Document:

EX-4.2

 Exhibit 4.2 
  

 
  

CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2, 

as Issuer, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Indenture Trustee 
  

 
 INDENTURE 

Dated as of June 1, 2016 
  

 
  

 
  

 CROSS REFERENCE TABLE* 
  

					
	 TIA

Section
	  	 	  	Indenture
Section
	 310
	  	(a)(1)	  	6.11
		  	(a)(2)	  	6.11
		  	(a)(3)	  	6.10; 6.11
		  	(a)(4)	  	N.A.**
		  	(a)(5)	  	6.11
		  	(b)	  	6.08; 6.11
	 311
	  	(a)	  	6.15
		  	(b)	  	6.15
	 312
	  	(a)	  	7.01
		  	(b)	  	7.02
		  	(c)	  	7.02
	 313
	  	(a)	  	7.06
		  	(b)(1)	  	7.06
		  	(b)(2)	  	7.06
		  	(c)	  	7.06; 11.05
		  	(d)	  	7.06
	 314
	  	(a)	  	3.09; 7.07
		  	(b)	  	3.06; 11.15
		  	(c)(1)	  	11.01
		  	(c)(2)	  	11.01
		  	(c)(3)	  	11.01
		  	(d)	  	11.01
		  	(e)	  	11.01
		  	(f)	  	11.01
	 315
	  	(a)	  	6.01
		  	(b)	  	6.05; 11.01
		  	(c)	  	6.01
		  	(d)	  	6.01
		  	(e)	  	5.13
	 316
	  	(a)(1)(A)	  	5.11
		  	(a)(1)(B)	  	5.12
		  	(a)(2)	  	N.A.
		  	(b)	  	5.07
		  	(c)	  	N.A.
	 317
	  	(a)(1)	  	5.03
		  	(a)(2)	  	5.03
		  	(b)	  	3.03
	 318
	  	(a)	  	11.23

  

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

	**	N.A. means Not Applicable. 

  
 i 

 TABLE OF CONTENTS 
  

					
	 	 	Page	 
	ARTICLE ONE	  
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
		
	 Section 1.01. Capitalized Terms; Rules of Usage
	 	 	2	  
	 Section 1.02. Incorporation by Reference of Trust Indenture Act
	 	 	2	  
	
	ARTICLE TWO	  
	THE NOTES	  
		
	 Section 2.01. Form; Denomination
	 	 	3	  
	 Section 2.02. Execution, Authentication and Delivery
	 	 	3	  
	 Section 2.03. Temporary Notes
	 	 	4	  
	 Section 2.04. Registration; Registration of Transfer and Exchange
	 	 	4	  
	 Section 2.05. Mutilated, Destroyed, Lost or Stolen Notes
	 	 	6	  
	 Section 2.06. Persons Deemed Owners
	 	 	7	  
	 Section 2.07. Payment of Principal and Interest
	 	 	7	  
	 Section 2.08. Cancellation
	 	 	8	  
	 Section 2.09. Tax Treatment; Withholding
	 	 	8	  
	 Section 2.10. Book-Entry Notes
	 	 	10	  
	 Section 2.11. Notices to Clearing Agency
	 	 	11	  
	 Section 2.12. Definitive Notes
	 	 	11	  
	 Section 2.13. Depositor as Noteholder
	 	 	12	  
	 Section 2.14. Authenticating Agents
	 	 	12	  
	
	ARTICLE THREE	  
	COVENANTS	  
		
	 Section 3.01. Payment of Principal and Interest
	 	 	13	  
	 Section 3.02. Maintenance of Office or Agency
	 	 	13	  
	 Section 3.03. Money for Payments to Be Held in Trust
	 	 	13	  
	 Section 3.04. Existence
	 	 	15	  
	 Section 3.05. Protection of Collateral; Manner of Perfection
	 	 	15	  
	 Section 3.06. Opinions as to Collateral
	 	 	17	  
	 Section 3.07. Performance of Obligations; Servicing of Receivables
	 	 	17	  
	 Section 3.08. Negative Covenants
	 	 	18	  
	 Section 3.09. Annual Statement as to Compliance
	 	 	19	  
	 Section 3.10. Issuer May Not Merge or Consolidate
	 	 	19	  
	 Section 3.11. Successor or Transferee.
	 	 	21	  
	 Section 3.12. Servicer’s Obligations
	 	 	21	  
	 Section 3.13. Guarantees, Loans, Advances and Other Liabilities
	 	 	21	  
	 Section 3.14. Capital Expenditures
	 	 	21	  
	 Section 3.15. Removal of Administrator
	 	 	21	  
	 Section 3.16. Restricted Payments
	 	 	21	  

  
 ii 

					
	 	 	Page	 
	 Section 3.17. Notice of Events of Default
	 	 	22	  
	 Section 3.18. Further Instruments and Acts
	 	 	22	  
	 Section 3.19. Compliance with Laws
	 	 	22	  
	 Section 3.20. Amendments to Sale and Servicing Agreement
	 	 	22	  
	 Section 3.21. Recordkeeping
	 	 	22	  
	
	ARTICLE FOUR	  
	SATISFACTION AND DISCHARGE	  
		
	 Section 4.01. Satisfaction and Discharge of Indenture
	 	 	23	  
	 Section 4.02. Application of Trust Money
	 	 	23	  
	 Section 4.03. Repayment of Monies Held by Paying Agent
	 	 	24	  
	 Section 4.04. Repayment of Monies Held by Paying Agent
	 	 	24	  
	 Section 4.05. Satisfaction, Discharge and Defeasance of the Notes
	 	 	24	  
	
	ARTICLE FIVE	  
	EVENTS OF DEFAULT; REMEDIES	  
		
	 Section 5.01. Events of Default
	 	 	26	  
	 Section 5.02. Acceleration of Maturity; Rescission and Annulment
	 	 	26	  
	 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee
	 	 	27	  
	 Section 5.04. Remedies; Priorities
	 	 	29	  
	 Section 5.05. Optional Preservation of the Collateral
	 	 	32	  
	 Section 5.06. Limitation of Suits
	 	 	32	  
	 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest
	 	 	33	  
	 Section 5.08. Restoration of Rights and Remedies
	 	 	33	  
	 Section 5.09. Rights and Remedies Cumulative
	 	 	33	  
	 Section 5.10. Delay or Omission Not a Waiver
	 	 	33	  
	 Section 5.11. Control by Controlling Class
	 	 	33	  
	 Section 5.12. Waiver of Past Defaults
	 	 	34	  
	 Section 5.13. Undertaking for Costs
	 	 	34	  
	 Section 5.14. Waiver of Stay or Extension Laws
	 	 	35	  
	 Section 5.15. Action on Notes
	 	 	35	  
	 Section 5.16. Performance and Enforcement of Certain Obligations
	 	 	35	  
	
	ARTICLE SIX	  
	THE INDENTURE TRUSTEE	  
		
	 Section 6.01. Duties of Indenture Trustee
	 	 	37	  
	 Section 6.02. Rights of Indenture Trustee
	 	 	38	  
	 Section 6.03. Individual Rights of Indenture Trustee
	 	 	39	  
	 Section 6.04. Indenture Trustee’s Disclaimer
	 	 	39	  
	 Section 6.05. Notice of Defaults; Repurchase Requests
	 	 	39	  
	 Section 6.06. Report and Documents by Indenture Trustee to Noteholders
	 	 	40	  
	 Section 6.07. Compensation and Indemnity
	 	 	40	  
	 Section 6.08. Replacement of Indenture Trustee
	 	 	41	  

  
 iii 

					
	 	 	Page	 
	 Section 6.09. Successor Indenture Trustee by Merger
	 	 	42	  
	 Section 6.10. Appointment of Co-Trustee or Separate Trustee
	 	 	43	  
	 Section 6.11. Eligibility; Disqualification
	 	 	44	  
	 Section 6.12. Waiver of Setoffs
	 	 	44	  
	 Section 6.13. Indenture Trustee as Securities Intermediary
	 	 	44	  
	 Section 6.14. Representations and Warranties of the Indenture Trustee
	 	 	45	  
	 Section 6.15. Preferential Collection Claims Against Issuer
	 	 	45	  
	 Section 6.16. Encryption
	 	 	45	  
	
	ARTICLE SEVEN	  
	NOTEHOLDER COMMUNICATIONS AND REPORTS	  
		
	 Section 7.01. Noteholder List
	 	 	46	  
	 Section 7.02. Noteholder List Retention; TIA Communication
	 	 	46	  
	 Section 7.03. Noteholder Communications with Indenture Trustee
	 	 	46	  
	 Section 7.04. Communications between Noteholders
	 	 	47	  
	 Section 7.05. Noteholder Demand for Asset Representations Review
	 	 	47	  
	 Section 7.06. Reports by Indenture Trustee
	 	 	48	  
	 Section 7.07. Reports by Issuer
	 	 	49	  
	
	ARTICLE EIGHT	  
	ACCOUNTS, DISBURSEMENTS AND RELEASES	  
		
	 Section 8.01. Collection of Money
	 	 	50	  
	 Section 8.02. Trust Accounts
	 	 	50	  
	 Section 8.03. General Provisions Regarding Trust Accounts
	 	 	51	  
	 Section 8.04. Release of Collateral
	 	 	51	  
	 Section 8.05. Opinion of Counsel and Officer’s Certificate
	 	 	51	  
	
	ARTICLE NINE	  
	SUPPLEMENTAL INDENTURES	  
		
	 Section 9.01. Supplemental Indentures With Consent of the Noteholders
	 	 	52	  
	 Section 9.02. Supplemental Indentures Without Consent of Noteholders
	 	 	53	  
	 Section 9.03. Execution of Supplemental Indentures
	 	 	55	  
	 Section 9.04. Effect of Supplemental Indentures
	 	 	55	  
	 Section 9.05. Reference in Notes to Supplemental Indentures
	 	 	55	  
	 Section 9.06. Conformity with Trust Indenture Act
	 	 	55	  
	
	ARTICLE TEN	  
	REDEMPTION OF NOTES	  
		
	 Section 10.01. Redemption
	 	 	56	  
	 Section 10.02. Form of Redemption Notice
	 	 	56	  
	 Section 10.03. Notes Payable on Redemption Date
	 	 	57	  

  
 iv 

					
	 	 	Page	 
	ARTICLE ELEVEN	  
	MISCELLANEOUS	  
		
	 Section 11.01. Compliance Certificates and Opinions, Etc
	 	 	58	  
	 Section 11.02. Form of Documents Delivered to Indenture Trustee
	 	 	59	  
	 Section 11.03. Acts of Noteholders
	 	 	60	  
	 Section 11.04. Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating
Agencies
	 	 	61	  
	 Section 11.05. Notices to Noteholders; Waiver
	 	 	61	  
	 Section 11.06. Alternate Payment and Notice Provisions
	 	 	62	  
	 Section 11.07. Conflict with Trust Indenture Act
	 	 	62	  
	 Section 11.08. Effect of Headings and Table of Contents
	 	 	62	  
	 Section 11.09. Successors and Assigns
	 	 	62	  
	 Section 11.10. Severability
	 	 	63	  
	 Section 11.11. Benefits of Indenture
	 	 	63	  
	 Section 11.12. Legal Holidays
	 	 	63	  
	 Section 11.13. GOVERNING LAW
	 	 	63	  
	 Section 11.14. Counterparts
	 	 	63	  
	 Section 11.15. Recording of Indenture
	 	 	63	  
	 Section 11.16. Trust Obligation
	 	 	63	  
	 Section 11.17. Non-Petition
	 	 	64	  
	 Section 11.18. Limitation of Liability
	 	 	64	  
	 Section 11.19. WAIVER OF JURY TRIAL
	 	 	64	  
	 Section 11.20. PATRIOT Act
	 	 	64	  
	 Section 11.21. Submission to Jurisdiction
	 	 	65	  
	 Section 11.22. No Waiver; Cumulative Remedies
	 	 	65	  
	 Section 11.23. Conflicts with Trust Indenture Act
	 	 	65	  
	 Section 11.24. No Recourse
	 	 	65	  
	
	ARTICLE TWELVE	  
	COMPLIANCE WITH THE FDIC RULE	  
		
	 Section 12.01. Purpose
	 	 	67	  
	 Section 12.02. Requirements of FDIC Rule
	 	 	67	  
	 Section 12.03. Performance
	 	 	69	  
	 Section 12.04. Effect of Section 941 Rules
	 	 	69	  
	 Section 12.05. Actions Upon Repudiation
	 	 	70	  
	 Section 12.06. Notice
	 	 	72	  
	 Section 12.07. Reservation of Rights
	 	 	72	  

  
 v 

									
	 	 	 	  	 	  	Page	 
	EXHIBITS	  
				
	 Exhibit A
	 	–	  	Form of Notes	  	 	A-1	  
	 Exhibit B
	 	–	  	Form of Repurchase Request Notice	  	 	B-1	  

  
 vi 

 This INDENTURE, dated as of June 1, 2016 (as amended, restated, supplemented or otherwise
modified from time to time, this “Indenture”), is between CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in
its individual capacity but solely as trustee (the “Indenture Trustee”). 
 Each party agrees as follows for the benefit of the
other party and for the equal and ratable benefit of the holders of the Issuer’s 0.67000% Class A-1 Asset Backed Notes (the “Class A-1 Notes”), 1.34% Class A-2 Asset Backed Notes (the “Class A-2 Notes”), 1.56%
Class A-3 Asset Backed Notes (the “Class A-3 Notes”), 1.83% Class A-4 Asset Backed Notes (the “Class A-4 Notes”), 2.52% Class B Asset Backed Notes (the “Class B Notes”) and 3.51% Class C Asset
Backed Notes (the “Class C Notes” and, together with the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and the Class B Notes, the “Notes”): 

GRANTING CLAUSE 
 The Issuer
hereby Grants to the Indenture Trustee on the Closing Date, for the benefit of the Noteholders, without recourse, all of the Issuer’s right, title and interest in, to and under all accounts, payment intangibles and other general intangibles,
chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, letters of credit, advices of credit and Investment Property and all other tangible and intangible property (together with all related supporting
obligations and proceeds), whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, including: (i) the Depositor Conveyed Assets; (ii) the Trust Accounts, the Certificate Distribution Account (as
defined in the Trust Agreement) and any other accounts established pursuant to this Indenture, the Trust Agreement or the Sale and Servicing Agreement, and all funds, cash, investment property and other property from time to time credited thereto
and all proceeds thereof (including all Net Investment Earnings thereon); (iii) all Securities Accounts and all security entitlements with respect to Financial Assets credited to any Securities Account; (iv) all rights under the Sale and
Servicing Agreement; (v) all enforcement and other rights under the UCC and other Applicable Law in respect of any or all of the foregoing; (vi) all present and future claims, demands, causes of action and choses in action in respect of
any or all of the foregoing; and (vii) the proceeds of or with respect to any and all of the foregoing (collectively, the “Collateral”). It is understood and agreed that the foregoing Grant is intended to cover property owned by the
Issuer at the Closing Date. 
 The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other
amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and the other Basic Documents and to secure compliance with the provisions of this Indenture for
the benefit of the Noteholders, all as provided in this Indenture. 
 The Indenture Trustee, on behalf of the Noteholders, acknowledges such
Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties as required in this Indenture to the best of its ability to the end that the interests of the Holders of the Notes
may be adequately and effectively protected. The Issuer hereby authorizes the filing of a financing statement against the Issuer describing the Collateral as 

 
constituting all assets of the Issuer as debtor, including its present and future right, title and interest in, to and under (but not, except to the extent required by Applicable Law, any
obligations with respect to)whether now owned or existing or hereafter arising or acquired and wheresoever located. 
 This Indenture shall
be deemed to be and hereby is a security agreement within the meaning of the UCC as in effect in the State of New York. 
 ARTICLE ONE 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Capitalized Terms; Rules of Usage. Capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of June 1, 2016, among the Issuer, the Indenture Trustee, California Republic Funding, LLC and California Republic Bank, which Appendix is hereby
incorporated into and made a part of this Indenture. Appendix A also contains rules as to usage applicable to this Indenture. 

Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, that
provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

(a) “indenture securities” means the Notes. 

(b) “indenture security holder” means a Noteholder. 

(c) “indenture to be qualified” means this Indenture. 

(d) “indenture trustee” or “institutional trustee” means the Indenture Trustee. 

(e) “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions. 

  
 2 

 ARTICLE TWO 

THE NOTES 
 Section 2.01.
Form; Denomination. 
 (a) The Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, Class A-4 Notes, Class B Notes and Class C Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be issued in definitive
form in substantially the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Authorized Officer of the Issuer executing such Notes, as evidenced by his or her execution of the Notes. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note. The terms of the Notes as set forth in Exhibit A are part of the terms of this Indenture. Except as provided in Section 2.12,
owners of beneficial interests in Book-Entry Notes will not be entitled to receive physical delivery of Notes. 
 (b) The Notes shall be
typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the Authorized Officers executing such Notes, as evidenced by their execution of the Notes.

 Section 2.02. Execution, Authentication and Delivery. 

(a) The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the
Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold
such offices prior to the authentication and delivery of such Notes or did not hold such offices on the date of such Notes. 
 (b) The
Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver for original issue the following aggregate principal amounts of Notes: (i) $65,000,000 of Class A-1 Notes, (ii) $102,000,000 of Class A-2 Notes,
(iii) $96,000,000 of Class A-3 Notes, (iv) $97,200,000 of Class A-4 Notes, (v) $27,000,000 of Class B Notes and (vi) $12,800,000 of Class C Notes. The aggregate principal amount of Class A-1 Notes, Class A-2
Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and Class C Notes, as the case may be, outstanding at any time may not exceed the respective amounts set forth above with respect
to such Classes of Notes, except as otherwise provided in Section 2.05. 
 (c) Each Note shall be dated the date of its authentication.
The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof (except that on the Closing Date one Note of each Class may be issued in a denomination other than an integral
multiple of $1,000). 

  
 3 

 (d) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon
any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.03. Temporary Notes. 

(a) Pending the preparation of Definitive Notes pursuant to Section 2.12, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not
inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b) If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the Agency Office, without charge to the surrendering Noteholder. Upon surrender for cancellation of any one or more temporary
Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like tenor and principal amount of Definitive Notes of the same Class or Classes and authorized denominations. Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 Section 2.04.
Registration; Registration of Transfer and Exchange. 
 (a) The Issuer shall cause to be kept a register (the “Note
Register”) in which, subject to such reasonable regulations as the Issuer may prescribe, the Issuer shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The Indenture Trustee shall
initially be the registrar (the “Note Registrar”) for the purpose of registering the Notes and transfers of the Notes as herein provided. Upon any resignation of the Note Registrar, the Issuer shall promptly appoint a successor Note
Registrar or, if it elects not to make such an appointment, assume the duties of the Note Registrar. 
 (b) If a Person other than the
Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register.
The Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer thereof as to the names
and addresses of the Noteholders and the principal amounts and number of such Notes. 
 (c) Upon surrender for registration of transfer of
any Note at the Corporate Trust Office of the Indenture Trustee or the Agency Office, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, and the Indenture Trustee

  
 4 

 
shall authenticate and deliver to the Noteholder making such surrender and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or
more new Notes of the same Class in any authorized denomination and a like aggregate principal amount. 
 (d) At the option of a Noteholder,
Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency
Office, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes that the
Noteholder making such exchange is entitled to receive. 
 Every Note presented or surrendered for registration of transfer or exchange
shall (if so required by the Issuer or the Indenture Trustee) be duly endorsed by, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Indenture Trustee, duly executed by the Holder thereof or its
attorney-in-fact duly authorized in writing. 
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer or Indenture Trustee may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith, other than exchanges pursuant to Section 2.03(b) or Section 9.05 not involving any transfer. 

(e) The preceding provisions of this Section notwithstanding, the Issuer shall not be required to transfer or make exchanges, and the
Note Registrar need not register transfers or exchanges, (i) of Notes that are due for repayment within 15 days of submission to the Corporate Trust Office or the Agency Office or (ii) of Notes selected for redemption. 

(f) Each Person to whom a Note is transferred will be required to represent, in the case of a Definitive Note, or deemed to represent, in the
case of a Book-Entry Note, that either (i) it is not, and it is not investing on behalf of or with plan 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” as defined in Section 4975 of the Internal Revenue Code, which is subject to Section 4975 of the Internal Revenue Code, (C) an entity deemed to hold “plan assets” of any of the foregoing by reason
of investment by an employee benefit plan or plan in such entity, or (D) a governmental, non-U.S. or church plan which is subject to any Similar Law or (ii) the acquisition, holding and disposition of the note will not give rise to a
nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code or a non-exempt violation of any Similar Law. 

(g) The Indenture Trustee shall not be responsible for ascertaining whether any transfer complies with, or for otherwise monitoring or
determining compliance with, the requirements or terms of the Securities Act, applicable State securities laws, ERISA or the Code; 

  
 5 

 
except that if a certificate and other documentation or evidence are specifically required by the terms of this Section to be provided to the Indenture Trustee by a prospective transferor or
transferee, the Indenture Trustee shall be under a duty to receive and examine the same to determine whether it conforms substantially on its face as to the applicable requirements of this Section. 

(h) Any Notes retained (i.e., held on the Closing Date) by (i) the Issuer or (ii) the single beneficial owner of the
Issuer for U.S. federal income tax purposes may not be transferred to another Person (other than a Person that is considered the same Person as the Issuer or its single beneficial owner, as the case may be, for United States federal income tax
purposes) unless the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the Indenture Trustee at such time stating that (A) such Notes will be treated as debt for United States federal income tax purposes and
(B) the sale of such Notes will not cause the Issuer to be taxable as an association or publicly traded partnership taxable as a corporation. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the
Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Administrator as a condition to such transfer. 

(i) Any purported transfer of a Note not in accordance with this Section shall be null and void and shall not be given effect for any purpose
whatsoever. 
 Section 2.05. Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of
the destruction, loss or theft of any Note, (ii) there is delivered to the Issuer and the Indenture Trustee such security or indemnity as may be reasonably required to hold them harmless and (iii) the requirements of Section 8-405 of
the UCC are met, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a Protected Purchaser, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor and principal amount; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become
or within 15 days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without
surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note, a Protected Purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note,
the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom such replacement Note was delivered or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer
or the Indenture Trustee in connection therewith. 
 (b) Upon the issuance of any replacement Note under this Section, the Issuer may
require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee)
connected therewith. 

  
 6 

 (c) Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or wrongfully taken Note shall be at any time enforceable by anyone, and shall be entitled to
all of the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 (d) The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.06. Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture
Trustee, the Note Registrar and any agent of the Issuer, the Indenture Trustee or the Note Registrar may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving
payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar or any agent of the Issuer, the Note Registrar
or the Indenture Trustee shall be affected by notice to the contrary. 
 Section 2.07. Payment of Principal and Interest. 

(a) The Notes shall accrue interest during each Interest Period at the applicable Interest Rate, calculated in accordance with the terms of the
Notes, and shall be payable from amounts deposited in the Collection Account in accordance with Section 5.04(a) of the Sale and Servicing Agreement or Section 5.04(b) hereof. Interest accrued on the Notes during an Interest Period shall be
due and payable on the related Payment Date. 
 (b) The principal of the Notes will be due and payable in accordance with
Section 5.04(b) of the Sale and Servicing Agreement or Section 5.04(b) hereof. The principal of the Notes shall also be due and payable as follows: (i) on the Redemption Date, in an amount equal to the outstanding Note Balance,
(ii) on the date of acceleration of the maturity of the Notes pursuant to Section 5.02 in the amount of the outstanding Note Balance and (iii) on the related Final Scheduled Payment Date for any Class of Notes to the extent that the
Note Balance of such Class of Notes has not been reduced to zero prior to such date, in an amount equal to the Note Balance of such Class of Notes. 

(c) Any installment of interest or principal payable with respect to a Note that is punctually paid or duly provided for by the Issuer on the
applicable Payment Date shall be paid to the Person in whose name such Note is registered on the related Record Date, by wire transfer of immediately available funds to the account of any such Noteholder at a bank or other entity having appropriate
facilities therefor, if such Noteholder shall have provided the Indenture Trustee with wiring instructions no less than two Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent Payment Dates), or otherwise by check mailed to the address of such Noteholder as it appears in 

  
 7 

 
the Note Register; provided, however, that with respect to Book-Entry Notes registered on the applicable Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to
be Cede & Co.) for which Definitive Notes have not been issued pursuant to Section 2.12, payment shall be made by wire transfer in immediately available funds to Cede & Co., for further credit to the account designated by such
Holder. The final distribution on each Note will be made in like manner, but only upon presentation and surrender of such Note at the Corporate Trust Office of the Indenture Trustee or such other location specified in the notice to Noteholders of
such final distribution. With respect to Book-Entry Notes for which Definitive Notes have not been issued, such notice shall be sent on the Business Day prior to such Payment Date by facsimile, and with respect to Definitive Notes, such notice shall
be sent not later than three Business Days after such Record Date in accordance with Section 11.05, and, in each case, shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall
specify the place where such Note may be presented and surrendered for payment of such installment. The Indenture Trustee shall not be liable for any failure to provide notice to the Noteholders as required pursuant to this subsection to the extent
it has not received notice of such expected Final Scheduled Payment Date from the Issuer not later than two Business Days after the Record Date. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in
Section 10.02. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. The final interest payment on each Class of Notes is due on the date on which the Note Balance of that Class of
Notes is reduced to zero (including any Redemption Date and the applicable Final Scheduled Payment Date). 
 Section 2.08.
Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by
the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder that the Issuer may have acquired in any manner whatsoever, and all Notes so delivered
shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or
disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time. 

Section 2.09. Tax Treatment; Withholding. 

(a) The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for federal, State and local income,
single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Collateral, and, unless otherwise required by Applicable Law, each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an
interest in the applicable Book-Entry Note) agree that, by acquiring any Note or interest therein, that it will not take a position contrary to such treatment. The Issuer, by entering into this Indenture agrees solely for federal, State and local
income, single business and franchise tax purposes, (i) to treat the Notes as indebtedness secured by the Collateral and (ii) not to treat the Issuer as an association (or publicly-traded partnership) taxable as a corporation, in each
case, unless such treatment has been determined to be contrary to Applicable Law by a decision, judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree or other order is final and binding after all
appeals allowed by Applicable Law. 

  
 8 

 (b) In the event that any withholding tax is imposed on payments to a Noteholder, such tax shall
reduce the amount otherwise distributable to such Noteholder in accordance with this Section. The Indenture Trustee or the Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient
funds for the payment of any tax, including FATCA Withholding Tax, that is legally owed with respect to such payment (but such authorization shall not prevent the Indenture Trustee or the Paying Agent from contesting any such tax in appropriate
proceedings and withholding payment of such tax, if permitted by Applicable Law, pending the outcome of such proceedings; provided, however, the Indenture Trustee or the Paying Agent shall not be required to contest any tax). The amount of any
withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Indenture Trustee or the Paying Agent and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to a payment (such as a payment to a non U.S. Noteholder), the Indenture Trustee or the Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph
with no liability therefor. 
 (c) Prior to the receipt of any interest payment, any Noteholder or its transferee that is a United States
person (as defined in Section 7701(a)(30) of the Code) shall (i) provide the Indenture Trustee and the Paying Agent with IRS Form W-9 (or successor form) or (ii) establish to the satisfaction of the Indenture Trustee and the
Paying Agent that it is exempt from backup withholding. Each Noteholder or its transferee agrees by acceptance of a Note that, upon request of the Issuer, the Indenture Trustee or the Paying Agent, such Noteholder or its transferee will provide the
Issuer, the Indenture Trustee or the Paying Agent with a supplemental IRS Form W-9 (or successor form) to the extent legally able to do so and that each Noteholder or its transferee shall notify the Indenture Trustee or the Paying Agent should
subsequent circumstances render such forms or exemptions incorrect or invalid. The Indenture Trustee and the Paying Agent shall be fully protected in relying upon, and each Noteholder or its transferee by its acceptance of a Note hereunder agrees to
indemnify and hold the Indenture Trustee and the Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Indenture Trustee’s and the Paying Agent’s reliance upon, any documents, forms
or information provided by any Noteholder or its transferee to the Issuer, the Indenture Trustee or the Paying Agent pursuant to this Section. 

(d) Prior to the receipt of any interest payment, any Noteholder, and upon transfer, any transferee that is not a United States person (as
defined in Section 7701(a)(30) of the Code) shall provide the Indenture Trustee and the Paying Agent with an applicable IRS Form W-8 (or successor forms). Each Noteholder or transferee agrees by acceptance of a Note that, upon request of
the Issuer, the Indenture Trustee or the Paying Agent, such Noteholder or transferee will provide the Issuer, the Indenture Trustee or the Paying Agent with a supplemental applicable IRS Form W-8 (or successor forms) to the extent legally able
to do so and that each Noteholder or its transferee shall notify the Indenture Trustee or the Paying Agent should subsequent circumstances render such forms incorrect or invalid. The Indenture Trustee and the Paying Agent shall be fully protected in
relying upon, and each Noteholder or its transferee by its acceptance of a Note hereunder agrees to indemnify and hold the Indenture Trustee and the 

  
 9 

 
Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Indenture Trustee’s and the Paying Agent’s reliance upon, any documents,
forms or information provided by any Noteholder or its transferee to the Issuer, the Indenture Trustee or the Paying Agent pursuant to this Section. 

(e) Each holder of a Note or an interest therein, by acceptance of such Note or such interest in such Note, will be deemed to have agreed to
provide the Issuer and the Indenture Trustee with the Tax Information. In addition, each holder of a Note or an interest therein will be deemed to understand that the Indenture Trustee and any other agent of the Issuer may withhold interest and
principal payable with respect to a Note (without any corresponding gross-up) on any Noteholder or beneficial owner of an interest in a Note that fails to comply with the foregoing requirements. 

(f) In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities)
related to the Basic Documents in effect from time to time that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Issuer agrees (i) to provide to the Indenture Trustee and its
Affiliates sufficient information about the parties and/or transactions (including any modification to the terms of such transactions) so the Indenture Trustee can determine whether it has tax related obligations under Applicable FATCA Law,
(ii) that the Indenture Trustee and its Affiliates shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable FATCA Law for which the Indenture Trustee and its Affiliates shall not
have any liability, and (iii) to hold harmless the Indenture Trustee and its Affiliates for any losses it may suffer due to the actions it takes to comply with the Applicable FATCA Law. The terms of this Section shall survive the termination of
this Indenture. 
 Section 2.10. Book-Entry Notes. Except as provided in Section 2.12, the Notes, upon original issuance,
shall be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, which shall be deposited on behalf of the purchasers of the Notes represented by such Book-Entry Note with the Indenture Trustee, as custodian for DTC, the
initial Clearing Agency. The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note
Owner’s interest in such Book-Entry Notes, except as provided in Section 2.12. Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.12: 

(a) the provisions of this Section shall be in full force and effect; 

(b) the Note Registrar, the Paying Agent and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all
purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 

(c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions
of this Section shall control; 

  
 10 

 (d) the rights of the Note Owners shall be exercised only through the Clearing
Agency and shall be limited to those established by Applicable Law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants and, pursuant to the Note Depository Agreement, unless and until Definitive Notes
are issued pursuant to Section 2.12, the Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to Clearing Agency Participants; and

 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of the Holders
of Notes (or the Holders of any Class, including the Controlling Class) evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has (i) received written
instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes or such Class of Notes and (ii) delivered such instructions
to the Indenture Trustee. 
 Section 2.11. Notices to Clearing Agency. Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to the related Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to
be given to the related Noteholders to the Clearing Agency and shall have no obligation to such Note Owners. 
 Section 2.12.
Definitive Notes. Definitive Notes will be issued only if: 
 (i) (a) the Clearing Agency is no longer willing or able
to properly discharge its responsibilities with respect to the Book-Entry Notes and (b) the Indenture Trustee is not able to locate a qualified successor; or 

(ii) after the occurrence of an Event of Default, owners of Book-Entry Notes representing beneficial interests aggregating not
less 51% of the Note Balance of a Class of Notes advise the Indenture Trustee and the Clearing Agency Participant through the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the
best interests of such Note Owners. 
 In each case, the Indenture Trustee shall then notify Note Owners of the related Class of Notes
through the Clearing Agency of the occurrence of any such event and of the availability of Definitive Notes of the related Class of Notes to Note Owners requesting the same. 

Upon surrender to the Indenture Trustee of the Notes or Notes representing such Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the related Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee
shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of
such Definitive Notes as Noteholders. 

  
 11 

 If Definitive Notes are issued and the Indenture Trustee is not the Note Registrar, the Issuer
shall furnish or cause to be furnished to the Indenture Trustee a list of the names and addresses of the Noteholders (i) as of each Record Date, within five days thereafter and (ii) within 30 days after receipt by the Issuer of a
request therefor. 
 Section 2.13. Depositor as Noteholder. The Depositor, in its individual or any other capacity, may become
the owner or pledgee of Notes and, except as otherwise provided herein, may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not the Depositor. 

Section 2.14. Authenticating Agents. Upon the request of the Issuer, the Indenture Trustee may appoint one or more Authenticating
Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.02, 2.03, 2.05 and 2.06, as fully to all intents and purposes as though
each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the
authentication of Notes “by the Indenture Trustee”. 
 Any entity into which any Authenticating Agent may be merged or converted
or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of
any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any document or any further act on the part of the parties hereto or such Authenticating Agent or such successor entity. 

  
 12 

 ARTICLE THREE 

COVENANTS 
 Section 3.01.
Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes, and all other amounts owing hereunder or in respect of the Notes, in accordance with the terms of the Notes, this
Indenture and the Sale and Servicing Agreement. Without limiting the foregoing, subject to Section 8.02(c), on each Payment Date, the Issuer shall cause all amounts deposited pursuant to the Sale and Servicing Agreement for the benefit of the
Notes to be paid to the Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of
this Indenture. 
 Section 3.02. Maintenance of Office or Agency. So long as any of the Notes remain Outstanding, the Issuer
will maintain in St. Paul, Minnesota an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The
Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. Such office will initially be located at the Corporate Trust Office. The Issuer will give prompt written notice to the Indenture Trustee of the
location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices
and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

Section 3.03. Money for Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Notes that are
to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from any Trust Account for payments of Notes shall be paid over to the Issuer
except as provided in this Section. 
 On or before the Business Day preceding each Payment Date or the Redemption Date, the Issuer shall
deposit or cause to be deposited in the Collection Account and the Principal Distribution Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled
thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee, in writing, of its action or failure so to act. 

The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in
which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 

(i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

  
 13 

 (ii) give the Indenture Trustee written notice of any default by the Issuer (or
any other obligor on the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

(iii) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay
to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (iv) immediately resign as a Paying Agent and
forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of the Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 The
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such
sums to be held by the Indenture Trustee upon the same trusts as those upon which sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability
with respect to such money. 
 Subject to Applicable Laws with respect to escheat of funds, any money held by the Indenture Trustee or any
Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid upon Issuer Request to the Issuer;
and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and written direction of the Issuer cause to be
published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and written direction of the
Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and
payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

  
 14 

 Section 3.04. Existence. The Issuer will keep in full effect its existence, rights
and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer will keep
in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Indenture, the Notes and the Collateral until such time as the Issuer shall terminate in accordance with the terms hereof. 

Section 3.05. Protection of Collateral; Manner of Perfection. 

(a) The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders
to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first Lien on and a first priority,
perfected security interest in the Collateral. 
 (b) The Issuer will from time to time authorize, execute and deliver all such supplements
and amendments hereto and all such UCC financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 

(i) Grant more effectively any portion of the Collateral 

(ii) maintain or preserve the Lien and security interest (and the first priority thereof) of this Indenture or carry out more
effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture; 
 (iv) enforce the Indenture Trustee’s rights in any of the Collateral; 

(v) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in such Collateral
against the claims of all Persons; or 
 (vi) pay or cause to be paid all taxes or assessments levied or assessed upon the
Collateral when due. 
 (c) The Issuer hereby designates the Indenture Trustee, its agent and attorney-in-fact to execute any UCC financing
statement, continuation statement or other instrument required to be executed pursuant to this Section. 
 (d) The Issuer hereby represents
and warrants that, as to the Collateral pledged to the Indenture Trustee for the benefit of the Noteholders, on the Closing Date: 

(i) the Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral that is
in existence in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer; 

  
 15 

 (ii) the Issuer has taken all steps necessary to perfect its security interest
against the Obligor in the Financed Vehicle; 
 (iii) the Receivables constitute “tangible chattel paper” or
“electronic chattel paper” under the applicable UCC; as of the Cutoff Date, no more than 10% of the Pool Balance is represented by Receivables constituting “electronic chattel paper,” and at least 90% of the Pool Balance is
represented by Receivables constituting “tangible chattel paper”; 
 (iv) the Issuer owns and has good and
marketable title to such Collateral free and clear of any liens, claims or encumbrances of any Person, other than the interest Granted under this Indenture; 

(v) the Issuer has received a written acknowledgment from the Servicer that the Servicer is holding the loan agreements and
installment sale contracts that constitute or evidence the Receivables solely on behalf and for the benefit of the Issuer; 

(vi) other than the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables; the Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral
covering the Receivables other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated; the Issuer is not aware of any judgment or tax lien filings against the Issuer;

 (vii) none of the installment sale contracts that constitute or evidence the Receivables has any marks or notations
indicating that it has been pledged, assigned, or otherwise conveyed by the Issuer to any Person other than the Indenture Trustee; 

(viii) the Trust Accounts are not in the name of any Person other than the Indenture Trustee and the Issuer has not consented
to the bank maintaining the Trust Accounts to comply with the instructions of any Person other than the Indenture Trustee; 

(ix) the Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdiction under Applicable Law in order to perfect the security interest Granted hereunder in the Receivables; 

(x) other than its Granting hereunder, the Issuer has not Granted such Collateral, the Issuer has not authorized the filing of
and is not aware of any financing statements against the Issuer that include a description of such Collateral other than the financing statement in favor of the Indenture Trustee, and the Issuer is not aware of any judgment or tax lien filing
against it; and 

  
 16 

 (xi) the information relating to such Collateral set forth in the Schedule of
Receivables (attached as Schedule A to the Sale and Servicing Agreement) is correct. 
 The representations and warranties set forth in this Section
may not be waived. The representations and warranties set forth in this Section will survive the termination of this Section until the Indenture has been discharged. 

(e) All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in connection with this Indenture
describing the Collateral shall contain a statement to the following effect: “A purchase of, or a security interest in, any of the collateral covered by this financing statement will violate the rights of the secured party.” 

Section 3.06. Opinions as to Collateral. 

(a) On the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such
counsel, either (i) all UCC financing statements and continuation statements have been executed and filed that are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such filings
or (ii) no such action shall be necessary to make such lien and security interest effective. 
 (b) On or before June 30th of
each year, beginning in 2017, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization and filing of any UCC financing statements and continuation
statements as is necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any UCC financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until June 30th of the following calendar year. 

Section 3.07. Performance of Obligations; Servicing of Receivables. 

(a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any
Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Basic Documents or such other instrument or agreement. 

(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer, provided that any delegation shall not release the Issuer from its obligations hereunder and under the
Notes. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 

  
 17 

 (c) The Issuer will punctually perform and observe all of its obligations and agreements
contained in this Indenture, the other Basic Documents and in the instruments and agreements included in the Collateral, and shall enforce its rights hereunder and thereunder and the obligations of the other parties thereto, including filing or
causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Basic Documents in accordance with and within the time periods provided for herein and therein. 

(d) If the Issuer shall have knowledge of the occurrence of a Servicer Termination Event, the Issuer shall promptly notify the Depositor, the
Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of
its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 

(e) Upon any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuer shall promptly
notify the Indenture Trustee and the Noteholders. As soon as a successor Servicer is appointed, the Issuer shall notify the Indenture Trustee and the Noteholders in writing of such appointment, specifying in such notice the name and address of such
successor Servicer. The Issuer shall not waive timely performance or observance by the Depositor, the Servicer or the Seller of their respective duties or obligations under the Basic Documents if such waiver would reasonably be expected to
materially adversely affect the interests of the Noteholders. 
 Section 3.08. Negative Covenants. So long as any Notes are
Outstanding, the Issuer shall not: 
 (a) engage in any business or activities other than those permitted by
Section 2.03 of the Trust Agreement and financing, acquiring, owning, pledging and managing the Receivables and the other Collateral as contemplated by the Basic Documents and activities incidental to such activities; 

(b) except as expressly permitted by the Basic Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the Issuer, including those included in the Collateral, unless directed to do so in writing by the Indenture Trustee; 

(c) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than
amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Collateral; 

(d) dissolve or liquidate in whole or in part; 

  
 18 

 (e) (i) permit the validity or effectiveness of this Indenture to be
impaired or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, (ii) permit any Lien (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds
thereof (other than Permitted Liens) or (iii) permit the lien of this Indenture not to constitute a valid first priority (other than Permitted Liens) security interest in the Collateral; 

(f) take any action that, for federal, State or local income, single business and franchise tax purposes, (i) would cause
the Notes to fail to be treated as debt or (ii) would cause the Issuer to be treated as an association (or publicly-traded partnership) taxable as a corporation; or 

(g) incur, assume or guarantee or otherwise become liable for any indebtedness other than the indebtedness evidenced by the
Notes or indebtedness otherwise permitted by the Basic Documents. 
 Section 3.09. Annual Statement as to Compliance. The Issuer
will deliver to the Depositor, the Indenture Trustee, on or before March 31 of each year, beginning in 2017, an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: (i) a review of
the activities of the Issuer during the preceding calendar year (or, in the case of the first such report, during the period from the Closing Date to December 31, 2016) and of its performance under this Indenture has been made under such
Authorized Officer’s supervision and (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture throughout the preceding year (or such
shorter period specified above in the case of the first such Officer’s Certificate) in all material respects or, if there has been a default in its compliance with any such condition or covenant, specifying each such default known to such
Authorized Officer and the nature and status thereof. 
 Section 3.10. Issuer May Not Merge or Consolidate. 

