Document:

Insurance Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
 INSURANCE AND INDEMNITY AGREEMENT 
 Dated as of December 14, 2006 
 AMBAC ASSURANCE CORPORATION, 
 as Insurer, 
 UPFC AUTO RECEIVABLES TRUST
2006-B, 
 as Issuing Entity, 
 UNITED AUTO CREDIT CORPORATION, 
 as Servicer, 
 UPFC AUTO FINANCING CORPORATION, 
 as Seller, 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Indenture Trustee, Trust Collateral Agent and Backup Servicer 
 UPFC Auto Receivables Trust 2006-B 
 Class A Asset Backed Notes 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I
	
	DEFINITIONS
			
	 Section 1.1
	  	Defined Terms	  	3
	 Section 1.2
	  	Other Definitional Provisions	  	8
	
	ARTICLE II
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS
			
	 Section 2.1
	  	Representations and Warranties of UACC, the Seller and the Trust	  	8
	 Section 2.2
	  	Representations and Warranties of the Seller	  	9
	 Section 2.3
	  	Representations and Warranties of the Insurer	  	9
	 Section 2.4
	  	Affirmative Covenants of UACC, the Seller and the Trust	  	10
	 Section 2.5
	  	Affirmative Covenants of the Seller	  	15
	 Section 2.6
	  	Negative Covenants of UACC, the Seller and the Trust	  	16
	
	ARTICLE III
	
	THE AMBAC POLICY; REIMBURSEMENT
			
	 Section 3.1
	  	Issuance of the Ambac Policy	  	17
	 Section 3.2
	  	Payment of Fees and Premium	  	18
	 Section 3.3
	  	Reimbursement Obligation	  	19
	 Section 3.4
	  	Indemnification	  	19
	 Section 3.5
	  	Payment Procedure	  	23
	 Section 3.6
	  	Subrogation	  	24
	
	ARTICLE IV
	
	FURTHER AGREEMENTS
			
	 Section 4.1
	  	Effective Date; Term of the Insurance Agreement	  	24
	 Section 4.2
	  	Further Assurances and Corrective Instruments	  	24
	 Section 4.3
	  	Obligations Absolute	  	25
	 Section 4.4
	  	Assignments; Reinsurance; Third-Party Rights	  	26
	 Section 4.5
	  	Liability of the Insurer	  	27
	 Section 4.6
	  	Regulation AB	  	27
	 Section 4.7
	  	Rights and Remedies	  	28

  

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	ARTICLE V
	
	DEFAULTS AND REMEDIES
	 Section 5.1
	  	Defaults	  	29
	 Section 5.2
	  	Remedies; No Remedy Exclusive	  	30
	 Section 5.3
	  	Waivers	  	31
	
	ARTICLE VI
	
	MISCELLANEOUS
			
	 Section 6.1
	  	Amendments, Etc.	  	31
	 Section 6.2
	  	Notices	  	32
	 Section 6.3
	  	Severability	  	33
	 Section 6.4
	  	Governing Law	  	33
	 Section 6.5
	  	Consent to Jurisdiction	  	33
	 Section 6.6
	  	Consent of the Insurer	  	34
	 Section 6.7
	  	Counterparts	  	34
	 Section 6.8
	  	Headings	  	35
	 Section 6.9
	  	Trial by Jury Waived	  	35
	 Section 6.10
	  	Limited Liability	  	35
	 Section 6.11
	  	Entire Agreement; Facsimile Signatures	  	35
	 Section 6.12
	  	Indenture Trustee	  	35
	 Section 6.13
	  	Third Party Beneficiary	  	36
	 Section 6.14
	  	No Proceedings	  	36
	 Section 6.15
	  	Limitation of Owner Trustee Liability	  	36
	 Section 6.16
	  	Limitation of Indenture Trustee, Trust Collateral Agent and Backup Servicer Liability	  	36

 EXHIBITS 
  

					
	 EXHIBIT A
	  	Form of Ambac Policy	  	A 1

  

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 INSURANCE AND INDEMNITY AGREEMENT (as it may be amended, modified or supplemented from time to time, this
“Insurance Agreement”), dated as of December 14, 2006, by and among AMBAC ASSURANCE CORPORATION, as Insurer (the “Insurer”), UPFC AUTO RECEIVABLES TRUST 2006-B, as Issuing Entity (the “Issuing
Entity”), UNITED AUTO CREDIT CORPORATION (“UACC”), as Servicer (the “Servicer”), UPFC AUTO FINANCING CORPORATION, as Seller (the “Seller”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Indenture Trustee (the “Indenture Trustee”), Trust Collateral Agent and Backup Servicer. 
 PRELIMINARY STATEMENTS

 A. The Indenture, dated as of December 1, 2006 (the “Indenture”), by and between the Issuing Entity and Deutsche
Bank Trust Company Americas, as Indenture Trustee, provides for, among other things, the issuance of the UPFC Auto Receivables Trust 2006-B Class A Asset Backed Notes. 
 B. The parties hereto desire that the Insurer issue the Ambac Policy to the Indenture Trustee for the benefit of the Holders and to, among other things,
specify the conditions precedent thereto, the premium in respect thereof and the indemnity, reimbursement, reporting and other obligations of the parties hereto other than the Insurer in consideration thereof. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS

 Section 1.1 Defined Terms. Capitalized terms used in this Insurance Agreement shall have the meanings set forth below. Unless
the context clearly requires otherwise, all capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Ambac Policy or, if not defined therein, in the Indenture or, if not defined therein, in the Sale
and Servicing Agreement, or, if not defined therein, in the Spread Account Agreement, each as described below. 
 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used
with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Ambac” means Ambac Assurance Corporation, a Wisconsin
domiciled stock insurance corporation. 
 “Ambac Policy” means the Note Guaranty Insurance Policy No. AB1053BE, dated
December 14, 2006, including any endorsements thereto, issued by the Insurer to the 

  

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Indenture Trustee with respect to the Class A Notes, for the benefit of the Holders, in the form attached as Exhibit A to this Insurance
Agreement. 
 “Certificate” means the trust certificate evidencing the beneficial interest of the Certificateholder in the
Issuing Entity. 
 “Change in Control” means, with respect to UPFC, (1) (a) the sale or other disposition, or the
approval by the stockholders of UPFC of a sale or other disposition, of all or substantially all of the assets of UPFC in the aggregate, whether pursuant to a single transaction or pursuant to a series of transactions to a person (the “Asset
Buyer”) other than an Approved Purchaser (determined by the Insurer); (b) any “person” (as defined in the Securities Exchange Act) other than an Approved Purchaser becomes the “beneficial owner” (as defined in Rule
13d 3 under the Securities Exchange Act), directly or indirectly, of securities of UPFC representing fifty one (51%) or more of the combined voting power of UPFC’s then outstanding securities (such new beneficial owner, the “New
Owner”); (c) the stockholders of UPFC approve a merger or consolidation of UPFC with any other corporation, other than a merger or consolidation with an Approved Purchaser or a merger or consolidation which would result in the voting
securities of UPFC outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power
of the voting securities of UPFC or such surviving entity outstanding immediately after such merger or consolidation (the surviving entity being the “Surviving Entity”); or (d) the stockholders of UPFC approve a plan of
complete liquidation of UPFC (the person receiving the liquidated assets being the “Resulting Entity”) other than into an Approved Purchaser or a person or persons who beneficially own, directly or indirectly, at least fifty percent
(50%) or more of the combined voting power of the outstanding voting securities of UPFC immediately prior to the time of the liquidation; unless (2) the Asset Buyer, UPFC, the Surviving Entity or the Resulting Entity (each a
“Successor”), in clause (1)(a), (b), (c) or (d) respectively and as the case may be, after giving effect to the relevant transaction, (a) is an Approved Purchaser. 
 “Charter Documents” means, with respect to any Transaction Party, such entity’s organizational documents, including its trust
agreement, certificate of trust, memorandum of association, articles of organization, certificate or articles of incorporation, by laws and/or operating agreement. 
 “Class A Notes” means the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes. 
 “Class A-1 Notes” means the Class A-1 5.34% Asset Backed Notes, issued pursuant to the Indenture and substantially in the form attached as an Exhibit to the Indenture. 
 “Class A-2 Notes” means the Class A-2 5.15% Asset Backed Notes, issued pursuant to the Indenture and substantially in the form
attached as an Exhibit to the Indenture. 
 “Class A-3 Notes” means the Class A-3 5.01% Asset Backed Notes, issued
pursuant to the Indenture and substantially in the form attached as an Exhibit to the Indenture. 
 “Closing Date” means
December 14, 2006. 
  

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 “Credit and Collection Policy” means the Credit and Collection Policy of UACC as
outlined in the policies and procedures manual together with any amendments approved by Insurer. 
 “Cut-off Date” means
November 30, 2006. 
 “Event of Default” has the meaning specified in Section 5.1 hereof. 
 “Fee Letter” means that certain letter agreement dated as of the date hereof between the Issuing Entity and the Insurer and acknowledged
by the Indenture Trustee setting forth certain fees and other matters referred to herein, as the same may be amended or supplemented from time to time in accordance therewith and with this Insurance Agreement. 
 “Holder” has the meaning given thereto in the Ambac Policy. 
 “Indemnified Party” has the meaning specified in Section 3.4 hereof. 
 “Indemnifying Party” has the meaning specified in Section 3.4 hereof. 
 “Indenture” means the Indenture dated as of December 1, 2006 between the Issuing Entity and the Indenture Trustee, as the same may
be amended and supplemented from time to time. 
 “Information” has the meaning specified in Section 2.1(c) hereof.

 “Insolvency Proceeding” means any proceeding by or against any person under any applicable reorganization, bankruptcy,
liquidation, rehabilitation, insolvency or other similar law now or hereafter in effect or any proceeding in which a receiver, liquidator, conservator, trustee or similar official shall have been, or may be, appointed or requested for a person or
any of its assets. 
 “Insurance Agreement” has the meaning given such term in the initial paragraph hereof. 
 “Insurer” means Ambac and any successor thereto, as issuer of the Ambac Policy. 
 “Insurer Information” means the information furnished by the Insurer in writing expressly for use in the Offering Document and is
limited to the information included under the headings “The Insurer” and “The Policy” in the Prospectus Supplement. 
 “Investment Company Act” means the Investment Company Act of 1940, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
 “Late Payment Rate” means the lesser of (a) the greater of (i) the per annum rate of interest publicly announced from time to
time by Citibank, N.A. as its prime or base lending rate (any change in such rate of interest to be effective on the date such change is announced by 

  

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Citibank, N.A.), plus 2% per annum and (ii) the then applicable highest rate of interest on the Class A Notes and (b) the maximum rate
permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year of 360 days. 
 “Material Adverse Effect” means, with respect to any event or circumstance, a material adverse effect on (a) the business,
financial condition, operations or assets of the Issuing Entity (considered separately) or the Issuing Entity, the Servicer and the Seller (taken as a whole), (b) the ability of any United Party to perform its obligations under any Transaction
Document to which it is a party, (c) the validity, enforceability of, or collectibility of, amounts payable by any United Party under any Transaction Document to which it is a party, (d) the status, existence, perfection or priority of the
interest of the Issuing Entity or of the Indenture Trustee in the Trust Estate, (e) the validity, enforceability or collectibility of all or any portion of the Trust Estate with an aggregate value of at least $500,000 or (f) the ability of
the Insurer to monitor the performance of the Receivables and compliance of the United Parties with the Transaction Documents unless such impediment results from an action or omission on the part of the Insurer. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 
 “Offering Document” means, taken together, the Prospectus Supplement, dated December 6, 2006 (the “Prospectus
Supplement”), and the Prospectus, dated November 17, 2006, of the Issuing Entity, in respect of the offering and sales of the Class A Notes, any amendment or supplement thereto, and any other offering document in respect of the
Class A Notes that makes reference to the Ambac Policy. 
 “Person” means an individual, joint stock company, trust,
unincorporated association, joint venture, corporation, limited liability company, business or owner trust, partnership or other organization or entity (whether governmental or private). 
 “Premium” means the premium payable in accordance with the Fee Letter. 
 “Rating Agencies” means Moody’s and S&P. 
 “Responsible Officer” means any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or any other officer of the relevant Transaction Party responsible for the
performance of such Transaction Party’s obligations under the Transaction Documents 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. 
 “Sale Agreement” means the Sale Agreement, dated as of December 1, 2006, between UACC,
as the Seller and UPFC Auto Financing Corporation, as the Purchaser. 
 “Sale and Servicing Agreement” means the Sale and
Servicing Agreement, dated as of December 1, 2006, among the Issuing Entity, the Servicer, the Seller, Deutsche Bank Trust Company Americas, as Trust Collateral Agent, Custodian and Backup Servicer and Centerone Financial Services LLC, as
Backup Subservicer, as the same may be amended or supplemented from time to time. 
  

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 “Securities Act” means the Securities Act of 1933, including, unless the context
otherwise requires, the rules and regulations promulgated thereunder, as amended from time to time. 
 “Securities Exchange
Act” means the Securities Exchange Act of 1934, including, unless the context otherwise requires, the rules and regulations promulgated thereunder, as amended from time to time. 
 “Seller” has the meaning specified in the recitals hereof. 
 “Seller Information” means the information set forth in the Offering Document describing the Seller, which information shall consist of
the sections entitled “Summary—The Seller” in the Prospectus Supplement. 
 “Servicer” has the meaning
specified in the recitals hereof. 
 “Servicer Termination Event” has the meaning specified in Section 9.1 of the Sale
and Servicing Agreement. 
 “S&P” means Standard & Poor’s, a division of The McGraw Hill Companies, Inc.,
and any successor thereto. 
 “Spread Account Agreement” means the Spread Account Agreement, dated as of December 14,
2006, among the Insurer, the Servicer and the Indenture Trustee. 
 “Transaction” means the transactions contemplated by the
Transaction Documents. 
 “Transaction Documents” means this Agreement, the Underwriting Agreement, the Sale and Servicing
Agreement, the Certificate of Trust, the Trust Agreement, the Sale Agreement, the Indenture, the Spread Account Agreement and all other documents and certificates delivered in connection therewith except for the Ambac Policy. 
 “Transaction Parties” means the United Parties and the Indenture Trustee. 
 “Trust Agreement” means the Trust Agreement dated as of November 17, 2006 between the Seller and the Owner Trustee, as amended and
restated as of December 14, 2006, as the same may be amended and supplemented from time to time. 
 “Underwriter
Information” means the information furnished by the Underwriter in writing expressly for use in the Offering Document and included in the table following the second paragraph of text and the third, fourth, fifth, sixth and seventh
paragraphs of text under the caption “Underwriting” in the Prospectus Supplement. 
 “Underwriter” shall mean
Deutsche Bank Securities. 
  

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 “Underwriting Agreement” means the Underwriting Agreement, dated December 6, 2006
between the Underwriter and the Seller with respect to the offer and sale of the Class A Notes, as amended, modified or supplemented from time to time. 
 “United Party” means any of the Issuing Entity, UACC, the Servicer and the Seller (collectively, the “United Parties”); provided, however, that solely with respect to
the definition of “United Party” as such term is used in the Ambac Policy, “United Party” shall have the meaning as specified therein. 
 “UACC” means United Auto Credit Corporation, and its successors. 
 “UPFC”
means United PanAm Financial Corporation, and its successors. 
 Section 1.2 Other Definitional Provisions. The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Insurance Agreement shall refer to this Insurance Agreement as a whole and not to any particular provision of this Insurance Agreement,
and Section, subsection, Schedule and Exhibit references are to this Insurance Agreement unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The
words “include” and “including” shall be deemed to be followed by the phrase “without limitation.” Where a representation, warranty or covenant herein begins with the words “as to a Person only,” such
representation, warranty or covenant is given by and as to such Person only. 
 ARTICLE II 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 2.1 Representations and Warranties of UACC, the Seller and the Issuing Entity. Each of UACC, the Seller and the Issuing Entity hereby makes, to and for the benefit of the Insurer, each of the representations and warranties
made by it in each of the Transaction Documents to which it is a party. Such representations and warranties are incorporated herein by this reference as if fully set forth herein, and may not be amended except by an amendment complying with the
terms of the last sentence of Section 6.1 hereof. In addition, each of UACC, the Seller and the Issuing Entity represents and warrants as of the Closing Date as follows: 
 (a) The offer and sale of the Class A Notes by the Issuing Entity comply in all material respects with all requirements of law, including all
registration requirements of applicable securities laws and, without limiting the generality of the foregoing, the Offering Document (other than the Underwriter Information, the Seller Information and the Insurer Information) does not contain any
untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. 
 (b) The Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended; the Issuing Entity is not required to be registered as an
“investment company” under the Investment Company Act; and neither the offer nor the sale of the Class A Notes by the Issuing Entity will be in violation of the Securities Act or the Securities Exchange Act and the 

  

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rules and regulations promulgated thereunder or any other federal or state securities law. UACC, the Seller and the Issuing Entity shall each satisfy any of
the information reporting requirements of the Securities Exchange Act and the rules and regulations promulgated thereunder arising out of the Transaction to which it is subject. 
 (c) Neither the Transaction Documents nor any other information relating to the Receivables, the Other Conveyed Property or any other asset in the Trust
Estate, the operations or financial condition of any of the United Parties (collectively, the “Information”), as amended, supplemented or superseded, furnished to the Insurer by such United Party contains any statement of a material
fact which was untrue or misleading in any material respect when made. None of the United Parties has any knowledge of any circumstances that could reasonably be expected to have a Material Adverse Effect. Since the furnishing of the Information,
there has been no change nor any development or event involving a prospective change known to any of the United Parties that would render any of the Transaction Documents untrue or misleading in any material respect. 
 Section 2.2 Representations and Warranties of the Seller. The Seller hereby makes, to and for the benefit of the Insurer, each of the
representations and warranties made by it in each of the Transaction Documents to which it is a party. Such representations and warranties are incorporated herein by this reference as if fully set forth herein, and may not be amended except by an
amendment complying with the terms of the last sentence of Section 6.1 hereof. In addition, the Seller represents and warrants as of the Closing Date as follows: 
 (a) The offer and sale of the Class A Notes by the Issuing Entity comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws and, without
limiting the generality of the foregoing, the Seller Information does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under
which they were made, not misleading. 
 (b) The Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended; the
Issuing Entity is not required to be registered as an “investment company” under the Investment Company Act; and neither the offer nor the sale of the Class A Notes by the Issuing Entity will be in violation of the Securities Act or
any other federal or state securities law. The Seller shall satisfy any of the information reporting requirements of the Securities Exchange Act and the rules and regulations promulgated thereunder arising out of the Transaction to which it or the
Issuing Entity is subject. 
 Section 2.3 Representations and Warranties of the Insurer. The Insurer represents and warrants to the
Indenture Trustee (on behalf of the Holders), the Issuing Entity and each other Transaction Party as follows: 
 (a) Organization and
Licensing. The Insurer is a stock insurance corporation duly organized, validly existing and in good standing under the laws of the State of Wisconsin. 
  

