Document:

EX-10.7

 Exhibit 10.7 
 FIFTH THIRD AUTO TRUST 20[ ]-[ ] 
 FORM OF 

AMENDED AND RESTATED TRUST AGREEMENT 
 between 
 FIFTH THIRD HOLDINGS FUNDING, LLC, 

as the Depositor 
 and 

[            ], 

as the Owner Trustee 
 Dated as of [            ] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	         SECTION 1.1
	 	Capitalized Terms	  	 	1	  
	         SECTION 1.2
	 	Other Interpretive Provisions	  	 	1	  
		
	 ARTICLE II ORGANIZATION
	  	 	2	  
			
	         SECTION 2.1
	 	Name	  	 	2	  
	         SECTION 2.2
	 	Office	  	 	2	  
	         SECTION 2.3
	 	Purposes and Powers	  	 	2	  
	         SECTION 2.4
	 	Appointment of the Owner Trustee	  	 	3	  
	         SECTION 2.5
	 	Initial Capital Contribution of Trust Estate	  	 	3	  
	         SECTION 2.6
	 	Declaration of Trust	  	 	3	  
	         SECTION 2.7
	 	Organizational Expenses; Liabilities of the Holders	  	 	4	  
	         SECTION 2.8
	 	Title to the Trust Estate	  	 	4	  
	         SECTION 2.9
	 	Representations and Warranties of the Depositor	  	 	4	  
		
	 ARTICLE III CERTIFICATES AND TRANSFER OF CERTIFICATES
	  	 	5	  
			
	         SECTION 3.1
	 	Initial Ownership	  	 	5	  
	         SECTION 3.2
	 	Authentication of Certificates	  	 	5	  
	         SECTION 3.3
	 	Form of the Certificates	  	 	6	  
	         SECTION 3.4
	 	Registration of Certificates	  	 	6	  
	         SECTION 3.5
	 	Transfer of Certificates	  	 	6	  
	         SECTION 3.6
	 	Lost, Stolen, Mutilated or Destroyed Certificates	  	 	10	  
	         SECTION 3.7
	 	Appointment of the Certificate Paying Agent	  	 	10	  
	         SECTION 3.8
	 	Maintenance of Office or Agency	  	 	11	  
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 	11	  
			
	         SECTION 4.1
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	11	  
	         SECTION 4.2
	 	Action by Certificateholders with Respect to Certain Matters	  	 	12	  
	         SECTION 4.3
	 	Action by Certificateholders with Respect to Bankruptcy	  	 	12	  
	         SECTION 4.4
	 	Restrictions on Certificateholders’ Power	  	 	12	  
	         SECTION 4.5
	 	Acts of Certificateholders; Majority Control	  	 	12	  
	         SECTION 4.6
	 	Compliance with the FDIC Rule	  	 	13	  

  
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 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	 	 	  	Page	 
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	13	  
			
	         SECTION 5.1
	 	Application of Trust Funds	  	 	13	  
	         SECTION 5.2
	 	Sarbanes-Oxley Act	  	 	14	  
	         SECTION 5.3
	 	Signature on Returns	  	 	14	  
	         SECTION 5.4
	 	Accounting and Reports to Certificateholders, the Internal Revenue Service and Others	  	 	14	  
	         SECTION 5.5
	 	Method of Payment	  	 	14	  
	         SECTION 5.6
	 	Certificate Distribution Account	  	 	15	  
		
	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	15	  
			
	         SECTION 6.1
	 	General Authority	  	 	15	  
	         SECTION 6.2
	 	General Duties	  	 	15	  
	         SECTION 6.3
	 	Action upon Instruction	  	 	16	  
	         SECTION 6.4
	 	No Duties Except as Specified in this Agreement or in Instructions	  	 	17	  
	         SECTION 6.5
	 	No Action Except under Specified Documents or Instructions	  	 	17	  
	         SECTION 6.6
	 	Restrictions	  	 	17	  
	         SECTION 6.7
	 	Relevant Trustee	  	 	17	  
	         SECTION 6.8
	 	Reporting	  	 	18	  
		
	 ARTICLE VII CONCERNING OWNER TRUSTEE
	  	 	18	  
			
	         SECTION 7.1
	 	Acceptance of Trusts and Duties	  	 	18	  
	         SECTION 7.2
	 	Preservation of Information; Communications to Certificateholders	  	 	19	  
	         SECTION 7.3
	 	Statements to Certificateholders	  	 	19	  
	         SECTION 7.4
	 	Notice of Events of Default	  	 	20	  
	         SECTION 7.5
	 	Representations and Warranties	  	 	20	  
	         SECTION 7.6
	 	Reliance; Advice of Counsel	  	 	20	  
	         SECTION 7.7
	 	Not Acting in Individual Capacity	  	 	21	  
	         SECTION 7.8
	 	The Owner Trustee May Own Notes	  	 	21	  
	         SECTION 7.9
	 	Rule 144A Information	  	 	21	  
		
	 ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE
	  	 	22	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	         SECTION 8.1
	 	The Owner Trustee’s Compensation	  	 	22	  
	         SECTION 8.2
	 	Indemnification	  	 	22	  
	         SECTION 8.3
	 	Payments to the Owner Trustee	  	 	22	  
	         SECTION 8.4
	 	 Rights, Protections, Immunities and Indemnities of the Certificate Paying Agent Relevant Trustee and Paying
Agent
	  	 	22	  
		
	 ARTICLE IX TERMINATION OF TRUST AGREEMENT
	  	 	23	  
			
	         SECTION 9.1
	 	Termination of Trust Agreement	  	 	23	  
	         SECTION 9.2
	 	Dissolution of the Issuer	  	 	24	  
	         SECTION 9.3
	 	Limitations on Termination	  	 	24	  
		
	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	24	  
			
	         SECTION 10.1
	 	Eligibility Requirements for the Owner Trustee	  	 	24	  
	         SECTION 10.2
	 	Resignation or Removal of the Owner Trustee	  	 	24	  
	         SECTION 10.3
	 	Successor Owner Trustee	  	 	25	  
	         SECTION 10.4
	 	Merger or Consolidation of the Owner Trustee	  	 	26	  
	         SECTION 10.5
	 	Appointment of Co-Trustee or Separate Trustee	  	 	26	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	27	  
			
	         SECTION 11.1
	 	Amendments	  	 	27	  
	         SECTION 11.2
	 	No Legal Title to Trust Estate in Certificateholders	  	 	29	  
	         SECTION 11.3
	 	Limitations on Rights of Others	  	 	29	  
	         SECTION 11.4
	 	Notices	  	 	29	  
	         SECTION 11.5
	 	Severability	  	 	30	  
	         SECTION 11.6
	 	Separate Counterparts	  	 	30	  
	         SECTION 11.7
	 	Successors and Assigns	  	 	30	  
	         SECTION 11.8
	 	No Petition	  	 	30	  
	         SECTION 11.9
	 	Headings	  	 	31	  
	         SECTION 11.10
	 	Governing Law	  	 	31	  
	         SECTION 11.11
	 	Waiver of Jury Trial	  	 	32	  
	         SECTION 11.12
	 	Information Requests	  	 	32	  
	         SECTION 11.13
	 	Form 10-D and Form 10-K Filings	  	 	32	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	         SECTION 11.14
	 	Form 8-K Filings	  	 	32	  
	         SECTION 11.15
	 	Indemnification	  	 	32	  
	         SECTION 11.16
	 	Information to Be Provided by the Owner Trustee	  	 	33	  

  

			
	Exhibit A	    	Form of Certificate
	Exhibit B	    	Form of Owner Trustee’s Annual Certification regarding Item 1117 and Item 1119 of Regulation AB

  
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 This AMENDED AND RESTATED TRUST AGREEMENT is made as of
[            ] (as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”) between FIFTH THIRD HOLDINGS FUNDING, LLC, a
Delaware limited liability company, as the depositor (the “Depositor”), and [            ], a
[            ], as the owner trustee (in such capacity, the “Owner Trustee”). 
 RECITALS 
 WHEREAS, the Depositor and the Owner Trustee
entered into that certain Trust Agreement dated as of [            ] (the “Original Trust Agreement”) and filed a certificate of trust with the Secretary of State of the
State of [            ], pursuant to which the Issuer (as defined below) was created; and 
 WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and restate the Original Trust Agreement; 

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

DEFINITIONS 
 SECTION 1.1 Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Sale Agreement dated as of the date hereof (as from
time to time amended, supplemented or otherwise modified and in effect, the “Sale Agreement”) between the Issuer and the Depositor, which contains rules as to usage that are applicable herein. 

SECTION 1.2 Other Interpretive Provisions. All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms
not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this
Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article;
(c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section,
Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection,
clause or other subdivision of such Section or definition; (e) the term “including” and all such variations thereof means “including 
  

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 Trust Agreement (20[    ]-[    ]) 

  

 
without limitation”; (f) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and
(g) references to any Person include that Person’s successors and assigns. 
 ARTICLE II 

ORGANIZATION 
 SECTION 2.1 Name. The trust created under the Original Trust Agreement shall be known as “Fifth Third Auto Trust 20[ ]-[ ]” (the “Issuer”), in which name the
Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 
 SECTION 2.2 Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to
each Certificateholder, the Depositor and the Administrator. 
 SECTION 2.3 Purposes and Powers. The
purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities: 
 (a) to issue the Notes pursuant to the Indenture and to issue the Certificates pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificates and to pay interest on and
principal of the Notes and distributions on the Certificates; 
 (b) [to enter into and perform
its obligations under any interest rate protection agreement or agreements relating to the Notes between the Issuer and one or more counterparties, including any confirmations, evidencing the transactions thereunder, each of which is an interest
rate swap, an interest rate cap, an obligation to enter into any of the foregoing or any combination of any of the foregoing;] 
 (c) to acquire the property and assets set forth in the Sale Agreement from the Depositor pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account, the Principal
Distribution Account, the Designated Certificateholder Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of the Issuer; 

(d) to assign, Grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and
to hold, manage and distribute to the Certificateholders any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 

(e) to enter into and perform its obligations under the Transaction Documents to which it is a party;

  
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 (f) to engage in those activities, including entering into
agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
 (g) subject to compliance with the Transaction Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the
Certificateholders and the Noteholders. 
 The Owner Trustee is hereby authorized to engage in the foregoing activities on
behalf of the Issuer. Neither the Issuer nor the Owner Trustee on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other
Transaction Documents. 
 SECTION 2.4 Appointment of the Owner Trustee. The Depositor hereby appoints the
Owner Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5 Initial Capital Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Depositor sold, assigned, transferred, conveyed and set over to the Owner Trustee the
sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account. 

