Document:

Sale and Servicing Agreement, dated September 13, 2006.

 EXHIBIT 4.1 

 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 
 as Depositor and Servicer 
 and 
 CHASE AUTO OWNER TRUST 2006-B, 
 as Issuer 
 SALE AND SERVICING AGREEMENT 
 Dated as of September 13, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I    DEFINITIONS	  	1
			
	 SECTION 1.1
	  	Definitions	  	1
			
	 SECTION 1.2
	  	Usage of Terms	  	18
			
	 SECTION 1.3
	  	Simple Interest Method; Methods of Allocating Payments on Receivables; Allocations	  	19
		
	ARTICLE II    CONVEYANCE OF RECEIVABLES	  	19
			
	 SECTION 2.1
	  	Conveyance of Receivables	  	19
			
	 SECTION 2.2
	  	Closing	  	20
		
	 ARTICLE III    THE RECEIVABLES
	  	20
			
	 SECTION 3.1
	  	Representations and Warranties of Depositor; Conditions Relating to Receivables	  	20
			
	 SECTION 3.2
	  	Repurchase Upon Breach or Failure of a Condition	  	24
			
	 SECTION 3.3
	  	Custody of Receivable Files	  	24
			
	 SECTION 3.4
	  	Duties of Servicer as Custodian	  	25
			
	 SECTION 3.5
	  	Instructions; Authority to Act	  	26
			
	 SECTION 3.6
	  	Custodian’s Indemnification	  	26
			
	 SECTION 3.7
	  	Effective Period and Termination	  	26
		
	ARTICLE IV    ADMINISTRATION AND SERVICING OF RECEIVABLES	  	27
			
	 SECTION 4.1
	  	Duties of Servicer	  	27
			
	 SECTION 4.2
	  	Collection of Receivable Payments; Refinancing	  	27
			
	 SECTION 4.3
	  	Realization Upon Receivables	  	28
			
	 SECTION 4.4
	  	Maintenance of Security Interests in Financed Vehicles	  	28
			
	 SECTION 4.5
	  	Covenants of Servicer	  	29
			
	 SECTION 4.6
	  	Purchase of Receivables Upon Breach	  	29
			
	 SECTION 4.7
	  	Servicing Fee	  	30
			
	 SECTION 4.8
	  	Servicer’s Certificate	  	30
			
	 SECTION 4.9
	  	Annual Statement as to Compliance	  	30
			
	 SECTION 4.10
	  	Reports on Assessment of Compliance with Servicing Criteria	  	32
			
	 SECTION 4.11
	  	Access by Noteholders to Certain Documentation and Information Regarding Receivables	  	33
			
	 SECTION 4.12
	  	Reports to Noteholders and the Rating Agencies	  	33

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	ARTICLE V    ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO NOTEHOLDERS	  	34
			
	 SECTION 5.1
	  	Establishment of Collection Account and Note Distribution Account	  	34
			
	 SECTION 5.2
	  	Collections	  	35
			
	 SECTION 5.3
	  	Additional Deposits	  	35
			
	 SECTION 5.4
	  	Distributions	  	35
			
	 SECTION 5.5
	  	Net Deposits	  	37
			
	 SECTION 5.6
	  	Statements to Noteholders	  	37
		
	ARTICLE VI    THE DEPOSITOR	  	37
			
	 SECTION 6.1
	  	Representations of Depositor	  	37
			
	 SECTION 6.2
	  	Liability of Depositor; Indemnities	  	38
			
	 SECTION 6.3
	  	Merger or Consolidation of Depositor	  	39
			
	 SECTION 6.4
	  	Limitation on Liability of Depositor and Others	  	39
			
	 SECTION 6.5
	  	Depositor May Own Notes	  	39
		
	ARTICLE VII    THE SERVICER	  	39
			
	 SECTION 7.1
	  	Representations of Servicer	  	39
			
	 SECTION 7.2
	  	Liability of Servicer; Indemnities	  	41
			
	 SECTION 7.3
	  	Merger or Consolidation of Servicer	  	41
			
	 SECTION 7.4
	  	Limitation on Liability of Servicer and Others	  	42
			
	 SECTION 7.5
	  	Servicer Not to Resign	  	43
			
	 SECTION 7.6
	  	Delegation of Duties	  	43
		
	ARTICLE VIII    EVENTS OF SERVICING TERMINATION	  	43
			
	 SECTION 8.1
	  	Events of Servicing Termination	  	43
			
	 SECTION 8.2
	  	Indenture Trustee to Act; Appointment of Successor Servicer	  	45
			
	 SECTION 8.3
	  	Notification to Noteholders	  	46
			
	 SECTION 8.4
	  	Waiver of Past Defaults	  	46
		
	ARTICLE IX    TERMINATION	  	46
			
	 SECTION 9.1
	  	Optional Purchase of All Receivables; Trust Termination	  	46
		
	ARTICLE X    MISCELLANEOUS PROVISIONS	  	47
			
	 SECTION 10.1
	  	Amendment	  	47

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 SECTION 10.2
	  	Protection of Title to Owner Trust Estate	  	48
			
	 SECTION 10.3
	  	Counterparts	  	49
			
	 SECTION 10.4
	  	GOVERNING LAW	  	50
			
	 SECTION 10.5
	  	Notices	  	50
			
	 SECTION 10.6
	  	Severability of Provisions	  	50
			
	 SECTION 10.7
	  	Assignment	  	50
			
	 SECTION 10.8
	  	Notes Nonassessable and Fully Paid	  	50
			
	 SECTION 10.9
	  	Third-Party Beneficiaries	  	50
			
	 SECTION 10.10
	  	Assignment to Indenture Trustee	  	50
			
	 SECTION 10.11
	  	Limitation of Liability of Owner Trustee and Indenture Trustee	  	51
			
	 SECTION 10.12
	  	No Petition	  	51
			
	 SECTION 10.13
	  	Exchange Act Reporting	  	51
			
	 SECTION 10.14
	  	Report on Assessment of Compliance and Attestation	  	52
			
	 SECTION 10.15
	  	Representations and Warranties	  	53
			
	 SECTION 10.16
	  	Indemnification	  	53

  

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 SCHEDULES 
  

					
	 Schedule A
	  	–	  	Schedule of Receivables
			
	 Schedule B
	  	–	  	Schedule of Yield Supplement Overcollateralization Amounts
			
	 Schedule C
	  	–	  	Notice Addresses

 EXHIBITS 
  

					
	 Exhibit A
	  	–	  	Information to Be Included in Servicer’s Certificate

  

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 This SALE AND SERVICING AGREEMENT, dated as of September 13, 2006 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Agreement”), is made between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association having its main office located at 1111 Polaris Parkway, Columbus, Ohio
43240, and CHASE AUTO OWNER TRUST 2006-B, a Delaware statutory trust, as issuer. 
 W I T N E S
S E T H: 
 In consideration of the premises and of the mutual agreements herein contained, the parties hereto
agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1 Definitions. Whenever used in this Agreement, the following words and phrases, unless the context
otherwise requires, shall have the following meanings: 
 “Accrued Interest” on a Receivable, as of any date of
determination, means that amount of interest accrued on the Principal Balance at the related Contract Rate but not paid by or on behalf of the Obligor. 
 “Adjusted Pool Balance” means, for any Payment Date, the amount, not less than zero, by which (a) the Pool Balance on such Payment Date exceeds (b) the Yield Supplement Overcollateralization
Amount on such Payment Date. 
 “Administration Agreement” means the Administration Agreement, dated as of
September 13, 2006, among the Issuer, the Administrator and the Indenture Trustee, as the same may be amended and supplemented from time to time. 
 “Administration Fee” means $1,000, the fee payable to the Administrator on each Payment Date pursuant to Section 5.4(b) for services rendered pursuant to the Administration Agreement.