(a) The Issuer shall not consolidate or merge with or into any other Person, unless: 

(i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and
existing under the laws of the United States or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Depositor and the Indenture Trustee, the due and
punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed; 

(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

  
 19 

 (iii) the Issuer shall have given ten days’ (or such shorter period as shall
be acceptable to each Rating Agency) prior written notice to each Rating Agency of its intent to effect such transaction; 

(iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to
the effect that such transaction will not have any material adverse federal income tax consequence to the Issuer, or any Securityholder; 

(v) any action that is necessary to maintain the Lien of this Indenture shall have been taken; and 

(vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such consolidation or merger and such supplemental indenture comply with this Article and that all conditions precedent herein relating to such transaction have been complied with. 

(b) Other than as specifically contemplated by the Basic Documents, the Issuer shall not convey or transfer all or substantially all of its
properties or assets, including those included in the Trust Estate, to any other Person, unless: 
 (i) the Person that
acquires by conveyance or transfer the properties or assets of the Issuer shall (A) be a United States citizen or a Person organized and existing under the laws of the United States or any State, (B) expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and
covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject
and subordinate to the rights of Noteholders and (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or
related to this Indenture and the Notes; 
 (ii) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing; 
 (iii) the Issuer shall have given ten days’ (or such shorter period as
shall be acceptable to each Rating Agency) prior written notice to each Rating Agency of its intent to effect such transaction; 

(iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to
the effect that such transaction will not have any material adverse federal income tax consequence to the Issuer or any Noteholder; 

(v) any action that is necessary to maintain the Lien created by this Indenture shall have been taken; and 

  
 20 

 (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with. 
 Section 3.11. Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. 

(b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), the Issuer will be released
from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that the Issuer is to be so
released. 
 Section 3.12. Servicer’s Obligations. The Issuer shall cause the Servicer to comply with the Sale and
Servicing Agreement. 
 Section 3.13. Guarantees, Loans, Advances and Other Liabilities. Except as otherwise contemplated by the
Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets
or securities of, or any other interest in, or make any capital contribution to, any other Person. 
 Section 3.14. Capital
Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (whether consisting of realty or personalty). 

Section 3.15. Removal of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator
without cause without prior satisfaction of the Rating Agency Condition. 
 Section 3.16. Restricted Payments. Except as
otherwise permitted by the Issuer Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions as contemplated by,
and to the extent funds are available for such purpose under, the Sale and 

  
 21 

 
Servicing Agreement, this Indenture or the Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Trust Accounts except in accordance with this
Indenture and the other Issuer Basic Documents. 
 Section 3.17. Notice of Events of Default. The Issuer shall give the
Depositor, the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default, each default on the part of the Seller, the Servicer or the Depositor of their respective obligations under the Sale and Servicing Agreement and
each default on the part of the Seller or the Purchaser of their respective obligations under the Receivables Purchase Agreement. 

Section 3.18. Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 3.19. Compliance with Laws. The Issuer shall comply with the requirements of all Applicable Laws, the non-compliance with
which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Issuer Basic Document. 

Section 3.20. Amendments to Sale and Servicing Agreement. The Issuer shall not agree to any amendment to Section 10.01 of the
Sale and Servicing Agreement or Section 8.02 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee or the Noteholders consent to amendments thereto as provided therein, unless the Indenture Trustee or the
Noteholders, as the case may be, consent to such amendment eliminating such requirement. 
 Section 3.21. Recordkeeping. The
Issuer will (a) timely prepare and maintain the documentation and other written information evidencing the material rights and obligations of the Issuer and the Noteholders relating to the Notes, and any associated rights and obligations of
other parties and (b) maintain such documentation and other written information for at least all taxable years that the Notes are Outstanding and until the period of limitations expires for any tax return with respect to which the treatment of
the Notes is relevant, in order to support its position under Proposed Treasury Regulation Section 1.385-2 (or an applicable successor or final provision) for treatment of the Notes as indebtedness for United States federal income tax purposes.

  
 22 

 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

Section 4.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the
Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon and all
other amounts with respect thereto, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.11, 3.13, 3.14, 3.15, 3.16 and 3.17, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture
Trustee under Section 6.07) and the obligations of the Indenture Trustee under Section 4.02 and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all
or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(a) either: (A) all Notes theretofore authenticated and delivered (other than Notes (1) that have been destroyed,
lost or stolen and that have been replaced or paid as provided in Section 2.05 and (2) for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or
discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and
payable, (2) will become due and payable on the Class C Final Scheduled Distribution Date within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of
notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture
Trustee, cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on
such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the related Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01), as the case may
be; 
 (b) the Issuer has paid or caused to be paid all other sums payable by the Issuer hereunder and under the other Issuer
Basic Documents; and 
 (c) the Issuer has delivered to the Depositor and the Indenture Trustee an Officer’s
Certificate, an Opinion of Counsel and, if required by the TIA or Section 11.01, an Independent Certificate, each meeting the applicable requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions
precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

Section 4.02. Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to this Article shall be
held in trust and applied by it, in accordance with the 

  
 23 

 
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the Notes for the payment or
redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or in
the Sale and Servicing Agreement or required by Applicable Law. 
 Section 4.03. Repayment of Monies Held by Paying Agent. In
connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon
written demand of the Issuer or the Indenture Trustee, be paid to the Indenture Trustee to be held and applied according to Section 3.03; and thereupon, such Paying Agent shall be released from all further liability with respect to such monies.

 Section 4.04. Repayment of Monies Held by Paying Agent. Subject to Section 11.01 and the terms of the other Basic
Documents, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, if required by Section 11.01, Independent
Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall
issue an exemptive order under TIA Section 304(d) modifying the Indenture Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the Lien of this Indenture in accordance with
the conditions and procedures set forth in such exemptive order. 
 Section 4.05. Satisfaction, Discharge and Defeasance of the
Notes. 
 (a) Upon satisfaction of the conditions set forth in Section 4.05(b), the Issuer shall be deemed to have paid and
discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper
instruments acknowledging the same), except as to: 
 (i) the rights of the Noteholders to receive, from the trust funds
described in Section 4.05(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest; 

(ii) the obligations of the Issuer with respect to the Notes under Sections 2.04, 2.05, 3.02 and 3.03; 

(iii) the obligations of the Issuer and Servicer to the Indenture Trustee under Section 6.07; and 

(iv) the rights, powers, trusts, protections, indemnities and immunities of the Indenture Trustee hereunder and the duties of
the Indenture Trustee hereunder. 

  
 24 

 (b) The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.05(a) is
subject to the satisfaction of all of the following conditions: 
 (i) the Issuer has deposited or caused to be deposited
irrevocably (except as provided in Section 4.04) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Noteholders, which, through the payment of interest and
principal in respect thereof in accordance with their terms will provide, not later than one day prior to the due date of any payment referred to below, money in an amount sufficient, in the opinion of a nationally recognized firm of Independent
Accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case
of Notes that have become due and payable) or to the maturity of such principal and interest, as the case may be; 
 (ii)
such deposit will not result in a breach or violation of, or constitute an event of default under, any Issuer Basic Document to or other agreement or instrument to which the Issuer is bound; 

(iii) no Event of Default has occurred and is continuing on the date of such deposit or on the 91st day after such date;
and 
 (iv) the Issuer has delivered to the Depositor and the Indenture Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the defeasance contemplated by this Section have been complied with. 

  
 25 

 ARTICLE FIVE 

EVENTS OF DEFAULT; REMEDIES 

Section 5.01. Events of Default. “Event of Default”, wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any Governmental
Authority): 
 (a) default in the payment of any interest on any Note of the Controlling Class when the same becomes due and
payable, and such default shall continue for a period of five days; 
 (b) default in the payment of the principal of any
Note on the related Final Scheduled Payment Date or the Redemption Date; 
 (c) any failure by the Issuer to duly observe or
perform any of its covenants or agreements or a breach of any of its representations and warranties in this Indenture (other than as specified above in clauses (a) and (b)), which failure has a Material Adverse Effect on the Noteholders and
which continues unremedied for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee, by the
Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class of Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or 
 (d) the occurrence of an Insolvency Event with respect to the Issuer. 

The Issuer shall promptly (but in any event not later than five Business Days) deliver to the Depositor and the Indenture Trustee written
notice in the form of an Officer’s Certificate of any event that with the giving of notice, the lapse of time or both would become an Event of Default under clause (c) above, its status and what action the Issuer is taking or proposes to
take with respect thereto. 
 Section 5.02. Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default shall have occurred and be continuing (other than an Event of Default specified in Section 5.01(d)), the
Indenture Trustee may, or if so requested in writing by the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, shall, declare by written notice to the Issuer all of the Notes to be immediately due and payable,
and upon any such declaration (but subject to Section 5.02(b)) the entire outstanding Note Balance, together with accrued interest thereon through the date of acceleration, shall become immediately due and payable as provided in the Notes. If
following the occurrence of an Event of Default (other than an Event of Default specified in Section 5.01(d)), the Indenture Trustee has not declared the Notes to be immediately due and payable, the Issuer shall continue to pay interest and
principal on the Notes on each Payment Date in accordance with Section 5.04 of the Sale and Servicing Agreement, until the Notes are accelerated or until a liquidation, if any, of the 

  
 26 

 
Collateral. If an Event of Default specified in Section 5.01(d) shall have occurred and be continuing, the Notes shall automatically become immediately due and payable without any further
action on the part of any Person. 
 (b) If the Notes have been declared immediately due and payable following an Event of Default, before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as provided hereinafter in this Article, the Noteholders representing not less than 51% of the Note Balance of the Controlling Class may, by written notice to
the Issuer, the Depositor and the Indenture Trustee, rescind such declaration and annul such consequences if: 
 (i) the
Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay: 
 (A) all payments of principal of and
interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 

(B) all sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses and disbursements of the
Indenture Trustee and its agents and counsel and the reasonable compensation, expenses and disbursements of the Indenture Trustee and its agents and counsel; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any subsequent default or
impair any right consequent thereto. 
 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

 (a) The Issuer covenants that if (i) a default is made in the payment of any interest on any Note of the Controlling Class when the
same becomes due and payable, and such default continues for a period of five days, or (ii) a default is made in the payment of the principal of or any installment of the principal of any Note on the related Final Scheduled Payment Date, the
Issuer will, upon demand of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, pay to the Indenture Trustee, for the benefit of the Noteholders, the entire amount then due and payable on such Notes in
respect of principal and interest, with interest on the overdue principal at the applicable Interest Rate and, to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest at the applicable
Interest Rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses and disbursements of the Indenture Trustee and its agents and counsel.

 (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand or if any such amounts became due and payable
automatically pursuant to the terms of Section 5.02(a), the Indenture Trustee, in its own name and as trustee of an express trust, may 

  
 27 

 
(and at the written direction of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class shall) institute a Proceeding for the collection of the sums so due
and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor on such Notes and collect in the manner provided by law out of the Collateral or the property of any other
obligor on such Notes, wherever situated, the monies adjudged or decreed to be payable. 
 (c) If an Event of Default occurs and is
continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, or shall at the written direction of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, proceed to protect and
enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or the Noteholders, if the Indenture Trustee is acting at the written direction of Noteholders representing no less than 51% of the Note
Balance of the Controlling Class, shall reasonably deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 
 (d) In
case there shall be pending, relative to the Issuer or any other obligor on the Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under any Insolvency Law, or if a receiver, assignee or trustee in bankruptcy
or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the
Issuer or other obligor on the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the entire amount of principal and interest owing and unpaid in respect of the
Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee,
and their respective agents and counsel, and for all expenses and other amounts due and owing to the Indenture Trustee pursuant to Section 6.07) and of the Noteholders allowed in such Proceedings; 

(ii) unless prohibited by Applicable Law, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee
or Person performing similar functions in any such Proceedings; 
 (iii) to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

  
 28 

 (iv) to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee for application in accordance with Section 5.04 of the Sale and Servicing Agreement and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and counsel, and all other expenses and amounts due and owing to the
Indenture Trustee pursuant to Section 6.07. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to
vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Holders of the Notes. 
 (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation
of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all of the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such
Proceedings. 
 Section 5.04. Remedies; Priorities. 

(a) If the Notes have been declared to be immediately due and payable following an Event of Default, the Indenture Trustee may, and at the
written direction of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following action (subject to Sections 5.02 and 5.05): 

(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on
the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any other obligor on such Notes monies adjudged due; 

  
 29 

 (ii) institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any remedies of a secured party under the UCC
and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of the Notes; and 

(iv) sell or otherwise liquidate the Collateral or any portion thereof or rights or interest therein, at one or more public or
private sales called and conducted in any manner permitted by Applicable Law; 
 provided, however, notwithstanding anything else herein to
the contrary, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Event of Default, other than an Event of Default described in Section 5.01(a) or (b), unless: (A) the Noteholders representing 100% of
the Note Balance consent thereto, (B) the proceeds of such sale or liquidation will be sufficient to pay in full all amounts then due and unpaid on such Notes in respect of principal and interest, or (C) the Indenture Trustee determines
that the Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared immediately due and payable, and the Indenture Trustee
obtains the consent of the Noteholders representing 66-2/3% of the Note Balance. 
 In determining such sufficiency or
insufficiency with respect to clause (B) and (C) above, the Indenture Trustee may, at the Issuer’s expense, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation
as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 (b) If the Indenture Trustee
collects any money or property pursuant to this Article as a result of selling or liquidating the Collateral, it shall pay out such money or property, together with all other Available Collections and amounts on deposit in the Trust Accounts, on the
related Payment Date or other date fixed pursuant to Section 5.04(c) in the following order of priority: 
 (i) first,
to the Indenture Trustee, the Owner Trustee, the Administrator, the Asset Representations Reviewer and the Issuer, any accrued and unpaid fees, indemnity payments and reasonable expenses permitted under the Basic Documents; 

(ii) second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees and to any Backup Servicer, the Backup Servicing
Fee and all unpaid Backup Servicing Fees, if any, with respect to prior Collection Periods; 
 (iii) third, pro rata, to
the Holders of the Class A-1 Notes, the Holders of the Class A-2 Notes, the Holders of the Class A-3 Notes and the Holders of the Class A-4 Notes, the Accrued Class A-1 Note Interest, the Accrued Class A-2 Note
Interest, the Accrued Class A-3 Note Interest and the Accrued Class A-4 Note Interest, respectively; 

  
 30 

 (iv) fourth, if (A) the Receivables have been sold after an Event of Default
has occurred or (B) an Event of Default described in Section 5.01(a), (b) or (d) has occurred, in the following order of priority: 

(A) to the Holders of the Class A-1 Notes in respect of principal thereon until the Class A-1 Notes have been Paid in
full; 
 (B) pro rata, to the Holders of the Class A-2 Notes, the Holders of the Class A-3 Notes and the
Holders of the Class A-4 Notes, in respect of principal thereon, until the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes have been Paid in full; 

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

(D) to the Holders of the Class B Notes in respect of principal thereon until the Class B Notes have been Paid in
full; 
 (E) to the Holders of the Class C Notes, the Accrued Class C Note Interest; 

(F) to the Holders of the Class C Notes in respect of principal thereon until the Class C Notes have been Paid in
full; 
 (v) fifth, if an Event of Default other than that described in clause (iv) directly above has occurred and the
Receivables have not been sold after such Event of Default has occurred, in the following order of priority: 
 (A) to the
Holders of the Class B Notes, the Accrued Class B Note Interest; 
 (B) to the Holders of the Class C Notes,
the Accrued Class C Note Interest; 
 (C) to the Holders of the Class A-1 Notes in respect of principal thereon
until the Class A-1 Notes have been Paid in full; 
 (D) pro rata, to the Holders of the Class A-2 Notes, the
Holders of the Class A-3 Notes and the Holders of the Class A-4 Notes, in respect of principal thereon, until the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes have been Paid in full; 

(E) to the Holders of the Class B Notes in respect of principal thereon until the Class B Notes have been Paid in
full; 
 (F) to the Holders of the Class C Notes in respect of principal thereon until the Class C Notes have been
Paid in full; 

  
 31 

 (vi) sixth, any remaining funds shall be distributed to the Certificateholders.

 (c) The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least
15 days before such record date, the Indenture Trustee shall mail to each Noteholder and the Servicer a notice that states the record date, the payment date and the amount to be paid. 

Section 5.05. Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under
Section 5.02 following an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral and continue to apply the
proceeds thereof as if there had been no declaration of acceleration in the manner specified in Section 5.04 of the Sale and Servicing Agreement. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient
funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of
the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Collateral for such purpose. 
 Section 5.06. Limitation of Suits. 

(a) No Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder has previously given
written notice to the Indenture Trustee of a continuing Event of Default; 
 (ii) the Holders evidencing not less than 25% of
the Note Balance of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

(iii) such Holder or Holders have offered to the Indenture Trustee reasonable indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred in complying with such request; 
 (iv) the Indenture Trustee for 30 days
after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 
 (v) no
direction inconsistent with such written request has been given to the Indenture Trustee during such 30-day period by Noteholders evidencing not less than not less than 51% of the Note Balance of the Controlling Class. 

(b) It is understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of,
any provision of this Indenture to affect, 

  
 32 

 
disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except
in the manner herein provided. 
 (c) In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity
from two or more groups of Noteholders pursuant to this Section, each representing less than 51% but not less than 25% of the Note Balance of the Controlling Class of Notes, the Indenture Trustee shall take such action as is requested by Noteholders
representing the greatest percentage interest, notwithstanding any other provisions of this Indenture. 
 Section 5.07.
Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions of this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the
principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of
any such payment, and such right shall not be impaired without the consent of such Holder. 
 Section 5.08. Restoration of Rights
and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to
the Indenture Trustee or such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

Section 5.09. Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or the
Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by Applicable Law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.10. Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Noteholder to exercise any
right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article or by
Applicable Law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be. 

Section 5.11. Control by Controlling Class. The Holders of 51% or more of the Note Balance of the Controlling Class shall have the
right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that: 

(i) such direction shall not be inconsistent with any rule of law or with this Indenture; 

  
 33 

 (ii) the Indenture Trustee may take any other action reasonably deemed proper by
the Indenture Trustee that is not inconsistent with such direction;
 (iii) subject to the terms of Section 5.04, any
direction to the Indenture Trustee to sell or liquidate the Collateral shall be by Holders of Notes evidencing not less than 100% of the Note Balance of the Outstanding Notes; and 

(iv) if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the
Collateral pursuant to such Section, then any direction to the Indenture Trustee by the Holders of Notes evidencing less than 100% of the Note Balance of the Outstanding Notes to sell or liquidate the Collateral shall be of no force and effect. 

Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any
action that it determines might involve it in liability for which it will not be adequately indemnified or might materially adversely affect the rights of any Noteholders not consenting to such action. 

Section 5.12. Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.02, the Noteholders representing not less than 51% of the Note Balance of the Controlling Class may, on behalf of all Noteholders, waive any past Default or Event of Default and its consequences except a Default or Event of Default
(i) in payment of principal of or interest on any of the Notes, (ii) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each Note or (iii) arising from the occurrence
of an Insolvency Event with respect to the Issuer. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 Upon any such waiver, such
Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

Section 5.13. Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such Holder’s acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted
by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, that the provisions of this Section shall not apply to any suit instituted by (i) the
Indenture Trustee, 

  
 34 

 
(ii) any Noteholder, or group of Noteholders, in each case holding Notes evidencing in the aggregate more than 10% of the Note Balance (or in the case of any suit which is instituted by the
Controlling Class, more than 10% of the Note Balance of the Controlling Class) or (iii) any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in
this Indenture (or, in the case of redemption, on or after the Redemption Date). 
 Section 5.14. Waiver of Stay or Extension
Laws. The Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or
at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it
shall not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.15. Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this
Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be
impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the Issuer. Any money or property collected by
the Indenture Trustee shall be applied in accordance with Section 5.04(b). 
 Section 5.16. Performance and Enforcement of
Certain Obligations. 
 (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the
Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor, the Seller and the Servicer of their respective obligations under or in connection with the Basic
Documents, in each case in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Basic Documents to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of default on the part of CRB or the Depositor thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by CRB or the
Depositor of its respective obligations under the Basic Documents. 
 (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of Holders of Notes evidencing not less than 66 2⁄3% of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor, the Seller or the Servicer under or in connection with the
Sale and Servicing Agreement or against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor, the Seller or the
Servicer, as the case may be, of its obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case
may be, and any right of the Issuer to take such action shall be suspended. 

  
 35 

 (c) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, and
at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less than
66 2⁄3% of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Depositor against the Seller
under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller of its obligations to the Depositor thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Receivables Purchase Agreement, and any right of the Depositor to take such action shall be suspended. 

  
 36 

 ARTICLE SIX 

THE INDENTURE TRUSTEE 

Section 6.01. Duties of Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 

(ii) in the absence of bad faith or negligence on its part, the Indenture Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the certificates
and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Indenture Trustee may not be
relieved from liability for its own negligent action, its own negligent failure to act, its own bad faith or its own willful misconduct, except that: 

(i) this paragraph does not limit the effect of Section 6.01(a); 

(ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the
Indenture Trustee unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 5.11. 
 (d) Every provision of this Indenture that in any way relates
to the Indenture Trustee shall be subject to Sections 6.01(a), (b) and (c). 
 (e) The Indenture Trustee shall not be liable for
interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the
Indenture Trustee need not be segregated from other funds except to the extent required by Applicable Law or the terms of this Indenture or any other Basic Document. 

  
 37 

 (g) No provision of this Indenture shall require the Indenture Trustee to advance, expend or risk
its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
 (h) Every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 

Section 6.02. Rights of Indenture Trustee. 

(a) Except as provided in the second succeeding sentence, the Indenture Trustee may rely on any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in any such document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they
comply as to form to the requirements of this Indenture. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an
Officer’s Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed by it with due
care; provided that any such appointment shall not release the Indenture Trustee from its obligations and responsibilities hereunder. 
 (d)
The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers; provided that the Indenture Trustee’s conduct does not constitute willful
misconduct, negligence or bad faith. 
 (e) The Indenture Trustee may consult with counsel, accountants or experts and the advice of such
counsel or Opinion of Counsel with respect to legal matters or such accountants or experts relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel or such accountants or experts. 
 (f)
The Indenture Trustee shall be under no obligation to, at the request or direction of any of the Noteholders pursuant to this Indenture, (i) exercise any of the rights or powers vested in it by this Indenture or (ii) institute, conduct or
defend litigation or investigate any matter, unless requested to do so by Noteholders evidencing not less than 25% (or such higher 

  
 38 

 
percentage provided pursuant to any other applicable provision of this Indenture) of the of the Note Balance of the Controlling Class of Notes and such Noteholders shall have offered to the
Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

(g) Subject to Sections 6.01(a) and (c), the Indenture Trustee shall not be deemed to have notice or knowledge of any matter, including any
Default or a breach of any representation or warranty made in Section 3.03 of the Receivables Purchase Agreement or Section 3.02 of the Sale and Servicing Agreement, unless a Responsible Officer thereof has actual knowledge thereof or
unless written notice thereof is received by a Responsible Officer thereof. For the avoidance of doubt, the Indenture Trustee shall not be deemed to have knowledge of a breach of representation or warranty solely as a result of the receipt and
possession by the Indenture Trustee of the Review Report. 
 (h) Subject to Sections 6.01(a) and (c), in no event shall the Indenture
Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 (i) In the absence of willful misconduct, bad
faith or negligence on its part, the Indenture Trustee will not be liable for any action taken or not taken by it in good faith in the administration of any Noteholder vote as to whether to direct the Asset Representations Reviewer to conduct a
Review of the Review Assets so long as the administration of such vote conforms in all material respects to the Indenture Trustee’s standard internal vote solicitation process in effect at the time of such Noteholder vote. 

Section 6.03. Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. The Indenture Trustee must, however, comply with Section 6.11. 
 Section 6.04. Indenture Trustee’s
Disclaimer. The Indenture Trustee shall not (i) be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, (ii) be accountable for the Issuer’s use of the proceeds from the Notes
and (iii) be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 

Section 6.05. Notice of Defaults; Repurchase Requests. 

(a) If a Default occurs and is continuing and if a Responsible Officer of the Indenture Trustee has actual knowledge thereof, the Indenture
Trustee shall mail to each Noteholder notice of such Default within five Business Days after it occurs. Except in the case of a Default in 

  
 39 

 
payment of principal of or interest on any Note (including payments pursuant to the redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 
 (b) Not
later than the fifth Business Day of each calendar month, beginning July 8, 2016, the Indenture Trustee shall provide to the Administrator a notice in substantially the form of Exhibit B with respect to any requests received by a
Responsible Officer of the Indenture Trustee from a Noteholder during the immediately preceding calendar month (or, in the case of the initial notice, since the Closing Date) that any Receivable be repurchased by the Seller pursuant to
Sections 3.03 and 4.07 of the Sale and Servicing Agreement or Section 3.04 of the Receivables Purchase Agreement. The Indenture Trustee and the Issuer acknowledge and agree that the purpose of this subsection is to facilitate compliance by
CRB and the Depositor with Rule 15Ga-1 under the Exchange Act. The Indenture Trustee agrees to comply with reasonable requests made by CRB or the Depositor in good faith for delivery of information under these provisions on the basis of
evolving interpretations of such Rule. The Indenture Trustee shall cooperate fully with all reasonable requests of CRB and the Depositor to deliver any and all records and any other information, in each case in its possession, necessary to permit
CRB and the Depositor to comply with the provisions of such Rule. 
 Section 6.06. Report and Documents by Indenture Trustee to
Noteholders. 
 (a) On or prior to each Payment Date, the Indenture Trustee shall make available on its website
(http://www.usbank.com/abs) to each Noteholder a copy of each Servicer’s Monthly Certificate delivered to it pursuant to Section 4.09 of the Sale and Servicing Agreement. The Indenture Trustee shall provide to each Noteholder, upon written
request, copies of the Basic Documents, the Servicer’s Annual Certification delivered pursuant to Section 4.10 of the Sale and Servicing Agreement and the annual accountant’s report delivered pursuant to Section 4.11 of the Sale
and Servicing Agreement. In the event that a Note Owner or Noteholder requests a complete copy of the Review Report, the Indenture Trustee shall not deliver such complete copy until such Note Owner or Noteholder delivers to the Indenture Trustee a
nondisclosure agreement in a form satisfactory to the Indenture Trustee with respect to the information in such Review Report. 
 (b) The
Indenture Trustee shall make available electronically, within a reasonable period of time after the end of each calendar year, to each Person who at any time during such calendar year was a Noteholder, such information furnished to the Indenture
Trustee as may be required to enable such Person to prepare its federal and State income tax returns. 
 Section 6.07. Compensation
and Indemnity. 
 (a) The Issuer shall, or shall cause the Servicer to, pay to the Indenture Trustee from time to time reasonable
compensation for its services pursuant to a fee agreement between the Servicer and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall,
or shall cause the Servicer to, reimburse the Indenture Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it, including costs of collection, in addition to

  
 40 

 
the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants
and experts. The Issuer shall, or shall cause the Servicer to, indemnify and hold harmless the Indenture Trustee (and its officers, directors, employees, representatives and agents) against any and all loss, liability, damage, claim, tax (other than
taxes based on the income of the Indenture Trustee) or expense (including any attorneys’ fees) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad
faith on their part, arising out of or in connection with the acceptance or administration of transactions contemplated by this Indenture, including (i) the reasonable costs and expenses of defending themselves against any claim or liability in
connection with the exercise or performance of any of their powers or duties under this Indenture or under any of the other Basic Documents and (ii) legal fees and expenses incurred in connection with any action or suit brought by the Indenture
Trustee to enforce any indemnification or other obligation of the Issuer or Servicer, as applicable. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The shall cause the Servicer to defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer
shall, or shall cause the Servicer to, pay the fees and expenses of such counsel. Neither the Issuer nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through
(i) the Indenture Trustee’s own willful misconduct, negligence or bad faith or (ii) the breach of any of the Indenture Trustee’s representations or warranties hereunder. 

(b) The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture and
the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default specified in Section 5.01(d) with respect to the Issuer, the expenses are intended to constitute
expenses of administration under the Bankruptcy Code or any other applicable Insolvency Law. 
 Section 6.08. Replacement of
Indenture Trustee. 
 (a) No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall
become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section. The Indenture Trustee may resign at any time by so notifying the Issuer, the Depositor and the Noteholders with 30 days’ prior
written notice, and will provide all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K under the Exchange Act, with respect to the resignation of the Indenture
Trustee. The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause by notifying the Indenture Trustee with 30 days’ prior written notice (with a copy to
the Issuer, the Depositor and the Rating Agencies) of such removal and, following such removal, may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee with 30 days’ prior written notice if (i) the
Indenture Trustee fails to comply with Section 6.11, (ii) the Indenture Trustee is adjudged to be bankrupt or insolvent, (iii) a receiver or other public officer takes charge of the Indenture Trustee or its property or (iv) the
Indenture Trustee otherwise becomes incapable of acting. 

  
 41 

 (b) The Depositor may remove the Indenture Trustee with 30 days’ prior written notice if the
Indenture Trustee fails to comply with Sections 6.08 or 6.09 with respect to notice to or providing information to the Depositor, or with Sections 4.17 or 4.18 of the Sale and Servicing Agreement, in each case if such failure continues for the
lesser of ten days or such period in which the applicable Exchange Act Report can be timely filed (without taking into account any extensions). 

(c) If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture
Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment. Any successor Indenture Trustee shall deliver a written
acceptance of its appointment to the retiring Indenture Trustee, the Issuer and the Depositor and shall also provide all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with
respect to the replacement Indenture Trustee. Upon delivery of such written acceptance, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and
duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee. 
 (d) If a successor Indenture Trustee does not take office within 30 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of Notes representing not less than 51% of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee. If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee. 
 (e) Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture Trustee.
Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee. 

Section 6.09. Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor
Indenture Trustee; provided, that such corporation or banking association must be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Depositor, the Servicer, the Rating Agencies and the Noteholders
notice of any such transaction. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture
Trustee shall succeed to the trusts created by this Indenture any of the Notes shall 

  
 42 

 
have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the
Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 

Section 6.10. Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Collateral may at the time be located, the Indenture Trustee shall have the power and may execute and deliver an instrument to appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the Indenture
Trustee, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral, or any part thereof, and, subject
to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility
as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and
conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be
conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee shall not be authorized to act separately without the
Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at
the direction of the Indenture Trustee; 
 (ii) no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder; and 
 (iii) the Indenture Trustee may at any time accept the resignation of or
remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article. Each
separate trustee and co-trustee, 

  
 43 

 
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as
may be provided therein, subject to all of the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every
such instrument shall be filed with the Indenture Trustee a copy given to the Administrator. 
 (d) Any separate trustee or co-trustee may
at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by Applicable Law,
without the appointment of a new or successor trustee. 
 Section 6.11. Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA Section 310(a). The Indenture Trustee or its parent shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition, and
it shall have a long term, senior unsecured debt rating of investment grade or better by Standard & Poor’s and DBRS or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall comply with TIA
Section 310(b). 
 Section 6.12. Waiver of Setoffs. The Indenture Trustee hereby expressly waives any and all rights of
setoff that it may otherwise at any time have under Applicable Law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely in accordance with the provisions hereof and of the
other Basic Documents. 
 Section 6.13. Indenture Trustee as Securities Intermediary. 

(a) The Indenture Trustee represents that it is a securities intermediary within the meaning of Section 8-102(c)(14) and a
“bank” within the meaning of Section 9-102(a)(8) of the UCC. 
 (b) The Indenture
Trustee, in its capacity as Securities Intermediary, shall: 
 (i) treat all Collateral credited to the Trust Accounts as
“financial assets” within the meaning of Section 8-102(a)(9) of the UCC to the fullest extent permitted by the UCC; 

(ii) indicate by book entry that a financial asset has been credited to the relevant Trust Account, and when receiving a
financial asset from the Issuer or acquiring a financial asset for the Issuer, shall accept it for credit to the relevant Account; and 

(iii) comply with any “entitlement orders” (within the meaning of Section 8-102(a)(8) of the UCC) originated by
the Indenture Trustee with respect to the Trust Accounts without further consent by the Issuer. 

  
 44 

 Section 6.14. Representations and Warranties of the Indenture Trustee. The Indenture
Trustee hereby represents that: 
 (a) the Indenture Trustee is duly organized and validly existing as a national banking
association duly organized in good standing under the laws of the United States with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted; 

(b) the Indenture Trustee has the power and authority to execute and deliver this Indenture and to carry out its terms; and the
execution, delivery and performance of this Indenture have been duly authorized by the Indenture Trustee by all necessary corporate action; 

(c) the consummation of the transactions contemplated by this Indenture and the fulfillment of the terms hereof do not conflict
with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under the articles of organization or bylaws of the Indenture Trustee or any agreement or other instrument to which
the Indenture Trustee is a party or by which it is bound; and 
 (d) there are no pending or, to the best of its knowledge,
threatened actions or proceedings against the Indenture Trustee before any court, administrative agency or tribunal which, if determined adversely to it, would materially and adversely affect its ability, either in its individual capacity or as
Indenture Trustee, as the case may be, to perform its obligations under this Indenture or the other Basic Documents. 
 Section 6.15.
Preferential Collection Claims Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall
be subject to TIA Section 311(a) to the extent indicated. 
 Section 6.16. Encryption. Notwithstanding anything to the
contrary herein, any and all communications (both text and attachments) by or from the Indenture Trustee that the Indenture Trustee in its sole discretion deems to contain confidential, proprietary, and/or sensitive information may be encrypted or
made available at the Indenture Trustee’s website at http://www.usbank.com/abs on a password protected basis. 

  
 45 

 ARTICLE SEVEN 

NOTEHOLDER COMMUNICATIONS AND REPORTS 

Section 7.01. Noteholder List. The Issuer shall furnish or cause to be furnished to the Indenture Trustee (i) not more than
three days after the earlier of (a) each Record Date and (b) three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such
Record Date, and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the
time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished. 

Section 7.02. Noteholder List Retention; TIA Communication. The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by the Indenture Trustee in
its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. Noteholders may communicate pursuant to TIA Section 312(b) with other
Noteholders with respect to their rights under this Indenture or under the Notes. The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). Upon written request of any Noteholder made for purposes
of communicating with other Noteholders with respect to their rights under this Indenture, the Note Registrar shall promptly furnish such Noteholder with a list of the other Noteholders of record identified in the Note Register at the time of the
request or shall request a DTC participant listing at the expense of such Noteholder. Every Noteholder, by receiving such access, agrees with the Note Registrar that the Note Registrar will not be held accountable in any way by reason of the
disclosure of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived. 

Section 7.03. Noteholder Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or
a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and
by notice to the Indenture Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter
from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, other
than requests, demands or directions relating to an asset representations review demand under Section 7.05 (for which the Indenture Trustee’s fees and expenses shall be payable pursuant to Section 6.07) unless the Noteholder or Note
Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction. 

  
 46 

 Section 7.04. Communications between Noteholders. Three or more Noteholders (if the
Notes are represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) may request a list of all Noteholders or Note Owners, as applicable, maintained by the Indenture Trustee for the purpose of communicating
with other Noteholders about their rights under this Indenture or under the Notes. Any such request must be accompanied by a copy of the communication that the requesting Noteholders propose to send. A Noteholder (if the Notes are represented by
Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic
Documents may send a request to the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be filed by the Issuer with the Commission. Each request must include (a) the name of the
requesting Noteholder or Note Owner, (b) the method by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (c) in the case of a Note Owner, a certification from that Person that it
is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. A Noteholder or Note Owner, as applicable,
that delivers a request under this Section will be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under
this Indenture or the other Basic Documents, and will not be used for other purposes. The Issuer will promptly deliver any request to the Servicer. On receipt of a request, the Servicer will include in the Form 10-D filed by the Issuer with the
Commission for the Collection Period in which the request was received (i) a statement that the Issuer has received a request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other Noteholders or Note
Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents, (ii) the name of the requesting Noteholder or Note Owner, (iii) the date the request was received and (iv) a description of
the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. Any expenses of the Issuer or the Servicer relating to an investor communication, including any review of documents
evidencing ownership of a Note and the inclusion of the investor communication information in a Form 10-D, will be paid by the Servicer. 

Section 7.05. Noteholder Demand for Asset Representations Review. If a Delinquency Trigger occurs, a Noteholder (if the Notes are
represented by Definitive Notes), a Note Owner (if the Notes are represented by Book-Entry Notes), a Certificateholder (if the Certificates are represented by Definitive Certificates) or a Certificate Owner (if the Certificates are represented by
Book-Entry Certificates) may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Receivables under the
Asset Representations Review Agreement. In the case of a Note Owner or Certificate Owner, each demand must be accompanied by a certification from that Person that it is a Note Owner or Certificate Owner, together with at least one form of
documentation evidencing its ownership of a Note or Certificate, including a trade confirmation, account statement, letter from a broker or dealer or similar document. If Noteholders and Note Owners of at least 5% of the aggregate Note Balance of
the Notes as of the related Record Date or Certificateholders and Certificate Owners of at least 40% of the aggregate Percentage Interests of the Certificates as of the related Record Date 

  
 47 

 
demand a vote within 90 days of the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger, (i) the Indenture Trustee will promptly request a vote of the Noteholders as
of the related Record Date through the Clearing Agency using the Indenture Trustee’s standard procedures for conducting a vote for Noteholders or, with respect to Book-Entry Notes, as directed by the Note Owners or the applicable Clearing
Agency procedures for such votes and (ii) and the Issuer’s Form 10-D filing for the Collection Period in which the demand requirement was met will include a statement that sufficient requesting Noteholders or Note Owners, or
Certificateholders or Certificate Owners, as applicable, are requesting a full Noteholder or Note Owner vote to commence a Review. The vote will remain open until the 150th day after the filing of the Form 10-D. The Form 10-D filing also will
specify the applicable voting procedures. Assuming a voting quorum of Noteholders holding at least 5% of the aggregate Note Balance of the Outstanding Notes is reached, if the Noteholders of a majority of the Note Balance of Outstanding Notes voted
agree to a Review, the Indenture Trustee will promptly send a Review Notice to the Asset Representations Reviewer and the Servicer under the Asset Representations Review Agreement informing the Asset Representations Reviewer to conduct the Review.
Any fees and expenses incurred by the Indenture Trustee pursuant to this Section shall be subject to reimbursement pursuant to Section 6.07. For the avoidance of doubt, the Indenture Trustee shall not be required to determine whether, or give
notice to Noteholders or Certificateholders that a Delinquency Trigger has occurred or determine which assets are subject to a Review by an Asset Representations Reviewer. The Indenture Trustee shall have no obligation to pursue or otherwise be
involved in resolving any Repurchase Request, including any such request that is the subject of dispute resolution, unless it is directed to do so by the Noteholders representing not less than 51% of the Note Balance of the Controlling Class and
such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in
compliance with such direction. For the avoidance of doubt, if the Indenture Trustee does not agree to pursue or otherwise be involved in resolving any Repurchase Request, the Noteholders representing not less than 51% of the Note Balance of the
Controlling Class may independently pursue dispute resolution in respect of such Repurchase Request in accordance with Section 3.04 of the Sale and Servicing Agreement. The Indenture Trustee may select a vote agent that is experienced in the
administration of Noteholder votes and/or consent solicitations to conduct and administer any Noteholder vote about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Receivables and, so long as the Indenture
Trustee selects such vote agent with due care, the Indenture Trustee will not be liable for any actions or inactions of such vote agent. 

Section 7.06. Reports by Indenture Trustee. 

(a) If required by TIA Section 313(a), within 60 days after each December 31, beginning with December 31, 2016, the
Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee shall also comply with TIA Section 313(b). 

(b) The Indenture Trustee shall provide to the Administrator and the Servicer, to be filed by the Administrator or the Servicer with the
Commission and each stock exchange, if any, on which the Notes are listed, a copy of each report mailed to Noteholders pursuant to this Indenture. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

  
 48 

 Section 7.07. Reports by Issuer. 

(a) The Issuer shall: 

(i) file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission,
copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with the Indenture Trustee and the
Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as
may be required from time to time by such rules and regulations; and 
 (iii) supply to the Indenture Trustee (and the
Indenture Trustee shall mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) above and by the rules and
regulations prescribed from time to time by the Commission. 
 (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer
shall end on December 31 of each year. 

  
 49 

 ARTICLE EIGHT 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

Section 8.01. Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the
Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture, if any default occurs in the
making of any payment or performance under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution
of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article Five. 

Section 8.02. Trust Accounts. 