SECTION 2.6 Declaration of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust
upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer constitute a
statutory trust under the Statutory Trust Act, that this Agreement constitute the governing instrument of such statutory trust and that, for United States federal, state and local income, franchise and value added tax purposes, (i) for so long
as the Issuer has, or is deemed to have, but a single beneficial owner, it shall be disregarded as an entity separate from its single beneficial owner and (ii) if the Issuer has, or is deemed to have, more than one beneficial owner it shall be
treated as a partnership that is not a “publicly traded partnership” as defined in Treasury Regulation Section 1.7704-1 promulgated under the Code, and this Agreement shall be amended to include such provisions as may be required
under Subchapter K of the Code. The parties hereto agree that the Issuer will file or cause to be filed annual or other necessary tax returns, reports and other forms consistent with the foregoing tax characterization of the Issuer, as applicable,
unless otherwise required by pertinent tax law. No election shall be made by or on behalf of the Issuer to be classified as an association taxable as a corporation for United States federal income tax purposes. Effective as of the date hereof, the
Owner Trustee shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of
Trust with the Secretary of State of the State of Delaware as required by Section 3810(a) of the Statutory Trust Act, such filing hereby being ratified and approved in all respects. Notwithstanding anything herein or in the Statutory Trust Act
to the contrary, it is the intention 
  
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of the parties hereto that the Issuer constitute a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 

SECTION 2.7 Organizational Expenses; Liabilities of the Holders. 

(a) The Servicer shall pay organizational expenses of the Issuer as they may arise. 

(b) No Certificateholder (including the Depositor) shall have any personal liability for any liability or
obligation of the Issuer. 
 SECTION 2.8 Title to the Trust Estate. Legal title to all the Trust Estate
shall be vested at all times in the Issuer as a separate legal entity. 
 SECTION 2.9 Representations and
Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 
 (a) Existence and Power. The Depositor is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and
authority required to carry on its business as now conducted. The Depositor has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Depositor to
perform its obligations under the Transaction Documents. 
 (b) Authorization and No
Contravention. The execution, delivery and performance by the Depositor of each Transaction Document to which it is a party (i) have been duly authorized by all necessary action on the part of the Depositor and (ii) do not contravene
or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other
than violations of such laws, rules, regulations, indenture or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect
the transactions contemplated by, or the Depositor’s ability to perform its obligations under, the Transaction Documents to which it is a party). 

(c) No Consent Required. No approval, authorization or other action by, or filing with, any
Governmental Authority is required in connection with the execution, delivery and performance by the Depositor of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and
filings which have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Depositor to perform its obligations under the Transaction
Documents to which it is a party. 
  
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 (d) Binding Effect. Each Transaction Document to
which the Depositor is a party constitutes the legal, valid and binding obligation of the Depositor enforceable against the Depositor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general
principles of equity or other similar laws of general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 

(e) No Proceedings. There is no action, suit, Proceeding or investigation pending or, to the
knowledge of the Depositor, threatened against the Depositor which, either in any one instance or in the aggregate, would result in any material adverse change in the business, operations, financial condition, properties or assets of the Depositor,
or in any material impairment of the right or ability of the Depositor to carry on its business substantially as now conducted, or in any material liability on the part of the Depositor, or which would render invalid this Agreement or the
Receivables or the obligations of the Depositor contemplated herein, or which would materially impair the ability of the Depositor to perform under the terms of this Agreement or any other Transaction Document. 

(f) Situs of Issuer. The Issuer shall be located in the State of Delaware and administered in the
State of Delaware [or the State of New York]. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the State of Delaware [or the State of New York]. The Issuer shall not have any employees in any state;
provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Issuer only in Delaware [or New York] and payments will
be made by the Issuer only from Delaware [or New York.] 
 ARTICLE III 

CERTIFICATES AND TRANSFER OF CERTIFICATES 
 SECTION 3.1 Initial Ownership. Upon the formation of the Issuer and until the issuance of the initial Certificates, the Depositor shall be the sole beneficiary of the Issuer; and upon the issuance
of the initial Certificates, the Depositor will no longer be a beneficiary of the Issuer, except to the extent that the Depositor is a Certificateholder. 
 SECTION 3.2 Authentication of Certificates. Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the Sale Agreement, the Owner Trustee shall cause the Certificates to be
executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president, its chief 

 
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financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the
Depositor. The Certificates shall represent 100% of the beneficial interest in the Issuer and shall, to the fullest extent permitted by applicable law, be fully-paid and nonassessable. 

SECTION 3.3 Form of the Certificates. The initial Certificate, upon issuance, will be issued in the form of a
typewritten, definitive Certificate, substantially in the form of Exhibit A hereto, representing a definitive Certificate and shall be registered in the name of “Fifth Third Holdings Funding, LLC” or its nominee as the initial
registered owner thereof. 
 SECTION 3.4 Registration of Certificates. The Owner Trustee, in its capacity
as “Certificate Registrar” shall maintain at its office referred to in Section 2.2, or at the office of any agent appointed by it and approved in writing by the Certificateholders at the time of such appointment, a register
(the “Certificate Register”) for the registration and transfer of any Certificate, and the Owner Trustee or such agent shall promptly notify the Indenture Trustee of any change in the registered ownership of a Certificate. Prior to
the presentment for registration of transfer of any Certificate, the Owner Trustee and the Indenture Trustee or any agent of the Owner Trustee, the Indenture Trustee and the Depositor may treat the Person in whose name any Certificate is registered
(as of the applicable Record Date) as the owner of such Certificate for the purpose of receiving distributions on such Certificate and for all other purposes whatsoever and unless the Certificate Register is notified of such change in ownership the
only available recourse such transferee shall have shall be to the person in whose name the related Certificate is registered. 
 SECTION 3.5 Transfer of Certificates. (a) Any Certificateholder may assign, convey or otherwise transfer all or any of its right, title and interest in the related Certificate;
provided, that: 
 (i) (a) such transferee is either an Affiliate of the Depositor or
(b) (1) is a Qualified Institutional Buyer, (2) is aware that the sale of the Certificates to it is being made in reliance on the exemption from registration provided by Rule 144A, and (3) is acquiring the Certificates for its
own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion or for resale pursuant to Rule 144A; 

(ii) such transferee understands that the Certificates will bear the applicable legends set forth in
Section 3.5(h); 
 (iii) such transferee understands that the Certificates are being
offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Certificates have been or will be registered under the Securities Act, and, if in the future the transferee
decides to offer, resell, pledge or otherwise transfer the Certificates, such Certificates may only be offered, resold, pledged or otherwise transferred in accordance with this Agreement and the applicable legend on such Certificates set forth
below; 
  
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 (iv) such transferee understands that an investment in the
Certificates involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the
Certificates as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Certificates. The transferee has such knowledge and experience in financial and business matters that the
transferee is capable of evaluating the merits and risks of its investment in the Certificates, and the transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of its investment; 

(v) such transferee will not offer, transfer, pledge, sell or otherwise dispose of the Certificates or any
interest in the Certificates to any Person in any manner, or solicit any offer to buy, transfer, pledge or otherwise dispose of the Certificates or any interest in the Certificates from any Person in any manner, or make any general solicitation by
means of general advertising or in any other manner, or take any other action that would constitute a distribution of the Certificates under the Securities Act or that would render the disposition of the Certificates a violation of Section 5 of
the Securities Act or any other applicable securities laws or require registration pursuant thereto, and will not authorize any Person to act on its behalf, in such manner with respect to the Certificates; 

(vi) the Owner Trustee and the Issuer determine (based on the advice of counsel or such other information
as they deem necessary or advisable) that the transfer complies with the requirements of clauses (d) and (f) of this Section 3.5; 

(vii) such Certificate may not be acquired by or for the account of or with the assets of a Benefit Plan
or a governmental, church, non-U.S. or other plan which is subject to any Similar Law; 
 (viii)
unless such transferee is an Affiliate of the Depositor, the transferee provides a Certificate Investor Representation Letter substantially in the form of Exhibit B; and 

(ix) such transferee acknowledges that the Issuer, the Owner Trustee and others will rely upon the truth
and accuracy of the acknowledgements, representations, warranties and agreements in this Section 3.5 and agrees that if any of the acknowledgements, representations, warranties or agreements made by it in connection with its purchase of
the Certificates are no longer accurate, the transferee will promptly notify the Issuer and the Owner Trustee. 

Each Certificateholder will represent and warrant that it is not (and will not be) a Benefit Plan or a governmental,
church, non-U.S. or other plan which is subject to any Similar Law and is not (and will not be) accepting or holding such Certificate (or any interest therein) on behalf of or with assets of a Benefit Plan or a governmental, non-U.S. or church plan
which is subject to Similar Law. The Owner Trustee shall have no duty to independently determine that the 
  

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requirement in clause (vi) above is met and shall incur no liability to any Person in the event the Certificateholder does not comply with such restrictions. Subject to the transfer
restrictions contained herein and in the Certificates, any Certificateholder may transfer all or any portion of the Percentage Interest evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required
by this Section. Such transfer may be made by a registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by (a) a written instrument of transfer in
the form of the “Assignment” attached to the Form of Certificate attached hereto as Exhibit A and with such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may
reasonably require; provided, however, that the Owner Trustee shall not require the signature of the Depositor to be medallion guaranteed for the transfers from the Depositor to any applicable transferees on the date hereof,
(b) an executed direction letter regarding registration of such transfer in the form attached hereto as Exhibit D, and (c) the documents required by Sections 3.5(a)(viii) and 3.5(f) hereof. Promptly upon the receipt of
such documents and receipt by the Owner Trustee of the transferor’s Certificate, the Owner Trustee shall record the name of such transferee as a Certificateholder and its Percentage Interest in the Certificate Register and issue, execute and
deliver to such Certificateholder a Certificate evidencing such Percentage Interest. In the event a transferor transfers only a portion of its Percentage Interest, the Owner Trustee shall register and issue to such transferor a new Certificate
evidencing such transferor’s new Percentage Interest and shall issue, execute and deliver to such transferee a new Certificate evidencing such transferee’s Percentage Interest. Subsequent to each transfer of beneficial interest and upon
the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat, for all purposes whatsoever (other than for purposes of
clauses (d) and (e) of this Section 3.5), the Person in whose name any Certificate is registered as the sole owner of the Percentage Interest evidenced by such Certificate. 

(b) As a condition precedent to any registration of transfer under this Section 3.5, the Owner
Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 

(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless the
transferee has certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to clauses (d) and (e) of this Section 3.5. The Owner
Trustee shall not be liable to any Person for registering any transfer based on such certifications. 
 (d) No transfer (or purported transfer) of all or any part of a Certificateholder’s interest (or any economic interest therein), whether to another Certificateholder or to a Person who is not a
Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void ab initio, and no Person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would
have more than 95 direct or indirect holders of an 
  

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interest in the Certificates. For purposes of determining whether the Issuer will have more than 95 holders of an interest in the Certificates, each Person indirectly owning an interest through a
partnership (including any entity treated as a partnership for United States federal income tax purposes), a grantor trust or an S corporation (each such entity, a “flow-through entity”) shall be treated as a Certificateholder, as
applicable, unless the Depositor determines in its sole and absolute discretion, after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner’s interest in the flow-through entity is
attributable to the flow-through entity’s interest (direct or indirect) in the Issuer. 

(e) No transfer shall be permitted if such transfer is effected through an established securities market
or secondary market (or the substantial equivalent thereof) within the meaning of Code section 7704 and any proposed, temporary or final Treasury regulations thereunder. 