 “Administrator” means JPMorgan Chase, as administrator. 
 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such
specified Person. For purposes of this definition, “control” when used with respect to any specified 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. A Person shall not be deemed to be an Affiliate of any specified Person solely because such
other Person has the contractual right or obligation to manage such specified Person unless such other Person controls such specified Person through equity ownership or otherwise. 
 “Amount Financed” in respect of a Receivable means the amount advanced under the Receivable toward the purchase price of the Financed
Vehicle and related costs. 

 “Authenticating Agent” has the meaning specified in Section 2.13 of the
Indenture and shall initially be JPMorgan Chase, and its successors and assigns in such capacity, at its Corporate Trust Office. 
 “Authorized Officer” means (i) with respect to the Owner Trustee, Indenture Trustee or Servicer, any officer of the Owner Trustee, Indenture Trustee or Servicer who is authorized to act on behalf of the Owner Trustee,
Indenture Trustee or Servicer, as applicable, and who is identified as such on the list of authorized officers delivered by each such party on the Closing Date or (ii) with respect to the Issuer, any officer of the Owner Trustee or the
Administrator who is authorized to act on behalf of the Owner Trustee or the Administrator, as the case may be, and who is identified as such on the list of authorized officers delivered by the Owner Trustee or the Administrator, as applicable, on
the Closing Date. 
 “Available Amount” means, for any Payment Date, the sum of (i) all Collections received during the
related Collection Period, (ii) the Repurchase Amounts received with respect to the Repurchased Receivables repurchased by the Depositor or purchased by the Servicer during the related Collection Period and (iii) sale proceeds from the
sale of the Trust Estate by the Indenture Trustee following an Event of Default pursuant to Section 5.4 of the Indenture. The Available Amount for any Payment Date shall exclude all payments and proceeds (including any Liquidation
Proceeds and any amounts received from Dealers with respect to Receivables) of any Receivables the Repurchase Amount of which has been included in the Available Amount for a prior Payment Date. 
 “Basic Documents” means this Agreement, the Certificate of Trust, the Indenture, the Issuer Letter of Representations, the Collection
Account Control Agreement, the Trust Agreement, the Administration Agreement and other documents and certificates delivered in connection therewith. 
 “Book-Entry Notes” means beneficial interests in the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the ownership and transfers of which shall be made
through book entries by a Clearing Agency or Foreign Clearing Agency as described in Section 2.10 of the Indenture. 
 “Business Day” means a day, other than a Saturday or a Sunday, on which the Indenture Trustee and banks located in New York, New York and Minneapolis, Minnesota are open for the purpose of conducting a commercial banking
business. 
 “Certificate of Trust” means the certificate of trust, filed by the Owner Trustee pursuant to
Section 3810(a) of the Statutory Trust Statute, as such certificate may be amended or corrected from time to time. 
 “Certificate Register” and “Certificate Registrar” mean the register maintained and the registrar appointed pursuant to Section 3.2 of the Trust Agreement. 
 “Class A Noteholders’ Interest Carryover Shortfall” means, for any class of Class A Notes, (a) for the initial Payment
Date, zero, and (b) for any other Payment Date, the amount by which (x) the Class A Noteholders’ Interest Distributable Amount for the preceding Payment Date for such class of Class A Notes, exceeds (y) the amount in
respect of interest actually paid 
  

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 to the Noteholders of such class on such preceding Payment Date, plus interest on the amount of interest due but not paid
to the Class A Noteholders of such class on the preceding Payment Date, to the extent permitted by law, at the applicable Interest Rate from such preceding Payment Date through the current Payment Date. 
 “Class A Noteholders’ Interest Distributable Amount” means, for any Payment Date for any class of Class A Notes, the sum of
(x) the Noteholders’ Monthly Interest Distributable Amount for such class of Class A Notes for such Payment Date and (y) the Class A Noteholders’ Interest Carryover Shortfall for such class of Class A Notes for
such Payment Date. 
 “Class A Noteholders’ Principal Distribution Amount” means, for any Payment Date, an amount equal
to the lesser of (a) the Class A Target Distribution Amount for such Payment Date and (b) the Target Principal Distribution Amount for such Payment Date; provided, however, that the Class A Noteholders’ Principal
Distribution Amount on and after the Final Scheduled Payment Date of any class of Class A Notes shall be the amount necessary to reduce the Outstanding Amount of that class of Class A Notes to zero. 
 “Class A Target Distribution Amount” means, for any Payment Date, the amount, not less than zero, by which (a) the Outstanding
Amount of the Class A Notes on the preceding Payment Date (after giving effect to all payments of principal on such preceding Payment Date) exceeds (b) the lesser of (i) 94.50% of the Adjusted Pool Balance for such Payment Date and
(ii) the Adjusted Pool Balance for such Payment Date minus the Target Overcollateralization Amount for such Payment Date. 
 “Class A-1 Interest Rate” means 5.43% per annum. 
 “Class A Notes” means, collectively, the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes. 
 “Class A-1 Notes”
means the Class A-1 5.43% Asset Backed Notes, substantially in the form of Exhibit B to the Indenture. 
 “Class A-1
Noteholder” means the Person in whose name a Class A-1 Note is registered on the Note Register. 
 “Class A-2 Interest
Rate” means 5.28% per annum. 
 “Class A-2 Noteholder” means the Person in whose name a Class A-2 Note is
registered on the Note Register. 
 “Class A-2 Notes” means the Class A-2 5.28% Asset Backed Notes, substantially in
the form of Exhibit C to the Indenture. 
 “Class A-3 Interest Rate” means 5.13% per annum. 
 “Class A-3 Noteholder” means the Person in whose name a Class A-3 Note is registered on the Note Register. 
  

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 “Class A-3 Notes” means the Class A-3 5.13% Asset Backed Notes, substantially in
the form of Exhibit D to the Indenture. 
 “Class A-4 Interest Rate” means 5.11% per annum. 
 “Class A-4 Noteholder” means the Person in whose name a Class A-4 Note is registered on the Note Register. 
 “Class A-4 Notes” means the Class A-4 5.11% Asset Backed Notes, substantially in the form of Exhibit E to the Indenture.

 “Class B Interest Rate” means 5.24% per annum. 
 “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, for the Class B Notes, (a) for the initial Payment Date, zero, and
(b) for any other Payment Date, the amount by which (x) the Class B Noteholders’ Interest Distributable Amount for the preceding Payment Date, exceeds (y) the amount in respect of interest actually paid to the Class B Noteholders
on such preceding Payment Date with respect to the Class B Notes, plus interest on the amount of interest due but not paid to the Class B Noteholders of such class on the preceding Payment Date, to the extent permitted by law, at the Class B
Interest Rate from such preceding Payment Date through the current Payment Date. 
 “Class B Noteholders’ Interest Distributable
Amount” means, for any Payment Date for the Class B Notes, the sum of (x) the Noteholders’ Monthly Interest Distributable Amount for the Class B Notes for such Payment Date and (y) the Class B Noteholders’ Interest
Carryover Shortfall for the Class B Notes for such Payment Date. 
 “Class B Noteholders’ Principal Distribution
Amount” means, for any Payment Date, the amount, not less than zero, by which (a) the sum of (i) the Regular Principal Distribution Amount for such Payment Date and (ii) the Priority Principal Distribution Amount for such
Payment Date exceeds (b) the Class A Noteholders’ Principal Distribution Amount for such Payment Date; provided, however, that the Class B Noteholders’ Principal Distribution Amount on and after the Final Scheduled
Payment Date of the Class B Notes shall be the amount necessary to reduce the Outstanding Amount of the Class B Notes to zero. 
 “Class B Notes” means the Class B 5.24% Asset Backed Notes, substantially in the form of Exhibit F to the Indenture. 
 “Class R Certificateholder” means each Person in whose name a Class R Certificate is registered. 
 “Class R Certificates” means the certificates evidencing the beneficial interest of the Class R Certificateholders in the Owner Trust Estate, substantially in the form of Exhibit A to the Trust Agreement. 