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 (b) Corporate Power. The Insurer has the corporate power and authority to issue the Ambac Policy
and execute and deliver this Insurance Agreement and to perform all of its obligations hereunder and thereunder. 
 (c) Authorization;
Approvals. All proceedings legally required for the issuance of the Ambac Policy and the execution, delivery and performance of this Insurance Agreement have been taken and all licenses, orders, consents or other authorizations or approvals of
the Insurer’s Board of Directors or stockholders or any governmental boards or bodies legally required for the enforceability of the Ambac Policy have been obtained or are not material to the enforceability of the Ambac Policy. 
 (d) Enforceability. The Ambac Policy, when issued, will constitute, and this Insurance Agreement constitutes, legal, valid and binding obligations
of the Insurer, enforceable in accordance with their respective terms, subject to insolvency, reorganization, moratorium, receivership and other similar laws affecting creditors’ rights generally and by general principles of equity and subject
to principles of public policy limiting the right to enforce the indemnification provisions contained therein and herein, insofar as such provisions relate to indemnification for liabilities arising under federal securities laws. 
 (e) No Conflict. The execution by the Insurer of this Insurance Agreement will not, and the satisfaction of the terms hereof will not, conflict
with or result in a breach of any of the terms, conditions or provisions of the Certificate of Incorporation or By-Laws of the Insurer, or any restriction contained in any contract, agreement or instrument to which the Insurer is a party or by which
it is bound or constitute a default under any of the foregoing which would materially and adversely affect its ability to perform its obligations under the Ambac Policy or this Insurance Agreement. 
 (f) Accuracy of Information. The Insurer Information included in the Offering Document is limited and does not purport to provide the scope of
disclosure required to be included in a prospectus with respect to a registrant in connection with the offer and sale of securities of such registrant registered under the Securities Act. Within such limited scope of disclosure, however, as of the
date of the Offering Document, the Insurer Information does not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not
misleading. 
 Section 2.4 Affirmative Covenants of UACC, the Seller and the Issuing Entity. Each of UACC, the Seller and the Issuing
Entity hereby makes, to and for the benefit of the Insurer, all of the covenants made by it in the Transaction Documents to which it is a party. Such covenants are hereby incorporated herein by this reference as if fully set forth herein, and may
not be amended except by an amendment complying with the terms of the last sentence of Section 6.1. In addition, UACC, each of the Seller and the Issuing Entity hereby agrees that during the term of this Insurance Agreement, unless the Insurer
shall otherwise expressly consent in writing: 
 (a) Compliance with Agreements and Applicable Laws. It shall comply with the terms
and conditions of and perform its obligations under the Transaction Documents to which it is a party and shall comply with any law, rule or regulation applicable to it, except where the failure to comply with any such law, rule or regulation is not
reasonably likely to have a Material Adverse Effect. 
  

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 (b) Existence. Except as otherwise expressly provided by the Transaction Documents, it shall
maintain its corporate existence and shall at all times continue to be duly organized under the laws of the place of its organization and duly qualified and duly authorized thereunder. Additionally, it shall conduct its business in accordance with
the terms of its Charter Documents and shall maintain all licenses, permits, charters and registrations, except for any such license, permit, charter or registration the failure of which to maintain is not reasonably likely to have a Material
Adverse Effect. 
 (c) Notice of Material Events. It shall promptly (and, with respect to item (ii) below, in any event not later
than two (2) Business Days, and, with respect to all other items not later than five (5) Business Days) following receipt of actual knowledge by a Responsible Officer thereof inform the Insurer in writing of the occurrence of any of the
following: 
 (i) the submission of any claim or the initiation of any legal process, litigation or administrative or judicial
investigation, or disciplinary proceeding by or against it that would be reasonably likely to have a Material Adverse Effect or the promulgation of any proceeding or any proposed or final ruling in connection with any such litigation, investigation
or proceeding which would reasonably likely to have a Material Adverse Effect; 
 (ii) the occurrence of any Event of Default
hereunder, any Default or Event of Default under the Indenture, any Servicer Termination Event or any Trigger Event; 
 (iii)
the commencement of any Insolvency Proceeding against any Transaction Party; 
 (iv) the occurrence of a Change in Control (as
defined in the Spread Account Agreement); and 
 (v) the receipt of written notice that (a) any license, permit, charter,
registration or approval necessary and material for the conduct of its business is to be, or may be, suspended or revoked and such suspension or revocation would be reasonably likely to have a Material Adverse Effect or (b) it is to cease and
desist any practice, procedure or policy employed by it in the conduct of its business, and such cessation would be reasonably likely to have a Material Adverse Effect. 
 (d) Notice of Change. It shall give the Insurer not less than thirty (30) days’ prior written notice of any proposed change in its name, principal place of business or jurisdiction of organization.

 (e) Access to Records; Discussions with Officers and Accountants. Upon reasonable prior written notice of the Insurer at any time,
it shall permit the Insurer or its authorized agents: 
 (i) to inspect its books and its records as they may relate to the
Transaction, the Receivables, the Other Conveyed Property or any other assets in the Trust Estate, as the case may be, or its obligations under the Transaction Documents; 
  

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 (ii) to discuss its affairs, finances and accounts with its principal executive officer
and its principal financial officer; and 
 (iii) to discuss its affairs, finances and accounts with its independent
accountants, provided that one of its officers shall have the right to be present during such discussions. 
 Such inspections and
discussions shall be conducted during normal business hours at UACC’s cost and expense and shall not unreasonably disrupt the business of UACC, the Seller or the Issuing Entity, as the case may be. Absent an Event of Default hereunder or under
the Indenture, a Servicer Termination Event or a Trigger Event, the Insurer shall not conduct such inspections or discussions more often than annually, unless otherwise mutually agreed by the Insurer and UACC. If, however, an Event of Default
hereunder or under the Indenture, a Servicer Termination Event or a Trigger Event has occurred and is continuing, the Insurer may increase the frequency of such audits to semi-annual, quarterly, or otherwise as it deems appropriate. Without limiting
the foregoing, upon the occurrence of a Trigger Event, an Event of Default hereunder or under the Indenture or a Servicer Termination Event, UACC and the Seller shall make its principal officers available to discuss the Transaction with
representatives of the Insurer within 15 days of receipt by UACC or the Seller of such a request from the Insurer. 
 (f) Closing
Documents. It shall provide or cause to be provided to the Insurer an executed original copy of each Transaction Document executed by it in connection with the closing of the Transaction within thirty (30) days of the Closing Date.

 (g) Financial Reporting. In the case of UACC, it shall provide or cause to be provided to the Insurer the following: 
 (i) Annual and Periodic Financial Statements; Compliance Reports and Other Reporting. Copies of the financial statements and
compliance reports required to be delivered pursuant to Sections 4.1, 4.10 and 4.11 of the Sale and Servicing Agreement and such notices, certificates, reports and other information delivered by UACC under the Transaction Documents, as and when
required pursuant to such sections or agreements, and any other reporting or financial information required to be provided to the Insurer pursuant to the terms of the Transaction Documents, including, without limitation, financial projections, as
and when required pursuant to such terms. Subsequent to a Change in Control as described in (2)(b) of the definition thereof and for the purpose of determining that a Successor continues to be a Net Worth Successor (as those terms are defined
in the definition of “Change in Control”), UACC will provide unaudited quarterly financial statements, accompanied by the statement in the form of Exhibit C hereto. Such statements will be provided no later than thirty
(30) days following each fiscal quarter. 
  

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 (ii) Compliance Certificate. Together with the financial statements and compliance
reports required under Sections 4.1, 4.10 and 4.11 of the Sale and Servicing Agreement, a compliance certificate signed by its principal financial officer stating that to the best of such person’s knowledge, (a) each United Party is in
compliance with its obligations hereunder and under the other Transaction Documents, and (b) no Event of Default hereunder or under the Indenture or Servicer Termination Event exists and no event which but for the lapse of time or the giving of
notice, or both, would constitute an Event of Default hereunder or under the Indenture or Servicer Termination Event or Trigger Event exists, or if an Event of Default hereunder or under the Indenture or Servicer Termination Event or other such
event exists, stating the nature and status thereof (including all relevant financial and other information and amounts used in determining whether such Event of Default hereunder or under the Indenture or Servicer Termination Event or Trigger Event
or other such event exists). 
 (iii) S.E.C. Filings. Promptly after the filing thereof, copies of all registration
statements and annual, quarterly or other regular reports which it or any subsidiary files with the Securities and Exchange Commission. 
 (iv) Shareholders Statements and Reports. Promptly after the furnishing thereof to its shareholders, copies of all financial statements, reports and proxy statements so furnished. 
 (v) Amendments to Credit and Collection Policy. Within ten (10) Business Days after the date of any material change or
amendment to its Credit and Collection Policy, a true and complete copy of such change or amendment, and if requested by the Insurer, a copy of the Credit and Collection Policy then in effect. No such change or amendment shall become effective if
the Insurer determines, in its sole discretion, that such change or amendment will have a Material Adverse Effect; provided that such change or amendment shall become effective and continue to be effective if the Insurer has not objected to
such change or amendment within ten (10) Business Days of receipt of written notice thereof. 
 (vi) Credit and
Collection Policy. Within ninety (90) days after the end of each of its fiscal years, a true and complete copy of its Credit and Collection Policy then in effect. 
 (h) Maintenance of Licenses. It shall maintain all licenses, permits, charters and registrations, except for licenses, permits, charters and
registrations the failure of which to maintain is not reasonably likely to have a Material Adverse Effect. 
 (i) Public Debt Ratings.
UACC shall promptly, but in any event within five (5) Business Days after the date of any change in its public debt ratings, if any, a written certification of its public debt ratings after giving effect to such change. 
 (j) Compliance with Securities Laws. It shall comply with the Securities Act and the Securities Exchange Act and the regulations thereunder so as
to permit the completion of the offer and sale of the Class A Notes as contemplated by the Underwriting Agreement. 
  

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 (k) Disclosure Document. Each Offering Document delivered with respect to the Class A Notes
shall clearly disclose that the insurance provided by the Ambac Policy is not covered by the property/casualty insurance security fund specified in Article 76 of the New York Insurance Law. 
 (l) Financial Statements. In the case of the Seller and the Issuing Entity, its financial statements and books and records will reflect its
separate existence and will present fairly its financial position. 
 (m) Operation. In the case of the Seller and the Issuing Entity,
it shall: 
 (i) manage its day to day business without the involvement of any other Transaction Party except as required or
permitted by the Transaction Documents; 
 (ii) act solely in its own name in the conduct of its business, including business
correspondence and other communications, and shall conduct its business so as not to mislead others as to the identity of the entity with which they are concerned; 
 (iii) ensure that, to the extent that it shares the same officers or other employees as any of its Affiliates, the salaries of and the
expenses related to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all such common officers and
employees; 
 (iv) ensure that, to the extent that it jointly contracts with any of its Affiliates to do business with vendors
or service providers or to share overhead expenses, the costs incurred in doing so shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that it contracts or does business with
vendors or service providers when the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are
provided, and each such entity shall bear its fair share of such costs. All material transactions between the other Transaction Parties and its Affiliates shall only be on an arm’s-length basis; 
 (v) require that all of its full-time employees identify themselves as such and not as employees of UACC or any other United Party
(including, without limitation, by means of providing appropriate employees with business or identification cards identifying such employees as its employees); and 
 (vi) compensate all employees, consultants and agents directly, from its bank accounts, for services provided to it by such employees,
consultants and agents, and, to the extent any of its employees, consultants or agents is also an employee, consultant or agent of UACC (or any Affiliate thereof), allocate the compensation of such employee, consultant or agent between itself and
UACC (or any Affiliate thereof) on a basis which reflects the services rendered to itself and UACC (or such Affiliate thereof). 
 (n)
Special Purpose Entity. In addition, the Seller shall: 
 (i) ensure that its capital is adequate for the business and
undertakings of the Seller; 
  

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 (ii) other than activities in connection with the Transaction, be restricted from
undertaking any activities other than purchasing automobile loans receivables and transferring the proceeds to other special-purpose entities in connection with the issuance of other asset backed securities; 
 (iii) have at least one director, manager or member that is a person who is not, and will not be, a director, officer, employee or holder
of any equity securities of UACC or any of its affiliates or subsidiaries; 
 (iv) not commingle its funds and assets with the
funds of any other person; 
 (v) maintain (A) correct and complete minute books and records of account, and
(B) minutes of the meetings and other proceedings of its board of managers, as provided in its articles of incorporation. 
 (o)
Other Information. It shall provide to the Insurer such other information (including non financial information) in respect of the Receivables, the Other Conveyed Property or the other assets in the Trust Estate, as the case may be, the
Transaction and the Transaction Documents and such other financial or operating information in respect of itself, the Seller, the Issuing Entity or any of their Affiliates, in each case, which the Insurer may from time to time reasonably request.

 Section 2.5 Affirmative Covenants of the Seller. The Seller hereby makes, to and for the benefit of the Insurer, all of the
covenants made by it in the Transaction Documents to which it is a party. Such covenants are hereby incorporated herein by this reference as if fully set forth herein, and may not be amended except by an amendment complying with the terms of the
last sentence of Section 6.1. In addition, the Seller hereby agrees that during the term of this Insurance Agreement, unless the Insurer shall otherwise expressly consent in writing: 
 (a) Compliance with Agreements and Applicable Laws. It shall comply with the terms and conditions of and perform its obligations under the
Transaction Documents to which it is a party and shall comply with any law, rule or regulation applicable to it, except where the failure to comply with any such law, rule or regulation is not reasonably likely to have a Material Adverse Effect.

 (b) Existence. Except as otherwise expressly provided by the Transaction Documents, it shall maintain its corporate existence and
shall at all times continue to be duly organized under the laws of the place of its organization and duly qualified and duly authorized thereunder. Additionally, it shall conduct its business in accordance with the terms of its Charter Documents and
shall maintain all licenses, permits, charters and registrations, except for any such license, permit, charter or registration the failure of which to maintain is not reasonably likely to have a Material Adverse Effect. 
  

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 Section 2.6 Negative Covenants of UACC, the Seller and the Issuing Entity. each of UACC, the
Seller and the Issuing Entity hereby agrees that during the term of this Insurance Agreement, unless the Insurer shall otherwise expressly consent in writing: 
 (a) Impairment of Rights. It shall not take any action, or fail to take any action, if such action or failure to take action (x) is reasonably likely to have a Material Adverse Effect or (y) is
reasonably likely to interfere with the enforcement of any rights of the Insurer under or with respect to any of the Transaction Documents. It shall give the Insurer written notice of any such action or failure to act promptly prior to the date of
consummation of such action or failure to act. It shall furnish to the Insurer all information requested by it that is reasonably necessary to determine compliance with this paragraph. 
 (b) Amendments, Etc. It shall not modify, amend or waive, or consent to any modification or amendment of, any of the terms, provisions or
conditions of the Transaction Documents to which it is a party or, in the case of the Seller and the Issuing Entity, any of its Charter Documents, without the prior written consent of the Insurer thereto. 
 (c) Limitation on Mergers, Etc. In the case of the Seller and the Issuing Entity, it shall not consolidate with or merge with or into any Person
or liquidate or dissolve, or transfer all or substantially all of its assets to any Person except, in the case of the Issuing Entity, by way of the grant of a lien to the Indenture Trustee pursuant to the Transaction Documents, or, except as
expressly permitted by the Transaction Documents, transfer any of its assets to any Person. 
 (d) Certain Other Limitations. In the
case of the Seller and the Issuing Entity, it shall: 
 (i) not be named as an insured on the insurance policy held by another
United Party or covering the property of any other United Party, except to the extent it shall bear its allocable share of the expense thereof, or enter into an agreement with the holder of such policy whereby in the event of a loss in connection
with property not owned by the Issuing Entity or the Seller, as the case may be, proceeds are paid to it; 
 (ii) be
restricted from undertaking activities in connection with the issuance of the Class A Notes other than activities as set forth in its Charter Documents; 
 (iii) not be involved in the day-to-day management of any of the other United Parties except as required by or permitted by the
Transaction Documents; 
 (iv) not incur, assume or guarantee any indebtedness except for such indebtedness as may be incurred
by the Issuing Entity in connection with the issuance of the Class A Notes, or as otherwise expressly permitted by the Insurer or the Transaction Documents; 
 (v) not commingle its deposit accounts (and funds therein) or other assets with the deposit accounts (and funds therein) or other assets
of any other entity; 
 (vi) not act as an agent of any other United Party; and 
  

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 (vii) not form, or cause to be formed, any subsidiaries; provided that the Seller
may form other special purpose entities in connection with the issuance of other asset backed securities to the extent the Insurer acts as an insurer in connection with such transactions. 
 ARTICLE III 
 THE AMBAC POLICY; REIMBURSEMENT 
 Section 3.1 Issuance of the Ambac Policy. The Insurer agrees to issue the Ambac Policy on the Closing Date subject to satisfaction of the
conditions precedent set forth below: 
 (a) Payment of Expenses. The applicable parties shall have been paid their related fees and
expenses payable in accordance with Section 3.2(a) and (b); 
 (b) Receipt of Certain Documents. The Insurer shall have received
a complete copy of the Credit and Collection Policy then in effect certified by the principal financial officer of UACC and of each Transaction Document fully executed and delivered by each applicable Transaction Party; 
 (c) Representations and Warranties; Certificate. The representations and warranties of the United Parties set forth or incorporated by reference
in this Insurance Agreement and the representations and warranties set forth by the Indenture Trustee in the Indenture are true and correct on and as of the Closing Date as if made on the Closing Date, and the Insurer has received a certificate of
appropriate officers of the related United Party to that effect; 
 (d) No Litigation, Etc. No suit, action or other proceeding,
investigation or injunction, or final judgment relating thereto, is pending or, to any Transaction Party’s knowledge, threatened before any court, governmental or administrative agency or arbitrator in which it is sought to restrain or prohibit
or to obtain damages or other relief in connection with any of the Transaction Documents or the consummation of the Transaction; 
 (e)
Legality. No statute, rule, regulation or order has been enacted, entered or deemed applicable by any government or governmental or administrative agency or court that would make the Transaction illegal or otherwise prevent the consummation
thereof; 
 (f) No Event of Default. No Event of Default hereunder, Default or Event of Default under the Indenture, Trigger Event or
Servicer Termination Event has occurred; 
 (g) Satisfaction of Conditions of the Underwriting Agreement. All conditions in the
Underwriting Agreement relating to the Underwriter’s obligation to offer and sell the Class A Notes have been fulfilled to the satisfaction of the Insurer, with such satisfaction deemed to have occurred upon issuance of the Ambac Policy.
The Insurer has received copies of each of the documents, and shall be entitled to rely on each of the documents, required to be delivered to the Underwriter pursuant to the Underwriting Agreement; 
  

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 (h) Issuance of Ratings. The Insurer has received confirmation that the Class A-1 Notes will
be rated in the highest short term rating category by at least two nationally recognized statistical rating agencies, that the Class A-2 Notes and the Class A-3 Notes will be rated in the highest long term rating category by at least two
nationally recognized statistical rating agencies and that, without the benefit of the Ambac Policy, the Class A Notes will have a shadow rating of at least BBB from S&P and Baa2 from Moody’s; 
 (i) Approvals, Etc. The Insurer has received true and correct copies of all approvals, licenses and consents, if any, required in connection with
the Transaction; 
 (j) Fee Letter. The Insurer, the Indenture Trustee and the Issuing Entity have executed the Fee Letter;

 (k) Certified Copies. The Insurer has received an executed copy of each Transaction Document; 
 (l) Opinions. The Insurer has received opinions of counsel concerning the perfection of the Indenture Trustee’s security interest in the
Trust Estate and other matters under the laws of the United States, and has received copies of any opinions delivered to the Rating Agencies, the Noteholders and the Indenture Trustee, in each case addressed to, and in form and substance
satisfactory to, the Insurer; 
 (m) Satisfactory Documentation. The Insurer and its counsel have determined that all documents, the
Class A Notes and opinions to be delivered in connection with the Class A Notes conform to the terms of the Transaction Documents; and 
 (n) Additional Items. The Insurer has received such other documents, instruments, approvals or opinions in form and substance reasonably satisfactory to the Insurer as are reasonably requested by the Insurer, including evidence
reasonably satisfactory to the Insurer that the conditions precedent, if any, in the Transaction Documents have been satisfied. 
 Section
3.2 Payment of Fees and Premium. 
 (a) Legal and Accounting Fees. UACC shall pay or cause to be paid on the Closing Date all
reasonable legal fees, auditors’ fees and disbursements incurred by the Insurer in connection with the issuance of the Ambac Policy and the Transaction Documents through the Closing Date. Additional fees of the Insurer’s counsel or
auditors payable in connection with the Transaction Documents incurred after the Closing Date shall be paid by UACC as provided in Section 3.3 below. 
 (b) Rating Agency Fees. UACC shall promptly pay the initial fees of the Rating Agencies with respect to the Class A Notes and the transactions contemplated hereby following receipt of a statement with
respect thereto, and shall pay or cause to be paid any subsequent fees of the Rating Agencies with respect to, and directly allocable to, the Class A Notes. The Insurer shall not be responsible for any fees or expenses of the Rating Agencies.
The fees for any other rating agency shall be paid by the party requesting such other rating agency’s rating. 
  