(f) Each transferee (i) shall be required to represent and warrant that it is a United States Tax
Person and (ii) shall provide a certification of non-foreign status, in such form as may be requested by the Seller or the Owner Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other certification, representations or
opinion of counsel as may be requested by the Seller or the Owner Trustee). 
 (g) If a
Responsible Officer of Owner Trustee becomes aware that (1) a transfer or attempted or purported transfer of any Certificate or interest therein was consummated in compliance with the provisions of this Section 3.5 on the basis of a
materially incorrect certification from the transferor or purported transferee, (2) a transferee failed to deliver to the Owner Trustee the certificate required to be delivered under Section 3.5(a)(viii) or (3) the
Certificateholder of any Certificate or interest therein is in material breach of any representation or agreement set forth in any certificate or any deemed representation or agreement of such Certificateholder, the Owner Trustee will direct the
Certificate Registrar not to register such attempted or purported transfer and, if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall not operate to transfer any rights to the purported transferee
(such purported transferee, a “Disqualified Transferee”) and the last preceding Certificateholder of such Certificateholder that was not a Disqualified Transferee shall be restored to all rights as a Certificateholder thereof retroactively
to the date of the purported transfer of such Certificate by such Certificateholder. 
 (h) Each
Certificate will bear a legend to the following effect: 
 “THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS

  
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CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS
OWN ACCOUNT OR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A.” 
 SECTION 3.6 Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its
satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee together with such security or indemnity on behalf of the Issuer as may be requested by the Owner Trustee to save it
harmless, then, in the absence of notice to the Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee shall execute and deliver a new Certificate for the same Percentage Interest in the Issuer as the
Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this Section 3.6,
the Issuer or Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of the Certificate and any other reasonable expenses (including the
reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. If, after the delivery of such new Certificate, a protected purchaser of the original Certificate in lieu of which such new Certificate was issued presents such
original Certificate for transfer or payment, the Issuer and Owner Trustee shall be entitled to recover such new Certificate from the Person to whom it was delivered or any Person taking title therefrom, except a protected purchaser, and the Issuer
and Owner Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer and Owner Trustee, in connection therewith. Any duplicate Certificate issued
pursuant to this Section 3.6 shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. The provisions of
this Section 3.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Certificates. 

SECTION 3.7 Appointment of the Certificate Paying Agent. At any time that a Certificate Distribution Account
exists, having been established in accordance with the terms of the Indenture, the Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.5 and shall report
the amounts of such distributions to the Owner Trustee and the Servicer. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to
above. The Owner Trustee may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any
material respect. The Certificate Paying Agent shall initially be [            ], 
  

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and any co-paying agent chosen by the Certificate Paying Agent. [            ] shall be permitted to resign as Certificate Paying Agent
upon thirty (30) days’ written notice to the Owner Trustee. If [            ] shall no longer be the Certificate Paying Agent, the Administrator shall appoint a successor to act
as Certificate Paying Agent (which shall be a bank or a trust company). The Administrator shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Administrator to execute and deliver to the
Owner Trustee a written agreement in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner Trustee that, as Certificate Paying Agent, such successor Certificate Paying Agent or additional
Certificate Paying Agent shall hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. Subject to
applicable laws with respect to the escheat of funds, the Certificate Paying Agent shall return all funds that have remained unclaimed by a Certificateholder for two (2) years to the Owner Trustee. Immediately upon its removal, a Certificate
Paying Agent shall return all funds (including any unclaimed funds) in its possession to the Owner Trustee. The rights, protections and indemnities of the Owner Trustee under Article VII and Section 8.2 and 9.2 of this
Agreement shall apply to the Owner Trustee also in its role as Certificate Paying Agent for so long as the Owner Trustee shall act as Certificate Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any
reference in this Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 SECTION 3.8 Maintenance of Office or Agency. As long as any of the Certificates remain Outstanding, the Issuer shall maintain at the applicable Corporate Trust Office, an office or agency where
Certificates may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Certificates and this Agreement may be served. The Issuer hereby initially appoints the Owner Trustee to
serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Owner Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any
such office or agency or shall fail to furnish the Owner Trustee with the address thereof, such surrenders, notices and demands may be made or served at the applicable Corporate Trust Office, and the Issuer hereby appoints the Owner Trustee as its
agent to receive all such surrenders, notices and demands. 
 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

SECTION 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. With respect
to the following matters, unless the Indenture, the Sale Agreement or the Servicing Agreement, as applicable, provides that the consent of the Certificateholders shall not be required, the Owner Trustee shall not take action unless at least thirty
(30) days before the taking of such action (or such shorter notice acceptable to the Certificateholders), the Owner Trustee shall have notified each Certificateholder in writing of the proposed action and each Certificateholder shall not have
notified the Owner Trustee in writing prior to the thirtieth (30th) day (or such shorter notice acceptable to the Certificateholders) after such notice is given that such Certificateholder has withheld consent or provided alternative direction: 

 
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 (a) the appointment pursuant to the Indenture of a successor
Indenture Trustee; 
 (b) the appointment pursuant to the Servicing Agreement of a successor
Servicer; or 
 (c) the consent to the assignment by the Note Registrar or the Indenture Trustee
of its obligations under the Indenture or this Agreement. 
 SECTION 4.2 Action by Certificateholders with
Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Majority Certificateholders, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the
termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator pursuant to Section 8
of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Majority Certificateholders at the time of such action. 

SECTION 4.3 Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to
commence a voluntary Proceeding in bankruptcy relating to the Issuer until one year and one day after the Note Balance of all Notes has been reduced to zero [and all amounts owed to the Swap Counterparty under the Transaction Documents have been
paid] without the prior written approval of each Certificateholder and the delivery to the Owner Trustee by each Certificateholder of a certificate certifying that such Certificateholders reasonably believe that the Issuer is insolvent. 

SECTION 4.4 Restrictions on Certificateholders’ Power. No Certificateholder shall direct the Owner Trustee to
take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor
shall the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5 Acts of
Certificateholders; Majority Control. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Certificateholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or
instruments are delivered to the Owner Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Certificateholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and (subject to Article VI) conclusive in
favor of the Owner Trustee and the Issuer, if made in the manner provided in this Section. 
  
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 (b) The fact and date of the execution by any person of any
such instrument or writing may be proved in any manner that the Owner Trustee deems sufficient. 

(c) The ownership of Certificates shall be proved by the Certificate Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any
Certificateholder shall bind the Holder of every Certificate issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Owner Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Certificate. 
 (e) Except as
otherwise provided herein, to the extent that there is more than one Certificateholder, any action which may be taken or consent or instructions which may be given by the Certificateholder under this Agreement may be taken by the Majority
Certificateholders at the time of such action 
 SECTION 4.6 Compliance with the FDIC Rule. The Owner
Trustee shall (i) perform the covenants sets forth in Article XII of the Indenture applicable to it and (ii) use reasonable efforts to comply with any request of the Depositor or the Servicer to facilitate compliance with Article
XII of the Indenture by the Fifth Third Parties. 
 ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

SECTION 5.1 Application of Trust Funds. Deposits into the Certificate Distribution Account shall be made in
accordance with the provisions of the Indenture and this Agreement. On each Payment Date, after a Certificate Distribution Account has been established in accordance with the terms of the Indenture, the Certificate Paying Agent shall withdraw from
the Certificate Distribution Account and distribute to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, all funds received in accordance with the provisions of the Indenture and this Agreement. Subject to
the lien of the Indenture, the Certificate Paying Agent shall promptly distribute to the Certificateholders all other amounts (if any) received by the Certificate Paying Agent on behalf of the Issuer in respect of the Trust Estate (pro rata based on
the Percentage Interest of each such Certificateholder). After the termination of the Indenture in accordance with its terms, the Certificate Paying Agent shall distribute all amounts received (if any) by the Owner Trustee on behalf of the Issuer in
respect of the Trust Estate in accordance with the provisions of this Agreement. If any withholding tax is imposed on any Issuer payment to, or is imposed on any allocable Issuer income of, a Certificateholder, such tax shall reduce the amount
otherwise distributable to the Certificateholder in accordance with this Section 5.1; provided that the Owner Trustee shall not have an obligation to withhold any such amount if and for so long as the Depositor is the sole
Certificateholder. The Owner Trustee is hereby authorized and directed to withhold from 
  
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amounts otherwise allocable or distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Issuer (but such authorization shall not prevent the
Owner Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder
shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution or
income allocation, the Owner Trustee may in its sole discretion withhold such amounts in accordance with this Section 5.1. If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall
reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

SECTION 5.2 Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein or in any Transaction Document,
the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the Exchange Act, or any other
documents pursuant to the Sarbanes-Oxley Act. 
 SECTION 5.3 Signature on Returns. The Owner Trustee
shall prepare (or cause to be prepared) and shall sign, on behalf of the Issuer, the Issuer’s tax returns, if any, unless applicable law requires a Certificateholder to sign such documents. In the event that the Issuer is required to be treated
as a partnership for United States federal income tax purposes, the Certificateholder that is a United States Tax Person holding the largest Certificate Percentage Interest shall be designated the “tax matters partner” of the Issuer
pursuant to Code section 6231(a)(7)(A) of the Code and shall sign the tax return of the Issuer. In the event that two or more Certificateholders would be described in the preceding sentence then Certificateholder with the alphabetically first name
shall be so designated. 
 SECTION 5.4 Accounting and Reports to Certificateholders, the Internal Revenue
Service and Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to be delivered) to each
Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including, if applicable, Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns,
(c) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Issuer (including, if applicable, a partnership information return, IRS Form 1065 if the Issuer is treated as a partnership for United States
federal income tax purposes) and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the Issuer’s applicable tax
characterization as described in Section 2.6 hereof, (d) cause applicable tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance
with Section 5.1 with respect to income or distributions to Certificateholders. 
 SECTION 5.5
Method of Payment. Subject to the Indenture, distributions required to be made to a Certificateholder on any Payment Date and all amounts received by the Issuer or the 

 
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Owner Trustee on any other date that are payable to a Certificateholder pursuant to this Agreement or any other Transaction Document shall be made to such Certificateholder by wire transfer, in
immediately available funds, to the account of such Certificateholder designated by such Certificateholder to the Owner Trustee in writing. 
 SECTION 5.6 Certificate Distribution Account. A Certificate Distribution Account shall be established pursuant to and solely to the extent required by Section 8.2 of the Indenture. The
Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in such Certificate Distribution Account and all proceeds thereof. Except as otherwise provided herein or in the Indenture, such
Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time, such Certificate Distribution Account ceases to be an Eligible Account, the
Owner Trustee (or the Servicer on behalf of the Owner Trustee, if such Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within ten (10) Business Days establish a new Certificate Distribution
Account as an Eligible Account and shall transfer any cash then on deposit in the Certificate Distribution Account to such new Certificate Distribution Account. 
 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 

SECTION 6.1 General Authority. The Owner Trustee is authorized and directed to execute and deliver the Transaction
Documents to which the Issuer is named as a party, and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto,
in each case, in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and at the written direction of the Depositor, to execute on behalf of the Issuer to direct the Indenture Trustee to
authenticate and deliver Class A-1 Notes in the aggregate principal amount of $[            ], Class A-2 Notes in the aggregate principal amount of
$[            ], Class A-3 Notes in the aggregate principal amount of $[            ] and
Class A-4 Notes in the aggregate principal amount of $[            ][ and Class B Notes in the aggregate principal amount of
$[            ]]. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Transaction
Documents. The Owner Trustee is further authorized from time to time to take such action as the Depositor, the Administrator or a Majority of the Certificateholders recommends or directs in writing with respect to the Transaction Documents, except
to the extent that this Agreement expressly requires the consent of the Certificateholders for such action. 