(a) On or prior to the Closing Date, the Issuer shall cause the Indenture Trustee to establish with the Paying Agent on its behalf and maintain
the Trust Accounts for the benefit of the Noteholders as provided in Section 5.01 of the Sale and Servicing Agreement. 
 (b) On the
day required by Section 5.02 of the Sale and Servicing Agreement, all Available Collections will be deposited in the Collection Account as provided in Section 5.02 of the Sale and Servicing Agreement. On each Payment Date, all amounts
required to be distributed from the Collection Account and Principal Distribution Account pursuant to Section 5.04 of the Sale and Servicing Agreement will be transferred from such accounts and distributed in accordance with Section 5.04
of the Sale and Servicing Agreement; provided, however, that following the occurrence and during the continuation of an Event of Default which has resulted in an acceleration of the Notes, all amounts on deposit in the Collection Account, the
Principal Distribution Account and Reserve Account shall be applied pursuant to Section 5.04. 
 (c) Interest on and principal of each
Note shall be payable in accordance with the instruction of the Servicer given to the Indenture Trustee from and to the extent of funds available in accordance with Section 5.04 of the Sale and Servicing Agreement. The final payment of
principal of and interest on each Note (or payment of the Redemption Price thereof in the case of a Note called for redemption pursuant to Article Ten) shall be payable only upon presentation and surrender thereof at the Corporate Trust Office
or at the office of any Paying Agent. 
 (d) No interest will accrue with respect to any Note from and after the related Final Scheduled
Payment Date with respect thereto to the extent that all amounts owing with respect to such Notes were Paid in full on such Payment Date. 

(e) So long as the Indenture Trustee shall be the Paying Agent, the Indenture Trustee shall make payments of principal on the Notes from
amounts deposited into the Principal 

  
 50 

 
Distribution Account and shall make payment of interest on the Notes from amounts deposited into the Collection Account; provided, however, that if the Owner Trustee has removed the Indenture
Trustee as the Paying Agent, the Indenture Trustee shall distribute such amounts to the Paying Agent as instructed by the Owner Trustee. If an Event of Default has occurred and the Notes have been accelerated under Section 5.02, then amounts
then held in the Collection Account shall be treated by the Indenture Trustee as money or property collected pursuant to Article Five and shall be applied as provided in Section 5.04(b). 

Section 8.03. General Provisions Regarding Trust Accounts. The Indenture Trustee shall not in any way be held liable by reason of
any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the
Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 Section 8.04.
Release of Collateral. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee
may, and when required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction
of any conditions precedent or see to the application of any monies. 
 (b) Notwithstanding any other provision of this Indenture, the
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.07 have been paid in full, release any remaining portion of the Collateral from the Lien of this Indenture
and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this subsection only upon receipt of an Issuer
Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, if required by the TIA or Section 11.01, Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA, and otherwise in accordance with the
applicable requirements of Section 11.01. 
 Section 8.05. Opinion of Counsel and Officer’s Certificate. The Indenture
Trustee shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, except in
connection with any action contemplated by Section 8.04(b), as a condition to such action, an Opinion of Counsel stating the legal effect of any such action, outlining the steps required to complete such action, and concluding that all
conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture;
provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

  
 51 

 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

Section 9.01. Supplemental Indentures With Consent of the Noteholders. 

(a) Except as permitted by Section 9.02, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, subject to
satisfaction of the Rating Agency Condition and with the consent of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under
this Indenture; provided that the Issuer shall have received a Tax Opinion (and shall have delivered copies thereof to the Indenture Trustee); provided, further, that no such supplemental indenture shall, without the consent of the Holder of each
outstanding Note affected thereby: 
 (i) change any Final Scheduled Payment Dates, the date of payment of any installment of
principal of or interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the
proceeds of the sale of, the Collateral to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit
for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article Five, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in
the case of redemption, on or after the Redemption Date); 
 (ii) reduce the percentage of the Note Balance or the Note
Balance of the Controlling Class, the consent of the Holders of Notes of which is required for any such supplemental indenture, or the consent of the Holders of Notes of which is required for any waiver of compliance with certain provisions of, or
certain defaults and their consequences provided for in, this Indenture; 
 (iii) change the definition of “Controlling
Class,” “Note Balance”, “Outstanding” or any other provision hereof specifying the number or percentage of Holders required to waive, amend or modify any rights hereunder or make any determination or grant any consent
hereunder; 
 (iv) modify or alter the provisions of this Indenture regarding the voting of Notes held by the Issuer, any
other obligor on the Notes, the Depositor or any Affiliate of any of them, or definition of “Notes”; 
 (v) reduce
the percentage of the Notes required to be represented to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Collateral pursuant to Section 5.04; 

  
 52 

 (vi) modify any provision of this Section except to increase any percentage
specified herein or to provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Holder of each Note affected thereby; 

(vii) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment
of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption
of the Notes contained herein; or 
 (viii) permit the creation of any lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Collateral or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Noteholder of the security provided by
the lien of this Indenture. 
 (b) The Indenture Trustee may in its discretion or at the advice of counsel determine whether or not any
Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable
for any such determination made in good faith. It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the
substance thereof. 
 (c) Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to
this Section, the Indenture Trustee shall mail to the Holders of the Notes to which such supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to
mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 9.02. Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Noteholders or any other Person, but with prior written notice to the Rating Agencies, the Issuer and the
Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the
execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
 (i) to correct or
amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to
subject additional property to the lien of this Indenture; 

  
 53 

 (ii) to evidence the succession, in compliance with the applicable provisions
hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer contained herein and in the Notes; 

(iii) to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein
conferred upon the Issuer; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture
Trustee; 
 (v) to cure any ambiguity, to correct or to supplement any provision herein or in any supplemental indenture
which may be inconsistent with any other provision herein or in any supplemental indenture or in any (A) offering document used in connection with the initial offer and sale of the Notes or to add any provisions to or change in any manner or
eliminate any of the provisions of this Indenture which will not be inconsistent with other provisions of this Indenture or (B) other Basic Document with respect to matters or questions arising under this Indenture or in any supplemental
indenture; 
 (vi) to make any other provisions with respect to matters or questions arising under this Indenture or in any
supplemental indenture; provided, that such action shall not materially adversely affect the interests of the Noteholders; 

(vii) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes
and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article Six; or 

(viii) to amend Article Twelve as set forth in Sections 12.01 and 12.04; 

(ix) to add, modify or eliminate such provisions as may be necessary or advisable in order to enable (A) the transfer to
the Issuer of all or any portion of the Receivables to be derecognized under U.S. generally accepted accounting principles by the Seller to the Issuer, (B) the Issuer to avoid becoming a member of the Seller’s consolidated group under
U.S. generally accepted accounting principles or (C) the Seller or any of its Affiliates to otherwise comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle (whether now or in the
future in effect); or 
 (x) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be
necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA or the rules and regulations of
the Commission; 
 provided, however, that no such supplemental indenture (i) may materially adversely affect the interests of any Noteholder and
(ii) will be permitted unless (A) the Rating Agency Condition shall have been satisfied with respect to such action, or (B) a Tax Opinion is delivered to the 

  
 54 

 
Indenture Trustee. The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may
be therein contained. 
 (b) A supplemental indenture shall be deemed not to materially adversely affect the interests of any Noteholder if
(i) the Rating Agency Condition has been satisfied with respect to such supplemental indenture and (ii) the Person requesting such supplemental indenture obtains and delivers to the Indenture Trustee an Opinion of Counsel (which counsel
may not be in-house counsel to the Servicer or the Depositor) to the effect that the supplemental indenture would not materially adversely affect the interests of any Noteholder. 

Section 9.03. Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that the conditions precedent in this Indenture to the execution and delivery of such supplemental indenture have been
satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that materially affects the Indenture Trustee’s rights, duties, liabilities, indemnities or immunities under this Indenture or
otherwise. Prior to the execution of any supplemental indenture to this Indenture, the Issuer shall provide each Rating Agency with written notice of the substance of such amendment. Promptly after the execution of any supplemental indenture, the
Issuer shall provide a fully executed copy of such supplemental indenture to each Rating Agency. 
 Section 9.04. Effect of
Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected
thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.05. Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
 Section 9.06. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be qualified under the TIA. 

  
 55 

 ARTICLE TEN 

REDEMPTION OF NOTES 

Section 10.01. Redemption. 

(a) The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 9.01 of the Sale
and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Collateral (other than the Reserve Account) pursuant to such Section and the Optional Purchase Price paid by the Servicer shall be treated as
Available Collections and applied to pay the Note Balance, all accrued and unpaid interest thereon, all amounts due to the Servicer under the Sale and Servicing Agreement and all amounts due to the Trustees, any Backup Servicer and the
Administrator. 
 (b) The Servicer or the Issuer shall furnish the Rating Agencies and the Indenture Trustee notice of such redemption. If
the Notes are to be redeemed pursuant to this Section, the Servicer shall furnish notice of such redemption to the Indenture Trustee not later than 30 days prior to the Redemption Date and the Issuer will, or will cause the Servicer to, deposit
on the Business Day prior to the Redemption Date with the Indenture Trustee in the Collection Account the Redemption Price (as well as all Available Fund), whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing
of a notice complying with Section 10.02 to each Holder of the Notes. 
 Section 10.02. Form of Redemption Notice. 

(a) Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by
facsimile, and mailed or transmitted not later than ten days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address or
facsimile number appearing in the Note Register. 
 (b) All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that the Record Date otherwise applicable to that Redemption Date is not applicable and that payments will be made only
upon presentation and surrender of those Notes; 
 (iv) the place where such Notes are to be surrendered for payment of the
Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.02); and 

(v) that on the Redemption Date, the Redemption Price will become due and payable upon the Notes and interest on the Notes
shall cease to accrue from and after the Redemption Date. 

  
 56 

 (c) Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 

Section 10.03. Notes Payable on Redemption Date. The Notes shall, following notice of redemption as required by
Section 10.02, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to
which accrued interest is calculated for purposes of calculating the Redemption Price. 

  
 57 

 ARTICLE ELEVEN 

MISCELLANEOUS 

Section 11.01. Compliance Certificates and Opinions, Etc. 

(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) if required by Section 11.01(b)(i) or the TIA, an Independent Certificate, except that, in the case of any such
application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition
and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement
that, in the opinion of each signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (iv) a statement as to whether, in the opinion of each signatory, such condition or covenant has been complied with.

 (b) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for
the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture, deliver to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of each individual signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 

(i) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of any signer thereof as to the matters described in Section 11.01(b), the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the property or
securities to be so deposited and of all other such securities made the basis 

  
 58 

 
of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer is 10% or more of the Note Balance of all Notes, but such a certificate need not be
furnished with respect to any property or securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance of all Notes. 

(ii) Other than with respect to any release described in clause (A) or (B) of Section 11.01(b)(iv), whenever any
property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair
value (as of a date no more than 30 days prior to such release) of the property or securities proposed to be released and stating that in the opinion of such person, the proposed release will not impair the security under this Indenture in
contravention of the provisions hereof. 
 (iii) Whenever the Issuer is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (ii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the
fair value of the property or securities and of all other property, other than property as contemplated by Section 11.01(b)(iv), or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as
set forth in the certificates required by clause (ii) above and this clause (iii), equals 10% or more of the Note Balance of all Notes, but such certificate need not be furnished in the case of any release of property or securities if the
fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance at the time of such release. 

(iv) Notwithstanding Section 4.04 or any other provision of this Section, the Issuer may, without compliance with the
requirements of the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Basic Documents (including in connection with payment
of the Purchase Amount therefor to the Issuer) and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents. 

Section 11.02. Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person
may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(a) Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters,
upon a certificate or an opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the

  
 59 

 
matters upon which such certificate or opinion are based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer,
the Depositor, the Issuer or the Administrator, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or representations with respect to such matters are erroneous. 

(b) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

(c) Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is
provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or
to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided
in Article Six. 
 Section 11.03. Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall
become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

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

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind the Holder of
every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note. 

  
 60 

 Section 11.04. Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating
Agencies. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided
or permitted by this Indenture shall be in writing and, if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other document is to be made upon, given or furnished to or filed with: 

(i) the Indenture Trustee by any Noteholder or by the Issuer, shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; or 
 (ii) the Issuer by the
Indenture Trustee or by any Noteholder, shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to: California Republic Auto Receivables Trust 2016-2, in care of Wilmington Trust,
National Association, as Owner Trustee, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at any other address previously furnished in writing to the Indenture Trustee by
the Issuer or the Administrator; the Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 

(b) Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be in writing and,
upon notice that it has been posted to the Depositor’s Rule 17g-5 Website, personally delivered, mailed by certified mail, return receipt requested or delivered by e-mail, to DBRS, at the following address: DBRS, Inc., 140 Broadway, New
York, New York 10005 (e-mail: abs_surveillance@dbrs.com); or to Standard & Poor’s at the following address: Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, 55 Water
Street, New York, New York 10041, Attention: Asset Backed Surveillance Department (e-mail: Servicer_reports@sandp.com), or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 

(c) All demands, notices, communications and instructions upon or to the Depositor under this Agreement shall be in writing, personally
delivered, faxed and followed by first class mail, or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt by, in the case of the Depositor, California Republic Funding, LLC, 18400 Von Karman,
Suite 1100, Irvine, California 92612, Attention: General Counsel, Facsimile No. (949) 270-9799; with a copy to California Republic Bank, 18400 Von Karman, Suite 1100, Irvine, California 92612, Attention: General Counsel, Facsimile
No. (949) 270-9799. 
 Section 11.05. Notices to Noteholders; Waiver. Where this Indenture provides for any notice,
report or other communication to any Noteholders, such notice, report or other communication shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected
by such event, at such Holder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice, report or other

  
 61 

 
communication and shall be deemed given only upon receipt. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

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

Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

Section 11.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in this Indenture by any provisions of the Trust Indenture Act, such required provision shall control. 

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

Section 11.08. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 11.09. Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

  
 62 

 Section 11.10. Severability. In case any provision in this Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

Section 11.11. Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their permitted successors hereunder, the Noteholders and Note Owners (and, with respect to Section 5.04, the Certificateholders and Certificate Owners) and their respective successors and assigns, any other
party secured hereunder and any other Person with an ownership interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 11.12. Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and except
as otherwise provided in the Basic Documents, no interest shall accrue for the period from and after any such nominal date. 

Section 11.13. GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 11.14. Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 11.15. Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such
recording shall be effected by the Issuer and at the expense of the Servicer accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or
for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 Section 11.16. Trust
Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate delivered in connection herewith or
therewith, against (i) either Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, solely in such capacity, including the Depositor or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of either Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, solely in such capacity, either Trustee or of any successor or assign of the either Trustee in its individual capacity,
except as any such Person may have expressly agreed (it being understood that neither Trustee has any such obligations in its individual capacity). For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article Six, Seven and Eight of the Trust Agreement. 

  
 63 

 Section 11.17. Non-Petition. The Indenture Trustee, by entering into this Indenture,
each Noteholder and Note Owner, by accepting a Note or a beneficial interest in a Book-Entry Note, as the case may be, and each Certificateholder and Certificate Owner, by accepting the benefits of this Indenture, hereby covenants and agrees that it
will not at any time institute against the Issuer or the Depositor, or join in any institution against the Issuer or the Depositor, of any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any
Insolvency Law in connection with any obligations relating to the Basic Documents, and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer or the Depositor during the same period. 

Section 11.18. Limitation of Liability. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by Wilmington Trust, not
individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is
made and intended not as personal representations, undertakings and agreements by Wilmington Trust, but is made and intended for the purpose for binding only the Issuer, (iii) nothing herein contained shall be construed as creating any
liability on Wilmington Trust, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under
the parties hereto and (iv) under no circumstances shall Wilmington Trust be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by the Issuer under this Indenture or any other related documents. 
 (b) Notwithstanding anything contained
herein to the contrary, this Indenture has been accepted by U.S. Bank, not in its individual capacity but solely as Indenture Trustee, and in no event shall U.S. Bank have any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer in accordance with the priorities set forth herein.

 Section 11.19. WAIVER OF JURY TRIAL. EACH OF THE ISSUER AND THE INDENTURE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 11.20. PATRIOT Act. The parties hereto acknowledge that, in accordance with Section 326 of the Patriot Act, U.S. Bank
and CRB, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or

  
 64 

 
opens an account. The parties to this Indenture agree that they will provide U.S. Bank and CRB, as the case may be, with such information as either may request in order for U.S. Bank and CRB to
satisfy the requirements of the Patriot Act. 
 Section 11.21. Submission to Jurisdiction. Each of the parties hereto hereby
irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action relating to this Indenture or
any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York located in the Borough of Manhattan,
the courts of the United States for the Southern District of New York and appellate courts from any thereof; 
 (b) consents
that any such action may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the
same; and 
 (c) waives, to the fullest extent permitted by Applicable Law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Indenture or the transactions contemplated hereby. 
 Section 11.22. No Waiver;
Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Person, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by Applicable Law. 
 Section 11.23. Conflicts with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. The provisions of TIA
§§ 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically
contained herein. 
 Section 11.24. No Recourse. The Notes represent obligations of the Issuer only and do not represent an
interest in or obligations of the Servicer, the Depositor or any of their respective Affiliates, and no recourse may be had against such parties or their assets, except as may be set forth in this Indenture and the other Basic Documents. Each
Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee
on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) either Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, 

  
 65 

 
director or employee of either Trustee in its individual capacity or any holder of a beneficial interest in the Issuer, either Trustee or of any successor or assign of either Trustee in its
individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 

  
 66 

 ARTICLE TWELVE 

COMPLIANCE WITH THE FDIC RULE 

Section 12.01. Purpose. 

(a) Each of the Noteholders, the issuing entity (as hereinafter defined), CRB and the Indenture Trustee acknowledges and agrees that the
purpose of this Article is to facilitate compliance by CRB with the provisions of the FDIC Rule. Each of the Noteholders, the issuing entity, CRB and the Indenture Trustee acknowledges that the interpretations of the requirements of the FDIC Rule
may change over time, whether due to interpretive guidance provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in this
Article shall have the effect and meanings that are appropriate under the FDIC Rule as such meanings change over time on the basis of evolving interpretations of the FDIC Rule. 

(b) If any provision of the FDIC Rule is amended, or any interpretive guidance regarding the FDIC Rule is provided by the FDIC or its staff,
as a result of which the issuing entity determines that an amendment to this Article is necessary or desirable, then the issuing entity and the Indenture Trustee shall be authorized and entitled to amend this Article in accordance with such
FDIC Rule amendment or guidance, provided that the issuing entity delivers to the Indenture Trustee an Officer’s Certificate to the effect that (i) such amendment will not have a material adverse effect on the Noteholders or (ii) such
amendment is required to remain in compliance with the FDIC Rule. Nothing in this subsection shall limit the rights of the Indenture Trustee pursuant to Section 9.03. 

(c) As used in this Article, but subject to the rules of interpretation specified in Section 12.01(a) and Section 12.01(b),
references to (i) the “sponsor” shall mean CRB, (ii) the “issuing entity” shall mean, collectively, the Depositor and the Issuer (except in Section 12.02(e), where such term shall have the meaning set forth in the
FDIC Rule), (iii) the “servicer” shall mean the Servicer or Administrator, as applicable, (iv) “obligations” or “securitization obligations” shall mean the Notes and, to the extent permitted by the FDIC Rule,
the Certificates, (v) “investors” shall mean the Noteholders and, to the extent permitted by the FDIC Rule, Certificateholders, and (vi) “financial assets” and “securitized financial assets” shall mean the
Receivables (except in Section 12.02(e), where such term shall have the meaning in the FDIC Rule). 
 (d) The issuing entity believes
that the transactions and actions contemplated by the Basic Documents comply with the requirements of Section 12.02. 

Section 12.02. Requirements of FDIC Rule. As required by the FDIC Rule: 

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

  
 67 

 (b) The sponsor, issuing entity, and/or servicer, as appropriate, shall make
available to investors, information describing the financial assets, obligations, capital structure, compensation of relevant parties, and relevant historical performance data set forth below: 

(i) On or prior to issuance of obligations and at the time of delivery of any periodic distribution report and, in any event,
at least once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized financial assets shall be disclosed to all potential investors at the financial asset or pool level, as appropriate for the
financial assets, and security level to enable evaluation and analysis of the credit risk and performance of the obligations and financial assets. Such information and its disclosure, at a minimum, shall comply with the requirements of Regulation AB
or any successor disclosure requirements for public issuances, even if the obligations are issued in a private placement or are not otherwise required to be registered; provided, however, that information that is unknown or not available to the
sponsor or the issuing entity after reasonable investigation may be omitted if the issuing entity includes a statement in the offering documents disclosing that the specific information is otherwise unavailable; 

(ii) On or prior to issuance of obligations, the structure of the securitization and the credit and payment performance of the
obligations shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features; representations and warranties made with respect to the financial assets, the remedies for and the time
permitted for cure of any breach of representations and warranties, including the repurchase of financial assets, if applicable; liquidity facilities and any credit enhancements permitted by the FDIC Rule, any waterfall triggers or priority of
payment reversal features; and policies governing delinquencies, servicer advances, loss mitigation, and write-offs of financial assets; 

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

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

  
 68 

 (c) Prior to the Section 941 Effective Date, the sponsor shall retain an
economic interest in a material portion, defined as not less than five percent, of the credit risk of the financial assets. This retained interest may be either in the form of an interest of not less than five percent in each of the credit tranches
sold or transferred to the investors or in a representative sample of the securitized financial assets equal to not less than five percent of the principal amount of the financial assets at transfer. This retained interest may not be sold or pledged
or hedged, except for the hedging of interest rate or currency risk, during the term of the securitization. 
 (d) The
obligations shall not be predominantly sold to an Affiliate (other than a wholly-owned subsidiary consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor. 

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

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

(g) The sponsor shall maintain continuously, from the time of execution, a copy of all executed Basic Documents and other
securitization agreements in its official records. 
 Section 12.03. Performance. The issuing entity agrees to (i) perform
the covenants set forth in Section 12.02, except to the extent any such obligation is imposed exclusively on the servicer or the sponsor and (ii) facilitate compliance with this Article by CRB and the Depositor. 

Section 12.04. Effect of Section 941 Rules. The sponsor will be required to adjust the economic interest it retains to the
extent necessary to comply with Section 941 Rules upon the Section 941 Effective Date and thereafter. However, Section 12.02(c) shall not be construed to require the sponsor to retain any greater economic interest in the credit risk
of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to adjust the amount of credit risk that it retains,
or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with Applicable Law. Within a reasonable time after the sponsor has so adjusted the
amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Noteholders and the Certificateholders, and each of the Indenture Trustee, the Depositor and CRB is authorized and entitled to amend Section 12.02(c),
in accordance with and to the extent the issuing entity determines necessary or appropriate, to reflect the requirements of the Section 941 Rules. 

  
 69 

 Section 12.05. Actions Upon Repudiation. Without such actions constituting an
acknowledgement or agreement by any investor or any other party to the Basic Documents that the provisions of paragraph (d)(4) of the FDIC Rule are applicable: 

(a) In the event that CRB becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for CRB
provides a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the FDIC in such capacity will pay damages as provided in such paragraph (d)(4)(ii). Upon making such
determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter, so notify the Indenture Trustee and the Owner Trustee. 

(b) Following delivery of the notice specified in Section 12.05(a): 

(i) at the direction of the Holders of at least 25% of the Note Balance of the Controlling Class, the Indenture Trustee shall
request and the Servicer shall compute the damages due to the Holders of each Class of Notes pursuant to paragraph (d)(4)(ii) of the FDIC Rule and shall notify the Indenture Trustee, the Owner Trustee and the FDIC of such amounts; and 

(ii) at the direction of the Certificateholders pursuant to the Trust Agreement, the Owner Trustee shall provide the Servicer
with written instructions setting forth the amount of damages claimed by the Certificateholders pursuant to paragraph (d)(4)(ii) of the FDIC Rule, and the Servicer shall notify the Indenture Trustee, the Owner Trustee and the FDIC of such claim
for damages. 
 (c) If any principal or accrued interest on the Notes remains unpaid upon receipt of the notice specified in
Section 12.05(a), the Indenture Trustee shall thereupon determine the Applicable Payment Date for making a distribution to Noteholders of such damages, which date shall be the earlier of (i) the next Payment Date on which such damages
could be distributed and (ii) the earliest practicable date by which the Indenture Trustee could declare a special payment date, in each case subject to all applicable provisions of this Indenture, Applicable Law and the procedures of the
Clearing Agency. The Indenture Trustee is authorized and instructed to retain possession and control of the Trust Accounts and all amounts on deposit therein. 

(d) When the Applicable Payment Date is determined, the Servicer shall promptly compute the amount of interest to be paid on
each Class of Notes on the Applicable Payment Date, which interest (unless such Applicable Payment Date is a Payment Date) shall be the amount accruing up to the Applicable Payment Date and which shall be computed by pro rating the amount that would
otherwise be payable on the next succeeding Payment Date on the basis of (i) the number (not to exceed 30) of days elapsed from such preceding Payment Date divided by (ii) 30. The Servicer shall notify the Indenture Trustee of the
applicable amounts of principal and interest to be paid on each Class of Notes and the Aggregate Note Amount not later than the Business Day following the day on which the Applicable Payment Date is determined. 

  
 70 

 (e) If the Applicable Payment Date is a special payment date, the Indenture
Trustee shall (i) declare such special payment date (the record date for which shall be the close of business on the day immediately preceding such special payment date), (ii) declare a special distribution to Noteholders consisting of
unpaid interest on each Note and the outstanding principal balance of each Note and (iii) deliver notice to the Noteholders and the Servicer (which shall deliver such notice to the Owner Trustee) of such special payment date and special
distribution. 
 (f) Following payment by the FDIC of any damages described in Section 12.05(a), 

(i) such damages shall be deposited, first, into the Principal Distribution Account (in an amount equal to the lesser of the
(A) the Aggregate Note Amount and (B) the amount of such damages) and, second, into the Certificate Distribution Account under the Trust Agreement (in the amount of such damages, if any, remaining after making the deposit described in
clause first); 
 (ii) the Servicer shall promptly, and no later than one Business Day after such damages have been paid by
the FDIC, (A) compute the amount, if any, required to be withdrawn from available funds in the Reserve Account (and, if necessary, the Collection Account) and transferred to the Principal Distribution Account so that the amount on deposit in
the Principal Distribution Account shall equal the Aggregate Note Amount, if any and (B) promptly inform the Indenture Trustee and Owner Trustee of such computations; and 

(iii) on the Applicable Payment Date, the Indenture Trustee, at the written direction of the Servicer, shall, based on the
computations in Section 12.05(e), first, withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount so computed and cause such amount to be deposited into the Principal
Distribution Account and second, cause all amounts deposited in the Principal Distribution Account pursuant to this Section to be applied in accordance with Section 2.07, to the extent of the amounts available for application pursuant
thereto (but distributing to each class the amount of interest computed by the Servicer pursuant to Section 12.05(c), rather than the amount specified in Section 2.07). 

(g) As promptly as practicable after giving effect to the distributions in Section 12.05(f), any funds remaining in the
Principal Distribution Account, the Certificate Distribution Account, the Collection Account and the Reserve Account shall be distributed on the earlier of (i) the date, if any, specified in the Trust Agreement and (ii) the following
Payment Date (or on such applicable distribution date, if it is a Payment Date), such distributions to be made in accordance with the applicable provisions of the Basic Documents, with the Servicer to adjust the amounts of such distributions to take
into account the amounts distributed on the applicable distribution date. 

  
 71 

 Section 12.06. Notice. 

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

(b) If the FDIC (i) is appointed as a conservator or receiver of CRB and (ii) is in default in the payment of principal or interest
when due following the expiration of any cure period hereunder or under the other Basic Documents, the Indenture Trustee at the written direction of the Holders of at least 25% of the Note Balance of the Controlling Class, the Servicer or a
Noteholder shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and under the other Basic Documents. 

(c) If (i) the FDIC is appointed as a conservator or receiver of CRB, (ii) the Notes have been Paid in full and (iii) the FDIC
is in default in the payment of any amounts due to Certificateholders following the expiration of any cure period hereunder or under the other Basic Documents, the Owner Trustee at the direction of a Certificateholders shall be entitled to deliver
written notice to the FDIC requesting the exercise of contractual rights hereunder and under the other Basic Documents. 

Section 12.07. Reservation of Rights. Notwithstanding anything herein to the contrary, neither the inclusion of this
Article in this Indenture nor the compliance by any Person with, or the acknowledgment by any Person of, this Article’s provisions (i) constitutes an agreement or acknowledgment by any Person that, in the case of an insolvency
proceeding with respect to CRB, a receiver or conservator will have any rights with respect to the trust estate under this Indenture or (ii) shall be deemed to limit in any way whatsoever the right of any Person to contest any decision,
assertion or other action taken or made by such a receiver or conservator in respect of the obligations or the Basic Documents, including any such action seeking to apply the FDIC Rule, or the provisions of paragraph (d)(4) of the FDIC Rule
rather than paragraph (d)(3) thereof, to the transactions contemplated by the Basic Documents. 

  
 72 

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

			
	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2
		
	By:	 	WILMINGTON TRUST, NATIONAL
		 	ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2016-2 Indenture

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2016-2 Indenture

 EXHIBIT A 

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

CLASS [A-1][A-2][A-3][A-4][B][C] ASSET BACKED NOTE 

EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE REPRESENTED THAT EITHER (I) IT IS NOT, AND IT IS NOT INVESTING ON BEHALF OF, OR
WITH THE PLAN ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF 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 IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE OR TO ANY FEDERAL, STATE OR LOCAL LAW THAT IMPOSES REQUIREMENTS SIMILAR TO TITLE I OF
ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY “SIMILAR LAW”) OR (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF DEPARTMENT OF LABOR
REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHERWISE OR (II) ITS ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION OF ANY APPLICABLE SIMILAR LAW. EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. 

A FIDUCIARY OF A BENEFIT PLAN PURCHASING THE NOTES WITH THE ASSETS OF A BENEFIT PLAN IS DEEMED TO REPRESENT THAT THE PURCHASE OF ONE OR MORE
NOTES IS CONSISTENT WITH ITS FIDUCIARY DUTIES UNDER ERISA AND DOES NOT RESULT IN A NONEXEMPT PROHIBITED TRANSACTION AS DEFINED IN SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.)). 
 TRANSFERS OF THIS NOTE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO HEREIN. 

  
 A-1 

 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE. 

THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN
INTERNAL REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8 (OR
SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE) MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL BACK-UP WITHHOLDING UPON PAYMENTS TO THE
HOLDER IN RESPECT OF THIS NOTE. 
 [[FOR CLASS A-2, A-3, A-4, B AND C NOTES] THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO [[FOR THE CLASS A-2 NOTES] THE
CLASS A-1 NOTES] [[FOR THE CLASS A-3 NOTES] THE CLASS A-1 NOTES AND THE CLASS A-2 NOTES] [[FOR THE CLASS A-4 NOTES] THE CLASS A-1 NOTES, THE CLASS A-2 NOTES AND THE CLASS A-3 NOTES] [[FOR THE CLASS B NOTES] THE CLASS A NOTES] [[FOR THE CLASS C
NOTES] THE CLASS A NOTES AND THE CLASS B NOTES] 
 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2 

    % CLASS [A-1][A-2][A-3][A-4][B][C] ASSET BACKED NOTE 

$            1

  

			
	NOTE No. R-1	  	CUSIP NO.                     

 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2, a Delaware statutory trust (herein referred to as the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of          MILLION DOLLARS
($        ), payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator is $        
and the denominator of which is $         by (ii) the aggregate amount, if any, payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date; provided,
however, that the entire unpaid principal amount of this Note shall be payable on the earlier of             , 20     (the
“Class [A-1][A-2][A-3][A-4][B][C] Final Scheduled Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed
thereto in the Indenture or, if not defined therein, then in the Sale and Servicing Agreement, in each case referred to on the reverse hereof. 
  

 

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

  
 A-2 

 The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date
(to the extent that such rate does not exceed the maximum rate permitted by Applicable Law) until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the close of business on the
preceding Payment Date (after giving effect to all payments of principal made on such preceding Payment Date, or on the Closing Date in the case of the first Payment Date or if no interest has yet been paid, subject to certain limitations contained
in the Indenture and the Sale and Servicing Agreement. Interest on this Note will accrue for each Payment Date, from and including [For Class A-1 Notes: the most recent Payment Date on which interest has been paid (or, in the case of the first
Payment Date or if no interest has yet been paid, from and including the Closing Date), to but excluding such current Payment Date. Interest will be computed on the basis of the actual number of days during the related Interest Period divided by
360.] [For Class A-2, Class A-3, Class A-4, Class B and Class C Notes: the 15th day of the prior calendar month (or, in the case of the first Payment Date or if no interest has yet
been paid, from and including the Closing Date), to but excluding the 15th day of the current calendar month. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day
months.] The Issuer shall pay interest on overdue installments of interest at the interest rate otherwise applicable thereto to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture and
the Sale and Servicing Agreement. 
 The Notes are secured by certain assets of the Issuer consisting primarily of a portfolio of motor
vehicle installment sale contracts and loans. This Note does not represent an interest in, or obligation of, California Republic Funding, LLC (the “Depositor”), California Republic Bank or any of their respective Affiliates. 

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

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture
Trustee, by manual or facsimile signature, this Note shall note be entitled to any benefit under the Indenture of the Sale and Servicing Agreement or be valid or obligatory for any purpose. 

THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF AND THE PARTIES THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

  
 A-3 

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

							
	Date:             , 2016	 		 	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2
			
		 		 	By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date:             , 2016	 		 	 U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-4 

 REVERSE OF CLASS [A-1][A-2][A-3][A-4][B][C] NOTE 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its     % Class
[A-1][A-2][A-3][A-4][B][C] Asset Backed Notes (the “Class                      Notes”), all issued under the Indenture, dated as of
June 1, 2016 (as amended, the “Indenture”), between the Issuer and U.S. Bank National Association, as trustee (the “Indenture Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to the terms of the Indenture and the Sale and Servicing Agreement, dated as of June 1, 2016 (as
amended, the “Sale and Servicing Agreement”), among California Republic Bank, the Depositor, the Indenture Trustee and the Issuer. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C
Notes (collectively, the “Notes”) are, except as otherwise provided in the Indenture or in the Sale and Servicing Agreement, equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

This Note is issued under and is subject to the terms, provisions and conditions of the Sale and Servicing Agreement, and the Indenture, as
each may be amended and supplemented from time to time, the Noteholder by virtue of the acceptance hereof assents and is bound. Although a summary of certain provisions of the Sale and Servicing Agreement and the Indenture are set forth below, this
Note does not purport to summarize the Sale and Servicing Agreement or the Indenture and reference is made to the Sale and Servicing Agreement and the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds
and duties evidenced hereby and the rights, duties and obligations of the Indenture Trustee. A copy of the Sale and Servicing Agreement and the Indenture (without schedules and exhibits) may be requested from the Indenture Trustee by writing to the
Indenture Trustee at U.S. Bank National Association, 190 South LaSalle Street, 7th Floor, Mail Code MK-IL-SK7R, Chicago, IL 60603, Attention: Structured Finance – California Republic Auto Receivables Trust 2016-2. In the event of any conflict
between this Note, on the one hand, and the Indenture or the Sale and Servicing Agreement on the other hand, the Indenture or the Sale and Servicing Agreement shall control. 

The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder, by acceptance of a Note (and each Note Owner, by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Principal
payable on the Class [A-1][A-2][A-3][A-4][B][C] Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire unpaid principal amount of this Note will be
payable on the earlier of the Class [A-1][A-2][A-3][A-4][B][C] Final Scheduled Payment Date and the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal
amount of the Class [A-1][A-2][A-3][A-4][B][C] 

  
 A-5 

 
Notes shall be due and payable following the occurrence and continuance of an Event of Default, if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance
of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class [A-1][A-2][A-3][A-4][B][C] Notes shall be made pro rata to the Class
[A-1][A-2][A-3][A-4][B][C] Noteholders entitled thereto. 
 Payments of principal and interest on this Note due and payable on each Payment
Date or Redemption Date shall be made by check mailed to the Person whose name appears as the registered Noteholder (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with
respect to Notes registered in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or
Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Noteholder as of the Record Date preceding such Payment Date or Redemption Date by notice mailed in accordance
with the Indenture and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for
such purposes. Final payment of this Note will be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholder in accordance with
the Indenture. 
 This Note does not represent an obligation of, or an interest in the Depositor, California Republic Bank, or any affiliate
of any of them and is not insured or guaranteed by any governmental agency or instrumentality. This Note is limited in right of payment to certain Available Collections with respect to the Collateral, all as more specifically set forth herein and in
the Sale and Servicing Agreement and the Indenture. 
 Upon the satisfaction of the Rating Agency Condition, the Sale and Servicing
Agreement may be amended from time to time by the Depositor, the Seller, the Servicer, the Indenture Trustee, the Issuer and the Noteholders holding not less than 51% of the Note Balance of the Controlling Class for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of the Sale and Servicing Agreement or of modifying in any manner the rights of the Noteholders. 

The Indenture may be amended and supplemental indentures may be adopted in accordance with the terms and conditions set forth in the
Indenture. 

  
 A-6 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Note is registrable in the Note Register of the Note Registrar upon surrender of this Note for registration of transfer at the office or agency maintained by the Note Registrar in Chicago, Illinois, accompanied by a written instrument of
transfer in form satisfactory to the Note Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized, and thereupon one or more new Notes of authorized denominations evidencing the same aggregate fractional undivided
interest will be issued to the designated transferee or transferees. 
 The Notes are issuable only as registered Notes without coupons in
denominations specified in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for new Notes of a like Class and aggregate principal amount as requested by the Noteholder surrendering such Notes. No service charge will be imposed for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

The Servicer, the Indenture Trustee, the Issuer and the Note Registrar and any agent of any of them, may treat the Person in whose name this
Note is registered as the owner hereof for all purposes, and neither the Servicer nor the Indenture Trustee, the Issuer and Note Registrar, nor any agent of any of them, shall be affected by notice to the contrary except in certain circumstances
described in the Indenture. 
 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, as the case may be,
covenants and agrees by accepting the benefits of the Indenture and such Note that such Noteholder or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings under any Insolvency Law in connection with any obligations relating to the Notes, the Certificates, the Indenture or the other Basic Documents. 

The Indenture Trustee is not responsible for and makes no representation as to the validity or adequacy of the Indenture or this Note, is not
accountable for the Issuer’s use of proceeds of the Notes and is not responsible for any statement in this Note other than the Indenture Trustee’s certificate of authentication. 

  
 A-7 

 ASSIGNMENT 

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

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

 
  

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

							
	Dated:                     	 		 	  
	 	
		 		 	 Signature Guaranteed:
	 	
				
		 		 	  
	 	

  

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

  
 A-8 

 EXHIBIT B 

FORM OF REPURCHASE REQUEST NOTICE 

Reporting Period: [calendar month] 
  

	 ̈	Check here if nothing to report. 

  

									
	 	 	 	 	 Activity During Period2

	 Transaction
	 	 Loan
	 	 Date of Reputed

Demand3
	  	Party Making Reputed
Demand	  	Date of Withdrawal of
Reputed Demand
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  

	2 	Forward any applicable information or documentation relating to any reputed demands to the Servicer. See Item 11 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of what constitutes activity.

