivered (other
than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) 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 (ii) all Notes not theretofore delivered to the
Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the latest occurring Final Scheduled Payment Date within one year, or (3) are to be called for redemption within one year under
arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3), has
irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring Final Scheduled Payment Date or Redemption Date (if
Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; 
 (b) the Issuer has paid or
caused to be paid all other sums payable hereunder by the Issuer (but without taking into account any distributions to the Certificate Distribution Account) [including, without limitation, all amounts owed to the Swap Counterparty, including all
Swap Termination Payments]; and 

  

					
		 	24	 	20[    ]-[    ] Indenture

 (c) the Issuer has delivered to the Indenture Trustee [and the Swap Counterparty] an
Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee [or the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty have been
paid)] and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1) a certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and,
subject to Section 11.2, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with (and, in the case of an Officer’s Certificate, stating that
the Rating Agency Condition has been satisfied (provided, that such Officer’s Certificate need not state that the Rating Agency Condition has been satisfied if all amounts owing on each Class of Notes have been paid or will be paid in full on
the date of delivery of such Officer’s Certificate)). 
 SECTION 4.2 Application of Trust Money. All monies deposited with
the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture. Such monies need not be segregated from other funds except to the extent required
herein or by law. 
 SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of
this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon 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 monies. 

ARTICLE V 
 REMEDIES 

SECTION 5.1 Events of Default. The occurrence and continuation of 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) shall
constitute a default under this Indenture (each, an “Event of Default”): 
 (a) a default in the payment of
any interest on any Note of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five Business Days or more; 

(b) a default in the payment of principal of any Note at the related Final Scheduled Payment Date or the Redemption Date; 

(c) any failure by the Issuer to duly observe or perform in any material respect any of its covenants or agreements made in
this Indenture (other than (i) a covenant or agreement, a default in the observance or performance of which is elsewhere specifically addressed in this Section 5.1 or (ii) a covenant or agreement in Section 12.2),

  

					
		 	25	 	20[    ]-[    ] Indenture

 
which failure materially and adversely affects the interests of the Noteholders, and such failure shall continue unremedied for a period of ninety (90) days after receipt by the Issuer of
written notice, by registered or certified mail, by the Indenture Trustee or by Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling Class, specifying such failure and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; 
 (d) any representation or warranty of the Issuer
made in this Indenture proves to have been incorrect in any material respect when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for ninety (90) days after receipt
by the Issuer of written notice, by registered or certified mail, by the Indenture Trustee or by Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling Class, specifying such failure and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (e) a Bankruptcy Event with
respect to the Issuer; 
 provided, however, that a delay in or failure of performance referred to under clauses (a), (b),
(c) or (d) above for a period of 120 days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence. 

SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. 

(a) Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the Outstanding Note Balance of the Controlling Class shall, 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 Noteholders), and upon any such declaration the unpaid Note Balance of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and
payable. If an Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable
without any declaration or other act on the part of the Indenture Trustee or any Noteholder. 
 (b) 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 hereinafter provided for in this Article V, the Noteholders representing a majority of the Outstanding
Note Balance of the Controlling Class, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 

(i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of
and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred [and] (B) all sums paid or advanced by the Indenture Trustee hereunder
and the reasonable compensation, expenses, 

  

					
		 	26	 	20[    ]-[    ] Indenture

 
disbursements and advances of the Indenture Trustee and its agents and counsel [and (C) any Net Swap Payments and any Swap Termination Payments then due and payable to the Swap Counterparty
under the Interest Rate Swap Agreement]; and 
 (ii) all Events of Default, other than the nonpayment of the principal of the
Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 
 No such
rescission shall affect any subsequent default or impair any right consequent thereto. 
 If the Notes have been declared due and payable or
have automatically become due and payable following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to
maintain the Collateral and continue to apply the proceeds from the Collateral as if there had been no declaration of acceleration. Any sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of
Section 5.4. 
 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 of the Controlling Class when the
same becomes due and payable, and such default continues for a period of five Business Days or more days, or (ii) default is made in the payment of the principal of any Note at the related Final Scheduled Payment Date or the Redemption Date,
the Issuer will, upon demand of the Indenture Trustee in writing as directed by a majority of the Outstanding Note Balance of the Controlling Class, pay to the Indenture Trustee, 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 applicable Interest Rate
and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b) In case the Issuer shall fail forthwith to pay the amounts described in clause (a) above 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 monies adjudged or decreed to be payable. 

(c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in
Section 5.4, 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. 

  

					
		 	27	 	20[    ]-[    ] Indenture

 (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 Collateral, Proceedings under the Bankruptcy 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 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 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, indemnities 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 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 monies or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
 (iv) to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders 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 Noteholder 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, indemnities 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 any other amounts due the Indenture Trustee under Section 6.7. 

  

					
		 	28	 	20[    ]-[    ] Indenture

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

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Holders of the Notes [and the Swap Counterparty]. 
 (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 Noteholders, 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, the Indenture Trustee may do one or more of the following (subject to
Sections 5.2 and 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 monies
adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with
respect to the Collateral; 
 (iii) exercise any other remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
 (iv)
subject to Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private
sales called and conducted in any manner permitted by law; 

  

					
		 	29	 	20[    ]-[    ] Indenture

 provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral
following an Event of Default unless (A) the Holders of 100% of the Outstanding Note Balance have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued
interest on the Outstanding Notes [and all amounts due to the Swap Counterparty under the Transaction Documents] or (C) the Event of Default either (x) relates to the failure to pay interest or principal when due (a “Payment
Default”) and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they
would have become due if the Notes had not been declared due and payable or (y) relates to a Bankruptcy Event, and in the case of each of (x) and (y) above, the Indenture Trustee obtains the consent of the Holders of 66-2/3% of the
Outstanding Note Balance of the Controlling Class [and the Swap Counterparty]. In determining such sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may, but need not, obtain
at other than its own expense and fully 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.
Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the
Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes [and all amounts due to the Swap Counterparty under the Interest Rate
Swap Agreement]. 
 (b) Notwithstanding the provisions of Sections 8.2 or 8.5 of this Indenture, if the Notes have been
accelerated, the Indenture Trustee shall, upon written direction from the Servicer, pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the
Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority: 

(i) first, to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, pro rata
based on amounts due, any accrued and unpaid fees, reasonable expenses and indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior periods) [and, to the Asset Representations Reviewer, any accrued
and unpaid fees (including unpaid fees with respect to prior periods), reasonable expenses and indemnification amounts to the extent not previously paid by the Sponsor]; 

(ii) second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection
Periods;  
 (iii) [third, to the Swap Counterparty, the Net Swap Payment;] 

(iv) fourth, [pro rata, (A) to the Swap Counterparty for any due and unpaid Senior Swap Termination Payments
and (B)] based on interest amounts due to the Class A Noteholders for payment to each respective Class of Class A Noteholders, the Accrued Class A Note Interest; provided that if there are not sufficient funds available to pay
the entire amount of the Accrued Class A Note Interest, the amount available shall be applied to the payment of such interest on each Class of Class A Notes on a pro rata basis based on the amount of interest payable to each
Class of Class A Notes; 

  

					
		 	30	 	20[    ]-[    ] Indenture

 (v) fifth, if an Event of Default described in
Section 5.1(a), (b), or (e) has occurred, in the following order of priority: 
 (a) to the
Holders of the Class A-1 Notes in respect of principal thereon until the Class A-1 Notes have been paid in full; 

(b) to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, in respect of principal thereon,
on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Class A Notes have been paid in full; 

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

(d) to the Holders of the Class B Notes in respect of principal thereon until the Class B Notes have been paid in
full; 
 (e) to the Holders of the Class C Notes, the Accrued Class C Note Interest; 

(f) to the Holders of the Class C Notes in respect of principal thereon until the Class C Notes have been paid in full; 

(g) [to the Holders of the Class D Notes, the Accrued Class D Note Interest; and 

(h) to the Holders of the Class D Notes in respect of principal thereon until the Class D Notes have been paid in full;] 

(v) sixth, if an Event of Default described in Section 5.1(c) or (d) has occurred, in the
following order of priority: 
 (a) to the Holders of the Class B Notes, the Accrued Class B Note Interest; 

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

(c) [to the Holders of the Class D Notes, the Accrued Class D Note Interest;] 

(d) to the Holders of the Class A-1 Notes in respect of principal thereof until the Class A-1 Notes have been paid in
full; 

  

					
		 	31	 	20[    ]-[    ] Indenture

 (e) to the Holders of the Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes, in respect of principal thereon, on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Class A Notes have been paid in full; 

(f) to the Holders of the Class B Notes in respect of principal thereon until the Class B Notes have been paid in
full; 
 (g) to the Holders of the Class C Notes in respect of principal thereon until the Class C Notes have been paid in
full; and 
 (h) [to the Holders of the Class D Notes in respect of principal thereon until the Class D Notes have been paid
in full;] and 
 (vi) [seventh, to the Swap Counterparty, Subordinated Swap Termination Payments and any other
amounts owing to the Swap Counterparty not previously paid; and] 
 (vii) eighth, any remaining funds shall be
distributed to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, or, to the extent Definitive Certificates have been issued, to the Certificate Distribution Account for distribution to the
Certificateholders in accordance with Section 5.1 of the Trust Agreement. 
 The Indenture Trustee may fix a record date and
payment date for any payment to Noteholders pursuant to this Section. At least fifteen (15) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date
and the amount to be paid. 
 Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money
or property pursuant to this Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Sections 8.2 or 8.5 hereof 

(c) Notwithstanding the foregoing, in the event that the Bank were to become the subject of an insolvency proceeding and the FDIC as receiver
or conservator for the Bank pays damages as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, then the actions and distributions described in Section 12.5 shall be effected instead of Section 5.4(b). 

SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically due and payable under
Section 5.2 following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to maintain
possession of the Collateral and, if the Indenture Trustee elects to maintain such possession, it shall continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent 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 amounts due to the Swap Counterparty under the Interest Swap Agreement] under the Transaction Documents, and the Indenture Trustee shall

  

					
		 	32	 	20[    ]-[    ] Indenture

 
take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may,
but need not, obtain at other than its own expense and fully rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Collateral for such purpose. 
 SECTION 5.6 Limitation of Suits. 

(a) 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: 
 (i) such Holder has previously given
written notice to the Indenture Trustee of a continuing Event of Default; 
 (ii) the Holders of not less than 25% of the
Note Balance 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; 

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

(v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by
the Holders of a majority of the Outstanding Note Balance. 
 No Noteholder or group of Noteholders shall have any right in any manner
whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any
right under this Indenture, except, in each case, to the extent and 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 Noteholders, each representing less than a majority of the Outstanding Note Balance of the Controlling Class, the Indenture Trustee will take the action, if
any, directed by the largest percentage of Noteholders satisfying Section 5.6(a), notwithstanding any other provisions of this Indenture. 

(b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to
otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer may set a record date for purposes of
determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 

  

					
		 	33	 	20[    ]-[    ] Indenture

 SECTION 5.7 Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, to receive payment of the principal of and interest, on such Note on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such Noteholder. 

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 though 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[, the Swap Counterparty] 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 or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of 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. Subject to the provisions of Sections 5.4,
5.6, 6.2(d), 6.2(e) and 6.2(f), Noteholders holding not less than a majority of the Outstanding Note Balance of the Controlling Class, shall have the right to direct the time, method and place of conducting any Proceeding
for any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of 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; 

(b) subject to the express terms of the proviso and the last sentence of Section 5.4(a), any direction to the Indenture Trustee to sell
or liquidate the Trust Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Note Balance unless the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding
Notes; 

  

					
		 	34	 	20[    ]-[    ] Indenture

 (c) if the conditions set forth in Section 5.5 have been satisfied and the
Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Note Balance 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, applicable law and the terms of this Indenture; 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 expose it
to personal liability or might materially adversely affect or unduly prejudice 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 Notes of not less than a majority of the Outstanding Note Balance of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal
of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In the case
of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereto. 
 Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have
been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior, subsequent or other
Default or Event of Default or impair any right consequent thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this
Indenture agree, and each Noteholder by such Noteholder’s acceptance of a Note 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 suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; 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 Note Balance or (c) any
suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 

  

					
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 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. Any money or property collected by the
Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been accelerated pursuant to Section 5.2 or Sections 8.2 and 8.5 of this Indenture, or
Section 4.4 of the Servicing Agreement and Section 8.2 of this Indenture, if the maturity of the Notes has not been accelerated. 

SECTION 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so, the Issuer shall take all such lawful action as the Indenture Trustee
may request to compel or secure the performance and observance (i) by the Seller of its obligations to the Issuer under or in connection with the Sale Agreement, (ii) by the Servicer of its obligations to the Issuer under or in connection
with the Servicing Agreement or (iii) by the Seller or the Bank, as applicable, of each of their obligations under or in connection with the Purchase Agreement, in each case, in accordance with the terms thereof, and to exercise any and all
rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale Agreement, the Servicing Agreement and the Purchase Agreement, as the case may be, 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, the Servicer or the Bank thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller of
its obligations under the Sale Agreement, by the Servicer of its obligations under the Servicing Agreement or by the Seller or the Bank of each of their obligations under or in connection with the Purchase 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) of the Holders of a majority of the Outstanding Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller under or in connection with the Sale
Agreement, against the Servicer under or in connection with the Servicing Agreement or against the Seller or the Bank under or in connection with the Purchase Agreement, including the right or power to take any action to compel or secure performance
or observance by the Seller, the Servicer or the Bank of each of their obligations to the Issuer thereunder. 

  

					
		 	36	 	20[    ]-[    ] Indenture

 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the
Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper, at other than its own expense, stating that the Indenture Trustee intends to effect such a sale in a
commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such
action, sell the Collateral or any part thereof, in such manner and on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement
made at the time and place of such sale. The Indenture Trustee shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such
sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion
of the Collateral pursuant to Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral
shall have been sold or all amounts payable on the Notes shall have been paid. 
 ARTICLE VI 

THE INDENTURE TRUSTEE 

SECTION 6.1 Duties of the Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and shall 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. 

(b) Prior to the occurrence of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates, resolutions, certificates of auditors, opinions or other documents furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates, opinions or other documents to determine whether or not they
conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

  

					
		 	37	 	20[    ]-[    ] Indenture

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

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in the
exercise of any trust or power conferred upon it hereunder in accordance with a direction received by it pursuant to Section 5.11. 

(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a),
(b) and (c) of this Section. 
 (e) The Indenture Trustee shall not be liable for interest on any money received by
it except as the Indenture Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Indenture Trustee need not be
segregated from other funds except to the extent required by law or the terms of this Indenture. 
 (g) No provision of this Indenture or
any other Transaction Document 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 thereunder 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 reasonably assured to it. 

(h) Every provision of this Indenture and each other Transaction Document 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 Officer’s Certificate or an Opinion of Counsel, as
applicable. The Indenture Trustee shall not be liable for any action it takes, suffers or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee. 

  

					
		 	38	 	20[    ]-[    ] Indenture

 (d) The Indenture Trustee shall not be 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, however, 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 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 advice or opinion of such counsel. 

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture (other than requests, demands or directions relating to an Asset Review
as described in Section 7.6 hereof or to the Noteholders’ or Note Owners’ right to communication with each other as described in Section 3.12 of the Sale Agreement unless such Noteholders shall have offered to the
Indenture Trustee reasonable security or indemnity satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such
request or direction. 
 SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to Section 310 of the TIA, the
Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective Affiliates with the same rights it would have if it
were not the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee and its Affiliates. Any
Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 

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, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. 

SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is either actually known by a Responsible Officer
of the Indenture Trustee 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 and the Administrator notice of the Default within 90 days
after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such 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 interests of Noteholders. 

  

					
		 	39	 	20[    ]-[    ] Indenture

 SECTION 6.6 Reports by the Paying Agent. 

(a) The Paying Agent, at the expense of the Issuer, shall deliver to each Noteholder, not later than the latest date permitted by law, such
information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 
 (b) The Paying Agent
shall comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection
therewith. 
 SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer to (i) pay to the
Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee letter between the Servicer
and the Indenture Trustee, provided, however, that such fee letter may be amended from time to time after the date hereof to provide for the Indenture Trustee’s role as Computation Agent, if applicable, and as agreed to by the Servicer
and the Indenture Trustee, (ii) reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee and (iii) indemnify the
Indenture Trustee for, and hold it harmless against, any and all fees, costs, loss, liability, expense, tax, penalty or claim (including reasonable attorneys’ fees and expenses and court costs and any losses, including those incurred in
connection with a successful defense, in whole or part, of any claim that the Indenture Trustee breached its standard of care and those incurred in actions involving the indemnifying party or other relevant transaction parties) incurred by it in
connection with the administration of the trust or trusts hereunder or under any other Transaction Document, the performance of its duties as Indenture Trustee or the enforcement of its rights (including indemnification rights) under the Transaction
Documents. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek
indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the
Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel within a reasonable time following receipt by the Servicer of an invoice therefor. The Indenture Trustee
shall not be indemnified by the Administrator, the Issuer, the Seller, the Bank or the Servicer against any loss, liability or expense incurred by it or arising from (i) the Indenture Trustee’s own willful misconduct, negligence or bad
faith, as determined by a court of competent jurisdiction or as otherwise agreed to by the parties, (ii) the inaccuracy of any representation or warranty expressly made in accordance with Section 6.13 hereof or (iii) taxes,
fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Indenture Trustee. 

  

					
		 	40	 	20[    ]-[    ] Indenture

 The compensation and indemnity obligations to the Indenture Trustee pursuant to this Section
shall survive the termination, assignment and/or discharge of this Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in
Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

Any amounts payable to the Indenture Trustee, to the extent not paid by the Servicer, pursuant to this Section 6.7 shall be paid
by the Issuer in accordance with Section 8.5(a) or Section 5.4(b) of this Indenture, as applicable. 

SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign at any time by so
notifying the Issuer, the Administrator, [the Swap Counterparty,] the Servicer and each Rating Agency. The Holders of a majority of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause by giving 30 days’
prior written notice to the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

(a) the Indenture Trustee fails to comply with Section 6.11; 

(b) a Bankruptcy Event occurs with respect to the Indenture Trustee; 

(c) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 

(d) the Indenture Trustee otherwise becomes incapable of acting. 

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture
Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee which satisfies the requirements set forth in Section 6.11. 

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee[, the Swap Counterparty]
and to the Issuer. Thereupon the resignation or removal of the retiring 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. 
 If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or
is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 

  

					
		 	41	 	20[    ]-[    ] Indenture

 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. 

Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this
Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees and expenses owed to the outgoing Indenture Trustee. 

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. Subject to Section 6.11, 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, provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11.
The Indenture Trustee shall provide the Administrator prior written notice of any such transaction. 
 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 trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to 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, after delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee and the Administrator acting
jointly 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 Trust Estate, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the
Indenture Trustee and the Administrator may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 

  

					
		 	42	 	20[    ]-[    ] Indenture

 (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 intended 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 Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such
separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 
 (ii) no separate trustee or
co-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 and the Administrator may at any time accept the resignation of or, acting jointly, 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 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 and a copy thereof given to the Administrator. 
 (d) Any separate trustee or co-trustee may at any time
constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 

SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of at least investment grade or
better by each Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture
Trustee. 

  

					
		 	43	 	20[    ]-[    ] Indenture

 SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture
Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

 SECTION 6.13 Representations and Warranties. The Indenture Trustee hereby makes the following representations and warranties
on which the Issuer and the Noteholders shall rely: 
 (i) the Indenture Trustee is a national banking association duly
organized, validly existing and in good standing under the laws of the United States of America; 
 (ii) the Indenture
Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; 

(iii) this Indenture has been duly executed and delivered by the Indenture Trustee; and 

(iv) this Indenture is a legal, valid and binding obligation of the Indenture Trustee enforceable in accordance with its terms,
subject to the effects of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 

ARTICLE VII 
 NOTEHOLDERS’
LISTS AND REPORTS 
 SECTION 7.1 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders. The Issuer
shall 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 Noteholders as of such
Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time
such list is furnished. 
 SECTION 7.2 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders 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. 

  

					
		 	44	 	20[    ]-[    ] Indenture

 (b) The Noteholders may communicate pursuant to TIA Section 312(b) with other
Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more Noteholders of Notes evidencing not less than 25% of the
Outstanding Note Balance to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall (i) promptly notify the Administrator thereof by providing to the Administrator
a copy of such request and a copy of the list of Noteholders produced in response thereto and (ii) within five Business Days after receipt of such notice, forward a copy of the list of Noteholders produced to such Noteholders. 

SECTION 7.3 Reports by the Indenture Trustee. If required by TIA Section 313(a), within 60 days after each March 31,
beginning with March 31, 20[    ], the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture
Trustee also shall comply with TIA Section 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. 
 SECTION 7.4 Statements to
Certificateholders and Noteholders. On each Payment Date, the Relevant Trustee shall make the Servicer’s Report provided by the Servicer pursuant to Section 3.9 of the Servicing Agreement available on its website as described
below to the Issuer, the Servicer and each Noteholder and Certificateholder of record as of the most recent Record Date, which Servicer’s Report shall contain a statement setting forth for the Collection Period and Payment Date relating to such
Determination Date the following information (to the extent applicable): 
 (a) the aggregate amount being paid on such Payment Date in
respect of interest on and principal of each Class of Notes; 
 (b) the Class A-1 Note Balance, the Class A-2[-A] Note Balance,
the Class A-2-B Note Balance, the Class A-3 Note Balance, the Class A-4 Note Balance, the Class B Note Balance, the Class C Note Balance [and the Class D Note Balance], in each case after giving effect to payments on such Payment
Date; 
 (c) (i) the amount on deposit in the Reserve Account and the Specified Reserve Account Balance, each as of the beginning and
end of the related Collection Period, (ii) the amount deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve Account Draw Amount and the Reserve Account Excess Amount, if any, to be withdrawn from the
Reserve Account on such Payment Date and (iv) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment Date; 

(d) the First Allocation of Principal, Second Allocation of Principal, Third Allocation of Principal, Fourth Allocation of Principal and
Regular Principal Distribution Amount for such Payment Date; 

  

					
		 	45	 	20[    ]-[    ] Indenture

 (e) the Net Pool Balance and the Note Factor as of the close of business on the last day of
the preceding Collection Period; 
 (f) the amount of the Servicing Fee to be paid to the Servicer with respect to the related Collection
Period and the amount of any unpaid Servicing Fees; 
 (g) the amount of the Class A Noteholders’ Interest Carryover Shortfall,
the Class B Noteholders’ Interest Carryover Shortfall, the Class C Noteholders’ Interest Carryover Shortfall [and the Class D Noteholders’ Interest Carryover Shortfall], if any, on such Payment Date and the change in such amounts from
the preceding Payment Date; 
 (h) the amount of fees[, expenses or indemnities] to be paid to the Indenture Trustee, the Owner Trustee and
the Asset Representations Reviewer, if any, with respect to the related Payment Date and the amount of any unpaid fees[, expenses or indemnities] to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, if any, and the
change in such amount from that of the prior Payment Date; 
 (i) the aggregate Repurchase Price with respect to Repurchased Receivables
paid by (i) the Servicer and (ii) the Bank with respect to the related Collection Period; 
 (j) the aggregate amount being
distributed on such Payment Date to the Certificate Distribution Account; 
 (k) the amount of Collections for the related Collection
Period; 
 (l) the aggregate Principal Balance of 60-Day Delinquent Receivables as of such Payment Date; 

(m) the Delinquency Percentage for the related Collection Period; 

(n) the Delinquency Trigger for such Payment Date; and 

(o) the number, dollar amount and percentage of Receivables that are 31-59, 60-89, 90-119 and 120+ days delinquent as of the end of the
related Collection Period[; and] 
 (p) [the Net Swap Payment][; and] 

(q) [the amount on deposit in the Pre-Funding Account as of the beginning and end of the related Collection Period (until the end of the
Funding Period).] 
 Each amount set forth pursuant to paragraph (a) or (g) above relating to the Notes shall be
expressed as a dollar amount per $[1,000] of the Initial Note Balance of the Notes (or Class thereof). 
 No disbursements shall be made
directly by the Servicer to a Noteholder, and the Servicer shall not be required to maintain any investor record relating to the posting of disbursements or otherwise. 