SECTION 6.2 General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all
of its responsibilities pursuant to the terms of this Agreement and the other Transaction Documents and to administer the Issuer in the interest of the Certificateholders, subject to Transaction Documents, and in accordance with the provisions of
this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to 
  
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discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to
carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no
obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. The Owner Trustee shall not be required to perform any of the obligations of
the Issuer under any Transaction Document that are required to be performed by the Sponsor, the Servicer, the Depositor, the Administrator or the Indenture Trustee. 

SECTION 6.3 Action upon Instruction. (a) Subject to Article IV, and in accordance with the Transaction
Documents, the Certificateholders may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV.

 (b) Subject to Section 7.1, the Owner Trustee shall not be required to take any
action hereunder or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof
or of any Transaction Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee
is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such
provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course
of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting
instruction as to the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Majority Certificateholders (or,
if specifically required, all Certificateholders) received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of
such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this
Agreement or the Transaction Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction. 
  
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 (d) The Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation, at the request, order or direction of any Certificateholder or any other Person, unless such Certificateholder or such Person has
offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee (including, without limitation, the reasonable fees and expenses of its counsel) therein or
thereby, including such advances as the Owner Trustee shall reasonably request. 
 SECTION 6.4 No Duties
Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to
otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or
written instruction received by the Owner Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no
responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare or file any Commission
filing (including any filings required under the Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any Transaction Document. [            ] nevertheless agrees that it will,
at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against,
[            ] that are not related to the ownership or the administration of the Trust Estate. The Owner Trustee shall have no responsibility or liability for or with respect to the
genuineness, value, sufficiency or validity of the Trust Estate. 
 SECTION 6.5 No Action Except under
Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon
the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 

SECTION 6.6 Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the
purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would for United States federal income, state and local income and franchise tax purposes,
(i) affect the treatment of the Notes as indebtedness, (ii) be deemed to cause a taxable exchange of the Notes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as
a corporation for United States federal income, state and local income or franchise and value added tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 

SECTION 6.7 Relevant Trustee. Following the payment in full of principal and interest on the Notes, the Owner
Trustee shall assume the role of Relevant Trustee for all purposes under 
  
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the Transaction Documents and shall perform the obligations of the Relevant Trustee under the Indenture. In furtherance of the foregoing, Article 7, Article 8 and Article 12
of the Indenture are hereby incorporated by reference into this Agreement. 
 SECTION 6.8 Reporting. Upon
receipt by the Owner Trustee from the Depositor of any reports or general loan data, the Owner Trustee will forward such reports in the form received to the Certificateholders; provided, that the Owner Trustee shall not be required to forward
any such reports to any Certificateholder who is the Depositor or an Affiliate of the Depositor. The Owner Trustee shall have no duty or obligations to review, verify or confirm the reports or any information contained therein, and shall have no
liability in connection therewith. Delivery of the Servicer Certificate to the Owner Trustee, as provided for in the Transaction Documents, is for informational purposes only and the Owner Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Owner Trustee is entitled to rely exclusively on
Officer’s Certificates). 
 ARTICLE VII 
 CONCERNING OWNER TRUSTEE 
 SECTION 7.1 Acceptance of
Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys
actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any
circumstances notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its own willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy of any representation or warranty
contained in Section 7.3 expressly made by [            ] in its individual capacity, (iii) for liabilities arising from the failure of
[            ] to perform obligations expressly undertaken by it in the third sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by,
any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence) of the foregoing: 

(a) The Owner Trustee shall not be personally liable for any error of judgment made in good faith by any
of its officers or employees unless it is proved that such Persons were negligent in ascertaining the pertinent facts; 
 (b) No provision of this Agreement shall require the Owner Trustee to expend or risk its personal funds or otherwise incur any financial liability in the exercise of its rights or powers hereunder;

 (c) Under no circumstances shall the Owner Trustee be personally liable for any
representation, warranty, covenant, obligation or indebtedness of the Issuer; and 
  
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 (d) The Owner Trustee shall not be personally responsible
for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by any Person other than the Owner Trustee. 
 SECTION 7.2 Preservation of Information; Communications to Certificateholders. (a) The Owner Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses
of Certificateholders received by the Owner Trustee in its capacity as the Certificate Registrar; provided, however, that so long as the Owner Trustee is the Certificate Registrar, no list separate from the Certificate Register shall
be required to be preserved or maintained. 
 (b) The Certificateholders may communicate with
other Certificateholders with respect to their rights under this Agreement or under the Certificates. Upon receipt by the Owner Trustee of any written request by three or more Certificateholders or by one or more Certificateholders holding in the
aggregate more than 25% of the Percentage Interests to receive a copy of the most current list of Certificateholders together with a copy of the communication that the applicant proposes to send, the Owner Trustee shall distribute such list to the
requesting Certificateholders; provided that the Owner Trustee may elect not to afford the requesting Certificateholders access to the list of Certificateholders if it agrees to mail the desired communication or proxy, on behalf of and at the
expense of the requesting Certificateholders, to all Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold the Owner Trustee accountable by reason of the disclosure
of its name and address, regardless of the source from which such information was derived. 
 SECTION 7.3
Statements to Certificateholders. (a) The Owner Trustee shall promptly give notice to each Certificateholder of any change in the Indenture Trustee’s website pursuant to which the Relevant Trustee’s certificate is made
available of which it has been provided notice pursuant to Section 7.4(c) of the Indenture. 
 (b) To the extent the Owner Trustee has assumed the role of Relevant Trustee pursuant to the terms of Section 6.7, the Owner Trustee may make all reports or notices required to be provided by
the Owner Trustee under Section 7.4 of the Indenture; provided, however, that the Owner Trustee shall, if requested by the Administrator, deliver any such reports or notices in writing to the Administrator. Any information
that is disseminated in accordance with the provisions of this Section 7.3 shall not be required to be disseminated in any other form or manner. The Owner Trustee will make no representations or warranties as to the accuracy or
completeness of such documents and will assume no responsibility therefor. 
 (c) The Owner
Trustee’s website shall be initially located at [            ] or at such other address as shall be specified by the Owner Trustee from time to time in writing to the
Certificateholders, the Servicer, 
  
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the Issuer or any Paying Agent. In connection with providing access to the Owner Trustee’s website, the Owner Trustee may require registration and the acceptance of a disclaimer. The Owner
Trustee shall not be liable for the dissemination of information in accordance with this Agreement. The Owner Trustee shall notify Certificateholders in writing of any changes in the address or means of access to the website where the reports are
accessible. Assistance in access to the website can be obtained by calling the Owner Trustee’s customer service desk at [            ]. 

SECTION 7.4 Notice of Events of Default. The Owner Trustee shall promptly give notice to each Certificateholder of
any (a) Default or Event of Default of which it has been provided notice pursuant to Section 6.5 of the Indenture and (b) Servicer Replacement Event of which it has been provided notice pursuant to Section 6.1 of
the Servicing Agreement. 
 SECTION 7.5 Representations and Warranties.
[            ] hereby represents and warrants to the Depositor for the benefit of the Certificateholders, that: 

(a) It is a banking corporation duly incorporated and validly existing in good standing under the laws of
the State of Delaware and having an office within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b) It has taken all corporate action necessary to authorize the execution and delivery by it of this
Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable
against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of
creditors of banks generally and to equitable limitations on the availability of specific remedies. 
 (d) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will
contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 

SECTION 7.6 Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner
Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any 
  

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corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other Authorized Officers of the
relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and
obligations under this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable
for the conduct or misconduct of such agents, custodians, nominees (including Persons acting under a power of attorney) or attorneys selected with reasonable care and (ii) may consult with counsel, accountants and other skilled Persons
knowledgeable in the relevant area to be selected with reasonable care and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with
the written opinion or advice of any such counsel, accountants or other such Persons. 
 SECTION 7.7 Not
Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, [            ] acts solely as the Owner Trustee hereunder and not
in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof.

 SECTION 7.8 The Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity
may become the owner or pledgee of Notes. The Owner Trustee may deal with the Depositor, the Indenture Trustee, the Administrator and their respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner
Trustee, and the Depositor, the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates. 

SECTION 7.9 Rule 144A Information. At any time when the Issuer is not subject to Section 13 or 15(d) of the
Securities Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Securities Exchange Act, upon the request of a Certificateholder, the Depositor shall promptly furnish or cause to be furnished Rule 144A Information (as
defined below) to such Certificateholder, to a prospective purchaser of such Certificate designated by such Certificateholder or to the Owner Trustee for delivery to such Certificateholder or a prospective purchaser designated by such
Certificateholder, as the case may be, in order to permit compliance by such Certificateholder and the Issuer with Rule 144A in connection with the resale of such Certificate by such Certificateholder. “Rule 144A Information” shall
be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). 
  

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 ARTICLE VIII 
 COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 
 SECTION
8.1 The Owner Trustee’s Compensation. The Depositor shall cause the Servicer to agree pay to [            ] pursuant to Section 3.11 of the Servicing Agreement from
time to time compensation for all services rendered by [            ] under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee and the Certificate Paying
Agent (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.11 of the Servicing Agreement and the fee letter between the
Servicer and the Owner Trustee, shall reimburse [            ] upon its request for all reasonable expenses, disbursements and advances incurred or made by
[            ] in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of such agents, experts and counsel as
[            ] may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense as may be attributable to its willful misconduct,
negligence (other than an error in judgment) or bad faith. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid in accordance with Sections 8.5 or 5.4(b) of the Indenture, as applicable. 

SECTION 8.2 Indemnification. The Depositor shall cause the Servicer to agree to indemnify
[            ] in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and
against, any and all loss, liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against
[            ] in its individual capacity and as trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the
administration of the Trust Estate or the action or inaction of [            ] hereunder; provided, however, that neither the Depositor nor the Servicer shall be liable for or
required to indemnify [            ] from and against any of the foregoing expenses arising or resulting from
(i) [            ]’s own willful misconduct, bad faith or negligence, (ii) the inaccuracy of any representation or warranty expressly made by
[            ] in its individual capacity or any representation or warranty made by [            ] in accordance with
Section 11.13 or Section 11.14, (iii) liabilities arising from the failure of [            ] to perform obligations expressly undertaken by it in the third
sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the Servicer, such indemnification shall be
paid in accordance with Sections 8.5 or 5.4 (b) of the Indenture, as applicable. 
 SECTION
8.3 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII and Section 8.2(c) of the Indenture shall be deemed not to be a part of the Trust Estate immediately after such payment.

 SECTION 8.4 Rights, Protections, Immunities and Indemnities of the Certificate Paying Agent Relevant
Trustee and Paying Agent. The rights, protections, immunities and indemnities of the Owner Trustee under this Agreement are hereby extended to the Certificate Paying Agent, 

 
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the Owner Trustee as Relevant Trustee, and the Certificate Paying Agent as Paying Agent under all of the Transaction Documents. 