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 (c) Premium. In consideration of the issuance by the Insurer of the Ambac Policy, the Issuing
Entity shall pay or cause to be paid the Premiums to the Insurer as set forth in the Fee Letter in accordance with the Indenture and this Insurance Agreement and from the funds specified by Section 5.7 of the Sale and Servicing Agreement,
commencing on the day the Ambac Policy is issued, until the Ambac Policy has been terminated in accordance with its terms. The Premium paid pursuant to the Indenture and the Sale and Servicing Agreement shall be nonrefundable without regard to
whether any Notice (as defined in the Ambac Policy) is delivered to the Insurer requiring the Insurer to make any payment under the Ambac Policy or any other circumstances relating to the Class A Notes or provision being made for payment of the
Class A Notes prior to maturity. 
 Section 3.3 Reimbursement Obligation. (a) The Issuing Entity agrees absolutely and
unconditionally to reimburse the Insurer for any amounts paid by the Insurer under the Ambac Policy, plus the amount of any other due and payable and unpaid Reimbursement Amounts (as defined in the Ambac Policy), which reimbursement shall be due and
payable on the date that any such amount is paid thereunder from amounts available for such payment under the Indenture and the Sale and Servicing Agreement, in an amount equal to the amounts so paid and all amounts previously paid that remain
unreimbursed, together (without duplication) with interest on any and all amounts remaining unreimbursed (to the extent permitted by law, if in respect of any unreimbursed amounts representing interest) from the date such amounts became due until
paid in full (after as well as before judgment), at a rate of interest equal to the Late Payment Rate. 
 (b) Each of the Issuing Entity, the
Seller and UACC agrees, jointly and severally, to pay to the Insurer, promptly, but in no event later than 30 days after demand thereof, as follows: any and all charges, fees, costs and expenses, including reasonable attorneys’ and
accountants’ fees and expenses, that the Insurer may pay or incur in connection with the Transaction Documents, including (i) the enforcement, defense or preservation of any rights in respect of any of the Transaction Documents, defending,
monitoring or participating in any litigation or proceeding (including any insolvency proceeding in respect of any United Party or any Affiliate thereof) relating to any of the Transaction Documents, any party to any of the Transaction Documents (in
its capacity as such a party) or the Transaction, the costs and fees of inspections by the Insurer or audits or field examinations by accountants and the ongoing administration of the Transaction pursuant to the Transaction Documents, or
(ii) any amendment, waiver or other similar action with respect to, or related to, any Transaction Document, whether or not executed or completed. 
 (c) Each of the Issuing Entity, the Seller and UACC agrees, jointly and severally, to pay to the party to whom such amounts are owed on demand interest at the Late Payment Rate on any and all amounts described in
Sections 3.3(b) and 3.4 after the date such amounts become due and payable until payment thereof in full. 
 Section 3.4
Indemnification. (a) In addition to any and all of the Insurer’s rights of reimbursement, indemnification or subrogation, and to any other rights of the Insurer pursuant hereto or under law or in equity, each of UACC and the Seller
agrees, jointly and severally, to pay, and to protect, indemnify and save harmless, the Insurer and its officers, directors, shareholders, employees, agents and each Person, if any, who controls the Insurer 

  

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within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from and against, any and all claims,
losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) of any nature arising
out of or relating to the transactions contemplated by the Transaction Documents by reason of: 
 (i) any statement, omission
or action (other than of the Insurer with respect to the Insurer Information, of the Underwriter with respect to the Underwriter Information or of the Seller with respect to the Seller Information) in connection with the offering, issuance, sale or
delivery of any of the Class A Notes; 
 (ii) the negligence, bad faith, willful misconduct, misfeasance, malfeasance or
theft committed by any director, officer, employee or agent of any United Party in connection with the Transaction; 
 (iii)
the violation by any United Party of any domestic or foreign law, rule or regulation, or any judgment, order or decree applicable to them; 
 (iv) the breach by any United Party of any representation, warranty or covenant under any of the Transaction Documents (without giving effect to any materiality qualifier or limitation therein); 
 (v) the occurrence, in respect of UACC’s duties as the Servicer, under any of the Transaction Documents of any Servicer Termination
Event or any event which, with the giving of notice or the lapse of time or both, would constitute any Servicer Termination Event; or 
 (vi) any untrue statement or alleged untrue statement of a material fact contained in the Offering Document or any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs
or expenses (including reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) arise out of or are based upon any untrue statement or omission in the Offering Document in the information with
respect to (x) the Insurer Information, (y) the Underwriter Information and (z) the Seller Information. 
 (b) In addition to
any and all of the Insurer’s rights of reimbursement, indemnification or subrogation, and to any other rights of the Insurer pursuant hereto or under law or in equity, the Seller agrees to pay, and to protect, indemnify and save harmless, the
Insurer and its officers, directors, shareholders, employees, agents and each Person, if any, who controls the Insurer within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from and
against, any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of
investigations) 

  

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of any nature arising out of or relating to the transactions contemplated by the Transaction Documents, including by reason of: 
 (i) the negligence, bad faith, willful misconduct, misfeasance, malfeasance or theft committed by any director, officer, employee or agent
of the Seller in connection with the Transaction; 
 (ii) the violation by the Seller of any domestic or foreign law, rule or
regulation, or any judgment, order or decree applicable to them; 
 (iii) the breach by the Seller of any representation,
warranty or covenant under any of the Transaction Documents (without giving effect to any materiality qualifier or limitation therein); or 
 (iv) any untrue statement or alleged untrue statement of a material fact contained in the Seller Information or any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (c) In addition to any
and all of the Insurer’s rights of reimbursement, indemnification or subrogation, and to any other rights of the Insurer pursuant hereto or under law or in equity, the Issuing Entity agrees to pay, and to protect, indemnify and save harmless,
the Insurer and its officers, directors, shareholders, employees, agents and each Person, if any, who controls the Insurer within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from and
against, any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of
investigations) of any nature arising out of or relating to the transactions contemplated by the Transaction Documents, including by reason of: 
 (i) any statement, omission or action (other than of the Insurer with respect to the Insurer Information, of the Underwriter with respect to the Underwriter Information, or of the Seller with respect to the Seller
Information) in connection with the offering, issuance, sale or delivery of any of the Class A Notes; 
 (ii) the
negligence, bad faith, willful misconduct, misfeasance, malfeasance or theft committed by any director, officer, employee or agent of any Transaction Party in connection with the Transaction; 
 (iii) the violation by any Transaction Party of any domestic or foreign law, rule or regulation, or any judgment, order or decree
applicable to them; 
 (iv) the breach by any Transaction Party of any representation, warranty or covenant under any of the
Transaction Documents (without giving effect to any materiality qualifier or limitation therein); or 
 (v) any untrue
statement or alleged untrue statement of a material fact contained in the Offering Document or any omission or alleged omission to state therein 

  

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a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading, except insofar as such claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants and auditors and reasonable
costs of investigations) arise out of or are based upon any untrue statement or omission in the Offering Document in the information with respect to (x) the Insurer Information, (y) the Underwriter Information and (z) the Seller
Information. 
 (d) The Insurer agrees to pay, and to protect, indemnify and save harmless each of UACC, the Seller and the Issuing Entity,
and their respective officers, directors, shareholders, employees, agents and each Person, if any, who controls UACC, the Seller and the Issuing Entity, within the meaning of either Section 15 of the Securities Act or Section 20 of the
Securities Exchange Act from and against, any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants and auditors
and reasonable costs of investigations) of any nature arising out of or by reason of any untrue statement or alleged untrue statement of a material fact contained in the Insurer Information in any Offering Document or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (e) The Insurer agrees to pay, and to protect, indemnify and save harmless, the Seller and each of their officers, directors, shareholders, employees,
agents and each Person, if any, who controls the Seller within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from and against, any and all claims, losses, liabilities (including
penalties), actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) of any nature arising out of or by reason of any untrue
statement of a material fact or an omission to state a material fact required to be stated therein or necessary in order to make the statements therein in light of the circumstances in which they were made not misleading contained in the
consolidated financial statements of Ambac Assurance Corporation incorporated by reference into the Issuing Entity’s Regulation AB periodic reports pursuant to Section 4.6 of this Agreement. 
 (f) If any action or proceeding (including any governmental investigation) shall be brought or asserted against any Person (each, an “Indemnified
Party”) in respect of which the indemnity provided in Section 3.4(a), (b), (c) or (d) may be sought from UACC, the Seller, the Issuing Entity or the Insurer, as the case may be (the “Indemnifying Party”),
each such Indemnified Party shall promptly notify the Indemnifying Party in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of
all expenses and legal fees; provided that failure to notify the Indemnifying Party shall not relieve it from any liability it may have to such Indemnified Party except to the extent that it shall be actually prejudiced thereby. The
Indemnified Party shall have the right to employ separate counsel in any such action and to participate in the defense thereof at the expense of the Indemnified Party and may assume the defense of any such action or claim in reasonable cooperation
with, and with the reasonable 

  

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cooperation of, the Indemnifying Party; provided, however, that the fees and expenses of separate counsel to the Indemnified Party in any such
proceeding shall be at the expense of the Indemnifying Party if (i) the Indemnifying Party has agreed to pay such fees and expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such action or proceeding or employ
counsel reasonably satisfactory to the Indemnified Party in any such action or proceeding within a reasonable time after the commencement of such action or (iii) the named parties to any such action or proceeding (including any impleaded
parties) include both the Indemnified Party and the Indemnifying Party, and the Indemnified Party shall have been advised by counsel that there may be one or more legal defenses available to it which are different from or additional to those
available to the Indemnifying Party (in which case, if the Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense of such action or proceeding on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or proceeding or separate but substantially
similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for the
Indemnified Parties, which firm shall be designated in writing by the Indemnified Party). The Indemnifying Party shall not be liable for any settlement of any such action or proceeding effected without its written consent to the extent that any such
settlement shall be prejudicial to the Indemnifying Party, which consent shall not be unreasonably withheld or delayed, but, if settled with its written consent, or if there is a final judgment for the plaintiff in any such action or proceeding with
respect to which the Indemnifying Party shall have received notice in accordance with this subsection (d), the Indemnifying Party agrees to indemnify and hold the Indemnified Parties harmless from and against any loss or liability by reason of such
settlement or judgment. 
 (g) To provide for just and equitable contribution if the indemnification provided by the Indemnifying Party is
determined to be unavailable or insufficient to hold harmless any Indemnified Party (other than due to application of this Section), each Indemnifying Party shall contribute to the losses incurred by the Indemnified Party on the basis of the
relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand. The relative fault of each Indemnifying Party, on the one hand, and each Indemnified Party, on the other, shall be determined by reference to,
among other things, whether the breach or alleged breach is within the control of the Indemnifying Party or the Indemnified Party, and the parties relative intent, knowledge, access to information and opportunity to correct or prevent such breach.
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 Section 3.5 Payment Procedure. In the event of any payment by the Insurer for which reimbursement is sought under Section 3.3, the Issuing
Entity, UACC, the Seller and the Indenture Trustee agree to accept the voucher or other evidence of payment as prima facie evidence of the propriety thereof and the liability, if any, described in Section 3.3 therefor to the Insurer;
provided, that with respect to claims for reimbursement of amounts other than amounts paid by the Insurer under the Ambac Policy and any interest thereon made to UACC under Section 3.3(b), the Insurer will also provide appropriate
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to UACC for such claims. All payments to be made to the Insurer under this Insurance Agreement shall be made to the Insurer (to such account as shall be
specified by the Insurer in writing) by no later than 3:00 p.m. (New York time) on the date when due in lawful currency of the United States of America in immediately available funds or as the Insurer shall otherwise direct by written notice to the
party making such payment. In the event that the date of any payment to the Insurer or the expiration of any time period hereunder occurs on a day that is not a Business Day, then such payment or expiration of time period shall be made or occur on
the next succeeding Business Day with the same force and effect as if such payment was made or time period expired on the scheduled date of payment or expiration date. 
 Section 3.6 Subrogation. The parties hereto acknowledge that, to the extent of any payment made by the Insurer pursuant to the Ambac Policy, the Insurer shall be fully subrogated to the extent of such payment
and any interest due thereon, to the rights of the Noteholders to any moneys paid or payable in respect of the Class A Notes under the Transaction Documents or otherwise subject to applicable law. The parties hereto agree to such subrogation
and further agree to execute such instruments and to take such actions as, in the sole and reasonable judgment of the Insurer, are necessary to evidence such subrogation and to perfect the rights of the Insurer to receive any such moneys paid or
payable in respect of the Class A Notes, under the Transaction Documents or otherwise. 
 ARTICLE IV 
 FURTHER AGREEMENTS 
 Section 4.1
Effective Date; Term of the Insurance Agreement. This Insurance Agreement shall take effect on the Closing Date and shall remain in effect until the later of (a) such time as the Insurer is no longer subject to a claim under the Ambac
Policy and such policy has been surrendered to the Insurer for cancellation and (b) such time as all amounts payable to the Insurer by the United Parties hereunder or under the Transaction Documents and the Class A Notes have been
irrevocably paid and redeemed in full and such Class A Notes have been cancelled; provided, however, that the provisions of Sections 3.2, 3.3 and 3.4 hereof shall survive any termination of this Insurance Agreement. 
 Section 4.2 Further Assurances and Corrective Instruments. (a) Unless an Insurer Event of Default has occurred and is continuing, or except
as the Indenture otherwise provides, none of the Indenture Trustee and none of the other Transaction Parties shall grant any waiver of rights under any of the Transaction Documents to which any of them is a party without the prior written consent of
the Insurer and any such waiver without prior written consent of the Insurer shall be null and void and of no force or effect. 
 (b) Each of
the parties hereto agrees that it will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements hereto and such further instruments and agreements and take such further actions as
the Insurer may reasonably request and as may be required in the Insurer’s reasonable judgment to effectuate the intent and purpose of this Insurance Agreement and the other Transaction Documents. Without limiting the foregoing, to the extent
such authorization shall be required by law, each United Party hereby authorizes the Indenture Trustee and the Insurer, at the expense of 

  

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the Issuing Entity, in the event the Issuing Entity has failed to do so upon request (provided that no such request shall be required if there exists
any Insolvency Proceeding), to execute and file financing statements covering the assets covered by any purchase or transfer pursuant to the Transaction Documents or owned by the Issuing Entity in such jurisdictions as may be required to confirm
title thereto and perfect and maintain the lien thereon. In addition, each of the parties hereto agrees to cooperate with the Rating Agencies in connection with any review of the Transaction conducted during normal business hours and in a manner
that does not unreasonably disrupt the business of the Transaction Parties, that may be undertaken by the Rating Agencies after the date hereof upon prior written notice. 
 (c) None of the Transaction Parties shall cause or permit the Issuing Entity to issue any notes or other evidences of indebtedness, or to otherwise incur any indebtedness, other than the indebtedness represented by
the Class A Notes or other indebtedness expressly permitted under the Transaction Documents. 
 (d) Each Transaction Party shall
concurrently provide the Insurer, as and when delivery thereof is required to be made pursuant to the Transaction Documents, with copies of all reports, notices, requests and demands delivered or required to be delivered by it pursuant to the
Transaction Documents. 
 Section 4.3 Obligations Absolute. (a) The obligations of the Transaction Parties hereunder shall be
absolute and unconditional and shall be paid or performed strictly in accordance with this Insurance Agreement and the other Transaction Documents under all circumstances irrespective of: 
 (i) any lack of validity or enforceability of, or any amendment or other modifications of, or waiver with respect to, any of the
Transaction Documents or the Class A Notes; 
 (ii) any exchange or release of any other obligations hereunder;

 (iii) the existence of any claim, setoff, defense, reduction, abatement or other right that a Transaction Party which is a
party to any of the Transaction Documents may have at any time against the Insurer or any other Person; 
 (iv) any document
presented in connection with the Ambac Policy proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
 (v) any payment by the Insurer under the Ambac Policy against presentation of a certificate or other document that does not strictly
comply with the terms of the Ambac Policy; 
 (vi) any failure of the Transaction Parties to receive the proceeds from the
sale of the Class A Notes; 
 (vii) any Insolvency Event with respect to any Transaction Party; and 
  

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 (viii) any other circumstances, other than payment in full, that might otherwise
constitute a defense available to, or discharge of, such party in respect of any Transaction Document. 
 (b) The Transaction Parties and any
and all others who are now or may become liable for all or any part of the obligations of the Transaction Parties under this Insurance Agreement agree to be bound by this Insurance Agreement and (i) to the extent permitted by law, waive and
renounce any and all redemption and exemption rights and the benefit of all valuation and appraisement privileges against the indebtedness and obligations evidenced by any Transaction Document or by any extension or renewal thereof; (ii) waive
presentment and demand for payment, notices of nonpayment and of dishonor, protest of dishonor and notice of protest; (iii) waive all notices in connection with the delivery and acceptance hereof and all other notices in connection with the
performance, default or enforcement of any payment hereunder, except as required by the Transaction Documents; (iv) waive all rights of abatement, diminution, postponement or deduction, all defenses, other than payment, and all rights of setoff
or recoupment arising out of any breach under any of the Transaction Documents, by any party thereto or any beneficiary thereof, or out of any obligation at any time owing to any of the Transaction Parties; (v) agree that their liabilities
hereunder shall be unconditional and without regard to any setoff, counterclaim or the liability of any other Persons for the payment hereof; (vi) agree that any consent, waiver or forbearance hereunder with respect to an event shall operate
only for such event and not for any subsequent event; (vii) consent to any and all extensions of time that may be granted by the Insurer with respect to any payment hereunder or other provisions hereof and to the release of any security at any
time given for any payment hereunder, or any part thereof, with or without substitution, and to the release of any Person or entity liable for any such payment; and (viii) consent to the addition of any and all other makers, endorsers,
guarantors and other obligors for any payment hereunder, and to the acceptance of any and all other security for any payment hereunder, and agree that the addition of any such obligors or security shall not affect the liability of the parties hereto
for any payment hereunder. 
 (c) Nothing herein shall be construed as prohibiting any party hereto from pursuing any rights or remedies it
may have against any Person in a separate legal proceeding. 
 Section 4.4 Assignments; Reinsurance; Third-Party Rights. (a) This
Insurance Agreement shall be a continuing obligation of the parties hereto and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. None of the Transaction Parties may assign its
rights under this Insurance Agreement, or delegate any of its duties hereunder, without the prior written consent of the Insurer. Any assignments made in violation of this Insurance Agreement shall be null and void. 
 (b) The Insurer shall have the right to give participations in its rights under this Insurance Agreement and to enter into contracts of reinsurance with
respect to the Ambac Policy upon such terms and conditions as the Insurer may in its discretion determine; provided, however, that no such participation or reinsurance agreement or arrangement shall relieve the Insurer of any of its
obligations hereunder or under the Ambac Policy, and provided, further, that any reinsurer or participant will not have any rights against the Transaction Parties or the Holders and that none of the Transaction Parties or the Holders
shall have any obligation to have 

  

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any communication or relationship with any reinsurer or participant in order to enforce the obligations of the Insurer hereunder and under the Ambac Policy.