  

					
		 	46	 	20[    ]-[    ] Indenture

 The Relevant Trustee will make available via the Relevant Trustee’s internet website
all reports or notices required to be provided by the Relevant Trustee under this Section 7.4. Any information that is disseminated in accordance with the provisions of this Section 7.4 shall not be required to be
disseminated in any other form or manner. The Relevant Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. 

The Indenture Trustee’s internet website shall be initially located at
[            ] or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders, the Owner Trustee, the Servicer, the Issuer or any
Paying Agent. In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of
information in accordance with this Agreement. The Indenture Trustee shall notify the Noteholders in writing of any changes in the address or means of access to the Internet website where the reports are accessible. 

SECTION 7.5 Noteholder Demand for Repurchase, Dispute Resolution. 

(a) If a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes)
becomes aware of a breach of the Bank’s representations and warranties in Section 3.3 of the Purchase Agreement that would require the Bank to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement
such Noteholder or Note Owner (the “Requesting Investor”) may notify the Bank of such breach and request that the Bank repurchase the related Receivable. Any such written notice shall identify the Receivable and shall reference this
Indenture, as well as the related breach of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. 

(b) If a Requesting Investor requests the repurchase of a Receivable pursuant to clause (a) above, and the repurchase request has
not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of notice of the request by the Bank, the Requesting Investor may, in its discretion, refer the matter to either
mediation or arbitration pursuant to Section 3.11 of the Purchase Agreement. 
 (c) A Requesting Investor shall not be required
to direct that an Asset Review be performed prior to submitting a repurchase request with respect to any Receivable or using the dispute resolution provisions pursuant to Section 3.11 of the Purchase Agreement with respect to such
Receivable. The failure of a Requesting Investor to direct an Asset Review shall not affect whether any Requesting Investor can pursue dispute resolution. In addition, whether any Requesting Investor voted affirmatively, negatively or abstained in
the vote to cause an Asset Review shall not affect whether such Requesting Investor may use the dispute resolution proceedings pursuant to Section 3.11 of the Purchase Agreement. A Requesting Investor may refer to either mediation or
arbitration pursuant to Section 3.11 of the Purchase Agreement a dispute related to any Receivables, including any Receivables that the Asset Representations Reviewer did not review in connection with an Asset Review, any Receivables for
which the Asset Representations Reviewer found a Test Fail in connection with an Asset Review and any Receivables that the Asset Representations Reviewer reviewed and determined that there were no Test Fails in connection with an Asset Review. 

  

					
		 	47	 	20[    ]-[    ] Indenture

 SECTION 7.6 Investor Action to Initiate an Asset Review. 

(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are represented by
Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset
Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within [90] days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds
the Delinquency Trigger; provided, however, that the failure of any Noteholder or Note Owner to institute such a vote shall not preclude such Noteholder or Note Owner, as applicable, from pursuing dispute resolution pursuant to Section 3.11 of
the Purchase Agreement. If any Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder
is, in fact, a Note Owner. If the Instituting Noteholders initiate a vote as described in this clause (a), the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are
represented by Book-Entry Notes, and the Issuer will include or cause to be included in the related Form 10-D that such a vote has been called. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or
Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(c). The vote will remain open until the [150th] day after the filing of the Form 10-D disclosing that the
Delinquency Percentage exceeds the Delinquency Trigger. Abstaining from, voting in favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset Review shall not preclude any Noteholder from pursuing dispute resolution
pursuant to Section 3.11 of the Purchase Agreement. The “Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset Review of
the Subject Receivables by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder Direction has occurred. 

(b) Within [5] Business Days of the Review Satisfaction Date, the Indenture Trustee will send a written notice (a “Review Notice”)
to the Bank, the Seller, the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been satisfied, providing the applicable Review Satisfaction Date and directing the Asset Representations Reviewer to
conduct an Asset Review of the Subject Receivables. 
 (c) Notwithstanding clauses (a) and (b) of this
Section 7.6, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to (i)(x) notifying the Bank of a breach of
the Bank’s representations and warranties in Section 3.3 of the Purchase Agreement that would require the Bank to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement and (y) requesting that the
Bank repurchase the related Receivable pursuant to Section 7.5 hereof or (ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 3.11 of the Purchase Agreement. 

  

					
		 	48	 	20[    ]-[    ] Indenture

 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The
Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument
that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice
to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

SECTION 8.2 Trust Accounts. 

(a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish, in the name of Indenture Trustee or the Issuer, as
applicable: 
 (i) (x) Prior to the payment in full of the principal of and interest on the Notes, for the benefit of the
Noteholders under the sole dominion and control of the Indenture Trustee and in the name of the Issuer, an Eligible Account, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders, which
Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee and (y) following payment in full of the principal of and interest on the Notes, for the benefit of the
Certificateholders, in the name of the Issuer, an Eligible Account, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders, which Eligible Account shall be non-interest bearing
and established by and maintained with the Owner Trustee, as Relevant Trustee, or its designee (the “Collection Account”). No checks shall be issued, printed or honored with respect to the Collection Account. 

(ii) For the benefit of the Noteholders, under the sole dominion and control of the Indenture Trustee and in the name of the
Issuer, an Eligible Account (the “Principal Distribution Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be non-interest
bearing and established by and maintained with the Indenture Trustee or its designee and which may be a sub account of the Collection Account. No checks shall be issued, printed or honored with respect to the Principal Distribution Account. 

(iii) For the benefit of the Noteholders, under the sole dominion and control of the Indenture Trustee and in the name of the
Issuer, an Eligible Account (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be non-interest bearing and
established by and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or honored with respect to the Reserve Account. 

  

					
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 (iv) [For the benefit of the Noteholders, in the name of the Indenture
Trustee, an Eligible Account (the “Pre-Funding Account” and together with the Collection Account, the Principal Distribution Account and the Reserve Account, the “Trust Accounts”)), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be established and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or honored with
respect to the Pre-Funding Account.] 
 (v) For the benefit of the Certificateholders, in the name of the Issuer, an Eligible
Account (the “Certificate Distribution Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders, which Eligible Account shall be established by and
maintained with the Certificate Paying Agent or its designee. No checks shall be issued, printed or honored with respect to the Certificate Distribution Account. For the avoidance of doubt, the Certificate Distribution Account shall not be a Trust
Account. 
 (b) On or before the Business Day prior to each Payment Date, the Issuer shall cause (i) the Servicer to deposit all
Collections and (ii) the Servicer, the Seller or the Bank as applicable, to deposit all Repurchase Prices with respect to the Collection Period preceding such Payment Date in the Collection Account. On the Business Day prior to each Payment
Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to Section 8.4 hereof shall be withdrawn by the Indenture Trustee from the Reserve Account and deposited to the
Collection Account as instructed on the Servicer’s Report. 
 (c) Prior to the acceleration of the maturity of the Notes pursuant to
Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall, upon written direction from the Servicer, distribute all amounts on deposit in the Principal Distribution Account to Noteholders in
respect of principal of the Notes to the extent of the funds therein in the following order of priority: 
 (i) first,
to the Holders of the Class A-1 Notes, until the Class A-1 Notes are paid in full; 
 (ii) second, to the
Holders of the Class A-2 Notes, until the Class A-2 Notes are paid in full; 
 (iii) third, to the Holders
of the Class A-3 Notes, until the Class A-3 Notes are paid in full; 
 (iv) fourth, to the Holders of the
Class A-4 Notes, until the Class A-4 Notes are paid in full; 
 (v) fifth, to the Holders of the Class B
Notes, until the Class B Notes are paid in full; 

  

					
		 	50	 	20[    ]-[    ] Indenture

 (vi) sixth, to the Holders of the Class C Notes, until the Class C
Notes are paid in full; and 
 (vii) [seventh, to the Holders of the Class D Notes, until the Class D Notes are paid
in full.] 
 (d) On the Payment Date on which the Notes of all Classes have been paid in full, the Indenture Trustee shall take all
necessary or appropriate actions, as directed by the Issuer and at no expense to the Indenture Trustee or the Owner Trustee, to transfer all of its right, title and interest in the contents of the Collection Account (including any investments and
investment income) to the Owner Trustee for the benefit of the Certificateholders for deposit into such new non-interest bearing account to be established by the Owner Trustee in accordance with Section 8.2(a)(i). Following such
transfer, the Collection Account will be maintained under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders and the Certificate Paying Agent will make distributions from the Collection Account pursuant to
Section 8.5(a). 
 (e) [On the first Payment Date following the termination of the Funding Period, the Indenture Trustee shall,
based on the information set forth in the related Servicer’s Certificate, withdraw any remaining funds on deposit in the Pre-Funding Account (excluding investment earnings or income) and pay to the Noteholders an amount equal to the amount of
such funds as follows: 
 (i) if the aggregate amount of such funds is greater than $100,000, to the Noteholders, their pro
rata portion of such funds (based on the Initial Note Balance of each Class of Notes as a fraction of the Initial Note Balance of all Classes of Notes); or 

(ii) if the aggregate amount of such funds is less than or equal to $100,000, to the Noteholders, the portion of such funds in
sequential order of priority beginning with the Class A-1 Notes.] 
 SECTION 8.3 General Provisions Regarding Accounts.

 (a) Funds on deposit in the Collection Account shall be invested by the Relevant Trustee in Permitted Investments selected in
writing by the Servicer and of which the Servicer provides notification (pursuant to standing instructions or otherwise); provided, that it is understood and agreed that if the Servicer does not provide such specific written investment
direction or provides notification (pursuant to standing instructions or otherwise) that such funds on deposit in the Collection Account shall remain uninvested, those funds shall then remain uninvested unless and until the Servicer provides
alternate notification with respect to the Collection Account; provided further, that it is further understood and agreed that neither the Servicer, the Relevant Trustee nor the Issuer shall be liable for any loss arising from such investment
in Permitted Investments. All such Permitted Investments shall be held by or on behalf of the Relevant Trustee as secured party for the benefit of the Noteholders (or, if there are no Notes Outstanding, for the benefit of the Certificateholders);
provided further, that on each Payment Date all interest and other investment income (net of losses and investment expenses) on funds on deposit in the Collection Account shall be distributed to the Servicer as additional 

  

					
		 	51	 	20[    ]-[    ] Indenture

 
servicing compensation and shall not be available to pay the distributions provided for in Section 8.5. All investments of funds on deposit in the Collection Account shall mature or
be liquidated on the Business Day immediately preceding the next Payment Date. No Permitted Investment shall be sold or otherwise disposed of prior to its scheduled maturity unless a default occurs with respect to such Permitted Investment and the
Servicer directs the Relevant Trustee in writing to dispose of such Permitted Investment. Funds on deposit in the Principal Distribution Account and Reserve Account shall remain uninvested. 

(b) The Relevant Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof and all such funds, investments and proceeds shall be part of the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Relevant Trustee for the benefit of the
Noteholders (or, if there are no Notes outstanding, for the benefit of the Certificateholders). If, at any time, any Trust Account ceases to be an Eligible Account, the Servicer shall promptly notify the Relevant Trustee (unless such Trust Account
is an account with the Relevant Trustee) in writing and within 10 Business Days (or any longer period if the Rating Agency Condition is satisfied with respect to such longer period) after becoming aware of the fact, establish a new Trust Account as
an Eligible Account and shall direct the Relevant Trustee to transfer any cash and/or any investments to such new Trust Account. 
 (c) With
respect to the Trust Account Property, the parties hereto agree that: 
 (d) any Trust Account Property that consists of uninvested funds
shall be held solely in Eligible Accounts and, except as otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and, except as otherwise provided in the Transaction
Documents, the Relevant Trustee or its designee shall have sole signature authority with respect thereto; 
 (e) any Trust Account Property
that is an “uncertificated security” under Article 8 of the UCC and that is not governed by clause (iii) below shall be delivered to the Indenture Trustee or its designee in accordance with paragraph (c) of the
definition of “Delivery” and shall be maintained by the Relevant Trustee or such designee, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its designee’s) ownership of such security
on the books of the issuer thereof; and 
 (f) any Trust Account Property that is an uncertificated security that is a “book-entry
security” (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account at a Federal Reserve Bank and eligible for transfer through the
Fedwire® Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition
of “Delivery” and shall be maintained by the Relevant Trustee or its designee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the Relevant Trustee or such designee, pending
maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph. 
 (g) All
interest and investment income (net of losses and investment expenses) on funds on deposit in the Collection Account shall be distributed to the Servicer in 

  

					
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accordance with the provisions of Section 3.7 of the Servicing Agreement. The Relevant Trustee shall not be directed to make any investment of any funds or to sell any investment held
in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person. 

(h) Subject to Section 6.1(c), the Relevant Trustee shall not in any way be held liable by reason of any insufficiency in the
Collection Account resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Relevant Trustee’s failure to make payments on any such Permitted Investments issued by the Relevant Trustee in its
commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (i) If (i) investment directions shall
not have been given in writing by the Servicer in accordance with Section 8.3(a) for any funds on deposit in the Collection Account to the Relevant Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the
Servicer and the Indenture Trustee), on any Business Day or (ii) a Default or 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 (iii) if the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with Section 5.4 as if
there had not been such a declaration, then the Relevant Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Collection Account in one or more Permitted Investments in accordance with the standing instructions most
recently given by the Servicer; provided, however, that if no standing instructions shall have been given to the Relevant Trustee, the funds shall remain uninvested. 

(j) In making or disposing of any investment permitted by this Indenture, the Relevant Trustee is authorized to deal with itself (in its
individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on standard market terms, whether it or such Affiliate is acting as a subagent of the Relevant Trustee or for any third person or dealing
as principal for its own account. 
 (k) With respect to the period prior to payment in full of the principal of and interest on the Notes
and each Trust Account at [            ] (the initial Indenture Trustee), the Issuer, the Indenture Trustee, in its capacity as the secured party hereunder (in such capacity the
“Indenture Trustee Secured Party”) and the Indenture Trustee, in its capacity as deposit bank or securities intermediary, as the case may be, for such Trust Account (in such capacity the “Account Bank”), agree that:

 (l) With respect to each deposit account that is or constitutes part of such Trust Account, in order to perfect the security interest of
the Indenture Trustee Secured Party in accordance with Section 9-104 of the UCC, the Account Bank will comply with all instructions originated by the Indenture Trustee Secured Party directing disposition of the funds in such deposit account
without further consent by the Issuer; and 
 (m) With respect to each securities account that is or constitutes part of such Trust Account,
in order to perfect the security interest of the Indenture Trustee Secured Party by 

  

					
		 	53	 	20[    ]-[    ] Indenture

 
control in accordance with Section 9-106 of the UCC, the Account Bank will comply with all “entitlement orders” (as defined in Section 8-102 of the UCC) originated by the
Indenture Trustee Secured Party without further consent by the Issuer. 
 (n) Pursuant to Section 4.1(b) of the Servicing
Agreement, the Servicer acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale of Permitted Investments or the Indenture Trustee’s receipt of
a broker’s confirmation. The Servicer agrees that such notifications shall not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account
statements that reflect such investment activity. 
 SECTION 8.4 Additional Withdrawals and Deposits. 

(a) The Paying Agent will, on the Business Day prior to each Payment Date, withdraw from the Reserve Account the Reserve Account Excess
Amount, if any, for such Payment Date and deposit such amount in the Collection Account. 
 (b) The Paying Agent will, [(i)] on the Business
Day prior to the Payment Date relating to each Collection Period, withdraw from the Reserve Account the Reserve Account Draw Amount and deposit such amount in the Collection Account[; and (ii) will cause the amount available in the Pre-Funding
Account to equal the Initial Pre-Funding Account Deposit Amount]. 
 (a) [On each Funding Date, the Indenture Trustee, on behalf of the
Seller, shall deposit into the Reserve Account an amount equal to the Subsequent Reserve Account Deposit Amount for such Funding Date in accordance with Section 2.3(c) of the Sale Agreement.] 

(c) The Paying Agent shall receive written instructions from the Servicer (which may be in the form of a written order or request of the
Servicer signed by an Authorized Officer of the Servicer upon which the Paying Agent shall be fully protected in relying with no liability thereafter) directing the Paying Agent to make the foregoing withdrawals and deposits. 

SECTION 8.5 Distributions. 

(a) Prior to any acceleration of the Notes pursuant to Section 5.2 and subject to Section 8.5(b), on each Payment
Date, the Paying Agent (based solely on information contained in, and as directed by, the Servicer’s Report delivered on or before the related Determination Date pursuant to Section 3.9 of the Servicing Agreement) shall make the
following deposits and distributions, to the extent of Available Funds and the Reserve Account Draw Amount on deposit in the Collection Account for such Payment Date, in the following order of priority: 

(i) first, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection Periods;

  

					
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 (ii) second, to the Indenture Trustee, the Owner Trustee and the
Asset Representations Reviewer, the amount of any fees, expenses and indemnification amounts due to each such party, pro rata, based on amounts due to each such party, in an aggregate amount not to exceed
$[            ] in any calendar year; 
 (iii) [third, to
the Swap Counterparty, the Net Swap Payment;] 
 (iv) fourth, pro rata [based on amounts due, (i) to the Swap
Counterparty, any Senior Swap Termination Payments for such Payment Date and (ii)] to the Noteholders of the [Class A] Notes, pro rata, the accrued [Class A] Note Interest, which is the sum of (i) the aggregate amount of interest due and
accrued for the related Interest Period on each Class of the [Class A] Notes at their respective Interest Rates on the Note Balance of each such Class as of the previous Payment Date or the Closing Date, as the case may be, after giving effect to
all payments of principal to Noteholders of the [Class A] Notes on or prior to the preceding Payment Date; and (ii) the excess, if any, of the amount of interest due and payable to the [Class A] Noteholders on prior Payment Dates over the
amounts in respect of interest actually paid to the [Class A] Noteholders on those prior Payment Dates, plus interest on any such shortfall at the respective Interest Rates for each Class of [Class A] Notes (to the extent permitted by law);
provided, that if there are not sufficient funds available to pay the entire amount of the accrued [Class A] Note Interest, the amount available will be applied to the payment of interest on the [Class A] Notes on a pro rata basis based on
the amount of interest payable to each Class of [Class A] Notes; 
 (v) fifth, to the Principal Distribution Account
for distribution to the Noteholders pursuant to Section 8.2(c), the First Allocation of Principal, if any; 

(vi) sixth, to the Class B Noteholders, the Accrued Class B Note Interest for the related Interest Period; 

(vii) seventh, to the Principal Distribution Account for distribution to the Noteholders pursuant to
Section 8.2(c), the Second Allocation of Principal, if any; 
 (viii) eighth, to the Class C Noteholders,
the Accrued Class C Note Interest for the related Interest Period; 
 (ix) ninth, to the Principal Distribution
Account for distribution to the Noteholders pursuant to Section 8.2(c), the Third Allocation of Principal, if any; 

(x) [tenth, to the Class D Noteholders, the Accrued Class D Note Interest for the related Interest Period;] 

(xi) eleventh, to the Principal Distribution Account for distribution to the Noteholders pursuant to
Section 8.2(c), the Fourth Allocation of Principal, if any; 
 (xii) twelfth, to the Reserve Account, any
additional amounts required to increase the amount in the Reserve Account up to the Specified Reserve Account Balance; 

  

					
		 	55	 	20[    ]-[    ] Indenture

 (xiii) thirteenth, to the Principal Distribution Account for
distribution to the Noteholders in accordance with Section 8.2(c), the Regular Principal Distribution Amount, if any; 

(xiv) fourteenth, to the Indenture Trustee, the Owner Trustee [and the Asset Representations Reviewer], fees, reasonable
expenses and indemnification amounts not previously paid by the Servicer; 
 (xv) [fifteenth, to the Swap
Counterparty, any Subordinated Swap Termination Payments for such Payment Date;] and 
 (xvi) sixteenth, to the
Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, or, to the extent Definitive Certificates have been issued, to the Certificate Distribution Account for distribution to the Certificateholders in
accordance with Section 5.1 of the Trust Agreement. 
 Notwithstanding any other provision of this Section 8.5,
following the occurrence and during the continuation of an Event of Default which has resulted in an acceleration of the Notes, the Paying Agent shall apply all amounts on deposit in the Collection Account pursuant to Section 5.4(b).

 (b) Notwithstanding Section 8.5(a), in the event that the Bank were to become the subject of an insolvency proceeding and the
FDIC as receiver or conservator for the Bank pays damages as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, then the actions and distributions described in Section 12.5 of the Indenture shall be effected instead of
Section 8.5(a). 
 SECTION 8.6 Release of Collateral. 

(a) The Indenture Trustee may if permitted and in accordance with the terms hereof, 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 monies. 
 (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 and all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement] have been paid, release any remaining portion of the Collateral from the lien of this Indenture and
release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include release of the lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Owner
Trustee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 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 Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 

  

					
		 	56	 	20[    ]-[    ] Indenture

 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner,
a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on any Receivable
to be sold to (i) the Servicer in accordance with Section 3.6 of the Servicing Agreement and (ii) the Bank pursuant to Section 3.4 of the Purchase Agreement. 

SECTION 8.7 Opinion of Counsel. The Indenture Trustee shall receive at least five days’ notice (or such shorter notice
acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.6, accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to 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 conditions precedent to the taking of such
action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided 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, as to factual matters, 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. Such opinion shall be at other than the Indenture Trustee’s expense. 

SECTION 8.8 [Interest Rate Swap Agreement. 

(a) The Issuer shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. Subject to the requirements of
this Section 8.8, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap Agreements in the event that the Initial Interest Rate Swap Agreement is terminated due to any “Termination Event” or
“Event of Default” (each as defined in the Initial Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap
Agreement entered into pursuant to this Section 8.8(a), the Issuer may not enter into any additional interest rate swap agreements. 

(b) In the event of any early termination of any Interest Rate Swap Agreement, (i) the Indenture Trustee shall establish the Swap
Termination Payment Account (the “Swap Termination Payment Account”) over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in which no Person other than the Indenture Trustee and the
Noteholders shall have any legal or beneficial interest, (ii) any Swap Termination Payments received from the Swap Counterparty will be remitted to the Swap Termination Payment Account and (iii) any Swap Replacement Proceeds received from
a Replacement Swap Counterparty will be remitted directly to the Swap Counterparty; provided, that any such remittance to the Swap Counterparty shall not exceed the amounts, if any, owed to the Swap Counterparty under the Interest Rate Swap
Agreement; provided, further that the Swap Counterparty shall only receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap Counterparty to the Issuer have been paid in full and if such amounts have not been
paid in full then the amount of Swap Replacement Proceeds necessary to make up any deficiency shall be remitted to the Swap Termination Payment Account. 

  

					
		 	57	 	20[    ]-[    ] Indenture

 (c) The Issuer shall promptly, following the early termination of any Initial Interest Rate
Swap Agreement due to an “Event of Default” or “Termination Event” (each as defined in the Initial Interest Rate Swap Agreement) and in accordance with the terms of such Interest Rate Swap Agreement, enter into a Replacement
Interest Rate Swap Agreement to the extent possible and practicable through application of funds available in the Swap Termination Payment Account unless entering into such Replacement Interest Rate Swap Agreement will cause the Rating Agency
Condition not to be satisfied. 
 (d) To the extent that the funds available in the Swap Termination Payment Account exceed the costs of
entering into a Replacement Interest Rate Swap Agreement and the Rating Agency Condition is met with respect to such determination, the amounts in the Swap Termination Payment Account (other than funds used to pay the costs of entering into a
Replacement Interest Rate Swap Agreement, if applicable) shall be included in Available Funds and allocated in accordance with the order of priority specified in Section 8.5(a) on the following Payment Date. In any other situation,
amounts on deposit in the Swap Termination Payment Account at any time shall be invested pursuant to Section 8.2(b) and on each Payment Date after the creation of a Swap Termination Payment Account, the funds therein shall be used to
cover any shortfalls in the amounts payable under [clauses (1) through (15)] under Section 8.5(a), provided that in no event will the amount withdrawn from the Swap Termination Payment Account on such Payment Date
exceed the amount of Net Swap Receipts that would have been required to be paid on such Payment Date under the terminated Interest Rate Swap Transaction had there been no termination of such transaction. Any amounts remaining in the Swap Termination
Payment Account after payment in full of the Class [D] Notes shall be included in Available Funds and allocated in accordance with the order of priority specified in Section 8.5(a) on the following Payment Date. 