	3 	See Item 23 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of “demands.” 

  
 B-1EX-10.1

 Exhibit 10.1 
  

 
  

CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2, 

as Issuer, 
 CALIFORNIA REPUBLIC
FUNDING, LLC, 
 as Depositor, 

CALIFORNIA REPUBLIC BANK, 
 as
Seller, Servicer, Administrator and Custodian, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Indenture Trustee 
  

 
 SALE AND
SERVICING AGREEMENT 
 Dated as of June 1, 2016 
  

 
  

 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	ARTICLE ONE	  
	
	DEFINITIONS	  
		
	 Section 1.01. Capitalized Terms; Rules of Usage
	  	 	1	  
	 Section 1.02. Calculations of Interest
	  	 	1	  
	
	ARTICLE TWO	  
	
	CONVEYANCE OF RECEIVABLES; BOOKS AND RECORDS;	  
	PROVISIONS FOR CLOSING	  
		
	 Section 2.01. Conveyance of the Receivables
	  	 	2	  
	 Section 2.02. Ownership and Possession of Receivable Files
	  	 	2	  
	 Section 2.03. Books and Records; Intention of the Parties
	  	 	2	  
	
	ARTICLE THREE	  
	
	THE CONVEYED ASSETS	  
		
	 Section 3.01. Representations and Warranties of the Seller; Assignment of Representations and
Warranties by the Depositor
	  	 	4	  
	 Section 3.02. Representations and Warranties of the Depositor
	  	 	4	  
	 Section 3.03. Repurchase of Receivables Upon Breach
	  	 	5	  
	 Section 3.04. Dispute Resolution
	  	 	6	  
	 Section 3.05. Appointment of Custodian; Custody and Delivery of Receivable Files
	  	 	9	  
	 Section 3.06. Duties of Servicer as Custodian
	  	 	9	  
	 Section 3.07. Instructions; Authority to Act
	  	 	10	  
	 Section 3.08. Custodian’s Indemnification
	  	 	11	  
	 Section 3.09. Effective Period and Termination
	  	 	11	  
	 Section 3.10. Risk Retention
	  	 	12	  
	
	ARTICLE FOUR	  
	
	ADMINISTRATION AND SERVICING OF RECEIVABLES	  
		
	 Section 4.01. Duties of Servicer
	  	 	13	  
	 Section 4.02. Collection of Payments on Receivables; Receivable Modifications
	  	 	14	  
	 Section 4.03. Realization upon Receivables
	  	 	15	  
	 Section 4.04. Physical Damage Insurance
	  	 	16	  
	 Section 4.05. Maintenance of Security Interests in Financed Vehicles; Other Amounts
	  	 	16	  

  
 i 

					
	 	  	Page	 
	 Section 4.06. Covenants of Servicer
	  	 	16	  
	 Section 4.07. Purchase of Receivables by Servicer upon Breach of Covenant
	  	 	17	  
	 Section 4.08. Servicing Fee
	  	 	17	  
	 Section 4.09. Servicer’s Monthly Certificate
	  	 	18	  
	 Section 4.10. Annual Statement as to Compliance; Notice of Servicer Termination
Event
	  	 	18	  
	 Section 4.11. Annual Independent Accountants’ Report; Attestation and Assessment of
Compliance
	  	 	18	  
	 Section 4.12. Access to Certain Documentation and Information Regarding Receivables
	  	 	20	  
	 Section 4.13. Access to Information Regarding Issuer and Basic Documents
	  	 	20	  
	 Section 4.14. Agreement on Compliance
	  	 	20	  
	 Section 4.15. Compliance with the FDIC Rule
	  	 	20	  
	 Section 4.16. Duties of a Backup Servicer
	  	 	21	  
	 Section 4.17. Exchange Act Reporting
	  	 	21	  
	 Section 4.18. Indemnification
	  	 	23	  
	 Section 4.19. Back-up Sarbanes-Oxley Certification
	  	 	24	  
	
	ARTICLE FIVE	  
	
	DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS	  
		
	 Section 5.01. Establishment of Trust Accounts
	  	 	25	  
	 Section 5.02. Collections; Monthly Remittance Condition
	  	 	27	  
	 Section 5.03. Application of Collections
	  	 	27	  
	 Section 5.04. Distributions
	  	 	27	  
	 Section 5.05. Additional Deposits and Payments; Reserve Account
	  	 	29	  
	 Section 5.06. Statements to Noteholders and the Indenture Trustee
	  	 	30	  
	 Section 5.07. Advances by the Servicer
	  	 	32	  
	
	ARTICLE SIX	  
	
	THE DEPOSITOR	  
		
	 Section 6.01. Representations and Warranties of the Depositor
	  	 	33	  
	 Section 6.02. Entities’ Existence
	  	 	34	  
	 Section 6.03. Limitation on Liability of Depositor and Others
	  	 	34	  
	 Section 6.04. Depositor May Own Securities
	  	 	35	  
	
	ARTICLE SEVEN	  
	
	THE SERVICER AND BACKUP SERVICER	  
		
	 Section 7.01. Representations and Warranties of the Servicer
	  	 	36	  
	 Section 7.02. Appointment and Representations and Warranties of Backup Servicer
	  	 	37	  
	 Section 7.03. Indemnities of Servicer
	  	 	38	  

  
 ii 

					
	 	  	Page	 
	 Section 7.04. Merger or Consolidation of, or Assumption of the Obligations of, Servicer or Backup
Servicer
	  	 	40	  
	 Section 7.05. Limitation on Liability of Servicer, Backup Servicer and Others
	  	 	40	  
	 Section 7.06. Appointment of Subservicer
	  	 	41	  
	 Section 7.07. Servicer and Backup Servicer Not to Resign
	  	 	42	  
	 Section 7.08. CRB May Own Securities
	  	 	42	  
	
	ARTICLE EIGHT	  
	
	DEFAULT	  
		
	 Section 8.01. Servicer Termination Events
	  	 	43	  
	 Section 8.02. Consequences of a Servicer Termination Event
	  	 	43	  
	 Section 8.03. Appointment of Successor Servicer
	  	 	44	  
	 Section 8.04. Notification to Noteholders
	  	 	45	  
	 Section 8.05. Waiver of Past Servicer Termination Events
	  	 	45	  
	
	ARTICLE NINE	  
	
	TERMINATION	  
		
	 Section 9.01. Optional Purchase of All Receivables
	  	 	46	  
	 Section 9.02. Termination
	  	 	47	  
	
	ARTICLE TEN	  
	
	MISCELLANEOUS	  
		
	 Section 10.01. Amendment
	  	 	48	  
	 Section 10.02. Protection of Title to Issuer
	  	 	49	  
	 Section 10.03. Notices
	  	 	51	  
	 Section 10.04. Assignment by the Depositor or the Servicer
	  	 	52	  
	 Section 10.05. Limitations on Rights of Others
	  	 	52	  
	 Section 10.06. Severability
	  	 	52	  
	 Section 10.07. Counterparts
	  	 	53	  
	 Section 10.08. Table of Contents and Headings
	  	 	53	  
	 Section 10.09. GOVERNING LAW
	  	 	53	  
	 Section 10.10. Submission to Jurisdiction
	  	 	53	  
	 Section 10.11. No Partnership or Joint Venture
	  	 	53	  
	 Section 10.12. Confidential Information
	  	 	53	  
	 Section 10.13. Nonpetition Covenant
	  	 	54	  
	 Section 10.14. Limitation of Liability of Trustees
	  	 	54	  

  
 iii 

									
	 	  	 	  	 	  	Page	 
	EXHIBITS	  
				
	 Exhibit A
	  	 –
	  	 Location of Receivable Files
	  	 	A-1	  
	 Exhibit B
	  	 –
	  	 Form of Servicer’s Monthly Certificate Pursuant to Section 4.09 of the Sale and Servicing
Agreement
	  	 	B-1	  
	 Exhibit C
	  	 –
	  	 Form of Servicer’s Annual Certification Pursuant to Section 4.10 of the Sale And Servicing
Agreement
	  	 	C-1	  
	 Exhibit D
	  	 –
	  	 Form of Servicer’s Sarbanes-Oxley Act Certification
	  	 	D-1	  
	 Exhibit E
	  	 –
	  	 Backup Servicer Duties
	  	 	E-1	  
				
	 Schedule A
	  	 –
	  	 Schedule of Receivables
	  	 	SA-1	  
	 Schedule B
	  	 –
	  	 Form 10-D Disclosure Items
	  	 	SB-1	  
	 Appendix A
	  	 –
	  	 Usage and Definitions
	  	 	STAA-1	  

  
 iv 

 This SALE AND SERVICING AGREEMENT, dated as of June 1, 2016 (as amended, restated,
supplemented or otherwise modified from time to time, this “Agreement”), is among CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2, a Delaware statutory trust (the “Issuer”), CALIFORNIA REPUBLIC FUNDING, LLC, a Delaware limited
liability company (the “Depositor”), CALIFORNIA REPUBLIC BANK, a California corporation authorized to transact a banking business (“CRB”), as servicer (in such capacity, the “Servicer”), as seller (in such capacity, the
“Seller”), as administrator (in such capacity, the “Administrator”) and as custodian (in such capacity, the “Custodian”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the
“Indenture Trustee”). 
 WHEREAS, the Issuer desires to purchase from the Depositor a portfolio of motor vehicle retail
installment sale contracts and installment loans and related rights; 
 WHEREAS, the Depositor is willing to sell and assign to the Issuer
the assets described in the preceding paragraph; and 
 WHEREAS, CRB, as Servicer, is willing on behalf of the Issuer to service such motor
vehicle retail installment sale contracts and installment loans and related rights. 
 NOW, THEREFORE, in consideration of the premises and
the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE ONE 

DEFINITIONS 
 Section 1.01.
Capitalized Terms; Rules of Usage. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A. Appendix A also contains rules as to usage applicable to this Agreement. 

Section 1.02. Calculations of Interest. Collections of interest on the Receivables will be calculated in accordance with the
Simple Interest Method. 

 ARTICLE TWO 

CONVEYANCE OF RECEIVABLES; BOOKS AND RECORDS; 

PROVISIONS FOR CLOSING 

Section 2.01. Conveyance of the Receivables. 

(a) In consideration for the Issuer’s delivery to or upon the order of the Depositor of the Notes and the Certificates resulting in an
increase in the residual value of the equity interest in the Issuer owned by the Depositor, the Depositor does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, but subject to the other terms and
conditions of this Agreement, each and all of the following (collectively, the “Depositor Conveyed Assets”): 
 (i)
all right, title and interest of the Depositor in and to the Conveyed Assets;
 (ii) all of the Depositor’s rights under
the Receivables Purchase Agreement, including the representations of the Seller made therein and the Depositor’s right to enforce a breach of any such representation made with respect to any Conveyed Assets; and 

(iii) all proceeds of the foregoing. 

(b) As of the Closing Date, the Issuer acknowledges the conveyance to it of the Depositor Conveyed Assets transferred on such date, including
all right, title and interest of the Depositor in and to the Depositor Conveyed Assets, receipt of which is hereby acknowledged by the Issuer. Concurrent with such delivery, as of the Closing Date and pursuant to the Indenture the Issuer pledges
and/or assigns the Depositor Conveyed Assets and the other Collateral to the Indenture Trustee as security for the Notes. 

Section 2.02. Ownership and Possession of Receivable Files. The ownership of the contents of the Receivable Files shall be vested
in the Issuer and pledged to the Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture, as of the Closing Date, although possession of the Receivable Files on behalf of and for the benefit of the Noteholders shall remain
with the Custodian. 
 Section 2.03. Books and Records; Intention of the Parties. 

(a) The books and records for each Receivable have been clearly marked to reflect, as of the Closing Date, (i) the ownership of each
Receivable by the Issuer and (ii) the pledge of the each Receivable by the Issuer to the Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture. 

(b) It is the intention of the parties hereto that, for non-tax purposes, the transfer and assignment of the Depositor Conveyed Assets and the
other Collateral on the Closing Date constitutes an absolute sale (and not a pledge to secure debt or other obligations of the Depositor) 

  
 2 

 
of the Depositor Conveyed Assets and the other Collateral such that (i) the Depositor Conveyed Assets and the other Collateral shall not be included in the bankruptcy estate of the Depositor
pursuant to 11 U.S.C. § 541, (ii) the FDIC shall not, by exercise of its authority to disaffirm or repudiate contracts under Section 13(e) of the Federal Deposit Insurance Act, reclaim, recover or recharacterize as property
of the Seller any Depositor Conveyed Assets or any other Collateral transferred by the Seller to the Depositor or disregard the separateness of the Depositor or the Issuer from the Seller and (iii) the transfer of Depositor Conveyed Assets and
the other Collateral pursuant to this Agreement shall comply with the requirements of 12 C.F.R. Section 360.6. 
 (c) If any of the
assignments and transfers of the Conveyed Assets to the Depositor pursuant to the Receivables Purchase Agreement and of the Depositor Conveyed Assets to the Issuer pursuant to this Agreement, for non-tax purposes, is held or deemed not to be a sale
or is held or deemed to be a pledge of security for a loan, the parties hereto intend that the rights and obligations of the parties shall be established pursuant to the terms of the Receivables Purchase Agreement and this Agreement, and that, in
such event, with respect to such property and proceeds thereof (including all Receivables and related property), the Seller and the Depositor shall be deemed to have granted and do hereby grant to the Issuer as of the Closing Date, a first priority
security interest in the entire right, title and interest of such Person in and to such property and the proceeds thereof. In such event, with respect to the Conveyed Assets and the Depositor Conveyed Assets, respectively, the Receivables Purchase
Agreement and this Agreement, shall each constitute, and each hereby is deemed by the parties to be, a security agreement under the New York UCC. 

(d) The sales, transfers, assignments, set overs and conveyances of the Depositor Conveyed Assets made under this Article shall not
constitute, and are not intended to result in, an assumption by the Issuer of any obligation of the Depositor or the Seller to the Obligors or any other Person in connection with the Receivables and the other Depositor Conveyed Assets or any
obligation of the Depositor or the Seller under any agreement, document or instrument related thereto. 
 (e) The parties hereto intend to
treat the Notes as indebtedness secured by the Collateral for federal, State and local income, single business and franchise tax purposes as provided for in Section 2.09(a) of the Indenture. 

  
 3 

 ARTICLE THREE 

THE CONVEYED ASSETS 

Section 3.01. Representations and Warranties of the Seller; Assignment of Representations and Warranties by the Depositor. 

(a) The Seller hereby makes to the Issuer each of the representations and warranties set forth in Section 3.02 and 3.03 of the Receivables
Purchase Agreement as of the date specified therein and consents to the assignment by the Depositor to the Issuer of such representations and warranties and of the Depositor’s rights with respect to any breach thereof, including the right to
require the Seller to repurchase Receivables in accordance with the Receivables Purchase Agreement. Such representations and warranties speak as of the execution and delivery of this Agreement or as of such other date specified therein and shall
survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge and/or assignment, as the case may be, of the Receivables to the Indenture Trustee. 

(b) Pursuant to Section 2.01, the Depositor has sold, assigned, transferred and conveyed to the Issuer all of its rights under the
Receivables Purchase Agreement, including the representations, warranties and covenants of the Seller. Each of the Depositor and the Seller acknowledges that the Issuer is relying on such representations and warranties in accepting the Depositor
Conveyed Assets, together with all rights of the Depositor with respect to any breach thereof, including the right to require the Seller to repurchase the Receivables in accordance with the Receivables Purchase Agreement. It is understood and agreed
that the representations and warranties referred to in this Section shall survive the sale of the Conveyed Assets to the Issuer and the delivery thereof to the Custodian. 

(c) The Seller acknowledges the assignment of the Conveyed Assets from the Depositor to the Issuer and Indenture Trustee and hereby agrees
that the Issuer and Indenture Trustee shall have the right to enforce any and all rights under the Receivables Purchase Agreement assigned to the Issuer herein, including the right to cause the Seller to repurchase any Receivable with respect to
which it is in breach of any of its representations and warranties set forth in Section 3.03 of the Receivables Purchase Agreement and Section 3.01(a). Such right may be enforced by the Issuer and the Indenture Trustee directly against the
Seller as though the Issuer and the Indenture Trustee were each a party to the Receivables Purchase Agreement, and the Issuer and the Indenture Trustee shall not be obligated to exercise any such rights, and shall have no liability for failing to
exercise any such rights, indirectly through the Depositor. 
 Section 3.02. Representations and Warranties of the Depositor.
The Depositor represents and warrants with respect to the Receivables being conveyed by it to the Issuer, on which the Issuer relies in accepting such Receivables: 

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

  
 4 

 (b) The Depositor has taken all steps necessary to perfect its security interest
against the Obligors in the Financed Vehicles. 
 (c) The Receivables constitute “tangible chattel paper” or
“electronic chattel paper” under the applicable UCC; as of the Cutoff Date, no more than 10% of the Pool Balance is represented by Receivables constituting “electronic chattel paper,” and at least 90% of the Pool Balance is
represented by Receivables constituting “tangible chattel paper.” 
 (d) The Depositor owns and has good and
marketable title to the Receivables free and clear of any Lien, claim or encumbrance of any Person. 
 (e) The Depositor has
received a written acknowledgment from the Servicer that the Servicer is holding the loan agreements and installment sale contracts that constitute or evidence the Receivables solely on behalf and for the benefit of the Issuer. 

(f) Other than the security interest granted to the Depositor pursuant to this Agreement, the Depositor has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of collateral
covering the Receivables other than any financing statement relating to the security interest granted to the Issuer hereunder or that has been terminated. The Depositor is not aware of any judgment or tax lien filings against the Depositor. 

(g) None of the installment sale contracts that constitute or evidence the Receivables has any marks or notations indicating
that they have been pledged, assigned, or otherwise conveyed by the Depositor to any Person other than the Purchaser. 
 Notwithstanding the
foregoing, so long as Standard & Poor’s is a Rating Agency, the representations and warranties set forth in this Section (i) may not be waived and (ii) will survive the termination of this Agreement until the Indenture has
been discharged. 
 Section 3.03. Repurchase of Receivables Upon Breach. 

(a) Investigation of Breach. If a Responsible Officer of the either the Seller or the Depositor (i) has knowledge of a breach of a
representation or warranty made in Section 3.03 of the Receivables Purchase Agreement or Section 3.02 of this Agreement, (ii) receives notice from the Issuer, the Owner Trustee or the Indenture Trustee of a breach of a representation
or warranty made in Section 3.03 of the Receivables Purchase Agreement or Section 3.02 of this Agreement, (iii) receives a Repurchase Request from the Owner Trustee, a Note Owner, a Noteholder or the Indenture Trustee for a Receivable
or (iv) receives a Review Report that indicates a Test Fail for a Receivable, then, in each case, the Seller or the Depositor will investigate the Receivable to confirm the breach and determine if the breach has a material adverse effect on the
Receivable. None of the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee, the Administrator or the Asset Representations Reviewer will have an obligation to investigate whether a breach of any representation or warranty has occurred or
whether any Receivable is required to be repurchased under this Section. 

  
 5 

 (b) Repurchase of Receivables; Payment of Purchase Price. Either of the Seller or the
Depositor may, and if the breach has a material adverse effect on the Receivable will, repurchase the Receivable described in Section 3.03(a) by paying the Purchase Price to the Issuer on the Business Day before the Payment Date (or, with
satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Seller or the Depositor, as applicable, has knowledge or was notified of and confirmed the breach or, at the Seller’s or
Depositor’s option, as applicable, on the following Payment Date, unless the breach is cured in all material respects before that Payment Date. 

(c) Sale and Assignment of Repurchased Receivable. When the Purchase Price is included in Available Collections for a Payment Date, the
Issuer will, without further action, be deemed to have sold and assigned to the Depositor, effective as of the last day of the Collection Period before the related Collection Period, all of the Issuer’s right, title and interest in the
Receivable repurchased by the Depositor under this Section and all security and documents relating to the Receivable. The sale will not require any action by the Issuer and will be without recourse, representation or warranty by the Issuer except
the representation that the Issuer owns the Receivable free and clear of any Lien, other than Permitted Liens. On the sale, the Servicer will mark its receivables systems to indicate that the receivable is no longer a Receivable and may take any
action necessary or advisable to evidence the sale of the receivable, free from any Lien of the Issuer or the Indenture Trustee. 
 (d)
Repurchase Sole Remedy. The sole remedy of the Issuer, the Indenture Trustee, the Note Owners or the Noteholders with respect to a breach of a representation or warranty referred to in Section 3.01(a) with respect to a breach of a
representation or warranty contained in Section 3.03 of the Receivables Purchase Agreement, provided neither such breach has been cured pursuant to Section 3.03(b), shall be to require the Seller or the Depositor to purchase such
Receivable pursuant to this Section (it being understood that the indemnification covenants of the Seller hereunder and under the other Basic Documents shall still apply notwithstanding this subclause). 

Section 3.04. Dispute Resolution. 

(a) Referral to Dispute Resolution. If the Issuer, the Owner Trustee, the Indenture Trustee (acting as Requesting Party on behalf of the
Issuer and only at the direction of the Noteholders), a Note Owner or a Noteholder (the “Requesting Party”) requests that the Depositor and/or the Seller repurchase a Receivable due to an alleged breach of a representation and
warranty in Section 3.02 of this Agreement or in Section 3.03 of the Receivables Purchase Agreement (each, a “Repurchase Request”), and the Repurchase Request has not been resolved within 180 days of the receipt of notice
of the Repurchase Request by the Depositor or the Seller, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration; provided, however, that if the
Indenture Trustee is the Requesting Party, the directing Noteholder shall determine the referral to such mediation or arbitration. The Requesting Party must start the mediation or arbitration proceeding according to the ADR Rules of the ADR
Organization within 90 days after the end of the 180-day 

  
 6 

 
period. The Depositor and the Seller agree to participate in the dispute resolution method selected by the Requesting Party. For the avoidance of doubt, the Indenture Trustee shall be under no
obligation under any other Basic Document or otherwise to monitor repurchase activity or to independently determine which Repurchase Requests remain unresolved after 180 days. 

(b) Mediation. If the Requesting Party selects mediation for dispute resolution: 

(i) The mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent
with the procedures for mediation stated in this Section, the procedures in this Section will control. 
 (ii) A single
mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. 
 (iii) The mediation
will start within 15 days after the selection of the mediator and conclude within 30 days after the start of the mediation. 

(iv) Expenses of the mediation will be allocated to the parties as mutually agreed by them as part of the mediation. 

(v) If the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Repurchase Request to
arbitration under this Section. 
 (c) Arbitration. If the Requesting Party selects arbitration for dispute resolution: 

(i) The arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are
inconsistent with the procedures for arbitration stated in this Section, the procedures in this Section will control. 
 (ii)
A single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years
of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in
effect at the time of the arbitration. Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the
proceedings within the stated time schedule. The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict. 

(iii) The arbitrator will have the authority to schedule, hear and determine any motions, including dispositive and discovery
motions, according to New York law, 

  
 7 

 
and will do so at the motion of any party. Discovery will be completed with 30 days of selection of the arbitrator and will be limited for each party to two witness depositions not to exceed five
hours, two interrogatories, one document request and one request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited to
no more than ten pages each, and will be limited to initial statements of the case, discovery motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than 60 days after selection of the arbitrator and will proceed
for no more than six consecutive Business Days with equal time allocated to each party for the presentation of direct evidence and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing of good cause or
due to unavoidable delays. 
 (iv) The arbitrator will make its final determination in writing no later than 90 days after
its selection. The arbitrator will resolve the dispute according to the terms of this Agreement and the other Basic Documents, and may not modify or change this Agreement or the other Basic Documents in any way. The arbitrator will not have the
power to award punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of the arbitrator,
expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion. Under no circumstances will the Indenture Trustee be liable for any costs, expenses and/or liabilities that could be
allocated to the Requesting Party in any dispute resolution proceeding. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable,
except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and enforced in any court of competent jurisdiction. 

(v) By selecting arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by
jury. 
 (vi) The Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of
class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction. 

(d) Additional Conditions. For each mediation or arbitration: 

(i) Any mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another
location selected by the Depositor or the Seller. Any party or witness may participate by teleconference or video conference. 

(ii) The Depositor, the Seller and the Requesting Party will have the right to seek provisional relief from a competent court
of law, including a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law. 

  
 8 

 (iii) Neither the Depositor nor the Seller will be required to produce personally
identifiable customer information for purposes of any mediation or arbitration. The existence and details of any unresolved Repurchase Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of any relief sought
or granted, any offers or statements made and any discovery taken in the proceeding will be confidential, privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding. The parties will keep this
information confidential and will not disclose or discuss it with any third party (other than a party’s attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under
this Section), except as required by law, regulatory requirement or court order. If a party to a mediation or arbitration proceeding receives a subpoena or other request for information from a third party (other than a Governmental Authority) for
confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its confidential
information. 
 Section 3.05. Appointment of Custodian; Custody and Delivery of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer hereby appoints the Servicer, and the Servicer hereby accepts such appointment, to act for the benefit of the Issuer and the Indenture Trustee as Custodian of the Receivable
Files which are constructively delivered by the Issuer to the Indenture Trustee on the Closing Date. 
 Section 3.06. Duties of
Servicer as Custodian. 
 (a) Safekeeping. The Servicer, in its capacity as Custodian, shall hold each Receivable File as
Custodian for the benefit of and as bailee of the Issuer and the Indenture Trustee, and shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Servicer and the Issuer
to comply with this Agreement and the Indenture Trustee to comply with the Indenture. In performing its duties as Custodian, the Servicer shall act with reasonable care, and in accordance with the Servicing Standard. The Servicer shall conduct, or
cause to be conducted, periodic audits of the Receivable Files held by it as Custodian under this Agreement and of the related accounts, records and computer systems, in such a manner as shall enable the Issuer or the Indenture Trustee to verify the
accuracy of the Servicer’s record keeping, and the Issuer and the Indenture Trustee shall not be obligated to exercise any such rights, and shall have no liability for failing to exercise any such rights, to so verify the accuracy of the
Servicer’s record keeping. The Servicer shall promptly report to the Issuer and the Trustees any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and shall promptly take
appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer, the Indenture Trustee or any Backup Servicer of the Receivable Files. 

(b) Maintenance of and Access to Receivable Files. The Servicer shall maintain each Receivable File at one of the locations specified
in Exhibit A or at such other location as shall be specified to the Issuer, the Indenture Trustee and any Backup Servicer by written notice not later than 30 days after any change in location. Upon not less than 30 days’ prior written
notice to the 

  
 9 

 
Issuer, the Indenture Trustee, any Backup Servicer and each Rating Agency, the Servicer may appoint an Affiliate to act as a sub-custodian to maintain up
to all Receivable Files at one or more locations identified in such notice, provided, however, if either Rating Agency shall object in writing to such appointment, such appointment shall not be made and no Receivable File shall be maintained by such
Affiliate. Any such Affiliate so appointed shall execute an agreement with the Servicer obligating the Affiliate to perform all functions otherwise required of the Servicer herein when acting as Custodian. The Servicer shall remain liable as
Custodian notwithstanding the appointment of an Affiliate as sub-custodian and the maintenance by such Affiliate of Receivable Files. The Servicer may temporarily move individual Receivable Files or any portion thereof without notice as necessary to
conduct collection and other servicing activities in accordance with its customary practices and procedures. Upon reasonable notice by the Issuer or the Indenture Trustee, the Servicer shall make available to the Issuer and the Indenture Trustee or
their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files and the related accounts, records and computer systems maintained by the Servicer at such times during normal business hours as the Issuer and
the Indenture Trustee shall reasonably request. 
 (c) Release of Documents. As soon as practicable after receiving a reasonably
written request from the Indenture Trustee or, if the aggregate Note Balance has been reduced to zero, from the Owner Trustee, the Custodian shall release any Receivable File to the requesting Trustee or to its agent or designee, at such place or
places as the requesting Trustee may reasonably designate. Upon the release and delivery of any such document in accordance with the instructions of the Indenture Trustee or the Owner Trustee, as the case may be, the Custodian shall be released from
any further liability and responsibility under this Section with respect to such documents and any other provision of this Agreement or any of the other Basic Documents if the fulfillment of the Custodian’s responsibilities is dependent
upon possession of such documents, unless and until such time as such documents shall be returned to the Custodian. In no event shall the Servicer or the Custodian be responsible for any loss occasioned by either Trustee’s failure to return any
Receivable File or any portion thereof in a timely manner. 
 (d) Title to Receivables. The Servicer shall not at any time have, or
in any way attempt to assert, any interest in any Receivable held by it as Custodian hereunder or in the related Receivable File, other than for collecting or enforcing such Receivable for the benefit of the Issuer. The entire equitable interest in
such Receivable and the related Receivable File shall at all times be vested in the Issuer. 
 (e) Independent Contractor. For all
purposes of this Agreement, the Custodian shall be an independent contractor and shall not be subject to the supervision of the Issuer or either Trustee with respect to the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly set forth herein or otherwise authorized by the Issuer, the Custodian shall have no authority to act for or represent the Issuer, either Trustee or any Noteholder in any way and shall not otherwise be deemed an agent of
the Issuer, either Trustee or any Noteholder. 
 Section 3.07. Instructions; Authority to Act. The Servicer shall be deemed to
have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Indenture Trustee, or, if the aggregate Note Balance has been reduced to zero, by a Responsible
Officer of the Owner Trustee. A certified 

  
 10 

 
copy of excerpts of authorizing resolutions of the board of directors of a Trustee shall constitute conclusive evidence of the authority of the related Responsible Officer to act and shall be
considered in full force and effect until receipt by the Servicer of written notice to the contrary given by such Trustee. 

Section 3.08. Custodian’s Indemnification. 

(a) The Custodian shall indemnify the Issuer, the Trustees, any Backup Servicer and each of their respective officers, directors, employees and
agents for any and all liabilities, obligations, losses, compensatory damages, payments, costs or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against them as the result of any improper act or omission in any way
relating to the maintenance and custody by the Custodian of the Receivable Files, including legal fees and expenses incurred in connection with any action or suit brought by the Trustees to enforce any indemnification or other obligation of the
Custodian; provided, however, that the Custodian shall not be so liable for any portion of any such amount resulting from (i) actions taken by the Custodian pursuant to instructions as provided in Section 3.07, (ii) release and
delivery of documents by the Custodian as provided in Section 3.06(c) or (iii) the willful misfeasance, bad faith or gross negligence of any such Person listed above, or any such officer, director, employee or agent of such Person. 

(b) Indemnification under this Section shall survive the resignation or removal of the Custodian or the termination of this Agreement
with respect to acts or omissions of the Custodian preceding such resignation or removal or termination and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Custodian shall have made any indemnity payments
pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the Custodian. 

Section 3.09. Effective Period and Termination. The Servicer’s appointment as Custodian shall become effective as of the
Closing Date and shall continue in full force and effect unless and until terminated pursuant to this Section or Section 8.02(a). If the Servicer or any successor Servicer shall resign as Servicer in accordance with the provisions of this
Agreement or if all of the rights and obligations of the Servicer or any successor Servicer are terminated under Section 8.02(a), the appointment of the Servicer as Custodian shall be terminated. The Indenture Trustee or, with the consent of
the Indenture Trustee, the Owner Trustee may terminate the Servicer’s appointment as Custodian, with cause, at any time upon written notification to the Servicer. As soon as practicable after any termination of such appointment (but in no event
more than five Business Days after any such termination of appointment), the Custodian shall deliver the Receivable Files to the Indenture Trustee or its agent at such place or places as the Indenture Trustee may reasonably designate.
Notwithstanding the termination of the Servicer as Custodian, the Indenture Trustee and the Issuer agree that, upon any such termination and for so long as the Servicer may not be acting as Custodian hereunder, the Indenture Trustee or the Issuer,
as the case may be, shall provide, or cause its agent to provide, access to the Receivable Files to the Servicer for the purpose of enabling the Servicer to perform its obligations under this Agreement with respect to the servicing of the
Receivables. 

  
 11 

 Section 3.10. Risk Retention. The Seller, as sponsor, shall retain an economic
interest in a material portion of the credit risk of the Receivables, which interest retention obligation may be satisfied by retaining a representative sample of the Receivables having a principal balance equal to not less than 5% of the Cutoff
Date Pool Balance. This retained interest may not be sold, pledged or hedged, except for the hedging of interest rate or currency risk, during the term of the transactions contemplated hereby. 

  
 12 

 ARTICLE FOUR 

ADMINISTRATION AND SERVICING OF RECEIVABLES 

Section 4.01. Duties of Servicer. 

(a) The Servicer, for the benefit of the Issuer, shall manage, service, administer and make collections on the Receivables and perform the
other actions required by the Servicer under this Agreement. The Servicer shall be required to service the Receivables in accordance with reasonable care but in no event less than the care that the Servicer exercises with respect to all comparable
motor vehicle retail installment sale contracts and installment loans that it services for itself or others or the procedures employed by banking institutions that service motor vehicle retail installment sale contracts or installment loans for
their own account or for the account of third parties (the “Servicing Standard”). CRB agrees that for so long as it is the Servicer, the Servicing Standard shall be consistent in all material respects with the servicing standards with
respect to motor vehicle retail installment sale contracts and installment loans for which CRB or any of its Affiliates is the owner or the appointed servicer from time to time. 

(b) The Servicer’s duties shall include the collection and posting of all payments on the Receivables, responding to inquiries of
Obligors or by Governmental Authorities with respect to the Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting tax information to Obligors in accordance with its customary practices, policing the collateral,
accounting for collections, furnishing monthly and annual statements to the Trustees with respect to distributions, providing collection and repossession services in the event of an Obligor default and performing the other duties specified herein.
The Servicer also shall administer and enforce all rights of the Issuer as holder of the Receivables and the Indenture Trustee as pledgee of the Receivables and shall enforce the provisions of the applicable Dealer Agreements and assignment forms.
To the extent consistent with the Servicing Standard, the Servicer shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to do any and all things in connection with the managing,
servicing, administration and collection of the Receivables that it may reasonably in good faith in accordance with the Servicing Standard deem necessary or desirable. 

(c) Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered to execute and deliver, on behalf of
itself and any one or more of the Issuer, the Owner Trustee or the Indenture Trustee any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments with respect to the
Receivables and with respect to the Financed Vehicles; provided, however, that, notwithstanding the foregoing, the Servicer shall not, except (i) pursuant to an order from a court of competent jurisdiction or a directive from an arbitrator in
an arbitration proceeding or (ii) in settlement of a legal proceeding in court or in arbitration in a manner consistent with the applicable Servicing Standard or (iii) otherwise in accordance with the Servicing Standard, and except as
provided in Section 4.02(c), execute documents that would release an Obligor from payment of any unpaid amount due under any Receivable, reduce the related APR on a Receivable, waive the right to collect the unpaid balance of any Receivable
from the related Obligor, release any Obligor from its obligations with respect to a Receivable or extend the final payment date under any Receivable beyond the Class C Final Scheduled Payment Date. 

  
 13 

 (d) The Servicer is hereby authorized to commence, in its own name or in the name of the Issuer,
a legal proceeding to enforce the rights of the Issuer under any Contract pursuant to Section 4.03 or to commence or participate in any other legal Proceeding (including a bankruptcy Proceeding) relating to or involving a Receivable, an Obligor
or a Financed Vehicle. If the Servicer commences or participates in any such legal Proceeding in its own name, the Issuer shall thereupon be deemed to have automatically assigned the applicable Receivable and the other property conveyed pursuant to
Section 2.01 with respect to such Receivables to the Servicer, solely for purposes of commencing or participating in any such Proceeding as a party or claimant, and the Servicer is authorized and empowered by the Issuer to execute and deliver
in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such Proceeding. If in any enforcement suit or legal Proceeding it shall be held that the Servicer
may not enforce the rights of the Issuer under the Receivables on the grounds that it shall not be a real party in interest or a holder entitled to enforce such Receivables, the Owner Trustee shall, subject to the terms of the Trust Agreement, at
the Servicer’s expense and direction, take steps to enforce such Receivables, including bringing suit in the name of the Servicer or the Issuer on behalf of the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholders or
any of them. The Owner Trustee and the Indenture Trustee shall, upon the written request of the Servicer, furnish the Servicer as soon as practicable with any powers of attorney and other documents (in a form acceptable to the Indenture Trustee or
the Owner Trustee, as applicable) reasonably necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. 

(e) The Servicer, at its expense, shall obtain on behalf of the Issuer all licenses, if any, required by the laws of any jurisdiction to be
held by the Issuer in connection with the ownership of the Receivables and shall make all filings and pay all fees as may be required in connection therewith during the term of this Agreement. The Servicer shall, or shall cause the Administrator to,
prepare, execute and deliver all certificates or other documents required to be delivered by the Issuer pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder. 

(f) For all purposes of this Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the
Issuer or either Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly set forth herein or otherwise authorized by the Issuer, the Servicer shall have no authority to act for or
represent the Issuer, either Trustee or any Noteholder in any way and shall not otherwise be deemed an agent of the Issuer, either Trustee or any Noteholder. 

Section 4.02. Collection of Payments on Receivables; Receivable Modifications. 

(a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Contracts as and when
the same shall become due, in accordance with the Servicing Standard. 
 (b) (i) The Servicer may grant payment extensions and holidays
on the Receivables in accordance with the Servicing Standard and as required by Applicable Law; provided, however, that no such extension shall extend the final payment date on any Receivable beyond the last day of the Collection Period immediately
preceding the Class C Final Scheduled Payment Date, and 

  
 14 

 
(ii) upon any extension of a Receivable not in accordance with Section 4.02(b)(i) or upon the reduction of the APR or Principal Balance of any Receivable other than as required by
Applicable Law (including by the Servicemembers Civil Relief Act, the California Military Families Financial Relief Act or similar State law), the Servicer shall be required to purchase the related Receivable in accordance with Section 4.07.

 (c) Notwithstanding the foregoing, the Servicer is authorized in its discretion to grant a Small Balance Waiver with respect to any
Receivable, and to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 

Section 4.03. Realization upon Receivables. 

(a) Consistent with the Servicing Standard, the Servicer shall use commercially reasonable efforts to repossess or otherwise convert the
ownership of and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer shall have determined that eventual payment in full is unlikely. The Servicer shall begin such repossession and conversion procedures as soon as
practicable after default on such Receivable in accordance with the Servicing Standard; provided, however, that the Servicer will not repossess or otherwise convert the ownership of a Financed Vehicle within such time period if it calculates that
the proceeds ultimately recoverable with respect to the related Receivable would be increased by forbearance. In repossessing or otherwise converting the ownership of a Financed Vehicle and liquidating the related Receivable, the Servicer is
authorized to follow such customary practices and procedures as it shall reasonably deem necessary or advisable, consistent with the Servicing Standard, which practices and procedures may include the sale of the Financed Vehicle at public or private
sale, the submission of claims under an insurance policy and other actions by the Servicer in order to realize upon such Receivable; provided, however, that in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not
expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its reasonable judgment that such repair or repossession shall increase the related Liquidation Proceeds by an amount
materially greater than the expense for such repair or repossession. The Servicer shall be entitled to recover all expenses incurred by it that are reasonably allocated to repossessing and liquidating a Financed Vehicle into cash proceeds (other
than overhead), but only out of the cash proceeds of the sale of such Financed Vehicle or any deficiency obtained from the related Obligor. 

(b) If the Servicer elects to commence a Proceeding to enforce a Dealer Agreement, the act of commencement shall be deemed to be an automatic
assignment from the Issuer to the Servicer of the rights of recourse under such Dealer Agreement. If, however, in any Proceeding, it is held that the Servicer may not enforce a Dealer Agreement on the grounds that it is not a real party in interest
or a Person entitled to enforce the Dealer Agreement, the Owner Trustee, at the Servicer’s expense and direction, shall take such steps as the Servicer deems necessary to enforce the Dealer Agreement, including bringing suit in its name or the
names of the Indenture Trustee, not in its individual capacity, but solely as Indenture Trustee on behalf of the Issuer, the Securityholders or any of them. 

  
 15 

 Section 4.04. Physical Damage Insurance. The Servicer shall, in accordance with the
Servicing Standard, require that each Obligor shall have obtained physical loss damage insurance covering the related Financed Vehicle as of the execution of the related Contract. 

Section 4.05. Maintenance of Security Interests in Financed Vehicles; Other Amounts. The Servicer shall, in accordance with the
Servicing Standard, take such steps as are necessary to maintain the perfection of the security interest created by each Receivable in the related Financed Vehicle. The Servicer is hereby authorized to take such steps as are necessary to re-perfect
such security interest on behalf of the Issuer and the Indenture Trustee in the event the Servicer receives notice of, or otherwise has actual knowledge of, the fact that such security interest is not perfected as a result of the relocation of a
Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Issuer is insufficient, without a notation on the related Financed Vehicle’s certificate of title to grant to the Issuer a first priority
perfected security interest in the related Financed Vehicle, each of the Servicer and CRB hereby agree that the designation of CRB as the secured party on such certificate of title is solely in its capacity as agent of the Issuer. The Servicer shall
not release, in whole or in part, any security interest in a Financed Vehicle created by the related Receivable except as permitted herein or in accordance with its customary standards, policies, practices and procedures, including the payment in
full by the Obligor of all amounts payable pursuant to that Receivable. 
 Section 4.06. Covenants of Servicer. The Servicer
makes the following covenants: 
 (a) Liens in Force. No Financed Vehicle securing a Receivable shall be released in
whole or in part from the security interest granted by the related Obligor, except upon payment in full of such Receivable (subject to any Small Balance Waiver), or as otherwise contemplated by this Agreement or by Applicable Law. 

(b) No Impairment. The Servicer shall do nothing to impair the rights of the Issuer or the Indenture Trustee in the
property of the Issuer. 
 (c) No Amendments. The Servicer shall not extend or otherwise amend the terms of any
Receivable, except in accordance with the Servicing Standard, Section 4.01(c) and Section 4.02. 
 (d)
Compliance with Agreement, Basic Documents and Applicable Law. The Servicer shall comply with its obligations under this Agreement and the other Servicer Basic Documents. The Servicer shall comply with all Applicable Law where the failure to
do so could reasonably be expected to have a Material Adverse Effect. 
 (e) Arm’s Length. With respect to its
obligations in connection with the Conveyed Assets, the Servicer shall transact and deal with its Affiliates on an arm’s-length basis. 

(f) Licenses and Approvals. The Servicer shall ensure that it has and maintains all licenses and approvals necessary for
the conduct of its business in the jurisdictions where the Financed Vehicles are located. 