 

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 “Clearing Agency” means an organization registered as a “clearing agency”
pursuant to Section 17A of the Exchange Act. The initial Clearing Agency shall be The Depository Trust Company. 
 “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 of securities deposited with the Clearing Agency (including a Foreign
Clearing Agency). 
 “Clearstream” means Clearstream Banking, société anonyme. 
 “Closing Date” means September 13, 2006. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collection
Account” means securities account no. 10228051.1 entitled “Chase Auto Owner Trust Series 2006-B Collection Account” maintained by the Collection Account Securities Intermediary pursuant to the Collection Account Control Agreement
or any successor securities account maintained pursuant to the Collection Account Control Agreement. 
 “Collection Account Control
Agreement” means the agreement among the Issuer, JPMorgan Chase, as securities intermediary, and the Indenture Trustee, dated as of September 13, 2006, relating to the Collection Account, as the same may be amended and supplemented
from time to time. 
 “Collection Account Securities Intermediary” means JPMorgan Chase or any other securities intermediary
that maintains the Collection Account pursuant to the Collection Account Control Agreement. 
 “Collection Period” means the
period from and including August 19, 2006 to and including September 30, 2006 and each calendar month thereafter until Chase Auto Owner Trust 2006-B shall terminate pursuant to Article IX of the Trust Agreement. 
 “Collections” means all collections in respect of Receivables, including Liquidation Proceeds with respect to the Receivables, but
excluding Late Fees. 
 “Contract Rate” of a Receivable means the annual rate of interest stated in such Receivable.

 “Controlling Class” shall mean, with respect to any Notes Outstanding, the Class A Notes (voting together as a
single Class) as long as any Class A Notes are Outstanding, and thereafter the Class B Notes as long as any Class B Notes are Outstanding (excluding, in each case, Notes held by the Issuer, any other obligor upon the Notes, the Depositor, the
Servicer or any Affiliate of any of the foregoing Persons). 
 “Corporate Trust Office” means (a) as used with respect
to the Indenture Trustee, the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered which office at the date of the execution of the Indenture is 
  

 5 

 located at Sixth Street and Marquette Avenue MAC N9311-161, Attention: Corporate Trust Office, or at such other address
as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Administrator, the Servicer and the Issuer, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor
Indenture Trustee will notify the Noteholders, the Administrator, the Servicer and the Owner Trustee); (b) as used with respect to the Owner Trustee, the corporate trust office of the Owner, Trustee, c/o Wilmington Trust Company, 1100 North
Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration or at such other address as the Owner Trustee may designate by notice to the Class R Certificateholder and the Depositor, or the principal corporate trust office of
any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Class R Certificateholder and the Depositor); and (c) with respect to JPMorgan Chase, as Authenticating Agent and as Paying Agent, the principal
office of JPMorgan Chase at which any particular time its corporate trust business shall be administered which office at the date of the execution of this Agreement is located at 600 Travis, 9th Floor, Houston, Texas 77002, Attention: Worldwide Securities Services, or at such other address as JPMorgan Chase may designate from time to time by notice to
the Indenture Trustee, the Owner Trustee, the Servicer and the Issuer, or the principal corporate trust office of any successor Authenticating Agent or successor Paying Agent, as the case may be (the address of which the successor Authenticating
Agent or successor Paying Agent, as the case may be, will notify the Indenture Trustee, the Owner Trustee, the Servicer and the Issuer). 
 “Customary Servicing Practices” means the customary servicing practices of the Servicer or any subservicer with respect to all comparable motor vehicle receivables that the Servicer or such subservicer, as applicable,
services for itself and others, as such practices may be changed from time to time, it being understood that the Servicer and the subservicers may not have the same “Customary Servicing Practices”. 
 “Cutoff Date” means August 19, 2006. 
 “Dealer” means the dealer which sold a Financed Vehicle related to a Dealer Receivable and which originated or assisted in the origination of such Dealer Receivable under a Dealer Agreement.

 “Dealer Agreement” means any agreement and, if applicable, assignment under which Dealer Receivables were originated by
or through a Dealer and sold to the Depositor or an affiliate of the Depositor. 
 “Dealer Receivable” means each Receivable
which was originated by the Depositor or an Affiliate of the Depositor with the involvement of a Dealer. 
 “Default” means
any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Defaulted
Receivable” means a Receivable (other than a Repurchased Receivable) as to which the Servicer has determined based on its Customary Servicing Practices, during any Collection Period, that eventual payment in full of the Amount Financed
(including accrued interest thereon) is unlikely; provided that a Receivable shall become a Defaulted Receivable during the calendar month in which more than 10% of any scheduled payment becomes 240 days delinquent, regardless of whether any
such determination has been made. 
  

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 “Definitive Notes” means the Class A-1 Notes and, if issued in certificated, fully
registered form as provided in Section 2.12 of the Indenture, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes. 
 “Deposit Date” means the Business Day immediately preceding each Payment Date. 
 “Depositor” means JPMorgan Chase, in its capacity as the depositor of the Receivables under this Agreement, and each successor thereto
pursuant to Section 6.3. 
 “Determination Date” means, with respect to any Payment Date, the second Business
Day preceding such Payment Date. 
 “Eligible Deposit Account” means (a) a segregated identifiable trust account
established in the trust department of a Qualified Trust Institution, which shall initially be JPMorgan Chase, and may be maintained with JPMorgan Chase so long as JPMorgan Chase is a Qualified Trust Institution; or (b) a separately
identifiable deposit account established in the deposit taking department of a Qualified Institution, which may be JPMorgan Chase so long as JPMorgan Chase is a Qualified Institution. 
 “Executive Officer” means, with respect to any corporation or bank, the Chief Executive Officer, Chief Operating Officer, Chief
Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation or bank, and with respect to any partnership, any general partner thereof. 
 “Euroclear Operator” means Euroclear Bank S.A./N.V., in its capacity as the operator of the Euroclear system. 
 “Event of Default” means an event specified in Section 5.1 of the Indenture. 
 “Event of Servicing Termination” means an event specified in Section 8.1. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Expenses” has the meaning specified in Section 8.2 of the Trust Agreement. 
 “FDIC” means the Federal Deposit Insurance Corporation. 
 “FHLMC” means the Federal Home Loan Mortgage Corporation. 
 “Financed
Vehicle” means, with respect to a Receivable, the new or used automobile or light-duty truck, together with all accessions thereto, securing an Obligor’s indebtedness under such Receivable. 
 “Fitch” means Fitch, Inc. 
  

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 “FNMA” means the Federal National Mortgage Association. 
 “Foreign Clearing Agency” means, collectively, Clearstream and the Euroclear Operator. 
 “Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien
upon and a security interest in and right of setoff against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Trust Estate 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 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. 
 “Indemnified Parties” has the meaning specified in
Section 8.2 of the Trust Agreement. 
 “Indenture” means the Indenture dated as of September 13, 2006
between the Issuer and the Indenture Trustee. 
 “Indenture Trustee” means, initially, Wells Fargo, as Indenture Trustee
under the Indenture, and any successor Indenture Trustee under the Indenture. 
 “Independent” means, when used with respect
to any specified Person, that the person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Depositor and any Affiliate of any of the foregoing persons, (b) 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 (c) 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 11.1
of the Indenture, made by an Independent engineer, appraiser or other expert appointed by the Issuer 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 this Agreement and that the signer is Independent within the meaning thereof. 
 “Insolvency
Event” means, for a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any
applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver (including any receiver appointed under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as
amended), liquidator, assignee, custodian, trustee, sequestrator or 
  

 8 

 similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation
of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable Federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making of such Person of any general assignment for the benefit of creditors, or the failure by
such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Interest Rate” means the rate of interest borne by the Notes of any class. 
 “Investment
Earnings” means, with respect to any Payment Date, the investment earnings (net of losses and investment expenses) on amounts on deposit in the Collection Account. 
 “Issuer” means Chase Auto Owner Trust 2006-B, a Delaware statutory trust, until a successor replaces it and, thereafter, means such
successor and, for purposes of any provision contained in the Indenture and required by the TIA, each other obligor on the Notes. 
 “Issuer Order” or “Issuer Request” means a written order or request signed in the name of the Issuer by any of its Authorized Officers and delivered to the Indenture Trustee. 
 “Issuer Letter of Representations” means the blanket letter of representations between the Issuer and The Depository Trust Company, as
the initial Clearing Agency, dated the Closing Date, as the same may be amended or supplemented from time to time or any similar letter or agreement with any successor Clearing Agency. 
 “JPMorgan Chase” means JPMorgan Chase Bank, National Association, a national banking association. 
 “Late Fees” means any late charges, credit related extension fees, non-credit related extension fees, prepayment charges or other
administrative fees or similar charges allowed by applicable law with respect to the Receivables. 
 “Lien” means a security
interest, lien, charge, pledge or encumbrance of any kind other than tax liens, mechanics’ liens or any other liens that attach by operation of law. 
 “Liquidation Proceeds” means, with respect to any Receivable, (i) insurance proceeds, (ii) the monies collected during a Collection Period from whatever source on a Defaulted Receivable and
(iii) proceeds of a Financed Vehicle sold after repossession, in each case net of any liquidation expenses and payments required by law to be remitted to the Obligor. 
 “Moody’s” means Moody’s Investors Service, Inc. 
  