(e) If the Swap Counterparty is required to post collateral under the terms of the Interest Rate Swap Agreement, the Indenture Trustee shall
establish the Swap Collateral Account (the “Swap Collateral Account”) over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in which no Person other than the Indenture Trustee and the
Noteholders shall have any legal or beneficial interest. The Indenture Trustee shall deposit all collateral received from the Swap Counterparty under the Interest Rate Swap Agreement into the Swap Collateral Account. Any and all funds at any
time on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be held in trust by the Indenture Trustee for the benefit of the Noteholders. The only permitted withdrawal from or application of funds on deposit in, or otherwise
to the credit of, the Swap Collateral Account shall be (i) for application to obligations of the Swap Counterparty to the Issuer under the Interest Rate Swap Agreement in accordance with the terms of the Interest Rate Swap Agreement or
(ii) to return collateral to the Swap Counterparty when and as required by the Interest Rate Swap Agreement. 
 (f) If at any time the
Interest Rate Swap Agreement becomes subject to early termination due to the occurrence of an “Event of Default” or “Termination Event” (as defined in the Interest Rate Swap Agreement), the Issuer and the Indenture Trustee shall
use reasonable efforts (following the expiration of any applicable grace period) to enforce the rights of the Issuer thereunder as may be permitted by the terms of the Interest Rate Swap Agreement and consistent with the terms hereof. To the extent
not fully paid from Swap Replacement Proceeds, any Swap Termination Payment owed by the Issuer to the Swap Counterparty under the Interest 

  

					
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Rate Swap Agreement shall be payable to the Swap Counterparty in installments made on each following Payment Date until paid in full in accordance with the order of priority specified in
Section 5.4(b). To the extent that the Swap Replacement Proceeds exceed any such Swap Termination Payments (or if there are no Swap Termination Payments due to the Swap Counterparty), the Swap Replacement Proceeds in excess of such Swap
Termination Payments, if any, shall be included in Available Funds and allocated and applied in accordance with the order of priority specified in Section 5.4(b) on the following Payment Date.] 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Noteholders or any other Person, but with prior notice from the Issuer to each Rating Agency, the Issuer and
the Indenture Trustee (when so directed by an Issuer Request), at any time and from time to time, may enter into one or more 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 for the purposes of modifying in any manner the rights of the Noteholders under this Indenture subject to the satisfaction of the following conditions: 

(i) the Issuer delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such
supplemental indenture will not materially and adversely affect the interests of the Noteholders; or 
 (ii) the Rating
Agency Condition is satisfied with respect to such amendment and the Issuer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b) Prior to the execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such
supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the
Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.1 shall be effective which materially and adversely affects the rights, privileges, indemnities, protections, immunities, obligations or duties
of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 
 (c) Promptly after the execution by the
Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.1, the Indenture Trustee shall mail to the Noteholders and the Certificateholders a copy of such amendment or supplemental indenture. Any failure
of the Indenture Trustee to mail a copy of such amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(d) Notwithstanding subsection (a) of this Section 9.1, other than in connection with an amendment pursuant to
Section 12.1(b) or Section 12.4, this Indenture may only be amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders 

  

					
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[or, if 100% of the aggregate Percentage Interests is then beneficially owned by the Bank and/or its Affiliates, such Person (or Persons)], consent to such amendment or (ii) such amendment
shall not, as evidenced by an Officer’s Certificate of the Seller or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be
necessary to obtain the consent of the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. In determining whether 100% of the aggregate
Percentage Interests is then beneficially owned by the Bank and/or its Affiliates for purposes of clause (i), any party shall be entitled to rely on an Officer’s Certificate or similar certification of the Bank or any Affiliate thereof to such
effect. 
 (e) [Notwithstanding the foregoing, no amendment under this Section 9.1 shall materially and adversely affect the
rights or obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such action (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing
within ten (10) Business Days after receipt of a written request for such consent).] 
 SECTION 9.2 Supplemental Indentures
with Consent of Noteholders. 
 (a) Subject to subsection (b) of this Section 9.2, the Issuer and the Indenture
Trustee, when authorized by an Issuer Request, also may, with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less than a majority of the Outstanding Note Balance of the Controlling Class, by Act of
such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Noteholders 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 coin or currency in which, any Note or the interest thereon is payable, reduce the interest rate or principal
amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 
 (ii) reduce the
percentage of the Note Balance, 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 Note Balance, the
consent of the Holders of which is required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note Balance
plus accrued but unpaid interest on the Notes; 

  

					
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 (v) modify any provision of this Section 9.2 in any respect
materially adverse to the interests of the Noteholders; 
 (vi) 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 Transaction Documents, terminate the lien of this Indenture on any property at any time subject
hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or 
 (vii) impair the right to
institute suit for the enforcement of payment as provided in Section 5.7. 
 (b) Notwithstanding subsection
(a) of this Section 9.2, other than in connection with an amendment pursuant to Section 12.1(b) or Section 12.4, this Indenture may only be amended by the Issuer and the Indenture Trustee if
(i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Seller or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee,
materially and adversely affect the interests of the Certificateholders. It will not be necessary to obtain the consent of the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such
consent approves the substance thereof. 
 (c) It shall not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 (d)
Prior to the execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such
supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided that no supplemental indenture pursuant to this Section 9.2 shall
be effective which affects the rights, privileges, indemnities, protections, immunities, obligations or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(e) 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 Noteholders and the Certificateholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such amendment or supplemental indenture, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture. 
 (f) Notwithstanding anything herein to the contrary and for
purposes of classifying the Issuer as a grantor trust under the Code, no amendment or indenture supplemental to this Indenture shall be made that would (i) result in a variation of the investment of the beneficial owners of the Certificates for
purposes of the United States Treasury Regulation section 301.7701-4(c) without the consent of Noteholders evidencing at least a majority of the 

  

					
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Outstanding Note Balance of the Controlling Class and the Majority Certificateholders or (ii) cause the Issuer (or any part thereof) to be classified as other than a grantor trust under
subtitle A, chapter 1, subchapter J, part I, subpart E of the Code without the consent of all of the Noteholders and all of the Certificateholders. 

SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting 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 Sections 6.1 and 6.2, 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 that
affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
 SECTION 9.4
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 Noteholders shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.5 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.6 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 determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by
the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1 Redemption. 

(a) Each of the Notes is subject to redemption in whole, but not in part, at the direction of the Bank, as Servicer, pursuant to
Section 7.1 of the Servicing Agreement, on any Payment Date on which the Servicer (or its designee) exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to such Section, for a purchase price equal
to the Optional Purchase Price, which amount shall be deposited by the Servicer (or its designee) into the Collection Account on or before the Redemption Date. 

  

					
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 (b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment
Date [occurring after the end of the Funding Period] on which the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments under clauses [first through eleventh and thirteenth] of
Section 8.5(a) would be sufficient to pay in full the aggregate unpaid Note Balance of all of the Outstanding Notes as determined by the Servicer. On such Payment Date, (i) the Indenture Trustee upon written direction from the
Servicer shall transfer all amounts on deposit in the Reserve Account to the Collection Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in part. 

(c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or 10.1(b), the Administrator or the Issuer shall provide at
least twenty (20) days’ prior notice of the redemption of the Notes to the Indenture Trustee[, the Swap Counterparty] and the Owner Trustee and the Indenture Trustee shall provide prompt (but not later than ten (10) days prior to the
applicable Redemption Date) notice thereof to the Noteholders. 
 SECTION 10.2 Form of Redemption Notice. Notice of redemption
under Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on the Record Date
preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register. 
 All notices of redemption under
this Section 10.2 shall state: 
 (i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only
upon presentation and surrender of such Notes, and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2); 

(iv) that interest on the Notes shall cease to accrue on the Redemption Date; and 

(v) the CUSIP numbers (if applicable) for such Notes. 

Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the
Issuer shall notify each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any Note. 

  

					
		 	63	 	20[    ]-[    ] Indenture

 SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall,
following notice of redemption as required by Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in
the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

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 that satisfies TIA
Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the
case of condition precedent compliance that is subject to verification by accountants, a certificate or opinion of an accountant that satisfies TIA Section 314(c)(3), 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 furnished in accordance with TIA Section 314(e) 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 or not 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 in accordance with TIA Section 314(d) (within ninety (90) days of such deposit) to the Issuer of the Collateral or other property or
securities to be so deposited. 

  

					
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 (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 matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair
value in accordance with TIA Section 314(d) to the Issuer of the property or 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 Note Balance, 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 Note Balance. 

(iii) Other than as contemplated by Section 11.1(b)(v), 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 ninety (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) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all
other property other than Purchased 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) above and this
clause (iv), equals 10% or more of the Outstanding Note Balance, 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 Note Balance. 
 (v) Notwithstanding Section 2.9 or any
other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents, including without limitation
pursuant to Section 10.1 of this Indenture, and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction 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 may certify or give an opinion as to such matters in one or several documents. 

  

					
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 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as
it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the
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, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator 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 or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any
term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such
case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon
the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.3
Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

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

  

					
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 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action
by any Noteholder shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note. 
 SECTION 11.4 Notices. All demands, notices and
communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by e-mail
(if an applicable e-mail address is provided on Schedule I to the Sale Agreement), and addressed in each case as specified on Schedule I to the Sale Agreement or at such other address as shall be designated by any of the specified addressees
in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices
hereunder. 
 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 or via electronic transmission 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. 

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

  

					
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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 Trust Indenture Act, such required provision shall control. 

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

SECTION 11.8 Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the
Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 

SECTION 11.9 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 11.10 Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

SECTION 11.11 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 in any way be affected or impaired thereby. 

SECTION 11.12 Benefits of Indenture. [The Swap Counterparty shall be a third-party beneficiary to the provisions of this
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, [the Swap Counterparty] and the Noteholders, 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 11.13 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 11.14 GOVERNING LAW. THIS INDENTURE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL

  

					
		 	68	 	20[    ]-[    ] Indenture

 
OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 11.15 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, regardless of whether delivered in physical or electronic form, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.16 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 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. 

SECTION 11.17 Trust Obligation. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner of a
beneficial interest in a Note, by accepting the benefits of this Indenture, 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 their respective individual capacities, (ii) any Certificateholder
or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described in
clauses (i), (ii) and (iii) above, 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.

 SECTION 11.18 No Petition. Each of the Indenture Trustee, by entering into this Indenture, and each Noteholder and Note
Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in
respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization
or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver,
liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and
(ii) such party shall not commence, join or institute against, with any other 

  

					
		 	69	 	20[    ]-[    ] Indenture

 
Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction. 
 SECTION 11.19 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably
and unconditionally: 
 (a) submits for itself and its property in any Proceeding relating to this Indenture or any documents executed and
delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 
 (b) consents that any such Proceeding may be brought in such courts and
waives any objection that it may now or hereafter have to the venue of such action or Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all right of trial by jury in any
Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.20 Subordination of Claims. The Issuer’s obligations under this Indenture are obligations solely of the Issuer and
will not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual
capacity and as the Owner Trustee), by accepting the benefits of this Indenture, the Certificateholder, by accepting the Certificate, and the Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering into this Indenture,
and each Noteholder and each Note Owner [and the Swap Counterparty], by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent
that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or claim to, or
benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by
virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further 

  

					
		 	70	 	20[    ]-[    ] Indenture

 
acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the
relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other
obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture
Trustee), by entering into or accepting this Indenture, the Certificateholder, by accepting the Certificate, and the Owner Trustee, and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to
rely thereon and will survive the termination of this Indenture. 
 SECTION 11.21 [Limitation of Rights. All of the rights of
the Swap Counterparty in, to and under this Indenture (including, but not limited to, all of the Swap Counterparty’s rights as a third-party beneficiary of this Agreement and as an Indenture Secured Party under this Indenture and all of the
Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the
payment in full of all amounts owing to the Swap Counterparty.] 
 ARTICLE XII COMPLIANCE WITH THE FDIC RULE 

SECTION 12.1 Purpose. (a) Each of the Noteholders, by its acceptance of the Notes, each of the Certificateholders, by
its acceptance of the Certificates, the Capital One Parties and the Relevant Trustee acknowledges and agrees that the purpose of this Article XII is to facilitate compliance by the Capital One Parties with the provisions of the FDIC Rule.
Each of the Noteholders, the Certificateholders, the Capital One Parties and the Relevant Trustee acknowledges that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance provided by the
FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in this Article XII shall have the effect and meanings that are appropriate
under the FDIC Rule as such meanings change over time on the basis of evolving interpretations of the FDIC Rule. 
 (b) If any provision of
the FDIC Rule is amended, or any interpretive guidance regarding the FDIC Rule is provided by the FDIC or its staff, as a result of which the Issuer determines that an amendment to this Article XII is necessary or desirable, then the Issuer
and the Relevant Trustee shall be authorized and entitled to amend this Article XII in accordance with such FDIC Rule amendment or guidance notwithstanding the requirements set forth in Section 9.1 and 9.2, provided that
the Issuer delivers to the Relevant Trustee an Opinion of Counsel to the effect that such amendment is required to remain in compliance with the FDIC Rule. Nothing in this Section 12.1(b) shall limit the rights of the Indenture Trustee
pursuant to Section 9.3 or the Owner Trustee pursuant to Section 11.1(d) of the Trust Agreement. 

  

					
		 	71	 	20[    ]-[    ] Indenture

 (c) As used in this Article XII, but subject to the rules of interpretation specified
in Section 12.1(a) and Section 12.1(b), references to (i) the “sponsor” shall mean the Bank, (ii) the “issuing entity” shall mean, collectively, the Seller and the Issuer (except in
Section 12.2(e), where such term shall have the meaning in the FDIC Rule), (iii) the “servicer” shall mean the Servicer or Administrator, as applicable, (iv) “obligations” or “securitization
obligations” shall mean the Notes and, to the extent permitted by the FDIC Rule, the Certificates, and (v) “financial assets” and “securitized financial assets” shall mean the Receivables (except in
Section 12.2(e), where such term shall have the meaning in the FDIC Rule). 
 (d) Each of the Capital One Parties believes that
the transactions and actions contemplated by the Transaction Documents and the Prospectus comply with the requirements of Section 12.2. 

SECTION 12.2 Requirements of the FDIC Rule. As required by the FDIC Rule: 

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

(b) The sponsor, issuing entity, and/or servicer, as appropriate, shall make available to investors, information describing the financial
assets, obligations, capital structure, compensation of relevant parties, and relevant historical performance data set forth below: 
 (i) On
or prior to issuance of obligations and at the time of delivery of any periodic distribution report and, in any event, at least once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized
financial assets shall be disclosed to all potential investors at the financial asset or pool level, as appropriate for the financial assets, and security-level to enable evaluation and analysis of the credit risk and performance of the obligations
and financial assets. Such information and its disclosure, at a minimum, shall comply with the requirements of Regulation AB or any successor disclosure requirements for public issuances, even if the obligations are issued in a private placement or
are not otherwise required to be registered; provided that information that is unknown or not available to the sponsor or the issuer after reasonable investigation may be omitted if the issuer includes a statement in the offering documents
disclosing that the specific information is otherwise unavailable; 
 (ii) On or prior to issuance of obligations, the structure of the
securitization and the credit and payment performance of the obligations shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features; representations and warranties made with respect
to the financial assets, the remedies for and the time permitted for cure of any breach of 

  

					
		 	72	 	20[    ]-[    ] Indenture

 
representations and warranties, including the repurchase of financial assets, if applicable; liquidity facilities and any credit enhancements permitted by the FDIC Rule, any waterfall triggers or
priority of payment reversal features; and policies governing delinquencies, servicer advances, loss mitigation, and write-offs of financial assets; 

(iii) While obligations are outstanding, the issuing entity shall provide to investors information with respect to the credit performance of
the obligations and the financial assets, including periodic and cumulative financial asset performance data, delinquency and modification data for the financial assets, substitutions and removal of financial assets, servicer advances, as well as
losses that were allocated to such tranche and remaining balance of financial assets supporting such tranche, if applicable, and the percentage of each tranche in relation to the securitization as a whole; and 

(iv) In connection with the issuance of the obligations, the nature and amount of compensation paid to the originator, sponsor, rating agency
or third-party advisor, any mortgage or other broker, and the servicer(s), and the extent to which any risk of loss on the underlying assets is retained by any of them for such securitization shall be disclosed. The issuer shall provide to investors
while any obligations are outstanding any changes to such information and the amount and nature of payments of any deferred compensation or similar arrangements to any of the parties. 

(c) The sponsor or a majority-owned affiliate of the sponsor shall retain an economic interest in the credit risk of the financial assets in
accordance with Regulation RR, 17 C.F.R. §246.1, et seq. (“Regulation RR”), including (1) the restrictions on sale, pledging and hedging set forth therein and (2) any disclosure requirements set forth therein. 

(d) The obligations shall not be predominantly sold to an affiliate (other than (i) a wholly-owned subsidiary consolidated for
accounting and capital purposes with the sponsor or (ii) an affiliated broker-dealer who purchases such obligations with a view to promptly reselling such obligations to persons or entities that are neither affiliates (other than wholly-owned
subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) nor insiders of the sponsor in the ordinary course of such broker-dealer’s business pursuant to an underwriting or similar agreement entered into in
the ordinary course of business) or an insider of the sponsor; provided that (i) at the time the obligations are sold to the affiliated broker-dealer, such broker-dealer sells not less than 51% of the principal amount of the obligations
to persons and entities that are not affiliates (other than wholly-owned subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) or insiders of the sponsor; (ii) at all times after such obligations are
sold to the affiliated broker-dealer, such broker-dealer holds the unsold portion of the obligations with the intent to sell such unsold portion to persons or entities that are not affiliates (other than wholly-owned subsidiaries of the sponsor
consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor and (iii) the other requirements of the FDIC Rule, including, without limitation, the requirements of Sections 360.6(c)(3) and (4) of the FDIC
Rule, are satisfied. 

  

					
		 	73	 	20[    ]-[    ] Indenture

 (e) The sponsor shall separately identify in its financial asset data bases the financial
assets transferred into any securitization and shall maintain an electronic or paper copy of the closing documents in a readily accessible form, and a current list of all of its outstanding securitizations and issuing entities, and the most recent
Form 10-K, if applicable, or other periodic financial report for each securitization and issuer. The sponsor shall make these records readily available for review by the FDIC promptly upon written request. 

(f) To the extent serving as servicer, custodian or paying agent for the securitization, the sponsor shall not commingle amounts received with
respect to the financial assets with its own assets except for the time, not to exceed two Business Days, necessary to clear any payments received. 

SECTION 12.3 Performance. The Issuer agrees to perform the obligations set forth in Section 12.2, except to the
extent any such obligation is specifically imposed exclusively upon the servicer or the sponsor. 
 SECTION 12.4 Actions Upon
Repudiation. 
 (a) In the event that the Sponsor becomes the subject of an insolvency proceeding and the FDIC as receiver or
conservator for the Sponsor exercises its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer (including any successor Servicer, if the Bank has been replaced as Servicer) shall ascertain whether the FDIC in
such capacity will pay damages as provided in such paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter (or, if the Servicer fails to act, the Noteholders
representing not less than a majority of the Outstanding Note Balance or the Majority Certificateholders may), so notify the Indenture Trustee and the Owner Trustee. 

(b) Upon receipt of the notice specified in Section 12.4(a) indicating that a payment will be made, the Relevant Trustee shall
determine the date (the “applicable distribution date”) for making a distribution to Noteholders and Certificateholders of such damages, which date shall be the earlier of (i) the next Payment Date on which such damages could
be distributed and (ii) the earliest practicable date by which the Relevant Trustee could declare a special distribution date, in each case subject to all applicable provisions of this Indenture, applicable law and the procedures of any
applicable Clearing Agency. 
 (c) When the applicable distribution date is determined, (i) the Computation Agent shall promptly
compute the amount of interest to be paid on each Class of Notes on the applicable distribution date, which interest (unless such applicable distribution date is a Payment Date) shall be the amount accruing up to the applicable distribution date and
which shall be computed by pro rating the amount that would otherwise be payable on the next succeeding Payment Date on the basis of (x) the number (in the case of Notes other than the Class A-1 Notes, not to exceed 30) of days elapsed
from such preceding Payment Date divided by (y) 30 and (ii) the Owner Trustee, based on written instructions setting forth the damages calculation provided by the Majority Certificateholders, shall notify the Indenture Trustee and the FDIC
of the damages due to the Certificateholders pursuant to Section 360.6(d)(4)(ii) of the FDIC Rule. The Computation Agent shall notify the Owner Trustee and the Indenture Trustee (if a separate 

  

					
		 	74	 	20[    ]-[    ] Indenture

 
Person) in writing of the applicable amounts of principal and interest to be paid on each Class of Notes not later than the Business Day following the day on which the applicable distribution
date is determined. 
 (d) If the applicable distribution date is a special distribution date, the Relevant Trustee shall (i) declare
such special distribution date (the record date for which shall be the close of business on the day immediately preceding such special distribution date), (ii) declare a special distribution to Noteholders consisting of unpaid interest on each
Note and the outstanding principal balance of each Note, (iii) deliver notice to the Noteholders of such special distribution date and special distribution; and (iv) deliver notice to the Owner Trustee (or, if the Owner Trustee is the
Relevant Trustee, deliver notice to the Certificateholders) of such special distribution date and special distribution. 
 (e) Following
payment by the FDIC of such damages, 
 (i) such damages with respect to the Notes shall be deposited into the Principal
Distribution Account and such damages with respect to the Certificates shall be deposited into the Certificate Distribution Account; 

(ii) the Computation Agent shall promptly, and no later than one Business Day after such damages have been paid by the FDIC,
(i) compute the amount, if any, required to be withdrawn from available funds in the Reserve Account and transferred to the Principal Distribution Account so that the amount on deposit in the Principal Distribution Account shall equal the
aggregate amount to be distributed as specified in Section 12.4(c), and (ii) promptly inform the Servicer, the Owner Trustee and the Indenture Trustee (if a separate Person) in writing of such computations; 

(iii) on the applicable distribution date, the Indenture Trustee shall, first, withdraw from monies on deposit in the
Reserve Account and, if necessary, from monies on deposit in the Collection Account the amount necessary to pay the Indenture Trustee and the Owner Trustee any accrued and unpaid fees (including any prior unpaid Indenture Trustee or Owner Trustee
fees) and reasonable expenses and any indemnification amounts not previously paid and distribute such amount to the Indenture Trustee and the Owner Trustee pro rata based on amounts due; provided, that the Owner Trustee shall provide
the amount of any such fees, expenses and indemnification amounts owed to it to the Indenture Trustee, upon which the Indenture Trustee may conclusively rely without any liability therefor, second, based on the computations in
Section 12.4(e), withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount so computed and deposit such amount into the Principal Distribution Account and
third, cause all amounts deposited in the Principal Distribution Account pursuant to this Section 12.4 to be applied in accordance with the following order of priority: 

(a) first, to the Holders of the Notes, ratably, interest on the Notes in the amount computed by the Computation Agent pursuant to
Section 12.4(c); 

  

					
		 	75	 	20[    ]-[    ] Indenture

 (b) second, to the Holders of the Class A-1 Notes, in respect of principal
thereon, until the Class A-1 Notes have been paid in full; 
 (c) third, to the Holders of the Class A-2 Notes,
Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a pro rata basis, until all classes of the Class A Notes have been paid in full; 

(d) fourth, to the Holders of the Class B Notes, in respect of principal thereon, until the Class B Notes have been paid in full; 

(e) fifth, to the Holders of the Class C Notes, in respect of principal thereon, until the Class C Notes have been paid in full; and

 (f) [sixth, to the Holders of the Class D Notes, in respect of principal thereon, until the Class D Notes have been paid in full.]