 (c) The Insurer shall be entitled to assign or pledge to any bank, other lender or reinsurer providing liquidity or credit with respect to
the Transaction or the obligations of the Insurer in connection therewith, any rights of the Insurer under the Transaction Documents or with respect to any real or personal property or other interests pledged to the Insurer or in which the Insurer
has a security interest, in connection with the Transaction, subject in each case to the liens granted pursuant to the Transaction Documents; provided that no such bank or other lender shall thereby obtain any direct right against Transaction
Parties or the Holders, and further, provided; that no such assignment or pledge shall give any assignee the right to exercise any discretionary authority that the Transaction Documents provide shall be exercisable by the Insurer or
relieve the Insurer of any of its obligations hereunder or under the Ambac Policy. 
 (d) Except as provided herein with respect to
participants and reinsurers, nothing in this Insurance Agreement shall confer any right, remedy or claim, express or implied, upon any Person not a party hereto, including any Holders, other than the rights of the Insurer against the Transaction
Parties and all the terms, covenants, conditions, promises and agreements contained herein shall be for the sole and exclusive benefit of the parties hereto and their successors and permitted assigns. Neither the Indenture Trustee nor any Holders
shall have any right to payment from any Premiums paid or payable hereunder or under the Indenture or from any amounts paid by the Issuing Entity or UACC pursuant to Sections 3.2, 3.3 or 3.4 hereof. 
 Section 4.5 Liability of the Insurer. Neither the Insurer nor any of its officers, directors or employees shall be liable or responsible for:
(a) the use that may be made of the Ambac Policy by the Indenture Trustee or any other party or for any acts or omissions of the Indenture Trustee or any other party in connection therewith; or (b) the validity, sufficiency, accuracy or
genuineness of documents delivered to the Insurer in connection with any claim under the Ambac Policy, or of any signatures thereon, even if such documents or signatures should in fact prove to be in any or all respects invalid, insufficient,
fraudulent or forged (unless the Insurer shall have actual knowledge thereof). In furtherance and not in limitation of the foregoing, the Insurer may accept documents that appear on their face to be in order, without responsibility for further
investigation. 
 Section 4.6 Regulation AB. The Insurer agrees that all consolidated financial statements of Ambac Assurance
Corporation and subsidiaries included in documents filed by Ambac Financial Group, Inc. with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, may be
incorporated by reference into any Form 8-K, Form 10-D or Form 10-K filed by the Seller, solely to the extent required under Regulation AB. It is understood and agreed that, to the extent any consent letter of the Insurer’s accountants is
required by the Seller in connection with such filing, the fees and expenses payable in respect thereof shall be paid by the UACC upon demand. 
 The Insurer represents that, as of the date of the Prospectus Supplement and as of each date that financial statements are to be incorporated by reference into the Seller’s periodic filings, that it satisfies each of the conditions set
forth in Section 1100(c)(1) of Regulation AB (the “Section 1100(c)(1) Conditions”); provided, however that to the extent that the Insurer does 

  

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not in the future satisfy the Section 1100(c)(1) Conditions, the Insurer agrees that it will promptly make its financial statements available in
physical form to the Seller promptly upon their becoming available. The Insurer also represents that it will make available upon request of the Seller, any information contemplated by Section 1119(a) of Regulation AB with regard to affiliations
that arise between it and the Trustee or any of its affiliates. 
 Section 4.7 Rights and Remedies. Each party (other than the
Indenture Trustee) to this Insurance Agreement has acknowledged and agreed to and hereby confirms its acknowledgement and agreement to, and the Indenture Trustee has acknowledged and hereby confirms its acknowledgement of, the collateral sale and
assignment by UACC to the Seller, by the Seller to the Issuing Entity, and each party to this Insurance Agreement has acknowledged and agreed to and hereby confirms its acknowledgement and agreement to the pledge by the Issuing Entity to the
Indenture Trustee, of all of its right, title and interest in, to and under the Trust Estate, and the Transaction Documents and all of the Issuing Entity’s rights, remedies, powers and privileges and all claims of the Issuing Entity or the
Seller, as the case may be, against UACC, of the Issuing Entity or the Seller, as the case may be, and of the Issuing Entity against the Seller, under or with respect to the Transaction Documents (whether arising pursuant to the terms thereof or
otherwise available at law or in equity), including without limitation (whether or not any of a Default or Event of Default under the Indenture, an Event of Default hereunder, a Servicer Termination Event or a Trigger Event has occurred and is
continuing) (i) the right of the Issuing Entity at any time to enforce the Transaction Documents against the Servicer, the Seller or UACC and the obligations of the Servicer, the Seller, and UACC thereunder and (ii) the right at any time
to give or withhold any and all consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to any Transaction Document or the obligations in respect of the Issuing Entity, the Servicer, the Seller or
UACC thereunder, all of which rights, remedies, powers, privileges and claims may, notwithstanding any provision to the contrary by any of the Transaction Documents, be exercised and/or enforced by the Indenture Trustee in lieu of and in the place
and stead of the Seller and the Issuing Entity to the same extent as the Seller or the Issuing Entity would otherwise do, and except to the extent a Transaction Document provides that the Insurer shall not have such a right upon an Insurer Default
that has occurred and is continuing, neither the Seller nor the Issuing Entity may exercise any of the foregoing rights without the prior written consent of the Insurer. Each party hereto further acknowledges and agrees that, unless an Insurer
Default has occurred and is continuing, the Indenture Trustee will take or refrain from taking any action, and exercise or refrain from exercising any rights under the Transaction Documents in its capacity as Indenture Trustee pursuant to the
written direction of the Insurer; provided, however, that the obligations of the Indenture Trustee to take or refrain from taking, or to exercise or refrain from exercising, any such action or rights shall not apply to routine
administrative tasks required to be performed by the Indenture Trustee pursuant to the Transaction Documents and shall be limited to those actions and rights that can be exercised or taken (or not exercised or taken, as the case may be) in full
compliance with the provisions of the Transaction Documents and with applicable law. 
  

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 ARTICLE V 
 DEFAULTS AND REMEDIES 
 Section 5.1 Defaults. The occurrence of any of the following events
shall constitute an “Event of Default” hereunder: 
 (a) Any representation or warranty made by any of the Transaction
Parties hereunder or under the Transaction Documents, or in any certificate furnished hereunder or under the Transaction Documents, prove to be untrue or misleading in any material respect; provided, however, that if such Transaction
Party effectively cures any such defect in any representation or warranty under any Transaction Document or certificate or report furnished under any Transaction Document, within the time period specified in the related Transaction Document as the
cure period therefor, such defect shall not in and of itself constitute an Event of Default; 
 (b) (i) Any Transaction Party fails to pay or
deposit when due any amount required to be paid or deposited by it hereunder or under any other Transaction Document and such failure has continued for a period of at least two (2) Business Days or, if so specified in the applicable Transaction
Document, the applicable grace period set forth herein, or (ii) a legislative body has enacted any law that declares or a court of competent jurisdiction finds or rules that this Insurance Agreement or any other Transaction Document is not
valid and binding on the Transaction Parties hereto or thereto; 
 (c) The occurrence and continuance of an Event of Default under the
Indenture or Servicer Termination Event under the Sale and Servicing Agreement; 
 (d) Any failure on the part of any Transaction Party duly
to observe or perform in any material respect any other of the covenants or agreements on the part of such Transaction Party contained in this Insurance Agreement or in any other Transaction Document which continues unremedied beyond any cure period
provided therein, or, in the case of this Insurance Agreement, for a period of 30 days after the earlier of the date on which written notice of such failure, requiring the same to be remedied, has been given to UACC by the Insurer (with a copy to
the Indenture Trustee) or by the Indenture Trustee (with a copy to the Insurer), or a Responsible Officer of such Transaction Party has actual knowledge thereof; 
 (e) The entry of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for appointment of a conservator, receiver or liquidator or similar official for any Transaction
Party which is a party to any Transaction Document in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings or for the winding up or liquidation of its respective affairs, and the continuance
of any such decree or order unstayed and in effect for a period of 30 consecutive days; 
 (f) The consent by any Transaction Party to the
appointment of a conservator or receiver or liquidator or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities, or similar proceedings of or relating to such Transaction Party or relating to all
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Party admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage of any applicable bankruptcy,
insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspends payment of its obligations; 
 (g) Ray Thousand is not the Chief Executive Officer of United PanAm Financial Corporation, and the replacement Chief Executive Officer has not been approved by the Insurer; 
 (h) The shadow rating of the notes provided by S&P or Moody’s shall fall below “BBB” or “Baa2,” respectively; 
 (i) Failure by the Servicer to (x) deliver the Servicer’s Certificate by the Determination Date, (y) to deposit to the Collection Account
any amount required to be deposited therein or (z) to purchase any Receivable required to be purchased by it in accordance with the Sale and Servicing Agreement in the case of any of (x), (y) or (z), after the earlier to occur of
(1) written notice of such failure having been received by the Servicer from the Indenture Trustee, the Issuing Entity, the Insurer or the Majority Noteholders; or (2) discovery of such failure by an officer of the Servicer; 
 (j) A claim is made under the Policy; 
 (k)
There is a Change in Control; 
 (l) UACC changes its credit and collection policy with respect to the Receivables without the prior written
consent of the Insurer; 
 (m) The Issuing Entity becoming taxable as an association or a publicly traded partnership taxable as a
corporation for federal or state tax purposes; 
 (n) A Level 3 Trigger Event shall have occurred; 
 (o) The Servicer realizes a net loss as determined in accordance with generally accepted accounting principles in each of two consecutive fiscal
quarters; 
 (p) A final, non-appealable judgment shall be entered against, or settlements by any of the Transaction Parties by a court of
competent jurisdiction assessing monetary damages in excess of $10 million and, in the case of a judgment, such judgment shall not have been discharged or stayed within 60 days; 
 (q) Except as permitted by the Basic Documents, UPFC, the Seller or the Servicer shall make any assignment of any of its rights or obligations under the
Basic Documents or any attempt to make such an assignment without the express written consent of the Insurer; or 
 (r) UPFC or any of their
affiliates or subsidiaries is in default under any indebtedness having an outstanding principal amount of $1 million or more. 
 Section 5.2
Remedies; No Remedy Exclusive. (a) Upon the occurrence of an Event of Default hereunder, the Insurer may take whatever action at law or in equity as may appear necessary or desirable in its judgment to collect the amounts, if any, then
due under this 

  

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Insurance Agreement or any other Transaction Document or to enforce performance and observance of any obligation, agreement or covenant of the Transaction
Parties under this Insurance Agreement or any other Transaction Document, either in its own capacity or as Controlling Party. 
 (b) Unless
otherwise expressly provided, no remedy herein conferred or reserved is intended to be exclusive of any other available remedy, but each remedy shall be cumulative and shall be in addition to other remedies given under this Insurance Agreement or
any other Transaction Document, or existing at law or in equity. No delay or omission to exercise any right or power accruing under this Insurance Agreement or any other Transaction Document upon the happening of any event set forth in
Section 5.1 shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Insurer to exercise
any remedy reserved to the Insurer in this Article, it shall not be necessary to give any notice, other than such notice as may be required by this Article. 
 (c) Each party to this Insurance Agreement hereby agrees that, in addition to any other rights or remedies existing in its favor, it shall be entitled to specific performance and/or injunctive relief in order to
enforce any of its rights or any obligation owed to it under the Transaction Documents. 
 Section 5.3 Waivers. (a) No failure by
the Insurer to exercise, and no delay by the Insurer in exercising, any right hereunder shall operate as a waiver thereof. The exercise by the Insurer of any right hereunder shall not preclude the exercise of any other right, and the remedies
provided herein to the Insurer are declared in every case to be cumulative and not exclusive of any remedies provided by law or equity. 
 (b) The Insurer shall have the right, to be exercised in its complete discretion, to waive any Event of Default hereunder, by a writing setting forth the terms, conditions and extent of such waiver signed by the Insurer and delivered to
UACC and the Indenture Trustee. Unless such writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence which gave rise to the Event of Default so waived and not to any other similar event
or occurrence which occurs subsequent to the date of such waiver. 
 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.1
Amendments, Etc. This Insurance Agreement may be amended, modified, supplemented or terminated only by written instrument or written instruments signed by the parties hereto. No consent of any reinsurer or participant contracted with by the
Insurer pursuant to Section 4.4(b) hereof shall be required for any amendment, modification, supplement or termination hereof. UACC agrees to provide a copy of any amendment to this Insurance Agreement promptly to the Rating Agencies. No act or
course of dealing shall be deemed to constitute an amendment, modification, supplement or termination hereof. Unless an Insurer Event of Default has occurred and is continuing, the other Transaction Documents may be amended, modified or supplemented
only with the prior written consent of the Insurer and any amendment, modification or supplement without such consent shall be null and void and of no force and effect. 
  

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 Section 6.2 Notices. All demands, notices and other communications to be given hereunder shall be
in writing (except as otherwise specifically provided herein) and shall be (i) mailed by prepaid registered or certified mail, return receipt requested, or (ii) personally delivered by messenger or overnight courier (with confirmation of
receipt) and in either case telecopied to the recipient as follows: 
 (a) To the Insurer: 
  

			
	Ambac Assurance Corporation	  	
	One State Street Plaza	  	
	New York, New York 10004	  	
	Attention: Structured Finance Department – ABS	  	
	Telecopy No.: 212-208-3547	  	
	Confirmation: 212-668-0340	  	
	with a copy to the attention of:	  	Michael Babick, Vice President
		  	Telecopy No.: 212-363-1459
		  	Confirmation: 212-208-3407

 (in each case in which notice or other communication to the Insurer refers to a Servicer
Termination Event, an Event of Default hereunder, a Default or Event of Default under the Indenture or a Trigger Event, a claim on the Ambac Policy or any event with respect to which failure on the part of the Insurer to respond shall be deemed to
constitute consent or acceptance, then a copy of such notice or other communication shall also be sent to the attention of the general counsel of each of the Insurer and the Indenture Trustee and shall be marked to indicate “URGENT MATERIAL
ENCLOSED.”) 
 (b) To UACC: 
 United Auto Credit Corporation 
 3990 Westerly Place, Suite 200 
 Newport Beach, California 92660 
 Attention: Garland Koch, CFO 
 Telephone: 949-224-1917 
 Facsimile: 949-224-1910 
 (c)
To the Seller: 
 UPFC Auto Financing Corporation 
 3990 Westerly Place, Suite 200 
 Newport Beach, California 92660 
 Attention: Arash Khazei 
 Telephone: 949-224-1917 
 Facsimile: 949-224-1910 
  

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 (d) To the Issuing Entity: 
  

			
	UPFC Auto Receivables Trust 2006-B	  	
	in care of:	  	Wells Fargo Delaware Trust Company,
		  	as Owner Trustee
		  	919 N. Market Street
		  	Suite 700
		  	Wilmington, Delaware 19801
		  	Attention: Corporate Trust
		  	                  Services
		  	Telephone: (302) 575-2004
		  	Facsimile: (302) 575-2006
		
	with a copy to the attention of:	  	United Auto Credit Corporation
		  	3990 Westerly Place, Suite 200
		  	Newport Beach, California 92660
		  	Attention: Garland Koch, CFO
		  	Telephone: 949-224-1917
		  	Facsimile: 949-224-1910

 (e) To the Indenture Trustee: 
 Deutsche Bank Trust Company Americas 
 Corporate Trust and Agency Services 
 60 Wall Street, 26th Floor 
 New York, NY 10005 
 Attention: Structured Finance Services 
 Phone: (212) 250-4772 
 Facsimile: (212) 797-8606 
 A party may
specify an additional or different address or addresses by writing mailed or delivered to the other parties as aforesaid. All such notices and other communications shall be effective upon receipt. 
 Section 6.3 Severability. In the event that any provision of this Insurance Agreement is held invalid or unenforceable by any court of competent
jurisdiction, the parties hereto agree that such holding shall not invalidate or render unenforceable any other provision hereof. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by any
party hereto is unavailable or unenforceable shall not affect in any way the ability of such party to pursue any other remedy available to it. 
 Section 6.4 Governing Law. This Insurance Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws provisions. 
 Section 6.5 Consent to Jurisdiction. (a) THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT
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COURT IN THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION, SUIT OR PROCEEDING
BROUGHT AGAINST IT AND TO OR IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS OR THE TRANSACTION OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT RELATING THERETO, AND THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ALL
CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD OR DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. THE PARTIES AGREE THAT A FINAL NONAPPEALABLE JUDGMENT IN ANY SUCH ACTION, SUIT OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY WAIVE AND AGREE NOT TO ASSERT BY WAY OF MOTION,
AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT,
ACTION OR PROCEEDING IS IMPROPER OR THAT THE RELATED DOCUMENTS OR THE SUBJECT MATTER THEREOF MAY NOT BE LITIGATED IN OR BY SUCH COURTS. 
 (b) To the extent permitted by applicable law, the parties shall not seek and hereby waive the right to any review of the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant an
enforcement of such judgment. 
 (c) Service on any party hereto may be made by mailing or delivering copies of the summons and complaint and
other process which may be served in any suit, action or proceeding to such party at its address listed in Section 6.2 herein. Such address may be changed by the applicable party or parties by written notice to each of the other parties hereto.

 (d) Nothing contained in this Insurance Agreement shall limit or affect any party’s right to serve process in any other manner
permitted by law or to start legal proceedings relating to any of the Transaction Documents against any other party or its properties in the courts of any jurisdiction. 
 Section 6.6 Consent of the Insurer. In the event that the consent of the Insurer is required under any of the Transaction Documents, the determination whether to grant or withhold such consent shall be made by
the Insurer in writing and in its sole discretion except to the extent such consent of the Insurer pursuant to the terms of the applicable Transaction Document may not be unreasonably withheld, and without any implied duty towards any other Person.

 Section 6.7 Counterparts. This Insurance Agreement may be executed in counterparts by the parties hereto, and all such counterparts
shall constitute one and the same instrument. 
  