  
 16 

 (g) Restrictions on Liens. The Servicer shall not (i) create, incur
or suffer to exist, or agree to create, incur or suffer to exist, or consent to or permit in the future (upon the occurrence of a contingency or otherwise) the creation, incurrence or existence of any Lien (other than suffering to exist any tax
liens, mechanics’ liens and any other liens that attach to property by operation of law (including statutory purchase liens) to the extent the applicable obligations are not past due) on or restriction on transferability of any Receivable
except for the Lien of the Indenture and the restrictions on transferability imposed by this Agreement or (ii) other than as contemplated herein or in the Indenture, file or authorize the filing in any jurisdiction of any UCC financing
statement that names CRB, the Depositor or any other Person as a debtor, and any Person other than the Depositor, the Indenture Trustee or the Issuer as a secured party, or sign any security agreement authorizing any secured party thereunder to file
any such financing statement, in each case with respect to the Receivables. 
 Section 4.07. Purchase of Receivables by Servicer
upon Breach of Covenant. Upon discovery by any of the Servicer, the Seller, the Depositor, the Issuer or a Responsible Officer of the Indenture Trustee of a breach of any of the covenants set forth in Sections 4.02(b), 4.05 or 4.06,
the party discovering such breach shall give prompt written notice to the other parties hereto; provided, however, that the failure to give any such notice shall not affect any obligation of the Servicer under this Section. Within 30 days of the
discovery or notice of such breach, the Servicer shall use its best efforts to cure such breach so that it does not materially and adversely affect the interest of the Issuer in the related Receivables. On or before the Payment Date immediately
following the end of the Collection Period in which the 30-day cure period referred to above has ended, the Servicer shall, unless such breach shall have been cured by such date, purchase from the Issuer the Receivables affected by such breach. In
consideration of the purchase of such Receivables, the Servicer shall remit the related Purchase Price into the Collection Account, with written notice to the Indenture Trustee of such deposit, in the manner specified in Section 5.05. Subject
to Section 7.03, it is understood and agreed that the obligation of the Servicer to purchase any Receivables with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy
against the Servicer for such breach available to the Issuer, the Trustees or the Securityholders. The sole remedy of the Issuer, the Trustees and the Securityholders with respect to a breach of Sections 4.02(b), 4.05 or 4.06 shall be to
require the Servicer to repurchase Receivables pursuant to this Section. 
 Section 4.08. Servicing Fee. The Servicing Fee shall
be payable to the Servicer on each Payment Date. That part of the Servicing Fee that is based on the Servicing Fee Rate shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. The Servicer shall be required to pay all
expenses (apart from expenses incurred in accordance with the Servicing Standard in connection with liquidating a Financed Vehicle related to a Defaulted Receivable, such as auction, painting, repair or refurbishment in respect of that Financed
Vehicle) incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to the Owner Trustee and the Indenture
Trustee and any fees and expenses of sub-servicers to whom it has delegated servicing responsibilities). As additional servicing compensation, the Servicer shall be entitled to keep all Supplemental Servicing Fees. 

  
 17 

 Section 4.09. Servicer’s Monthly Certificate. Not later than 10:00 a.m.
(New York City time) on each Determination Date, the Servicer shall deliver to the Depositor, the Seller and the Trustees, with a copy to each Rating Agency, a Servicer’s Monthly Certificate containing all information necessary to make the
payments to be made on the related Payment Date pursuant to Section 5.04 hereof or Section 5.04(b) of the Indenture for the related Collection Period and any other information the Indenture Trustee may reasonably request. Such
Servicer’s Monthly Certificate shall be certified by a Responsible Officer of the Servicer that the information provided is complete, accurate and no event has occurred that, with notice or passage of time, would be an Event of Default or a
Servicer Termination Event. The Servicer shall also specify to the Trustees, no later than the Determination Date following the last day of a Collection Period, in a written notice to the Depositor and the Trustees, the Receivables to be repurchased
by the Seller or purchased by the Servicer, as the case may be, for the related Collection Period. 
 Section 4.10. Annual Statement
as to Compliance; Notice of Servicer Termination Event. 
 (a) The Servicer shall deliver to the Depositor, the Indenture Trustee and
each Rating Agency, prior to March 31 of each calendar year, beginning with March 31, 2017, an Officer’s Certificate (the “Servicer’s Annual Certification”) in substantially the form of Exhibit C. 

(b) The Servicer shall deliver to the Depositor, the Trustees and each Rating Agency, promptly after having obtained knowledge thereof, but in
no event later than two Business Days thereafter, written notice in an Officer’s Certificate of any event that is, or with the giving of notice or lapse of time or both would become, a Servicer Termination Event. 

(c) Prior to March 31 of each calendar year, beginning with March 31, 2017, the Servicer shall deliver to the Depositor, the Owner
Trustee and the Administrator and any other Person that will be responsible for signing the certification required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of
the Sarbanes-Oxley Act) on behalf of the Issuer with respect to a securitization transaction a certification in the form attached hereto as Exhibit D. 

Section 4.11. Annual Independent Accountants’ Report; Attestation and Assessment of Compliance. 

(a) Prior to March 31 of each calendar year, beginning with March 31, 2017, the Servicer shall cause a firm of independent certified
public accountants that is a member of the American Institute of Certified Public Accountants and is independent of the Seller, the Depositor and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of
Certified Public Accountants, to furnish a report to the Depositor, the Trustees and each Rating Agency to the effect that such firm has examined the documents or records of the Servicer relating to the Receivables and that such examination
(i) was made in accordance with generally accepted auditing standards and (ii) included tests relating to motor vehicle retail installment sale contracts and installment loans serviced for others and that such firm is of the opinion that
the provisions of this Agreement have been complied with during the preceding calendar year (or, with respect to the first report, the period from the Closing Date to December 31 of such year), and that, on the basis of such
examination, nothing has come to their 

  
 18 

 
attention that would indicate that such servicing has not been conducted in compliance therewith during such calendar year or other period, except for (A) such exceptions as such firm shall
believe to be immaterial and (B) such other exceptions as shall be set forth in such statement; provided, however, that the Servicer shall direct the Indenture Trustee in writing to enter into any agreed upon procedure letter that may be
executed in connection with any accountant’s report issued hereunder and the Indenture Trustee shall have no liability in connection with any such accountant’s report or the content of any such agreed upon procedure letter; provided,
further, that, if at any time a Backup Servicer is acting as Servicer, it may satisfy the obligations set forth in this Section, by delivering on an annual basis a report prepared with respect to it in accordance with SSAE 16, such report to be
provided by such Backup Servicer under this Section within 30 days of its receipt of such report; and provided, further, it being understood and agreed that the Indenture Trustee will deliver such letter of agreement in conclusive reliance upon the
direction of the Servicer, and the Indenture Trustee shall not have made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. To the
extent the Indenture Trustee is required to agree to the procedures in order to receive the accountants’ report, such agreement may include, among other things, (1) an acknowledgement that the Servicer has agreed that the procedures to be
performed by the firm are sufficient for the purposes of the Indenture and that such procedures are sufficient for the Indenture Trustee’s purposes which are specifically limited to receipt of the accountants’ report, (2) releases by
the Indenture Trustee (on behalf of itself and the Noteholders) of claims against the firm and acknowledgement of other limitations of liability in favor of the firm, and (3) restrictions or prohibitions on the disclosure of the
accountants’ report or other information or documents provided to it by such firm to any party, including the Noteholders. Notwithstanding the foregoing, in no event shall the Indenture Trustee be required to execute any agreement in respect of
the accountants’ report that the Indenture Trustee determines adversely affects it in its individual capacity. 
 (b) Notwithstanding
Section 4.11(a), prior to March 31 of each calendar year, beginning with March 31, 2017, the Servicer shall deliver the report and attestation set forth in Sections 4.11(c) and (d) and the delivery of a copy of such report and
attestation to the Depositor and the Trustees shall be deemed to satisfy the provisions of this Section. 
 (c) As and when required
pursuant to Section 4.11(b), the Servicer will deliver to the Depositor and the Trustees a report regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year (or, if
applicable, such shorter period as shall have elapsed since the Closing Date in the case of the first such report), in accordance with paragraph (b) of Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such
report shall be signed by an authorized officer of the Servicer and shall at a minimum address each of the Servicing Criteria. 
 (d) The
Servicer shall cause a firm of independent certified public accountants described in Section 4.11(a) above to furnish to the Depositor and the Trustees, concurrently with the report delivered pursuant to Section 4.11(c), an attestation
report providing its assessment of compliance with any material instance of non-compliance, as required by Rule 13a-18 or Rule 15d-18 under the Servicing Criteria covered in such report during the preceding fiscal year, including disclosure of any
material instance of non-compliance, as required by Rule 

  
 19 

 
13a-18 or Rule 15d-18 under the Exchange Act and Item 1122(b) of Regulation AB. Any such attestation report shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under
the Securities Act and the Exchange Act, stating, among other things, that the Servicer’s assertion of compliance with the specified Servicing Criteria is fairly stated in all material respects, or the reason why such an opinion cannot be
expressed. Such report must be available for general use and not contain restricted use language. 
 Section 4.12. Access to Certain
Documentation and Information Regarding Receivables. Subject to Section 3.06(b), the Servicer shall provide the Depositor and the Trustees with access to the Receivable Files in the cases where the related Trustee or the Securityholders are
required by Applicable Law to have access to such documentation. Such access shall be afforded without charge, but only upon reasonable request and conducted in a reasonable manner during normal business hours which does not unreasonably interfere
with the normal operations or customer or employee relations of the Servicer, at the offices of the Servicer. Nothing in this Section shall affect the obligation of the Servicer to observe any Applicable Law prohibiting disclosure of
information regarding the Obligors and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section. 

Section 4.13. Access to Information Regarding Issuer and Basic Documents. CRB, as initial Servicer (and if CRB is no longer acting
as Servicer, CRB, as Seller), shall furnish to the Owner Trustee and the Indenture Trustee from time to time such information regarding the Issuer or the Basic Documents as the Owner Trustee and Indenture Trustee (i) shall reasonably request
prior to an Event of Default or (ii) shall request after an Event of Default. Upon request, but only if the Notes are then not registered in book-entry form on DTC, the Indenture Trustee shall furnish to the Owner Trustee annually a copy of the
Register; provided, however, the Indenture Trustee shall not be obligated to furnish a copy of the Register more than once each calendar year. The Servicer shall furnish to the Owner Trustee copies of all documents and reports required to be
provided by the Servicer pursuant to this Article. 
 Section 4.14. Agreement on Compliance. The Servicer agrees that, should
any Governmental Authority with bank regulatory powers find that the terms of this Agreement, or any agreement relating to the servicing of the Receivables constitute an unsafe and unsound condition with respect to the Servicer, and such
Governmental Authority notifies the Servicer of such finding, then the Servicer shall negotiate in good faith with the Issuer to correct any such deficiencies and to bring this Agreement into compliance with Applicable Law. 

Section 4.15. Compliance with the FDIC Rule. 

(a) CRB, in its capacity as Servicer, Administrator and Seller, agrees to perform the covenants and agreements set forth in Article Twelve
of the Indenture applicable to CRB and to otherwise comply with the terms of Article Twelve of the Indenture. 
 (b) The Depositor agrees to
perform the covenants and agreements set forth in Article Twelve of the Indenture applicable to the Depositor and to otherwise comply with the terms of Article Twelve of the Indenture. 

  
 20 

 Section 4.16. Duties of a Backup Servicer. Commencing on the Backup Servicer
Appointment Date and until such time, if any, as the Backup Servicer shall become successor Servicer, the Backup Servicer, for the benefit of the Noteholders, shall perform the monitoring, review, inspection and other backup servicing functions
substantially as are set forth in Annex A, such performance to be provided for each Collection Period or at such other times and intervals as may be specified in Annex A. As set forth in Section 8.03(a), in the event CRB is terminated as
Servicer following the Backup Servicer Appointment Date, the Backup Servicer shall become the successor Servicer hereunder; provided, that notwithstanding that the Backup Servicer becomes successor Servicer hereunder, it shall have no obligation at
any time to make Advances. Any provision in this Agreement to the contrary notwithstanding, no Backup Servicer shall have any liability for any acts, omissions, negligence, fraud or malfeasance by any Servicer (other than the Backup Servicer
should it become Servicer hereunder) or any other party to this Agreement with respect to the performance by the Servicer or any such other party to this Agreement of their respective duties hereunder, or for any errors made by the Servicer (other
than the Backup Servicer should it become Servicer hereunder) or any such other party to this Agreement in the performance of such duties which cause any losses to Securityholders or any other third parties, including should the Backup Servicer
become successor Servicer, any breach of a representation, warranty or covenant by a predecessor Servicer and any obligation to repurchase or purchase any Receivable resulting from any such breach or other act or omission by a predecessor Servicer.

 Section 4.17. Exchange Act Reporting. 

(a) Further Assurances. The Indenture Trustee and the Servicer shall reasonably cooperate with the Depositor in connection with the
satisfaction of the Depositor’s reporting requirements under the Exchange Act with respect to the Issuer. So long as the Depositor is required to file Exchange Act Reports with respect to the Issuer, each of the Indenture Trustee and the
Servicer shall promptly notify the Depositor, and, in the case of an event reportable on the Form 8-K, not later than two Business Days after its occurrence, of any event reportable on the Exchange Act Reports of which such Person (or in the case of
the Indenture Trustee, a Responsible Officer of the Indenture Trustee) has knowledge. In addition to the other information specified in this Section, if so requested by the Depositor for the purpose of satisfying its reporting obligation under the
Exchange Act, the Indenture Trustee and the Servicer shall provide the Depositor with (i) such information which is available to such Person without unreasonable effort or expense and within such timeframe as may be reasonably requested by the
Depositor to comply with the Depositor’s reporting obligations under the Exchange Act and (ii) to the extent such Person is a party (and the Depositor is not a party) to any agreement or amendment required to be filed, copies of such
agreement or amendment in EDGAR-compatible form. Each of the Servicer and the Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions
on the basis of evolving interpretations of Regulation AB and related rules and regulations. 

  
 21 

 (b) Form 10-D Filings. So long as the Depositor is required to file Exchange Act Reports
with respect to the Issuer, no later than each Determination Date, each of the Indenture Trustee and the Servicer shall notify (and the Servicer shall cause any subservicer to notify) the Depositor of any Form 10-D Disclosure Item with respect to
such Person (or in the case of the Indenture Trustee, a Responsible Officer of the Indenture Trustee), together with a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to the Depositor. In addition to
such information as the Servicer is obligated to provide pursuant to other provisions of this Agreement, if so requested by the Depositor, the Servicer shall provide such information which is available to the Servicer, without unreasonable effort or
expense regarding the performance or servicing of the Receivables as is reasonably required to facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB. Such information shall be provided concurrently with
the statements to Noteholders pursuant to Section 5.06, commencing with the first such report due not less than five Business Days following such request. 

(c) Form 8-K Filings. So long as the Depositor is required to file Exchange Act Reports with respect to the Issuer, each of the
Indenture Trustee and the Servicer shall promptly notify the Depositor, but in no event later than two Business Days after its occurrence, of any Form 8-K Reportable Event of which such Person (or, in the case of the Indenture Trustee, a Responsible
Officer of the Indenture Trustee) has actual knowledge. Each Person, other than the Indenture Trustee as set forth above, shall be deemed to have actual knowledge of any such event to the extent that it relates to such Person or any action or
failure to act by such Person. 
 (d) Form 10-K Filings. So long as the Depositor is required to file Exchange Act Reports with
respect to the Issuer, (i) if the Item 1119 Parties listed on Schedule B have changed since the Closing Date, no later than February 1 of each year, commencing with 2017, the Depositor shall provide each of the Indenture Trustee and
the Servicer with an updated Schedule B setting forth the Item 1119 Parties and (ii) no later than March 15 of each year, commencing in 2017, the Indenture Trustee and the Servicer shall notify the Depositor of any Form 10-K
Disclosure Item, together with a description of any such Form 10-K Disclosure Item in form and substance reasonably acceptable to the Depositor. 

(e) Report on Assessment of Compliance and Attestation. So long as the Depositor is required to file Exchange Act Reports, on or before
March 15 of each calendar year, commencing in 2017: 
 (i) The Indenture Trustee shall deliver to the Depositor and the
Servicer the Servicing Criteria Assessment signed by an authorized officer of the Indenture Trustee. To the extent any of the Servicing Criteria are not applicable to the Indenture Trustee, with respect to asset-backed securities transactions taken
as a whole involving the Indenture Trustee and that are backed by the same asset type backing the Notes, such report shall include such a statement to that effect. The Indenture Trustee acknowledges and agrees that the Depositor and the Servicer
with respect to each of the Depositor’s and the Servicer’s duties as the Certifying Person, and each of their respective officers and directors shall be entitled to rely upon each such Servicing Criteria Assessment and the attestation
delivered pursuant to Section 4.11. 

  
 22 

 (ii) The Indenture Trustee shall deliver to the Depositor and the Servicer a
report of a registered public accounting firm that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 13a-18
and 15d-18 of the Exchange Act, Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act, including, that, in the event that an overall opinion cannot be expressed, such
registered public accounting firm shall state in such report why it was unable to express such an opinion. Such report must be available for general use and not contain restricted use language. 

(iii) In the event the Indenture Trustee is terminated or resigns during the term of this Agreement, such Person shall provide
the documents and information pursuant to this Section with respect to the period of time it was subject to this Agreement or provided services with respect to the Issuer or the Receivables. 

(f) Indenture Trustee Representations and Warranties. The Indenture Trustee represents that: 

(i) there are no affiliations relating to the Indenture Trustee with respect to any Item 1119 Party; 

(ii) there are no relationships or transactions with respect to any Item 1119 Party and the Indenture Trustee that are
outside the ordinary course of business or on terms other than would be obtained in an arm’s-length transaction with an unrelated third party, apart from the transactions contemplated under the Basic Documents, and that are material to the
investors’ understanding of the Notes; and 
 (iii) except as disclosed in the Prospectus, there are no legal
Proceedings pending or, to the best of the Indenture Trustee’s knowledge, threatened against the Indenture Trustee that, if determined adversely to the Indenture Trustee, in the Indenture Trustee’s good faith and reasonable judgment, is
likely to materially and adversely affect the ability of the Indenture Trustee to perform its obligations under this Agreement. 

Section 4.18. Indemnification. 

(a) Each of the Indenture Trustee and the Servicer (if the Servicer is not CRB) shall indemnify the Depositor, the Servicer with respect to its
duties as Certifying Person and 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, liabilities, claims, damages and expenses that any of them may sustain arising out of or based upon: 

(i) (A) any untrue statement of a material fact contained or alleged to be contained in the Provided Information or
(B) the omission or alleged omission to state in the Provided Information a material fact required to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the

  
 23 

 
circumstances under which they were made, not misleading; provided, that clause (B) shall be construed solely by reference to the related Provided Information and not to any other
information communicated in connection with a sale or purchase of securities, without regard to whether the Provided Information or any portion thereof is presented together with or separately from such other information; or 

(ii) With respect to (A) the Indenture Trustee, any failure by the Indenture Trustee to deliver any Servicing Criteria
Assessment when and as required by this Article and (B) the Servicer, any failure by the Servicer to deliver any information, report, certification, accountant’s letter or other material when and as required under Sections 4.10, 4.11 or
4.17, as applicable. 
 (b) In the case of any failure of performance described in Section 4.18(a)(ii), each of the Indenture Trustee
and the Servicer shall promptly reimburse the Depositor for all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountant’s letter or other material not delivered as required by the
Indenture Trustee or the Servicer, as applicable. 
 (c) Notwithstanding anything to the contrary contained herein, in no event shall the
Indenture Trustee be liable for special, indirect, punitive or consequential damages of any kind whatsoever, including lost profits, even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form
of action. 
 Section 4.19. Back-up Sarbanes-Oxley Certification. 

(a) No later than March 15 of each year, beginning in 2017, the Servicer shall provide the Performance Certification to the Certifying
Person as set forth on Exhibit D (in the case of the Servicer), in each case on which the Certification Parties can reasonably rely; provided, that so long as the Servicer is an Affiliate of the Depositor, the Servicer may, but is not required to,
deliver the Performance Certificate. 
 (b) The Depositor will not request delivery of a certification under this Section unless it is
required under the Exchange Act to file an annual report on Form 10-K with respect to the Issuer. In the event that prior to the filing date of the Form 10-K in March of each year, the Servicer has actual knowledge of information material to the
Sarbanes-Oxley Certification, the Servicer shall promptly notify the Depositor. 

  
 24 

 ARTICLE FIVE 

DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS 

Section 5.01. Establishment of Trust Accounts. 

(a) The Issuer, for the benefit of the Noteholders, shall cause the Servicer to establish and maintain in the name of the Indenture Trustee
three non-interest bearing Eligible Accounts (respectively, the “Collection Account”, the “Principal Distribution Account” and the “Reserve Account”), each bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Indenture Trustee on behalf of the Noteholders. 
 (b) Funds deposited in the Reserve
Account shall be held uninvested. Funds deposited in the Collection Account or Principal Distribution Account (including amounts, if any, which the Servicer is required to remit to the Collection Account pursuant to Section 5.02) shall be
invested in a Permitted Investment selected by the Servicer in writing. The investments shall mature, in the case of the Collection Account, on the Payment Date in the Collection Period following the Collection Period during which the investment was
made, so long as the funds in the Collection Account are invested in a Permitted Investment for which the Indenture Trustee or an Affiliate is the manager of such fund, otherwise such investments shall mature one Business Day prior to the Payment
Date. The Servicer shall provide written notice to the Indenture Trustee promptly upon any investment in the Collection Account or Principal Distribution Account ceasing to be a Permitted Investment, and such notification shall include an
instruction to the Indenture Trustee to withdraw the funds from the ineligible investment and to invest such funds into another Permitted Investment. If no such investment direction is provided by the Servicer, such funds shall be held uninvested.
All Permitted Investments shall be held by the Indenture Trustee for the benefit of the Noteholders, and no Permitted Investments may be purchased at a premium. Amounts invested in Permitted Investments may not be converted into cash, sold or
otherwise disposed of other than (i) upon maturity of the related investment, (ii) upon the date the related investment no longer meets the investment criteria of a Permitted Investment or (iii) on any Payment Date, in order to allow
the amount invested to be distributed to the Noteholders or Certificateholders in accordance with Section 5.04. All Net Investment Earnings in the Collection Account shall remain in the Collection Account as Available Collections and
(ii) the Reserve Account shall remain on deposit therein, subject to withdrawals therefrom and deposits thereto on the related Payment Date. Except as otherwise provided hereunder or agreed in writing among the parties hereto, the Issuer shall
retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any securities held hereunder, and, in general, to exercise each and every other power or
right with respect to each such asset or investment as individuals generally have and enjoy with respect to their own assets and investment, including power to vote upon any securities. 

(c) (i) The Indenture Trustee shall possess all right, title and interest in all funds and investment property on deposit from time to
time in or credited to the Trust Accounts and in all proceeds thereof (including all income thereon) and all such funds, investment property, proceeds and income shall be part of the assets of the Issuer, except as otherwise set forth herein. The
Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the 

  
 25 

 
benefit of the Noteholders. The Servicer shall have no power or right to change or alter any of the foregoing initial specifications in Section 5.01(c); provided that if, at any time, any
Trust Account ceases to be an Eligible Account, the Indenture Trustee (or the Servicer on its behalf) shall within ten) Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new
Trust Account as an Eligible Account and shall transfer any cash and/or any investments from the account that is no longer an Eligible Account to the new Trust Account. 

(ii) With respect to the Trust Account Property, the Indenture Trustee agrees, by its acceptance hereof, that any Trust
Property: 
 (A) that is held in deposit accounts shall be held solely in the Eligible Accounts, subject to the last sentence
of Section 5.01(c)(i); and each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect thereto; 

(B) that constitutes Physical Property shall be delivered to the Indenture Trustee in accordance with paragraph (a) of the
definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or a Securities Intermediary acting solely for the Indenture Trustee; 

(C) that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations shall be
delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as
described in such paragraph; 
 (D) that is an “uncertificated security” under Article 8 of the UCC and that
is not governed by clause (C) above shall be delivered to the Indenture Trustee in accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition,
through continued registration of the Indenture Trustee’s (or its nominee’s) ownership of such security; and 
 (E)
that is a Security Entitlement shall be delivered in accordance with clause (iv) of the definition of the term “Delivery” and shall be held pending maturity or disposition by the Indenture Trustee or a securities intermediary acting
solely for the Indenture Trustee. 
 (iii) The Servicer shall have the power (which power shall be revocable by the Indenture
Trustee, or by the Owner Trustee with the consent of the Indenture Trustee, following a Servicer Termination Event) to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts held by the Indenture Trustee for the
purpose of withdrawing any amounts deposited in error into such accounts and withdrawing therefrom amounts that the Servicer is authorized to withdraw in accordance with Section 5.04(a) hereof and Section 5.04 of the Indenture. 

  
 26 

 Section 5.02. Collections; Monthly Remittance Condition. 

(a) For so long as the Monthly Remittance Condition is (i) not met, the Servicer shall remit all amounts received on or in respect of the
Receivables during any Collection Period to the Collection Account in immediately available funds no later than two Business Days after processing or (ii) met, the Servicer may remit all amounts received on or in respect of the Receivables
during any Collection Period to the Collection Account in immediately available funds on or prior to the related Payment Date. 
 (b) The
Servicer shall remit to the Collection Account on or prior to the Closing Date all amounts received and identified by the Servicer on or in respect of the Receivables (including Net Liquidation Proceeds and all amounts received by the Servicer in
connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Day
preceding the Closing Date. 
 (c) The Depositor and the Servicer may make any remittances pursuant to this Article with respect to a
Collection Period net of distributions or reimbursements to be made to or by the Depositor or the Servicer with respect to such Collection Period; provided, however, that such obligations shall remain separate obligations, no party shall have a
right of offset, and each such party shall account for all of the above described remittances and distributions as if the amounts were deposited or transferred separately. 

Section 5.03. Application of Collections. All payments by or on behalf of an Obligor during each Collection Period with respect to
each Receivable shall be allocated to interest, fees, principal and other amounts in accordance with the Simple Interest Method as effectuated through the Servicer’s customary procedures. 

Section 5.04. Distributions. 

(a) On each Payment Date prior to any acceleration of the Notes pursuant to Section 5.02 of the Indenture, the Indenture Trustee (based
solely on information contained in, and as directed by, the related Servicer’s Monthly Certificate) shall apply Available Funds on deposit in the Collection Account to make the following payments and deposits in the following order of priority:

 (i) first, pro rata, to (A) the Servicer, the Servicing Fee, and to any Backup Servicer, the Backup Servicing Fee, in
each case for the related Collection Period and all accrued and unpaid Servicing Fees and Backup Servicing Fees with respect to prior Collection Periods and (B) any Successor Servicer, Transition Costs not to exceed $200,000 (including boarding
fees) in the aggregate; 
 (ii) second, pro rata, to the Class A-1 Noteholders, the Accrued Class A-1 Note Interest
for the related Interest Period; to the Class A-2 Noteholders, the Accrued 

  
 27 

 
Class A-2 Note Interest for the related Interest Period; to the Class A-3 Noteholders, the Accrued Class A-3 Note Interest for the related Interest Period; and to the
Class A-4 Noteholders, the Accrued Class A-4 Note Interest for the related Interest Period; 
 (iii) third, to the
Principal Distribution Account for distribution to the Noteholders pursuant to Section 5.04(b), the First Allocation of Principal, if any; 

(iv) fourth, to the Class B Noteholders, the Accrued Class B Note Interest for the related Interest Period; 

(v) fifth, to the Principal Distribution Account for distribution to the Noteholders pursuant to Section 5.04(b), the
Second Allocation of Principal, if any; 
 (vi) sixth, to the Class C Noteholders, the Accrued Class C Note
Interest for the related Interest Period; 
 (vii) seventh, to the Principal Distribution Account for distribution to the
Noteholders in accordance with Section 5.04(b), the Third Allocation of Principal, if any; 
 (viii) eighth, to the
Reserve Account, any additional amounts required to increase the amount in the Reserve Account up to the Reserve Account Required Amount; 

(ix) ninth, to the Principal Distribution Account for distribution to the Noteholders in accordance with Section 5.04(b),
the Regular Principal Distribution Amount, if any; 
 (x) tenth, pro rata, to (A) the Owner Trustee, the Indenture
Trustee, the Administrator and the Asset Representations Reviewer, accrued and unpaid fees, reasonable expenses and indemnification amounts due and owing under this Agreement, the Trust Agreement, the Administration Agreement and the Indenture, as
applicable, which have not been previously paid, and to or at the direction of the Issuer, any expenses of the Issuer incurred under the Basic Documents and (B) any Successor Servicer, Transition Costs in excess of the related cap in clause
(i) above; and 
 (xi) eleventh, to the Certificate Distribution Account, any funds remaining for distribution to the
Certificateholders. 
 Notwithstanding any other provision of this Section, following the occurrence and during the continuation of an Event
of Default which has resulted in an acceleration of the Notes, the Indenture Trustee shall apply all amounts on deposit in the Collection Account pursuant to Section 5.04(b) of the Indenture. 

(b) Prior to the acceleration of the Notes pursuant to Section 5.02 of the Indenture, on each Payment Date and the Redemption Date, the
Indenture Trustee shall distribute all amounts on deposit in the Principal Distribution Account to Noteholders in respect of principal of the Notes to the extent of the funds therein in the following order of priority: 

(i) first, to the Holders of the Class A-1 Notes, until the Class A-1 Notes have been paid in full; 

  
 28 

 (ii) second, to the Holders of the Class A-2 Notes, until the Class A-2
Notes have been paid in full; 
 (iii) third, to the Holders of the Class A-3 Notes, until the Class A-3 Notes have
been paid in full; 
 (iv) fourth, to the Holders of the Class A-4 Notes, until the Class A-4 Notes have been paid
in full; 
 (v) fifth, to the Holders of the Class B Notes, until the Class B Notes have been paid in full; and

 (vi) sixth, to the Holders of the Class C Notes, until the Class C Notes have been paid in full. 

Section 5.05. Additional Deposits and Payments; Reserve Account. 

(a) On each Payment Date, the following deposits will be made to the Collection Account, in immediately available funds, (i) the Seller
will deposit the aggregate Purchase Price with respect to Receivables repurchased by the Seller pursuant to Section 3.03 hereof or Section 3.04 of the Receivables Purchase Agreement, (ii) the Servicer will deposit (A) the
aggregate Purchase Price with respect to Receivables purchased by the Servicer pursuant to Section 4.07 and (B) the Optional Purchase Price to be paid under Section 9.01 in connection with the Optional Purchase and (iii) the
Indenture Trustee shall deposit, from amounts on deposit in the Reserve Account, pursuant to (A) Section 5.05(c)(i), the Reserve Fund Draw Amount and (B) Section 5.05(c)(ii) the Reserve Account Excess Amount. All such deposits
shall be made no later than 11:00 a.m. (New York City time) on the related Payment Date. 
 (b) On the Closing Date, the Depositor shall
deposit an amount equal to the Reserve Account Initial Deposit into the Reserve Account. On each Payment Date, based on amounts set forth in the related Servicer’s Monthly Certificate, the Indenture Trustee will deposit into the Reserve
Account, pursuant to Section 5.04(a)(viii), from Available Collections not otherwise used on such Payment Date to pay the Required Amount, the amount, if any, by which the Reserve Account Required Amount for that Payment Date exceeds the
Reserve Account Amount on that Payment Date, after giving effect to all required withdrawals from the Reserve Account on that Payment Date. 

(c) On each Payment Date, based on amounts set forth in the related Servicer’s Monthly Certificate, the Indenture Trustee will withdraw
from the Reserve Account and deposit into the Collection Account, if (i) the Reserve Account Draw Amount is greater than zero, an amount equal to the Reserve Account Draw Amount and (ii) if the Reserve Account Amount on such Payment Date
(after giving effect to the withdrawal of any Reserve Account Draw Amount for such Payment Date and the deposit thereof described in clause (i) above) exceeds the Reserve Account Required Amount for such Payment Date, the amount of such Reserve
Account Excess Amount as Available Collections. 

  
 29 

 (d) The Indenture Trustee shall receive written instructions from the Servicer (which will be in
the form of the Servicer’s Monthly Certificate) directing the Indenture Trustee to make the foregoing deposits and payments. 

Section 5.06. Statements to Noteholders and the Indenture Trustee. 

(a) On or before each Determination Date, the Servicer shall deliver to the Depositor, the Indenture Trustee and each Paying Agent, with a copy
to each Rating Agency, and the Indenture Trustee (upon receiving notice from the Issuer that the statement has been posted on the Rule 17g-5 Website), shall make available on its website described below a copy to the Issuer and to each
Noteholder as of the most recent Record Date, the Servicer’s Monthly Certificate for the related Collection Period and Payment Date pursuant to Section 4.09. Such Servicer’s Monthly Certificate shall contain the following information
(to the extent applicable): 
 (i) the aggregate amount being paid on such Payment Date in respect of interest on and
principal of each Class of Notes; 
 (ii) the Class A-1 Note Balance, the Class A-2 Note Balance, the
Class A-3 Note Balance, the Class A-4 Note Balance, the Class B Note Balance and the Class C Note Balance, in each case after giving effect to payments on such Payment Date; 

(iii) (A) the amount deposited in the Reserve Account in respect of such Payment Date, if any, (B) the Reserve
Account Draw Amount and the Reserve Account Excess Amount, if any, to be withdrawn from the Reserve Account on such Payment Date, (C) the Reserve Account Required Amount and the balance on deposit in the Reserve Account, after giving effect to
withdrawals therefrom and deposits thereto in respect of such Payment Date and (D) the change in such balance from the immediately preceding Payment Date; 

(iv) the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal and the Regular
Principal Distribution Amount; 
 (v) the Pool Balance as of the close of business on the last day of the preceding
Collection Period and the Note Factor for each Class of Notes, after giving effect to all payments of principal on such Payment Date; 

(vi) the amount of the Servicing Fee to be paid to the Servicer with respect to the related Collection Period and the amount of
any unpaid Servicing Fees; 
 (vii) the amount of the Backup Servicing Fee to be paid to any Backup Servicer with respect to
the related Collection Period and the amount of any unpaid Backup Servicing Fees; 
 (viii) the amount of the Class A-1
Noteholders’ Interest Carryover Shortfall, the Class A-2 Noteholders’ Interest Carryover Shortfall, the Class A-3 Noteholders’ 

  
 30 

 
Interest Carryover Shortfall, the Class A-4 Noteholders’ Interest Carryover Shortfall, the Class B Noteholders’ Interest Carryover Shortfall and the Class C
Noteholders’ Interest Carryover Shortfall, if any, on such Payment Date and the change in such amounts from the preceding Payment Date; 

(ix) the aggregate Purchase Price with respect to Purchased Receivables (A) purchased by the Servicer and
(B) repurchased by the Seller with respect to such Collection Period; 
 (x) the amount of Available Collections for
such Collection Period; 
 (xi) the number of, and aggregate amount of payments due on, the related Receivables which are
delinquent as of the end of such Collection Period; 
 (xii) the aggregate amount of proceeds received by the Servicer, net
of reimbursable out-of-pocket expenses, in respect of a Receivable which is a Defaulted Receivable; 
 (xiii) the amount
remaining of any overcollateralization; 
 (xiv) the number and aggregate Principal Balance of Receivables for which the
related Financed Vehicle has been repossessed; and 
 (xv) the aggregate amount distributed to Certificateholders. 

Each amount set forth pursuant to clause (i) or (viii) above relating to the Notes shall be expressed as a dollar amount per $1,000
of the Initial Note Balance of the Notes (or Class thereof). 
 (b) The Indenture Trustee will make available via the Indenture
Trustee’s internet website all reports or notices required to be provided by the Indenture Trustee under this Section and Section 7.07(b) of the Indenture. Any information that is disseminated in accordance with the provisions of this
Section shall not be required to be disseminated in any other form or manner. The Indenture Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. 

The Indenture Trustee’s internet website shall be initially located at http://www.usbank.com/abs or at such other address as shall be
specified by the Indenture Trustee from time to time in writing to the Noteholders, the Servicer, the Issuer or any Paying Agent. In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require
registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement. 

The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the
Servicer’s Monthly Certificate delivered by the Servicer to the Indenture Trustee, and the Indenture Trustee shall be fully protected in relying upon such Servicer’s Monthly Certificate and the information delivered pursuant to this
Agreement. 

  
 31 

 (c) Within the prescribed period of time for tax reporting purposes after the end of each
calendar year during the term of the Issuer, but not later than the latest date permitted by Applicable Law, the Servicer shall cause each Trustee to mail to each Person who at any time during such calendar year shall have been a Securityholder, a
statement, prepared by the Servicer, containing certain information for such calendar year or, in the event such Person shall have been a Securityholder during a portion of such calendar year, for the applicable portion of such year, for the
purposes of such Securityholder’s preparation of federal income tax returns. In addition, the Servicer shall furnish to the Trustees for distribution to each such Person at such time any other information necessary under Applicable Law for the
preparation of such tax returns. 
 Section 5.07. Advances by the Servicer. 

(a) If, as of the end of any Collection Period, the payments received during such Collection Period by or on behalf of an Obligor in respect of
a Receivable (other than a Purchased Receivable) shall be less than the related monthly payment, whether as a result of any extension granted to the Obligor or otherwise, then, at the option of the Servicer, an amount equal to the product of the
Principal Balance of such Receivable as of the first day of the related Collection Period and one-twelfth of its APR minus the amount of interest actually received on such Receivable during such Collection Period (each, an “Advance”) may
be deposited by the Servicer into the Collection Account on the related Payment Date. If such a calculation in respect of a Receivable results in a negative number, an amount equal to such negative amount shall be paid to the Servicer in
reimbursement of any outstanding Advances. In addition, in the event that a Receivable becomes a Defaulted Receivable, the amount of accrued and unpaid interest thereon (but not including interest for the current Collection Period) shall, up to the
amount of outstanding Advances, be withdrawn from the Collection Account and paid to the Servicer in reimbursement of such outstanding Advances. No Advances will be made with respect to the Principal Balance of Receivables. The Servicer shall not be
required to make an Advance to the extent that the Servicer, in its sole discretion, shall determine that such Advance is likely to become a Nonrecoverable Advance. 

(b) Notwithstanding the provisions of Section 5.07(a), the Servicer shall be entitled to reimbursement for an outstanding Advance made in
respect of a Receivable, without interest, from the following sources with respect to such Receivable: (i) subsequent payments made by or on behalf of the related Obligor, (ii) Liquidation Proceeds and Recoveries and (iii) the
Purchase Price. If the Servicer determines that it has made a Nonrecoverable Advance, the Servicer shall reimburse itself, without interest, from unrelated amounts received by the Servicer on or in respect of the Receivables (including Liquidation
Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)). 

  
 32 

 ARTICLE SIX 

THE DEPOSITOR 

Section 6.01. Representations and Warranties of the Depositor. The Depositor makes the following representations and warranties
upon which the Issuer is deemed to have relied in acquiring the Depositor Conveyed Assets. Such representations are made as of the date of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the transfer of the
Depositor Conveyed Assets to the Issuer and the pledge thereof to the Indenture Trustee in accordance with the terms of the Indenture. 

(a) Organization and Good Standing. The Depositor is duly formed and validly existing as a limited liability company in
good standing under the laws of the State of Delaware, with the power and authority under its amended and restated limited liability company agreement and under the Delaware Limited Liability Company Act to own its properties and to conduct its
business as such properties are currently owned and such business is presently conducted. 
 (b) Due Qualification.
The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would adversely affect the Depositor’s
ability to transfer the Depositor Conveyed Assets being conveyed by it to the Issuer pursuant to this Agreement or the validity or enforceability of the Receivables. 

(c) Power and Authority. The Depositor has the power and authority under its limited liability company agreement and
under the Delaware Limited Liability Company Act to execute and deliver this Agreement and the other Depositor Basic Documents and to carry out their respective terms; the Depositor has full power and authority to sell and assign the property to be
sold and assigned to and deposited with the Issuer, and the Depositor shall have duly authorized such sale and assignment to the Issuer by all necessary limited liability company action; and the execution, delivery and performance of this Agreement
and the other Depositor Basic Documents have been duly authorized by the Depositor by all necessary limited liability company action. 

(d) Binding Obligation. This Agreement effects a valid sale, transfer, assignment and conveyance to the Issuer of the
Receivables and the other Collateral, enforceable against all creditors of and purchasers from the Depositor. This Agreement and the other Depositor Basic Documents, when duly executed and delivered by the other parties hereto and thereto, shall
constitute legal, valid and binding obligations of the Depositor, enforceable against the Depositor in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or similar
laws now or hereafter in effect relating to or affecting creditors’ rights generally and relating to general principles of equity (whether applied in a proceeding at law or in equity). 

  
 33 

 (e) No Violation. The consummation of the transactions contemplated by
this Agreement and the other Depositor Basic Documents and the fulfillment of the terms hereof and thereof shall not conflict with, result in any breach of any of the terms or provisions of or constitute (with or without notice or lapse of time or
both) a default under, the amended and restated limited liability company agreement of the Depositor or any indenture, agreement, mortgage, deed of trust or other instrument or agreement to which the Depositor is a party or by which it is bound;
result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument or agreement other than this Agreement and the other Depositor Basic
Documents; or violate any law, order, rule or regulation applicable to the Depositor of any Governmental Authority having jurisdiction over the Depositor. 

(f) No Proceedings. There are no proceedings or investigations pending or, to the Depositor’s knowledge,
threatened, against the Depositor before any Governmental Authority having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement or any other Basic Document; (ii) seeking to prevent the issuance
of the Notes or the consummation of any of the transactions contemplated by this Agreement or any other Basic Document; (iii) that could adversely affect the performance by the Depositor of its obligations under, or the validity or
enforceability of, this Agreement or any other Depositor Basic Document; or (iv) seeking to adversely affect the federal income tax attributes of the Issuer or the Notes. 