 (iv) On the applicable distribution date, the Owner Trustee shall, based on the computations in
Section 12.4(c), cause all amounts deposited in the Certificate Distribution Account pursuant to this Section 12.4 to be distributed to the Certificateholders, pro rata based on the Percentage Interest of each
Certificateholder; and 
 (v) any funds remaining in the Collection Account and the Reserve Account shall be distributed on
the following Payment Date (or on such applicable distribution date, if it is a Determination Date), such distributions to be made in accordance with Section 5.4 or 8.5, as applicable, with the Relevant Trustee at the written
direction of the Servicer to adjust the amounts of such distributions in the Relevant Trustee’s Certificate to take into account the amounts distributed on the applicable distribution date. 

SECTION 12.5 Notice. 

(a) In the event that the Bank becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator provides a written
notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver such notice to each of the Capital One Parties and the Indenture Trustee and the Owner Trustee. 

(b) If the FDIC (i) is appointed as a conservator or receiver of the Bank and (ii) is in default due to its failure to pay principal
or interest when due following the expiration of any cure period hereunder or under the other Transaction Documents, the Indenture Trustee at the direction of the Noteholders representing not less than a majority of the Outstanding Note Balance, the
Servicer or the Majority Certificateholders shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and under the other Transaction Documents. Upon delivery of such notice, the Relevant Trustee
may exercise any contractual rights such Relevant Trustee may have in accordance with the Transaction Documents and the FDIC Rule. The Indenture Trustee shall, at the written direction of the Noteholders representing not less than a majority of the
Outstanding Note Balance, and the Owner Trustee shall, at the written direction of the Majority Certificateholders, exercise such contractual rights. 

  

					
		 	76	 	20[    ]-[    ] Indenture

 SECTION 12.6 Reservation of Rights. Neither the inclusion of this
Article XII in this Indenture nor the compliance by any Person with, or the acknowledgment by any Person of, this Article’s provisions constitutes an agreement or acknowledgment by any Person that, in the case of an insolvency proceeding
with respect to the Bank, a receiver or conservator will have any rights with respect to the Trust Estate. 
 [Remainder of Page
Intentionally Left Blank] 

  

					
		 	77	 	20[    ]-[    ] Indenture

 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. 
  

			
	 CAPITAL ONE PRIME AUTO RECEIVABLES

TRUST 20[    ]-[    ]

		
	 By:
	 	 [            ], not in
its

		 	individual capacity but solely as Owner Trustee
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [            ], a
[            ], not in its

individual capacity but solely as the Indenture Trustee

		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-1	 	 Indenture

(20[    ]-[    ])

 SCHEDULE I 

NOTICE ADDRESSES 
 If to the
Issuer: 
 Capital One Prime Auto Receivables Trust 20[    ]-[    ] 

[Address] 
 with copies to the Administrator and the Indenture
Trustee 
 If to the Bank, the Servicer or the Administrator: 

Capital One, National Association 
 1680 Capital One Drive 

McLean, Virginia 22102 
 Attention:
[            ] 
 with a copies to: 

Capital One, National Association 
 1680 Capital One Drive 

McLean, Virginia 22102 
 Attention:
[            ] 
 Capital One, National Association 

3901 N. Dallas Parkway 
 Plano, Texas 75093 

Attention: [            ] 

Capital One, National Association 
 3901 N. Dallas Parkway 

Plano, Texas 75093 
 Attention:
[            ] 
 If to the Seller: 

Capital One Auto Receivables, LLC 
 [140 E. Shore Drive 

Room 1052-D 
 Glen Allen, Virginia 23059] 

Telephone: [            ] 

Attention: [            ] 

with a copy to: 
 Capital One, National Association 

1680 Capital One Drive 
 McLean, Virginia 22102 

Attention: [            ] 

  

					
		 	I-1	 	20[    ]-[    ] Indenture

 If to the Indenture Trustee: 

[            ] 

[Address] 
 If to the Owner Trustee: 

[            ] 

[Address] 
 If to [Rating Agency]: 

[            ] 

[Address] 
 [If to the Initial Swap Counterparty]: 

[            ] 

[Address] 

  

					
		 	I-2	 	20[    ]-[    ] Indenture

 SCHEDULE II 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants, and covenants
to the Indenture Trustee as follows on the Closing Date [and on each Funding Date]: 
 General 

1. The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other Collateral in favor of
the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer. 

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

3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is secured by a first priority validly
perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first
priority security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and
equitable principles relating to or affecting the enforcement of creditors’ rights generally. 
 Creation 

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

 5. The Issuer has submitted or will have caused to be submitted, on the effective date of the Indenture, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder; and the Servicer, in its capacity as custodian, has
in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: “A purchase of or security
interest in any collateral described in this financing statement will violate the rights of the Secured Party”. 

  

					
		 	II-1	 	20[    ]-[    ] Indenture

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

(i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee, as pledgee of
the Issuer; or 
 (ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has
received a written acknowledgment from the Servicer that the Servicer (in its capacity as custodian) is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or

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

Priority 
 7. The Issuer has not
authorized the filing of, and is not aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by
the Bank to the Seller under the Purchase Agreement, (ii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale Agreement, (iii) relating to the security interest granted to the Indenture Trustee under
the Indenture or (iv) that has been terminated. 
 8. The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer.

 9. Neither the Issuer nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

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

Survival of Perfection Representations 

11. Notwithstanding any other provision of the Indenture, the perfection representations, warranties and covenants contained in this Schedule II shall
be continuing, and remain in full force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed. 

No Waiver 
 12. The Issuer shall
provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a
breach of any of such perfection representations, warranties or covenants. 

  

					
		 	II-2	 	20[    ]-[    ] Indenture

 Exhibit A 

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

 

					
	 REGISTERED
	  		  	$                    1
	 No.
R-                    
	  		  	CUSIP NO.                     
		  		  	ISIN.                     

 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. 

[[FOR 144A NOTES:] THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”).
THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL
BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN [$[1,000] AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $[1,000] IN EXCESS THEREOF (EXCEPT FOR TWO
SUCH NOTES WHICH MAY BE ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $[1,000])] FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE SELLER OR ANY OF ITS U.S. CORPORATE AFFILIATES (OR DISREGARDED ENTITIES THEREOF) AND (B)

 

	1 	 Denominations of $[1,000] and integral multiples of $[1,000] in excess thereof (except for two Notes of each
Class which may be issued in a denomination other than an integral multiple of $[1,000]). 

  

					
		 	A-1-1	 	Indenture (COPAR 20[    ]-[    ])

 
IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND
AGREEMENTS SET FORTH IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE
CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS
SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER.]

 BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE (AND, IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED
BELOW), ITS FIDUCIARY) (I) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH ANY ASSETS OF, A PLAN THAT IS
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN”), OR A PLAN THAT IS
SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND (II) ACKNOWLEDGES AND AGREES IF IT IS A BENEFIT PLAN OR A PLAN THAT IS SUBJECT TO SIMILAR LAW, IT SHALL NOT ACQUIRE THIS NOTE (OR
INTEREST HEREIN) AT ANY TIME THAT THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING. 
 TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS
AS PROVIDED IN THE INDENTURE. 

  

					
		 	A-1-2	 	Indenture (COPAR 20[    ]-[    ])

 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST
20[    ]-[    ] 
 [CLASS A-1 [    ]%] [CLASS A-2[-A]
[    ]%] [[CLASS A-2-B] LIBOR + [    ]%]] 
 [CLASS A-3 [    ]%] [CLASS A-4
[    ]%] [CLASS B [    ]%] [CLASS C [    ]%] 
 [CLASS D
[    ]%] 
 AUTO LOAN ASSET BACKED NOTES 

Capital One Prime Auto Receivables Trust 20[    ]-[    ], 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 [            ], or registered assigns, the principal
sum of [    ] DOLLARS ($[    ]), in monthly installments on the [    ] of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on
[            ], 20[    ] (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each
Payment Date on the Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of
the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2 and 8.5 of the Indenture;
provided, however, that the entire unpaid Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Note Balance shall be due and payable on the earliest of (i) [    ] (the “Final Scheduled Payment
Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest
on this Note will accrue for each Payment Date from and including the [preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date]2 [[    ] day of the prior calendar month (or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the [    ] day of
the calendar month in which such Payment Date occurs]3. Interest will be computed on the basis of [Class A-1[, A-2-B]: actual days elapsed and a 360-day year][Class A-2[-A], A-3, A-4, B, A-4 C, D:
a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest on this Note as provided above and then to the unpaid principal of this Note. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee the name of
which 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 	 The Class A-1 Notes [and the Class A-2-B Notes]. 

	3 	 Class A-2[-A], A-3, A-4, B, C and D Notes. 

  

					
		 	A-1-3	 	Indenture (COPAR 20[    ]-[    ])

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its
Authorized Officer. 
 Dated: [            ] 

 

			
	CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ]-3
		
	 By:
	 	[            ], not in its individual capacity but solely as Owner Trustee
		
	 By:
	 	  

 
			
	 Name:
	 	  

 
			
	 Title:
	 	  

  

					
		 	A-1-4	 	Indenture (COPAR 20[    ]-[    ])

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [                    ] 

 

			
	
[                    ], 

a national banking association, not in itsindividual capacity but solely as Authenticating Agent

	
	By:                                   
                                         
      
		 	Authorized Signatory

  

					
		 	A-1-5	 	Indenture (COPAR 20[    ]-[    ])

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
[            ]%] [Class A-2[-A] [    ]%] [[Class A-2-B LIBOR + [    ]%]] [Class A-3 [    ]%] [Class A-4
[    ]%] [Class B [    ]%] [Class C [    ]%] [Class D [    ]%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B]
[C] [D] Notes” or the “Notes”), all issued under an Indenture, dated as of [            ], 20[    ] (such Indenture, as supplemented or amended, is herein
called the “Indenture”), between the Issuer and [            ], a national banking 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 Noteholders. The Notes are subject to all terms of the Indenture and the Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the
Servicing Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in Appendix A of the Servicing Agreement. 

The Class A-1 Notes, the Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes, the Class C Notes [and the Class D Notes] are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated to the Class A Notes and are
secured by the collateral pledged as security therefor on a subordinated basis as provided in the Indenture. The Class C Notes are subordinated to the Class A Notes and Class B Notes and are secured by the collateral pledged as security
therefor on a subordinated basis as provided in the Indenture. [The Class D Notes are subordinated to the Class A Notes, Class B Notes and Class C Notes and are secured by the collateral pledged as security therefor on a subordinated basis as
provided in the Indenture.] All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Class A Notes, Class B Notes, Class C Notes [and the Class D Notes]. All covenants and agreements made by the
Issuer in the Indenture are for the benefit of the Holders of the Class A Notes, Class B Notes, Class C Notes [and the Class D Notes]. 

Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Servicing Agreement. As
described above, the entire Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Note Balance shall be due and payable on the earliest of (i) [    ] (the “Final Scheduled Payment Date”), (ii) the Redemption
Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2[-A]]
[[A-2-B]] [A-3] [A-4] [B] [C] [D] Notes shall be made pro rata to the Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Noteholders entitled thereto. 

Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by wire
transfer if an account has been designated by the related Noteholder three Business Days prior to the related Payment Date and otherwise by check mailed first-class, postage prepaid, to the Person whose name appears as the registered Holder of this
Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the 

  

					
		 	A-1-6	 	Indenture (COPAR 20[    ]-[    ])

 
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount
of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the close of business on the Record Date preceding such
Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date which shall specify the amount then due and payable and such amount shall be payable only upon presentation and surrender of this Note at the Corporate
Trust Office of the Indenture Trustee or at the place specified by the Indenture Trustee in such notice. 
 The Issuer shall pay interest on
overdue installments of interest at the Class [A-1], [A-2[-A]], [[A-2-B]] [A-3], [A-4], [B], [C], [D] Interest Rate to the extent lawful. 

Each Noteholder or Note Owner, by acceptance of this Note, or, in the case of a Note Owner of a beneficial interest in this 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 the Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the
Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, 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 Issuer, the Noteholders and the Note Owners that, for purposes of federal, state and local income, franchise and value
added tax, the Class A-1 Notes, the Class A-2[-A] Notes, [the Class A-2-B] Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes [and the Class D Notes] (other than any Notes that are owned
during any period of time by either the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes) shall constitute indebtedness. The Noteholders, by acceptance of this Note, agree to treat,
and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness. 
 Each Noteholder and Note
Owner, by accepting this Note or, in the case of a Note Owner, a beneficial interest in this Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote
Party 

  

					
		 	A-1-7	 	Indenture (COPAR 20[    ]-[    ])

 
in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary
case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking
the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of
or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party to the Indenture or any other
creditor of such Bankruptcy Remote Party and (ii) such party shall not commence, join with any other Person in commencing or institute, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
 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 OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
		 	A-1-8	 	Indenture (COPAR 20[    ]-[    ])

 ASSIGNMENT 
  

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

			
	
	  

	  
 FOR VALUE RECEIVED, the undersigned hereby sells,
	 	

			
	assigns and transfers unto	 	  

 (name and address of assignee) 

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

  

					
	Dated:	 	  
	  	                                    
*/
			
		 		  	Signature Guaranteed:
			
		 		  	  
 Signatures must be guaranteed by
an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

	  
	  	

 */ 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. 

  

					
		 	A-1-9	 	Indenture (COPAR 20[    ]-[    ])EX-10.1

 Exhibit 10.1 
  

 
  

 
 FORM OF 

SALE AGREEMENT 
 dated as
of [                    ], 20[    ] 

between 
 CAPITAL ONE AUTO
RECEIVABLES, LLC 
 and 

CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ], 

as Purchaser 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I    DEFINITIONS AND USAGE
	  	 	1	 
			
	 SECTION 1.1
	 	Definitions	  	 	1	 
			
	 SECTION 1.2
	 	Other Interpretive Provisions	  	 	1	 
		
	 ARTICLE II    PURCHASE
	  	 	2	 
			
	 SECTION 2.1
	 	Conveyance of Transferred Assets	  	 	2	 
			
	 SECTION 2.2
	 	[Conveyance of Subsequent Transferred Assets	  	 	2	 
			
	 SECTION 2.3
	 	[Funding Events	  	 	2	 
		
	 ARTICLE III    REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	3	 
			
	 SECTION 3.1
	 	Representations and Warranties of the Seller	  	 	3	 
			
	 SECTION 3.2
	 	Representations and Warranties of the Seller Regarding the Transferred Assets	  	 	4	 
			
	 SECTION 3.3
	 	Liability of the Seller	  	 	5	 
			
	 SECTION 3.4
	 	Merger or Consolidation of, or Assumption of the Obligations of, Seller	  	 	6	 
			
	 SECTION 3.5
	 	Seller May Own Notes and Certificates	  	 	6	 
			
	 SECTION 3.6
	 	Compliance with Organizational Documents	  	 	6	 
			
	 SECTION 3.7
	 	Protection of Title	  	 	7	 
			
	 SECTION 3.8
	 	Other Liens or Interests	  	 	7	 
			
	 SECTION 3.9
	 	Exchange Act Filings	  	 	7	 
			
	 SECTION 3.10
	 	Sarbanes-Oxley Act Requirements	  	 	8	 
			
	 SECTION 3.11
	 	Compliance with the FDIC Rule	  	 	8	 
			
	 SECTION 3.12
	 	Noteholder Communication	  	 	8	 
		
	 ARTICLE IV    MISCELLANEOUS
	  	 	8	 
			
	 SECTION 4.1
	 	Transfers Intended as Sale; Security Interest	  	 	8	 
			
	 SECTION 4.2
	 	Notices, Etc.	  	 	9	 
			
	 SECTION 4.3
	 	Choice of Law	  	 	10	 
			
	 SECTION 4.4
	 	Headings	  	 	10	 
			
	 SECTION 4.5
	 	Counterparts	  	 	10	 
			
	 SECTION 4.6
	 	Amendment	  	 	10	 
			
	 SECTION 4.7
	 	Waivers	  	 	11	 
			
	 SECTION 4.8
	 	Entire Agreement	  	 	11	 
			
	 SECTION 4.9
	 	Severability of Provisions	  	 	12	 
			
	 SECTION 4.10
	 	Binding Effect	  	 	12	 

  

					
		  	i	  	Form of Sale Agreement

 TABLE OF CONTENTS 

 

							
			
	 SECTION 4.11
	 	Acknowledgment and Agreement	  	 	12	 
			
	 SECTION 4.12
	 	Cumulative Remedies	  	 	12	 
			
	 SECTION 4.13
	 	Nonpetition Covenant	  	 	12	 
			
	 SECTION 4.14
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	12	 
			
	 SECTION 4.15
	 	Limitation of Liability of Owner Trustee	  	 	13	 
			
	 SECTION 4.16
	 	Third-Party Beneficiaries	  	 	13	 
			
	 SECTION 4.17
	 	[Limitation of Rights	  	 	14	 

  

			
	 EXHIBITS
	  	
	 Exhibit A
	  	Form of Assignment Pursuant to Sale Agreement
	 [Exhibit B
	  	Form of Notice of Funding Date]
	 Schedule I
	  	Notice Addresses
	 Schedule II
	  	Perfection Representations, Warranties and Covenants
	 Appendix A
	  	Definitions

  

  

					
		  	ii	  	Form of Sale Agreement

 THIS SALE AGREEMENT is made and entered into as of
[                    ], 20[    ] (as amended, restated, supplemented or otherwise modified and in effect from time to time,
this “Agreement”) by CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability company (the “Seller”), and CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ], a
Delaware statutory trust (the “Issuer”). 
 WITNESSETH: 

WHEREAS, the Issuer desires to purchase from the Seller a portfolio of motor vehicle receivables, including motor vehicle retail installment
sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, SUVs and vans; and 
 WHEREAS, the
Seller is willing to sell such portfolio of motor vehicle receivables and related property to the Issuer on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS AND USAGE

 SECTION 1.1 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A hereto, which also contains rules as to usage that are applicable herein. 

SECTION 1.2 Other Interpretive Provisions. For purposes of this Agreement, unless the context otherwise requires: (a) accounting
terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in
this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article;
(c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section,
Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such
paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f) except as otherwise expressly provided herein,
references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns; and (h) headings
are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

  

					
		  		  	Form of Sale Agreement

 ARTICLE II 

PURCHASE 
 SECTION 2.1
Conveyance of Transferred Assets. In consideration of the Issuer’s sale and delivery to, or upon the order of, the Seller of (i) all of the Notes and (ii) the Certificates on the Closing Date, the Seller does hereby sell,
transfer, assign, set over, sell and otherwise convey to the Issuer without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest, claims and demands, whether now owned or hereafter acquired, in, to and
under the [Initial] Transferred Assets, as evidenced by an assignment substantially in the form of Exhibit A (the “Assignment”) delivered on the Closing Date. The sale, transfer, assignment and conveyance made hereunder does
not constitute and is not intended to result in an assumption by the Issuer of any obligation of the Seller or the Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and
properties conveyed hereunder or any agreement, document or instrument related thereto. 
 SECTION 2.2 [Conveyance of Subsequent
Transferred Assets. In consideration of the payment of the Receivables Purchase Price from the Pre-Funding Account, on each Funding Date, the Seller does hereby irrevocably sell, transfer, assign, and
otherwise convey to the Issuer without recourse (subject to the obligations herein) all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the Subsequent Transferred Assets, as evidenced by an
assignment substantially in the form of Exhibit A delivered on such Funding Date. The purchase of Subsequent Transferred Assets on a Funding Date shall be made in accordance with the Purchase Agreement and this Agreement.
The sale, transfer, assignment and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Issuer of any obligation of the Seller or the Originator to the Obligors, the Dealers, insurers or any other
Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto.] 

SECTION 2.3 [Funding Events. 

(a) A funding event (each, a “Funding Event”) shall occur upon a Funding Date and in accordance with the requirements of this
Section. 
 (b) During the Funding Period, on each Funding Date, the Issuer shall (i) acquire Subsequent Transferred Assets from the
Seller pursuant to Section 2.2 (and the Seller shall have acquired the related Subsequent Purchased Assets from the Bank pursuant to the Purchase Agreement) and (ii) Grant all of the Issuer’s right, title and
interest in, to and under such Subsequent Transferred Assets to the Indenture Trustee for the benefit of the Holders of the Notes. Such Subsequent Transferred Assets shall be acquired at the option of the Issuer upon instruction from the Servicer;
provided that such Subsequent Transferred Assets may not be acquired through the Pre-Funding Account if the effect of such acquisition would be to (i) reduce the weighted average Contract Rate of all
Subsequent Receivables to less than [    ]%, (ii) increase the weighted average remaining term to maturity of all Subsequent Receivables to greater than [    ] months or (iii) increase the portion of all
Receivables due from Obligors having a billing address in any given state to a level greater than [    ]% of the Net Pool Balance. 

  

					
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 (c) The following procedures shall be followed to effect a Funding Event: 

(i) The Bank shall package and forward or cause to be packaged and forwarded to the Servicer (in the event that the Bank is not
the Servicer) the Receivable Files with respect to each Subsequent Receivable. 
 (ii) At least three (3) Business Days
prior to the related Funding Date, the Issuer shall deliver, or cause to be delivered, to the Indenture Trustee, the Servicer and the Rating Agencies a Notice of Funding Date (substantially in the form of Exhibit B hereto). 

(iii) The Seller shall have delivered to the Issuer the executed Assignment relating to such Funding Event in the form of
Exhibit A hereto and the executed Assignment relating to such Funding Event in the form of Exhibit A to the Purchase Agreement. 

(iv) Upon receipt of the deliverables set forth in clause (iii) above, the Indenture Trustee shall, on the applicable
Funding Date, withdraw from the Pre-Funding Account an amount equal to the Receivables Purchase Price for the Subsequent Receivables acquired on such Funding Date and shall forward such funds (less amounts
required to be deposited into the Reserve Account as described in the next sentence) to the Seller or its designee (which may include the Bank), in cash by federal wire transfer in accordance with the Notice of Funding Date. On the applicable
Funding Date, the Indenture Trustee, on behalf of the Seller, shall deposit into the Reserve Account from the Receivables Purchase Price which would otherwise be released to the Seller from the Pre-Funding
Account, an amount equal to the Subsequent Reserve Account Deposit Amount for such Funding Date.] 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 3.1 Representations and Warranties of the Seller. The Seller makes the following representations and warranties as of the
Closing Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets: 
 (a) Existence and Power. The
Seller is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Seller has obtained
all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under this Agreement or affect the enforceability or collectability of
the Receivables or any other part of the Transferred Assets. 
 (b) Authorization and No Contravention. The execution, delivery and
performance by the Seller of this Agreement (i) have been duly authorized by all necessary limited liability company action on the part of the Seller and (ii) do not contravene or constitute a default under

  

					
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(A) any applicable order, law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its
property is subject (other than violations which do not affect the legality, validity or enforceability of such agreements or which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the
Seller’s ability to perform its obligations under, this Agreement). 
 (c) No Consent Required. No approval or authorization by,
or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of this Agreement other than (i) UCC filings, (ii) approvals and authorizations that have previously been
obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or any other
part of the Transferred Assets or would not materially and adversely affect the ability of the Seller to perform its obligations under this Agreement. 

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

(e) No Proceedings. There are no Proceedings pending or, to the knowledge of the Seller, threatened against the Seller before or by any
Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or (ii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its obligations under this
Agreement. 
 (f) Lien Filings. The Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller. 

SECTION 3.2 Representations and Warranties of the Seller Regarding the Transferred Assets. On the date hereof, the Seller hereby makes
the following representations and warranties to the Issuer, on which the Issuer will be deemed to have relied in acquiring the Transferred Assets: 

(a) The Receivables and the other Transferred Assets have been validly assigned by the Seller to the Issuer. 