 9 

 “Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note, a
Class A-4 Note or a Class B Note. 
 “Note Distribution Account” means the account designated as such, established and
maintained pursuant to Section 5.1(b). 
 “Note Final Scheduled Payment Date” means for (a) the
Class A-1 Notes, the June 2008 Payment Date, (b) the Class A-2 Notes, the October 2009 Payment Date, (c) the Class A-3 Notes, the May 2011 Payment Date, (d) the Class A-4 Notes, the April 2014 Payment Date and
(e) the Class B Notes, the April 2014 Payment Date. 
 “Note Owner” means, with respect to a Book-Entry Note, the
person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or Foreign Clearing Agency, or on the books of a direct or indirect Clearing Agency Participant. 
 “Note Pool Factor” for each class of Notes as of the close of business on a Payment Date means an eight-digit decimal figure equal to
the Outstanding Amount of such class of Notes divided by the Outstanding Amount as of the Closing Date of such class of Notes. The Note Pool Factor for each class of Notes will be 1.00000000 as of the Cutoff Date; thereafter, the Note Pool Factor
for each class of Notes will decline to reflect reductions in the Outstanding Amount of such class of Notes. 
 “Note
Register” and “Note Registrar” mean the register maintained and the registrar appointed pursuant to Section 2.4 of the Indenture. 
 “Noteholder” means a Class A-1 Noteholder, a Class A-2 Noteholder, a Class A-3 Noteholder, a Class A-4 Noteholder or a Class B Noteholder. 
 “Noteholders’ Monthly Interest Distributable Amount” means, for any Payment Date for each class of Notes, one month’s interest
(or, in the case of the first Payment Date, interest accrued from and including the Closing Date to but excluding such Payment Date) at the related Interest Rate on the Outstanding Amount of the Notes of such class on such Payment Date (or, in the
case of the first Payment Date, on the Closing Date). Interest for purposes of this definition shall be computed on the basis of a 360-day year of twelve 30-day months. 
 “Obligor” on a Receivable means the purchaser or the co-purchasers of the Financed Vehicle purchased in part or in whole by the execution and delivery of such Receivable or any other Person who owes
or may be liable for payments under such Receivable. 
 “Officer’s Certificate” means (i) with respect to the
Issuer, a certificate signed by any Authorized Officer of the Issuer and (ii) with respect to the Depositor or the Servicer, a certificate signed by the chairman of the board, the president, the treasurer, the controller, any executive or
senior vice president or any vice president of the Depositor or Servicer, as appropriate, in either case meeting the requirements of Section 11.1 of the Indenture. 
 “Opinion of Counsel” means a written opinion of counsel (who may be counsel to the Depositor or the Servicer) reasonably acceptable in
form and substance to the Indenture Trustee, meeting the requirements of Section 11.1 of the Indenture (or in the case of an Opinion of Counsel delivered to the Owner Trustee, reasonably acceptable in form and substance to the Owner
Trustee). 
  

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 “Optional Purchase Percentage” shall be 10%. 
 “Original Adjusted Pool Balance” shall be $1,167,506,353.88. 
 “Original Pool Balance” shall be $1,181,621,314.04. 
 “Outstanding” means, when used with respect to Notes, as of any date of determination, all Notes theretofore authenticated and delivered under the Indenture except: 
 (a) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (b) 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 of such Notes (provided that if such Notes are to be prepaid, notice of such prepayment has been duly given pursuant to the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been
made); and 
 (c) Notes in exchange for or in lieu of other Notes which 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” (as defined in Article 8 of the Relevant UCC); 
 provided that in determining whether the Noteholders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any
Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Depositor, the Servicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the
Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that an Authorized Officer of the Indenture Trustee either actually knows to be so owned or has received
written notice that such Note is so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so
to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons. 
 “Outstanding Amount” means, when used with respect to Notes, as of any date of determination, the aggregate principal amount of all
Notes, or a class of Notes, as applicable, Outstanding as of such date. 
 “Outstanding Trust Securities Amount” means, on
any Payment Date, the Outstanding Amount of the Notes on such Payment Date (after giving effect to all payments of principal of the Notes on such Payment Date). 
  

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 “Owner Trust Estate” means all right, title and interest of the Issuer in and to the
property and rights sold, transferred, assigned and otherwise conveyed to the Issuer pursuant to Article II of this Agreement, all funds on deposit from time to time in the Trust Accounts (other than the Note Distribution Account) and all
other property of Issuer from time to time, including any rights of the Owner Trustee and the Issuer pursuant to this Agreement. 
 “Owner Trustee” means, initially, Wilmington Trust Company, a Delaware banking corporation, not in its individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder.

 “Paying Agent” means: (a) when used in the Indenture or otherwise with respect to the Notes, the Indenture Trustee
or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Indenture Trustee to make the payments to and distributions from the Collection
Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuer; and (b) when used in the Trust Agreement or otherwise with respect to the Class R Certificates, the Owner Trustee or
any other paying agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement, and in the case of the Indenture with respect to the Notes, and the Trust Agreement with respect to the Class R Certificates, such Paying
Agent shall initially be JPMorgan Chase at its Corporate Trust Office. 
 “Payment Date” means, in the case of the first
Collection Period, October 16, and in the case of every Collection Period thereafter, the 15th calendar day of the following month, or if the 15th calendar day is not a Business Day, the next following Business Day. 
 “Percentage Interest” means, with respect to a Class R Certificate, the individual percentage interest of such Class R Certificate,
which shall be specified on the face thereof. The sum of the Percentage Interests for all Class R Certificates shall be 100%. 
 “Permitted Investments” means, at any time, any one or more of the following obligations, securities (certificated or uncertificated) or instruments (excluding any security with the “r” symbol attached to its
rating): 
 (i) obligations of the United States of America or any agency thereof; provided such obligations are backed by the full
faith and credit of the United States of America; 
 (ii) general obligations of or obligations guaranteed as to the timely payment of
interest and principal by any state of the United States of America or the District of Columbia then rated “F1+” or “AAA” by Fitch (if rated by Fitch) and “P-1” or Aaa by Moody’s; 
 (iii) commercial paper which is then rated “P-1” by Moody’s and “F1+” by Fitch (if rated by Fitch); 
 (iv) certificates of deposit, demand or time deposits, federal funds or banker’s acceptances issued by any depository institution or trust company
(including the Indenture Trustee acting in its commercial banking capacity) incorporated under the laws of the United States of America or of any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located
in the United States of America and subject to supervision and 
  