(g) No Consents. The Depositor is not required to obtain the consent of any other party or any consent, license,
approval, registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, performance, validity or enforceability of this Agreement or any other Basic Document to which it is a party that
has not already been obtained. 
 Section 6.02. Entities’ Existence. During the term of this Agreement, the Depositor will
keep in full force and effect its existence, rights and franchises as a limited liability company under the laws of the State of Delaware and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this Agreement, the other Depositor Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the
transactions contemplated hereby. In addition, all transactions and dealings between the Depositor and its Affiliates will be conducted on an arm’s-length basis. The Depositor shall not merge or consolidate with any other entity or otherwise
amend its organizational documents except in accordance with the provisions of its organizational documents. 
 Section 6.03.
Limitation on Liability of Depositor and Others. The Depositor and any director, officer, employee or agent thereof may reasonably rely in good faith on the advice of counsel on any document of any kind, prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The Depositor shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement and that in its
opinion may involve it in any expense or liability. 

  
 34 

 Section 6.04. Depositor May Own Securities. The Depositor and any Affiliate thereof
may in its individual or any other capacity become the owner or pledgee of Securities with the same rights as it would have if it were not the Depositor or an Affiliate thereof, except as expressly provided herein or in any other Basic Document.
Except as otherwise expressly provided in the Basic Documents, Securities so owned by or pledged to the Depositor or any such Affiliate shall have an equal and proportionate benefit under the Basic Documents, without preference, priority or
distinction as among the Notes and the Certificates, as the case may be. 

  
 35 

 ARTICLE SEVEN 

THE SERVICER AND BACKUP SERVICER 

Section 7.01. Representations and Warranties of the Servicer. The Servicer makes the following representations and warranties upon
which the Issuer is deemed to have relied in acquiring the Depositor Conveyed Assets. Such representations are made as of the date of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the transfer of the
Depositor Conveyed Assets to the Issuer and the pledge thereof to the Indenture Trustee in accordance with the terms of the Indenture. 

(a) Organization and Good Standing. It is a California corporation authorized to transact a banking business duly
incorporated and validly existing under the laws of California and continues to hold a valid certificate to do business as such. It is duly authorized to own its properties and transact its business and is in good standing in each jurisdiction in
which the character of the business transacted by it or any properties owned or leased by it requires such authorization and in which the failure to be so authorized could reasonably be expected to have a Material Adverse Effect. It has, and at all
relevant times had, the power, authority and legal right to acquire, own and service the Receivables. 
 (b)
Securitization Structure. It is the holder of 100% of the equity and voting interest in the Depositor. 
 (c)
Licenses and Approvals. It has obtained all necessary licenses and approvals, in all jurisdictions where the failure to do so could reasonably be expected to materially and adversely affect its ability to acquire, own and service the
Receivables. 
 (d) Power and Authority. It has the power and authority to execute and deliver this Agreement and the
other Servicer Basic Documents and to carry out their respective terms; and the execution, delivery and performance of this Agreement and the other Servicer Basic Documents have been duly authorized by it by all necessary action. 

(e) Binding Obligation. This Agreement and the other Servicer Basic Documents constitute its legal, valid and binding
obligations, enforceable against it in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally and to general principles of equity, whether applied in a proceeding in equity or at law. 
 (f) No
Violation. It is not in default under any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement, or similar agreement or instrument to which it is a party except where such default could not reasonably be
expected to have a material adverse effect on the Noteholders. The consummation of the transactions contemplated by this Agreement and the other Servicer Basic Documents and the fulfillment of their respective terms shall not conflict with, result
in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time 

  
 36 

 
or both) a default under, its articles of incorporation or bylaws or any indenture, agreement, mortgage, deed of trust or other instrument or agreement to which it is a party or by which it is
bound; or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument or agreement, other than this Agreement and the other Basic
Documents, or violate any law, order, rule or regulation applicable to it of any Governmental Authority having jurisdiction over it or any of its properties. 

(g) No Proceedings. There are no proceedings or investigations pending, or to its knowledge threatened, against it
before any Governmental Authority having jurisdiction over it or its properties: (i) asserting the invalidity of this Agreement or any of the other Basic Documents; (ii) seeking to prevent the issuance of the Notes or the consummation of
any of the transactions contemplated by this Agreement or any of the other Basic Documents; (iii) that could materially and adversely affect the performance by it of its obligations under, or the validity or enforceability of, this Agreement or
any of the other Servicer Basic Documents; or (iv) seeking to adversely affect the federal income tax or other federal, State or local tax attributes of the Notes. 

(h) No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license,
approval, registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, performance, validity or enforceability of this Agreement or any other Basic Document to which it is a party that
has not already been obtained. 
 Section 7.02. Appointment and Representations and Warranties of Backup Servicer. Within 60
days of the occurrence of a Backup Servicer Appointment Event, CRB shall appoint an entity to be the Backup Servicer hereunder, which appointment shall be subject to satisfaction of the Rating Agency Condition. Upon such appointment, such Backup
Servicer will become party to this Agreement by executing a joinder hereto, and will assume the duties of, and otherwise act as, the Backup Servicer in accordance with the terms hereof, such duties set forth on Exhibit E. Effective as of the Backup
Servicer Appointment Date, such Backup Servicer further makes the following representations and warranties upon which CRB is deemed to have relied in appointing the Backup Servicer: 

(a) Organization and Good Standing. It is duly incorporated or organized, as the case may be, and validly existing under
the laws of the jurisdiction of its incorporation or organization, as the case may be, and continues to hold a valid certificate to do business as such. It is duly authorized to own its properties and transact its business and is in good standing in
each jurisdiction in which the character of the business transacted by it or any properties owned or leased by it requires such authorization and in which the failure to be so authorized could reasonably be expected to have a Material Adverse
Effect. It has at all relevant times the power, authority and legal right to service the Receivables. 
 (b) Licenses and
Approvals. It has obtained all necessary licenses and approvals, in all jurisdictions where the failure to do so could reasonably be expected to materially and adversely affect its ability to service the Receivables. 

  
 37 

 (c) Power and Authority. It has the power and authority to execute and
deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement has been duly authorized by it by all necessary action. 

(d) Binding Obligation. This Agreement constitutes its legal, valid and binding obligation, enforceable against it in
accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity, whether
applied in a proceeding in equity or at law. 
 (e) No Violation. It is not in default under any indenture, mortgage,
deed of trust, loan agreement, guarantee, lease financing agreement, or similar agreement or instrument to which it is a party except where such default could not reasonably be expected to have a material adverse effect on the Noteholders. The
consummation of the transactions contemplated by this Agreement and the fulfillment of its terms shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a
default under, its articles of incorporation or bylaws or any indenture, agreement, mortgage, deed of trust or other instrument or agreement to which it is a party or by which it is bound; or result in the creation or imposition of any Lien upon any
of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument or agreement (other than this Agreement, if applicable), or violate any law, order, rule or regulation applicable to it of any
Governmental Authority having jurisdiction over it or any of its properties. 
 (f) Proceedings. There are no
proceedings or investigations pending, or to its knowledge threatened, against it before any Governmental Authority having jurisdiction over it or its properties that could materially and adversely affect the performance by it of its obligations
under, or the validity or enforceability of, this Agreement. 
 (g) No Consents. It is not required to obtain the
consent of any other party or any consent, license, approval, registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, performance, validity or enforceability of this Agreement that
has not already been obtained. 
 Section 7.03. Indemnities of Servicer. 

(a) The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer. Such
obligations shall include the indemnification by the Servicer of the Issuer, the Trustees, any Backup Servicer and their respective officers, directors, employees and agents from and against: 

(i) any and all losses, liabilities, claims, damages and expenses arising out of or incurred in connection with the use,
ownership or operation by the Servicer or any Affiliate thereof of a Financed Vehicle; 

  
 38 

 (ii) any taxes that may at any time be asserted against any of such parties with
respect to the transactions contemplated in this Agreement, including any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including (A) any federal, State or other income taxes, (B) any
general corporation or franchise taxes or (C) any taxes asserted with respect to the transfer of the Collateral to the Issuer or the issuance and original sale of the Securities), and any costs and expenses in defending against such taxes;
provided, that for the avoidance of doubt, the Servicer will not indemnify any such Person for any losses, liabilities, claims, damages or expenses due to the credit risk of any Obligor and for which reimbursement would constitute recourse for
uncollectible Receivables; 
 (iii) any loss, liability, claim, damage or expense (including reasonable legal fees and
expenses) directly or indirectly related to, arising out of or incurred in connection with, in the case of (A) the Indenture Trustee, the performance of its duties under the Indenture, (B) the Owner Trustee, the performance of its duties
herein and under the Trust Agreement, (C) either Trustee, the acceptance, administration or performance by, or action or inaction of such Trustee of the trusts and duties contained in the Basic Documents or (D) any Backup Servicer, the
performance of its duties under this Agreement; except in each case to the extent that any such loss, liability, claim, damage or expense suffered (1) is due to the willful misconduct, bad faith or negligence of the Person seeking to be
indemnified, (2) to the extent otherwise payable to (x) the Indenture Trustee, arises from the Indenture Trustee’s breach of any of its representations or warranties under the Indenture, (y) the Owner Trustee, arises from the
Owner Trustee’s breach of any of its representations or warranties set forth under the Trust Agreement or (z) any Backup Servicer, arises from such Backup Servicer’s breach of any of its representations or warranties set forth under
this Agreement or (3) shall arise out of or be incurred as a result of the negligence or willful misconduct of such Backup Servicer in connection with its performance of the duties of successor Servicer hereunder should the Indenture Trustee
assume such duties. 
 (iv) any loss, liability, claim, damage or expense (including any costs or expenses incurred in
connection with bringing suit against the Servicer) to the extent that such loss, liability, claim, damage or expense arose out of, or was imposed upon any such Person (A) through any breach of the Servicer’s obligations under any Servicer
Basic Document, (B) through the negligence, willful misfeasance or bad faith of the Servicer (except errors in judgment) in the performance of its duties under this Agreement, (C) by reason of breach of the Servicer’s representations,
warranties, obligations or duties under this Agreement or (D) for any violation of law by the Servicer. 
 (b) Indemnification under
this Section shall survive the resignation or removal of the Servicer, either Trustee, any Backup Servicer or the termination of this Agreement and shall include reasonable fees and expenses of counsel and reasonable expenses of litigation. For
purposes of this Section, in the event of the termination of the rights and obligations of CRB (or any successor thereto pursuant to Section 7.04) as Servicer pursuant to Section 8.01(a), or the resignation by such Servicer pursuant to
Section 7.07, such Servicer shall be deemed to be the Servicer pending appointment of a successor Servicer (other than the Backup Servicer, if any, or 

  
 39 

 
the Indenture Trustee) pursuant to Section 8.03, and in the case of any Backup Servicer or the Indenture Trustee becoming successor Servicer, CRB shall continue to be deemed the Servicer for
purposes of the indemnities in this Section. If the Servicer shall have made any indemnity payments pursuant to this Section, and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such
Person shall promptly repay such amounts to the Servicer, without interest. 
 Section 7.04. Merger or Consolidation of, or
Assumption of the Obligations of, Servicer or Backup Servicer. Any Person (i) into which the Servicer or any Backup Servicer may be merged or consolidated, (ii) resulting from any merger or consolidation to which the Servicer or any
Backup Servicer shall be a party, (iii) that acquires by conveyance, transfer or lease substantially all of the assets of the Servicer or any Backup Servicer or (iv) succeeding to the business of the Servicer or any Backup Servicer, which
Person shall execute an agreement of assumption to perform every obligation of the Servicer or such Backup Servicer, as applicable, under this Agreement and any other Basic Document to which such entity is a party, shall be the successor to the
Servicer or the Backup Servicer, respectively, under this Agreement and any such other Basic Document without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement. The Servicer or such Backup
Servicer, as applicable, shall provide notice of any merger, consolidation or succession pursuant to this Section to the Trustees and each Rating Agency. Notwithstanding the foregoing, the Servicer shall not merge or consolidate with any other
Person where it shall not be the survivor thereof or permit any other Person to become a successor to its automobile finance or leasing business unless (i) immediately after giving effect to such transaction, no representation or warranty made
pursuant to Section 7.01 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after notice or lapse of time or both, would
become a Servicer Termination Event shall have occurred, (ii) the Servicer shall have delivered to the Trustees an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such
agreement of assumption comply with this Section and that all conditions precedent provided for in this Agreement relating to such transaction have been complied with, (iii) the Servicer shall have delivered to the Trustees an Opinion of
Counsel to the effect that either (a) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer and the Indenture Trustee,
respectively, in the assets of the Issuer and reciting the details of such filings or (b) no such action shall be necessary to preserve and protect such interest, (iv) such other Person is an Eligible Servicer and (v) such other
Person shall have validly assumed the obligations of the Servicer under the Servicer Basic Documents; provided, however, that if such other Person is Mechanics Bank, items (ii) and (iii) may be satisfied by the delivery of an
Officer’s Certificate of the Servicer to the Trustees to the effect that such requirements have been met. 
 Section 7.05.
Limitation on Liability of Servicer, Backup Servicer and Others. 
 (a) Neither the Servicer nor any of its directors, officers,
employees or agents shall be under any liability to the Issuer, the Depositor, either Trustee or any Securityholders for any action taken or for refraining from the taking of any action pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Servicer or any 

  
 40 

 
such Person against any liability by reason of willful misfeasance, bad faith or negligence in the performance of its duties nor otherwise alter the indemnification obligations under
Section 7.03. The Servicer, any Backup Servicer and any of their respective directors, officers, employees or agents may conclusively rely in good faith on the written advice of counsel or any document of any kind prima facie properly executed
and submitted by any Person respecting any matters arising under this Agreement. 
 (b) Should the Indenture Trustee at any time agree to
become successor Servicer hereunder, the parties expressly acknowledge and consent to the Indenture Trustee’s simultaneously acting in the capacity of successor Servicer and Indenture Trustee. The Indenture Trustee may, in such capacities,
discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by the
Indenture Trustee of express duties set forth in this Agreement in any of such capacities. 
 (c) The Backup Servicer undertakes to perform
only such duties and obligations as are specifically set forth in this Agreement, it being expressly understood by all parties hereto that there are no implied duties or obligations of Backup Servicer hereunder. Without limiting the generality of
the foregoing, the Backup Servicer, except as expressly set forth herein, shall have no obligation to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer may act through its agents, nominees, attorneys and
custodians in performing any of its duties and obligations under this Agreement but any such appointment shall not release the Backup Servicer from its obligations and responsibilities hereunder. 

Notwithstanding anything contained herein to the contrary, in no event shall the Backup Servicer be liable for any consequential, incidental
or special damages, including damages for loss of currency, funds, data, profits or goodwill. The Backup Servicer’s maximum liability for any breach of this Agreement by it in its capacity as Backup Servicer shall not exceed the fees actually
paid to Backup Servicer hereunder for the services as Backup Servicer for the 12-month period immediately preceding such breach; provided, however, that the limitations set forth in this Section shall not apply to or in any way limit the Backup
Servicer’s liability arising from its willful misconduct or gross negligence. It is expressly agreed and acknowledged that the Backup Servicer is not guaranteeing or insuring the performance of or assuming any liability for the obligations of
the other parties hereto or any of the Receivables. 
 Section 7.06. Appointment of Subservicer. 

(a) Subject to Section 7.06(b), the Servicer may at any time, upon notice to the Indenture Trustees and each Rating Agency, reasonably
appoint a subservicer in good faith to perform all or any portion of its obligations as Servicer hereunder. 
 (b) The appointment of a
subservicer pursuant to Section 7.06(a) is subject to the condition that the Servicer remains obligated and liable to the Owner Trustee, the Indenture Trustee and the Noteholders for the servicing and administering of the Receivables in
accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and
administering the Trust Estate. 

  
 41 

 (c) The fees and expenses of any subservicer shall be as agreed between the Servicer and such
subservicer from time to time, and none of the Issuer, the Trustees, any Backup Servicer or any Securityholders shall have any responsibility therefor. 

(d) Any such subservicing agreement shall provide that a successor to the Servicer may at its discretion, upon becoming successor Servicer,
either continue or terminate such fee arrangement. 
 Section 7.07. Servicer and Backup Servicer Not to Resign. 

(a) Subject to the provisions of Section 7.04, neither the Servicer nor any Backup Servicer shall resign from the obligations and duties
imposed on it by this Agreement, except upon a determination that the performance of its duties under this Agreement shall no longer be permissible under Applicable Law. 

(b) Notice of any determination that the performance by the Servicer or any Backup Servicer of its duties contemplated hereunder is no longer
permitted under Applicable Law shall be communicated to the Trustees at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be
evidenced by an Opinion of Counsel to such effect delivered by the Servicer or any Backup Servicer to the Trustees concurrently with or promptly after such notice. Except as may otherwise be required by Applicable Law, no resignation of the Servicer
or any Backup Servicer shall become effective until a successor acceptable to the Noteholders representing not less than 51% of the Note Balance of the Controlling Class shall have assumed the responsibilities and obligations of such Person in
accordance with Section 8.03. If no successor has been appointed within 30 days of resignation or removal, the Noteholders representing not less than 51% of the Note Balance of the Controlling Class may petition any court of competent
jurisdiction for such appointment. 
 Section 7.08. CRB May Own Securities. CRB and any Affiliate thereof may in its individual
or any other capacity become the owner or pledgee of Securities with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as expressly provided herein or in any Basic Document. Except as otherwise expressly
provided in the Basic Documents, Securities so owned by or pledged to the Servicer or any such Affiliate shall have an equal and proportionate benefit under the Basic Documents, without preference, priority or distinction as among the Notes and the
Certificates, as the case may be. 

  
 42 

 ARTICLE EIGHT 

DEFAULT 
 Section 8.01.
Servicer Termination Events. 
 (a) For purposes of this Agreement, the occurrence and continuance of any of the following shall
constitute a “Servicer Termination Event”: 
 (i) failure by the Servicer to deposit into the Collection Account
any proceeds or any payment required to be so delivered under the terms of this Agreement that continues unremedied for a period of two Business Days; 

(ii) any representation or warranty of the Servicer made in this Agreement, any other Servicer Basic Documents or in any
report, certificate, financial statement or other document furnished pursuant to or in connection herewith or therewith, other than any representation or warranty relating to a Receivable that has been purchased by the Servicer in accordance with
the terms hereof, shall prove to have been incorrect in any material respect as of the time when the same shall have been made, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been
eliminated or otherwise cured for a period of 30 days after (A) the date of discovery of such failure by a Responsible Officer of the Servicer or (B) written notice of such circumstance or condition, requiring the same to be
eliminated or cured, shall have been received by the Servicer from the Depositor, either Trustee or the Noteholders holding at least 25% of the Note Balance of the Controlling Class; 

(iii) failure by the Servicer to deliver to the Owner Trustee, the Indenture Trustee, and the Seller the Servicer’s
Monthly Certificate by the applicable Determination Date, which failure continues unremedied for a period of five Business Days; 

(iv) failure on the part of the Servicer duly to observe or perform any other covenants or agreement of the Servicer set forth
in this Agreement, which failure materially and adversely affects the rights of the Depositor or Noteholders and continues unremedied for a period of 30 days after (A) the date of discovery of such failure by a Responsible Officer of the
Servicer or (B) written notice of such circumstance or condition, requiring the same to be eliminated or cured, shall have been received by the Servicer from the Depositor, either Trustee or the Noteholders holding at least 25% of the Note
Balance of the Controlling Class; or 
 (v) an Insolvency Event shall occur with respect to the Servicer. 

Section 8.02. Consequences of a Servicer Termination Event. 

(a) Following a Servicer Termination Event, the Indenture Trustee may, or, at the written direction of Noteholders holding not less than 51% of
the Note Balance of the Controlling Class shall, terminate all of the rights and obligations of the Servicer under this 

  
 43 

 
Agreement by notice in writing to the Servicer, each Rating Agency, the Noteholders and the Asset Representations Reviewer. On or after the receipt by the Servicer of such written notice, all
authority, power, obligations and responsibilities of the Servicer under this Agreement automatically shall pass to, be vested in and become obligations and responsibilities of, either the Backup Servicer (if one has been appointed and becomes the
successor Servicer pursuant to Section 8.03) or the successor Servicer appointed pursuant to Section 8.03; provided, however, that such successor Servicer shall have no liability with respect to any obligation that was required to be
performed by the terminated Servicer prior to the date that such successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. As soon as practicable after the declaration
of a Servicer Termination Event, the Indenture Trustee shall notify the Backup Servicer, if any, thereof and in any event shall notify the Backup Servicer, if any, of any notice by the Indenture Trustee to, or direction to the Indenture Trustee
from, Noteholders regarding a Servicer Termination Event. 
 (b) The successor Servicer is authorized and empowered by this Agreement to
execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice
of termination, whether to complete the transfer and endorsement of the Receivables, and related documents to show the Indenture Trustee (or the Issuer if the aggregate Note Balance has been reduced to zero) as lienholder or secured party on the
related certificates of title of the Financed Vehicles or otherwise. The terminated Servicer agrees to cooperate with the successor Servicer and with the Indenture Trustee in effecting the termination of the responsibilities and rights of the
terminated Servicer under this Agreement, including (i) the transfer to the successor Servicer for administration by it of all money and property held by the terminated Servicer with respect to the Receivables and other records relating to the
Receivables, including the Receivable Files, held by the terminated Servicer and a reasonably current computer tape or other electronic storage device containing in readable form all information necessary to enable the successor Servicer to service
the Receivables, (ii) the prompt transfer of any remaining amounts relating to Receivables in the possession of the Servicer to the Indenture Trustee, (iii) the notification of existing Obligors of the new address for payment and
(iv) the prompt remittance of any future amounts received by the Servicer with respect to Receivables to the successor. The terminated Servicer shall also provide the successor Servicer access to personnel and computer records of such
terminated Person in order to facilitate the orderly and efficient transfer of servicing duties. 
 (c) If the Servicer is replaced, the
outgoing Servicer shall be entitled to receive reimbursement for outstanding and unreimbursed Advances made pursuant to Section 5.07 by the outgoing Servicer. 

Section 8.03. Appointment of Successor Servicer. 

(a) On and after the time the Servicer receives a notice of termination pursuant to Section 8.02 or upon the resignation of the Servicer
pursuant to Section 7.07, the Backup Servicer, if any (or under the circumstances provided in Section 8.03(b), a successor Servicer other than such Backup Servicer, upon acceptance of appointment as Servicer in case of such a successor
Servicer other than any Backup Servicer), such Backup Servicer or other successor Servicer, as the case may be, shall be the successor in all respects to the Servicer in its capacity 

  
 44 

 
as Servicer under this Agreement and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating to the Servicer except as
otherwise stated herein. If such a successor is acting as Servicer, it shall be subject to termination under Section 8.01(a) upon the occurrence of any Servicer Termination Event after its appointment as successor Servicer. The Backup Servicer
or such other entity that becomes successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effect any such succession, including providing such information in writing as reasonably requested by the
Depositor to allow the Depositor to comply with its Exchange Act reporting obligations with respect to such succession. 
 (b) Upon the
Servicer’s receipt of a notice of termination pursuant to Section 8.02 or upon the resignation of the Servicer pursuant to Section 7.07, to the extent no Backup Servicer is then appointed, CRB shall appoint an Eligible Servicer to be
the successor to the Servicer, which appointment will become effective upon the satisfaction of the Rating Agency Condition. If (i) the Holders of not less than 51% of the Note Balance of the Controlling Class do not desire that the Backup
Servicer, if any, or the appointed successor Servicer act as Servicer or (ii) the Backup Servicer, if any, or the appointed successor Servicer is legally unable to act, or, in the case of a successor other than any Backup Servicer, shall choose
not to act as Servicer, Noteholders holding not less than 51% of the Note Balance of the Controlling Class may exercise at any time the right to direct the appointment of any Eligible Servicer as the successor to the Servicer and shall have no
liability to either Trustee, the Servicer, the Depositor, any Noteholders or any other Person if it does so. Notwithstanding the foregoing, if the Holders of not less than 51% of the Note Balance of the Controlling Class do not act, the Servicer,
either Trustee or Noteholders evidencing at least 25% of the Note Balance of the Outstanding Notes may petition a court of competent jurisdiction to appoint any Eligible Servicer as the successor to the Servicer. Pending appointment pursuant to this
Section, the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. The Indenture Trustee shall withdraw from the Collection Account and remit to the successor Servicer or such other
party entitled thereto all reasonably incurred Transition Costs. 
 (c) Upon appointment, the successor Servicer shall be the successor in
all respects to its predecessor and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on its predecessor, and shall be entitled to the Servicing Fee as and to the extent provided for in
this Agreement and all the rights granted to the predecessor in such capacity by the terms and provisions of this Agreement and the other Servicer Basic Documents. 

Section 8.04. Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer pursuant to
this Article, the Indenture Trustee shall give prompt written notice thereof to the Noteholders, each Rating Agency and the Asset Representations Reviewer. 

Section 8.05. Waiver of Past Servicer Termination Events. The Noteholders holding not less than 51% of the Note Balance of the
Controlling Class may, on behalf of all Noteholders, waive in writing any Servicer Termination Event and its consequences, except an event resulting from the failure to make any required deposits to or payments from the Trust Accounts in accordance
with this Agreement. Upon any such waiver of a Servicer Termination Event, such event shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event
or impair any right consequent thereto. 

  
 45 

 ARTICLE NINE 

TERMINATION 
 Section 9.01.
Optional Purchase of All Receivables. 
 (a) If, as of the last day of any Collection Period, the Pool Balance shall be less than or
equal to 10% of the Cutoff Date Pool Balance, the Servicer shall have the option to purchase on the following Payment Date the Trust Estate, other than the Reserve Account. To exercise such option, the Servicer shall notify the Depositor, the
Trustees and the Rating Agencies, not fewer than ten nor more than 30 days prior to the Payment Date on which such repurchase is to be effected and shall deposit into the Collection Account on the Business Day prior to the related Payment Date an
amount equal to the aggregate Purchase Price for the Receivables (including Receivables that became Defaulted Receivables during the related Collection Period) (the “Optional Purchase Price”). Notwithstanding the foregoing, the Servicer
shall not be permitted to exercise such option on any Payment Date unless the amount to be deposited in the Collection Account (together with amounts on deposit in the Reserve Fund and the Collection Account) pursuant to this Section is at least
equal to the sum of (i) the Note Balance as of such Payment Date, (ii) accrued but unpaid interest on each Class of Notes at the related Interest Rate, (iii) all amounts due to the Servicer in respect of its servicing compensation,
any unreimbursed Advances and Nonrecoverable Advances and all accrued but unpaid amounts owing to the Trustees, any Backup Servicer and the Administrator. 

The aggregate amount so deposited in respect of such Payment Date, plus, to the extent necessary, all other Available Funds, shall be used to
make payments in full to the Noteholders in the manner set forth in Section 5.04. If the Servicer exercises the Optional Purchase, the Notes shall be redeemed in whole but not in part on the related Payment Date for the Redemption Price. The
obligations of the Servicer under this Agreement, except pursuant to Article Seven, shall terminate upon the purchase of the Receivables by the Servicer under this Section. 

The Servicer agrees to give the Indenture Trustee notice, at least 30 days prior to the Payment Date on which such purchase is to be effected,
that the Servicer reasonably believes that the Pool Balance will be less than or equal to 10% of the Cutoff Date Pool Balance as of the last day of the current Collection Period and that the Servicer expects (but is not obligated) to provide the
notice required in the first paragraph of this Section and thereafter to purchase the Trust Estate (other than the Reserve Account) as provided in the first paragraph of this Section. 

(b) Following the satisfaction and discharge of the Indenture following the reduction of the aggregate Note Balance to zero, the Owner Trustee
will succeed to the rights of the Indenture Trustee pursuant to this Agreement. Notwithstanding the satisfaction and discharge of the Indenture and the reduction of the aggregate Note Balance to zero, the Servicer shall continue to perform its
obligations under this Agreement until the earlier of (i) exercise by the Servicer of its Optional Purchase right under Section 9.01(a) or (ii) repayment in full or liquidation of the last of the Receivables. 

  
 46 

 Section 9.02 Termination. Notwithstanding anything in this Agreement to the contrary,
this Agreement shall terminate upon the earliest to occur of (i) the maturity or liquidation of the latest maturing Receivable and the disposition of any amounts received thereon in accordance with Section 5.04, (ii) the payment to
the Holders of the Securities of all amounts required to be paid to them under the Basic Documents and (iii) the exercise by the Servicer of its rights under Section 9.01(a), the deposit into the Collection Account by the Servicer of the
amount required to be deposited therein in accordance with Section 9.01(a) and the application of such amounts in accordance with Section 5.04. 

  
 47 

 ARTICLE TEN 

MISCELLANEOUS 

Section 10.01. Amendment. 

(a) This Agreement may be amended from time to time by the parties hereto without the consent of the Noteholders to cure any ambiguity, to
correct or supplement any provision hereof that may be defective or inconsistent with any other provision of this Agreement, to add or supplement any credit enhancement arrangement or to add any covenants, restrictions or obligations of the parties
to this Agreement; provided, however, that no such amendment may materially adversely affect the interests of any Noteholder. An amendment to this Agreement shall be deemed not to materially adversely affect the interests of any Noteholder if
(i) the Person requesting such amendment obtains and delivers to the Trustees an Opinion of Counsel or an Officer’s Certificate of the Issuer to that effect or (ii) the Rating Agency Condition has been satisfied with respect to such
action. 
 (b) This Agreement may also be amended from time to time by the parties hereto with the consent of Noteholders holding not less
than 51% of the Note Balance of the Controlling Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided,
however, that no such amendment, without the consent of 100% of the Holders of the Notes, may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation of priority of, collections of
payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the Noteholders or change any Interest Rate or the Reserve Account Required Amount or (ii) reduce the percentage of the Note Balance
of the Controlling Class, the consent of the Noteholders of which is required for any amendment to this Agreement 
 (c) Notwithstanding the
provisions of Sections 10.01(a) and (b), no such amendment may significantly change the permitted activities or powers of the Issuer even if such amendment would not have an adverse effect on the interests of Noteholders, without the consent of
Noteholders holding not less than 51% of the Note Balance of the Controlling Class. 
 (d) Prior to the execution of any amendment pursuant
to this Section, the Trustees shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent thereto have been satisfied.
The Trustees may, but shall not be obligated to, enter into any such amendment that affects such Trustee’s rights, duties or immunities under this Agreement or otherwise. 

(e) Prior to the execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency with written notice of the
substance of such amendment. Promptly after the execution of any amendment or consent, the Administrator shall furnish written notification of the substance of such amendment or consent to each Noteholder, the Indenture Trustee and each Rating
Agency. 

  
 48 

 (f) Notwithstanding the foregoing provisions of this Section, in the event the parties desire to
further clarify or amend any provision of Sections 4.17 or 4.18, or subject to Section 4.17(c), the information contained in Schedule B, this Agreement shall be amended to reflect the new agreement among the parties covering matters in Sections
4.17 or 4.18 or Schedule B; provided, however, that (i) such amendment will not require any Opinion of Counsel or satisfaction of the Rating Agency Condition, (ii) the Servicer shall deliver an Officer’s Certificate to the Indenture
Trustee that such amendment is in accordance with the terms of this Agreement and (iii) the Servicer shall have given written notice to the Rating Agencies not fewer than ten days prior to the effectiveness of any such amendment. 

Section 10.02. Protection of Title to Issuer. 

(a) CRB, as initial Servicer, shall execute and file such financing statements and cause to be executed and filed such continuation statements,
or take such other actions all in such a manner and in such places as may be required by Applicable Law or as shall be necessary to fully preserve, maintain and protect the interest of the Issuer and the Indenture Trustee in the Trust Estate. The
Issuer hereby authorizes the filing of financing statements describing as the collateral covered thereby “all assets of the debtor, including all personal property of the debtor” or words to that effect, and any limitations on such
collateral description, notwithstanding that such collateral description may be broader in scope than the Conveyed Assets described in this Agreement. All financing statements filed or to be filed against in connection with this Agreement describing
the Trust Estate shall contain a statement to the following effect: “A purchase of, or grant of a security interest in, any of the collateral covered by this financing statement will violate the rights of the secured party.” The Servicer
shall deliver or cause to be delivered to the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above as soon as available following such filing. 

(b) Neither the Depositor, the Seller nor the Servicer shall change its name, identity or limited liability company or corporate structure, as
applicable, in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading under Section 9-506 or 9-507 of the UCC, unless it shall have
given the Owner Trustee and the Indenture Trustee at least 45 days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements or such new
financing statements as may be necessary to continue the perfection of the interest of the Issuer and the Indenture Trustee for the benefit of the Noteholders in the Trust Estate. 

(c) Each of the Depositor, the Issuer and CRB shall give the Trustees at least 30 Business Days’ prior written notice of any change
in its name, identity, organizational structure or jurisdiction of organization or any relocation of its principal place of business or chief executive office if, as a result of such change or relocation, the applicable provisions of the UCC would
require the filing of any amendment to any previously filed financing statement or continuation statement or of any new financing statement, and shall promptly file any such amendment or new financing statement. The Servicer shall at all times
maintain each office from which it shall service Receivables, and its principal executive office, within the United States (other than the State of Louisiana). 

  
 49 

 (d) The Servicer shall maintain accounts and records as to each Receivable accurately and in
sufficient detail to permit (i) the reader thereof to know at any time the status of each Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries
on or with respect to each Receivable and the amounts from time to time deposited in the Collection Account in respect of each such Receivable. 

(e) Each of the Servicer and the Depositor shall maintain its computer systems so that, from and after the time of sale of the Receivables
under this Agreement, its master computer records (including any backup archives) that refer to a Receivable to indicate clearly and unambiguously the interest of the Issuer and the Indenture Trustee in such Receivable and that such Receivable is
owned by the Issuer and has been pledged to the Indenture Trustee pursuant to the Indenture. Indication of the interest of the Issuer and the Indenture Trustee in a Receivable shall be deleted from or modified on the computer systems of the
Depositor and the Servicer when, and only when, the Receivable shall have been paid in full, repurchased by the Seller or purchased by the Servicer, as the case may be. 

(f) If at any time the Depositor or CRB shall propose to sell, grant a security interest in or otherwise transfer any interest in any motor
vehicle retail installment sale contract or installment loan to any prospective purchaser, lender or other transferee, it shall provide such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any
restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, indicate clearly and unambiguously that such Receivable has been sold and is owned by the Issuer and has been pledged to the Indenture Trustee
(unless such Receivable has been paid in full, repurchased by the Seller or purchased by the Servicer. 
 (g) The Servicer shall permit the
Trustees and their respective agents at any time during normal business hours, upon reasonably prior notice, to inspect, audit and make copies of and abstracts from the Servicer’s records regarding any Receivable. 

(h) Upon request, the Servicer shall furnish to the Owner Trustee or the Indenture Trustee, within five Business Days, a list of all
Receivables (by Contract number and name of Obligor) then held as part of the Issuer, together with a reconciliation of such list to the Schedule of Receivables furnished prior to such request indicating removal of Conveyed Assets from the Trust.

  
 50 

 Section 10.03. Notices. All demands, notices, communications and instructions upon or
to the Depositor, the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee or any Rating Agency under this Agreement shall be in writing, personally delivered, faxed and followed by first class mail, or mailed by certified mail, return
receipt requested, and shall be deemed to have been duly given upon receipt: 
 (a) in the case of the Depositor, to: 

California Republic Funding, LLC 

18400 Von Karman, Suite 1100 

Irvine, California 92612 

Attention: General Counsel 

Facsimile No. (949) 270-9799 

with a copy to 
 California
Republic Bank 
 18400 Von Karman, Suite 1100 

Irvine, California 92612 

Attention: General Counsel 

Facsimile No. (949) 270-9799 

(b) in the case of the Servicer, the Administrator and Custodian, to: 

California Republic Bank 
 18400
Von Karman, Suite 1100 
 Irvine, California 92612 

Attention: General Counsel 

Facsimile No. (614) 480-5404; 

(c) in the case of Indenture Trustee, to: 

U.S. Bank National Association 

190 South LaSalle Street 
 7th
Floor Mail Code MK-IL-SL7R 
 Chicago, Illinois 60603 

Attention: Structured Finance – California Republic Auto Receivables Trust 2016-2 

(d) in the case of the Issuer or the Owner Trustee, to: 

Wilmington Trust 
 Rodney Square
North 
 1100 North Market Street 

Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 

Facsimile No. (302) 651-8882; 

(e) in the case of any Backup Servicer, to the address identified in the related joinder hereto executed by such Backup Servicer; 

(f) in the case of the Asset Representations Reviewer, to: 

Center Street Finance 
 200 North
Mesquite Street Suite 202 
 Arlington, Texas 76011 

Attention: Chris Hawke 
 Facsimile
No. (214) 853-5870; 

  
 51 

 (g) in the case of DBRS, to: 

DBRS, Inc. 
 140 Broadway 

New York, New York 10005 

Facsimile No. (212) 806-3201 

abs_surveillance@dbrs.com; and 

(h) in the case of Standard & Poor’s, to: 

Standard & Poor’s Ratings Services 

55 Water Street 
 New York, New
York 10041 
 Attention: Asset Backed Surveillance Department 

or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 

Section 10.04. Assignment by the Depositor or the Servicer. 

(a) Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.04, 8.02 and 10.04(b), this Agreement may
not be assigned by the Depositor or the Servicer without the prior written consent of the Trustees and Holders of Notes evidencing at least 66 2/3% of the Note Balance of the Controlling Class. 

(b) The Depositor hereby acknowledges and consents to the Grant of a security interest by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in, to and under the Trust Estate and the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee. 

Section 10.05. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Seller, the
Servicer, the Depositor, the Issuer, the Trustees and the Noteholders and their successor and permitted assigns, 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 Collateral or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 10.06. 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. 

  
 52 

 Section 10.07. Counterparts. This Agreement may be executed by the parties hereto in
any number of counterparts, each of which shall be an original, but all of which shall together constitute but one and the same instrument. 

Section 10.08. Table of Contents and Headings. The Table of Contents and the various headings in this Agreement are included for
convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. 
 Section 10.09.
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 10.10. Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally: 

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

(c) waives, to the fullest extent permitted by Applicable Law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby. 
 Section 10.11. No Partnership or Joint
Venture. Nothing herein contained shall constitute a partnership between or joint venture by the parties hereto or constitute either party the agent of the other. No party shall hold itself out contrary to the terms of this Section nor become
liable by any representation, act or omission of the other contrary to the provisions hereof. This Agreement is not for the benefit of any third party and shall not be deemed to give any right or remedy to any such party whether referred to herein
or not. 
 Section 10.12. Confidential Information. The Issuer agrees that it will neither use nor disclose to any Person names
and addresses of the Obligors or any other personally identifiable information of an Obligor, except in connection with the enforcement of the Issuer’s rights hereunder, under the Receivables, under the Receivables Purchase Agreement, or any
other Basic Document, or as required by any of the foregoing or by Applicable Law. 

  
 53 

 Section 10.13. Nonpetition Covenant. Each of the parties hereto covenants that it
will not at any time institute against, or join any Person in instituting against, the Issuer or the Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in
connection with any obligations relating to the Basic Documents, and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer or the Depositor. 

Section 10.14. Limitation of Liability of Trustees. 

(a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Wilmington Trust not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust in its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee of the Issuer, have any liability for the
representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the
Issuer in accordance with the priorities set forth herein. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee
shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement. 

(b) Notwithstanding anything contained herein to the contrary, this Agreement has been accepted by U.S. Bank, not in its individual capacity
but solely as Indenture Trustee, and in no event shall U.S. Bank have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer in accordance with the priorities set forth herein. 

(c) The parties hereto acknowledge that in accordance with Section 326 of the Patriot Act, U.S. Bank and CRB, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The
parties to this Agreement agree that they will provide U.S. Bank and CRB, as the case may be, with such information as either may request in order for U.S. Bank and CRB to satisfy the requirements of the Patriot Act. 

  
 54 

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

			
	CALIFORNIA REPUBLIC FUNDING, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CALIFORNIA REPUBLIC BANK
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2016-2 Sale and
Servicing Agreement 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	 not in its individual capacity,
 but
solely as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2016-2 Sale and
Servicing Agreement 

					
	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2
		
	By:  	 	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity,
 but solely as Owner
Trustee

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 2016-2 Sale and
Servicing Agreement 

 EXHIBIT A 

LOCATION OF RECEIVABLE FILES 
 California
Republic Bank 
 18400 Von Karman, Suite 1100 
 Irvine,
California 92612 
 Iron Mountain 
 1025 -1035 North Highland
Avenue 
 Los Angeles, California 90038 
 Iron Mountain 

1340 East 6th Street 
 Los Angeles, California 90021 

Iron Mountain 
 890 Pilot Road 

Las Vegas, Nevada 89119 
 Iron Mountain 

4105 North Lamb Boulevard 
 Las Vegas, Nevada 89110 

Iron Mountain 
 3051 North Marion Drive, Suite 101 

Las Vegas, Nevada 89120 
 Iron Mountain 

4105 North Lamb Boulevard 
 Las Vegas, Nevada 89110 

  
 A-1 

 EXHIBIT B 

FORM OF SERVICER’S MONTHLY CERTIFICATE 

PURSUANT TO SECTION 4.09 OF THE SALE AND SERVICING AGREEMENT 

[Determination Date] 
 This
Servicer’s Monthly Certificate is delivered in connection with the sale by California Republic Bank, a California corporation licensed and authorized to transact a banking business (“CRB”) to California Republic Auto Receivables Trust
2016-2 (the “Issuer”) of the Depositor Conveyed Assets pursuant to a sale and servicing agreement, dated as of June 1, 2016 (the “Sale and Servicing Agreement”), among the Issuer, California Republic Funding LLC, CRB and
U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”). All capitalized terms used but not defined herein shall have the meaning assigned thereto in the Sale and Servicing Agreement. 