ARTICLE IX 

TERMINATION OF TRUST AGREEMENT 
 SECTION 9.1 Termination of Trust Agreement. (a) The Issuer shall wind up, dissolve and terminate this Agreement (other than provisions hereof which by their terms survive termination) upon the
the final distribution by the Certificate Paying Agent of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Servicing Agreement and Article V of this Agreement. The bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle any such Certificateholder’s legal representatives or heirs to claim an accounting
or to take any action or Proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) Notice of any dissolution and termination of the Issuer, specifying the Payment Date upon which
Certificateholders shall surrender their Certificates to the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee to Certificateholders, and if the Owner Trustee is notified of a redemption of the
Notes by the Administrator or the Issuer pursuant to Section 10.1(c) of the Indenture, such notice shall be mailed within five (5) Business Days of the Owner Trustee’s receipt of such notice from the Issuer or Administrator.
Each such notice to a Certificateholder shall state (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Owner Trustee
therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments are being made only upon presentation and surrender of the
Certificates at the office of the Owner Trustee therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Certificate Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of each Certificate, the Certificate Paying Agent shall cause to be distributed to such Certificateholders, subject to Section 3808 of the Delaware Statutory Trust Act, amounts distributable
on such Payment Date pursuant to Article V. 
 (c) In the event that any of the
Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to
surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice any of the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take
appropriate steps, or 
  
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may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and
other assets that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the Trust Estate after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the last
Certificateholder of record identified in the Certificate Register for each such remaining Certificate. 

SECTION 9.2 Dissolution of the Issuer. Upon dissolution of the Issuer, the Administrator shall wind up the
business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid
in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuer, shall be deemed to have
made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act. At the direction of the Administrator, the Owner Trustee upon
surrender of the outstanding Certificates or as otherwise provided in Section 9.1(c), shall cause the Certificate Paying Agent to distribute the remaining Trust Estate (if any) in accordance with Section 9.1 hereof and shall
cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate
and this Agreement (other than Article VIII) shall be of no further force or effect. 
 SECTION 9.3
Limitations on Termination. Except as provided in Section 9.1, neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Issuer. 

ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 
 SECTION 10.1 Eligibility Requirements
for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized to exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or
examination by Federal or state authorities. If such bank shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an institution satisfying the
provisions of Section 3807(a) of the Statutory Trust Act. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the
effect specified in Section 10.2. 
 SECTION 10.2 Resignation or Removal of the Owner Trustee. The
Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice 
  

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thereof to the Depositor, the Administrator, the Servicer, the Indenture Trustee and each Certificateholder. Upon receiving such notice of resignation, the Depositor and the Administrator, acting
jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner
Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee
may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the
resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign after written request therefor by the Depositor or the
Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Administrator may remove the Owner Trustee. If the Depositor or the Administrator shall remove the
Owner Trustee under the authority of the immediately preceding sentence, the Depositor and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by
the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner
Trustee to each of the Rating Agencies. 
 SECTION 10.3 Successor Owner Trustee. Any successor Owner
Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Depositor, the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor under this Agreement, with like effect as if originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies
held by it under this Agreement; and the Depositor and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor
Owner Trustee all such rights, powers, duties and obligations. 
  
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 No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Depositor shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to each
Certificateholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Depositor shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of the Depositor. Any successor Owner Trustee appointed pursuant to Section 10.2 shall promptly file an amendment to the Certificate of Trust with the Secretary
of State identifying the name and the principal place of business of such successor Owner Trustee in the State of Delaware. 
 SECTION 10.4 Merger or Consolidation of the Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall, without the execution or
filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided, that such corporation shall be eligible pursuant
to Section 10.1; and provided, further that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and mail notice of such merger or consolidation to the Depositor, the
Administrator and all Certificateholders. 
 SECTION 10.5 Appointment of Co-Trustee or Separate
Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Depositor and the Owner
Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of
all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the
Depositor and the Owner Trustee may consider necessary or desirable. If the Depositor shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power
to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or
separate trustee shall be required pursuant to Section 10.3. 
 Each separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by 
  
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the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee
joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights,
powers, duties and obligations (including the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner
Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of any act
or omission of any other trustee under this Agreement; and 
 (iii) the Depositor and the Owner
Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 

Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of
this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies
thereof given to the Depositor and the Administrator. 
 Any separate trustee or co-trustee may at any time
appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee. The Owner Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located. 

ARTICLE XI 

MISCELLANEOUS 
 SECTION 11.1 Amendments. 
 (a) Any term or
provision of this Agreement may be amended by the Depositor and the Owner Trustee, at the direction of the Administrator, without the consent of the Indenture Trustee, any Noteholder, any Certificateholder, the 

 
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Issuer [, the Swap Counterparty] or any other Person subject to the satisfaction of one of the following conditions: 

(i) The Depositor delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee
to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (ii) The Rating Agency Condition is satisfied with respect to such amendment and the Depositor notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such
amendment. 
 [provided, that such amendment shall not materially and adversely affect the rights or obligations of the Swap
Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing
within ten (10) Business Days after receipt of a written request for such consent)]. 
 (b)
This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with the consent of (i) the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance and (ii) the Majority
Certificateholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be
necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and
any other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the
Indenture Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (c) Prior to the execution of any amendment pursuant to this Section 11.1, the Depositor shall provide written notification of the substance of such amendment to each Rating Agency; and
promptly after the execution of any such amendment, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture Trustee; provided, that no amendment pursuant to this Section 11.1 shall
be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee without the prior written consent of such Person. 

(d) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to
receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or 
  

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permitted by this Agreement and an Officer’s Certificate from the Depositor or the Administrator stating that all conditions precedent to the execution and delivery of such amendment have
been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the Owner Trustee’s own rights, duties or obligations under this Agreement. 

(e) Notwithstanding subsection (a) of this Section 11.1, this Agreement may only be
amended by the Depositor if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Owner
Trustee, materially and adversely affect the interests of the Certificateholders. 
 SECTION 11.2 No
Legal Title to Trust Estate in Certificateholders. Neither the Depositor nor any Certificateholder shall have legal title to any part of the Trust Estate. Each Certificateholder shall be entitled to receive distributions with respect to its
undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of a Certificateholder to and in its ownership interest in the Trust Estate
shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 

SECTION 11.3 Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit
of the Owner Trustee, the Depositor, the Administrator, the Certificateholders and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. [All of the rights of the Swap Counterparty in, to and
under this Agreement, if any, shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms hereof and the payment in full of all amounts owing to the Swap Counterparty.] 

SECTION 11.4 Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices
shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by facsimile or, if so provided on Schedule II to the Sale
Agreement, by electronic transmission, and addressed in each case as specified on Schedule II to the Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties
hereto. 
 (b) Any notice required or permitted to be given to any Certificateholder shall be
given by first-class mail, postage prepaid, at the address shown in the Certificate Registrar. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not such
Certificateholder receives such notice. 
  
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 SECTION 11.5 Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 11.6 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original,
regardless of whether delivered in physical or electronic form, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.7 Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its successors and
each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such
Certificateholder. 
 SECTION 11.8 No Petition. 

(a) To the fullest extent permitted by applicable law, each of the Owner Trustee (in its individual
capacity and as the Owner Trustee), by entering into this Agreement, the Depositor, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby
covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such party shall not
authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general
assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join or institute against, with any other Person, any Proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Without limiting the foregoing, in no event shall the Owner Trustee authorize,
institute or join in any bankruptcy or similar Proceeding described in the preceding sentence other than in accordance with Section 4.3. 
  

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 (b) The Depositor’s obligations under this Agreement
are obligations solely of the Depositor and will not constitute a claim against the Depositor to the extent that the Depositor does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the
foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note
Owner, by accepting the benefits of this Agreement, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Depositor. To the extent that, notwithstanding the agreements and provisions
contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and each Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to
have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code
or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible
payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not
any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the
payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its
individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this
Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the
third party benefit of those entitled to rely thereon and will survive the termination of this Agreement. 

SECTION 11.9 Headings. The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION
11.10 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Amended and Restated 
 Trust Agreement
(20[    ]-[    ]) 

  
 31 

 SECTION 11.11 Waiver of Jury Trial. To the extent permitted by
applicable law, each party hereto irrevocably waives all right of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising
hereunder or thereunder. 
 SECTION 11.12 Information Requests. The parties hereto shall
provide any information reasonably requested by the Seller, the Servicer, the Issuer, the Depositor or any of their Affiliates at the expense of the Seller, the Servicer, the Issuer, the Depositor or any of their Affiliates, as applicable, in order
to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.13 Form 10-D and Form 10-K Filings. So long as the Depositor is filing Exchange Act Reports with respect to the Issuer and until the Depositor notifies the Owner Trustee that such
action is no longer required (i) no later than each Payment Date, the Owner Trustee shall notify the Depositor of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D Disclosure Item
in form and substance reasonably acceptable to the Depositor; provided that such notification may be electronic so long as there has been no change to such Form 10-D Disclosure Items from those disclosed on the previous Payment
Date, and (ii) on or before March 15 of each calendar year for so long as the Depositor is filing Exchange Act Reports with respect to the Issuer, commencing on March 15,
20[            ], the Owner Trustee shall deliver to the Depositor the certification substantially in the form attached hereto as Exhibit E or such form as mutually agreed upon by
the Depositor and the Owner Trustee regarding any affiliations or relationships (as contemplated in Item 1119 of Regulation AB) between the Owner Trustee and any Item 1119 Party and any Form 10-D Disclosure Item. 

SECTION 11.14 Form 8-K Filings. So long as the Depositor is filing Exchange Act Reports with respect to the
Issuer and until the Depositor notifies the Owner Trustee that such action is no longer required, the Owner Trustee shall promptly notify the Depositor, but in no event later than four (4) Business Days after its occurrence, of any Reportable
Event described in clause (e) of the definition thereof with respect to the Owner Trustee of which a Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (e) of the
definition thereof as to which the Depositor or the Servicer has actual knowledge). The Owner Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Owner Trustee in its individual capacity or any
action by the Owner Trustee under this Agreement. 
 SECTION 11.15 Indemnification.
(a) [            ] shall indemnify the Seller, each Affiliate of the Seller or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon: 

 
 Amended and Restated 

Trust Agreement (20[    ]-[    ]) 

  
 32 

 (i) (A) any untrue statement of a material fact contained in
any information provided in writing by [            ] to the Seller or its affiliates under Sections 11.13 or 11.14 (such information, the “Owner Trustee Provided
Information”), or (B) the omission to state in the Owner Trustee Provided Information a material fact required to be stated in the Owner Trustee Provided Information, or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the related information and not to any other
information communicated in connection with a sale or purchase of securities, without regard to whether the Owner Trustee Provided Information or any portion thereof is presented together with or separately from such other information; or

 (ii) any failure by [            ]
to deliver any information, report, or other material when and as required under Sections 11.13 or 11.14. 
 (b) In the case of any failure of performance described in clause (a)(ii) of this Section, [            ] shall promptly reimburse the
Seller for all costs reasonably incurred in order to obtain the information, report or other material not delivered as required by [            ]. 

(c) Notwithstanding anything to the contrary contained herein, in no event shall
[            ] be liable under this Section 11.15 for special, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if
[            ] has been advised of the likelihood of such loss or damage and regardless of the form of action. 