(b) The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that includes a description of
collateral covering any Receivable other than any financing statement relating to security interests granted under the Transaction Documents or that have been or, prior to the assignment of such Receivables hereunder, will be terminated, amended or
released. This Agreement creates a valid and continuing security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership interest therein cannot be perfected by the filing of a financing
statement) in favor of 

  

					
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the Issuer which security interest is prior to all other Liens created by the Seller (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and
assignees from the Seller. 
 (c) The representations and warranties regarding creation, perfection and priority of security interests in
the Transferred Assets, which are attached to this Agreement as Schedule II, are true and correct. 
 SECTION 3.3 Liability of
the Seller. 
 (a) The Seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the
Seller under this Agreement. 
 (b) The Seller shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee and the Indenture
Trustee from and against any loss, liability or expense (including reasonable attorneys’ fees and expenses and court costs and any losses incurred in connection with a successful defense, in whole or part, of any claim that the Indenture
Trustee breached its standard of care and legal fees and expenses incurred in actions against the indemnifying party) incurred by reason of the Seller’s violation of federal or State securities laws in connection with the registration or the
sale of the Notes. 
 (c) Indemnification under this Section 3.3 will survive the resignation or removal of the
Owner Trustee or the Indenture Trustee and the termination or assignment of this Agreement and will include, without limitation, reasonable fees and expenses of counsel and expenses of litigation including those incurred in connection with the
enforcement of the Indenture Trustee’s rights (including indemnification rights) under the Transaction Documents. If the Seller has made any indemnity payments pursuant to this Section 3.3 and the Person to or on
behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay such amounts to the Seller, without interest. 

(d) The Seller’s obligations under this Agreement and the other Transaction Documents are obligations solely of the Seller and will not
constitute a claim against the Seller to the extent that the Seller does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, the Issuer, the Servicer, the Indenture Trustee and the
Owner Trustee, by entering into or accepting this Agreement, acknowledge and agree that they have no right, title or interest in or to the Other Assets of the Seller. To the extent that, notwithstanding the agreements and provisions contained in the
preceding sentence, the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee either (i) asserts an interest in, claim to or benefit in or from Other Assets or (ii) is deemed to have any such interest in, claim to or benefit in
or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee further acknowledges and agrees that any such interest in, claim to or benefit in or from Other Assets is and will be expressly subordinated to the
indefeasible payment in full of the other obligations and liabilities which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or

  

					
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otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination
agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Issuer, the Servicer, the Indenture Trustee and the Owner Trustee each further acknowledges and agrees that no adequate remedy at law exists for a breach of this
Section 3.3(d) and the terms of this Section 3.3(d) may be enforced by an action for specific performance. The provisions of this Section 3.3(d) will be for the
third-party benefit of those entitled to rely thereon and will survive the termination of or the assignment of this Agreement, and the resignation or removal of any indemnified party. Any amounts payable to the Indenture Trustee pursuant to this
Section 3.3(d), to the extent not paid by the Seller, shall be paid by the Issuer in accordance with Section 8.5(a) of the Indenture. 

SECTION 3.4 Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person (i) into which the Seller may be
merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale, transfer, conversion, or consolidation to which the
Seller shall be a party, (iii) succeeding to the business of the Seller, or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Capital One Financial
Corporation, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, will be the successor to the Seller under this Agreement without the execution or filing of
any document or any further act on the part of any of the parties to this Agreement anything herein to the contrary notwithstanding. The Seller shall provide notice of any merger, conversion, consolidation or succession pursuant to this
Section 3.5 to the Administrator. Notwithstanding the foregoing, if the Seller enters into any of the foregoing transactions and is not the surviving entity, the Seller will deliver to the Indenture Trustee and the Owner
Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the
interest of the Issuer and, if the Notes are Outstanding, the Indenture Trustee for the benefit of the Noteholders, respectively, in the Receivables, or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve
and protect such interest. 
 SECTION 3.5 Seller May Own Notes and Certificates. The Seller, and any Affiliate of the Seller, may in
its individual or any other capacity become the owner or pledgee of Notes and Certificates with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as otherwise expressly provided herein or in the other
Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes and Certificates so owned by the Seller or any such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement and the
other Transaction Documents, without preference, priority, or distinction as among all of the Notes and Certificates. 
 SECTION 3.6
Compliance with Organizational Documents. The Seller shall comply with its limited liability company agreement and other organizational documents. 

  

					
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 SECTION 3.7 Protection of Title. 

(a) The Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements,
all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer under this Agreement in the Purchased Assets (to the extent that the interest of the Issuer therein can be perfected
by the filing of a financing statement). The Seller shall deliver (or cause to be delivered) to the Issuer file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) The Seller shall notify the Issuer in writing within ten (10) days following the occurrence of (i) any change in the
Seller’s organizational structure as a limited liability company, (ii) any change in the Seller’s “location” (within the meaning of Section 9-307 of the UCC) and (iii) any
change in the Seller’s name, and shall take all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance)
reasonably necessary or advisable in the opinion of the Issuer to amend all previously filed financing statements or continuation statements described in paragraph (a) above. The Seller will at all times maintain its “location”
within the United States. 
 (c) The Seller shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time
to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuer (or any subsequent assignee of the Issuer)
in such Receivable and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have
been paid in full or repurchased. 
 (d) If at any time the Seller shall propose to sell, grant a security interest in or otherwise transfer
any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Seller shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from
backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer (or any subsequent assignee of the Issuer). 

SECTION 3.8 Other Liens or Interests. Except for the conveyances and grants of security interests pursuant to this Agreement and the
other Transaction Documents, the Seller shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Issuer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted
Liens) on any interest therein, and the Seller shall defend the right, title and interest of the Issuer in, to and under such Receivables or other property transferred to the Issuer against all claims of third parties claiming through or under the
Seller. 
 SECTION 3.9 Exchange Act Filings. The Issuer hereby authorizes the Seller to prepare, sign, certify and file any and all
reports, statements and information respecting the Issuer and/or the Notes required to be filed pursuant to the Exchange Act, and the rules thereunder. 

  

					
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 SECTION 3.10 Sarbanes-Oxley Act Requirements. To the extent any documents are
required to be filed or any certification is required to be made with respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Seller to prepare, sign, certify and file any such documents or
certifications on behalf of the Issuer. 
 SECTION 3.11 Compliance with the FDIC Rule. The Seller (i) shall perform the
covenants set forth in Article XII of the Indenture applicable to it and (ii) shall facilitate compliance with Article XII of the Indenture by the Capital One Parties. 

SECTION 3.12 Noteholder Communication. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes
are represented by Book-Entry Notes) may send a request to the Seller at any time notifying the Seller that such Noteholder or Note Owner, as applicable, would like to communicate with other Noteholders or Note Owners, as applicable, with respect to
an exercise of their rights under the terms of the Transaction Documents. If the requesting party is not a Noteholder as reflected on the Note Register, the Seller may require that the requesting party provide Verification Documents. Each request
must include (i) the name of the requesting Noteholder or Note Owner, as applicable and (ii) a description of the method by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. A
Noteholder or Note Owner, as applicable, that delivers a request under this Section 3.12 will be deemed to have certified to the Issuer, the Seller and the Bank that its request to communicate with other Noteholders or Note
Owners, as applicable, relates solely to a possible exercise of rights under the Indenture or the other Transaction Documents, and will not be used for other purposes. In each monthly distribution report on Form
10-D under the Exchange Act with respect to the Issuer, the Seller shall include disclosure regarding any request that complies with the requirements of this Section 3.12 received
during the related Collection Period from a Noteholder or Note Owner to communicate with other Noteholders or Note Owners, as applicable, related to the Noteholders or Note Owners exercising their rights under the terms of the Transaction Documents.
The disclosure in such Form 10-D regarding the request to communicate shall include (w) the name of the investor making the request, (x) the date the request was received, (y) a statement to the
effect that the Seller has received a request from such Noteholder or Note Owner, as applicable, stating that such Noteholder or Note Owner, as applicable, is interested in communicating with other Noteholders or Note Owners, as applicable, with
regard to the possible exercise of rights under the Transaction Documents, and (z) a description of the method other Noteholders or Note Owners, as applicable, may use to contact the requesting Noteholder or Note Owner. The Seller and the
Servicer will be responsible for any expenses incurred in connection with the filing of such disclosure and the reimbursement of any costs incurred by the Indenture Trustee in connection with the preparation thereof. 

ARTICLE IV 
 MISCELLANEOUS 

SECTION 4.1 Transfers Intended as Sale; Security Interest. 

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

  

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

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

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

(iv) Notifications to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall
be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Issuer for the purpose of perfecting such security interest under applicable law. 

SECTION 4.2 Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by
registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by e-mail (if an applicable e-mail address is provided on Schedule I hereto), and addressed in each case as specified on Schedule I, or at such other address as shall be designated by any of the specified addressees in a written
notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder or Certificateholder shall be given by first class mail, postage prepaid, at the address of such Noteholder or Certificateholder as shown in the Note
Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided,
however, that any notice to a Noteholder or Certificateholder mailed within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder or Certificateholder shall
receive such notice. 

  

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

SECTION 4.4 Headings. The section headings hereof have been inserted for convenience only and shall not be construed to affect the
meaning, construction or effect of this Agreement. 
 SECTION 4.5 Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, regardless of whether delivered in physical or electronic form, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 4.6 Amendment. 

(a) Any term or provision of this Agreement (including Appendix A hereto) may be amended by the Seller without the consent of the
Indenture Trustee, any Noteholder, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 
  

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

  

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

 (b) This Agreement
(including Appendix A) may also be amended from time to time by the Issuer and the Seller, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance of the Controlling Class, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the consent of
Noteholders or Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of
Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner
Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

  

					
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 (c) Prior to the execution of any amendment pursuant to this
Section 4.6, the Seller shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Seller shall furnish a copy of such amendment
to each Rating Agency, the Issuer, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 4.6 shall be effective which materially and adversely affects the rights,
protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 
 (d) Prior to the
execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this
Agreement and an Officer’s Certificate of the Seller or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied. 

(e) Notwithstanding subsections (a) and (b) of this Section 4.6, this Agreement may only be
amended by the Seller if (i) the Majority Certificateholders [or, if 100% of the aggregate Percentage Interests is then beneficially owned by the Bank and/or its Affiliates, such Person (or Persons)], consent to such amendment or (ii) such
amendment shall not, as evidenced by an Officer’s Certificate of the Seller or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. In
determining whether 100% of the aggregate Percentage Interests is then beneficially owned by the Bank and/or its Affiliates for purposes of clause (i), any party shall be entitled to rely on an Officer’s Certificate or similar certification of
the Bank or any Affiliate thereof to such effect. 
 (f) Notwithstanding anything herein to the contrary, for purposes of classifying the
Issuer as a grantor trust under the Code, no amendment shall be made to this Agreement that would (i) result in a variation of the investment of the beneficial owners of the Certificates for purposes of the United States Treasury Regulation
section 301.7701-4(c) without the consent of Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling Class and the Majority Certificateholders or (ii) cause the
Issuer (or any part thereof) to be classified as other than a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code without the consent of all of the Noteholders and all of the Certificateholders. 

SECTION 4.7 Waivers. No failure or delay on the part of the Seller, the Issuer or the Indenture Trustee in exercising any power or
right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any
other power or right. No notice to or demand on the Issuer or the Seller in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may
otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

SECTION 4.8 Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten
agreements among the parties. 

  

					
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 SECTION 4.9 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
 SECTION 4.10 Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree. 
 SECTION 4.11
Acknowledgment and Agreement. By execution below, the Seller expressly acknowledges and consents to the Grant of a security interest in the Receivables and the other Transferred Assets by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders. In addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have, pursuant to the Transaction Documents, the right to exercise all
powers, privileges and claims of the Issuer under this Agreement in the event that the Issuer shall fail to exercise the same. 
 SECTION
4.12 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION
4.13 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote
Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with
respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not
commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section
shall survive the termination of this Agreement. 
 SECTION 4.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the
parties hereto hereby irrevocably and unconditionally: 

  

					
		  	-12-	  	Form of Sale Agreement

 (a) submits for itself and its property in any Proceeding relating to this Agreement or any
documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such Proceeding may be
brought in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.2 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all right
of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 4.15 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this
Agreement is executed and delivered by [            ], not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and
vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by
[            ], but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on
[            ], individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and
any Person claiming by, through or under the parties hereto, (d) [            ] has made no investigation as to the accuracy or completeness of any representations and warranties made by
the Issuer in this Agreement, and (e) under no circumstances shall [            ] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for
the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents. 

SECTION 4.16 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and permitted assigns and [each of the Swap Counterparty and] the Owner Trustee shall be an express third party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided
in this Section, no other Person will have any right hereunder. 

  

					
		  	-13-	  	Form of Sale Agreement

 SECTION 4.17 [Limitation of Rights. All of the rights of the Swap Counterparty in, to
and under this Agreement (including, but not limited to, all of the Swap Counterparty’s rights as a third party beneficiary of this Agreement and all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give
or withhold consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty.] 

[Remainder of Page Intentionally Left Blank] 

  

					
		  	-14-	  	Form of Sale Agreement

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

			
	CAPITAL ONE AUTO RECEIVABLES, LLC
		
		 	By:                                     
                             
		 	Name:
		 	Title:
	
	CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ]
		
		 	 By:
[                    ],

		 	        not in its individual capacity

       but solely as Owner Trustee

		
		 	By:                                     
                             
		 	Name:
		 	Title:

  

					
		  	S-1	  	Form of Sale Agreement

 EXHIBIT A 

FORM OF 
 ASSIGNMENT
PURSUANT TO SALE AGREEMENT 

[                    ],
20[    ] 
 For value received, in accordance with the Sale Agreement, dated as of
[            ], 20[    ] (the “Agreement”), between Capital One Auto Receivables, LLC, a Delaware limited liability company (“the
Seller”), and Capital One Prime Auto Receivables Trust 20[    ]-[    ], a Delaware statutory trust (the “Issuer”), on the terms and subject to the conditions set forth in the
Agreement, the Seller does hereby sell, transfer, assign, set over, and otherwise convey to the Issuer without recourse (subject to the obligations in the Agreement), all right, title, interest, claims and demands in, to and under the
[Initial][Subsequent] Transferred Assets. 
 The foregoing sale does not constitute and is not intended to result in any assumption by the
Issuer of any obligation of the undersigned or the Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables, or the other assets and properties conveyed hereunder or any agreement, document or
instrument related thereto. 
 This assignment is made pursuant to and upon the representations, warranties and agreements on the part of
the undersigned contained in the Agreement and is governed by the Agreement. 
 Capitalized terms used herein and not otherwise defined
shall have the meaning assigned to them in the Agreement. 
 [Remainder of page intentionally left blank] 

  

					
		  	A-1	  	Form of Sale Agreement

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

			
	 CAPITAL ONE AUTO RECEIVABLES, LLC

	
	
By:                  
                                         
     

	 Name:
	 	
	 Title:
	 	

  

					
		  	A-2	  	Form of Sale Agreement

 EXHIBIT B 

[NOTICE OF FUNDING DATE 

In accordance with the Indenture, dated as of
[                    ], 20[    ] (as amended, supplemented or otherwise modified and in effect from time to time, the
“Indenture”), by and between CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ] (the “Issuer”) and
[            ], as indenture trustee (the “Indenture Trustee”), the undersigned hereby gives notice of the Funding Date to occur on or before
[            ], 20[    ] for each of the Receivables listed on the Schedule of Receivables for such Funding Date. Unless otherwise defined herein, capitalized terms have
the meanings set forth in Appendix A to the Sale Agreement dated as of [            ], 20[    ] by and among the Issuer, the Indenture Trustee, CAPITAL ONE, NATIONAL
ASSOCIATION and CAPITAL ONE AUTO RECEIVABLES, LLC, as seller (the “Seller”). 
 SUBSEQUENT RECEIVABLES: 

Aggregate Principal Balance of Subsequent Receivables 

as of the Subsequent Cut-Off
Date:             $                     

PRE-FUNDING ACCOUNT ACTIVITY 

Amount to be wired to or at the direction of the Seller in 

payment for such Subsequent
Receivables:    $                     

Subsequent Reserve Account Deposit Amount:
$                         

Subsequent Cut-Off Date:
                    , 20[    ] 

The undersigned hereby certifies that, in connection with the Funding Date specified above, the undersigned has complied with all terms and
provisions specified in Section 2.3 of the Sale Agreement, including, but not limited to, delivery of the Officer’s Certificate, as specified therein. 

Date:                     , 20[    ]

  

			
	 CAPITAL ONE PRIME AUTO RECEIVABLES

TRUST 20[    ]-[    ]

		
	By:	 	 CAPITAL ONE, NATIONAL

	ASSOCIATION, as Administrator

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title: ]	 	

  

					
		  	B-1	  	Form of Sale Agreement

 SCHEDULE I 

NOTICE ADDRESSES 
 If to the Issuer:

 Capital One Prime Auto Receivables Trust 20[    ]-[    ] 

[Address] 
 with copies to the Administrator and the Indenture
Trustee 
 If to the Bank, the Servicer or the Administrator: 

Capital One, National Association 
 1680 Capital One Drive 

McLean, Virginia 22102 
 Attention:
[                    ] 
 with a copies to: 

Capital One, National Association 
 1680 Capital One Drive 

McLean, Virginia 22102 
 Attention:
[                    ] 
 Capital One, National
Association 
 3901 N. Dallas Parkway 
 Plano, Texas 75093 

Attention: Chief Counsel, CAST 
 Capital One, National
Association 
 3901 N. Dallas Parkway 
 Plano, Texas 75093 

Attention: [                    ] 

If to the Seller: 
 Capital One Auto Receivables, LLC 

140 E. Shore Drive 
 Room
1052-D 
 Glen Allen, Virginia 23059 

Telephone: [                    ] 

Attention: [                    ] 

with a copy to: 
 Capital One, National Association 

1680 Capital One Drive 

  

					
		  	Schedule I-1	  	Form of Sale Agreement

 McLean, Virginia 22102 

Attention: [                    ] 

If to the Indenture Trustee: 

[                    ] 

[Address] 
 If to the Owner Trustee: 

[                    ] 

[Address] 
 If to [Rating Agency]: 

[                    ] 

[Address] 

  

					
		  	Schedule I-2	  	Form of Sale Agreement

 SCHEDULE II 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Agreement, the Seller hereby represents, warrants, and covenants
to the Issuer as follows on the Closing Date [and on each Funding Date]: 
 General 

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

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

3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is secured by a first priority validly
perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first
priority security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and
equitable principles relating to or affecting the enforcement of creditors’ rights generally. 
 Creation 

4. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable by the Seller to the Issuer the Seller owned and had
good and marketable title to such Receivable free and clear of any Lien created by the Seller (other than any Liens in favor of the Purchaser) and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer the
Issuer will have good and marketable title to such Receivable free and clear of any Lien created by the Seller. 
 5. The Seller has received all consents
and approvals to the sale of the Receivables hereunder to the Issuer required by the terms of the Receivables that constitute instruments. 

Perfection 
 6. The Seller has
submitted or will have caused to be submitted, on the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale
of the Receivables from the Seller to the Issuer and the security interest in the Receivables granted to the Issuer hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies

  

					
		  	Schedule II-1	  	Form of Sale Agreement

 
of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: “A purchase of
or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser”. 
 7. With
respect to Receivables that constitute an instrument or tangible chattel paper, either: 
 (i) Such instruments or tangible chattel paper are
in the possession of the Servicer and the Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer (in its capacity as custodian) is holding such instruments or tangible chattel paper solely on behalf and for the
benefit of the Indenture Trustee, as pledgee of the Issuer; or 
 (ii) The Servicer received possession of such instruments or tangible
chattel paper after the Indenture Trustee received a written acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee, as pledgee of the Issuer. 

Priority 
 8. The Seller has not
authorized the filing of, and is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by
the Bank to the Seller under the Purchase Agreement, (ii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale Agreement, (iii) relating to the security interest granted to the Indenture Trustee under
the Indenture or (iv) that has been terminated. 
 9. The Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller.

 10. Neither the Seller nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

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

Survival of Perfection Representations 

12. Notwithstanding any other provision of the Agreement, the perfection representations, warranties and covenants contained in this Schedule II shall
be continuing, and remain in full force and effect until such time as all obligations under the Notes have been finally and fully paid and performed. 

  

					
		  	Schedule II-2	  	Form of Sale Agreement

 APPENDIX A 

DEFINITIONS 
 (see
attached) 

  

					
		  	Schedule II-3	  	Form of Sale Agreement

 APPENDIX A 

DEFINITIONS 
 The
following terms have the meanings set forth, or referred to, below: 
 “60-Day Delinquent
Receivables” means, as of any date of determination, all Receivables (other than Repurchased Receivables and Defaulted Receivables) that are sixty (60) or more days delinquent as of such date (or, if such date is not the last day of a
Collection Period, as of the last day of the Collection Period immediately preceding such date), as determined in accordance with the Servicer’s Customary Servicing Practices. 

“Accrued Class A Note Interest” means, with respect to any Payment Date, the sum of the Class A
Noteholders’ Monthly Accrued Interest for such Payment Date and the Class A Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Accrued Class B Note Interest” means, with respect to any Payment Date, the sum of the Class B
Noteholders’ Monthly Accrued Interest for such Payment Date and the Class B Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Accrued Class C Note Interest” means, with respect to any Payment Date, the sum of the Class C
Noteholders’ Monthly Accrued Interest for such Payment Date and the Class C Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Accrued Class D Note Interest” means, with respect to any Payment Date, the sum of the Class D
Noteholders’ Monthly Accrued Interest for such Payment Date and the Class D Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Act” has the meaning set forth in Section 11.3(a) of the Indenture. 

“Administration Agreement” means the Administration Agreement, dated as of the Closing Date, between the Administrator, the
Issuer and the Indenture Trustee, as the same may be amended and supplemented from time to time. 
 “Administrator” means
the Bank, or any successor Administrator under the Administration Agreement. 
 “Affiliate” means, for any specified
Person, any other Person which, directly or indirectly, controls, is controlled by or is under common control with such specified Person and “affiliated” has a meaning correlative to the foregoing. For purposes of this definition,
“control” means the power, directly or indirectly, to cause the direction of the management and policies of a Person. 

“Applicable Tax State” means, as of any date, each State as to which any of the following is then applicable:
(a) a State in which the Owner Trustee maintains its Corporate Trust Office, (b) a State in which the Owner Trustee maintains its principal executive offices, and (c) the States of [Virginia and Texas]. 

  

					
		  		  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Asset Representations Review Agreement” means the Asset Representations
Review Agreement, dated as of the date hereof, between the Issuer, the Servicer and the Asset Representations Reviewer. 
 “Asset
Representations Reviewer” means [            ], a [            ], or any successor Asset Representations Reviewer under
the Asset Representations Review Agreement. 
 “Asset Review” has the meaning assigned to such term in the Asset
Representations Review Agreement. 
 “Authenticating Agent” means any Person appointed by the Indenture Trustee at the
direction of the Issuer to act on behalf of the Indenture Trustee to authenticate and deliver the Notes. 
 “Authorized
Newspaper” means a newspaper of general circulation in the City of New York, printed in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays and holidays. 