The undersigned, a Responsible Officer of CRB, hereby certifies that: 

(a) No Event of Default or Servicer Termination Event has occurred and is continuing; and 

(b) The information contained in Annex A, attached hereto, is complete and accurate and among other things, contains all
information necessary to make the payments to be made on the             , 20     Payment Date pursuant to Section 5.04 of the Sale and Servicing
Agreement for this Collection Period. 
 IN WITNESS WHEREOF, the undersigned, in my capacity as a Responsible Officer of CRB as specified
below, has caused this certificate to be executed as of the date first above written. 
  

	
	  

	Name:
	Title:

  
 B-1 

 Annex A 

[EXCEL Spread Sheet Attached] 

  
 B-2 

 EXHIBIT C 

FORM OF SERVICER’S ANNUAL CERTIFICATION 

PURSUANT TO SECTION 4.10 OF THE SALE AND SERVICING AGREEMENT 

            , 20     

This Servicer’s Annual Certification is delivered pursuant to a sale and servicing agreement, dated as of June 1, 2016 (the
“Sale and Servicing Agreement”), among California Republic Auto Receivables Trust 2016-2, California Republic Funding, LLC, California Republic Bank, as servicer (the “Servicer”), and U.S. Bank National Association, as indenture
trustee (the “Indenture Trustee”). All capitalized terms used but not defined herein shall have the meaning assigned thereto in Appendix A to the Sale and Servicing Agreement. 

The undersigned, a Responsible Officer of the Servicer, hereby certifies that: 

1. A review of the activities of the Servicer and of the performance of their respective obligations under the Sale and Servicing Agreement
during the period from             , 20      to and including             , 20
     (the “Review Period”) was conducted under my supervision. 
 2. Based on my knowledge and such
review, except as otherwise disclosed pursuant to paragraph 3 below, the Servicer has fulfilled its obligations under the Sale and Servicing Agreement during the applicable Review Period and there is no significant deficiency known by me with
respect to the applicable Review Period which has not been disclosed herein. 
 3. Based on such review, to my knowledge, the following is a
description of each significant deficiency during the Review Period in the performance of the Servicer’s obligations under the provisions of the Sale and Servicing Agreement, which sets forth in detail (i) the nature and status of each
such deficiency and (ii) the action taken by the Servicer, if any, to remedy each such deficiency: [List Out] 
 IN WITNESS WHEREOF,
the undersigned, in my capacity as specified below, has caused this certificate to be executed as of the date first above written. 
  

							
	 Dated:
                    
	 		 		 	  

		 		 		 	Name:
		 		 		 	Title:

  
 C-1 

 EXHIBIT D 

FORM OF SERVICER’S SARBANES-OXLEY ACT CERTIFICATION 
  

	 	Re:	California Republic Bank Auto Receivables Trust 2016-2 

 I,
                    , certify that: 

1. I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report
on Form 10-K of California Republic Bank Auto Receivables Trust 2016-2 (the “Exchange Act periodic reports”); 
 2. Based on my
knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; 
 3. Based on my knowledge, all of the distribution, servicing
and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports; 

4. I am responsible for reviewing the activities performed by the servicers and based on my knowledge and the compliance reviews conducted in
preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements
in all material respects; and 
 5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and
their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have
been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K. 

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
                     
 Date:
                     
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 D-1 

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 
 [On file
with the Servicer and the Backup Servicer] 

  
 SA-1 

 SCHEDULE B 

Part I. Form 10-D Disclosure Items 
  

			
	 FORM 10-D DISCLOSURE
ITEMS

	 Item on Form 10-D
	  	 Responsible Party

	Item 1: Distribution and Pool Performance Information	  	
		
	Information included in the Monthly Investor Report	  	 Servicer
 Administrator

		
	Any information required by 1121 which is NOT included on the Monthly Investor Report	  	Depositor
		
	 Item 2: Legal Proceedings
  

•       Any legal Proceeding pending against the following entities or their
respective property, that is material to noteholders, including any Proceeding known to be contemplated by governmental authorities:
	  	
		
	 •       Issuing Entity (Trust Fund)
	  	Depositor
		
	 •       Sponsor (Seller)
	  	Seller (if a party to the Sales and Servicing Agreement) or Depositor
		
	 •       Depositor
	  	Depositor
		
	 •       Indenture Trustee
	  	Indenture Trustee
		
	 •       Administrator
	  	Administrator
		
	 •       Servicer
	  	Servicer
		
	 •       Owner Trustee
	  	Owner Trustee
		
	 •       1110(b) Originator
	  	Depositor
		
	 •       Any 1108(a)(2) Servicer (other than the Servicer
or Administrator)
	  	Depositor
		
	 •       Any other party contemplated by
1100(d)(1)
	  	Depositor
		
	 Item 3: Sale of Securities and Use of Proceeds
  

Information from Item 2(a) of Part II of Form 10-Q
  

With respect to any sale of securities by the sponsor, depositor or issuing entity, that are backed by the same asset pool or are otherwise issued by the
issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K. Pricing information can be omitted if securities were not registered.
	  	Depositor
		
	 Item 4: Defaults Upon Senior Securities
  

Information from Item 3 of Part II of Form 10-Q
  

Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)
	  	Administrator
		
	 Item 5: Submission of Matters to a Vote of Security Holders

 
 Information from Item 4 of Part II of Form 10-Q
	  	 Administrator
 Indenture
Trustee

  
 SB-1 

			
	 FORM 10-D DISCLOSURE ITEMS
(continued)

	 Item on Form 10-D
	  	 Responsible Party

	 Item 6: Significant Obligors of Pool Assets
  

Item 1112(b) – Significant Obligor Financial Information*
	  	Depositor
		
	 *  This information need only be reported on the Form 10-D for the distribution period
in which updated information is required pursuant to the Item.
	  	
		
	 Item 7: Significant Enhancement Provider Information
  

Item 1114(b)(2) – Credit Enhancement Provider Financial Information*
	  	
		
	 •       Determining applicable disclosure
threshold
	  	Depositor
		
	 •       Requesting required financial information
(including any required accountants’ consent to the use thereof) or effecting incorporation by reference
	  	Depositor
		
	Item 1115(b) – Derivative Counterparty Financial Information*	  	
		
	 •       Determining current maximum probable
exposure
	  	Depositor
		
	 •       Determining current significance
percentage
	  	Depositor
		
	 •       Requesting required financial information
(including any required accountants’ consent to the use thereof) or effecting incorporation by reference
	  	Depositor
		
	 *  This information need only be reported on the Form 10-D for the distribution period
in which updated information is required pursuant to the Items.
	  	
		
	 Item 8: Other Information
  

Disclose any information required to be reported on Form 8-K during the period covered by the

Form 10-D but not reported
	  	Any party responsible for the applicable Form 8-K Disclosure item
		
	Item 9: Exhibits	  	
		
	Monthly Statement to Noteholders	  	Administrator
		
	Exhibits required by Item 601 of Regulation S-K, such as material agreements	  	Depositor

  
 SB-2 

 Part II. Form 8-K Reportable Events 
  

			
	 FORM 8-K REPORTABLE
EVENTS

	 Item on Form 8-K
	  	 Responsible Party

	 Item 1.01- Entry into a Material Definitive Agreement
  

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a
party.
  
 Examples: servicing agreement, custodial agreement.

 
 Note: disclosure not required as to definitive agreements that are fully disclosed in the
prospectus.
	  	All parties as to themselves
		
	 Item 1.02- Termination of a Material Definitive Agreement

 
 Disclosure is required regarding termination of any definitive agreement that is material
to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.
  

Examples: servicing agreement, custodial agreement.
	  	All parties as to themselves
		
	 Item 1.03- Bankruptcy or Receivership
  

Disclosure is required regarding the bankruptcy or receivership, with respect to any of the following:
	  	Depositor
		
	 •       Sponsor (Seller)
	  	Depositor/Sponsor (Seller)
		
	 •       Depositor
	  	Depositor
		
	 •       Servicer
	  	Servicer
		
	 •       Affiliated Servicer
	  	Servicer
		
	 •       Other Servicer servicing 20% or more of the pool
assets at the time of the report
	  	Servicer
		
	 •       Other material servicers
	  	Servicer
		
	 •       Indenture Trustee
	  	Indenture Trustee
		
	 •       Administrator
	  	Administrator
		
	 •       Significant Obligor
	  	Depositor
		
	 •       Credit Enhancer (10% or more)
	  	Depositor
		
	 •       Derivative Counterparty
	  	Depositor
		
	 •       Owner Trustee
	  	Owner Trustee
		
	 Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement
  
 Includes an early amortization, performance trigger or other event,
including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.
  

Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the noteholders.
	  	 Depositor
 Servicer

Administrator

  
 SB-3 

			
	 FORM 8-K REPORTABLE EVENTS
(continued)

	 Item on Form 8-K
	  	 Responsible Party

	 Item 3.03- Material Modification to Rights of Security Holders

 
 Disclosure is required of any material modification to documents defining the rights of
Noteholders, including the Sale and Servicing Agreement.
	  	 Administrator
 Indenture Trustee

Depositor

		
	 Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

 
 Disclosure is required of any amendment “to the governing documents of the issuing
entity”.
	  	Depositor
		
	Item 6.01- ABS Informational and Computational Material	  	Depositor
		
	 Item 6.02- Change of Servicer or Administrator
  

Requires disclosure of any removal, replacement, substitution or addition of any Servicer, affiliated servicer, and other servicer servicing 10% or more of
pool assets at time of report, other material servicers or Indenture Trustee.
	  	 A change of both – Depositor
 A change of
Servicer or Administrator - Servicer/Administrator/Depositor/

		
	Reg AB disclosure about any new servicer or Servicer is also required.	  	Servicer/Depositor
		
	Reg AB disclosure about any new Indenture Trustee is also required.	  	New Indenture Trustee
		
	 Item 6.03- Change in Credit Enhancement or External Support

 
 Covers termination of any enhancement in manner other than by its terms, the addition of
an enhancement, or a material change in the enhancement provided. Applies to external credit enhancements as well as derivatives.
	  	N/A
		
	Reg AB disclosure about any new enhancement provider is also required.	  	Depositor
		
	Item 6.04- Failure to Make a Required Distribution	  	 Servicer
 Indenture Trustee

		
	 Item 6.05- Securities Act Updating Disclosure
  

If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide
updated Reg AB disclosure about the actual asset pool.
	  	Depositor
		
	If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	  	Depositor
		
	Item 7.01- Reg FD Disclosure	  	Depositor
		
	 Item 8.01- Other Events
  

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to noteholders.
	  	Depositor
		
	Item 9.01- Financial Statements and Exhibits	  	Responsible party, as applicable, for reporting/disclosing the financial statement or exhibit

  
 SB-4 

 Part III: Form 10-K Disclosure Items 
  

			
	 FORM 10-K DISCLOSURE ITEMS

	 Item on Form 10-K
	  	 Responsible Party

	Item 1B: Unresolved Staff Comments	  	Depositor
		
	Item 9B: Other Information	  	Any party responsible for disclosure items on Form 8-K
		
	Item 15: Exhibits, Financial Statement Schedules	  	Depositor
		
	 Additional Item:
  

Disclosure per Item 1117 of Reg AB
	  	(i) All parties to the Sale and Servicing Agreement (as to themselves), (ii) the Depositor as to the issuing entity, (iii) the Depositor as to the sponsor, any 1106(b) originator, any 1100(d)(1) party
		
	 Additional Item:
  

Disclosure per Item 1119 of Reg AB
	  	(i) All parties to the Sale and Servicing Agreement (as to themselves), (ii) the Depositor as to he sponsor, originator, significant obligor, enhancement or support provider
		
	 Additional Item:
  

Disclosure per Item 1112(b) of Reg AB
	  	Depositor/ Servicer
		
	 Additional Item:
  

Disclosure per Items 1114(b) and 1115(b) of Reg AB
	  	Depositor

  
 SB-5 

 Part IV: Servicing Criteria 
  

					
	 Reg AB Reference
	  	 Servicing Criteria
	  	Responsible Party
	General Servicing Considerations
			
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	Servicer
 Backup Servicer

			
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	Servicer
			
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	Servicer
			
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	 1122(d)(1)(v)
	  	Aggregation of information, as applicable is mathematically accurate and the information conveyed accurately reflects the information	  	
	
	Cash Collection and Administration
			
	 1122(d)(2)(i)
	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction
agreements.	  	Servicer
			
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	Servicer
			
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	Servicer
			
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	Servicer
 Indenture Trustee

  
 SB-6 

					
	 Reg AB Reference
	  	 Servicing Criteria
	  	Responsible Party
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	Indenture Trustee
			
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B)
prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	Servicer
			
		  	Investor Remittances and Reporting	  	
			
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance
with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and
regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer.	  	Servicer
			
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	Servicer
			
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	Servicer
 Indenture Trustee

			
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	Servicer

  
 SB-7 

					
	 Reg AB Reference
	  	 Servicing Criteria
	  	Responsible Party
	 	  	Pool Asset Administration	  	 
			
	 1122(d)(4)(i)
	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	  	Servicer
			
	 1122(d)(4)(ii)
	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	Servicer
			
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	Servicer
			
	 1122(d)(4)(iv)
	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt and
identification, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	  	Servicer
			
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	Servicer
			
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and
related pool asset documents.	  	Servicer
			
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes
or other requirements established by the transaction agreements.	  	Servicer
			
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	Servicer
			
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  	N/A

  
 SB-8 

					
	 Reg AB Reference
	  	 Servicing Criteria
	  	Responsible Party
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in
the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of
the related pool assets, or such other number of days specified in the transaction agreements.	  	N/A
			
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such
support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	N/A
			
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	N/A
			
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the transaction agreements.	  	N/A
			
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	Servicer
			
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	N/A

  
 SB-9 

 EXHIBIT E 

BACKUP SERVICER DUTIES 
 Duties of Backup
Servicer 
 California Republic Auto Receivables Trust 2016-2 

One-time, Upfront Duties 
  

	•	 	The Backup Servicer will request an initial extract file specific to CRART 2016-2 from Servicer. The Backup Servicer’s extract file layout will be provided to Servicer; 

 

	•	 	Information from the initial extract file received from Servicer will be mapped to the Backup Servicer’s system within 60 days of receipt of the complete file; 

 

	•	 	The Backup Servicer will compare information from the initial extract file to initial monthly certificate and further determine that the monthly servicer’s report is complete on its face. The Backup Servicer will
(1) verify the aggregate outstanding balance of Receivables at the beginning of the related collection period, (2) verify the number and principle balance of delinquent and defaulted Receivables at the close of the related collection
period and (3) verify the aggregate outstanding balance of Receivables at the close of the related collection period. This verification will compare the information on the monthly servicer’s report to the information produced on The Backup
Servicer’s system from the monthly extract file received from Servicer. 

 Monthly Duties 

 

	•	 	The Backup Servicer will store the monthly extract file received from Servicer; 

  

	•	 	The Backup Servicer will load the information from the monthly extract file to its system within seven business days of receipt of the complete file; 

 

	•	 	The Backup Servicer will review the monthly servicer’s report and determine that the monthly servicer’s report is complete on its face. The Backup Servicer will (1) verify the aggregate outstanding
balance of Receivables at the beginning of the related collection period, (2) verify the number and principle balance of delinquent and defaulted Receivables at the close of the related collection period and (3) verify the aggregate
outstanding balance of Receivables at the close of the related Collection Period; 

  

	•	 	In the event of any discrepancy on the Monthly Servicer’s Certificate, the Backup Servicer will promptly notify Servicer of any discrepancies; 

 

	•	 	Warm backup servicing duties assume a readiness state that would allow the Backup Servicer to convert and transfer the portfolio as soon as reasonably practical (not immediately) upon the formal request for transfer
notice. 

  
 E-1 

 APPENDIX A 

USAGE AND DEFINITIONS 
 USAGE 

The following rules of construction and usage are applicable to this Appendix and to any agreement that incorporates this Appendix and any
certificate or other document made or delivered pursuant to any such agreement: 
 (i) All terms defined in this Appendix,
unless otherwise defined in any agreement that incorporates this Appendix or any certificate or other document made or delivered pursuant to any such agreement, have the meanings assigned in this Appendix. 

(ii) Accounting terms not defined in this Appendix or in any such agreement, certificate or other document, and accounting
terms partly defined in this Appendix or in any such agreement, certificate or other document, to the extent not defined, have the respective meanings given to them under generally accepted accounting principles as in effect in the United States on
the date of such agreement, certificate or other document. To the extent that the definitions of accounting terms in this Appendix or in any such agreement, certificate or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles in the United States, the definitions contained in this Appendix or in any such agreement, certificate or other document will control. 

(iii) References to words such as “this Agreement”, “herein”, “hereof” and the like shall refer
to an agreement that incorporates this Appendix as a whole and not to any particular part, Article or Section within such agreement. References in an agreement to “Article”, “Section”, “Exhibit”,
“Schedule”, “subsection” or another subdivision or to an attachment are, unless otherwise specified, to an article, section, exhibit, schedule, subsection or other subdivision of or an attachment to such agreement. The term
“or” means “and/or” and the term “including” means “including without limitation”. 

(iv) The definitions contained in this Appendix are equally applicable to both the singular and plural forms of such terms and
to the masculine as well as to the feminine and neuter genders of such terms. 
 (v) Any agreement or statute defined or
referred to in this Appendix or in any agreement that incorporates this Appendix means such agreement or statute as from time to time amended, modified, supplemented or replaced, including (in the case of agreements) by waiver or consent and (in the
case of statutes) by succession of comparable successor statutes and includes (in the case of agreements) references to all attachments thereto and instruments incorporated therein and (in the case of statutes) any rules and regulations promulgated
thereunder and any judicial and administrative interpretations thereof. 

  
 AA-1 

 (vi) References to a Person are also to its permitted successors and assigns.

 (vii) References to deposits, transfers and payments of any amounts refer to deposits, transfers or payments of such
amounts in immediately available funds; and the term “proceeds” has the meaning ascribed to such term in the UCC. 

(viii) Except where “not less than zero” or similar language is indicated, amounts determined by reference to a
mathematical formula may be positive or negative. 
 (ix) In the computation of a period of time from a specified date to a
later specified date, the word “from” means “from and including” and the words “to” and “until” mean “to but excluding”. 

DEFINITIONS 
 “Accrued
Class A-1 Note Interest” means, with respect to any Payment Date, the sum of the Class A-1 Noteholders’ Monthly Accrued Interest for such Payment Date and the Class A-1 Noteholders’ Interest Carryover Shortfall for
such Payment Date. 
 “Accrued Class A-2 Note Interest” means, with respect to any Payment Date, the sum of the
Class A-2 Noteholders’ Monthly Accrued Interest for such Payment Date and the Class A-2 Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Accrued Class A-3 Note Interest” means, with respect to any Payment Date, the sum of the Class A-3
Noteholders’ Monthly Accrued Interest for such Payment Date and the Class A-3 Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Accrued Class A-4 Note Interest” means, with respect to any Payment Date, the sum of the Class A-4
Noteholders’ Monthly Accrued Interest for such Payment Date and the Class A-4 Noteholders’ Interest Carryover Shortfall for such Payment Date. 

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

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

“Act” has the meaning specified in Section 11.03(a) of the Indenture. 

“Administration Agreement” means the Administration Agreement, dated as of June 1, 2016, among the Issuer, CRB, as
Administrator, the Owner Trustee and the Indenture Trustee. 
 “Administrator” means CRB, or any successor Administrator
under the Administration Agreement. 

  
 AA-2 

 “ADR Organization” means The American Arbitration Association or, if The
American Arbitration Association no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by CRB. 

“ADR Rules” means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding
arbitration, as applicable, of commercial disputes in effect at the time of the mediation or arbitration. 
 “Advance”
means any advance that the Servicer makes pursuant to Section 5.07 of the Sale and Servicing Agreement. 
 “Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. 
 “Agency Office” means the office of the Issuer maintained pursuant to Section 3.02 of
the Indenture. 
 “Aggregate Note Amount” means the total of the applicable amounts of principal and interest to be paid on
each Class of Notes pursuant to Section 12.05 of the Indenture. 
 “Amount Financed” means, with respect to any
Receivable, the original principal amount that the Obligor is required to pay under the related Contract, including repayment of amounts advanced toward the purchase price of the Financed Vehicle and any related costs and other amounts financed
under the related Contract, exclusive of any amount advanced during the term of the Contract for the premiums for force-placed physical damage insurance covering the Financed Vehicle, it being understood that the Amount Financed includes amounts
allocable to prepaid finance charges due under the related Contract. 
 “Annual Percentage Rate” or “APR”
means, with respect to a Receivable, the annual contractual rate of interest stated in the related Contract as being payable by the Obligor, it being understood that this is not necessarily the “annual percentage rate” as disclosed in the
Contract for such Receivable pursuant to the federal Truth in Lending Act. 
 “Applicable FATCA Law” means in applicable
tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities) related to the Basic Documents in effect from time to time that a foreign financial institution, issuer, trustee, paying agent or other party is or
has agreed to be subject to. 
 “Applicable Law” means all applicable laws, ordinances, judgments, decrees, injunctions,
writs and orders of any Governmental Authority and rules, regulations, orders, interpretations, licenses and permits of any Governmental Authority. 

  
 AA-3 

 “Applicable Payment Date” means the date determined by the Indenture Trustee
pursuant to Section 12.05 of the Indenture. 
 “Asset Representations Review Agreement” means the Asset
Representations Review Agreement, dated as of June 1, 2016, among the Issuer, the Servicer and the Asset Representations Reviewer. 

“Asset Representations Reviewer” means Center Street Finance, LP, a Texas limited partnership. 

“Authorized Officer” means, with respect to (i) the Issuer, (a) any officer of the Owner Trustee who is authorized
to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of authorized officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from
time to time thereafter) and (b) so long as the Administration Agreement is in effect, any Vice President or more senior officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and to be
acted upon by the Administrator pursuant to the Administration Agreement and who is identified on the list of authorized officers delivered by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter) and (ii) any other Person, any president, Vice President, treasurer, assistant treasurer, secretary, assistant secretary or any other officer of such Person who customarily performs functions similar
to those performed by any of the foregoing having direct responsibility for the administration of the Basic Documents and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 
 “Available Collections” means, with respect to any Payment
Date and the related Collection Period, the sum of (i) all Obligor payments relating to interest and principal received by the Servicer with respect to the Receivables during the related Collection Period after the Cutoff Date (other than
amounts comprising the Supplemental Servicing Fee), (ii) all Liquidation Proceeds, Insurance Proceeds (with respect to Receivables that are not Defaulted Receivables), Recoveries and Dealer Recourse payments received with respect to the
Receivables during such Collection Period, (iii) the aggregate Purchase Prices and any Optional Purchase Price deposited in the Collection Account on the related Payment Date, (iv) all prepayments received with respect to the Receivables
attributable to any refunded item included in the Amount Financed of any Receivable, including amounts received as a result of rebates of extended warranty contract costs and proceeds received under physical damage, theft, credit life and credit
disability insurance policies, (v) Net Investment Earnings on amounts on deposit in the Collection Account, and (vi) all Advances deposited into the Collection Account by the Servicer on the related Payment Date; provided, however, that
Available Collections shall not include any payments or other amounts (including Liquidation Proceeds and Recoveries) received with respect to any (a) Purchased Receivable, the Purchase Price for which was included in Available Collections for
a previous Payment Date and (b) Receivable to the extent that the Servicer has made an unreimbursed Advance with respect to such Receivable and is entitled to reimbursement from payments in respect of such Receivables or other Receivables or
other amounts pursuant to Section 5.07 of the Sale and Servicing Agreement. 

  
 AA-4 

 “Available Funds” means, with respect to any Payment Date and the related
Collection Period, an amount equal to the sum of (i) Available Collections and (ii) the Reserve Account Draw Amount, if any. 

“Available Funds Shortfall Amount” means, with respect to any Payment Date and the related Collection Period, the amount by
which the amounts required to be paid pursuant to clauses (i) through (vii) of Section 5.04(a) of the Sale and Servicing Agreement exceeds Available Collections. 

“Backup Servicer” means any backup servicer of the Receivables appointed pursuant to Section 7.02 of the Sale and
Servicing Agreement following the occurrence of a Backup Servicer Appointment Event. 
 “Backup Servicer Appointment Date”
means the date that an entity agrees to become Backup Servicer. 
 “Backup Servicer Appointment Event” means that
(i) CRB is the Servicer and (ii) CRB receives written notice of the determination by the FDIC or other appropriate banking regulatory agency, that CRB has ceased to meet the FDIC criteria of a “well capitalized bank”, as finally
determined by the FDIC or other appropriate banking regulatory agency using the method agreed upon by the Federal Financial Institutions Examination Council. 

“Backup Servicing Fee” means the fee payable to the Backup Servicer, if and when appointed pursuant to Section 7.02 of
the Sale and Servicing Agreement, which shall be $4,500 per month or less, plus reasonable expenses. 
 “Bankruptcy Code”
means Title 11 of the United States Code, 11 U.S.C. §101 et seq. 
 “Basic Documents” means the Sale and
Servicing Agreement, the Trust Agreement, the Indenture, the Notes, the Certificates, the Underwriting Agreement, the Certificate Purchase Agreements, the Placement Agency Agreement, the Receivables Purchase Agreement, the Administration Agreement
and the Asset Representations Review Agreement. 
 “Benefit Plan” means (i) an “employee benefit plan” as
defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, (ii) a “plan” as described in Section 4975 of the Code, including individual retirement accounts or Keogh Plans, that are not exempt under
Section 4975(g) of the Code and (iii) any entities whose underlying assets are considered to include “plan assets” of any such employee benefit plan or plan by reason of Department of Labor regulation Section 2510.3-101, as
modified by Section 3(42) of ERISA, or otherwise. 
 “Bipartisan Budget Act” means the Bipartisan Budget Act of 2015,
(Pub. L. 114-74 (signed into law November 2, 2015)). 
 “Book-Entry Certificates” means Certificates in which
ownership and transfers shall be made through book entries by a Depository as described in Section 3.09 of the Trust Agreement. 

“Book-Entry Notes” means Notes in which ownership and transfers shall be made through book entries by a Depository as
described in Section 2.11 of the Indenture. 

  
 AA-5 

 “Business Day” means any day other than a Saturday, a Sunday or any other day on
which national banking institutions or commercial banking institutions in the State of Illinois, State of New York or the State of California are authorized or required by law, executive order or governmental decree to be closed or any day on which
the Federal Reserve Bank of San Francisco is closed. 
 “California Military Families Financial Relief Act” means Sections
800 through 812 of the California Military and Veterans Code. 
 “Certificate” has the meaning set forth in the Trust
Agreement. 
 “Certificate Depository Agreement” means the agreement, dated the Closing Date, between the Issuer and DTC,
the initial Depository, relating to the Certificates. 
 “Certificate Distribution Account” means the account designated as
such, established and maintained pursuant to Section 5.01(a) of the Trust Agreement. 
 “Certificate of Trust” means
the Certificate of Trust, substantially in the form of Exhibit B to the Trust Agreement filed for the Issuer pursuant to Section 3810(a)(1) of the Statutory Trust Statute. 

“Certificate Owner” means, with respect to a Book-Entry Certificate, the Person who is the beneficial owner of such
Book-Entry Certificate, as reflected on the books of the Depository or a Person maintaining an account with the Depository (directly as a Depository Participant or as an indirect participant, in each case in accordance with the rules of the
Depository). 
 “Certificate Paying Agent” means any paying agent or co-paying agent appointed pursuant to
Section 3.13 of the Trust Agreement to make or cause to be made payments to and distributions from the Certificate Distribution Account in accordance with the terms of the Trust Agreement, and shall initially be U.S. Bank. 

“Certificate Paying Agent’s Corporate Office” means (i) as long as the Certificate Paying Agent is U.S. Bank, the
Corporate Trust Office of the Indenture Trustee, and (ii) thereafter, a designated office of the Certificate Paying Agent. 

“Certificate Purchase Agreement” means a purchase agreement for the sale of Certificates between the Depositor and a
purchaser of Certificates, substantially in the form attached to the Trust Agreement as Exhibit C, pursuant to which Certificates will be purchased. 

“Certificateholder” means a Person in whose name a Certificate is registered. 

“Certifying Person” means an individual who signs the Sarbanes-Oxley Act Certification. 

“Certification Parties” means, collectively, the Certifying Person and the entity for which the Certifying Person acts as an
officer, and such entity’s officers, directors and Affiliates. 
 “Class” means a group of Notes whose form is
identical except for variation in denomination, principal amount or owner, and references to “each Class” means each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes and the Class C Notes. 

  
 AA-6 

 “Class A Notes” means the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes. 
 “Class A Note Balance” means, at any time, the sum of the
Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance and the Class A-4 Note Balance at such time. 

“Class A-1 Final Scheduled Payment Date” means the Payment Date occurring on June 15, 2017. 

“Class A-1 Interest Rate” means 0.67000% per annum (computed on the basis of the actual number of days elapsed in
the related Interest Period divided by 360). 
 “Class A-1 Note Balance” means, at any time, the Initial
Class A-1 Note Balance reduced by all payments of principal made prior to such time on the Class A-1 Notes. 

“Class A-1 Noteholder” means the Person in whose name a Class A-1 Note is registered on the Note Register. 

“Class A-1 Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the
Class A-1 Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class A-1 Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that is
actually paid to Noteholders of Class A-1 Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class A-1 Notes on the preceding Payment Date, to the extent permitted by law, at
the Class A-1 Interest Rate for the related Interest Period. 
 “Class A-1 Noteholders’ Monthly Accrued
Interest” means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class A-1 Notes at the Class A-1 Interest Rate on the Class A-1 Note Balance on the immediately
preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Class A-1 Noteholders on or prior to such preceding Payment Date. 

“Class A-1 Notes” means the Class of Notes designated as “Class A-1 Notes”, issued in accordance
with the Indenture. 
 “Class A-2 Final Scheduled Payment Date” means the Payment Date occurring on March 15,
2019. 
 “Class A-2 Interest Rate” means 1.34% per annum (computed on the basis of a 360-day year consisting of
twelve 30-day months). 
 “Class A-2 Note Balance” means, at any time, the Initial Class A-2 Note Balance reduced
by all payments of principal made prior to such time on the Class A-2 Notes. 

  
 AA-7 

 “Class A-2 Noteholder” means the Person in whose name a Class A-2 Note
is registered on the Note Register. 
 “Class A-2 Noteholders’ Interest Carryover Shortfall” means, with respect
to any Payment Date, the excess of the Class A-2 Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class A-2 Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over
the amount in respect of interest that is actually paid to Noteholders of Class A-2 Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class A-2 Notes on the preceding Payment
Date, to the extent permitted by law, at the Class A-2 Interest Rate for the related Interest Period. 
 “Class A-2
Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class A-2 Notes at the Class A-2 Interest Rate on the Class A-2 Note
Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Class A-2 Noteholders on or prior to such preceding Payment Date. 

“Class A-2 Notes” means the Class of Notes designated as “Class A-2 Notes”, issued in accordance
with the Indenture. 
 “Class A-3 Final Scheduled Payment Date” means the Payment Date occurring on July 15,
2020. 
 “Class A-3 Interest Rate” means 1.56% per annum (computed on the basis of a 360-day year consisting of
twelve 30-day months). 
 “Class A-3 Note Balance” means, at any time, the Initial Class A-3 Note Balance reduced
by all payments of principal made prior to such time on the Class A-3 Notes. 
 “Class A-3 Noteholder” means the
Person in whose name a Class A-3 Note is registered on the Note Register. 
 “Class A-3 Noteholders’ Interest
Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class A-3 Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class A-3 Noteholders’ Interest Carryover
Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders of Class A-3 Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of
Class A-3 Notes on the preceding Payment Date, to the extent permitted by law, at the Class A-3 Interest Rate for the related Interest Period. 

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

  
 AA-8 

 “Class A-3 Notes” means the Class of Notes designated as
“Class A-3 Notes”, issued in accordance with the Indenture. 
 “Class A-4 Final Scheduled Payment Date”
means the Payment Date occurring on December 15, 2021. 
 “Class A-4 Interest Rate” means 1.83% per annum
(computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Class A-4 Note Balance” means, at
any time, the Initial Class A-4 Note Balance reduced by all payments of principal made prior to such time on the Class A-4 Notes. 

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

“Class A-4 Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the
Class A-4 Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class A-4 Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that is
actually paid to Noteholders of Class A-4 Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class A-4 Notes on the preceding Payment Date, to the extent permitted by law, at
the Class A-4 Interest Rate for the related Interest Period. 
 “Class A-4 Noteholders’ Monthly Accrued
Interest” means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class A-4 Notes at the Class A-4 Interest Rate on the Class A-4 Note Balance on the immediately
preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Class A-4 Noteholders on or prior to such preceding Payment Date. 

“Class A-4 Notes” means the Class of Notes designated as “Class A-4 Notes”, issued in accordance
with the Indenture. 
 “Class B Final Scheduled Payment Date” means the Payment Date occurring on May 16, 2022.

 “Class B Interest Rate” means 2.52% per annum (computed on the basis of a 360-day year consisting of twelve
30-day months). 
 “Class B Note Balance” means, at any time, the Initial Class B Note Balance reduced by all
payments of principal made prior to such time on the Class B Notes. 
 “Class B Noteholder” means the Person in
whose name a Class B Note is registered on the Note Register. 
 “Class B Noteholders’ Interest Carryover
Shortfall” means, with respect to any Payment Date, the excess of the Class B Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class B Noteholders’ Interest Carryover Shortfall on
such preceding Payment Date, over the amount in respect of interest that is actually paid to 

  
 AA-9 

 
Noteholders of Class B Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class B Notes on the preceding Payment Date, to
the extent permitted by law, at the Class B Interest Rate for the related Interest Period. 
 “Class B Noteholders’
Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance on the
immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Class B Noteholders on or prior to such preceding Payment Date. 

“Class B Notes” means the Class of Notes designated as “Class B Notes”, issued in accordance with
the Indenture. 
 “Class C Final Scheduled Payment Date” means the Payment Date occurring on March 15, 2023. 

“Class C Interest Rate” means 3.51% per annum (computed on the basis of a 360-day year consisting of twelve 30-day
months). 
 “Class C Note Balance” means, at any time, the Initial Class C Note Balance reduced by all payments
of principal made prior to such time on the Class C Notes. 
 “Class C Noteholder” means the Person in whose name
a Class C Note is registered on the Note Register. 
 “Class C Noteholders’ Interest Carryover Shortfall”
means, with respect to any Payment Date, the excess of the Class C Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class C Noteholders’ Interest Carryover Shortfall on such preceding
Payment Date, over the amount in respect of interest that is actually paid to Noteholders of Class C Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class C Notes on the
preceding Payment Date, to the extent permitted by law, at the Class C Interest Rate for the related Interest Period. 

“Class C Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest
accrued for the related Interest Period on the Class C Notes at the Class C Interest Rate on the Class C Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all
payments of principal to the Class C Noteholders on or prior to such preceding Payment Date. 
 “Class C Notes”
means the Class of Notes designated as “Class C Notes”, issued in accordance with the Indenture. 
 “Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act, which initially shall be DTC. 

“Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to
time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

  
 AA-10 

 “Closing Date” means June 16, 2016. 

“Code” means the Internal Revenue Code of 1986, and applicable Treasury Regulations promulgated thereunder. 

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

“Collection Account” means the account designated as such pursuant to Section 5.01(a) of the Sale and Servicing
Agreement, which has been established by the Indenture Trustee and is to be maintained by the Indenture Trustee as an Eligible Account. 

“Collection Period” means, with respect to any Payment Date, the calendar month immediately preceding the month in which such
Payment Date occurs; provided, however, that the first Collection Period shall commence on the day immediately following the Cutoff Date and end on and include the last day of the calendar month immediately preceding the first Payment Date. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Contract” means, with respect to Receivable, a motor vehicle retail installment sale contract or a motor vehicle installment
loan originated, purchased or otherwise acquired by the Seller and made part of the Conveyed Assets. 
 “Controlling Class”
means, so long as any Notes are Outstanding, (i) until the Class A Note Balance has been reduced to $0, the Class A Notes, (ii) after the Class A Note Balance has been reduced to $0, the Class B Notes, and
(iii) after the Class A Note Balance and the Class B Note Balance have been reduced to $0, the Class C Notes. 

“Conveyed Assets” means (without duplication), all right, title and interest in and to: 

(i) the Receivables and all moneys received thereon after the Cutoff Date; 

(ii) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and in any other property
securing the Receivables, and any other interest of the originator of any Receivable in such Financed Vehicles; 
 (iii) any
other property securing any Receivable; 
 (iv) any proceeds and the right to receive proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any Liquidation Proceeds; 

(v) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement as a result of a breach of
representation or warranty in the related Dealer Agreement and any other rights and benefits but none of the obligations or burdens under the Dealer Agreements; 

(vi) all rights under any Service Agreements; 

  
 AA-11 

 (vii) the Receivable Files; 

(viii) any proceeds of Dealer Recourse that relate to the Receivables; 

(ix) the right to realize upon any property (including the right to receive future Liquidation Proceeds and Recoveries) that
shall have secured a Receivable and that have been repossessed pursuant to the terms of such Receivable; 
 (x) to the extent
such rights have been transferred to the Depositor, all rights of the Servicer to service the Receivables; 
 (xi) all
(a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to the property described in clauses (i) through (x) above; and 

(xii) all proceeds and investments with respect to clauses (i) through (xi) above. 

“Corporate Trust Office” means, with respect to (i) the Indenture Trustee, the office at which at any particular time
its corporate trust business shall be administered, which office on the Closing Date is located at (a) for Security transfer purposes, 111 Fillmore Street, St. Paul, MN 55107-1402, Attention: Bondholder Services, and (b) for all other
purposes, 190 South LaSalle Street, 7th Floor Mail Code MK-IL-SL7R, Chicago, IL 60603, Attention: Structured Finance – California Republic Auto Receivables Trust 2016-2, or at such other address as the Indenture Trustee may designate from time
to time by notice to the Issuer, the Depositor, the Servicer and Noteholders, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Issuer, the
Depositor, the Servicer and Noteholders, or (ii) the Owner Trustee, the principal corporate trust office of the Owner Trustee located at 1100 North Market Street, Rodney Square North, Wilmington, Delaware 19890-1605, Attention: Corporate Trust
Administration, or at such other address as the Owner Trustee may designate from time to time by notice to the Certificateholders, the Depositor, the Servicer, the Indenture Trustee and Certificateholders, or the principal corporate trust office of
any successor Owner Trustee at the address designated by such successor Owner Trustee to the Certificateholders, the Depositor, the Servicer, the Indenture Trustee and Certificateholders. 

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

“CRB Basic Documents” means the Basic Documents to which CRB is a party. 

“Custodian” means any custodian appointed pursuant to Section 3.05 or Section 3.09 of the Sale and Servicing
Agreement, and shall initially be CRB. 
 “Cutoff Date” means May 31, 2016. 

“Cutoff Date Pool Balance” means the Pool Balance as of the Cutoff Date which is $400,000,026.54. 

  
 AA-12 

 “DBRS” means DBRS, Inc. 

“Dealer” means, with respect to any Receivable, the motor vehicle dealer that sold the related Financed Vehicle and who
originated and assigned such Receivable to the Seller pursuant to a Dealer Agreement. 
 “Dealer Agreement” means with
respect to Receivables, the agreement between a Dealer and the Seller relating to the origination of, or assignment to the Seller of, the related Receivables. 

“Dealer Recourse” means, with respect to a Receivable, all recourse rights against the Dealer which originated the
Receivable, and any successor to such Dealer. 
 “Default” means any event that is, or with notice or the lapse of time or
both would become, an Event of Default. 
 “Defaulted Receivable” means, with respect to any Collection Period, a
Receivable (i) which, at the end of such Collection Period, is deemed uncollectible by the Servicer in accordance with the Servicing Standard, (ii) in respect of which the Servicer has repossessed the related Financed Vehicle and such
Financed Vehicle has been liquidated during such Collection Period, (iii) in respect of which the Servicer has repossessed the related Financed Vehicle and has held such Financed Vehicle in its or its agent’s repossession inventory for 60
days or more as of the last day of such Collection Period, (iv) which becomes 120 days past due during such Collection Period and in respect of which the related Financed Vehicle is not in repossession inventory or (v) which becomes 180
days past due during such Collection Period. 
 “Definitive Certificates” means definitive, fully registered Certificates
issued pursuant to Section 3.11 of the Trust Agreement. 
 “Definitive Notes” means definitive, fully registered Notes
issued pursuant to Section 2.12 of the Indenture. 
 “Delinquent” means a Receivable on which more than 95% of a
scheduled payment required to be paid by the Obligor is past due. 
 “Delinquency Trigger” means, for any Collection
Period, that the aggregate Principal Balance of Receivables that are 60 days or more Delinquent (but are not Defaulted Receivables) as a percentage of the Pool Balance as of the last day of the Collection Period exceeds (a) 2.00% for the first
12 Collection Periods following the Cutoff Date, (b) 3.50% for the next 12 Collection Periods, (c) 4.00% for the next 12 Collection Periods and (d) 5.75% for the remaining Collection Periods that the Notes are Outstanding. 