SECTION 11.16 Information to Be Provided by the Owner Trustee. The Owner Trustee shall provide the
Depositor and the Servicer (each, a “Transaction Party” and, collectively, the “Transaction Parties”) with (i) notification, as soon as practicable and in any event within five (5) Business Days, of all
demands communicated to the Owner Trustee for the repurchase or replacement of any Receivable pursuant to Section 3.8 of the Sale Agreement, Section 3.3 of the Purchase Agreement, Section 3.6 of the Servicing
Agreement or Section 3.3 of the Receivables Sale Agreement, as applicable and (ii) promptly upon reasonable request in writing by a Transaction Party, any other information reasonably requested by a Transaction Party to facilitate
compliance by the Transaction Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the
Exchange Act with respect to the transactions contemplated by the Transaction Documents, nor shall it have any responsibility for making any filing to be made by a securitizer under the Exchange Act or Regulation AB with respect to the transactions
contemplated by the Transaction Documents. A demand does not include general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties. 

[Remainder of Page Intentionally Left Blank] 
  

Amended and Restated 
 Trust Agreement (20[    ]-[    ]) 

  
 33 

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

			
	 [            ]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Amended and Restated

 Trust Agreement (20[    ]-[    ]) 

  
 S-1

 
			
	 FIFTH THIRD HOLDINGS FUNDING, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Amended and Restated

 Trust Agreement (20[    ]-[    ]) 

  
 S-2

 EXHIBIT A 
 FORM OF CERTIFICATE 
  

			
	 NUMBER
	  	        % BENEFICIAL INTEREST
	 R-        
	  	CUSIP NO.                     
		  	ISIN                      

 FIFTH THIRD AUTO TRUST 20[ ]-[ ] 

CERTIFICATE 
 Evidencing the 100% beneficial interest in all of the assets of the Issuer (as defined below), which consist primarily of motor vehicle receivables, including motor vehicle retail installment sales
contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and vans. 

(This Certificate does not represent an interest in or obligation of Fifth Third Holdings, LLC, Fifth Third Holdings
Funding, LLC, Fifth Third Bank or any of their respective Affiliates, except to the extent described below.) 
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE
OR OTHER JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE
144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A. 

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A
TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH THE ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA,
(B) A PLAN DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY
REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN THE ENTITY (EACH A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS

  
 A-6

 
SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (ANY SUCH FEDERAL, STATE OR LOCAL LAW, (A “SIMILAR LAW”)). 

THIS CERTIFIES THAT [            ] is the registered owner of
a 100% nonassessable, fully-paid beneficial interest in the Trust Estate of FIFTH THIRD AUTO TRUST 20[ ]-[ ], a Delaware statutory trust (the “Issuer”) formed by Fifth Third Holdings Funding, LLC, a Delaware limited
liability company, as depositor (the “Depositor”). 
 The Issuer was created pursuant to a
Trust Agreement dated as of [            ] (as amended and restated as of [            ], (the “Trust
Agreement”)), between the Depositor and [            ], as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in Appendix A to the Servicing Agreement, dated as of
[            ], among the Depositor, the Issuer, [            ] as indenture trustee, and Fifth Third Bank, an Ohio banking
corporation, as servicer, as the same may be amended or supplemented from time to time. 
 This Certificate is
issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The provisions and
conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 
 The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders [and the Swap Counterparty]
as described in the Indenture, the Servicing Agreement and the Trust Agreement, as applicable. 
 THIS
CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 By accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to the
date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such Person shall not authorize such Bankruptcy Remote Party to
commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to
consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party
hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not commence or join with any other Person 

  
 A-2

 
in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.

 By accepting and holding this Certificate (or any interest herein), the Holder hereof shall be deemed to have
represented and warranted that it is not a Benefit Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law and is not purchasing on behalf of a Benefit Plan or a governmental, church, non-U.S. or other plan which
is subject to any Similar Law. 
 It is the intention of the parties to the Trust Agreement that, solely for
purposes of United States federal income or state and local income, franchise and value added tax purposes, (1) for so long as the Issuer has, or is deemed to have, but a single beneficial owner, including a single beneficial owner of the
Certificates, it shall be disregarded as an entity separate from its single beneficial owner and (2) if the Issuer has, or is deemed to have, more than one beneficial owner, including more than one beneficial owner of its Certificates, it shall
be treated as a partnership that is not a “publicly traded partnership” as defined in Treasury Regulation Section 1.7704-1 promulgated under the Code. No election shall be made by or on behalf of the Issuer to be classified as an
association taxable as a corporation for United States federal income tax purposes. By accepting this Certificate, the Certificateholder agrees to take no action inconsistent with the foregoing intended tax treatment. 

By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents a Percentage Interest
only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their
assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 
 Each Certificateholder, by acceptance of this Certificate, acknowledges and agrees that the purpose of Article XII of the Indenture is to facilitate compliance with the FDIC Rule by the Bank, the
Depositor, the Servicer, FTH LLC and the Issuer (collectively, the “Fifth Third Parties”) and that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance provided by the FDIC or
its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in Article XII of the Indenture shall have the effect and meanings that are appropriate
under the FDIC Rule as such effect and meanings change over time on the basis of evolving interpretations of the FDIC Rule. 

  
 A-3

 IN WITNESS WHEREOF, the Issuer has caused this Certificate to be duly
executed. 
  

			
	 FIFTH THIRD AUTO TRUST 20[ ]-[ ]

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

 Dated:
                                 

 

			
	
		
	 By:
	 	 
	 Name:
 Title:
	 	

  
 A-4

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

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

		
	 By:
	 	 
		 	 Authenticating Agent

  

			
		
	 By:
	 	 
		 	 Authorized Signatory

  
 A-5

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

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

[                      
                  ] 
  

 
  

	
	 (Please print or type name and address, including postal zip code, of assignee)

 

	  

	 the within Certificate, (Asset Backed Certificate No. R-[    ] issued by Fifth Third Auto Trust 2014-1), and all rights thereunder,
hereby irrevocably constituting and appointing

                      
                   Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises

 Dated:
                    , [            ] 

 

			
	 [TRANSFEROR]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 A-6

 EXHIBIT B 
 FORM OF CERTIFICATE INVESTOR REPRESENTATION LETTER 
 Relating to the

 Fifth Third Auto Trust 2014-1 Asset Backed Certificates 

 

			
	 Fifth Third Auto Trust 20[    ]-[  ], as Issuer

c/o [                    ]

[                    ]

[                    ]

[                    ]

Attention:
[                    ]
	  	
[                    ], as Owner
Trustee

[                    ]

[                    ]

[                    ]

Attention:
[                    ]

	  
 [Transferor]

[Address]
	  	

 Ladies and Gentlemen: 

In connection with the purchase or acquisition of one or more certificates issued by Fifth Third Auto Trust
20[    ]-[  ] (the “Certificates”) pursuant to the Amended and Restated Trust Agreement, dated as of [            ] (the
“Trust Agreement”), between Fifth Third Holdings Funding, LLC, a Delaware limited liability company, as the depositor (the “Depositor”), and
[            ], a national banking association, as the owner trustee (the “Owner Trustee”), the transferee named below (the “Transferee”)
hereby represents, warrants, covenants and agrees as follows (terms used but not defined herein have the respective meanings given to such terms in the Trust Agreement): 

 

	 	 1.
	 The Transferee understands that the Certificates are being offered only in a transaction not involving any public offering in the United States
within the meaning of the Securities Act of 1933, as amended (the “Act”), none of the certificates have been or will be registered under the Act and if in the future, the Transferee decides to offer, resell, pledge or
otherwise transfer the certificates, such certificates may only be offered, resold, pledged or otherwise transferred in accordance with the Trust Agreement and the legend set forth in paragraph 11 below. 

 

	 	 2.
	 The Transferee understands that an investment in the Certificates involves certain risks, including the risk of loss of all or a substantial part of
its investment under certain circumstances. 

  

	 	 3.
	 The Transferee has such knowledge and experience in financial and business matters that the Transferee is capable of evaluating the merits and risks
of investments in the Certificates, and the Transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of its investment. 

 
 Amended and Restated 

Trust Agreement (2014-1) 

  
 B-1

	 	 4.
	 The Transferee has had access to such financial and other information concerning the Issuer and the Certificates as it deemed necessary or
appropriate in order to make an informed investment decision with respect to its purchase of the Certificates. 

  

	 	 5.
	 The Transferee will not offer, transfer, pledge, sell or otherwise dispose of the Certificates or any interest in the Certificates to any person in
any manner, or solicit any offer to buy, transfer, pledge or otherwise dispose of the Certificates or any interest in the Certificates from any person in any manner, or make any general solicitation by means of general advertising or in any other
manner, or take any other action that would constitute a distribution of the Certificates under the Act or that would render the disposition of the Certificates a violation of Section 5 of the Act or any other applicable securities laws or
require registration pursuant thereto, and will not authorize any person to act on its behalf, in such manner with respect to the Certificates. 

  

	 	 6.
	 The Transferee is either (a) an affiliate of the Depositor or (b) (i) a “qualified institutional buyer” as that term is
defined in Rule 144A under the Act (a “Qualified Institutional Buyer”), (ii) aware that the sale of the Certificates to it is being made in reliance on the exemption from registration provided by Rule 144A under the Act,
and (iii) is acquiring the Certificates for its own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which it exercises sole investment discretion or for resale pursuant to Rule 144A under
the Act. 

  

	 	 7.
	 Unless such person is an Affiliate of the Depositor, the Transferee agrees that it will not offer or sell, or otherwise transfer the Certificates to
any person unless the transferee of the Certificates has executed a Certificate Investor Representation Letter. 

  

	 	 8.
	 The Transferee acknowledges and agrees that the Owner Trustee shall not be obligated to register any transfer of the Certificates unless the
transferee has certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated in the Trust Agreement, and that the Owner Trustee shall not be liable to any Person for registering any transfer based on such
certifications. 

  

	 	 9.
	 The Transferee acknowledges and agrees that no transfer (or purported transfer) of any Certificate shall be effective, and any such transfer (or
purported transfer) shall be void ab initio, and no person shall otherwise become a Certificateholder, if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an interest in the
Certificates. For purposes of determining whether the Issuer will have more than 95 holders of an interest in the Certificates, each Person indirectly owning an interest through a partnership (including any entity treated as a partnership for United
States federal income tax purposes), a grantor trust or an S corporation (each such entity, a “flow-through entity”) shall be treated as a Certificateholder, as applicable, unless the Depositor determines in its sole and absolute
discretion, after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect)
in the Issuer. 

  
 Amended and
Restated 
 Trust Agreement (2014-1) 

  
 B-2

	 	 10.
	 The Transferee acknowledges and agrees that no transfer of any Certificate shall be permitted if such transfer is effected through an established
securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any proposed, temporary or final United States Treasury regulations thereunder. 

 

	 	 11.
	 The Transferee understands that if Responsible Officer of Owner Trustee becomes aware that (a) a transfer or attempted or purported transfer of
any Certificate or interest therein was consummated in compliance with the provisions of the Trust Agreement on the basis of a materially incorrect certification from the transferor or purported transferee, (b) a transferee failed to deliver to
the Owner Trustee a Certificate Investor Representation Letter or (c) the Certificateholder of any Certificate or interest therein is in material breach of any representation or agreement set forth in any certificate or any deemed
representation or agreement of such Certificateholder, the Owner Trustee will direct the Certificate Registrar not to register such attempted or purported transfer and, if a transfer has been registered, such transfer shall be absolutely null and
void ab initio and shall not operate to transfer any rights to the purported transferee (such purported transferee, a “Disqualified Transferee”) and the last preceding Certificateholder of such Certificateholder that
was not a Disqualified Transferee shall be restored to all rights as a Certificateholder thereof retroactively to the date of the purported transfer of such Certificate by such Certificateholder. 