“Authorized Officer” means (a) with respect to the Issuer, (i) any officer of the Owner Trustee who is authorized
to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from
time to time thereafter) or (ii) so long as the Administration Agreement is in effect, any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer pursuant to the Administration
Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Owner Trustee and the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and
(b) with respect to the Owner Trustee, the Indenture Trustee, the Note Registrar and the Servicer, any officer of the Owner Trustee, the Indenture Trustee, the Note Registrar or the Servicer, as applicable, who is authorized to act for the
Owner Trustee, the Indenture Trustee, the Note Registrar or the Servicer, as applicable, in matters relating to the Owner Trustee, the Indenture Trustee, the Note Registrar or the Servicer and who is identified on the list of Authorized
Officers delivered by each of the Owner Trustee, the Indenture Trustee and the Servicer to the Indenture Trustee on the Closing Date or by the Note Registrar on the date of its appointment as such (as such list may be modified or supplemented
from time to time thereafter). 
 “Available Funds” means, for any Payment Date and the related Collection Period, an
amount equal to the sum of the following amounts: (i) all Collections received by the Servicer during such Collection Period, (ii) the sum of the Repurchase Prices deposited into the Collection Account with respect to each Receivable that
is to become a Repurchased Receivable [during the related Collection Period][on such Payment Date], (iii) [the investment income accrued during such Collection Period from the investment of funds in the Trust Accounts, (iv)] the Optional Purchase
Price deposited into the Collection Account in connection with the exercise of the Optional Purchase [and] (v) the Reserve Account Excess Amount for such Payment Date[,(vi) the Net Swap Receipts (excluding Swap Termination Payments received
from the Swap Counterparty and deposited into the Swap Termination Payment Account), (vii) amounts on deposit in the Swap Termination Payment Account to the extent such amounts are 

  

					
		  	A-2	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 
required to be included in Available Funds pursuant to Section 8.8(d) of the Servicing Agreement and (viii) Swap Replacement Proceeds, to the extent required to be
included in Available Funds pursuant to Section 8.8(f) of the Servicing Agreement]. 
 “Available Funds
Shortfall Amount” means, as of any Payment Date, the amount by which the sum of the amounts required to be paid pursuant to clauses first through [ninth] of Section 8.5(a) of the Indenture exceeds the
Available Funds for such Payment Date. 
 “Bank” means Capital One, National Association, a national banking association,
and its successors and assigns. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. 101 et seq.,
as amended. 
 “Bankruptcy Event” means, with respect to any Person, (i) the filing of a decree or order for
relief by a court having jurisdiction in the premises in respect of such Person in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain
unstayed and in effect for a period of 90 consecutive days or (ii) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent
by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Person, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of
any of the foregoing. 
 “Bankruptcy Remote Party” means each of the Depositor, the Issuer, any other trust created by the
Depositor or any limited liability company or corporation wholly-owned by the Depositor. 
 “Benefit Plan” means
(i) any “employee benefit plan” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii) a “plan” as described by Section 4975(e)(1) of the Code, that is subject to Section 4975 of
the Code or (iii) any entity deemed to hold the plan assets of any of the foregoing by reason of such employee benefit plan’s or other plan’s investment in the entity. 

“Book-Entry Certificates” means the Certificates held by a Clearing Agency or its nominee and with respect to which
beneficial ownership and transfers thereof shall be made through book entries by a Clearing Agency as described in Section 3.3 of the Trust Agreement. 

“Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book
entries by a Clearing Agency as described in Section 2.10 of the Indenture. 

  

					
		  	A-3	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Business Day” means any day other than a Saturday, a Sunday or a day on
which banking institutions in the states of Delaware, Virginia, Texas or New York, or in the state in which the Corporate Trust Office of the Indenture Trustee is located, are authorized or obligated by law, executive order or government decree to
be closed. 
 “Capital One Parties” means collectively, the Bank, the Depositor and the Issuer. 

“Certificate” means a certificate substantially in the form of Exhibit A to the Trust Agreement evidencing a
beneficial interest in the Issuer. For the avoidance of doubt, the references in the Transaction Documents to a “Certificate” or a “Certificateholder”, unless the context otherwise requires, shall be deemed to be references to
“Certificates” or “Certificateholders” if more than one Certificate has been issued. 
 “Certificate
Distribution Account” means the account designated as such, established and maintained pursuant to Section 8.2(a)[(iv)][(v)] of the Indenture. 

“Certificate Investor Representation Letter” means a certificate investor representation letter, substantially in the form of
Exhibit B to the Trust Agreement. 
 “Certificate of Title” means, with respect to any Financed Vehicle, the
certificate of title or other documentary evidence of ownership of such Financed Vehicle as issued by the department, agency or official of the jurisdiction (whether in paper or electronic form) in which such Financed Vehicle is titled and which is
responsible for accepting applications for, and maintaining records regarding, certificates of title and liens thereon. 

“Certificate of Trust” means the certificate of trust for the Issuer filed on
[                    ], 20[    ] by the Owner Trustee pursuant to the Statutory Trust Statute. 

“Certificate Owner” means, with respect to a Book-Entry Certificate, the Person who is the beneficial owner of such
Book-Entry Certificate, as reflected on the books of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules
of such Clearing Agency). 
 “Certificate Paying Agent” means
[                    ] or any other Person appointed as the successor Certificate Paying Agent pursuant to Section 3.9 of
the Trust Agreement. 
 “Certificate Register” has the meaning set forth in Section 3.6 of the
Trust Agreement. 
 “Certificate Registrar” has the meaning set forth in Section 3.6 of the Trust
Agreement. 
 “Certificateholder” means, as of any date, the Person in whose name a Certificate is registered on the
Certificate Register on such date. 
 “Class” means a group of Notes whose form is identical except for variation in
denomination, principal amount or owner, and references to “each Class” thus mean each of the Class A-1 Notes, the
Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes. 

  

					
		  	A-4	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Class A Noteholders” means, collectively, the Class A-1 Noteholders, the Class A-2[-A] Noteholders, [the
Class A-2-B Noteholders,] the Class A-3 Noteholders and the Class A-4
Noteholders. 
 “Class A Noteholders’ Interest Carryover Shortfall” means, with respect to any
Payment Date, the excess of (A) the sum of (i) the Class A Noteholders’ Monthly Accrued Interest for the preceding Payment Date and (ii) any Class A Noteholders’ Interest Carryover Shortfall for the preceding
Payment Date, over (B) the amount in respect of interest that was actually paid to Noteholders of Class A Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class A Notes
on the preceding Payment Date, to the extent permitted by law, at the respective Interest Rates borne by such Class A Notes for the related Interest Period. 

“Class A Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the
aggregate interest accrued for the related Interest Period on the Class A-1 Notes, the Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes and the Class A-4 Notes at the
respective Interest Rate for such Class on the Note Balance of the Notes of each such Class as of the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the
Noteholders of the Notes of such Class on or prior to such preceding Payment Date. 
 “Class A
Notes” means, collectively, the Class A-1 Notes, the Class A-2[-A] Notes, [the
Class A-2-B Notes,] the Class A-3 Notes and the Class A-4 Notes. 

“Class A-1 Final Scheduled Payment Date” means the Payment Date
occurring in [            ]. 
 “Class A-1 Interest Rate” means [    ]% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year). 
 “Class A-1 Note
Balance” means, at any time, the Initial Class A-1 Note Balance reduced by all payments of principal made prior to such time on the Class A-1 Notes.

 “Class A-1 Noteholder” means the Person in whose name a Class A-1 Note is registered on the Note Register. 
 “Class A-1 Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-1 Notes, issued in accordance with the Indenture. 

“Class A-2[-A] Final Scheduled
Payment Date” means the Payment Date occurring in [            ]. 

“Class A-2[-A] Interest
Rate” means [    ]% per annum (computed on the basis of a 360-day year of twelve 30-day months). 

“Class A-2[-A] Note
Balance” means, at any time, the Initial Class A-2[-A] Note Balance reduced by all payments of principal made prior to such time on the Class A-2[-A] Notes. 

  

					
		  	A-5	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

“Class A-2[-A] Noteholder”
means the Person in whose name a Class A-2[-A] Note is registered on the Note Register. 

“Class A-2[-A] Notes”
means the Class of Auto Loan Asset Backed Notes designated as Class A-2[-A] Notes, issued in accordance with the Indenture. 

[“Class A-2-B Final Scheduled
Payment Date” means the Payment Date occurring in [            ].] 

[“Class A-2-B Interest
Rate” means LIBOR + [    ]% per annum (computed on the basis of the actual number of days elapsed, but assuming a 360-day year).] 

[“Class A-2-B Note
Balance” means, at any time, the Initial Class A-2-B Note Balance reduced by all payments of principal made prior to such time on the Class A-2-B Notes.] 
 [“Class A-2-B Noteholder” means the Person in whose name a Class A-2-B Note is
registered on the Note Register.] 

[“Class A-2-B Notes” means
the Class of Auto Loan Asset Backed Notes designated as Class A-2-B Notes, issued in accordance with the Indenture.] 

“Class A-3 Final Scheduled Payment Date” means the Payment Date
occurring in [            ]. 
 “Class A-3 Interest Rate” means [    ]% per annum (computed on the basis of a 360-day year of twelve 30-day
months). 
 “Class A-3 Note Balance” means, at any time, the
Initial Class A-3 Note Balance reduced by all payments of principal made prior to such time on the Class A-3 Notes. 

“Class A-3 Noteholder” means the Person in whose name a Class A-3 Note is registered on the Note Register. 
 “Class A-3 Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-3 Notes, issued in accordance with the Indenture. 

“Class A-4 Final Scheduled Payment Date” means the Payment Date
occurring in [            ]. 
 “Class A-4 Interest Rate” means [    ]% per annum (computed on the basis of a 360-day year of twelve 30 day months). 

“Class A-4 Note Balance” means, at any time, the Initial Class A-4 Note Balance reduced by all payments of principal made prior to such time on the Class A-4 Notes. 

“Class A-4 Noteholder” means the Person in whose name a Class A-4 Note is registered on the Note Register. 

  

					
		  	A-6	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Class A-4
Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-4 Notes, issued in accordance with the Indenture. 

“Class B Final Scheduled Payment Date” means the Payment Date occurring in
[            ]. 
 “Class B Interest Rate”
means [    ]% per annum (computed on the basis of a 360-day year of twelve 30-day months). 

“Class B Note Balance” means, at any time, the Initial Class B Note Balance reduced by all payments
of principal made prior to such time on the Class B Notes. 
 “Class B Noteholder” means the Person
in whose name a Class B Note is registered on the Note Register. 
 “Class B Noteholders’ Interest
Carryover Shortfall” means, with respect to any Payment Date, the excess of (A) the sum of (i) the Class B Noteholders’ Monthly Accrued Interest for the preceding Payment Date and (ii) any Class B
Noteholders’ Interest Carryover Shortfall for the preceding Payment Date, over (B) the amount in respect of interest that was actually paid to Noteholders of Class B Notes on such preceding Payment Date, plus interest on the amount of
interest due but not paid to Noteholders of Class B Notes on the preceding Payment Date, to the extent permitted by law, at the Interest Rate borne by such Class B Notes for the related Interest Period. 

Class B Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate
interest accrued for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to
all payments of principal to the Class B Noteholders on or prior to such preceding Payment Date. 
 “Class B
Notes” means the Class of Auto Loan Asset Backed Notes designated as Class B Notes, issued in accordance with the Indenture. 

“Class C Final Scheduled Payment Date” means the Payment Date occurring in
[            ]. 
 “Class C Interest Rate”
means [    ]% per annum (computed on the basis of a 360-day year of twelve 30-day months). 

“Class C Note Balance” means, at any time, the Initial Class C Note Balance reduced by all payments
of principal made prior to such time on the Class C Notes. 
 “Class C Noteholder” means the Person
in whose name a Class C Note is registered on the Note Register. 

  

					
		  	A-7	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Class C Noteholders’ Interest Carryover Shortfall”
means, with respect to any Payment Date, the excess of (A) the sum of (i) the Class C Noteholders’ Monthly Accrued Interest for the preceding Payment Date and (ii) any Class C Noteholders’ Interest Carryover
Shortfall for the preceding Payment Date, over (B) the amount in respect of interest that was actually paid to Noteholders of Class C Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to
Noteholders of Class C Notes on the preceding Payment Date, to the extent permitted by law, at the Interest Rate borne by such Class C Notes for the related Interest Period. 

“Class C Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the
aggregate interest accrued for the related Interest Period on the Class C Notes at the Class C Interest Rate on the Class C Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving
effect to all payments of principal to the Class C Noteholders on or prior to such preceding Payment Date. 

“Class C Notes” means the Class of Auto Loan Asset Backed Notes designated as Class C Notes,
issued in accordance with the Indenture. 
 “Class D Final Scheduled Payment Date” means the Payment
Date occurring in [            ]. 
 “Class D
Interest Rate” means [    ]% per annum (computed on the basis of a 360-day year of twelve 30-day months). 

“Class D Note Balance” means, at any time, the Initial Class D Note Balance reduced by all payments
of principal made prior to such time on the Class D Notes. 
 “Class D Noteholder” means the Person
in whose name a Class D Note is registered on the Note Register. 
 “Class D Noteholders’ Interest
Carryover Shortfall” means, with respect to any Payment Date, the excess of (A) the sum of (i) the Class D Noteholders’ Monthly Accrued Interest for the preceding Payment Date and (ii) any Class D
Noteholders’ Interest Carryover Shortfall for the preceding Payment Date, over (B) the amount in respect of interest that was actually paid to Noteholders of Class D Notes on such preceding Payment Date, plus interest on the amount of
interest due but not paid to Noteholders of Class D Notes on the preceding Payment Date, to the extent permitted by law, at the Interest Rate borne by such Class D Notes for the related Interest Period. 

“Class D Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the
aggregate interest accrued for the related Interest Period on the Class D Notes at the Class D Interest Rate on the Class D Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving
effect to all payments of principal to the Class D Noteholders on or prior to such preceding Payment Date. 

“Class D Notes” means the Class of Auto Loan Asset Backed Notes designated as Class D Notes,
issued in accordance with the Indenture. 

  

					
		  	A-8	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act and shall initially be DTC. 
 “Clearing Agency Participant”
means a broker, dealer, bank or other financial institution or other Person for which from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Closing Date” means [            ],
20[    ]. 
 “Code” means the Internal Revenue Code of 1986, as amended, modified or supplemented from
time to time, and any successor law thereto, and the regulations promulgated and the rulings issued thereunder. 

“Collateral” has the meaning set forth in the Granting Clause of the Indenture. 

“Collection Account” means the trust account established and maintained pursuant to
Section 8.2(a)(i) of the Indenture. 
 “Collection Period” means the period commencing on the
first day of each calendar month and ending on the last day of such calendar month (or, in the case of the initial Collection Period, the period commencing on the close of business on the [Initial] Cut-Off
Date and ending on [            ], 20[    ]). As used herein, the “related” Collection Period with respect to [any date of determination or] a Payment Date
shall be deemed to be the Collection Period which precedes [that date of determination or] such Payment Date. 

“Collections” means, with respect to the Receivables and to the extent received by the Servicer after the [applicable]
Cut-Off Date, the sum of (i) any monthly payment by or on behalf of the Obligors thereunder or any other amounts received by the Servicer which, in accordance with the Customary Servicing Practices, would
customarily be applied to the payment of accrued interest or to reduce the Outstanding Principal Balance of a Receivable, (ii) any full or partial prepayment of such Receivables and (iii) all Liquidation Proceeds; provided,
however, that the term “Collections” in no event will include (1) for any Payment Date, any amounts in respect of any Receivable the Repurchase Price of which has been included in the Available Funds on a prior
Payment Date, (2) any Supplemental Servicing Fees or (3) premiums with respect to any Insurance Policy, rebates of premiums with respect to the cancellation or termination of any Insurance Policy, extended warranty or service contract that
was not financed by, or is not included in the Outstanding Principal Balance of, any Receivable. 
 “Commission” means the
U.S. Securities and Exchange Commission. 
 “Computation Agent” means the Person appointed by a majority of the Noteholders
evidencing at least a majority of the Outstanding Note Balance (or, if no Notes are Outstanding, by the Majority Certificateholders) to fulfill the role of Computation Agent pursuant to Section 12.4 of the Indenture. For
the avoidance of doubt, the Indenture Trustee or Owner Trustee may (but are not required to) serve in this role, and the Indenture Trustee acting as Computation Agent will be entitled to a fee for such service pursuant to
Section 6.7 of the Indenture, and the Owner Trustee acting as Computation Agent will be entitled to a fee for such service pursuant to Section 8.1 of the Trust Agreement. 

  

					
		  	A-9	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Contract” means, with respect to any Receivable, the motor vehicle retail
installment sale contract and/or the installment loan, any amendments thereto and any related documentary draft, if applicable, evidencing such Receivable. 

“Contract Rate” means, with respect to a Receivable, the rate per annum at which interest accrues under the Contract
evidencing such Receivable. Such rate may be less than the “Annual Percentage Rate” disclosed in the Receivable. 

“Controlling Class” means, with respect to any Notes Outstanding, the Class A Notes (voting together as a single Class)
as long as any Class A Notes are Outstanding, and thereafter the Class B Notes as long as any Class B Notes are Outstanding, and thereafter the Class C Notes as long as any Class C Notes are Outstanding and thereafter the
Class D Notes as long as any Class D Notes are Outstanding, excluding, in each case, Notes held by the Servicer, the Administrator, the Issuer, any Certificateholder or any of their respective Affiliates. 

“Corporate Trust Office” means: 

(a) as used with respect to the Indenture Trustee, the principal office of the Indenture Trustee at which at any particular time its corporate
trust business shall be administered, which office at the date of the execution of the Indenture is located at [                ], Attention:
[                ], or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, [the Swap Counterparty,] the
Administrator, the Servicer and the Issuer, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Administrator, the Servicer and the Owner
Trustee); and 
 (b) as used with respect to Owner Trustee, the corporate trust office of the Owner Trustee located at
[                ], Attention: [                ], or at such other address as the Owner
Trustee may designate by notice to the Certificateholder and the Depositor, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder and the
Depositor). 
 “Cumulative Net Loss Ratio” means, as of any Determination Date, the ratio of (a) the aggregate
Outstanding Principal Balance of Receivables that became Defaulted Receivables which occurred during the period from the [Initial] Cut-Off Date through the end of the related Collection Period reduced by the
amount of Liquidation Proceeds with respect to Defaulted Receivables received during such period which are applied to principal of the Defaulted Receivables to [(b) the sum of (i)] the initial aggregate Outstanding Principal Balance of the [Initial]
Receivables [plus (ii) the initial aggregate Outstanding Principal Balance of the Subsequent Receivables as of their respective Subsequent Cut-Off Dates]. 

“Customary Servicing Practices” means the customary servicing practices of the Servicer or any
Sub-Servicer with respect to all comparable motor vehicle receivables that the Servicer or such Sub-Servicer, as applicable, services for itself or others (which
includes, or is modified with respect to the Receivables to include, that no modification to any Receivable is permitted other than a Permitted Modification), as such practices may be changed from time to time (except to the extent any such change
could result in the Issuer being treated as other than a fixed 

  

					
		  	A-10	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 
investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J, part
I, subpart E of the Code), it being understood that the Servicer and the Sub-Servicers may not have the same “Customary Servicing Practices”. 

“Cut-Off Date” means, [(i) with respect to any Receivable transferred on the Closing
Date, the Initial Cut-Off Date and (ii) with respect to Receivables transferred on any Funding Date, the applicable Subsequent Cut-Off Date]. 

“Dealer” means a motor vehicle dealership. 

“Default” means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default. 

“Defaulted Receivable” means, a Receivable (other than a Repurchased Receivable) that the Servicer has charged-off (in whole or in part) in accordance with its Customary Servicing Practices. 

“Definitive Certificates” has the meaning set forth in Section 3.3 of the Trust Agreement. 

“Definitive Note” has the meaning set forth in Section 2.10 of the Indenture. 

“Delinquency Percentage” means, for any Payment Date and the related Collection Period, an amount equal to the ratio
(expressed as a percentage) of (i) the aggregate Outstanding Principal Balance of all 60-Day Delinquent Receivables as of the last day of such Collection Period to (ii) the Net Pool Balance as of the
last day of such Collection Period. 
 “Delinquency Trigger” means, for any Payment Date and the related Collection Period,
[    ]%. 
 “Delivery” when used with respect to Trust Account Property means: 

(a) with respect to (I) bankers’ acceptances, commercial paper, negotiable certificates of deposit and other
obligations that constitute “instruments” as defined in Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer of actual possession thereof to the Indenture Trustee
or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian endorsed to the Indenture Trustee or its nominee or custodian or endorsed in blank, and (II) with respect to a “certificated
security” (as defined in Section 8-102(a)(4) of the UCC) transfer of actual possession thereof (i) by physical delivery of such certificated security to the Indenture Trustee or its nominee or
custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, or to another person, other than a “securities intermediary” (as defined in
Section 8-102(a)(14) of the UCC), who acquires possession of the certificated security on behalf of the Indenture Trustee or its nominee or custodian or, having previously acquired possession of the
certificate, acknowledges that it holds for the Indenture Trustee or its nominee or custodian or (ii) if such certificated security is in registered form, by delivery thereof to a “securities intermediary”, endorsed to or registered
in the name of the Indenture Trustee or its 

  

					
		  	A-11	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 
nominee or custodian, and the making by such “securities intermediary” of entries on its books and records identifying such certificated securities as belonging to the Indenture Trustee
or its nominee or custodian and the sending by such “securities intermediary” of a confirmation of the purchase of such certificated security by the Indenture Trustee or its nominee or custodian (all of the foregoing, “Physical
Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to
effect the complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 

(b) with respect to any securities issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation, the Federal
National Mortgage Association or the other government agencies, instrumentalities and establishments of the United States identified in Appendix A to Federal Reserve Bank Operating Circular No. 7 as in effect from time to time that is a
“book-entry security” (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account and eligible for transfer through the Fedwire®
Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC:
book-entry registration of such Trust Account Property to an appropriate securities account maintained with a Federal Reserve Bank by a “participant” (as such term is defined in Federal Reserve Bank Operating Circular No. 7) that is a
“depository institution” (as defined in Section 19(b)(1)(A) of the Federal Reserve Act) pursuant to applicable Federal regulations, and issuance by such depository institution of a deposit notice or other written confirmation of such
book-entry registration to the Indenture Trustee or its nominee or custodian of the purchase by the Indenture Trustee or its nominee or custodian of such book-entry securities; the making by such depository institution of entries in its books and
records identifying such book entry security held through the Federal Reserve System pursuant to Federal book-entry regulations or a security entitlement thereto as belonging to the Indenture Trustee or its nominee or custodian and indicating that
such depository institution holds such Trust Account Property solely as agent for the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of
ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 

(c) with respect to any item of Trust Account Property that is an “uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) and that is not governed by clause (b) above, (i) registration on the books and records of the issuer thereof in the name of the Indenture Trustee or its nominee or
custodian, or (ii) registration on the books and records of the issuer thereof in the name of another person, other than a securities intermediary, who acknowledges that it holds such uncertificated security for the benefit of the Indenture
Trustee or its nominee or custodian. 

  

					
		  	A-12	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Depositor” means Capital One Auto Receivables, LLC, a Delaware limited
liability company. 
 “Depository Agreement” means the agreement, dated as of the Closing Date, executed by the Issuer in
favor of DTC, as initial Clearing Agency, relating to the Notes [and the Certificates], as the same may be amended or supplemented from time to time. 

“Determination Date” means, for any Collection Period, the third Business Day preceding the related Payment Date, beginning
[            ], 20[    ]. 
 “Disqualified
Transferee” has the meaning set forth in Section 3.7 of the Trust Agreement. 
 “Dollar”
and “$” mean lawful currency of the United States of America. 
 “Domestic Corporation” means an entity
that is treated as a corporation for United States federal income tax purposes and is a U.S. Tax Person. 
 “DTC” means The
Depository Trust Company, and its successors. 
 “Eligible Account” means either (a) a segregated account with an
Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution acting in its fiduciary capacity organized under the laws of the United States of America or any one of the states thereof or
the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit
rating from each Rating Agency in one of its generic rating categories which signifies investment grade. Any such trust account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if such accounts
meet the requirements described in clause (b) of the preceding sentence. 
 “Eligible
Institution” means (a) the corporate trust department of the Indenture Trustee or (b) a depository institution or trust company (other than any Affiliate of Capital One Financial Corporation) (which may be the Owner Trustee or any
of its Affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank) (i) which at all times has either (A) a long-term senior
unsecured debt rating of “[            ]” or better by [            ],
“[            ]” or better by [            ] or
[            ] or better by [            ], if rated by
[            ] or such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Issuer or the Indenture Trustee or (B) a
certificate of deposit rating of “[            ]” by [            ],
“[            ]” by [            ] or [            ] by
[            ], if rated by [            ]or (C) such other rating that is acceptable to each Rating Agency, as evidenced by
a letter from such Rating Agency to the Issuer or the Indenture Trustee and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation. 

“Eligible Receivable” means a Receivable meeting all of the criteria set forth on Schedule II of
the Purchase Agreement as of the Closing Date [or the applicable Funding Date, as the case may be]. 