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 Section 6.8 Headings. The headings of Articles and Sections and the Table of Contents contained in
this Insurance Agreement are provided for convenience only. They form no part of this Insurance Agreement and shall not affect its construction or interpretation. 
 Section 6.9 Trial by Jury Waived. Each party hereby waives, to the fullest extent permitted by law, any right to a trial by jury in respect of any litigation arising directly or indirectly out of, under or in
connection with any of the Transaction Documents or any of the transactions contemplated thereunder. Each party hereto (a) certifies that no representative, agent or attorney of any party hereto has represented, expressly or otherwise, that it
would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it has been induced to enter into the Transaction Documents to which it is a party by, among other things, this waiver. 
 Section 6.10 Limited Liability. No recourse under any Transaction Document shall be had against, and no personal liability shall attach to, any
officer, employee, director, affiliate or shareholder of the Insurer or any other party hereto, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise in respect of any of the
Transaction Documents (including the Class A Notes and the Ambac Policy), it being expressly agreed and understood that each Transaction Document is solely a corporate obligation of each party hereto, and that any and all personal liability,
either at common law or in equity, or by statute or constitution, of every such officer, employee, director, affiliate or shareholder for breaches of any party hereto of any obligations under any Transaction Document is hereby expressly waived as a
condition of and in consideration for the execution and delivery of this Insurance Agreement. 
 Section 6.11 Entire Agreement; Facsimile
Signatures. This Insurance Agreement, the Fee Letter and the Ambac Policy set forth the entire agreement between the parties with respect to the subject matter hereof and thereof, and supersede and replace any agreement or understanding that may
have existed between the parties prior to the date hereof in respect of such subject matter. Execution and delivery of this Insurance Agreement by facsimile signature shall constitute execution and delivery of this Insurance Agreement for all
purposes hereof with the same force and effect as execution and delivery of a manually signed copy hereof. 
 Section 6.12 Indenture
Trustee. (a) Deutsche Bank Trust Company Americas, as the Indenture Trustee, Trust Collateral Agent and Backup Servicer hereby acknowledges and agrees to perform all its obligations and duties pursuant to the Transaction Documents to which
it is a party thereto. 
 (b) In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to
banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture Trustee is required to obtain, verify and record certain information relating to individuals and
entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide to the Indenture Trustee upon its request from time to time such identifying information and documentation as may be
available for such party in order to enable the Indenture Trustee to comply with Applicable Law. 
  

 UPFC Auto Receivables Trust 2006-B 
 Insurance Agreement Signature Page (1 of 2) 
 35 

 Section 6.13 Third Party Beneficiary. Subject to the provisions of the Transaction Documents, each
of the parties hereto agrees that the Insurer shall have all rights of an intended third party beneficiary in respect of each of the Transaction Documents, including the right to enforce the respective obligations of the parties thereunder.

 Section 6.14 No Proceedings. Each of the parties hereto agrees that it will not institute against the Issuing Entity or the Seller
any involuntary proceeding or otherwise institute any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law until the date which is one year and one day
or, if longer, the then applicable preference period plus one day, since the last day on which any Class A Notes shall have been outstanding and all amounts payable to the Insurer hereunder shall have been paid in full. 
 Section 6.15 Limitation of Owner Trustee Liability. It is expressly understood and agreed by the parties hereto that (a) this document is
executed and delivered by Wells Fargo Delaware Trust Company, not individually or personally, but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust Agreement for UPFC Auto
Receivables Trust 2006-B, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by Wells Fargo Delaware Trust
Company but is made and intended for the purpose for binding only the Issuing Entity, (c) nothing herein contained shall be construed as creating any liability on Wells Fargo Delaware Trust Company, individually or personally, to perform any
covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (d) under no circumstances shall Wells Fargo
Delaware Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity
under this Agreement or any other related documents. 
 Section 6.16 Limitation of Indenture Trustee, Trust Collateral Agent and Backup
Servicer Liability. In no event shall the Indenture Trustee, the Trust Collateral Agent and the Backup Servicer be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including but not limited to,
lost profits, even if the Indenture Trustee, the Trust Collateral Agent or the Backup Servicer has been advised of such loss or damage and regardless of the form of action. 
 In no event shall the Indenture Trustee, the Trust Collateral Agent and the Backup Servicer be liable for any failure or delay in the performance of its
obligations hereunder because of circumstances beyond its control, including but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances,
regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Insurance Agreement. 
 ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM CONTAINING ANY MATERIALLY FALSE 

  

 UPFC Auto Receivables Trust 2006-B 
 Insurance Agreement Signature Page (1 of 2) 
 36 

 
INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A FRAUDULENT INSURANCE ACT, WHICH IS
A CRIME AND SHALL ALSO BE SUBJECT TO A CIVIL PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 UPFC Auto Receivables Trust 2006-B 
 Insurance Agreement Signature Page (1 of 2) 
 37 

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

			
	AMBAC ASSURANCE CORPORATION, as Insurer
		
	By:	 	  
		 	 Name:
 Title:

	
	UPFC AUTO RECEIVABLES TRUST 2006-B, as Issuing Entity
		
	By:	 	WELLS FARGO DELAWARE TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  
		 	 Name:
 Title:

	
	UPFC AUTO FINANCING CORPORATION, as Seller
		
	By:	 	  
		 	 Name:
 Title:

	
	UNITED AUTO CREDIT CORPORATION, as Servicer
		
	By:	 	  
		 	 Name:
 Title:

  

 UPFC Auto Receivables Trust 2006-B 
 Insurance Agreement Signature Page (1 of 2) 
 38 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS not in its individual capacity, but solely as Indenture Trustee, Trust Collateral Agent and Backup Servicer
		
	By:	 	  
		 	 Name:
 Title:

		
	By:	 	  
		 	 Name:
 Title:

  

 UPFC Auto Receivables Trust 2006-B 
 Insurance Agreement Signature Page (1 of 2) 
 39 

 EXHIBIT A 
 FORM OF AMBAC POLICY 
  

 A-1Spread Account Agreement

 Exhibit 10.3 
 EXECUTION VERSION 
  

 SPREAD ACCOUNT AGREEMENT 
 among 
 UPFC AUTO RECEIVABLES TRUST 2006-B, 
 as
Issuing Entity, 
 AMBAC ASSURANCE CORPORATION, 
 as Insurer, 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Trustee, as Trust Collateral Agent and as Collateral Agent

 Dated as of December 14, 2006 
  

 TABLE OF CONTENTS 
  

			
	  	  	Page
	ARTICLE I	  	
		
	DEFINITIONS	  	
		
	 Section 1.01. Definitions
	  	1
	 Section 1.02. Other Definitional Provisions
	  	4
		
	ARTICLE II	  	
		
	THE SPREAD ACCOUNT AGREEMENT COLLATERAL	  	
		
	 Section 2.01. Grant of Security Interest by the Issuing Entity
	  	5
	 Section 2.02. Priority
	  	5
	 Section 2.03. Issuing Entity Remains Liable
	  	5
	 Section 2.04. Delivery and Maintenance of Spread Account Agreement Collateral
	  	6
	 Section 2.05. Termination and Release of Rights
	  	7
	 Section 2.06. Non-Recourse Obligations of Issuing Entity
	  	8
		
	ARTICLE III	  	
		
	SPREAD ACCOUNT	  	
		
	 Section 3.01. Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account
	  	8
	 Section 3.02. Investments
	  	9
	 Section 3.03. Payments; Priority of Payments
	  	10
	 Section 3.04. General Provisions Regarding Spread Account
	  	11
	 Section 3.05. Reports by the Collateral Agent
	  	12
		
	ARTICLE IV	  	
		
	THE COLLATERAL AGENT	  	
		
	 Section 4.01. Appointment and Powers
	  	12
	 Section 4.02. Performance of Duties
	  	12
	 Section 4.03. Limitation on Liability
	  	13
	 Section 4.04. Reliance upon Documents
	  	13
	 Section 4.05. Successor Collateral Agent
	  	13
	 Section 4.06. Indemnification
	  	15
	 Section 4.07. Compensation and Reimbursement
	  	15
	 Section 4.08. Representations and Warranties of the Collateral Agent
	  	15
	 Section 4.09. Waiver of Setoffs
	  	16
	 Section 4.10. Control by the Controlling Party
	  	16
	 Section 4.11. Limitation of Collateral Agent Liability
	  	16

			
	ARTICLE V	  	
		
	COVENANTS OF THE ISSUING ENTITY	  	
		
	 Section 5.01. Preservation of Spread Account Agreement Collateral
	  	17
	 Section 5.02. Notices
	  	17
	 Section 5.03. Waiver of Stay or Extension Laws; Marshalling of Assets
	  	17
	 Section 5.04. Noninterference, etc.
	  	17
	 Section 5.05. Issuing Entity Changes
	  	18
		
	ARTICLE VI	  	
		
	CONTROLLING PARTY; INTERCREDITOR PROVISIONS	  	
		
	 Section 6.01. Appointment of Controlling Party
	  	18
	 Section 6.02. Controlling Party’s Authority
	  	18
	 Section 6.03. Rights of Issuing Entity Secured Parties
	  	19
	 Section 6.04. Degree of Care
	  	19
		
	ARTICLE VII	  	
		
	REMEDIES UPON DEFAULT	  	
		
	 Section 7.01. Remedies upon a Default
	  	20
	 Section 7.02. Waiver of Default
	  	20
	 Section 7.03. Restoration of Rights and Remedies
	  	20
	 Section 7.04. No Remedy Exclusive
	  	21
		
	ARTICLE VIII	  	
		
	MISCELLANEOUS	  	
		
	 Section 8.01. Further Assurances
	  	21
	 Section 8.02. Waiver
	  	21
	 Section 8.03. Amendments; Waivers
	  	21
	 Section 8.04. Severability
	  	21
	 Section 8.05. Nonpetition Covenant
	  	22
	 Section 8.06. Notices
	  	22
	 Section 8.07. Term of this Agreement
	  	24
	 Section 8.08. Assignments; Third-Party Rights; Reinsurance
	  	24
	 Section 8.09. Consent of Controlling Party
	  	25
	 Section 8.10. Consents to Jurisdiction
	  	25
	 Section 8.11. Determination of Adverse Effect
	  	25
	 Section 8.12. Compliance with Laws
	  	25
	 Section 8.13. Headings
	  	26
	 Section 8.14. TRIAL BY JURY WAIVED
	  	26
	 Section 8.15. GOVERNING LAW
	  	26
	 Section 8.16. Counterparts
	  	26
	 Section 8.17. Limitation of Liability
	  	26

  

 ii 

 SPREAD ACCOUNT AGREEMENT 
 This SPREAD ACCOUNT AGREEMENT, dated as of December 14, 2006 (this “Agreement”), is among UPFC AUTO RECEIVABLES TRUST 2006-B, as issuing entity (the “Issuing Entity”), AMBAC
ASSURANCE CORPORATION, as insurer (the “Insurer”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee (in such capacity, the “Trustee”), as trust collateral agent (in such capacity the “Trust Collateral
Agent”) and as collateral agent (in such capacity, the “Collateral Agent”). 
 RECITALS 
 WHEREAS, the Issuing Entity was formed pursuant to the Trust Agreement dated as of November 17, 2006 as amended and restated as of December 14,
2006 (as amended from time to time, the “Trust Agreement”), between UPFC Auto Financing Corporation, as seller (the “Seller”), and Wells Fargo Delaware Trust Company, as owner trustee (the “Owner
Trustee”). 
 WHEREAS, pursuant to a Sale and Servicing Agreement, dated as of December 1, 2006, (the “Sale and
Servicing Agreement”) among the Issuing Entity, the Seller, the Servicer, the Trust Collateral Agent, the Custodian, the Backup Servicer and the Designated Backup Subservicer, the Seller sold to the Issuing Entity all of its right, title
and interest in and to the Receivables and Other Conveyed Property. 
 WHEREAS, pursuant to the Indenture, dated as of December 1, 2006
(the “Indenture”), among the Issuing Entity, the Trustee and the Trust Collateral Agent, the Issuing Entity pledged all of its right, title and interest in and to the Collateral to the Trust Collateral Agent on behalf of the Issuing
Entity Secured Parties. 
 WHEREAS, the Issuing Entity requested that the Insurer issue the Note Policy to the Trustee to guarantee payment
of the Insured Payments on each Distribution Date, in respect of the Notes. 
 WHEREAS, in consideration of the issuance of the Note Policy,
the Issuing Entity and the Servicer have agreed that the Insurer shall have certain rights as Controlling Party to the extent set forth in the Basic Documents, with respect to the Collateral. 
 In consideration of the premises, and for other good and valuable consideration, the adequacy, receipt and sufficiency of which are hereby acknowledged
the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. Unless otherwise defined in this Agreement,
the following terms shall have the following meanings: 
 “Collateral Agent” means, initially Deutsche Bank Trust Company
Americas, in its capacity as collateral agent on behalf of the Issuing Entity Secured Parties, including its 

 
successors in interest, until a successor Person shall have become the Collateral Agent pursuant to Section 4.05 and thereafter “Collateral
Agent” shall mean such successor Person. 
 “Collateral Agent Fee” means as designated in the fee letter between
Collateral Agent and UACC. 
 “Controlling Party” means the Person designated as the Controlling Party at such time
pursuant to Section 6.01. 
 “Cumulative Net Loss” means the positive difference between (i) the sum of
(A) the aggregate Principal Balance of all Liquidated Receivables plus (B) aggregate Cram Down Losses minus (ii) Liquidation Proceeds received with respect to the Receivables described in clause (i). 
 “Cumulative Net Loss Ratio” means the ratio, expressed as a percentage, computed by dividing the Cumulative Net Losses by the Original
Pool Balance. 
 “Default” means, (i) if the Insurer is then the Controlling Party, any Insurance Agreement Event of
Default or an Event of Default under the Indenture and (ii) if the Trustee is then the Controlling Party, any Event of Default under Section 5.1 of the Indenture. 
 “Delinquency Ratio” means, the ratio (expressed as a percentage) computed by dividing: (a) the aggregate Principal Balance of all
Receivables which were Delinquent Receivables as of the close of business on the last day of the related Collection Period by (b) the sum of the aggregate Principal Balance of all Receivables as of the close of business on the first day of the
related Collection Period. 
 “Delinquent Receivable” means a Receivable with respect to which a scheduled payment is
more than sixty (60) days past due (excluding (i) Receivables which the Servicer has repossessed the related Financed Vehicle and (ii) Receivables which have become Liquidated Receivables). 
 “Final Termination Date” means the date that is the later of (i) the Insurer Termination Date and (ii) the Trustee Termination
Date. 
 “Insured Payments” has the meaning set forth in the Note Policy. 
 “Insurer Termination Date” means the date which is the latest of (i) the date of the expiration of the Note Policy and the
cancellation and return thereof to the Insurer, (ii) the date on which the Insurer shall have received payment and performance in full of all Insurer Issuing Entity Secured Obligations and (iii) the latest date on which any payment
referred to above could be avoided as a preference or otherwise under the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, as specified in an
Opinion of Counsel delivered to the Collateral Agent, the Insurer and the Trustee. 
 “Issuing Entity” means UPFC Auto
Receivables Trust 2006-B. 
  

 2 

 “Level 1 Cumulative Net Loss Test” means, for any Distribution Date specified below, the
Cumulative Net Loss Ratio for the related Collection Period is greater than the percentage set forth opposite such Distribution Date in Schedule A hereto. 
 “Level 1 Delinquency Test” means, for any Distribution Date, the arithmetic average of the monthly Delinquency Ratios for the three immediately preceding Collection Periods is greater than the
percentage set forth opposite such Distribution Date in Schedule A hereto. 
 “Level 1 Trigger Event” means any violation of
the Level 1 Cumulative Net Loss Test or the Level 1 Delinquency Test. 
 “Level 2 Cumulative Net Loss Test” means, for any
Distribution Date specified below, the Cumulative Net Loss Ratio for the related Collection Period is greater than the percentage set forth opposite such Distribution Date in Schedule A hereto. 
 “Level 2 Delinquency Test” means, for any Distribution Date, the arithmetic average of the monthly Delinquency Ratios for the three
immediately preceding Collection Periods is greater than the percentage set forth opposite such Distribution Date in Schedule A hereto. 
 “Level 2 Trigger Event” means the occurrence of the Level 2 Cumulative Net Loss Test or the Level 2 Delinquency Test. 
 “Level 3 Cumulative Net Loss Test” means, for any Distribution Date specified below, the Cumulative Net Loss Ratio for the related Collection Period is greater than the percentage set forth opposite such Distribution Date
in Schedule A hereto. 
 “Level 3 Delinquency Test” means, for any Distribution Date, the arithmetic average of the monthly
Delinquency Ratios for the three immediately preceding Collection Periods is greater than the percentage set forth opposite such Distribution Date in Schedule A hereto. 
 “Level 3 Trigger Event” means the occurrence of the Level 3 Cumulative Net Loss Test or the Level 3 Delinquency Test. 
 “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable including (1) proceeds from the disposition of the underlying financed
vehicles; (2) any related insurance proceeds; (3) other monies received from the obligor that are allocable to principal and interest due under the automobile loan, and (4) with respect to a Sold Receivable, the related Sale Amount.

 “Non-Controlling Party” means, at any time, the Issuing Entity Secured Party that is not the Controlling Party at such
time. 
 “Original Pool Balance” means the Pool Balance as of the Cutoff Date. 
 “Outstanding Pool Balance” means the Pool Balance as of the end of the related Collection Period. 
  

 3 

 “Requisite Amount” will equal the Spread Account Initial Deposit on the Closing Date,
and thereafter, on each Distribution Date, the Requisite Amount shall be equal to 2.0% of the Original Pool Balance, provided, however, that (i) on each Distribution Date upon which a Level 1 Trigger Event has occurred and is
continuing, and upon each Distribution Date thereafter (unless no Level 1 Trigger Event has occurred for three consecutive months) the Requisite Amount shall be equal to the greater of (x) 6.0% of the Outstanding Pool Balance or (y) 4.0%
of the Original Pool Balance; and (ii) on each Distribution Date upon which a Level 3 Trigger Event has occurred and upon each Distribution Date thereafter, the Requisite Amount shall be equal to 100% of the Outstanding Pool Balance.

 “Security Interests” means the security interests and Liens in the Spread Account Agreement Collateral granted pursuant
to Section 2.01. 
 “Seller” means UPFC Auto Financing Corporation 
 “Spread Account” means the account designated as such, established and maintained pursuant to Article Three. 
 “Spread Account Agreement Collateral” has the meaning set forth in Section 2.01. 
 “Spread Account Claim Amount” has the meaning set forth in Section 1.1 of the Sale and Servicing Agreement. 
 “Trigger Event” means a Level 1 Trigger Event, a Level 2 Trigger Event or a Level 3 Trigger Event. 
 “Trustee Termination Date” means the date which is the latest of the date on which (i) the Trustee shall have received, as Trustee
for the holders of the Notes, payment and performance in full of all Trustee Issuing Entity Secured Obligations and (ii) all payments in respect of the Notes shall have been made and the Indenture shall have been satisfied and discharged
pursuant to the terms of Article IV of the Indenture. 
 “UACC” means United Auto Credit Corporation. 
 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code in effect in the relevant jurisdiction, as the
same may be amended from time to time. 
 Section 1.02. Other Definitional Provisions. 
 (a) Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Sale and Servicing Agreement or the
Indenture, as the case may be. 
 (b) The terms “hereof,” “herein” or “hereunder,” unless
otherwise modified by more specific reference, shall refer to this Agreement in its entirety. Unless otherwise indicated in context, the terms “Article,” “Section,” “Appendix,” “Exhibit” or “Annex”
shall refer to an Article or Section of, or Appendix, Exhibit or Annex to, this Agreement. The definition of a term shall include the singular, the plural, the past, the present, the future, the active and the passive forms of such term.