 12 

 examination by federal or state banking authorities which short term unsecured deposit obligations of such depository
institution or trust company are then rated “P-1” by Moody’s and “F1+” by Fitch (if rated by Fitch); 
 (v) demand
or time deposits of, or certificates of deposit issued by, any bank, trust company, savings bank or other savings institution; provided such deposits or certificates of deposit are fully insured by the FDIC; 
 (vi) guaranteed reinvestment agreements issued by any bank, insurance company or other corporation the short term unsecured debt or deposits of which are
rated “P-1” by Moody’s and “F1+” by Fitch (if rated by Fitch) or the long-term unsecured debt of which are rated Aaa by Moody’s and “AAA” by Fitch (if rated by Fitch); 
 (vii) repurchase obligations with respect to any security described in clauses (i) or (ii) herein or any other security issued or
guaranteed by the FHLMC, FNMA or any other agency or instrumentality of the United States of America which is backed by the full faith and credit of the United States of America, in either case entered into with a federal agency or a depository
institution or trust company (acting as principal) described in (iv) above; 
 (viii) investments in money market funds, which funds
(A) are not subject to any sales, load or other similar charge; and (B) are rated at least “AAAV-1+” by Fitch (if rated by Fitch) and Aaa by Moody’s; and 
 (ix) such other investments where either (A) the short-term unsecured debt or deposits of the obligor on such investments are rated “F1+”
by Fitch (if rated by Fitch) and “P-1” by Moody’s. 
 Permitted Investments may include commercial paper, certificate of deposits, demand
deposits, money market mutual funds or other investments (so long as such commercial paper, certificate of deposit, demand deposit, money market mutual fund or other investment has the ratings specified in clause (iii), (iv),
(viii) or (ix), respectively, hereof), including any JPMorgan Prime Money Market Fund or any other commercial paper, certificate of deposit, demand deposit, money market mutual fund or other investment for which JPMorgan Chase,
the Indenture Trustee or an Affiliate of either thereof serves as an investment advisor, administrator, shareholder servicing agent, and/or custodian or subcustodian, notwithstanding that (x) JPMorgan Chase, Wells Fargo or an Affiliate of
either thereof charges and collects fees and expenses from such commercial paper, certificates of deposit, demand deposits, money market mutual funds or other investment for services rendered, (y) JPMorgan Chase, Wells Fargo or an Affiliate of
either thereof charges and collects fees and expenses for services rendered pursuant to this Agreement, and (z) services performed for such commercial paper, certificate of deposit, demand deposit, money market mutual fund or other investment
and pursuant to this Agreement may converge at any time. The Indenture Trustee specifically authorizes JPMorgan Chase, Wells Fargo or an Affiliate of either thereof to charge and collect all fees and expenses from such commercial paper, certificates
of deposit, demand deposits, money market mutual funds or other investment for services rendered in addition to any fees and expenses JPMorgan Chase or Wells Fargo, as applicable, may charge and collect for services rendered pursuant to this
Agreement. 
  

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 “Person” means a legal person, including any individual, corporation, limited liability
company, estate, partnership, joint venture, association, joint stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Pool Balance” as of any date of determination means, the aggregate Principal Balance of the Receivables as of the close of business on
the last day of the preceding Collection Period, after giving effect to all payments received from Obligors and Repurchase Amounts to be remitted by the Servicer or the Depositor, as the case may be, for such Collection Period and all losses
realized on Receivables liquidated during such Collection Period. 
 “Predecessor Note” means, with respect to any
particular Note, every previous Note evidencing all or a portion of the same debt as evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 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. 
 “Prepayment Date” means in the case of a prepayment of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by the Servicer pursuant to such Section 10.1. 
 “Principal Balance” of a Receivable, as of the close of business on the last day of any Collection Period, means the Amount Financed
minus that portion of all payments received on or prior to such date allocable to principal. The Principal Balance of a Defaulted Receivable or a Repurchased Receivable shall be deemed to be zero, in each case, as of such date. 
 “Principal Prepayment” means a payment or other recovery of principal on a Receivable (including insurance proceeds and Liquidation
Proceeds applied to principal on a Receivable) which is received in advance of its due date. 
 “Priority Principal Distribution
Amount” means, for any Payment Date, the amount, not less than zero, by which (a) the Outstanding Amount of the Class A Notes on the preceding Payment Date (after giving effect to all payments of principal on such preceding
Payment Date) exceeds (b) the Adjusted Pool Balance for such Payment Date; provided, however, that the Priority Principal Distribution Amount on and after the Note Final Scheduled Payment Date of any class of Class A Notes
shall be the amount necessary to reduce the Outstanding Amount of such class of Class A Notes to zero on such Payment Date. 
 “Proceeding” means any suit in equity, action or law or other judicial or administrative proceeding. 
 “Qualified Institution” means a depository institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located
in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities which at all times has the Required Deposit Rating and, in the case of any such institution organized under the
laws of the United States of America, whose deposits are insured by the FDIC. 
  

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 “Qualified Trust Institution” means an institution organized under the laws of the
United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or
state banking authorities which at all times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) has not less than one billion dollars in assets under fiduciary management, and (iii) has a
long term deposits rating of not less than Baa3 by Moody’s and “BBB-” by Fitch (if rated by Fitch). 
 “Rating
Agency” means either Moody’s or Fitch. 
 “Rating Agency Condition” means, with respect to any event or
circumstance and each Rating Agency, either (a) written confirmation by such Rating Agency that the occurrence of such event or circumstance will not cause it to downgrade, qualify or withdraw its rating assigned to any of the Notes or
(b) that such Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten days’ advance notice is impracticable, as much advance notice as is
practicable) and such Rating Agency shall not have issued any written notice that the occurrence of such event or circumstance will cause it to downgrade, qualify or withdraw its rating assigned to any class of the Notes. 
 “Receivable” means a retail installment sale contract or purchase money promissory note or other promissory note and security agreement
executed by an Obligor in respect of a Financed Vehicle, and all proceeds thereof and payments thereunder (other than interest accrued and unpaid as of the opening of business on the Cutoff Date), which Receivable shall be identified in the Schedule
of Receivables. 
 “Receivable Files” means the documents specified in Section 3.3. 
 “Receivables Pool” means the pool of Receivables included in the Trust Estate and all monies received thereunder on or after the Cutoff
Date. 
 “Record Date” means, with respect to (a) the Class A-1 Notes and any Payment Date, the last day of the
immediately preceding calendar month and (b) the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes and (i) any Payment Date before Definitive Notes are issued in respect of the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the Business Day prior to such Payment Date or (ii) any Payment Date after Definitive Notes are issued in respect of the Class A-2 Notes,
the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the last day of the immediately preceding calendar month. 
 “Regular Principal Distribution Amount” means, for any Payment Date, the amount, not less than zero, by which (a) the Target Principal Distribution Amount for such Payment Date exceeds (b) the Priority Principal
Distribution Amount for such Payment Date; provided, however, that the Regular Principal Distribution Amount on and after the Final Scheduled Payment Date of the Class B Notes shall be the amount necessary to reduce the Outstanding
Amount of the Class B Notes to zero on such Payment Date. 
  

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 “Regulation AB” means Subpart 229.1100—Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.1100-229.1123, as such may be amended from time to time. 
 “Relevant UCC” means the Uniform
Commercial Code as in effect in the applicable jurisdiction. 
 “Reportable Event” means any event required to be reported
on Form 8-K, and in any event, the following: 
 (i) entry into a definitive agreement related to the Issuer, the Notes, or
the Receivables, or an amendment to a Basic Document, even if the Depositor is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1 108(a)(3) of Regulation AB); 
 (ii) termination of a Basic Document (other than by expiration of the agreement on its stated termination date or as a result of all
parties completing their obligations under such agreement), even if the Depositor is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB); 
 (iii) the occurrence of an Event of Servicing Termination or an Event of Default; 
 (iv) the resignation, removal, replacement, substitution of the Indenture Trustee, the Owner Trustee or any co-trustee; 
 (v) a required distribution to Noteholders is not made as of the required Payment Date under the Indenture; and 
 (vi) any bankruptcy or receivership of the Depositor, the Indenture Trustee, the Owner Trustee, any enhancement or support provider
contemplated by Item 1114(b) or 1115 of Regulation AB, or other material party contemplated by Item 1101(d)(1) of Regulation AB. 
 “Repurchase Amount” of a Repurchased Receivable or any Receivable purchased by the Servicer pursuant to Section 9.1, means the sum, as of the last day of the Collection Period on which such Receivable becomes
such, of the Principal Balance thereof plus the Accrued Interest thereon. 
 “Repurchased Receivable” means a Receivable
repurchased by the Depositor pursuant to Section 3.2 or purchased by the Servicer pursuant to Section 4.6. 
 “Required Deposit Rating” means a short-term certificate of deposit rating from Moody’s of “P-1” and from Fitch of “F1+” (if rated by Fitch) and a long-term unsecured debt rating of not less than
Aa3 by Moody’s and “AA” by Fitch (if rated by Fitch). 
 “Responsible Officer” means, (a) with respect
to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, 
  