  

					
		  	A-13	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended and any successor law thereto, and the regulations promulgated and rulings issued thereunder. 
 “Event of Default”
has the meaning set forth in Section 5.1 of the Indenture. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “Exchange Act Reports” means any reports on Form
10-D, Form 8-K and Form 10-K filed or to be filed by the Seller with respect to the Issuer under the Exchange Act. 

“FATCA” means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations
thereunder or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any published intergovernmental agreement entered into in connection with the implementation of the foregoing and any
fiscal or regulatory legislation, rules or official practices adopted pursuant to such published intergovernmental agreement. 

“FATCA Withholding Tax” means any withholding or deduction required pursuant to FATCA. 

“FDIC” means the Federal Deposit Insurance Corporation. 

“FDIC Rule” means the FDIC’s rule regarding the treatment by the FDIC, as receiver or conservator of an insured
depository institution, of financial assets transferred by the institution in connection with a securitization or participation (12 C.F.R. § 360.6). 

“Final Scheduled Payment Date” means, with respect to (i) the Class A-1
Notes, the Class A-1 Final Scheduled Payment Date, (ii) the Class A-2[-A] Notes, the Class A-2[-A] Final Scheduled Payment Date, [(iii) the Class A-2-B Notes, the Class A-2-B Final Scheduled Payment Date,] (iv) the Class A-3 Notes, the
Class A-3 Final Scheduled Payment Date, (v) the Class A-4 Notes, the Class A-4 Final Scheduled Payment Date,
(vi) the Class B Notes, the Class B Final Scheduled Payment Date, (vii) the Class C Notes, the Class C Final Scheduled Payment Date and (viii) the Class D Notes, the Class D Final Scheduled Payment Date.

 “Financed Vehicle” means a new or used automobile, light-duty truck, SUV or van, together with all accessions thereto,
securing an Obligor’s indebtedness under the applicable Receivable. 
 “First Allocation of Principal” means,
for any Payment Date, an amount not less than zero equal to the excess, if any, of (a) the Note Balance of the Class A Notes as of such Payment Date (before giving effect to any principal payments made on the Class A Notes on such
Payment Date) over (b) [the sum of (i)] the Net Pool Balance as of the end of the related Collection Period [plus (ii) amounts, if any, on deposit in the Pre-Funding Account as of the end of the
related Collection Period minus (iii) the YSOC Amount]; provided, however, that the “First Allocation of Principal” shall not exceed the Note Balance of the Class A Notes; provided, further, that the
“First Allocation of Principal” for any Payment Date on and after the Final Scheduled Payment Date for any Class of Class A Notes shall not be less than the amount that is necessary to reduce the Note Balance of that
Class of Class A Notes to zero. 

  

					
		  	A-14	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Form 10-D Disclosure Item” means,
with respect to any Person, (a) any legal proceedings pending against such Person or of which any property of such Person is then subject, or (b) any proceedings known to be contemplated by governmental authorities against such Person or
of which any property of such Person would be subject, in each case that would be material to the Noteholders. 
 “Fourth Allocation
of Principal” means, for any Payment Date, an amount not less than zero equal to the excess, if any, of (a) the sum of the Note Balance of the Class A Notes, the Class B Notes, the Class C Notes and the Class D
Notes minus the sum of the First Allocation of Principal, the Second Allocation of Principal and the Third Allocation of Principal for that Payment Date as of such Payment Date (before giving effect to any principal payments made on the Notes on
such Payment Date) over [(b) the sum of (i)] the Net Pool Balance as of the end of the related Collection Period [plus (ii) amounts, if any, on deposit in the Pre-Funding Account as of the end
of the related Collection Period minus (iii) the YSOC Amount]; provided, however, that the; provided, however, that the “Fourth Allocation of Principal” on and after the Final Scheduled Payment Date for the
Class D Notes shall not be less than the amount that is necessary to reduce the Note Balance of the Class D Notes to zero (after the application of the First Allocation of Principal, Second Allocation of Principal and Third Allocation of
Principal). 
 [“Funding Date” means a date occurring not more than once per calendar week during the Funding Period and on
which some or all of the Subsequent Receivables are transferred to the Issuer.] 
 [“Funding Period” means the period
beginning on the Closing Date and ending upon the earliest to occur of (i) [            ], 20[    ], (ii) the date upon which an Event of Default occurs and
(iii) the date on which the amount on deposit in the Pre-Funding Account has been reduced to $[            ] or less.] 

“GAAP” means generally accepted accounting principles in the USA, applied on a materially consistent basis. 

“Governmental Authority” means any (a) Federal, state, municipal, foreign or other governmental entity, board, bureau,
agency or instrumentality, (b) administrative or regulatory authority (including any central bank or similar authority) or (c) court or judicial authority. 

“Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, grant a
Lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all
rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral
and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise and generally
to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. Other forms of the verb “to Grant” shall have correlative meanings. 

  

					
		  	A-15	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Holder” means, as the context may require, a Certificateholder or a
Noteholder or both. 
 “Indenture” means the Indenture, dated as of the Closing Date, between the Issuer and Indenture
Trustee, as the same may be amended and supplemented from time to time. 
 [“Indenture Secured Parties” shall mean the
Noteholders and the Swap Counterparty.] 
 “Indenture Trustee” means
[            ], a [            ] organized under the laws of the state of
[            ], not in its individual capacity but as indenture trustee under the Indenture, or any successor trustee under the Indenture. 

“Independent” means, when used with respect to any specified Person, that such Person (i) is in fact independent of the
Issuer, any other obligor upon the Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor
upon the Notes, the Administrator or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor upon the Notes, the Administrator or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 
 “Independent
Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture,
made by an independent appraiser or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Appendix A and that the signer is
Independent within the meaning thereof. 
 “Initial Class A-1 Note
Balance” means $[            ]. 
 “Initial
Class A-2[-A] Note Balance” means $[            ]. 

[“Initial Class A-2-B Note
Balance” means $[            ].] 
 “Initial
Class A-3 Note Balance” means $[            ]. 

“Initial Class A-4 Note Balance” means
$[            ]. 
 “Initial Class B Note
Balance” means $[            ]. 
 [“Initial Cut-Off
Date” means [            ], 20[    ].] 

[“Initial Interest Rate Swap Agreement” means the ISDA Master Agreement, dated as of the Closing Date, between the Initial
Swap Counterparty and the Issuer, the Schedule thereto, dated as of the Closing Date, the Credit Support Annex, and the Confirmations thereto, dated as of the Closing Date and entered into pursuant to such ISDA Master Agreement, as the same may be
amended from time to time in accordance with the terms thereof.] 

  

					
		  	A-16	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Initial Note Balance” means, for any Class, the Initial Class A-1 Note Balance, the Initial Class A-2[-A] Note Balance, [the Initial Class A-2-B Note Balance,] the Initial Class A-3 Note Balance, the Initial Class A-4 Note Balance, the Initial
Class B Note Balance, the Initial Class C Note Balance and the Initial Class D Note Balance, as applicable, or with respect to the Notes generally, the sum of the foregoing. 

[“Initial Pre-Funding Account Deposit Amount” means an amount equal to $0.] 

[“Initial Purchased Assets” has the meaning set forth in Section 2.1 of the Purchase Agreement.]

 [“Initial Receivables” means the Receivables transferred by the Depositor to the Issuer on the Closing Date.] 

“Initial Reserve Account Deposit Amount” means an amount equal to
$[            ], which amount includes the Negative Carry Amount. 

[“Initial Swap Counterparty” means [            ], as the swap
counterparty under the Initial Interest Rate Swap Agreement.] 
 [“Initial Transferred Assets” means (a) the Initial
Purchased Assets, (b) all of the Depositor’s rights under the Purchase Agreement and (c) all proceeds of the foregoing.] 

“Instituting Noteholders” has the meaning set forth in Section 7.6(a) of the Indenture. 

“Insurance Policy” means (i) any theft and physical damage insurance policy maintained by or on behalf of the Obligor
under a Receivable, providing coverage against loss or damage to or theft of the related Financed Vehicle, (ii) any credit life or credit disability insurance maintained by or on behalf of an Obligor in connection with any Receivable and
(iii) any vendor’s single interest policy provided by an Affiliate of the Bank in connection with any Receivable. 

“Interest Period” means with respect to any Payment Date, (a) with respect to the
Class A-1 Notes [and the Class A-2-B Notes], from and including the Closing Date (in the case of the first Payment
Date) or from and including the most recent Payment Date to but excluding that Payment Date (for example, for a Payment Date in June, the Interest Period is from and including the Payment Date in May to but excluding the Payment Date in June) and
(b) for the Class A-2[-A] Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes and the
Class D Notes, from and including the [    ] day of the calendar month preceding such Payment Date (or from and including the Closing Date in the case of the first Payment Date) to but excluding the
[    ] day of the month in which such Payment Date occurs. 
 “Interest Rate” means (a) with
respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with respect to the
Class A-2[-A] Notes, the Class A-2[-A] Interest Rate, [(c) with respect to the Class A-2-B Notes, the Class A-2-B Interest Rate,] (d) with respect to the Class A-3 Notes, the Class A-3 Interest Rate, (e) with respect to the Class A-4 Notes, the Class A-4 Interest Rate, (f) with respect to the Class B Notes, the Class B Interest Rate (g) with respect to the Class C Notes, the Class C Interest Rate or (h) with respect
to the Class D Notes, the Class D Interest Rate. 

  

					
		  	A-17	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 [“Interest Rate Swap Agreement” means the Initial Interest Rate Swap
Agreement and any Replacement Interest Rate Swap Agreement.] 
 “Investment Company Act” means the Investment Company Act
of 1940, as amended. 
 “Issuer” means Capital One Prime Auto Receivables Trust
20[    ]-[    ], a Delaware statutory trust established pursuant to the Trust Agreement and the filing of the Certificate of Trust, until a successor replaces it and, thereafter, means such successor. 

“Issuer Order” and “Issuer Request” means a written order or request of the Issuer signed in the name of the
Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “Item 1119 Party” means the
Depositor, the Bank, the Servicer, the Indenture Trustee, the Owner Trustee, the Asset Representations Reviewer, [the Swap Counterparty,] any underwriter of the Notes and any other material transaction party identified by the Depositor, the Bank or
to the Indenture Trustee and the Owner Trustee in writing. 
 [“LIBOR” means, with respect to any Interest Period, the
London interbank offered rate for deposits in U.S. dollars having a maturity of one month commencing on the related LIBOR Determination Date which appears on the Reuters Screen LIBOR 01 Page as of 11:00 a.m., London time, on such LIBOR Determination
Date; provided, however, for the first Interest Period LIBOR shall mean an interpolated rate for deposits based on London interbank offered rates for deposits in U.S. dollars for a period that corresponds to the actual number of days
in the first Interest Period. If the rates used to determine LIBOR do not appear on the Reuters Screen LIBOR 01 Page, the rates for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having a maturity of one
month and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the reference banks. The Indenture Trustee will
request the principal London office of each of such reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001),
with five one-millionths of a percentage point rounded upward, of all such quotations. If fewer than two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000
of 1.00% (0.0000001), with five one-millionths of a percentage point rounded upward, of the offered per annum rates that one or more leading banks in New York City, selected by the Indenture Trustee (after
consulting with the Depositor), are quoting as of approximately 11:00 a.m., New York City time, on such LIBOR Determination Date to leading European banks for United States dollar deposits for that maturity; provided that if the banks
selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. The reference banks are the four major banks in the London interbank
market selected by the Indenture Trustee (after consultation with the Depositor).] 

  

					
		  	A-18	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 [“LIBOR Determination Date” means the second London Business Day prior to
the Closing Date with respect to the first Payment Date and, as to each subsequent Payment Date, the second London Business Day prior to the immediately preceding Payment Date.] 

“Lien” means, for any asset or property of a Person, a lien, security interest, mortgage, pledge or encumbrance in, of or on
such asset or property in favor of any other Person, except any Permitted Lien. 
 “Liquidation Expenses” means, with
respect to any Defaulted Receivable and any Receivable for which the related Financed Vehicle has been repossessed and reinstated (or attempted to be repossessed), any expenses (including, without limitation, any auction, painting, repair or
refurbishment expenses in respect of the related Financed Vehicle) incurred by the Servicer in connection with the collection of such Receivable or the repossession or liquidation of the related Financed Vehicle. 

“Liquidation Proceeds” means, with respect to any Defaulted Receivable, (a) insurance proceeds received by the Servicer
with respect to the Insurance Policies, (b) amounts received by the Servicer in connection with such Receivable pursuant to the exercise of rights under that Receivable and (c) the monies collected by the Servicer (from whatever source,
including proceeds of a sale of a Financed Vehicle, a deficiency balance recovered from the Obligor after the charge-off of such Receivable or as a result of any recourse against the related Dealer, if any) on
such Receivable other than any monthly payments by or on behalf of the Obligor thereunder or any full or partial prepayment of such Receivable, in the case of each of the foregoing clauses (a) through (c), net of any outstanding related
Liquidation Expenses and any payments required by law to be remitted to the Obligor; provided, however, that the Repurchase Price for any Receivable shall not constitute “Liquidation Proceeds”. 

[“London Business Day” means any day other than a Saturday, Sunday or day on which banking institutions in London, England
are authorized or obligated by law or government decree to be closed.] 
 “Majority Certificateholders” means
Certificateholders holding in the aggregate more than 50% of the Percentage Interests. 
 [“Negative Carry Amount” means
$[            ].] 
 “Net Pool Balance” means, as of any date,
the aggregate Outstanding Principal Balance of all Receivables (other than Defaulted Receivables) of the Issuer on such date. 

[“Net Swap Payment” means for the Interest Rate Swap Agreement, the net amounts owed by the Issuer to the Swap Counterparty,
if any, on any Swap Payment Date, excluding Swap Termination Payments.] 
 [“Net Swap Receipts” means for the Interest Rate
Swap Agreement, the net amounts owed by the Swap Counterparty to the Issuer, if any, on any Swap Payment Date, including, without limitation, any Swap Termination Payments.] 

  

					
		  	A-19	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Note” means a Class A-1 Note,
Class A-2[-A] Note, [Class A-2-B Note,]
Class A-3 Note, Class A-4 Note, Class B Note, Class C Note or Class D Note, in each case substantially in the forms of Exhibit A to the
Indenture. 
 “Note Balance” means, with respect to any date of determination, for any Class, the Class A-1 Note Balance, the Class A-2[-A] Note Balance, [the
Class A-2-B Note Balance,] the Class A-3 Note Balance, the Class A-4 Note
Balance, the Class B Note Balance, the Class C Note Balance or the Class D Note Balance, as applicable, or with respect to the Notes generally, the sum of all of the foregoing. 

“Note Factor” means, with respect to the Notes or any Class of Notes on any Payment Date, a six-digit decimal figure equal to the Note Balance of the Notes or such Class of Notes, as applicable, as of the end of the preceding Collection Period divided by the Note Balance of the Notes or such
Class of Notes, as applicable, as of the Closing Date. The Note Factor will be 1.000000 as of the Closing Date; thereafter, the Note Factor will decline to reflect reductions in the Note Balance of the Notes or such Class of Notes, as
applicable. 
 “Noteholder” means, as of any date, the Person in whose name a Note is registered on the Note Register on
such date. 
 “Noteholder Direction” has the meaning set forth in Section 7.6(a) of the
Indenture. 
 “Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such
Book-Entry Note, as reflected on the books of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of
such Clearing Agency). 
 “Note Register” and “Note Registrar” have the respective meanings set forth in
Section 2.4 of the Indenture. 
 [“Notice of Funding Date” means a notice in the form of
Exhibit B to the Sale Agreement.] 
 “Obligor” means, for any Receivable, each Person obligated to pay such
Receivable. 
 “Officer’s Certificate” means (i) with respect to the Issuer, a certificate signed by any
Authorized Officer of the Issuer and (ii) with respect to the Depositor or the Servicer, a certificate signed by any Responsible Officer thereof. 

“Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in the
Indenture or any other applicable Transaction Document, be employees of or counsel to the Issuer, the Servicer, the Depositor or the Administrator, and which opinion or opinions comply with any applicable requirements of the Transaction Documents
and are in form and substance reasonably satisfactory to the recipient(s). Opinions of Counsel need address matters of law only and may be based upon stated assumptions as to relevant matters of fact. 

  

					
		  	A-20	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Optional Purchase” has the meaning set forth in
Section 7.1 of the Servicing Agreement. 
 “Optional Purchase Price” has the meaning set forth in
Section 7.1 of the Servicing Agreement. 
 “Originator” means Capital One, National Association.

 “Other Assets” means any assets (or interests therein) (other than the Trust Estate) conveyed or purported to be
conveyed by the Depositor to another Person or Persons other than the Issuer, whether by way of a sale, capital contribution or by virtue of the granting of a lien. 

“Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class) theretofore authenticated and delivered
under the Indenture except: 
 (i) Notes (or Notes of an applicable Class) theretofore cancelled by the Note Registrar or delivered to the
Note Registrar for cancellation; 
 (ii) Notes (or Notes of an applicable Class) or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been made); and 
 (iii) Notes (or Notes
of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are
held by a bona fide purchaser; 
 provided, that in determining whether Noteholders holding the requisite Note Balance have given any request,
demand, authorization, direction, notice, consent, vote or waiver hereunder or under any Transaction Document, Notes owned by the Issuer, the Depositor, any Certificateholder, the Servicer, the Administrator, the Asset Representations Reviewer
or any of their respective Affiliates shall be disregarded and deemed not to be Outstanding unless all of the Notes are then owned by the Issuer, the Depositor, any Certificateholder, the Servicer, the Administrator, the Asset Representations
Reviewer or any of their respective Affiliates, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, vote or waiver, only Notes that a
Responsible Officer of the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee thereof establishes to the satisfaction of the
Indenture Trustee such pledgee’s right so to act with respect to such Notes and that such pledgee is not the Issuer, the Depositor, any Certificateholder, the Seller, the Servicer, the Administrator, the Asset Representations Reviewer or any of
their respective Affiliates. 
 “Outstanding Principal Balance” means, with respect to any Receivable as of any date, the
outstanding principal balance of such Receivable calculated in accordance with the Customary Servicing Practices. 

  

					
		  	A-21	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Owner Trustee” means
[            ], a [            ], not in its individual capacity but solely as owner trustee under the Trust Agreement, and any
successor Owner Trustee thereunder. 
 “Paying Agent” means (i) prior to the payment in full of principal and interest
on the Notes, the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee set forth in Section 6.11 of the Indenture and is authorized by the Issuer to make the payments to and
distributions from the Collection Account and the Principal Distribution Account, including the payment of principal of or interest on the Notes on behalf of the Issuer and (ii) following the payment in full of principal and interest on the
Notes, the Certificate Paying Agent or any other Person appointed as the successor Certificate Paying Agent pursuant to Section 3.9 of the Trust Agreement. 

“Payment Date” means the [    ] day of each calendar month beginning
[            ], 20[    ]; provided, however, whenever a Payment Date would otherwise be a day that is not a Business Day, the Payment Date shall be the
next Business Day. As used herein, the “related” Payment Date with respect to a Collection Period shall be deemed to be the Payment Date which immediately follows such Collection Period. 

“Payment Default” has the meaning set forth in Section 5.4(a) of the Indenture. 

“Percentage Interest” means, with respect to a Certificate, the individual percentage interest of such Certificate, which
shall be specified on the face thereof and which shall represent the percentage of certain distributions of the Issuer beneficially owned by such Certificateholder. The sum of the Percentage Interests for all of the Certificates shall be 100%. 

“Permitted Investments” means any one or more of the following types of investments: 

(a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America; 

(b) demand deposits, money market deposit accounts, time deposits or certificates of deposit of any depository institution (including, the
Servicer, the Indenture Trustee or the Owner Trustee or any of their respective Affiliates) or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any domestic branch of a
foreign bank) and subject to supervision and examination by Federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation
referred to in clause (a) above or a portion of such obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be
made again each time funds are reinvested following each Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than
such depository institution or trust company) of such depository institution or trust company shall have a credit rating from [            ] of at least
[            ] and from [            ]of [            ]; 

(c) commercial paper (including commercial paper of any Affiliate of the Seller, the Servicer, the Bank, the Indenture Trustee or the
Owner Trustee or any of their respective Affiliates) having, at the time of the investment or contractual commitment to invest therein, a rating from [            ] of at least
[            ] and from [            ]of [            ]; 

  

					
		  	A-22	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 (d) investments in money market funds (including funds for which the Seller, the Servicer,
the Bank, the Indenture Trustee or Owner Trustee or any of their respective Affiliates is investment manager or advisor) having a rating from [            ] of at least
[            ] and from [            ]of [            ]; and 

(e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; 

provided that, in each case, no withholding tax would be imposed if acquired directly by a person not described in Section 7701(a)(30) of the Code
assuming such person delivered a properly completed and executed IRS Form W-8BEN or W-8BEN-E (as applicable). 

Each of the Permitted Investments may be purchased from the Indenture Trustee or through an Affiliate of the Indenture Trustee. 

“Permitted Liens” means (a) any liens created by the Transaction Documents, (b) any liens for taxes not yet due and
payable or the amount of which is being contested in good faith by appropriate Proceedings, and (c) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees, repairmen and other like liens securing obligations which are not
due and payable or the amount or validity of which is being contested in good faith by appropriate Proceedings. 
 “Permitted
Modification” has the meaning set forth in Section 3.2 of the Servicing Agreement. 

“Person” means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint
stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 

“Physical Property” has the meaning specified in the definition of “Delivery” above. 

“Plan” means (i) any “employee benefit plan” as defined in Section 3(3) of ERISA, whether or not subject
to ERISA, (ii) a “plan” as described by Section 4975(e)(1) of the Code, whether or not subject to Section 4975 of the Code or (iii) any entity deemed to hold the plan assets of any of the foregoing by reason of such
employee benefit plan’s or other plan’s investment in the entity. 
 “Pool Factor” on a Payment Date means a six-digit decimal figure equal to the Net Pool Balance as of the end of the preceding Collection Period divided by the sum of (i) the aggregate Outstanding Principal Balance of the Receivables as of the Initial
Cut-Off Date plus (ii) the aggregate Outstanding Principal Balance of any Subsequent Receivables as of the applicable Subsequent Cut-Off Date. The Pool Factor will
be 1.000000 as of the Cut-Off Date; thereafter, the Pool Factor will decline to reflect reductions in the Net Pool Balance. 

  

					
		  	A-23	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Predecessor Note” means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; provided, however, for the purpose of this definition, any Note authenticated and delivered under
Section 2.5 of the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 

[“Pre-Funding Account” means the segregated trust account by that name established
and maintained pursuant to Section 8.2(a)(iv) of the Indenture.] 
 “Principal Distribution
Account” means the account by that name established and maintained pursuant to Section 8.2(a)(ii) of the Indenture. 

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“Purchase Agreement” means the Purchase Agreement, dated as of the Closing Date, between the Bank and the Depositor, as
amended, modified or supplemented from time to time. 
 “Purchased Assets” has the meaning set forth in
Section 2.2 of the Purchase Agreement. 
 “Qualified Dispute Resolution Professional” means an
attorney or retired judge that is independent, impartial, knowledgeable about and experienced with the laws of the State of New York, specializing in commercial litigation with at least 15 years of experience and whose name is on a list of neutral
parties maintained by the AAA. 
 “Qualified Institutional Buyer” means a “qualified institutional buyer” as
defined in Rule 144A. 
 “Rating Agency” means either or each of [        ],
[        ] or [        ], as indicated by the context. 

“Rating Agency Condition” means, with respect to any event or circumstance and each Rating Agency, either (a) written
confirmation (which may be in the form of a letter, press release or other publication, or a change in such Rating Agency’s published ratings criteria to this effect) by such Rating Agency that the occurrence of such event or circumstance will
not cause it to downgrade, qualify or withdraw its rating assigned to any of the Notes or (b) that such Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of such event or
circumstance (or, if ten days’ advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice that the occurrence of such event or circumstance will cause it to
downgrade, qualify or withdraw its rating assigned to the Notes. 
 “Receivable” means any Contract with respect to a new
or used automobile, light-duty truck, SUV or van, which shall appear on the Schedule of Receivables and all Related Security in connection therewith which has not been released from the lien of the Indenture. 