  

 4 

 ARTICLE II 
 THE SPREAD ACCOUNT AGREEMENT COLLATERAL 
 Section 2.01. Grant of Security Interest by the
Issuing Entity. In order to secure the performance of Issuing Entity Secured Obligations, to the extent provided herein, the Issuing Entity hereby pledges, assigns, grants, transfers and conveys to the Collateral Agent, on behalf of and for the
benefit of the Issuing Entity Secured Parties, a lien on and security interest in (which lien and security interest is intended to be prior to all other Liens), all of its right, title and interest in and to the following (all being collectively
referred to herein as the “Spread Account Agreement Collateral” and constituting Spread Account Agreement Collateral hereunder): 
 (a) the Spread Account established pursuant to Section 3.01 hereof, and each other account owned by the Issuing Entity and maintained by the Collateral Agent and any funds or investments deposited therein
(including, without limitation, the Spread Account Initial Deposit related thereto and all additional monies, checks, securities, investments and other documents from time to time held in or evidencing any such accounts); 
 (b) all of the Issuing Entity’s right, title and interest in and to investments made with proceeds of the property described in
clause (a) above, or made with amounts on deposit in the Spread Account; and 
 (c) all distributions, revenues,
products, substitutions, benefits, profits and proceeds, in whatever form, of any of the foregoing whether now owned or hereafter acquired. 
 Section 2.02. Priority. The Issuing Entity intends the security interests granted hereunder in favor of the Issuing Entity Secured Parties to be prior to all other Liens in respect of the Spread Account Agreement Collateral,
and the Issuing Entity shall take all actions necessary to obtain and maintain, in favor of the Collateral Agent, for the benefit of the Issuing Entity Secured Parties, a first lien on and a first priority, perfected security interest in the Spread
Account Agreement Collateral including, without limitation, the filing of a UCC-1 financing statement relating to the Spread Account Agreement Collateral. Subject to the provisions hereof specifying the rights and powers of the Collateral Agent at
the written direction of the Controlling Party from time to time to control certain specified matters relating to the Spread Account Agreement Collateral, each Issuing Entity Secured Party shall have all of the rights, remedies and recourse with
respect to the Spread Account Agreement Collateral afforded a Secured Party under the Uniform Commercial Code, and all other applicable law in addition to, and not in limitation of, the other rights, remedies and recourse granted to such Issuing
Entity Secured Parties by this Agreement or any other law relating to the creation and perfection of liens on, and security interests in, the Spread Account Agreement Collateral. 
 Section 2.03. Issuing Entity Remains Liable. The Security Interests are granted as security only and shall not (i) transfer or in any
way affect or modify, or relieve either the Issuing Entity from, any obligation to perform or satisfy, any term, covenant, condition or agreement to be performed or satisfied by the Issuing Entity under or in connection with this Agreement, the
Insurance Agreement or any other Basic Documents to which it is a party or (ii) impose any obligation on any of the Issuing Entity Secured Parties or the Collateral Agent to perform or 

  

 5 

 
observe any such term, covenant, condition or agreement or impose any liability on any of the Issuing Entity Secured Parties or the Collateral Agent for any
act or omission on its part relative thereto or for any breach of any representation or warranty on its part contained therein or made in connection therewith, except, in each case, to the extent provided herein and in the other Basic Documents.

 Section 2.04. Delivery and Maintenance of Spread Account Agreement Collateral. 
 (a) The Collateral Agent agrees to maintain the Spread Account Agreement Collateral received by it (or evidence thereof, in the case of
book-entry securities in the name of the Collateral Agent) and all records and documents relating thereto at the office of the Collateral Agent specified in Section 8.06 or such other address as may be approved by the Controlling Party. The
Collateral Agent shall keep all Spread Account Agreement Collateral and related documentation in its possession separate and apart from all other property that it is holding in its possession and from its own general assets and shall maintain
accurate records pertaining to the Eligible Investments and Spread Account included in the Spread Account Agreement Collateral in such a manner as shall enable the Collateral Agent and the Issuing Entity Secured Parties to verify the accuracy of
such record-keeping. The Collateral Agent’s books and records shall at all times show that the Spread Account Agreement Collateral is held by the Collateral Agent as agent of the Issuing Entity Secured Parties and is not the property of the
Collateral Agent. The Collateral Agent will promptly report to each Issuing Entity Secured Party and the Issuing Entity any failure on its part to hold the Spread Account Agreement Collateral as provided in this Section 2.04(a) and will
promptly take appropriate action to remedy any such failure. 
 (b) The Collateral Agent shall permit each of the Issuing
Entity Secured Parties, or their respective duly authorized representatives, attorneys, auditors or designees, to inspect the Spread Account Agreement Collateral in the possession of or otherwise under the control of the Collateral Agent pursuant
hereto at such reasonable times during normal business hours as any such Issuing Entity Secured Party may reasonably request upon not less than one Business Day’s prior written notice. The costs and expenses associated with any such inspection
will be paid by the party making such inspection. 
 (c) All Spread Account Agreement Collateral shall be transferred to the
Collateral Agent on behalf of the Issuing Entity Secured Party in a manner consistent with the definition of “Delivery” set forth in the Sale and Servicing Agreement. 
 (d) Notwithstanding anything to the contrary herein, the Collateral Agent: (i) is and will be acting on behalf of the Issuing Entity
Secured Parties as a securities intermediary under Article Eight of the UCC; (ii) shall establish and maintain the Spread Account for the benefit of the Issuing Entity Secured Parties as a holder of a security interest in the Spread
Account Agreement Collateral and the Spread Account; (iii) shall treat all of the assets in the Spread Account (other than cash) as financial assets under Article Eight of the UCC; (iv) shall not hold, or exercise control (within the
meaning of Article Eight or Nine of the UCC) over, the Spread Account Agreement Collateral and/or the Spread Account for the benefit of any person or entity other than the Issuing Entity Secured Parties; (v) has received notice of the
Issuing Entity Secured Parties’ interest in the assets contained and/or to be contained in the Spread Account; and (vi) shall take instructions only from the Issuing Entity Secured Party 

  

 6 

 
constituting the Controlling Party hereunder (and shall comply with entitlement orders originated by such Issuing Entity Secured Party without any consent of
and notwithstanding any alternate direction of the Issuing Entity) with respect to the Spread Account and/or the Spread Account Agreement Collateral, including, without limitation, all instructions with respect to the acquisition, transfer and
disposition of assets in the Spread Account and the proceeds thereof. In accordance with the choice of law governing this Agreement set forth in Section 8.15 herein, for purposes of Article Eight of the UCC the jurisdiction of the Collateral
Agent is deemed to be New York. 
 Section 2.05. Termination and Release of Rights. 
 (a) On the Insurer Termination Date, the rights, remedies, powers, duties, authority and obligations conferred upon the Insurer pursuant
to this Agreement in respect of the Spread Account Agreement Collateral shall terminate and be of no further force and effect and all rights, remedies, powers, duties, authority and obligations of the Insurer with respect to such Spread Account
Agreement Collateral shall be automatically released; provided that any indemnity provided to or by the Insurer herein shall survive such Insurer Termination Date. If the Insurer is acting as Controlling Party on the related Insurer Termination
Date, the Insurer agrees, at the expense of the Issuing Entity, to execute and deliver such instruments as the successor Controlling Party may reasonably request to effectuate such release, and any such instruments so executed and delivered shall be
fully binding on the Insurer and any Person claiming by, through or under the Insurer. 
 (b) On the Trustee Termination Date,
the rights, remedies, powers, duties, authority and obligations, if any, conferred upon the Trustee pursuant to this Agreement in respect of the Spread Account Agreement Collateral shall terminate and be of no further force and effect and all such
rights, remedies, powers, duties, authority and obligations of the Trustee with respect to such Spread Account Agreement Collateral shall be automatically released; provided that any indemnity provided to the Trustee herein shall survive such
Trustee Termination Date. If the Trustee is acting as Controlling Party on the related Trustee Termination Date, the Trustee agrees, at the expense of the Issuing Entity, to execute and deliver such instruments as the Issuing Entity may reasonably
request to effectuate such release, and any such instruments so executed and delivered shall be fully binding on the Trustee. 
 (c) On the Final Termination Date, the rights, remedies, powers, duties, authority and obligations conferred upon the Collateral Agent and each Issuing Entity Secured Party pursuant to this Agreement shall terminate and be of no further
force and effect and all rights, remedies, powers, duties, authority and obligations of the Collateral Agent and each Issuing Entity Secured Party with respect to the Spread Account Agreement Collateral shall be automatically released. On the Final
Termination Date, the Collateral Agent agrees, and each Issuing Entity Secured Party agrees, at the expense of the Issuing Entity, to execute such instruments of release, in recordable form if necessary, in favor of the Issuing Entity as the Issuing
Entity may reasonably request, to deliver any Spread Account Agreement Collateral in its possession to the Issuing Entity, and to otherwise release the lien of this Agreement and release and deliver to the Issuing Entity the Spread Account Agreement
Collateral. 
  

 7 

 Section 2.06. Non-Recourse Obligations of Issuing Entity. Notwithstanding anything herein
or in the other Basic Documents to the contrary, the parties hereto agree that the obligations of the Issuing Entity hereunder shall be recourse only to the extent of amounts released to the Issuing Entity pursuant to Section 3.03(b)(ii) and
retained by the Issuing Entity in accordance with the next sentence. The Issuing Entity agrees that it shall not declare or make any payment to the Seller or UACC except in accordance with the Basic Documents. Nothing contained herein shall be
deemed to limit the rights of the Noteholders under any other Basic Document. 
 ARTICLE III 
 SPREAD ACCOUNT 
 Section 3.01.
Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account. 
 (a) On or prior to
the Closing Date, the Collateral Agent shall establish, at its office or at another depository institution or trust company an Eligible Deposit Account, designated, “Spread Account—Deutsche Bank Trust Company Americas, as Collateral Agent
for Ambac Assurance Corporation and Deutsche Bank Trust Company Americas, as Trustee and Trust Collateral Agent Re: UPFC Auto Receivables Trust 2006-B, Class A Asset-Backed Notes Series 2006-B” (the “Spread Account”). The
Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of UACC, the Seller, the Servicer or the Issuing Entity. If the Spread Account ceases to be an Eligible Deposit Account, the Collateral
Agent shall notify the Controlling Party of such fact and shall establish within five Business Days of such determination, in accordance with Section 3.04(a), a successor Spread Account thereto, which shall be an Eligible Deposit Account, at
another depository institution acceptable to the Controlling Party. 
 (b) No withdrawals may be made of funds in the Spread
Account except as provided in Section 3.03. Except as specifically provided in this Agreement, funds in the Spread Account shall not be commingled with any other moneys. All moneys deposited from time to time in the Spread Account and all
investments made with such moneys shall be held by the Collateral Agent as part of the Spread Account Agreement Collateral. 
 (c) On the Closing Date, Issuing Entity shall provide or cause to be provided to the Collateral Agent for deposit into the Spread Account an amount equal to the Spread Account Initial Deposit. 
 (d) On each Distribution Date, after giving effect to all payments to be made on the related Distribution Date, the Collateral Agent
shall, based solely on the information contained in the Preliminary Servicer’s Certificate delivered with respect to the Determination Date, cause to be maintained in the Spread Account an amount equal to the Requisite Amount in accordance with
Section 5.7 of the Sale and Servicing Agreement. 
  

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 Section 3.02. Investments. 
 (a) Funds which may at any time be held in the Spread Account shall be invested and reinvested by the Collateral Agent, at the written
direction (which may include, subject to the provisions hereof, general standing instructions) of the Issuing Entity (unless a Default shall have occurred and be continuing, in which case at the written direction of the Controlling Party if it so
elects) or its designee received by the Collateral Agent by 1:00 p.m. New York City time, on the Business Day prior to the date on which such investment shall be made, in one or more Eligible Investments in the manner specified in
Section 3.02(b) and (c) herein. If no written direction with respect to any portion of the Spread Account is received by the Collateral Agent, the Collateral Agent shall invest such funds overnight in money market mutual funds described in
paragraph (d) of the definition of the term “Eligible Investments,” provided that the Collateral Agent shall not be liable for any loss or absence of income resulting from such investments described herein. 
 (b) Each investment made pursuant to this Section on any date shall mature not later than the Business Day immediately preceding the
Distribution Date next succeeding the day such investment is made or payable on demand, provided that any investment of funds in the Spread Account maintained with the Collateral Agent in any investment as to which the Collateral Agent is the
obligor, if otherwise qualified as an Eligible Investment may mature on the Distribution Date next succeeding the date of such investment. 
 (c) Subject to the other provisions hereof, the Collateral Agent shall have sole control over each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if
any, shall be delivered directly to the Collateral Agent or its agent, together with each document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent in a manner which complies with Section 2.04 hereof
and the requirements of the definition of “Eligible Investments.” 
 (d) If amounts on deposit in the Spread Account
are at any time invested in an Eligible Investment payable on demand, the Collateral Agent shall (i) consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Eligible Investment is
permitted to mature under the provisions hereof and (ii) demand payment of all amounts due thereunder promptly upon receipt of written notice from the Controlling Party to the effect that such investment does not constitute an Eligible
Investment. 
 (e) All moneys on deposit in the Spread Account, together with any deposits or securities in which such moneys
may be invested or reinvested, and any gains from such investments, shall constitute Spread Account Agreement Collateral hereunder subject to the Security Interests of the Issuing Entity Secured Parties. 
 (f) Subject to Section 4.03 hereof, the Collateral Agent shall not be liable by reason of any insufficiency in amounts on deposit in
the Spread Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the failure of the relevant Deutsche Bank entity, in its commercial capacity, to make payments on Eligible Investments for which
it is obligated. All income or loss on investments of funds in the Spread Account shall be reported by UACC as taxable income or loss. 
  

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 Section 3.03. Payments; Priority of Payments. 
 (a) On or before the second Business Day prior to each Distribution Date, the Collateral Agent will make the following calculations solely
on the basis of information (including, without limitation, the amount of any Spread Account Claim Amount (but not including the Requisite Amount) received pursuant to Article IV of the Sale and Servicing Agreement from the Servicer; provided,
however, that if the Collateral Agent receives written notice from the Insurer, the Trustee, the Issuing Entity or the Servicer of the occurrence of a Trigger Event, such notice shall be determinative for the purposes of determining the Requisite
Amount: 
 (i) determine the amounts to be on deposit in the Spread Account on such Distribution Date which will be available
to satisfy any Spread Account Claim Amount; and 
 (ii) determine (A) the amounts, if any, to be paid from the Spread
Account with respect to the Spread Account Claim Amount and (B) whether, following payment from the Spread Account to the Trust Collateral Agent for deposit into the Collection Account, a Spread Account Claim Amount will continue to exist.

 On such Distribution Date, the Collateral Agent shall deliver a certificate to the Trust Collateral Agent and the Insurer with respect to
any Deficiency Notice, stating the amount, if any, to be distributed to the Trust Collateral Agent on that Distribution Date in respect of such Spread Account Claim Amount. 
 (b) On each Distribution Date, the Collateral Agent shall make the following payments from the Spread Account (to the extent of funds
available in the Spread Account) in the following order of priority: 
 (i) if the Trust Collateral Agent has delivered a
Deficiency Notice and if there exists a Spread Account Claim Amount, to the Trust Collateral Agent for deposit in the Collection Account the amount of such Spread Account Claim Amount; and 
 (ii) any funds in the Spread Account in excess of the Requisite Amount, after making the withdrawals therefrom required by clause
(i) of this Section 3.03(b) (to the extent of funds available in excess of the Requisite Amount) and any funds remaining in the Spread Account as of the Distribution Date immediately following the Final Termination Date will be applied by
the Collateral Agent in the following order of priority: 
 (A) to the payment of any expenses payable pursuant to
Section 4.5 of the Sale and Servicing Agreement to the extent not paid by UACC; 
 (B) to the Trust Collateral Agent for
payment to the Trustee, the Trust Collateral Agent, the Backup Servicer, the Custodian, the Collateral Agent and the Designated Backup Servicer or to any replacement servicer any accrued and unpaid replacement servicer fees, 

  

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transition costs or additional compensation to the extent not paid by UACC or pursuant to the Sale and Servicing Agreement; 
 (C) to the Trust Collateral Agent for payment to the Insurer, any amounts due and owing to the Insurer that were not paid under clause
(v) of Section 5.7(b) of the Sale and Servicing Agreement; 
 (D) to the Backup Servicer, any indemnification
amounts payable by the Servicer to the Backup Servicer to the extent not paid by the Servicer; 
 (E) to the Owner Trustee to
the extent any amounts due and owing to the Owner Trustee under the Transaction Documents were not otherwise paid; and 
 (F)
to the holder(s) of the Certificates, any remaining funds in the Spread Account in excess of the Requisite Amount. 
 Section 3.04.
General Provisions Regarding Spread Account. 
 (a) Promptly upon the establishment (initially or upon any relocation) of
the Spread Account hereunder, the Collateral Agent shall advise the Issuing Entity and each Issuing Entity Secured Party in writing of the name and address of the depository institution or trust company where the Spread Account has been established
(if not at Deutsche Bank Trust Company Americas or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing the Spread Account, the account number and
the individuals whose names appear on the signature cards for the Spread Account. The Issuing Entity shall cause each such depository institution or trust company to execute a written agreement, in form and substance reasonably satisfactory to the
Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker’s or other
statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to the Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees to notify the
Issuing Entity and each Issuing Entity Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Issuing Entity and each Issuing Entity Secured Party at least ten Business Days’
prior written notice of any change in the location of the Spread Account or in any related account information. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent
shall have no right to change the location of the Spread Account. 
 (b) Upon the written request of the Controlling Party or
the Issuing Entity, the Collateral Agent shall cause, at the expense of the Issuing Entity, the depository institution at which the Spread Account is located to forward to the requesting party copies of all monthly account statements for the Spread
Account. 
  

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 (c) No passbook, certificate of deposit or other similar instrument evidencing the Spread
Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing the Spread Account shall be held by the Collateral Agent. 
 Section 3.05. Reports by the Collateral Agent. The Collateral Agent shall report to the Issuing Entity, the Insurer, the Trustee (unless the Trustee is the same party as the Collateral Agent), the Trust
Collateral Agent (unless the Trust Collateral Agent is the same party as the Collateral Agent) and the Servicer, on a monthly basis no later than each Distribution Date, the amount on deposit in the Spread Account and the identity of the investments
included therein as of the last day of the related Collection Period, and shall provide accountings of deposits into and withdrawals from the Spread Account, and of the investments made therein, upon the request of the Issuing Entity, the Insurer or
the Servicer. 
 ARTICLE IV 
 THE COLLATERAL AGENT 
 Section 4.01. Appointment and Powers. Subject to the terms and conditions hereof, each
of the Issuing Entity Secured Parties hereby appoints Deutsche Bank Trust Company Americas as the Collateral Agent with respect to the Spread Account Agreement Collateral, and Deutsche Bank Trust Company Americas hereby accepts such appointment and
agrees to act as Collateral Agent with respect to the Spread Account Agreement Collateral, for the Issuing Entity Secured Parties, to maintain custody and possession of such Spread Account Agreement Collateral (except as otherwise provided
hereunder) and to perform the other duties of the Collateral Agent in accordance with the provisions of this Agreement. Each Issuing Entity Secured Party hereby authorizes the Collateral Agent to take such action on its behalf, and to exercise such
rights, remedies, powers and privileges hereunder, as the Controlling Party may direct and as are specifically authorized to be exercised by the Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers and
privileges as are reasonably incidental thereto. The Collateral Agent shall act (and shall be completely protected in so acting) upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Agreement
promptly following receipt of such written instructions; provided that the Collateral Agent shall not act in accordance with any instructions (i) which are not authorized by, or in violation of the provisions of, this Agreement, (ii) which
are in violation of any applicable law, rule or regulation or (iii) for which the Collateral Agent has not received reasonable indemnity. Receipt of such instructions shall not be a condition to the exercise by the Collateral Agent of its
express duties hereunder, except where this Agreement provides that the Collateral Agent is permitted to act only following and in accordance with such instructions. 
 Section 4.02. Performance of Duties. The Collateral Agent shall have no duties or responsibilities except those expressly set forth in this Agreement and the other Basic Documents to which the Collateral
Agent is a party or as directed by the Controlling Party in accordance with this Agreement. The Collateral Agent shall not be required to take any discretionary actions hereunder except at the written direction and with indemnification satisfactory
to it from the Controlling Party. 
  