 16 

 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; and (b) with respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant
Secretary, or any other officer of the Owner Trustee customarily performing functions similar to those performed by any of the above designated officers, in each case, with direct responsibility of the administration of the Issuer. 
 “Sale Proceeds” has the meaning specified in Section 9.1(b). 
 “Schedule of Receivables” means the list of Receivables attached hereto as Schedule A. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Servicer” means JPMorgan Chase, in its capacity as the servicer of the Receivables under this Agreement, and each successor thereto
pursuant to Section 7.3, and each successor servicer pursuant to Section 8.2. 
 “Servicer’s
Certificate” means a certificate, substantially in the form of Exhibit A attached hereto, completed and executed by the Servicer by its chairman of the board, the president, treasurer, controller or any executive, senior vice
president or vice president pursuant to Section 4.8. 
 “Servicing Criteria” means the servicing criteria set
forth in paragraph (d) of Item 1122 of Regulation AB. 
 “Servicing Fee” means, with regard to a Collection
Period, the fee payable to the Servicer for services rendered during such Collection Period, determined pursuant to Section 4.7. 
 “Servicing Fee Rate” means 1.00% per annum. 
 “Settlement Date” means, with respect to any
Collection Period, the last day of the Collection Period immediately preceding such Collection Period, and with respect to any Payment Date, the last day of the second Collection Period preceding the Collection Period in which such Payment Date
occurs. 
 “SFAS 140” means the Statement of Financial Accounting Standard No. 140, Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities and any successor accounting standard that shall replace SFAS 140. 
 “Simple Interest Method” means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate
of interest multiplied by the unpaid Principal Balance multiplied by the period of time elapsed since the preceding payment of interest was made, and the remainder of such payment is allocable to principal. 
  

 17 

 “Simple Interest Receivable” means any Receivable providing for the allocation of
payments made thereunder to principal and interest in accordance with the Simple Interest Method. 
 “Statutory Trust
Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as amended from time to time. 
 “Target Overcollateralization Amount” means, for any Payment Date, the greater of (a) 1.25% of the Adjusted Pool Balance for such Payment Date and (b) 0.50% of the Original Adjusted Pool Balance. 
 “Target Principal Distribution Amount” means, for any Payment Date, the amount, if any, by which (a) the Outstanding Trust
Securities Amount on the immediately preceding Payment Date exceeds (b) the Adjusted Pool Balance for such Payment Date minus the Target Overcollateralization Amount on such Payment Date. 
 “Treasury Regulations” means, the treasury regulations promulgated under Code. 
 “Trust Accounts” means, collectively, the Collection Account and the Note Distribution Account. 
 “Trust Agreement” means the Amended and Restated Trust Agreement dated as of September 13, 2006, 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. 
 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise
specifically provided. 
 “Wells Fargo” means Wells Fargo Bank, National Association. 
 “Yield Supplement Overcollateralization Amount” means, for any Payment Date, the amount specified on Schedule B for such
Payment Date. 
 SECTION 1.2 Usage of Terms. With respect to all terms in this Agreement, the singular includes the plural and the
plural the singular; words importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term
“including” means “including without limitation.” All references herein to Articles, Sections, Subsections and Exhibits are references to Articles, Sections, Subsections and Exhibits contained in or attached to this Agreement
unless otherwise specified, and each such Exhibit is part of the terms of this Agreement. 
  

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 SECTION 1.3 Simple Interest Method; Methods of Allocating Payments on Receivables; Allocations.
All allocations of payments to principal and interest and determinations of periodic charges and the like on the Receivables shall be based on a year with the actual number of days in such year and twelve months with the actual number of days in
each such month. Each payment on a Receivable shall be applied in accordance with the Servicer’s Customary Servicing Practices. Amounts paid by the Depositor or the Servicer in respect of Repurchased Receivables shall be allocated as if the
Obligor thereof had prepaid such Receivable in full on the date as of which such Receivable was repurchased by the Depositor pursuant to Section 3.2 or purchased by the Servicer pursuant to Section 4.6 or 9.1.

 ARTICLE II 
 CONVEYANCE OF
RECEIVABLES 
 SECTION 2.1 Conveyance of Receivables. In consideration of the Issuer’s delivery of the Notes and the Class R
Certificates to and upon the order of the Depositor, the Depositor does hereby sell, transfer, assign, and otherwise convey to the Issuer, without recourse (subject to the Depositor’s obligations herein): 
 (i) all right, title, and interest of the Depositor in, to and under the Receivables listed in the Schedule of Receivables, which is
incorporated by reference herein, all proceeds thereof and all amounts and monies received thereon on and after the Cutoff Date (including proceeds of the repurchase of Receivables by the Depositor pursuant to Section 3.2 or the purchase
of Receivables by the Servicer pursuant to Section 4.6 or 9.1), together with the interest of the Depositor in the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and in any
repossessed Financed Vehicles; 
 (ii) all right, title and interest of the Depositor in any Liquidation Proceeds and in any
proceeds of any extended warranties, theft and physical damage, guaranteed auto protection, credit life or credit disability policies relating to the Financed Vehicles or the Obligors; 
 (iii) all right, title and interest of the Depositor in any proceeds from Dealer repurchase obligations relating to the Receivables; and

 (iv) all proceeds (as defined in the Relevant UCC) of the foregoing. 
 In connection with such sale, the Depositor agrees to record and file, at its own expense, financing statements (and continuation statements with respect
to such financing statements when applicable) with respect to the Receivables for the sale of accounts and chattel paper meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect the sale
and assignment of the Receivables to the Issuer. Notwithstanding any statement to the contrary contained herein or in any other Basic Document, the Depositor shall not be required to notify any insurer with respect to any insurance policy or other
item of property listed in clause (ii) or to notify any Dealer about any aspect of the transaction contemplated by the Basic Documents. 
  

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 It is the intention of the Depositor and the Issuer that (a) the assignment and transfer herein
contemplated constitute a sale of the Receivables, conveying good title thereto free and clear of any liens and encumbrances, from the Depositor to the Issuer and (b) the Receivables not be part of the Depositor’s estate in the event of an
insolvency. In the event that such conveyance is deemed to be a pledge to secure a loan, the Depositor hereby grants to the Issuer a first priority perfected security interest in all of the Depositor’s right, title and interest in, to and under
the items of property listed in clauses (i) through (iv) above to secure the loan deemed to be made in connection with such pledge and, in such event, this Agreement shall constitute a security agreement under applicable law.

 SECTION 2.2 Closing. The conveyance of the Receivables shall take place at the offices of Mayer, Brown, Rowe & Maw LLP,
Chicago, Illinois on the Closing Date, simultaneously with the closing of the transactions contemplated by the underwriting agreement related to the Notes and the other Basic Documents. Upon the acceptance by the Depositor of the Notes and the Class
R Certificates, the ownership of each Receivable and the contents of the related Receivable File will be vested in the Issuer, subject only to the lien of the Indenture. 
 ARTICLE III 
 THE RECEIVABLES 
 SECTION 3.1 Representations and Warranties of Depositor; Conditions Relating to Receivables. 
 (a)
The Depositor makes the following representations and warranties as to the Receivables on which the Issuer shall rely in acquiring the Receivables. Such representations and warranties shall speak as of the Cutoff Date unless otherwise specified, but
shall survive the sale, transfer, and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
 (i) Schedule of Receivables. The Schedule of Receivables identifies the Receivables by account number, name of Obligor and
remaining principal balance of the Receivables as of the Cutoff Date and the information set forth in the Schedule of Receivables with respect to each Receivable is true and correct in all material respects, and no selection procedures materially
adverse to the Noteholders has been utilized in selecting the Receivables from all receivables originated during the period from May 30, 2006 through July 13, 2006 owned by the Depositor which meet the selection criteria specified herein.