“Receivable Files” has the meaning set forth in Section 2.1(a) of the Servicing Agreement. 

  

					
		  	A-24	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 [“Receivables Purchase Price” means, with respect to any Subsequent
Receivables, [    ]% of the aggregate Outstanding Principal Balance of such Subsequent Receivables as of the related Subsequent Cut-Off Date (provided, however, that the
Receivables Purchase Price on the final Funding Date may be adjusted as agreed to by the Depositor and the Issuer to be less than [    ]% for the purpose of using all funds remaining on deposit in the Pre-Funding Account to purchase Subsequent Receivables).] 
 “Record Date” means, unless
otherwise specified in any Transaction Document, with respect to any Payment Date or Redemption Date, (i) for any Definitive Notes and for any Definitive Certificates, the close of business on the last Business Day of the calendar month
immediately preceding the calendar month in which such Payment Date or Redemption Date occurs and (ii) for any Book-Entry Notes and for any Book-Entry Certificates, the close of business on the Business Day immediately preceding such Payment
Date or Redemption Date. 
 “Records” means, for any Receivable, all contracts, books, records and other documents or
information (including computer programs, tapes, disks, software and related property and rights, to the extent legally transferable) relating to such Receivable or the related Obligor. 

“Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1 of the
Indenture, the Payment Date specified by the Administrator or the Issuer pursuant to Section 10.1 of the Indenture. 

“Redemption Price” means an amount equal to the sum of (a) the unpaid Note Balance of all Notes redeemed plus
(b) accrued and unpaid interest thereon at the applicable Interest Rate for the Notes being so redeemed, up to but excluding the Redemption Date. 

“Registered Holder” means the Person in whose name a Note is registered on the Note Register on the related Record Date. 

“Regular Principal Distribution Amount” means, for any Payment Date, an amount not less than zero equal to the excess of
(a) the excess of (A) the sum of the aggregate Note Balance of the Notes as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date) over (B) the Net Pool Balance as of the end of
the related Collection Period [plus amounts, if any, on deposit in the Pre-Funding Account as of the end of the related Collection Period], minus the Target Overcollateralization Amount over
(b) the sum of the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal and the Fourth Allocation of Principal for that Payment Date; provided, however, that the “Regular
Principal Distribution Amount” on and after the Final Scheduled Payment Date for any Class of Notes will not be less than the amount that is necessary to reduce the Note Balance of that Class to zero (after the application of the
First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal and the Fourth Allocation of Principal). 

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such regulation may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to
time. 

  

					
		  	A-25	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Related Security” means, for any Receivable, (i) the security
interest in the related Financed Vehicle, (ii) all rights of the Originator to proceeds from claims on any Insurance Policy, (iii) any other property securing the Receivables, (iv) all rights of the Originator to refunds in
connection with extended service agreements relating to Receivables and (v) all proceeds of the foregoing. 
 “Relevant
Trustee” means (i) prior to the payment in full of principal of and interest on the Notes, the Indenture Trustee and (ii) following the payment in full of principal of and interest on the Notes, the Owner Trustee; provided,
however, that with respect to any property that is under the joint or separate control of a co-trustee or separate trustee under the Trust Agreement or the Indenture, respectively, “Relevant
Trustee” shall refer to either or both of the Owner Trustee and such co-trustee or separate trustee or to either or both of the Indenture Trustee and such
co-trustee or separate trustee, as the case may be. 
 [“Replacement Interest Rate Swap
Agreement” means, with respect to any Swap Counterparty, any replacement Interest Rate Swap Agreement entered into pursuant to the conditions set forth in the Interest Rate Swap Agreement.] 

[“Replacement Swap Counterparty” means, with respect to any Swap Counterparty, any replacement Swap Counterparty under a
Replacement Interest Rate Swap Agreement that satisfies the conditions set forth in the Interest Rate Swap Agreement.] 

“Reportable Event” means any event required to be reported on Form 8-K, and in any
event, the following: 
 (a) entry into a material definitive agreement related to the Issuer, the Notes, the Receivables or
an amendment to a Transaction Document, even if the Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(2) of Regulation AB); 

(b) termination of a Transaction Document (other than by expiration of the agreement on its stated termination date or as
a result of all parties completing their obligations under such agreement), even if the Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB); 

(c) with respect to the Servicer only, the occurrence of a Servicer Replacement Event; 

(d) an Event of Default; 

(e) the resignation, removal, replacement or substitution of the Indenture Trustee or the Owner Trustee; and 

(f) with respect to the Indenture Trustee only, a required distribution to Holders of the Notes is not made as of the required
Payment Date under the Indenture. 

  

					
		  	A-26	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Repurchase Price” means, with respect to any Repurchased Receivable, a
price equal to the Outstanding Principal Balance of such Receivable plus any unpaid accrued interest related to such Receivable accrued to and including the earlier of (a) the end of the Collection Period preceding the date that such
Repurchased Receivable was purchased by the Bank or the Servicer, as applicable or (b) the end of the Collection Period preceding the date that such Repurchased Receivable was charged-off (in whole or in
part) by the Servicer in accordance with its Customary Servicing Practices. 
 “Repurchased Receivable” means a Receivable
purchased by the Bank pursuant to Section 3.4 of the Purchase Agreement or by the Servicer pursuant to Section 3.6 of the Servicing Agreement. 

“Requesting Investor” has the meaning set forth in Section 7.5(a) of the Indenture. 

“Requesting Party” has the meaning set forth in Section 3.11(a) of the Purchase Agreement. 

“Reserve Account” means the account designated as such, established and maintained pursuant to
Section 8.2(a)(iii) of the Indenture. 
 “Reserve Account Draw Amount” means, for any Payment
Date, the amount withdrawn from the Reserve Account, equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount on deposit in the Reserve Account on the Business Day prior to such
Payment Date. In addition, if the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments under clauses first through [ninth] and [eleventh] of Section 8.5(a)
of the Indenture would be sufficient to pay in full the aggregate unpaid Note Balance of all of the outstanding Classes of Notes, then the Reserve Account Draw Amount will, if so specified in the Servicer’s Report, include such additional
amount as may be necessary to pay all Outstanding Notes in full. 
 “Reserve Account Excess Amount” means, with respect to
any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account on the Business Day prior to that Payment Date, after giving effect to all deposits to and
withdrawals from the Reserve Account relating to that Payment Date, over (b) the Specified Reserve Account Balance with respect to that Payment Date; provided, however, that if such Payment Date is the Redemption Date, the
“Reserve Account Excess Amount” shall mean an amount equal to the amount of cash or other immediately available funds in the Reserve Account on that Payment Date after giving effect to all deposits to and withdrawals from the
Reserve Account relating to that Payment Date. 
 “Responsible Officer” means, (a) with respect to the Indenture
Trustee, any officer within the corporate trust department of the Indenture Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Indenture
Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject and who, in each case, shall have direct responsibility for the administration of 

  

					
		  	A-27	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 
the Indenture, (b) with respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee and having direct responsibility for the administration of the
Issuer, including any vice president, assistant vice president, assistant treasurer, assistant secretary, associate, trust officer or financial services officer, or any other officer customarily performing functions similar to those performed
by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, (c) with respect
to the Servicer, the Bank, the Seller or the Administrator, any officer of such Person having direct responsibility for the transactions contemplated by the Transaction Documents, including the president, treasurer, secretary or assistant
secretary, controller, managing vice president of capital markets, or any other officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (d) with respect to the Depositor, any officer of such Person having direct responsibility for the transactions
contemplated by the Transaction Documents, including the president, treasurer, secretary or assistant secretary, deputy controller, assistant vice president, or any other officer customarily performing functions similar to those performed by any of
the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Review Notice” is defined in Section 7.6 (b) of the Indenture. 

“Review Report” has the meaning assigned to such term in Section 1.01 of the Asset Representations
Review Agreement. 
 “Review Satisfaction Date” means, with respect to any Asset Review, the first date on which
(a) the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger and (b) a Noteholder Direction with respect to such Asset Review has occurred. 

“Rule 144A” means Rule 144A under the Securities Act and any successor rule thereto. 

“Rule 144A Information” means the information specified pursuant to Rule 144A(d)(4) of the Securities Act (or any successor
provision thereto). 
 “Rules” has the meaning set forth in Section 3.11(b) of the Purchase
Agreement. 
 “Sale Agreement” means the Sale Agreement, dated as of the Closing Date, between the Seller and the Issuer,
as amended, modified or supplemented from time to time. 
 “Sarbanes Certification” has the meaning set forth in
Section 8.19(b)(iii) of the Servicing Agreement. 
 “Sarbanes-Oxley Act” means the Sarbanes-Oxley
Act of 2002, as amended, modified or supplemented from time to time, and any successor law thereto. 
 “Schedule of
Receivables” means, [as the context may require, the electronic data file of (i) the schedule of Initial Receivables or Subsequent Receivables, as the case may be, transferred 

  

					
		  	A-28	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 
to the Issuer on the Closing Date or a Funding Date, respectively, or (ii) collectively, the schedule of all Receivables assigned to the Issuer by the Seller as of the date of determination,
with such additions and deletions as properly made pursuant to the Transaction Documents][ the schedule of Receivables transferred to the Issuer on the Closing Date]. 

“Second Allocation of Principal” means, for any Payment Date, an amount not less than zero equal to the excess, if
any, of (a) the sum of the Note Balance of the Class A Notes and the Class B Notes as of such Payment Date (before giving effect to any principal payments made on such Payment Date) minus the First Allocation of Principal for that
Payment Date over (b) [the sum of (i)] the Net Pool Balance as of the last day of the related Collection Period [plus (ii) amounts, if any, on deposit in the Pre-Funding Account as of the end of the
related Collection Period minus (iii) the YSOC Amount]; provided, however, that the “Second Allocation of Principal” on and after the Final Scheduled Payment Date for the Class B Notes shall not be less than the
amount that is necessary to reduce the Note Balance of the Class B Notes to zero (after the application of the First Allocation of Principal). 

“Section 385 Certificateholder” means a holder of a Certificate (or interest therein) that is (1) a
Domestic Corporation, (2) an entity (foreign or domestic) that (i) is treated as a partnership for United States federal income tax purposes and 80 percent or more of its ownership interests are controlled, directly or indirectly, by
an “expanded group,” within the meaning of Treasury Regulation Section 1.385-1(c)(4) and (ii) has an expanded group partner (as defined in Treasury Regulation
Section 1.385-3(g)(12)) that is a Domestic Corporation or (3) a disregarded entity or grantor trust of an entity described in clause (1) or (2). 

“Section 385 Controlled Partnership” has the meaning set forth in Treasury Regulation Section 1.385-1(c)(1) for a “controlled partnership”. 

“Section 385 Expanded Group” has the meaning set forth in Treasury Regulation Section 1.385-1(c)(4) for an “expanded group”. 
 “Section 941
Effective Date” has the meaning set forth in Section 12.4 of the Indenture. 

“Section 941 Rules” has the meaning set forth in Section 12.4 of the Indenture.

 “Securities Act” means the Securities Act of 1933, as amended. 

[“Senior Swap Termination Payment” means any payment which is pro rata with payments of interest on the Notes and is higher
in priority than payments of principal on the Notes that may be owed by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement that is not a Subordinated Swap Termination Payment.] 

“Servicer” means the Bank, initially, and any replacement Servicer appointed pursuant to the Servicing Agreement. 

  

					
		  	A-29	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Servicer Replacement Event” means any one or more of the following that
shall have occurred and be continuing: 
 (a) any failure by the Servicer to deliver or cause to be delivered any required payment to the
Indenture Trustee or the Owner Trustee for deposit into the Collection Account, which failure continues unremedied for five (5) Business Days after discovery thereof by a Responsible Officer of the Servicer or receipt by a Responsible
Officer of the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the Note Balance (or, if no Notes are Outstanding, from the Majority Certificateholders); 

(b) any failure by the Servicer to duly observe or perform in any material respect any other of its covenants or agreements in the Servicing
Agreement (other than Section 3.15 of the Servicing Agreement), which failure materially and adversely affects the rights of the Issuer or the Noteholders or the Certificateholders, and which continues unremedied for ninety
(90) days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the Note Balance (or, if no Notes are
Outstanding, from the Majority Certificateholders) (it being understood that no Servicer Replacement Event will result from a breach by the Servicer of any covenant for which the repurchase of the affected Receivable is specified as the sole remedy
pursuant to Section 3.6 of the Servicing Agreement); or 
 (c) the Servicer suffers a Bankruptcy Event; 

provided, that (A) any delay or failure of performance referred to in clause (a) above shall have been caused by force majeure or
other similar occurrence, the five Business Day grace period referred to in such clause (a) shall be extended for an additional sixty (60) calendar days and (B) if any delay or failure of performance referred to in clause
(b) above shall have been caused by force majeure or other similar occurrence, the ninety (90) day grace period referred to in clause (b) shall be extended for an additional sixty (60) calendar days. The existence or
occurrence of any “material instance of noncompliance” (within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event in clauses (a), or (b) above has occurred. 

“Servicing Agreement” means the Servicing Agreement, dated as of the Closing Date, among the Issuer, the Servicer and
the Indenture Trustee, as the same may be amended, modified or supplemented from time to time. 
 “Servicing Criteria”
means the “servicing criteria” set forth in Item 1122(d) of Regulation AB. 
 “Servicing Fee” means, for any
Payment Date, the product of (A) one-twelfth [(or, in the case of the first Payment Date, a fraction, the numerator of which is the number of days from but not including the Initial Cut-Off Date to and including the last day of the first Collection Period and the denominator of which is 360)], (B) the Servicing Fee Rate and (C) the Net Pool Balance as of the first day of the related
Collection Period (or, in the case of the first Payment Date, as of the Initial Cut-Off Date). The Servicing Fee for the first Payment Date shall be
$[            ]. 
 “Servicing Fee Rate” means
[    ]% per annum. 

  

					
		  	A-30	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Servicer’s Report” means the Servicer’s Report delivered
pursuant to Section 3.9(a) of the Servicing Agreement. 
 “Severely Distressed Receivable” means,
as of any date of determination, a Receivable (other than a Repurchased Receivable) (i) that is 60 or more days delinquent, (ii) that is a Defaulted Receivable, (iii) for which the Obligor is the subject of a bankruptcy or other
insolvency proceeding, (iv) for which the related Financed Vehicle has been repossessed (or for which the Servicer has initiated repossession proceedings) or (v) for which the related Financed Vehicle has been subject to theft or suffered
destruction or damage that would be determined to be beyond repair in accordance with Customary Servicing Practices. 
 “Similar
Law” means any federal, state, local or non-U.S. law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

“Simple Interest Method” means the method of calculating interest due on a motor vehicle receivable on a daily basis based on
the actual outstanding principal balance of the receivable on that date. 
 “Simple Interest Receivable” means any motor
vehicle receivable pursuant to which the payments due from the Obligors during any month are allocated between interest, principal and other charges based on the actual date on which a payment is received and for which interest is calculated using
the Simple Interest Method. 
 “Specified Reserve Account Balance” for any Payment Date means [the sum of (x]) the
greater of (a) [    ]% of the sum of [(i)] the Net Pool Balance as of the [Initial] Cut-Off Date[ and (ii) the initial aggregate Outstanding Principal Balance of all
Subsequent Receivables, calculated as of their respective Subsequent Cut-Off Dates, transferred on any Funding Date on or prior to that Payment Date] and (b) [    ]% of the Net Pool
Balance as of the last day of the preceding calendar month[, and (y) during the Funding Period, the Negative Carry Amount]; provided, however, that in no event will the “Specified Reserve Account Balance” for a Payment Date
exceed the aggregate Note Balance of the Class A Notes and the Class B Notes after giving effect to all payments on that Payment Date. 

“Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq. 

[“Subordinated Swap Termination Payment” means any payment which is subordinate to payments of principal and interest on the
Notes that may be owed by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement where the Swap Counterparty is the Defaulting Party or Sole Affected Party (other than with respect to illegality or a tax event) as each such term
is defined in the Interest Rate Swap Agreement.] 
 [“Subsequent Cut-Off Date”
means, with respect to any Subsequent Receivable, the date specified in the Notice of Funding Date related to such Subsequent Receivable.] 

[“Subsequent Purchased Assets” has the meaning set forth in Section 2.2 of the Purchase Agreement.]

  

					
		  	A-31	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 [“Subsequent Receivable” means a Receivable transferred to the Issuer by
the Depositor on a Funding Date.] 
 [“Subsequent Reserve Account Deposit Amount” means, with respect to a Funding Date, an
amount equal to [    ]% of the aggregate Outstanding Principal Balance of the Subsequent Receivables transferred on such Funding Date as of the related Subsequent Cut-Off Date.] 

[“Subsequent Transferred Assets” means (a) the Subsequent Purchased Assets, (b) all of the Depositor’s rights
under the Purchase Agreement and (c) all proceeds of the foregoing.] 

“Sub-Servicer” means any Affiliate of the Servicer or any sub-contractor to whom any or all duties of the Servicer (including, without limitation, its duties as custodian) under the Transaction Documents have been delegated in accordance with
Section 6.1 of the Servicing Agreement. 
 “Supplemental Servicing Fees” means any and all
(i) late fees, (ii) extension fees, (iii) non-sufficient funds charges, (iv) prepayment fees and (v) any and all other administrative fees or similar charges allowed by applicable law
with respect to any Receivable. 
 [“Swap Collateral Account” means a single, segregated trust account in the name of the
Indenture Trustee, which shall be designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 8.8(e) of the Indenture.] 

[“Swap Counterparty” means the Initial Swap Counterparty and any Replacement Swap Counterparty.] 

[“Swap Payment Date” means the date on which Net Swap Receipts or Net Swap Payments, as applicable, are made pursuant to the
Interest Rate Swap Agreement.] 
 [“Swap Replacement Proceeds” means any amounts received from a Replacement Swap
Counterparty in consideration for entering into a Replacement Interest Rate Swap Agreement for a terminated Interest Rate Swap Agreement.] 

[“Swap Termination Payment” means payment due to the Swap Counterparty by the Issuer or to the Issuer by the Swap
Counterparty, including interest that may accrue thereon, under the Interest Rate Swap Agreement due to a termination of the Interest Rate Swap Agreement due to an “event of default” or “termination event” under the Interest Rate
Swap Agreement.] 
 [“Swap Termination Payment Account” means a single segregated trust account held in the United States
in the name of the Indenture Trustee which shall be held in trust for the benefit of the Noteholders pursuant to Section 8.8(b) of the Indenture.] 

“Target Overcollateralization Amount” means, for any Payment Date, the product of (x) the Net Pool Balance as of the
last day of the related Collection Period times (y) [            ]. 

  

					
		  	A-32	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 “Tax Information” means information and/or properly completed and signed
tax certifications (e.g., Form W-9 or W-8) sufficient to eliminate the imposition of or determine the amount of any withholding of tax, including backup withholding and
FATCA Withholding Tax. 
 “Third Allocation of Principal” means, for any Payment Date, an amount not less than zero
equal to the excess, if any, of (a) the sum of the Note Balance of the Class A notes, the Class B Notes and the Class C Notes minus the sum of the First Allocation of Principal and Second Allocation of Principal for that Payment
Date as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date) over [(b) the sum of (i)] the Net Pool Balance as of the end of the related Collection Period [plus (ii) amounts, if
any, on deposit in the Pre-Funding Account as of the end of the related Collection Period minus (iii) the YSOC Amount]; provided, however, that the Third Allocation of Principal for any Payment
Date on and after the Final Scheduled Payment Date for the Class C Notes shall not be less than the amount that is necessary to reduce the Note Balance of that Class to zero (after the application of the First Allocation of Principal and
the Second Allocation of Principal). 
 “TIA” or “Trust Indenture Act” means the Trust Indenture Act of
1939, as amended and as in force on the date hereof, unless otherwise specifically provided. 
 “Transaction Documents”
means the Indenture, the Notes, the Depository Agreement, the Sale Agreement, the Servicing Agreement, the Purchase Agreement, the Asset Representations Review Agreement, the Administration Agreement[, the Swap Agreement] and the Trust Agreement, as
the same may be amended or modified from time to time. 
 “Transaction Parties” has the meaning set forth in
Section 2.16(a) of the Indenture. 
 [“Transferred Assets” means (a) the Initial Transferred
Assets and (b) the Subsequent Transferred Assets.] 
 “Trust Account Property” means the Trust Accounts, all amounts
and investments held from time to time in any Trust Account (whether in the form of deposit accounts, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 

“Trust Accounts” has the meaning set forth in Section 8.2(a)[(iii)][(iv)] of the Indenture.

 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the Closing Date, between the Depositor
and the Owner Trustee, as the same may be amended and supplemented from time to time. 
 “Trust Estate” means all money,
accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the Issuer, including without limitation (i) the Receivables acquired by the Issuer under the Sale Agreement, the Related Security
relating thereto and Collections thereon after the Cut-Off Date, (ii) the Receivable Files, (iii) the rights of the Issuer to the funds on deposit from time to time in the Trust Accounts and any
other account or accounts (other than the Certificate Distribution Account) established pursuant to the Indenture or Servicing Agreement and all cash, investment property and other property from time to time credited thereto and all proceeds
thereof, (iv) the rights of the Seller, as buyer, under the Purchase Agreement (including the representations and warranties of the Bank therein) and 

  

					
		  	A-33	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 
the Assignment executed by the Bank pursuant to the Purchase Agreement, (v) the rights of the Issuer under the Sale Agreement, the Assignment pursuant to the Sale Agreement and the
Servicing Agreement, (vi) the rights of the Issuer under the Administration Agreement and (vii) all proceeds of the foregoing. 

“UCC” means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as
amended from time to time. 
 “Underwriter” or “Underwriters” means, collectively,
[            ],[            ],[            ],[    
        ] and [            ]. 

“Underwriting Agreement” means the Underwriting Agreement, dated as of
[                    ], 20[    ], among
[                    ], on its own behalf and as representative of the several underwriters named therein, the Bank and the Depositor. 

“United States” or “USA” means the United States of America (including all states, the District of Columbia and political
subdivisions thereof). 
 “Unrelated Amounts” means (a) amounts deposited by the Servicer into the Collection Account
but later determined by the Servicer to be mistaken or returned deposits or postings and (b) amounts deposited by the Servicer into the Collection Account as Collections but which were later determined by the Servicer to not constitute
Collections with respect to the Receivables. 
 “U.S. Tax Person” means a Person that is a “U.S. person” as
defined in Section 7701(a)(30) of the Code, generally including: 
 (a) a citizen or resident of the United States; 

(b) a corporation or partnership organized in or under the laws of the United States, any State or the District of Columbia;

 (c) an estate, the income of which is includible in gross income for United States tax purposes, regardless of its source;
or 
 (d) a trust if a U.S. court is able to exercise primary supervision over the administration of the trust and one or
more U.S. Persons have the authority to control all substantial decisions of the trust or a trust that has elected to be treated as a U.S. Person. 

“Verification Documents” means, with respect to any Note Owner, a certification from such Note Owner certifying that such
Person is in fact, a Note Owner, as well as one additional piece of documentation reasonably satisfactory to the recipient, such as a trade confirmation, account statement, letter from a broker or dealer or other similar document. 

[“YSOC Amount” means, with respect to each Payment Date, an amount equal to the sum of the amount for each Receivable equal
to the excess, if any, of (x) the scheduled payments due on the Receivable for each future Collection Period discounted to present value as of the end of the preceding Collection Period at the APR of that Receivable over (y) the scheduled
payments due on the Receivable for each future Collection Period discounted to present value as of the end of the preceding Collection Period at a discount rate equal to the greater of the APR of that Receivable and [    ]%.]

  

					
		  	A-34	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

 The foregoing definitions shall be equally applicable to both the singular and plural forms
of the defined terms. Unless otherwise inconsistent with the terms of this Agreement, all accounting terms used herein shall be interpreted, and all accounting determinations hereunder shall be made, in accordance with GAAP. Amounts to be calculated
hereunder shall be continuously recalculated at the time any information relevant to such calculation changes. 

  

					
		  	A-35	  	Appendix A
		  		  	COPAR 20[    ]-[    ]

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