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 Section 4.03. Limitation on Liability. Neither the Collateral Agent nor any of its
directors, officers or employees shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Collateral Agent shall be liable for its negligence, bad faith or willful misconduct;
nor shall the Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Issuing Entity of this Agreement or any of the Spread Account Agreement Collateral (or any part thereof). Notwithstanding
any term or provision of this Agreement, the Collateral Agent shall incur no liability to the Issuing Entity or the Issuing Entity Secured Parties for any action taken or omitted by the Collateral Agent in connection with the Spread Account
Agreement Collateral, except for the negligence or willful misconduct on the part of the Collateral Agent, and, further, shall incur no liability to the Issuing Entity Secured Parties except for negligence or willful misconduct in carrying out its
duties to the Issuing Entity Secured Parties. Subject to Section 4.04 hereof, the Collateral Agent shall be completely protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents,
and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed by the Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual
knowledge to the contrary) the Collateral Agent shall not be required to make any independent investigation with respect thereto. The Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall
have no duty to independently verify, the existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Collateral Agent may consult with counsel
selected by it with due care, and shall not be liable for any action taken or omitted to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The Collateral Agent shall not be under any obligation to exercise any
of the remedial rights or powers vested in it by this Agreement or to follow any direction from the Controlling Party unless it shall have received reasonable security or indemnity satisfactory to the Collateral Agent against the costs, expenses and
liabilities which might be incurred by it. 
 Section 4.04. Reliance upon Documents. In the absence of bad faith or negligence
on its part, the Collateral Agent shall be entitled to rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have
no liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument. 
 Section 4.05. Successor Collateral Agent. 
 (a) Any Person into which the Collateral Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole, or substantially as a
whole, or any Person resulting from any such conversion, merger, consolidation, sale or transfer to which the Collateral Agent is a party, shall (provided it is otherwise qualified to serve as the Collateral Agent hereunder and is acceptable to the
Insurer) be and become a successor Collateral Agent hereunder and be vested with all of the title to and interest in the Spread Account Agreement Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was
its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action

  

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is necessary to perfect, or continue the perfection of, the security interest of the Issuing Entity Secured Parties in the Spread Account Agreement
Collateral. 
 (b) The Collateral Agent and any successor Collateral Agent may resign only (i) upon a determination that
by reason of a change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would result in a material adverse effect on the Collateral Agent as
evidenced by an Opinion of Counsel delivered to the Insurer, and the Controlling Party does not elect to waive the Collateral Agent’s obligation to perform those duties which render it legally unable to act or elect to delegate those duties to
another Person, or (ii) with the prior written consent of the Controlling Party. The Collateral Agent shall give not less than 45 days’ prior written notice of any such permitted resignation by registered or certified mail to the other
Issuing Entity Secured Party and the Issuing Entity; provided, that such resignation shall take effect only upon the date which is the latest of (A) the effective date of the appointment of a successor Collateral Agent acceptable to the Insurer
(provided that an Insurer Default has not occurred and is continuing) and the acceptance in writing by such successor Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions
hereof, (B) delivery of the Collateral to such successor to be held in accordance with the procedures specified in Article Two, and (C) receipt by the Controlling Party of an Opinion of Counsel to the effect described in
Section 5.05 hereof. Notwithstanding the preceding sentence, if by the contemplated date of resignation specified in the written notice of resignation delivered as described above no successor Collateral Agent or temporary successor Collateral
Agent has been appointed Collateral Agent or becomes the Collateral Agent pursuant to Section 4.05(d), the resigning Collateral Agent may petition a court of competent jurisdiction in New York, New York for the appointment of a successor
acceptable to the Insurer (provided that an Insurer Default has not occurred and is continuing). Notwithstanding anything herein to the contrary, if the Trustee, the Trust Collateral Agent and Collateral Agent are the same party and the Trustee or
the Trust Collateral Agent resigns under the Indenture, the Collateral Agent may resign in accordance with the procedures for resignation of the Trustee and the Trust Collateral Agent under the Indenture. 
 (c) The Collateral Agent may be removed by the Controlling Party at any time, with or without cause, by an instrument or concurrent
instruments in writing delivered to the Collateral Agent, the other Issuing Entity Secured Party and the Issuing Entity. A temporary successor may be removed at any time to allow a successor Collateral Agent to be appointed pursuant to
Section 4.05(d). Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Collateral Agent acceptable to the
Insurer (provided that an Insurer Default has not occurred and is continuing) and the acceptance in writing by such successor Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the
provisions hereof, (ii) delivery of the Spread Account Agreement Collateral to such successor to be held in accordance with the procedures specified in Article Two and (iii) receipt by the Controlling Party of an Opinion of Counsel to
the effect described in Section 5.05 hereof. 
 (d) The Controlling Party shall have the sole right to appoint each
successor Collateral Agent. Every temporary or permanent successor Collateral Agent appointed hereunder shall at the expense of the Issuing Entity execute, acknowledge and deliver to its 

  

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predecessor and to each Issuing Entity Secured Party and the Issuing Entity an instrument in writing accepting such appointment hereunder and the relevant
predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Spread Account Agreement Collateral to the successor Collateral Agent to be held in accordance with the procedures
specified in Article Two, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall,
nevertheless, on the written request of either Issuing Entity Secured Party or the Issuing Entity, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. In the
event that any instrument in writing from the Issuing Entity or a Issuing Entity Secured Party is reasonably required by a successor Collateral Agent to more fully and certainly vest in such successor the estates, properties, rights, powers, duties
and obligations vested or intended to be vested hereunder in the Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent successor Collateral Agent, be forthwith executed, acknowledged and delivered
by the Issuing Entity. The designation of any successor Collateral Agent and the instrument or instruments removing any Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be
maintained with the records relating to the Spread Account Agreement Collateral and, to the extent required by applicable law, filed or recorded by the successor Collateral Agent in each place where such filing or recording is necessary to effect
the transfer of the Spread Account Agreement Collateral to the successor Collateral Agent or to protect or continue the perfection of the security interests granted hereunder. 
 Section 4.06. Indemnification. The Servicer shall indemnify the Collateral Agent, its directors, officers, employees and agents for, and
hold the Collateral Agent, its directors, officers, employees and agents harmless against, any loss, liability or expense (including the costs and expenses of defending against any claim of liability) arising out of or in connection with the
Collateral Agent’s acting as Collateral Agent hereunder, except such loss, liability or expense as shall result from the negligence, bad faith or willful misconduct of the Collateral Agent. The obligation of the Servicer under this
Section 4.06 shall survive the termination of this Agreement and the resignation or removal of the Collateral Agent or the Servicer. 
 Section 4.07. Compensation and Reimbursement. The Servicer agrees for the benefit of the Issuing Entity Secured Parties to pay to the Collateral Agent, the Collateral Agent Fee for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in regard to the compensation of a collateral trustee) and to reimburse the Collateral Agent for any reasonable and out of pocket expenses (including reasonable legal fees and expenses but
excluding any expenses resulting from the gross negligence, bad faith, or willful misconduct of the Collateral Agent) incurred in connection with the duties contemplated herein. 
 Section 4.08. Representations and Warranties of the Collateral Agent. The Collateral Agent represents and warrants to the Issuing Entity
and to each Issuing Entity Secured Party as follows: 
 (a) Due Organization. The Collateral Agent is a New York
banking corporation, duly organized, validly existing and in good standing under the laws of the United States and is duly authorized and licensed under applicable law to conduct its business as presently conducted. 
  

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 (b) Corporate Power. The Collateral Agent has all requisite right, power
and authority to execute and deliver this Agreement and to perform all of its duties as Collateral Agent hereunder. 
 (c)
Due Authorization. The execution and delivery by the Collateral Agent of this Agreement and the other Basic Documents to which it is a party, and the performance by the Collateral Agent of its duties hereunder and thereunder, have been
duly authorized by all necessary corporate proceedings and no further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by the Collateral Agent, or the performance by the Collateral Agent,
of this Agreement and such other Basic Documents. 
 (d) Valid and Binding Agreement. The Collateral Agent has
duly executed and delivered this Agreement and each other Basic Document to which it is a party, and each of this Agreement and each such other Basic Document constitutes the legal, valid and binding obligation of the Collateral Agent, enforceable
against the Collateral Agent in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally
and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 
 Section 4.09.
Waiver of Setoffs. The Collateral Agent hereby expressly waives any and all rights of set off that the Collateral Agent may otherwise at any time have under applicable law with respect to the Spread Account and agrees that amounts in the
Spread Account shall at all times be held and applied solely in accordance with the provisions hereof. 
 Section 4.10. Control by
the Controlling Party. The Collateral Agent shall comply with notices and instructions given by the Issuing Entity only if accompanied by the written consent of the Controlling Party, except that if any Default shall have occurred and be
continuing, the Collateral Agent shall act upon and comply with notices and instructions given by the Controlling Party alone in the place and stead of the Issuing Entity. 
 Section 4.11. Limitation of Collateral Agent Liability. In no event shall the Collateral Agent be liable for any indirect, special,
punitive or consequential loss or damage of any kind whatsoever, including but not limited to, lost profits, even if the Trustee, the Trust Collateral Agent or the Collateral Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 In no event shall the Trustee, the Trust Collateral Agent or the Collateral Agent be liable for any
failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action,
including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Spread Account Agreement. 
  

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 ARTICLE V 
 COVENANTS OF THE ISSUING ENTITY 
 Section 5.01. Preservation of Spread Account Agreement
Collateral. Subject to the rights, powers and authorities granted to the Collateral Agent and the Controlling Party in this Agreement, the Issuing Entity shall take such action as is necessary and proper with respect to the Spread Account
Agreement Collateral in order to preserve and maintain such Spread Account Agreement Collateral and to cause (subject to the rights of the Issuing Entity Secured Parties) the Collateral Agent to perform its obligations with respect to such Spread
Account Agreement Collateral as provided herein including, without limitation, filing UCC-1s on the Spread Account and investments therein. The Issuing Entity will do, file, execute, acknowledge and deliver, or cause to be filed, executed,
acknowledged and delivered, such instruments of transfer or take such other steps or actions as may be necessary, or required by the Controlling Party, to perfect the Security Interests granted hereunder in the Spread Account Agreement Collateral,
to ensure that such Security Interests rank prior to all other Liens and to preserve the priority of such Security Interests and the validity and enforceability thereof. 
 Section 5.02. Notices. In the event that the Issuing Entity acquires knowledge of the occurrence and continuance of any Insurance Agreement Event of Default or Event of Default under the Indenture or of
any event of default or like event, howsoever described or called, under any of the Basic Documents, the Issuing Entity shall immediately give notice thereof to the Collateral Agent and each Issuing Entity Secured Party. 
 Section 5.03. Waiver of Stay or Extension Laws; Marshalling of Assets. The Issuing Entity covenants, to the fullest extent permitted by
applicable law, that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any appraisement, valuation, stay, extension or redemption law wherever enacted, now or at any time hereafter in
force, in order to prevent or hinder the enforcement of this Agreement or any absolute sale of the Spread Account Agreement Collateral or any part thereof, or the possession thereof by any purchaser at any sale under Article Seven; and the
Issuing Entity, to the fullest extent permitted by applicable law, for itself and all who may claim under it, hereby waives the benefit of all such laws, and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted. The Issuing Entity, for itself and all who may claim under it, waives, to the fullest extent permitted by
applicable law, all right to have the Spread Account Agreement Collateral marshaled upon any foreclosure or other disposition thereof. 
 Section 5.04. Noninterference, etc. The Issuing Entity shall not (i) waive or alter any of its rights under the Spread Account Agreement Collateral (or any agreement or instrument relating thereto) without the prior
written consent of the Controlling Party, (ii) fail to pay any tax, assessment, charge or fee levied or assessed against the Spread Account Agreement Collateral, or to defend any action, if such failure to pay or defend may adversely affect the
priority or enforceability of the Issuing Entity’s right, title or interest in and to the Spread Account Agreement Collateral or the Collateral Agent’s lien on, and security interest in, the Spread Account Agreement Collateral for the
benefit of the Issuing Entity Secured Parties or (iii) take 

  

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any action, or fail to take any action, if such action or failure to take action will interfere with the enforcement of any rights under the Basic Documents.

 Section 5.05. Issuing Entity Changes 
 (a) Change in Name, Structure, etc. The Issuing Entity shall not change its name, identity or corporate structure unless it shall have given each Issuing Entity Secured Party and the
Collateral Agent at least 30 days’ prior written notice thereof, shall have effected any necessary or appropriate assignments or amendments thereto and filings of financing statements or amendments thereto. 
 (b) Relocation of the Issuing Entity. The Issuing Entity shall not change its principal executive office or jurisdiction of
organization unless it gives each Issuing Entity Secured Party and the Collateral Agent at least 30 days’ prior written notice of any relocation of its principal executive office. If the Issuing Entity relocates its principal executive office,
jurisdiction of organization or principal place of business from Delaware, the Issuing Entity shall give prior notice thereof to the Controlling Party and the Collateral Agent and shall effect whatever appropriate recordations and filings are
necessary and shall provide an Opinion of Counsel to the Controlling Party and the Collateral Agent, to the effect that, upon the recording of any necessary assignments or amendments to previously-recorded assignments and filing of any necessary
amendments to the previously filed financing or continuation statements or upon the filing of one or more specified new financing statements, and the taking of such other actions as may be specified in such opinion, the security interests in the
Spread Account Agreement Collateral shall remain, after such relocation, valid and perfected. 
 ARTICLE VI 
 CONTROLLING PARTY; INTERCREDITOR PROVISIONS 
 Section 6.01. Appointment of Controlling Party. From and after the Closing Date until the Insurer Termination Date, the Insurer shall be the Controlling Party and shall be entitled to exercise all the rights given the
Controlling Party hereunder. From and after the Insurer Termination Date until the Trustee Termination Date, the Trustee shall be the Controlling Party. Notwithstanding the foregoing, in the event that an Insurer Default shall have occurred and be
continuing, the Trustee shall be the Controlling Party until the applicable Trustee Termination Date. If prior to an Insurer Termination Date the Trustee shall have become the Controlling Party as a result of the occurrence of an Insurer Default and
either such Insurer Default is cured or for any other reason ceases to exist or the Trustee Termination Date occurs, then upon such cure or other cessation or on such Trustee Termination Date, as the case may be, the Insurer shall, upon notice
thereof being duly given to the Collateral Agent, again be the Controlling Party. 
 Section 6.02. Controlling Party’s Authority.

 (a) The Issuing Entity hereby irrevocably appoints the Collateral Agent, and any successor to the Collateral Agent
appointed pursuant to Section 4.05 hereof, its true and lawful attorney, with full power of substitution, in the name of the Issuing Entity, the Issuing 

  

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Entity Secured Parties or otherwise, but (subject to Section 2.06 hereof) at the expense of the Issuing Entity, to the extent permitted by law to
exercise, at any time and from time to time while any Insurance Agreement Event of Default has occurred but at all such times at the written direction of the Controlling Party, any or all of the following powers with respect to all or any of the
Spread Account Agreement Collateral: (i) to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon or by virtue thereof, (ii) to settle, compromise, compound, prosecute or defend any action
or proceeding with respect thereto, (iii) to sell, transfer, assign or otherwise deal with the same or the proceeds thereof as fully and effectively as if the Collateral Agent were the absolute owner thereof, and (iv) to extend the time of
payment of any or all thereof and to make any allowance or other adjustments with respect thereto. 
 (b) With respect to the
Notes and the related Spread Account Agreement Collateral, each Issuing Entity Secured Party hereby irrevocably and unconditionally constitutes and appoints the Collateral Agent, and any successor to such Collateral Agent appointed pursuant to
Section 4.05 hereof from time to time, as the true and lawful attorney-in-fact of the Issuing Entity Secured Parties, with full power of substitution, to execute, acknowledge and deliver any notice, document, certificate, paper, pleading or
instrument and to do in the name of the Collateral Agent as well as in the name, place and stead of such Issuing Entity Secured Party such acts, things and deeds for and on behalf of and in the name of the Issuing Entity Secured Parties under this
Agreement which the Issuing Entity Secured Parties could or might do or which may be necessary, desirable or convenient in the Collateral Agent’s sole discretion with the prior written consent of the Controlling Party or at the direction of the
Controlling Party to effect the purposes contemplated hereunder and, without limitation, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the administration of the Spread Account Agreement
Collateral, and the enforcement of the rights of the Issuing Entity Secured Parties hereunder, on behalf of and for the benefit of the Issuing Entity Secured Parties, as their interests may appear. 
 Section 6.03. Rights of Issuing Entity Secured Parties. With respect to the Notes and the related Spread Account Agreement Collateral, the
Non-Controlling Party at any time expressly agrees that it shall not assert any rights that it may otherwise have, as an Issuing Entity Secured Party with respect to the Spread Account Agreement Collateral, to direct the maintenance, sale or other
disposition of the Spread Account Agreement Collateral or any portion thereof, notwithstanding the occurrence and continuance of any Default or any non-performance by the Issuing Entity of any obligation owed to such Issuing Entity Secured Party
hereunder or under any other Basic Document, and each party hereto agrees that the Collateral Agent, at the written direction of the Controlling Party shall be the only Person entitled to assert and exercise such rights. 
 Section 6.04. Degree of Care. 
 (a) Controlling Party. Notwithstanding any term or provision of this Agreement, the Collateral Agent shall incur no liability to the Issuing Entity for any action taken or omitted by the Collateral Agent
in connection with the Spread Account Agreement Collateral, except for any negligence, bad faith or willful misconduct on the part of the Collateral Agent and, further, shall incur no liability to the Non-Controlling Party except for the negligence,
bad 

  

 19 

 
faith or willful misconduct of the Collateral Agent in carrying out its duties, if any, to the Non-Controlling Party. The Collateral Agent shall be
completely protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document believed
by the Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent manifest error or actual knowledge to the contrary) the Collateral Agent shall not be required to make any independent investigation with
respect thereto. The Collateral Agent shall, at all times, be free independently to establish to its reasonable satisfaction the existence or nonexistence, as the case may be, of any fact the existence or nonexistence of which shall be a condition
to the exercise or enforcement of any right or remedy under this Agreement or any of the Basic Documents. 
 (b) The
Non-Controlling Party. The Non-Controlling Party shall not be liable to the Issuing Entity for any action or failure to act by the Controlling Party or the Collateral Agent in exercising, or failing to exercise, any rights or remedies
hereunder. 
 ARTICLE VII 
 REMEDIES UPON DEFAULT 
 Section 7.01. Remedies upon a Default. If a Default has occurred, the Collateral Agent
shall, at the written direction of the Controlling Party, take whatever action at law or in equity as may appear necessary or desirable in the judgment of the Controlling Party to collect and satisfy all Issuing Entity Secured Obligations,
including, but not limited to, foreclosure upon the Spread Account Agreement Collateral and all other rights available to secured parties under applicable law or to enforce performance and observance of any obligation, agreement or covenant under
any of the Basic Documents. 
 Section 7.02. Waiver of Default. The Controlling Party shall have the sole right, to be
exercised in its complete discretion, to waive any Default by a writing setting forth the terms, conditions and extent of such waiver signed by the Controlling Party and delivered to the Collateral Agent, the other Issuing Entity Secured Party and
the Issuing Entity. Any such waiver shall be binding upon the Non-Controlling Party and the Collateral Agent. Unless such writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence which
gave rise to the Default so waived and not to any other similar event or occurrence which occurs subsequent to the date of such waiver. 
 Section 7.03. Restoration of Rights and Remedies. If the Collateral Agent has instituted any proceeding to enforce any right or remedy under this Agreement, and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Collateral Agent, then and in every such case the Issuing Entity, the Collateral Agent and each of the Issuing Entity Secured Parties 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 Issuing Entity Secured Parties shall continue as though no such proceeding had been instituted. 
  