 (ii) No Sale or Transfer. No Receivable has been sold, transferred, assigned or pledged by the Depositor to any
Person other than the Issuer. 
 (iii) Good Title. Immediately prior to the transfer and assignment of the Receivables
to the Issuer herein contemplated, the Depositor has good and marketable title to each Receivable free and clear of all Liens and rights of others; and, immediately upon the transfer thereof, the Issuer has either (i) good and marketable title
to each Receivable, free and clear of all Liens and rights of others, other than the Lien of the 
  

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 Indenture Trustee under the Indenture, and the transfer has been perfected under applicable law or
(ii) a first priority perfected security interest in each Receivable and the proceeds thereof. 
 (b) Each Receivable satisfies the
following conditions as of the Cutoff Date unless otherwise specified and such conditions shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

 (i) Acquisition. Each Receivable is a Dealer Receivable acquired directly or indirectly from or made through a
Dealer located in the United States (including the District of Columbia); 
 (ii) Security. Each Receivable is secured
by a new or used automobile or light-duty truck; 
 (iii) Maturity of Receivables. Each Receivable had a remaining
number of monthly payments of not less than 9 and not greater than 84, and (A) in the case of each Receivable secured by new Financed Vehicles, had an original maturity of at least 12 months and not more than 84 months, or (B) in the case
of each Receivable secured by used Financed Vehicles, had an original maturity of at least 12 months and not more than 72 months; 
 (iv) Contract Rate. Each Receivable has a Contract Rate of not more than 18% per annum; 
 (v) No
Repossessions. Each Receivable is secured by a Financed Vehicle that had not been repossessed without reinstatement of such Receivable; 
 (vi) Obligor Not Subject to Bankruptcy Proceedings. Each Receivable has been entered into by an Obligor who had not been identified on the computer files of the Depositor as in bankruptcy proceedings;

 (vii) No Overdue Payments. Each Receivable had no payment that was more than 30 days past due; 
 (viii) Principal Balance. Each Receivable had a remaining Principal Balance of at least $2,000 and not greater than $100,000;

 (ix) No Force Placed Insurance. Each Receivable was secured by a Financed Vehicle that was not insured by a force
placed insurance policy or any vendor’s single interest and non-filing insurance policy; 
 (x) Receivable Files.
The Receivable Files were kept in the United States; 
 (xi) Characteristics of Receivables. Each Receivable
(a) has been originated in the form of a credit sales transaction by a Dealer or a purchase money loan or other note through a Dealer located in one of the states of the United States (including the District of 
  

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 Columbia) for the retail financing of a Financed Vehicle and has been fully and properly executed by the
parties thereto, (b) if a retail installment sales contract, has been purchased by the Depositor from the originating Dealer and has been validly assigned by such Dealer to the Depositor in accordance with its terms; (c) contains customary
and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security; and (d) provides for fully amortizing level scheduled monthly payments
(provided that the payment in the last month in the life of the Receivable may be different from the level scheduled payment) and for accrual of interest at a fixed rate according to the Simple Interest Method; 
 (xii) Compliance with Laws. Each Receivable and each sale of the related Financed Vehicle complied at the time it was originated or
made, and complied on and after the Cutoff Date, in all material respects with all requirements of applicable federal, state, and local laws, and regulations thereunder, including usury laws, the Federal Truth in-Lending Act, the Equal Credit
Opportunity Act, the Fair Credit Reporting Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, Federal Reserve Board Regulations B and Z and of the Uniform Consumer Credit Code, and any other consumer credit, equal opportunity,
and disclosure laws, in each case as applicable to such Receivable and sale thereof; 
 (xiii) Binding Obligation. Each
Receivable constitutes the legal, valid, and binding payment obligation in writing of the Obligor, enforceable by the holder thereof in all material respects in accordance with its terms, subject, as to enforcement, to applicable bankruptcy,
insolvency, reorganization, liquidation and other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights; 
 (xiv) No Government Obligor. Each Receivable is not due from the United States of America or any state or from any agency, department, instrumentality or political subdivision of the United States of America or
any state or local municipality, and each Receivable is not due from a business except to the extent that such Receivable has an individual co-borrower; 
 (xv) Security Interest in Financed Vehicle. Immediately prior to the sale and assignment thereof to the Issuer as herein contemplated, each Receivable was secured by a validly perfected first priority security
interest in the related Financed Vehicle in favor of or for the benefit of the Depositor as secured party (subject to administrative delays and clerical errors on the part of the applicable governmental agency and to any statutory or other lien
arising by operation of law after the Closing Date which is prior to such security interest), or all necessary actions with respect to such Receivable have been taken to perfect a first priority security interest in the related Financed Vehicle in
favor of the Depositor, as secured party (other than the filing of UCC financing statements, which shall be submitted for filing on the Closing Date), the security interest of the Depositor (or beneficial interest therein) is assignable, and has
been so assigned by the Depositor to the Issuer, and at such time as enforcement of such security interest is sought, each Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle for the
benefit of the Issuer as secured party (subject to 
  

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 administrative delays and clerical errors on the part of the applicable governmental agency and to any
statutory or other lien arising by operation of law after the Closing Date which is prior to such security interest), or all necessary actions with respect to such Receivable have been taken to perfect a first priority security interest in the
related Financed Vehicle in favor of the Issuer, as secured party (other than the filing of UCC financing statements, which shall be submitted for filing on the Closing Date); 
 (xvi) Receivables in Force. No Receivable has been satisfied, subordinated, or rescinded, nor has any Financed Vehicle been
released by the Depositor from the Lien granted by the related Receivable, in whole or in part; 
 (xvii) No Waiver. No
provision of a Receivable has been waived in such a manner that such Receivable fails either to meet all of the representations and warranties made by the Depositor herein with respect thereto or to meet all of the conditions with respect thereto
pursuant to this Section 3.1(b); 
 (xviii) No Amendments. No Receivable has been amended except pursuant
to either instruments included in the Receivable Files or instruments to be included in the Receivable Files pursuant to Section 4.2 (or otherwise maintained by the Depositor in the ordinary course of its business), and no such amendment
has caused such Receivable either to fail to meet all of the representations and warranties made by the Depositor herein with respect thereto or to fail to meet all of the conditions with respect thereto pursuant to this Section 3.1(b);

 (xix) No Defenses. The Depositor had no knowledge either of any facts which would give rise to any right of
rescission, setoff, counterclaim, or defense, or of the same being asserted or threatened, with respect to any Receivable; 
 (xx) No Default. Except for payment defaults continuing for a period of not more than 30 days as of the close of business on the Cutoff Date, the Depositor had no knowledge that a default, breach, violation, or event permitting
acceleration under the terms of any Receivable existed; the records of the Depositor did not disclose that a continuing condition that with notice or lapse of time would constitute a default, breach, violation, or event permitting acceleration under
the terms of any Receivable existed; and the Depositor had not waived any of the foregoing; 
 (xxi) Insurance. Each
Receivable requires that the Obligor thereunder maintain comprehensive, liability, theft and physical damage insurance covering the related Financed Vehicle; 
 (xxii) Lawful Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the
sale, transfer, and assignment of such Receivable under this Agreement is unlawful, void or voidable; 
 (xxiii) All
Filings Made. No filings (other than filings under the Relevant UCC) or other actions are necessary in any jurisdiction to give the Issuer a first priority perfected security interest in the Receivables; and 
  