 

	 	 12.
	 The Transferee understands that the Certificates bear a legend to the following effect: 

“THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE OR OTHER TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A.” 
  

	 	 13.
	 The Transferee is not purchasing or holding the Certificates (or any interest therein) by or for the account of or with the assets of (a) an
employee benefit plan (as defined in Section 3(3) of ERISA), which is subject to Title I of ERISA, (b) a plan described by Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code, (c) any entity deemed
to hold the plan assets of any of the foregoing by reason of an employee 

  
 Amended and Restated 
 Trust Agreement (2014-1) 

  
 B-3

	 	
benefit plan’s or plan’s investment in the entity or (d) a governmental, church, non-U.S. or other plan that is subject to any federal, state, local or other law that is
substantially similar to Title I of ERISA or Section 4975 of the Code. 

  

	 	 14.
	 The Transferee is a person who is a United States Tax Person and has provided to the Owner Trustee, the Administrator and the Certificate Paying
Agent two properly completed and duly executed originals of (i) U.S. Internal Revenue Service Form W-9 (or applicable successor form) certifying that it is not subject to backup withholding. 

 

	 	 15.
	 The Transferee acknowledges that the Issuer, the Owner Trustee and others will rely upon the truth and accuracy of the foregoing acknowledgements,
representations, warranties and agreements and agrees that if any of the acknowledgments, representations, warranties or agreements made by it in connection with its purchase of the Certificates are no longer accurate, the Transferee will promptly
notify the Issuer and the Owner Trustee. 

  

	 	 16.
	 The Transferee hereby acknowledges and agrees that its purchase or acquisition of the Certificates is subject to the confidentiality terms set forth
in a confidentiality agreement in a form acceptable to the Depositor and the Bank to be attached hereto. 

This letter is not a commitment by the Transferee to purchase any Certificate or a commitment to sell any Certificate to the
Transferee. 
 You are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
 [Signature Page Follows] 
  
 Amended and Restated 
 Trust Agreement (2014-1) 

  
 B-4

 Any photocopy, facsimile or other copy of this letter shall be deemed of
equal effect as a signed original. 
  

			
	 Executed by

	
	  

	 Name of Transferee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
	 Transferee’s Address:
	 		 	  

			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 	 Telephone:
	 	  

			
		 	 Facsimile:
	 	  

  
 Amended and Restated

 Trust Agreement (2014-1) 

  
 B-5

 EXHIBIT C 
 FORM OF NOTICE OF REQUESTS TO REPURCHASE RECEIVABLES 

[            ], 2014 

[Depositor] 

[Servicer] 
  

	 	 Re:
	 Fifth Third Auto Trust 20[    ]-[  ] – Notice of Requests to Repurchase Receivables 

Reference is hereby made to the Amended and Restated Trust Agreement, dated as of
[            ] (the “Trust Agreement”), between Fifth Third Holdings Funding, LLC, as depositor (the “Depositor”), and
[            ], as owner trustee (the “Owner Trustee”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned such terms in the Trust Agreement.
This Notice is being delivered pursuant to Section 11.15 of the Trust Agreement. 
 The Owner
Trustee hereby certifies as to the checked option below: 
 [    ] During the period from
and including [            ] to but excluding [            ], the Owner Trustee received no requests from the holders of any of
the Notes or Certificates outstanding during that period requesting that any Receivables be repurchased with respect to such Notes or Certificates. 
 [    ] During the period from and including [            ] to but excluding
[            ], the Owner Trustee received one or more requests from the holders of any of the Notes or Certificates outstanding during that period requesting that any Receivables be
repurchased with respect to such Notes or Certificates. Copies of such requests received in writing are attached hereto, and details of any such requests received orally are as set forth below: 

Date of Request 
 Number of Receivables 
 Aggregate Principal Balance of Receivables
Subject to Request 
 [REMINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  
 Amended and Restated 
 Trust Agreement (2014-1) 

  
 C-1

 
			
	 [                    ],

	 not in its individual capacity
 but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Amended and Restated

 Trust Agreement (2014-1) 

  
 C-2

 EXHIBIT D 
 FORM OF REGISTRATION OF CERTIFICATE TRANSFER DIRECTION LETTER 
 PURSUANT
TO THE TRUST AGREEMENT 
 [            ], 2014 

[                    ] 

as Certificate Registrar and Owner Trustee 
 of Fifth Third Auto Trust 20[    ]-[  ] 

[                    ] 

[                    ] 

[                    ] 

Attention: [                    ]

 Reference is hereby made to the Amended and Restated Trust Agreement, dated as of
[            ] (the “Trust Agreement”), between Fifth Third Holdings Funding, LLC, as Depositor (the “Depositor”), and
[            ], as Owner Trustee (the “Owner Trustee”), governing Fifth Third Auto Trust 20[    ]-[  ] (the “Issuer”). Capitalized
terms not defined herein shall have the meanings assigned to such terms in the Trust Agreement. 
 You are
hereby notified that [name of Transferor] (the “Transferor”) has transferred its [    ]% beneficial interest in the Issuer evidenced by Certificate No.
            . Enclosed, please find the following documentation as required by the Trust Agreement: 
  

	 	 1.
	 Original Certificate No. R-[    ] for cancellation; 

 

	 	 2.
	 Written instrument of transfer executed by Transferor with signature medallion guaranteed;1 

  

	 	 3.
	 Incumbency certificate of Transferor certified by an officer of the Transferor; 

 

	 	 4.
	 Certificate Investor Representation Letter executed by Transferee; 

 

	 	 5.
	 [FormW-9][applicable successor form] of Transferee. 

 You are hereby directed, as Owner Trustee and Certificate Registrar, to take the following actions to register the certificate transfer in the order enumerated below: 

 

	 	 a)
	 cancel and dispose of, in accordance with the customary practices of the Owner Trustee, the Certificate representing [    ]
Percentage 

  

	
1 
	 [Please use form of Assignment attached to the back of the Form of Certificate on Exhibit A of the Trust Agreement.] 

 
 Amended and Restated 

Trust Agreement (2014-1) 

  
 D-1

	 	
Interest in the Issuer, bearing certificate number R-[    ], registered in the name of the Transferor; 

 

	 	 b)
	 execute and authenticate one or more Certificates, as specified in Schedule A hereto, representing the relevant Percentage Interest in the
Issuer specified in Schedule A hereto, bearing such appropriate certificate number as determined by the Certificate Registrar and to register said Certificate in the name of the Transferee specified in the corresponding column on Schedule
A hereto; and 

  

	 	 c)
	 to deliver said authenticated Certificates to the addresses specified in the corresponding column on Schedule A hereto.

 The wire instructions of each Certificateholder are set forth on Schedule A hereto.

 The undersigned Transferee hereby certifies to the Owner Trustee that the transfer requested hereby does not
violate any of the transfer restrictions stated in the Trust Agreement, including but not limited to clauses (d) and (e) of Section 3.5 thereof. 
 [Signature Page Follows] 
  
 Amended and Restated 
 Trust Agreement (2014-1) 

  
 D-2

 
			
	 [TRANSFEROR]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [TRANSFEREE]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Amended and Restated

 Trust Agreement (2014-1) 

  
 D-3

 SCHEDULE A 
 [To be updated] 
  

									
	 Name of Transferee
	  	Tax ID Number
of Transferee	  	Percentage
Interest2	  	 Delivery

Address
	  	 Wire

Instructions

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	
2 
	 Aggregate Percentage Interest of new Certificates must match the Percentage Interest of the transferred Certificate being cancelled pursuant to
(a) above. 

  
 Amended and
Restated 
 Trust Agreement (2014-1) 

  
 D-4

 EXHIBIT E 
 FORM OF OWNER TRUSTEE’S ANNUAL CERTIFICATION 
 REGARDING
ITEM 1117 AND ITEM 1119 OF REGULATION AB 
 Reference is made to the Form 10-K of Fifth Third
Auto Trust 20[ ]-[ ] (the “Form 10-K”) for the fiscal year ended December 31, 20[            ]. Capitalized terms used but not otherwise defined herein shall
have the respective meanings given to them in the Form 10-K. 

[            ], a
[            ] (“[            ]”), does hereby certify to the Sponsor, the Depositor and the Issuing Entity that:

 1. As of the date of the Form 10-K, there are no pending legal Proceedings against
[            ] or Proceedings known to be contemplated by governmental authorities against [            ] that would be material
to the investors in the Notes. 
 2. As of the date of the Form 10-K, there are no affiliations, as contemplated
by Item 1119 of Regulation AB, between [            ] and any of Fifth Third Bank, an Ohio banking corporation, Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, the
Indenture Trustee and the Issuing Entity, or any affiliates of such parties. 
 IN WITNESS WHEREOF,
[            ] has caused this certificate to be executed in its corporate name by an officer thereunto duly authorized. 

Dated:             ,
20[            ] 
  

			
	 [            ], as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 E-1exhibit4.1.htm

   EXHIBIT 4.1

  

 COMMON STOCK PURCHASE WARRANT
  
 COPYTELE, INC.
 Warrant Number: _______________
 Warrant Shares: _______                                            Issue Date: July  __, 2014 (“Issue Date”)                                  
 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Issue Date and on or prior to 11:59:59 p.m. (local time in New York City, New York) on July  __, 2019  (the “Termination Date”) but not thereafter, to subscribe for and purchase from CopyTele, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).  This Warrant is one of a series of warrants (the “Other Warrants” and such Other Warrants collectively with this Warrant, the “Warrants”) issued pursuant to the Purchase Agreement (as defined below).
 Section 1.        Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase Agreement”), dated July  ___, 2014, among the Company and the purchasers signatory thereto.
 Section 2.        Exercise. 
 a)                  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto. Within three (3) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days after the Holder’s actual receipt of all such Warrant Shares pursuant to Section 2(d)(i).  Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
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 b)                  Exercise Price.  The exercise price per share of the Common Stock under this Warrant shall be $0.40, subject to adjustment in accordance with the terms hereof (the “Exercise Price”). 
 c)                  Cashless Exercise. If, and only if, at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for,  the issuance of the Warrant Shares to the Holder, then this Warrant may be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
  (A) = the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;
  
 (B) = the Exercise Price of this Warrant, as adjusted hereunder; and 
  
 (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.
  