 20 

 Section 7.04. No Remedy Exclusive. No right or remedy herein conferred upon or reserved to
the Collateral Agent, the Controlling Party or either of the Issuing Entity Secured Parties is intended to be exclusive of any other right or remedy, and every right or 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, in equity or otherwise (but, in each case, shall be subject to the provisions of this Agreement limiting such remedies), and each and every right, power and remedy
whether specifically herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by the Controlling Party, and the exercise of or the beginning of the exercise of any right or power
or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01. Further Assurances. Each party hereto shall take such action and deliver such instruments to any other party hereto, in addition to the actions and instruments specifically provided for
herein, as may be reasonably requested or required to effectuate the purpose or provisions of this Agreement or to confirm or perfect any transaction described or contemplated herein. 
 Section 8.02. Waiver. Any waiver by any party of any provision of this Agreement or any right, remedy or option hereunder shall only
prevent and stop such party from thereafter enforcing such provision, right, remedy or option if such waiver is given in writing and only as to the specific instance and for the specific purpose for which such waiver was given. The failure or
refusal of any party hereto to insist in any one or more instances, or in a course of dealing, upon the strict performance of any of the terms or provisions of this Agreement by any party hereto or the partial exercise of any right, remedy or option
hereunder shall not be construed as a waiver or relinquishment of any such term or provision, but the same shall continue in full force and effect. 
 Section 8.03. Amendments; Waivers. No amendment, modification, waiver or supplement to this Agreement or any provision of this Agreement shall in any event be effective unless the same shall have been made or consented to in
writing by each of the parties hereto and prior written notice shall have been given to the Rating Agencies; provided, however, that, notwithstanding the foregoing, for so long as the Insurer shall be the Controlling Party, any
amendments, modifications, waivers or supplements hereto, or to the Spread Account Agreement Collateral or Spread Account or to any requirement hereunder to deposit or retain any amounts in such Spread Account or to distribute any amounts therein as
provided in Section 3.03 hereof shall be effective if made or consented to in writing by the Insurer, the Issuing Entity and the Collateral Agent (the consent of which shall not be withheld or delayed with respect to any amendment that does not
adversely affect the Collateral Agent) but shall in no circumstances require the consent of the Trustee or the Noteholders. 
 Section
8.04. Severability. In the event that any provision of this Agreement or the application thereof to any party hereto or to any circumstance or in any jurisdiction governing 

  

 21 

 
this Agreement shall, to any extent, be invalid or unenforceable under any applicable statute, regulation or rule of law, then such provision shall be deemed
inoperative to the extent that it is invalid or unenforceable and the remainder of this Agreement, and the application of any such invalid or unenforceable provision to the parties, jurisdictions or circumstances other than to whom or to which it is
held invalid or unenforceable, shall not be affected thereby nor shall the same affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that the holding by any court of competent jurisdiction
that any remedy pursued by the Collateral Agent, or any of the Issuing Entity Secured Parties, hereunder is unavailable or unenforceable shall not affect in any way the ability of the Collateral Agent or any of the Issuing Entity Secured Parties to
pursue any other remedy available to it or them (subject, however, to the provisions of this Agreement limiting such remedies). 
 Section
8.05. Nonpetition Covenant. Notwithstanding any prior termination of this Agreement, each of the parties hereto agrees that it shall not, prior to one year and one day after the Final Scheduled Distribution Date of the Class A-3
Notes and payment of all amounts due to the Insurer under the Insurance Agreement, acquiesce, petition or otherwise invoke or cause the Issuing Entity or the Seller to invoke the process of the United States of America, any State or other political
subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government for the purpose of commencing or sustaining a case by or against the Issuing Entity or the Seller
under a federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or the Seller or all or any part of its respective
property or assets or ordering the winding up or liquidation of the affairs of the Issuing Entity or the Seller. The parties agree that damages will be an inadequate remedy for breach of this covenant and that this covenant may be specifically
enforced. 
 Section 8.06. Notices. All notices, demands, certificates, requests and communications hereunder
(“notices”) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery
indicated on the return receipt, (b) one Business Day after delivery to an overnight courier, (c) on the date personally delivered to an Authorized Officer of the party to which sent, or (d) on the date transmitted by legible
telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows: 
 (a) If to the
Issuing Entity: 
 UPFC Auto Receivables Trust 2006-B 
 c/o Wells Fargo Delaware Trust Company 
 919 N. Market Street 
 Suite 700 
 Wilmington, Delaware 19801 
 Attention: Corporate Trust Services 
 Telephone: (302) 575-2004 
 Facsimile: (302) 575-2006 
  

 22 

 (b) If to the Insurer: 
 Ambac Assurance Corporation 
 One State Street Plaza 
 New York, New York 10004 
 Attention: Structured Finance Department – ABS 
 Telecopy No.: 212-208-3547 
 Confirmation: 212-668-0340 
 with a copy to the attention of: 
 Michael Babick, Vice President 
 Telecopy No.: 212-363-1459 
 Confirmation: 212-208-3407 
 (in each case in which notice or other communication to the Insurer refers to a Default or a claim on the Policy or in which failure on the part of the
Insurer to respond shall be deemed to constitute consent or acceptance, then with a copy to the attention of the General Counsel marked to reflect “Urgent Materials Enclosed”) 
 (c) If to the Trustee and the Trust Collateral Agent: 
 Deutsche Bank Trust Company Americas 
 60 Wall Street, 26th Floor 
 New York, New York 10005 
 Facsimile number: (212) 797-8606 
 Attention: UPFC Auto Receivables Trust 2006-B 
 (d) If to the Collateral Agent: 

Deutsche Bank Trust Company Americas 
 60 Wall Street, 25th Floor 
 New York, New York 10005 
 Facsimile number: (212) 797-8606 
 Attention: UPFC Auto Receivables Trust 2006-B 
 (e) If to Moody’s: 
 Moody’s Investors Service, Inc. 
 ABS Monitoring Department 
 99 Church Street 
 New York, New York 10007 
  

 23 

 (f) If to Standard & Poor’s: 
 Standard & Poor’s Ratings Services, a division of 
 The McGraw Hill Companies, Inc. 
 55 Water Street, 40th Floor 
 New York, New York 10041 
 Attention: Asset-Backed Surveillance Department 
 A copy of each notice given hereunder to any party hereto shall also be given to (without duplication) the Insurer, the Issuing Entity, the Trustee, the Trust Collateral Agent and the Collateral Agent. Each party
hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any further or different address to which subsequent notices shall be sent. 
 Section 8.07. Term of this Agreement. This Agreement shall take effect on the Closing Date and shall continue in effect until the
Distribution Date occurring immediately following the Final Termination Date. On the Distribution Date occurring immediately following the Final Termination Date and after giving effect to any withdrawals pursuant to Section 3.03 hereof, this
Agreement shall terminate, all obligations of the parties hereunder shall cease and terminate and the Spread Account Agreement Collateral, if any, held hereunder and not to be used or applied in discharge of any obligations of the Issuing Entity in
respect of the Issuing Entity Secured Obligations or otherwise under this Agreement, shall be released to and in favor of the Issuing Entity; provided that the provisions of Sections 4.06, 4.07 and 8.05 hereof shall survive any termination of this
Agreement and the release of any Spread Account Agreement Collateral upon such termination. 
 Section 8.08. Assignments; Third-Party
Rights; Reinsurance. 
 (a) This Agreement shall be a continuing obligation of the parties hereto and shall (i) be
binding upon the parties and their respective successors and assigns, and (ii) inure to the benefit of and be enforceable by each Issuing Entity Secured Party and the Collateral Agent, and by their respective successors, transferees and
assigns. The Issuing Entity may not assign this Agreement, or delegate any of its duties hereunder, without the prior written consent of the Controlling Party. 
 (b) The Insurer shall have the right to give participations in its rights under this Agreement and to enter into contracts of reinsurance
with respect to the Note Policy issued in connection with the Notes, upon such terms and conditions as the Insurer in its discretion determines, and each such participant or reinsurer shall be entitled to the benefit of any representation, warranty,
covenant and obligation of each party (other than the Insurer) hereunder as if such participant or reinsurer was a party hereto and, subject only to such agreement regarding such reinsurance or participation, shall have the right to enforce the
obligations of each such other party directly hereunder; provided, however, that no such reinsurance or participation agreement or arrangement shall relieve the Insurer of its obligations hereunder, under the Basic Documents to which it is a party
or under the Note Policy. In addition, nothing contained herein shall restrict the Insurer from assigning to any Person pursuant to any liquidity facility or credit facility any rights of the Insurer under this Agreement 

  

 24 

 
or with respect to any real or personal property or other interests pledged to the Insurer, or in which the Insurer has a security interest, in connection
with the transactions contemplated hereby. 
 Section 8.09. Consent of Controlling Party. In the event that the Controlling
Party’s consent is required under the terms hereof or under the terms of any Basic Document, it is understood and agreed that, except as otherwise provided expressly herein, the determination whether to grant or withhold such consent shall be
made solely by the Controlling Party in its sole discretion. 
 Section 8.10. Consents to Jurisdiction. Each of the parties
hereto irrevocably submits to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York, any court in the state of New York located in the city and county of New York, and any appellate court from any
thereof, in any action, suit or proceeding brought against it and related to or in connection with this Agreement, the other Basic Documents or the transactions contemplated hereunder or thereunder or for recognition or enforcement of any judgment
and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such suit or action or proceeding may be heard or determined in such New York State court or, to the extent permitted by law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. To the extent
permitted by applicable law, each of the parties hereby waives and agrees not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such
courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or any of the other Basic Documents or the subject matter hereof or thereof may not
be litigated in or by such courts. The Issuing Entity hereby irrevocably appoints and designates Deutsche Bank Trust Company Americas, as its true and lawful attorney and duly authorized agent for acceptance of service of legal process relating
hereto. The Issuing Entity agrees that service of such process upon such Person shall constitute personal service of such process upon it. Subject to Section 8.05 hereof, nothing contained in this Agreement shall limit or affect the rights of
any party hereto to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Basic Documents against the Issuing Entity or its property in the courts of any jurisdiction. 
 Section 8.11. Determination of Adverse Effect. Any determination of an adverse effect on the interest of the Issuing Entity Secured Parties
or the Noteholders shall be made without consideration of the availability of funds under the Note Policy. 
 Section 8.12.
Compliance with Laws. In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money
laundering (“Applicable Law”), the Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly, each of the parties agrees
to provide to the Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with Applicable Law. 
  

 25 

 Section 8.13. Headings. The headings of articles, sections and paragraphs and the Table of
Contents contained in this Agreement are provided for convenience only. They form no part of this Agreement and shall not affect its construction or interpretation. 
 Section 8.14. TRIAL BY JURY WAIVED. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR
INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OF THE OTHER BASIC DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER OR THEREUNDER. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE
OTHER BASIC DOCUMENTS TO WHICH IT IS A PARTY, BY AMONG OTHER THINGS, THIS WAIVER. 
 Section 8.15. GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 8.16. Counterparts.
This Agreement may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. 
 Section 8.17. Limitation of Liability. 
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Wells Fargo Delaware Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of
the Issuing Entity and in no event shall Wells Fargo Delaware Trust Company in its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuing Entity hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of
this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles V, VI and VII of the Trust Agreement. 
 (b) Notwithstanding anything contained herein to the contrary,
this Agreement has been executed and delivered by Deutsche Bank Trust Company Americas, not in its individual capacity but solely in its capacities as Collateral Agent, Trustee and Trust Collateral Agent and in no event shall Deutsche Bank Trust
Company Americas, have any 

  

 26 

 
liability for the representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGE FOLLOWS] 
  

 27 

 IN WITNESS WHEREOF, the parties hereto have executed this Spread Account Agreement as of the date set
forth on the first page hereof. 
  

			
	UPFC AUTO RECEIVABLES TRUST 2006-B, as Issuing Entity
		
	By:	 	WELLS FARGO DELAWARE TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Issuing Entity.
		
	By:	 	  
	Name:	 	
	Title:	 	
	
	AMBAC ASSURANCE CORPORATION, as Insurer
		
	By:	 	  
	Name:	 	
	Title:	 	
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as
Trustee, as Trust Collateral Agent and as Collateral Agent

		
	By:	 	  
	Name:	 	
	Title:	 	
		
	By:	 	  
	Name:	 	
	Title:	 	

  

			
	 Accepted and Agreed with respect to Sections 4.06 and 4.07:
  
 UNITED AUTO CREDIT CORPORATION

		
	By:	 	  
	Name:	 	
	Title:	 	

  

 UPFC Auto Receivables Trust 2006-B 
 Spread Account Agreement Signature Page 

 SCHEDULE A 
 LEVEL 1, LEVEL 2 AND LEVEL 3 TRIGGER EVENT 
 CUMULATIVE NET LOSS TESTS AND DELINQUENCY TESTS

  

										
	Month	  	1st Level	 	 	2nd Level	 	 	3rd Level	 
	1	  	0.50	%	 	0.61	%	 	0.68	%
	2	  	1.00	%	 	1.22	%	 	1.36	%
	3	  	1.50	%	 	1.83	%	 	2.04	%
	4	  	2.00	%	 	2.44	%	 	2.71	%
	5	  	2.50	%	 	3.05	%	 	3.39	%
	6	  	3.00	%	 	3.66	%	 	4.07	%
	7	  	3.50	%	 	4.27	%	 	4.75	%
	8	  	4.00	%	 	4.88	%	 	5.43	%
	9	  	4.50	%	 	5.49	%	 	6.11	%
	10	  	5.00	%	 	6.10	%	 	6.78	%
	11	  	5.50	%	 	6.71	%	 	7.46	%
	12	  	6.10	%	 	7.32	%	 	8.14	%
	13	  	6.60	%	 	7.93	%	 	8.82	%
	14	  	7.10	%	 	8.54	%	 	9.50	%
	15	  	7.60	%	 	9.15	%	 	10.18	%
	16	  	8.10	%	 	9.76	%	 	10.85	%
	17	  	8.60	%	 	10.36	%	 	11.53	%
	18	  	9.10	%	 	10.98	%	 	12.21	%
	19	  	9.60	%	 	11.59	%	 	12.89	%
	20	  	10.10	%	 	12.19	%	 	13.57	%
	21	  	10.60	%	 	12.80	%	 	14.25	%
	22	  	11.10	%	 	13.42	%	 	14.92	%
	23	  	11.60	%	 	14.02	%	 	15.60	%
	24	  	12.10	%	 	14.63	%	 	16.28	%
	25	  	12.40	%	 	14.94	%	 	16.62	%
	26	  	12.60	%	 	15.24	%	 	16.96	%
	27	  	12.90	%	 	15.55	%	 	17.30	%
	28	  	13.10	%	 	15.85	%	 	17.64	%
	29	  	13.40	%	 	16.16	%	 	17.98	%
	30	  	13.60	%	 	16.46	%	 	18.32	%
	31	  	13.90	%	 	16.76	%	 	18.65	%
	32	  	14.10	%	 	17.07	%	 	18.99	%
	33	  	14.40	%	 	17.38	%	 	19.33	%
	34	  	14.60	%	 	17.68	%	 	19.67	%
	35	  	14.90	%	 	17.99	%	 	20.01	%
	36
and on	  	15.10	%	 	18.29	%	 	20.35	%

										
	60+ Day Delinquency Test	 
				
	Month	  	1st Level	 	 	2nd Level	 	 	3rd Level	 
	1	  	3.00	%	 	3.63	%	 	4.00	%
	2	  	3.00	%	 	3.63	%	 	4.00	%
	3	  	3.00	%	 	3.63	%	 	4.00	%
	4	  	3.00	%	 	3.63	%	 	4.00	%
	5	  	3.00	%	 	3.63	%	 	4.00	%
	6	  	3.00	%	 	3.63	%	 	4.00	%
	7	  	3.00	%	 	3.63	%	 	4.00	%
	8	  	3.00	%	 	3.63	%	 	4.00	%
	9	  	3.00	%	 	3.63	%	 	4.00	%
	10	  	3.00	%	 	3.63	%	 	4.00	%
	11	  	3.00	%	 	3.63	%	 	4.00	%
	12	  	3.00	%	 	3.63	%	 	4.00	%
	13	  	4.00	%	 	4.63	%	 	5.00	%
	14	  	4.00	%	 	4.63	%	 	5.00	%
	15	  	4.00	%	 	4.63	%	 	5.00	%
	16	  	4.00	%	 	4.63	%	 	5.00	%
	17	  	4.00	%	 	4.63	%	 	5.00	%
	18	  	4.00	%	 	4.63	%	 	5.00	%
	19	  	4.00	%	 	4.63	%	 	5.00	%
	20	  	4.00	%	 	4.63	%	 	5.00	%
	21	  	4.00	%	 	4.63	%	 	5.00	%
	22	  	4.00	%	 	4.63	%	 	5.00	%
	23	  	4.00	%	 	4.63	%	 	5.00	%
	24	  	4.00	%	 	4.63	%	 	5.00	%
	25	  	4.00	%	 	4.63	%	 	5.00	%
	26	  	4.00	%	 	4.63	%	 	5.00	%
	27	  	4.00	%	 	4.63	%	 	5.00	%
	28	  	4.00	%	 	4.63	%	 	5.00	%
	29	  	4.00	%	 	4.63	%	 	5.00	%
	30	  	4.00	%	 	4.63	%	 	5.00	%
	31	  	5.00	%	 	5.63	%	 	6.00	%
	32	  	5.00	%	 	5.63	%	 	6.00	%
	33	  	5.00	%	 	5.63	%	 	6.00	%
	34	  	5.00	%	 	5.63	%	 	6.00	%
	35	  	5.00	%	 	5.63	%	 	6.00	%
	36
and on	  	5.00	%	 	5.63	%	 	6.00	%

  

 3

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