“Delivery”, when used with respect to Trust Account Property, means: 

(i) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that
constitute “instruments” within the meaning of Section 9-102(a)(47)(i) of the UCC and are susceptible of physical delivery, transfer thereof to the Indenture Trustee by physical delivery to the Indenture Trustee

  
 AA-13 

 
endorsed to, or registered in the name of, the Indenture Trustee or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102 of the UCC) transfer thereof
(a) by delivery of such certificated security endorsed to, or registered in the name of, the Indenture Trustee or (b) by delivery thereof to a “clearing corporation” (as defined in Section 8-102 of the UCC) and the making by
such clearing corporation of appropriate entries on its books reducing the appropriate Securities Account of the transferor and increasing the appropriate Securities Account of the Indenture Trustee by the amount of such certificated security and
the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the Indenture Trustee (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in
registered form shall be in the name of the Indenture Trustee or its nominee; and such additional or alternative procedures as may hereafter become appropriate (in the sole discretion of the Indenture Trustee) to effect the complete transfer of
ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in Applicable Law or regulations or the interpretation thereof; 

(ii) with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation, the Federal National
Mortgage Association or the Government National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with Applicable Law,
including applicable federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a Securities Intermediary that is also a
“depository” pursuant to applicable federal regulations; the making by such Securities Intermediary of entries in its books and records crediting such Trust Account Property to the Indenture Trustee’s Securities Account at the
Securities Intermediary and identifying such book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations as belonging to the Indenture Trustee; and such additional or alternative procedures as may hereafter
become appropriate (in the sole discretion of the Indenture Trustee) to effect complete transfer of ownership of any such Trust Account Property to the Indenture Trustee, consistent with changes in Applicable Law or regulations or the interpretation
thereof; 
 (iii) with respect to any item of Trust Account Property that is an uncertificated security under Article 8
of the UCC and that is not governed by clause (ii) above, registration on the books and records of the issuer thereof in the name of the Indenture Trustee or its nominee or custodian who either (a) becomes the registered owner on behalf of
the Indenture Trustee or (b) having previously become the registered owner, acknowledges that it holds for the Indenture Trustee; and 

(iv) with respect to any item of Trust Account Property that is a Security Entitlement, causing the Securities Intermediary to
indicate on its books and records that such Security Entitlement has been credited to a Securities Account of the Indenture Trustee. 

  
 AA-14 

 “Depositor” means California Republic Funding, LLC, a Delaware limited
liability company. 
 “Depositor Basic Documents” means the Basic Documents to which the Depositor is a party. 

“Depositor Conveyed Assets” has the meaning specified in Section 2.01(a) of the Sale and Servicing Agreement. 

“Determination Date” means, with respect to any Payment Date, the third Business Day immediately preceding such Payment Date.

 “DTC” means The Depository Trust Company. 

“Eligible Account” means either (i) a segregated trust account with an Eligible Institution or (ii) a segregated
trust account with the corporate trust department of a depository institution organized under the laws of the United States or any State, having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the
securities of such depository institution shall have a short-term unsecured debt rating of at least “A-2” by Standard & Poor’s and “P-2” by Moody’s Investors Service, Inc. 

“Eligible Institution” means (i) the corporate trust department of the Indenture Trustee or Owner Trustee or (ii) a
depository institution organized under the laws of the United States or any State, that (a) has either (1) a long-term unsecured debt rating of at least “AA-” by Standard & Poor’s and “A2” by Moody’s
Investors Service, Inc. or (2) a short-term unsecured debt rating or certificate of deposit rating of at least “A-2” by Standard & Poor’s and “P-2” by Moody’s Investors Service, Inc. and
(b) the deposits of which are insured by the FDIC. 
 “Eligible Servicer” means, on the Closing Date, CRB, and
thereafter any Person that at the time of its appointment as Servicer is legally qualified and has the capacity to service the Receivables. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, or any successor thereto in such capacity.

 “Event of Default” has the meaning specified in Section 5.01 of the Indenture. 

“Excess Collections” means, with respect to any Payment Date, any Available Funds remaining after the distributions have been
made pursuant to Sections 5.04(a)(i) through (a)(x) of the Sale and Servicing Agreement or Sections 5.04(b)(i) through (b)(v) of the Indenture, as the case may be. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Exchange Act Reports” means any reports on Form 10-D, Form 8-K or Form 10-K, required to be filed by the
Issuer under the Exchange Act. 

  
 AA-15 

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

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

“FDIC” means the Federal Deposit Insurance Corporation. 

“FDIC Rule” means the “Treatment of financial assets transferred in connection with a securitization or
participation” adopted by the FDIC, as codified at 12 CFR §360.6, subject to such clarifications and interpretations as may be provided by the FDIC or by the FDIC’s staff from time to time or by a court of competent jurisdiction. 

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

“Financed Vehicle” means a new or used automobile, light-duty truck or sport utility vehicle, together with all accessions
thereto, securing an Obligor’s indebtedness under the related Contract. 
 “Financial Asset” means a “financial
asset” as defined in Section 8-102(a)(9) of the UCC. 
 “First Allocation of Principal” means, for any Payment
Date and the related Collection Period, an amount not less than zero equal to the excess, if any, of (i) the Class A Note Balance as of the preceding Payment Date (after giving effect to all principal payments made on that preceding
Payment Date or with respect to the first Payment Date, as of the Closing Date) over (ii) the Pool Balance as of the last day of such Collection Period; provided, that the First Allocation of Principal on and after (a) the Class A-1
Final Scheduled Payment Date will not be less than the amount that is necessary to reduce the Class A-1 Note Balance to zero, (b) the Class A-2 Final Scheduled Payment Date will not be less than the amount that is necessary to
reduce the Class A-2 Note Balance to zero, (c) the Class A-3 Final Scheduled Payment Date will not be less than the amount that is necessary to reduce the Class A-3 Note Balance to zero and (d) the Class A-4
Final Scheduled Payment Date will not be less than the amount that is necessary to reduce the Class A-4 Note Balance to zero. 

“Form 8-K Reportable Event” means any event required to be reported on Form 8-K, including each event specified on
Part II of Schedule B (i) for which such Person is the responsible party and (ii) of which such Person (or in the case of the Indenture Trustee, a Responsible Officer of such Person) has actual knowledge. 

  
 AA-16 

 “Form 10-D Disclosure Item” means, with respect to any Person, any event
specified in Part I of Schedule B for which such Person is the responsible party, if such Person, or in the case of either Trustee, a Responsible Officer of such Person, has actual knowledge of such event. 

“Form 10-K Disclosure Item” means, with respect to any Person, (i) any Form 10-D Disclosure Item and
(ii) any additional items specified in Part III of Schedule B for which such Person is the responsible party, or if such Person is either Trustee, a Responsible Officer of such Person, has actual knowledge of such event. 

“Governmental Authority” means the government of the United States or any political subdivision thereof, whether State,
federal or local, and any agency, authority, instrumentality, regulatory body, court, administrative court or judge, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions
of or pertaining to government. 
 “Grant” means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, create, and grant a lien upon and a security interest in and a right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall
include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise,
and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Grantor Trust” means a trust that is classified as a trust under Treasury Regulations Section 301.7701-4(c) and
the certificates of which represent “ownership” of the trust within the meaning of Subpart E, Part I, Subchapter J, Chapter 1, Subtitle A of the Code (Sections 671 through 679) and the Treasury Regulations interpreting the same. 

“Holder” means a Certificateholder or a Noteholder, as the context may require. 

“Independent” means, with respect to any Person, that such Person (i) is in fact independent of the Issuer, any other
obligor on the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Depositor or any
Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions. 
 “Independent Certificate” means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01 of the Indenture or TIA, made by an Independent appraiser or other expert appointed by an Issuer
Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within
the meaning thereof. 

  
 AA-17 

 “Indenture” means the Indenture, dated as of June 1, 2016, between the
Issuer and the Indenture Trustee. 
 “Indenture Trustee” means U.S. Bank, in its capacity as Indenture Trustee under the
Indenture, and its successors in such capacity. 
 “Initial Class A-1 Note Balance” means $65,000,000. 

“Initial Class A-2 Note Balance” means $102,000,000. 

“Initial Class A-3 Note Balance” means $96,000,000. 

“Initial Class A-4 Note Balance” means $97,200,000. 

“Initial Class B Note Balance” means $27,000,000. 

“Initial Class C Note Balance” means $12,800,000. 

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

“Insolvency Event” means, with respect to any Person, (i) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person or all or any part of its property in an involuntary case under any applicable federal or State bankruptcy, insolvency, receivership or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for all or any part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and, if involuntary,
such decree or order shall remain unstayed and in effect for a period of 60 consecutive days or an order or decree approving or ordering any of the foregoing shall be ordered; or (ii) the commencement by such Person of a voluntary case under
any applicable federal or State bankruptcy, insolvency, receivership or other similar law now or hereafter in effect, or the application or consent by such Person to the entry of or failure to contest in a timely and appropriate manner an order for
relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for all or any
part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally, or the admission in writing its inability, to pay its debts as such debts become due, or the taking
of action by such Person in furtherance of any of the foregoing. 
 “Insolvency Laws” means the Bankruptcy Code and all
other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments or similar debtor relief laws from time to time in effect affecting the rights of creditors
generally. 

  
 AA-18 

 “Insurance Proceeds” means proceeds paid by any insurer under a comprehensive
and collision or limited dual interest insurance relating to a Receivable, other than funds used for the repair of the related Financed Vehicle or otherwise released to the related Obligor in accordance with normal servicing procedures, after
reimbursement to the Servicer for expenses recoverable under the related insurance policy. 
 “Interest Period” means, with
respect to each Payment Date, in the case of (i) the Class A-1 Notes, the period from and including the preceding Payment Date to, but excluding the current Payment Date (or from and including the Closing Date, in the case of the first
Payment Date), or (ii) the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, the period from and including the 15th day of
each calendar month preceding each Payment Date (or from and including the Closing Date in the case of the first Payment Date) to but excluding the 15th day of the following month. 

“Interest Rate” means, with respect to (i) the Class A-1 Notes, the Class A-1 Interest Rate, (ii) the
Class A-2 Notes, the Class A-2 Interest Rate, (iii) the Class A-3 Notes, the Class A-3 Interest Rate, (iv) the Class A-4 Notes, the Class A-4 Interest Rate, (v) the Class B Notes, the Class B
Interest Rate or (vi) the Class C Notes, the Class C Interest Rate. 
 “Investment Company Act” means the
Investment Company Act of 1940. 
 “Investment Property” means “investment property” within the meaning of
Section 9-102 of the UCC. 
 “IRS” means the Internal Revenue Service. 

“Issuer” means California Republic Auto Receivables Trust 2016-2, a Delaware statutory trust. 

“Issuer Basic Documents” means the Basic Documents to which the Issuer is a party. 

“Issuer Order” or “Issuer Request” means a written order or request signed in the name of the Issuer by any
Authorized Officer and delivered to the Indenture Trustee by the Administrator, if signed by an officer of the Administrator, or at the written direction of the Depositor, if signed by an officer of the Owner Trustee. 

“Item 1119 Party” means the Depositor, the Seller, the Servicer, the Trustees, the Asset Representations Reviewer and any
other material transaction party. 
 “Lien” means a security interest, lien, charge, pledge or encumbrance of any kind.

 “Liquidation Proceeds” means with respect to any Receivable that becomes a Defaulted Receivable, the moneys collected in
respect thereof, from whatever source, during or after the Collection Period in which such Receivable became a Defaulted Receivable, including liquidation of the related Financed Vehicle, Insurance Proceeds, Dealer Recourse or any recourse

  
 AA-19 

 
under a Dealer Agreement or Service Agreement and indemnities by the related Obligors, net of the sum of any out-of-pocket expenses of the Servicer reasonably allocated to such liquidation and
any amounts required by Applicable Law to be remitted to the related Obligor; provided, however, that no Purchase Price will constitute Liquidation Proceeds. 

“Material Adverse Effect” shall mean a material adverse change in the ability of a Person to perform its obligations or
enforce its rights under the Sale and Servicing Agreement or any other Basic Document. 
 “Mechanics Bank” means Mechanics
Bank, a California banking corporation. 
 “Monthly Remittance Condition” means that (i) CRB, or its successor, is the
Servicer, (ii) no Servicer Termination Event exists and (iii) with respect to (a) Standard & Poor’s, CRB’s short-term unsecured debt is rated at least “A-1” by Standard & Poor’s and
(b) DBRS, CRB’s short-term unsecured debt is rated at least “R-2 (middle)” by DBRS. 
 “Net Investment
Earnings” means, with respect to a Trust Account and any Collection Period, the amount, if any, by which the aggregate of all interest and other income realized during such Collection Period in connection with the investment of funds in
Permitted Investments in accordance with Section 5.01(b) of the Sale and Servicing Agreement exceeds the aggregate of all losses and expenses incurred during such period with respect to such funds. 

“Nonrecoverable Advance” means any Advance made or proposed to be made which the Servicer in good faith believes is not, or
if made would not be, ultimately recoverable from Liquidation Proceeds. In determining whether an Advance is or will be nonrecoverable, the Servicer need not take into account that it might receive any amounts by deficiency judgment. 

“Note” means a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note, Class B Note or
Class C Note, in each case substantially in the forms of Exhibit A to the Indenture. 
 “Note Balance” means, at
any time, the aggregate principal amount of all Notes that are Outstanding at such time or the aggregate principal amount of all Notes of the Controlling Class or a particular Class that are Outstanding at such time, as the context requires. 

“Note Depository Agreement” means the agreement, dated the Closing Date, between the Issuer and DTC, as the initial
Depository, relating to the Notes. 
 “Note Factor” means, with respect to the Notes or any Class of Notes on any
Payment Date, a seven-digit decimal figure equal to the Note Balance of the Notes or such Class of Notes, as applicable, as of the close of business on such Payment Date divided by the Note Balance of the Notes or such Class of Notes, as
applicable, as of the Closing Date. The decimal figure referred to in the immediately preceding sentence will be 1.0000000 as of the Closing Date; thereafter, it will decline to reflect reductions in the Note Balance of the Notes or such
Class of Notes, as applicable. 
 “Note Owner” means, with respect to a Book-Entry Note, the Person who is the
beneficial owner of such Book-Entry Note, as reflected on the books of the Depository or a Person maintaining an account with the Depository (directly as a Depository Participant or as an indirect participant, in each case in accordance with the
rules of the Depository). 

  
 AA-20 

 “Note Register” has the meaning specified in Section 2.04(a) of the
Indenture. 
 “Note Registrar” means the registrar at any time of the Note Register, appointed pursuant to
Section 2.04(a) of the Indenture. 
 “Noteholder” means each Person in whose name a Note is registered in the Note
Register. 
 “Obligor” means, with respect to any Receivable, the Person obligated on the related Contract, and any other
Person obligated to make payments under the Receivable, including any Person that executes a guarantee on behalf of such Obligor. 

“Offering Memorandum” means the offering memorandum, dated June     , 2016, relating to the
Certificates. 
 “Officer’s Certificate” means, with respect to the Issuer, the Depositor, the Servicer or any other
entity, a certificate signed by any Authorized Officer of the Issuer, the Depositor, the Servicer or such other entity, as the case may be. 

“Opinion of Counsel” means one or more written opinions of counsel, who may be an employee of counsel to the Seller, the
Depositor, the Servicer or the Issuer, which counsel shall be acceptable to the applicable recipient and which shall be addressed to the Owner Trustee and/or the Indenture Trustee, as applicable, and which shall be at the expense of the Person
required to provide such an Opinion of Counsel. 
 “Optional Purchase” has the meaning set forth in Section 9.01(a) of
the Sale and Servicing Agreement. 
 “Optional Purchase Price” has the meaning set forth in Section 9.01(a) of the
Sale and Servicing Agreement. 
 “Original Trust Agreement” means the Trust Agreement, dated as of May 18, 2016
between the Depositor and the Owner Trustee. 
 “Outstanding” means, as of the date of determination, all Notes theretofore
authenticated and delivered under the Indenture except: 
 (i) Notes theretofore canceled by the Note Registrar or delivered
to the Note Registrar for cancellation; 
 (ii) Notes or portions thereof the payment for which money in the necessary amount
has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Noteholders; provided, however, that if such Notes are to be redeemed, notice of such redemption must have been duly given pursuant to the Indenture or
provision for such notice must have been made in a manner satisfactory to the Indenture Trustee; and 

  
 AA-21 

 (iii) Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a Protected Purchaser; 

provided, however, that in determining whether the Noteholders of the requisite principal amount of the Notes Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver under the Indenture or under any other Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Depositor, the Seller, the Servicer or any of their respective Affiliates
shall be disregarded and deemed not to be Outstanding unless all of the Notes of the related Class or Classes are owned by the Issuer, any other obligor upon the Notes, the Depositor, the Seller, the Servicer or any of their respective
Affiliates, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee
knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledge establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect
to such Notes and the pledgee is not the Issuer, any other obligor upon the Notes, the Depositor, the Seller, the Servicer or any of their respective Affiliates. 

“Owner Trustee” means Wilmington Trust, not in its individual capacity but solely in its capacity as Owner Trustee under the
Trust Agreement, and its successors in such capacity. 
 “Patriot Act” means the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)). 
 “Paying Agent” means the Indenture Trustee or any other Person that
meets the eligibility standards specified in Section 6.11 of the Indenture and is authorized by the Issuer to make or cause to be made payments to and distributions from the Collection Account, the Principal Distribution Account and the Reserve
Account in accordance with the terms of the Indenture and the Sale and Servicing Agreement. 
 “Payment Date” means the 15th day of each calendar month beginning July 15, 2016; provided, however, that whenever a Payment Date would otherwise be a day that is not a Business Day, the Payment Date shall be the next
Business Day. As used in the Basic Documents, the “related” Payment Date with respect to a Collection Period shall be deemed to be the Payment Date which immediately follows such Collection Period. 

“Percentage Interest” means, with respect to any Certificate, the percentage specified on such Certificate as such, which
percentage represents the beneficial ownership interest of the Holder of such Certificate in the Issuer. The sum of all Percentage Interests will equal 100%. 

“Performance Certification” means each certification delivered to the Certifying Person pursuant to Section 4.19 of the
Sale and Servicing Agreement. 

  
 AA-22 

 “Permitted Investments” means anyone or more of the following types of
investments: 
 (i) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States; 

(ii) demand deposits, money market deposit accounts, time deposits or certificates of deposit of any depository institution
(including the Servicer, the Indenture Trustee or the Owner Trustee or any of their respective Affiliates) or trust company incorporated under the laws of the United States or any State (or any domestic branch of a foreign bank) and subject to
supervision and examination by federal or State banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (i)
above or a portion of such obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are
reinvested following each Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust
company) of such depository institution or trust company shall have a credit rating from DBRS of at least “R-1 (low)” (if rated by DBRS) and from Standard & Poor’s of at least “A-1”; 

(iii) commercial paper (including commercial paper of the Servicer, the Indenture Trustee or the Owner Trustee or any of their
respective Affiliates) having, at the time of the investment or contractual commitment to invest therein, a rating from DBRS of at least “R-1 (low)” (if rated by DBRS) and the highest rating category from Standard & Poor’s;

 (iv) investments in money market funds (including funds for which the Servicer, the Indenture Trustee or the Owner Trustee
or any of their respective Affiliates is investment manager or advisor) having a rating from DBRS of at least “AAA” (if rated by DBRS) and from Standard & Poor’s of at least “AAA” and which fully qualify for the
exemption from withholding tax on dividends under Section 871(k) or 881(e) of the Code (not taking into account any of the exceptions contained in Section 871(k) and 881(e) that are based on the identity of the applicable holder); 

(v) banker’s acceptances issued by any depository institution or trust company referred to in clause (ii) above; 

(vi) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United
States or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States, in either case entered into with a depository institution or trust company (acting as principal) referred to in
clause (ii) above; and 
 (vii) any other investments that satisfy the investment criteria of DBRS and
Standard & Poor’s for transactions in which the rated obligations have ratings equal to the highest rating then being assigned by each such Rating Agency to any Class of Notes. 

  
 AA-23 

 “Permitted Lien” means, with respect to any Receivable or Financed Vehicle, any
tax lien, mechanic’s lien or lien that attaches to such Receivable or Financed Vehicle by operation of law and arises solely as a result of an action or omission of the related Obligor. 

“Person” means any legal person, including any individual, corporation, estate, partnership, joint venture, association,
limited liability company, joint stock company, limited liability partnership, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity of whatever nature. 

“Physical Property” has the meaning assigned to such term in the definition of “Delivery” above. 

“Placement Agency Agreement” means the Placement Agency Agreement, dated June     , 2016, among
the Placement Agent, CRB and the Depositor, relating to the private placement of the Certificates. 
 “Placement Agent”
means Credit Suisse Securities (USA) LLC, as placement agent with respect to the Notes under the Placement Agency Agreement. 

“Plan Asset Regulation” means 29 C.F.R. Section 2510.3-101 issued by the United States Department of Labor, as modified
by Section 3(42) of ERISA. 
 “Pool Balance” means, as of any date, the aggregate Principal Balance of all Receivables
as of such date; provided, however, that if the Receivables are purchased by the Servicer pursuant to Section 9.01 of the Sale and Servicing Agreement or are sold or otherwise liquidated by the Indenture Trustee following an Event of Default
pursuant to Section 5.04 of the Indenture, the Pool Balance shall be deemed to be zero as of the last day of the Collection Period during which such purchase, sale or other liquidation occurs. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same
debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.05 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence
the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Principal Balance” means with respect to any Receivable
and any date of determination, the Amount Financed minus an amount equal to the sum, as of the close of business on the last day of the related Collection Period, of that portion of all amounts received on or prior to such day with respect to such
Receivable and allocable to principal using the Simple Interest Method; provided, however, that the Principal Balance of a (i) Defaulted Receivable shall be zero as of the last day of the Collection Period during which it became a Defaulted
Receivable and (ii) Purchased Receivable shall be zero as of the last day of the Collection Period during which it became a Purchased Receivable. 

“Principal Distribution Account” means the account designated as such, established and maintained pursuant to
Section 5.01 of the Sale and Servicing Agreement. 

  
 AA-24 

 “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding. 
 “Prospectus” means the prospectus, dated June 8, 2016, relating to the Notes. 

“Provided Information” means, with respect to (i) the Indenture Trustee, the Servicing Criteria Assessment provided
pursuant to Section 4.17(e) of the Sale and Servicing Agreement by or on behalf of the Indenture Trustee and (ii) the Servicer, the information provided pursuant to Sections 4.10 and 4.11 by or on behalf of the Servicer. 

“Protected Purchaser” has the meaning set forth in Section 8-303 of the UCC. 

“Purchase Price” means the price at which the Seller must repurchase, or the Seller must purchase, a Receivable in an amount
equal to (i) the Principal Balance of such Receivable as of the last day of the Collection Period related to the Payment Date on which the purchase or repurchase occurs, plus (ii) accrued and unpaid interest on such Receivable as of the
last date of such Collection Period, together with all unpaid amounts in respect of such Receivable, less (iii) Advances in respect of such Receivable which have not been reimbursed. 

“Purchased Receivable” means a Receivable purchased or repurchased, as applicable as of the last day of a Collection Period
by or on behalf of the Servicer pursuant to Section 4.07 of the Sale and Servicing Agreement or by or on behalf of the Seller pursuant to Section 3.03 of the Sale and Servicing Agreement. 

“Qualified Institutional Buyer” or “QIB” means a “qualified institutional buyer” as defined in
Rule 144A. 
 “Rating Agency” means either DBRS or Standard & Poor’s. 

“Rating Agency Condition” means, with respect to any action, that (a) the Rating Agency has provided a written
confirmation that such action will not result in a reduction, withdrawal or downgrade of the then-current rating of any Class of Notes, or (b) the Rating Agency shall have been given the ten days’ (or such shorter period as shall be
acceptable to the Rating Agency) prior written notice thereof and shall not have indicated that such action will result in a reduction, withdrawal or downgrade of the then-current rating of any Class of Notes. 

“Receivable Files” means the following documents with respect to each Receivable: 

(i) the original Contract or, where the original cannot be located, a copy of the original Contract or the fully executed
original, electronically authenticated original or “authoritative copy” (within the meaning of Section 9-105 of the UCC) of the Contract, including any written amendments or extensions thereto; 

(ii) the original credit application, whether in paper or electronic form, or any copy, duplicate or electronic record thereof;

 (iii) the original or replacement certificate of title as issued in paper or electronic form by the appropriate
governmental agency in the State in which the 

  
 AA-25 

 
Financed Vehicle is titled, or if the original certificate of title is required to be held by the agency, department or office that issued such original certificate of title, a receipt thereof,
and such other documents that the Servicer shall keep on file, in accordance with its customary standards, policies and procedures, evidencing the security interest of the Seller in the related Financed Vehicle; 

(iv) if the odometer reading of the Financed Vehicle at the time of sale to the Obligor is not listed on the certificate of
title or the original credit application, the odometer statement; and 
 (v) any and all other documents that the Servicer
shall have kept on file in accordance with its customary procedures relating to a Contract. 
 “Receivables” means each
motor vehicle loan, motor vehicle retail installment sale contract or other form of financing arrangement and all right, title and interest related thereto and the security therefor and all other rights or interests of the originator and its assigns
therein, evidenced by a Contract listed on Schedule A to the Sale and Servicing Agreement. 
 “Receivables Purchase
Agreement” means the Receivables Purchase Agreement, dated as of June 1, 2016, between the Seller and the Depositor. 

“Receivables Purchase Price” means $        . 

“Record Date” means, unless otherwise specified in any Basic Document, with respect to any Payment Date or Redemption Date,
for any (i) Definitive Notes and Definitive Certificates, the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which such Payment Date or Redemption Date occurs and
(ii) Book-Entry Notes or Book-Entry Certificates, the close of business on the Business Day immediately preceding such Payment Date or Redemption Date. 

“Recoveries” means, with respect to any Collection Period following the Collection Period in which a Receivable became a
Defaulted Receivable, (i) all amounts received by the Servicer from whatever source (including Insurance Proceeds) with respect to such Defaulted Receivable during such Collection Period, minus (ii) the sum of (a) expenses incurred by
the Servicer in connection with the repossession and disposition of the related Financed Vehicle (to the extent not previously reimbursed to the Servicer) and (b) all payments required by law to be remitted to the related Obligor. 

“Redemption Date” means, in the case of a redemption of the Notes pursuant to Section 10.01 of the Indenture, the
Payment Date specified by the Servicer or the Issuer pursuant to Section 10.01 of the Indenture. 
 “Redemption Price”
means an amount equal to the sum of (i) unpaid principal amount of the Notes redeemed plus (ii) accrued and unpaid interest thereon at the applicable Interest Rate for the Notes being so redeemed, up to, but excluding, the Redemption Date.

 “Regular Principal Distribution Amount” means, for any Payment Date and the related Collection Period, an amount not
less than zero equal to the excess of (i) the Note Balance of the 

  
 AA-26 

 
Notes as of the preceding Payment Date (after giving effect to all principal payments made on that preceding Payment Date or with respect to the first Payment Date, as of the Closing Date) minus
the sum of the First Allocation of Principal, the Second Allocation of Principal and the Third Allocation of Principal for the current Payment Date over (ii) the Pool Balance as of the end of such Collection Period minus the Target
Overcollateralization Amount; provided, however, that the Regular Principal Distribution Amount on and after the Final Scheduled Payment Date for any Class of Notes will not be less than the amount that is necessary to reduce the Note Balance
of such Class, as applicable, to zero (after the application of the First Allocation of Principal, the Second Allocation of Principal and the Third Allocation of Principal). 

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1125, subject to such clarification and interpretation as may be provided by the Commission or its staff from time to time. 

“Repurchase Request” has the meaning specified in Section 3.04(a) of the Sale and Servicing Agreement. 

“Requesting Party” has the meaning specified in Section 3.04(a) of the Sale and Servicing Agreement. 

“Required Payment Amount” means, with respect to any Payment Date, an amount equal to the amount necessary to make the
distributions specified in Sections 5.04(a)(i) through (a)(vii). 
 “Reserve Account” means the account designated as such,
established and maintained pursuant to Section 5.01 of the Sale and Servicing Agreement. 
 “Reserve Account Amount”
means, with respect to any Payment Date, the amount on deposit in the Reserve Account on such Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such immediately preceding Payment Date (or, in the case
of the first Payment Date, the Closing Date), including all interest and other investment earnings (net of losses and investment expenses) earned on the amount on deposit therein. 

“Reserve Account Draw Amount” means, for (i) any Payment Date, an amount equal to the lesser of (a) the Available
Funds Shortfall Amount, if any, and (b) the Reserve Account Amount and (ii) any Applicable Payment Date, the amount withdrawn from the Reserve Account pursuant to Section 12.05 of the Indenture; provided, however, that the Reserve
Account Draw Amount shall equal the Reserve Account Amount if (1) an Event of Default has occurred which has resulted in the acceleration of the Notes pursuant to Section 5.02 of the Indenture, (2) on such Payment Date the sum of
Available Collections and the amount on deposit in the Reserve Account equals or exceeds the Note Balance, accrued and unpaid interest thereon and all amounts required to be paid to the Servicer, the Trustees and any Backup Servicer on such Payment
Date, (3) on such Payment Date the Optional Purchase will be exercised or (4) on the last day of the related Collection Period the Pool Balance is zero. 

  
 AA-27 

 “Reserve Account Excess Amount” means, with respect to any Payment Date, an
amount equal to the excess, if any, of (i) the Reserve Account Amount on that Payment Date over (ii) the Reserve Account Required Amount with respect to that Payment Date. 

“Reserve Account Initial Deposit” means $1,000,000. 

“Reserve Account Required Amount” means, with respect to any Payment Date, the lesser of (i) $1,000,000 (i.e.,
0.25% of the Cutoff Date Pool Balance) and (ii) the Note Balance. 
 “Responsible Officer” means, with respect to
(i) CRB, the Servicer or the Depositor, the chairman of the board, the president, any Vice President, the treasurer, any assistant treasurer, the secretary or any assistant secretary thereof or any officer identified to the Indenture Trustee by
CRB, the Servicer or the Depositor as having day-to-day responsibilities for the performance of CRB’s, the Servicer’s or the Depositor’s, as the case may be, duties under the Basic Documents, (ii) the Indenture Trustee, any
officer within the Corporate Trust Office of the Indenture Trustee, including any managing director, director, vice president, assistant vice president, assistant treasurer, assistant secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above-designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject, in each case having direct responsibility for the administration of the Basic Documents and (iii) the Owner Trustee, any officer in the Corporate Trust Office of the Owner Trustee with direct
responsibility for the administration of the Issuer and, with respect to a particular corporate trust matter, any other officer of the Owner Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject. 
 “Review” has the meaning stated in the Asset Representations Review Agreement. 

“Review Demand Date” means, for a Review, the date when the Indenture Trustee determines that each of (i) the
Delinquency Trigger has occurred and (ii) the required percentage of Noteholders has voted to direct a Review under Section 7.05 of the Indenture. 

“Review Notice” means the notice from the Indenture Trustee to the Asset Representations Reviewer and the Servicer notifying
the Asset Representations Reviewer to perform a Review. 
 “Review Receivable” means, for a Review, the Receivables 60 days
or more Delinquent as of the last day of the Collection Period before the Review Demand Date stated in the Review Notice. 
 “Review
Report” has the meaning stated in the Asset Representations Review Agreement. 
 “Rule 17g-5” means
Rule 17g-5 under the Exchange Act. 
 “Rule 17g-5 Website” means the Rule 17g-5 compliant website. 

“Rule 144A” means Rule 144A under the Securities Act. 

  
 AA-28 

 “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as
of June 1, 2016, among the Issuer, the Depositor, CRB, as Seller, Servicer, Custodian and Administrator and the Indenture Trustee. 

“Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002. 

“Schedule of Receivables” means the list of conveyed Receivables attached as Schedule A to the Sale and Servicing
Agreement. 
 “Second Allocation of Principal” means, for any Payment Date and the related Collection Period, an amount not
less than zero equal to the excess, if any, of (i) the sum of the Class A Note Balance and the Class B Note Balance as of the preceding Payment Date (after giving effect to all principal payments made on that preceding Payment Date
or, with respect to the first Payment Date, as of the Closing Date) minus the First Allocation of Principal for the current Payment Date over (ii) the Pool Balance as of the last day of such Collection Period; provided, however, that the Second
Allocation of Principal on and after the Final Scheduled Payment Date for the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes or the Class B Notes will not be less than the amount that is
necessary to reduce the Note Balance of each such Class, as applicable, to zero (after the application of the First Allocation of Principal). 

“Section 941 Effective Date” means the effective date of Section 941 Rules. 

“Section 941 Rules” means the regulations required under Section 15G of the Securities Exchange Act, 15 U.S.C. 78a
et seq., added by Section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

“Securities” means the Notes and the Certificates. 

“Securities Account” means a “securities account” as that term is defined in
Section 8-501(a) of the New York UCC. 
 “Securities Act” means the Securities
Act of 1933, as amended. 
 “Securities Intermediary” means a “securities intermediary” as that term is defined
in Section 8-102 of the New York UCC. 
 “Security Entitlement” means a “security entitlement” as that term
is defined in Section 8-102 of the New York UCC. 
 “Securityholders” means the Noteholders and the
Certificateholders. 
 “Seller” means CRB, as the seller of Receivables to the Depositor pursuant to the Receivables
Purchase Agreement. 
 “Service Agreement” means, with respect to a Receivable, any service, repair or warranty agreement
with respect to the related Financed Vehicle. 

  
 AA-29 

 “Servicer” means CRB, as the servicer of the Receivables and each successor to
CRB (in the same capacity) pursuant to Section 7.04 or Section 8.03 of the Sale and Servicing Agreement. 
 “Servicer
Basic Documents” means the Basic Documents to which the Servicer is a party. 
 “Servicer Termination Event” has
the meaning set forth in Section 8.01 of the Sale and Servicing Agreement. 
 “Servicer’s Annual Certification”
has the meaning specified in Section 4.10 of the Sale and Servicing Agreement. 
 “Servicer’s Monthly
Certificate” means a certificate of the Servicer delivered pursuant to Section 4.09 of the Sale and Servicing Agreement, substantially in the form of Exhibit B. 

“Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB. 

“Servicing Criteria Assessment” means a report of the Indenture Trustee’s assessment of compliance with the Servicing
Criteria (as identified substantially in the form of Part IV of Schedule B of the Sale and Servicing Agreement and where the Indenture Trustee is listed as “Responsible Party”) during the immediately preceding calendar year, as set
forth under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB (provided that such Servicing Criteria Assessment may be revised after the date of this Agreement as agreed by the Depositor and the Indenture Trustee to
reflect any guidance with respect to such criteria from the Commission). 
 “Servicing Fee” with respect to the servicing
of the Receivables means, with respect to each Payment Date and the related Collection Period, the sum of (i) an amount equal to the product of (a) 1/12, (b) the Servicing Fee Rate and (c) the Pool Balance as of the first day of
such Collection Period and (ii) any Supplemental Servicing Fees. 
 “Servicing Fee Rate” means 1.00% per annum.

 “Servicing Standard” has the meaning set forth in Section 4.01(a) of the Sale and Servicing Agreement. 

“Similar Law” means any federal, State, local or non-U.S. law that is similar to Section 406 of ERISA or
Section 4975 of the Code. 
 “Simple Interest Method” means, with respect to a Receivable, the method of allocating a
fixed level payment between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the applicable interest rate multiplied by the unpaid Principal Balance of such Receivable
multiplied by the period of time (expressed as a fraction of a year, based on the actual number of days in the month and a 365-day year or, in the event of a leap year, a 366-day year) elapsed since the preceding payment was received by the
Servicer. The remainder of such payment is allocable to fees and charges, if any, and to principal in the manner determined at the direction of the Servicer; provided, however, that the Servicer applies Liquidation Proceeds, Insurance Proceeds and
amounts in respect of deficiency balances first to unpaid interest, second to principal, third to unpaid late fees and fourth to any receivable relating to the premium paid on any force-placed insurance policy. 

  
 AA-30 

 “Small Balance Waiver” means a waiver of any unpaid amounts not to exceed $100
owed with respect to a Receivable in connection with its final payout, which is granted by the Servicer in accordance with the Servicing Standard. 

“Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s
Financial Services LLC business. 
 “Standard & Poor’s Temporary Investment Criteria” means the criteria
set forth in that certain “Global Investment Criteria For Temporary Investments In Transaction Accounts,” dated May 31, 2012, by Standard & Poor’s. 

“State” means any state or territory of the United States, including the District of Columbia. 

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

 “Successor Servicer” means the servicer appointed pursuant to Section 3.07(e) of the Indenture. 

“Supplemental Servicing Fees” means any and all (i) late fees, (ii) extension fees, (iii) non-sufficient funds
charges, (iv) prepayment fees and (v) any and all other administrative fees or similar charges allowed by Applicable Law with respect to any Receivable. 

“Target Overcollateralization Amount” means, with respect to any Payment Date, $6,800,000 (which is approximately 1.70% of
the Cutoff Date Pool Balance). 
 “Tax Information” means information and/or properly completed and signed tax
certifications sufficient to eliminate the imposition of or to determine the amount of any withholding of tax, including FATCA Withholding Tax. 

“Tax Opinion” means, with respect to any action, an Opinion of Counsel (which counsel shall not be an employee of the Issuer
or an Affiliate of the Issuer) to the effect that, for federal and, unless waived by the applicable recipient in writing, State and local income, single business and franchise tax purposes, (i) such action will not adversely affect the tax
characterization of any outstanding Notes that are characterized as debt, (ii) such action will not cause the Issuer to be deemed to be an association (or publicly-traded partnership) taxable as a corporation, (iii) such action will not
cause the Issuer to be treated as other than a “grantor trust” within the meaning of Subpart E, Part I, Subchapter J, Chapter 1, Subtitle A of the Code and (iv) such action will not cause or constitute an event in which gain or loss
would be recognized by any Noteholder. 
 “Test Fail” has the meaning stated in the Asset Representations Review Agreement.

  
 AA-31 

 “Third Allocation of Principal” means, for any Payment Date and the related
Collection Period, an amount not less than zero equal to the excess, if any, of (i) the aggregate Note Balance of all Notes as of the preceding Payment Date (after giving effect to all principal payments made on that preceding Payment Date or,
with respect to the first Payment Date, as of the Closing Date) minus the sum of the First Allocation of Principal and Second Allocation of Principal for the current Payment Date over (ii) the Pool Balance as of the last day of such Collection
Period; provided, however, that the Third Allocation of Principal on and after the Final Scheduled Payment Date for the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes or the
Class C Notes will not be less than the amount that is necessary to reduce the Note Balance of each such Class, as applicable, to zero (after the application of the First Allocation of Principal and Second Allocation of Principal). 

“Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References
to specific provisions of proposed or temporary Treasury Regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Transition Costs” means the reasonable costs and expenses (including reasonable attorneys’ fees but excluding overhead)
incurred or payable by the Successor Servicer in connection with the transfer of servicing (whether due to termination, resignation or otherwise), including allowable compensation of employees and overhead costs incurred or payable in connection
with the transfer of the Receivable Files or any amendment to the Sale and Servicing Agreement required in connection with the transfer of servicing. 

“Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account
(whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise) and all proceeds of the foregoing. 

“Trust Accounts” means the Collection Account, the Principal Distribution Account and the Reserve Account. 

“Trust Agreement” means the Amended and Restated Trust Agreement, dated as of June 1, 2016, between the Depositor and
the Owner Trustee. 
 “Trust Estate” means all money, instruments, rights and other property that are subject or intended
to be subject to the lien and security interest of the Indenture for the benefit of the Noteholders (including all property and interests Granted to the Indenture Trustee, including all proceeds thereof (i.e., the Collateral). 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the Closing Date, unless
otherwise specified in the Indenture. 
 “Trust Property” means, as of any date, the Receivables and other Depositor
Conveyed Assets sold, transferred, assigned and conveyed to the Issuer pursuant to Section 2.01 of the Sale and Servicing Agreement. 

  
 AA-32 

 “Trustee” means either the Indenture Trustee or the Owner Trustee, as indicated
by the context. 
 “UCC” means the Uniform Commercial Code, as in effect in the relevant jurisdiction. 

“Underwriters” means Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as
underwriters with respect to the Notes under the Underwriting Agreement. 
 “Underwriting Agreement” means the Underwriting
Agreement, dated June 8, 2016, among the Underwriters, CRB and the Depositor, relating to the purchase of the Notes. 
 “United
States” or “U.S.” means the United States of America. 
 “U.S. Bank” means U.S. Bank National
Association, a national banking association. 
 “United States Person” means a “United States person”, as such
term is defined in Section 7701(a)(30) of the Code. 
 “Vice President” of any Person means any vice president of such
Person, whether or not designated by a number or words before or after the title “Vice President”, who is a duly elected officer of such Person. 

“Wilmington Trust” means Wilmington Trust, National Association, a national banking association. 

  
 AA-33

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]