 “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Markets QB Tier is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Markets QB Tier, (c) if the Common Stock is not then listed or quoted for trading on the OTC Markets QB Tier and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 
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 d)                 Mechanics of Exercise.  
                                                                                             i.                        Delivery of Warrant Shares Upon Exercise.  The Company shall use best efforts to cause the Warrant Shares purchased hereunder to be transmitted, free of any restrictive legend, by the Transfer Agent to the Holder by (1) crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise because there is no effective registration statement, and (2) otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise, in any case, by the date that is three (3) Trading Days after the latest of (X) the delivery to the Company of the Notice of Exercise and (Y) payment of the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”).  The Warrant Shares shall be deemed to have been issued, and Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(viii) prior to the issuance of such shares, having been paid.  
                                                                                           ii.                        Company’s Failure to Timely Deliver Warrant Shares.  If the Company fails to deliver the required number of Warrant Shares by the Warrant Share Delivery Date in the manner required pursuant to Section 2(d)(i), and if after such Warrant Share Delivery Date and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy In”), then the Company shall (1) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue by (B) the price at which the sell order giving rise to such purchase obligation was executed and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.  Upon the written request of the Company, the Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy In.
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                                                                                         iii.                        Absolute and Unconditional Obligation.  The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person (including, without limitation, the Holder) or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares.  
                                                                                         iv.            No Exclusive Remedy.  Nothing contained in this Warrant shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof.
                                                                                           v.            Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.
                                                                                         vi.            Rescission Rights.  In addition to the Holder’s other rights and remedies hereunder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the third  Trading Day following the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
                                                                                       vii.            No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.
                                                                                     viii.            Charges, Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise.
                                                                                    ix.            Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.
  
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                                                                                    e)                  Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to this Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting or deemed to be acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.  To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.  In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 4.9% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.9% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.  Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.  
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 f)                   Call Provision.   
                                                                                             i.            Subject to the provisions of Section 2(e) and this Section 2(f), if, after the date hereof, (i) the VWAP of the Common Stock for any ten (10) out of twenty (20) consecutive Trading Days (the “Measurement Period”)  exceeds 125% of the then Exercise Price and (ii) the Holder is not in possession of any information that constitutes, or might constitute, material non-public information which was provided by the Company, then the Company may, within four (4) Trading Days  of the last day of such Measurement Period, call for cancellation a portion of this Warrant representing up to 50% of the Warrant Shares for which a Notice of Exercise has not yet been delivered (the “Maximum 125% Call Amount”)  as of the date of the 125% Call Notice (as defined below) for consideration equal to $.001 per Warrant Share (such right, a “125% Call”).  To exercise this right, the Company must deliver to the Holder an irrevocable written notice (a “125% Call Notice”), indicating therein the portion of the unexercised portion of this Warrant to which such notice applies, which shall not exceed the Maximum 125% Call Amount.  If the conditions set forth below for such 125% Call are satisfied from the period from the date of the 125% Call Notice through and including the 125% Call Date (as defined below), then the portion of this Warrant subject to such 125% Call Notice for which a Notice of Exercise shall not have been received by the 125% Call Date will be cancelled at 11:59:59 p.m. (loal time in New York City, New Yorktime) on the tenth (10th) Trading Day after the date the Call Notice is received by the Holder (such date and time, the “125% Call Date”).  Any unexercised portion of this Warrant to which the 125% Call Notice does not pertain will be unaffected by such 125% Call Notice. In furtherance thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares subject to a 125% Call Notice that are tendered through 11:59:59 p.m. (loal time in New York City, New York time) on the 125% Call Date. The parties agree that any Notice of Exercise delivered following a 125% Call Notice which calls less than the Maximum 125% Call Amount shall first reduce to zero the number of Warrant Shares subject to such 125% Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant. For example, if (A) this Warrant then permits the Holder to acquire one hundred (100) Warrant Shares, (B) a 125% Call Notice pertains to twenty-five (25) Warrant Shares (e.g., one-half of the Maximum 125% Call Amount), and (C) prior to 11:59:59 p.m. (loal time in New York City, New York time) on the 125% Call Date the Holder tenders a Notice of Exercise in respect of ten (10) Warrant Shares, then (x) on the 125% Call Datethe rightunder this Warrant to acquire fifteen (15) Warrant Shares will be automatically cancelled, (y) the Company, in the time and manner required under this Warrant, will have issued and delivered to the Holder ten (10) Warrant Shares in respect of the exercises following receipt of the 125% Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for seventy-five (75) Warrant Shares. Subject again to the provisions of this Section 2(f)(i), the Company may deliver subsequent Call Notices for any portion of this Warrant for which the Holder shall not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this Warrant, the Company may not deliver a 125% Call Notice or require the cancellation of this Warrant (and any such 125% Call Notice shall be void), unless, from the beginning of the Measurement Period through the 125% Call Date, (1) the Company shall have honored in accordance with the terms of this Warrant all Notices of Exercise delivered by 11:59:59 p.m. (New York City time) on the 125% Call Date, and (2) the Registration Statement shall be effective as to all Warrant Shares and the prospectus thereunder available for use by the Company for the sale of all such Warrant Shares to the Holder, and (3) the Common Stock shall be listed or quoted for trading on the Trading Market, and (4) there is a sufficient number of authorized shares of Common Stock for issuance of all Securities under the Transaction Documents, and (5) the issuance of the shares shall not cause a breach of any provision of Section 2(e) herein. 
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 The Company’s 125% Call right shall be exercised ratably among the holders of all of the Warrants (including this Warrant) based on the number of Warrant Shares initially issuable upon exercise of all of the Warrants.
                                                                                           ii.            Subject to the provisions of Section 2(e) and this Section 2(f), if, after the date that the Company has called the entire Maximum 125% Call Amount and the final 125% Call Date has occurred, (i) the VWAP of the Common Stock for any Measurement Period exceeds 175% of the then Exercise Price and (ii) the Holder is not in possession of any information that constitutes, or might constitute, material non-public information which was provided by the Company, then the Company may, within four (4) Trading Days of the last day of such Measurement Period, call for cancellation of all or any portion of this Warrant for which a Notice of Exercise has not yet been delivered (the “Maximum 175% Call Amount”) as of the date of the 175% Call Notice (as defined below) for consideration equal to $.001 per Warrant Share (such right, a “175% Call”). To exercise this right, the Company must deliver to the Holder an irrevocable written notice (a “175% Call Notice”), indicating therein the portion of the unexercised portion of this Warrant to which such notice applies. If the conditions set forth below for such 175% Call are satisfied from the period from the date of the 175% Call Notice through and including the 175% Call Date (as defined below), then the portion of this Warrant subject to such 175% Call Notice for which a Notice of Exercise shall not have been received by the 175% Call Date will be cancelled at 11:59:59 p.m. (loal time in New York City, New York time) on the tenth (10th) Trading Day after the date the Call Notice is received by the Holder (such date and time, the “175% Call Date”). Any unexercised portion of this Warrant to which the 175% Call Notice does not pertain will be unaffected by such 175% Call Notice. In furtherance thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares subject to a 175% Call Notice that are tendered through 11:59:59 p.m. (loal time in New York City, New York time) on the 175% Call Date. The parties agree that any Notice of Exercise delivered following a 175% Call Notice which calls less than the Maximum 175% Call Amount shall first reduce to zero the number of Warrant Shares subject to such 175% Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant. For example, if (A) this Warrant then permits the Holder to acquire fifty (50) Warrant Shares, (B) a 175% Call Notice pertains to twenty-five (25) Warrant Shares, and (C) prior to 11:59:59 p.m. (loal time in New York City, New York time) on the 175% Call Date the Holder tenders a Notice of Exercise in respect of ten (10) Warrant Shares, then (x) on the 175% Call Date the right under this Warrant to acquire fifteen (15) Warrant Shares will be automatically cancelled, (y) the Company, in the time and manner required under this Warrant, will have issued and delivered to the Holder ten (10) Warrant Shares in respect of the exercises following receipt of the 175% Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for twenty-five (25) Warrant Shares. Subject again to the provisions of this Section 2(f)(ii), the Company may deliver subsequent 175% Call Notices for any portion of this Warrant for which the Holder shall not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this Warrant, the Company may not deliver a 175% Call Notice or require the cancellation of this Warrant (and any such 175% Call Notice shall be void), unless, from the beginning of the Measurement Period through the 175% Call Date, (1) the Company shall have honored in accordance with the terms of this Warrant all Notices of Exercise delivered by 11:59:59 p.m. (New York City time) on the 175% Call Date, and (2) the Registration Statement shall be effective as to all Warrant Shares and the prospectus thereunder available for use by the Company for the sale of all such Warrant Shares to the Holder, and (3) the Common Stock shall be listed or quoted for trading on the Trading Market, and (4) there is a sufficient number of authorized shares of Common Stock for issuance of all Securities under the Transaction Documents, and (5) the issuance of the shares shall not cause a breach of any provision of Section 2(e) herein. The Company’s 175% Call right shall be exercised ratably among the holders of all of the Warrants (including this Warrant) based on the number of Warrant Shares initially issuable upon exercise of all of the Warrants.
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 Section 3.        Certain Adjustments. 
 a)                  Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.
 b)                  Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "Distribution"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).  To the extent that this Warrant has not been partially or completely  exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.
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 c)                  Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

  d)                 Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
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 e)                  Notice to Holder.   
                                                                                             i.            Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment; provided, however, such notice shall not contain any material, non-public information.  
                                                                                           ii.            Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.
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 Section 4.        Transfer of Warrant. 
 a)                  Transferability.  This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.  
 b)                  New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 
 c)                  Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.
 Section 5.        Miscellaneous. 
 a)                  No Rights as Stockholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in this Warrant.   
 b)                  Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
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 c)                  Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.
 d)                 Authorized Shares.   
 The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).  
 Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use reasonable best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
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 Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.
 e)                  Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.
 f)                   Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws unless the Holder utilizes the cashless exercise provisions hereof and has held this Warrant for at least six (6) months (or one year in the event that there is not current public information available with respect to the Company as required by Rule 144(c)) and the Holder is not and has not been an Affiliate of the Company within 90 days of the date of exercise.
 g)                  Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
 h)                  Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.
 i)                    Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
 j)                    Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.
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 k)                  Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
 l)                    Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.
 m)                Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
 n)                  Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
  
 ********************
  
 (Signature Page Follows) 
  
 
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
  
                                                                
  	 cOPYTELE, INC.
  
  

	 By:__________________________________________
 Name:
 Title:
  

  
                                                              
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 NOTICE OF EXERCISE
  
 TO:      COPYTELE, INC.  
  
 (1)   The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
 (2)   Payment shall take the form of (check applicable box):
 [  ] in lawful money of the United States; or
 [ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).
 (3)   Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:
                                     _______________________________
                                      
  
 The Warrant Shares shall be delivered to the following DWAC Account Number:
  
                                     _______________________________
                                      
                                     _______________________________
                                      
                                     _______________________________
  
  
 [SIGNATURE OF HOLDER]
              
 Name of Investing Entity: ________________________________________________________________________
 Signature of Authorized Signatory of Investing Entity: _________________________________________________
 Name of Authorized Signatory: ___________________________________________________________________
 Title of Authorized Signatory: ____________________________________________________________________
 Date: ________________________________________________________________________________________
   
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 ASSIGNMENT FORM
  
 (To assign the foregoing warrant, execute
this form and supply required information. 
Do not use this form to exercise the warrant.)
  
  
  
 FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to
  
 _______________________________________________ whose address is
  
 _______________________________________________________________.
  
  
  
 _______________________________________________________________
  
                                                                                     Dated:  ______________, _______
  
  
                                     Holder’s Signature:     _____________________________
  
                                     Holder’s Address:       _____________________________
                                      
                                                                         _____________________________
  
  
  
 Signature Guaranteed:  ___________________________________________
  
  
 NOTE:  The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.
  
    2

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