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 (xxiv) Chattel Paper. Each Receivable constitutes either “tangible chattel
paper” or “electronic chattel paper” within the meaning of the Relevant UCC. In the case of a Receivable constituting “tangible chattel paper” within the meaning of the Relevant UCC, there is no more than one original
executed copy of such Receivable, which immediately prior to delivery thereof to the Servicer (as custodian) for the Issuer, was in the possession of the Depositor. In the case of a Receivable constituting “electronic chattel paper” within
the meaning of the Relevant UCC, (a) there is no more than one authoritative copy of such Receivable which (i) is unique, identifiable and unalterable, and (ii) was communicated to and maintained by the Depositor, and (b) the
Depositor has not communicated an authoritative copy of such Receivable to any Person. 
 SECTION 3.2 Repurchase Upon Breach or Failure of
a Condition. The Depositor, the Servicer, the Indenture Trustee or the Owner Trustee, as the case may be, shall inform the other parties in writing, upon the discovery by the Depositor, the Servicer or an Authorized Officer of the Indenture
Trustee or the Owner Trustee, as the case may be, of either any breach of the Depositor’s representations and warranties set forth in Section 3.1(a) or the failure of any Receivable to satisfy any of the conditions set forth in
Section 3.1(b), in either case which materially and adversely affects the Noteholders’ interest in any Receivable; provided that delivery of the Servicer’s Certificate (specifying the aggregate Repurchase Amount
for the related Collection Period) shall be deemed to constitute prompt notice by the Servicer and the Issuer of such breach. Unless the breach or failed condition shall have been cured by the last day of the Collection Period following the
Collection Period in which such discovery occurred (or, at the Depositor’s option, the last day of the Collection Period in which such discovery occurred), the Depositor shall repurchase any Receivable the Noteholders’ interest in which
was materially and adversely affected by the breach or failed condition, as of such last day. In consideration of the repurchase of a Receivable, the Depositor shall remit the Repurchase Amount of such Receivable as of such last day (less any
Liquidation Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable pursuant to Section 4.3) in the manner specified in Section 5.3. The sole remedy of the Issuer, the
Indenture Trustee or the Noteholders with respect either to a breach of the Depositor’s representations and warranties set forth in Section 3.1(a) or to a failure of any of the conditions set forth in Section 3.1(b)
shall be to require the Depositor to repurchase Receivables pursuant to this Section 3.2. Neither the Owner Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any
condition requiring the repurchase of any Receivable pursuant to this Section 3.2 or the eligibility of any Receivable for purposes of this Agreement. 
 SECTION 3.3 Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuer, upon the execution and delivery of this Agreement, agrees to have
the Servicer act as custodian of the following copies, documents or instruments (but only to the extent applicable to such Receivable) (the “Receivable Files”) which are hereby constructively delivered to the Issuer with respect to
each Receivable: 
 (i) In the case of a Receivable constituting “tangible chattel paper” within the meaning of the
Relevant UCC, the original executed copy of such Receivable or, in the case of a Receivable constituting “electronic chattel paper” within the meaning of the Relevant UCC, the authoritative copy of such Receivable; and 
  

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 (ii) Any and all other documents or records that the Depositor or the Servicer, as the
case may be, shall keep on file, in accordance with its customary procedures, relating to a Receivable, an Obligor or a Financed Vehicle. 
 The Servicer hereby agrees to act as custodian and as agent for the Issuer hereunder. The Servicer acknowledges that it holds the documents and instruments relating to the Receivables for the benefit of the Issuer. The Issuer shall have no
responsibility to monitor the Servicer’s performance as custodian and shall have no liability in connection with the Servicer’s performance of such duties hereunder. 
 SECTION 3.4 Duties of Servicer as Custodian. 
 (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold the Receivable Files on behalf of the Issuer, and maintain such accurate and complete accounts, records (authoritative copies, original execution documents or
copies of such originally executed documents shall be sufficient) and computer systems pertaining to the Receivables as shall enable the Issuer to comply with its obligations pursuant to this Agreement. In performing its duties as custodian, the
Servicer shall act with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable files of comparable new or used automobile receivables that the Servicer services for itself. The Servicer
shall conduct, or cause to be conducted, periodic audits of the files of all receivables owned or serviced by the Servicer which shall include the Receivable Files held by it under this Agreement and the related accounts, records and computer
systems, in such a manner as shall enable the Owner Trustee or the Indenture Trustee to identify all Receivable Files and such related accounts, records and computer systems and to verify, if the Owner Trustee or the Indenture Trustee so elects, the
accuracy of the Servicer’s recordkeeping. The Servicer shall promptly report to the Owner Trustee or the Indenture Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records, and computer systems as herein
provided, and promptly take appropriate action to remedy any such failure. The Servicer may, in accordance with its Customary Servicing Practices: (i) subject to Section 3.3(i) regarding the authoritative copy of “electronic
chattel paper”, maintain all or a portion of the Receivable Files in electronic form and (ii) maintain custody of all or any portion of the Receivable Files with one or more of its agents or designees. 
 (b) Maintenance of and Access to Records. The Servicer shall maintain each Receivable File in the United States (it being understood that the
Receivable Files, or any part thereof, may be maintained at the offices of any person to whom the Servicer has delegated responsibilities in accordance with Section 7.6). The Servicer shall make available to the Owner Trustee, the
Indenture Trustee or their respective duly authorized representatives, attorneys or auditors, the Receivable Files and the related accounts, records and computer systems maintained by the Servicer at such times during normal operating hours as the
Owner Trustee or Indenture Trustee shall reasonably instruct which do not unreasonably interfere with the Servicer’s normal operations or customer or employee relations. 
 (c) Release of Documents. Upon instruction from the Indenture Trustee (or, if the Notes have been paid in full, from the Owner Trustee), the
Servicer shall release any document in the Receivable Files to the Indenture Trustee or Owner Trustee, or their respective 
  

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 agents or designee, as the case may be, at such place or places as such Person may reasonably designate as soon as
reasonably practicable to the extent it does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations. The Servicer shall not be responsible for any loss occasioned by the failure of the Owner Trustee
or Indenture Trustee, or their respective agents or designees, to return any document or any delay in doing so. 
 (d) Title to
Receivables. The Servicer agrees that, in respect of any Receivable held by it as custodian hereunder, (i) the Servicer will not at any time have or in any way attempt to assert any interest in such Receivable or the related Receivable
File, other than solely for the purpose of collecting or enforcing the Receivable for the benefit of the Issuer and (ii) the related Receivable File shall at all times be property of the Issuer. 
 SECTION 3.5 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 an Authorized Officer of the Indenture Trustee (or, if the Notes have been paid in full, of the Owner Trustee). A certified copy of a by-law or of a resolution of the Board of Directors of the Owner
Trustee or the Indenture Trustee, as the case may be, shall constitute conclusive evidence of the authority of any such Authorized 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 the Owner Trustee or the Indenture Trustee, as the case may be. 
 SECTION 3.6 Custodian’s Indemnification. The
Servicer, as custodian, shall indemnify the Issuer, the Owner Trustee and the Indenture Trustee for any and all liabilities, obligations, losses, damages, payments, costs, or expenses of any kind whatsoever that may be imposed on, incurred or
asserted against the Issuer, the Owner Trustee or the Indenture Trustee as the result of any act or omission in any way relating to the maintenance and custody by the Servicer, as custodian, of the Receivable Files; provided, however,
that the Servicer shall not be liable for any portion of any such amount resulting from the willful misfeasance, bad faith, or negligence of the Issuer, the Owner Trustee or the Indenture Trustee. 
 SECTION 3.7 Effective Period and Termination. The Servicer’s appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section 3.7 or until this Agreement shall be terminated. If the Servicer shall resign as Servicer under Section 7.5 or if all of the rights and obligations
of the Servicer shall have been terminated under Section 8.1, the appointment of the Servicer as custodian may be terminated by the Indenture Trustee or by the Noteholders of Notes evidencing not less than a majority of the aggregate
Outstanding Amount of the Controlling Class, in the same manner as the Indenture Trustee or such Noteholders may terminate the rights and obligations of the Servicer under Section 8.1. As soon as practicable after any termination of such
appointment, the Servicer shall, at its expense, deliver and/or electronically communicate the Receivable Files to the Issuer or the Issuer’s agent at such place or places as the Issuer may reasonably designate. Notwithstanding the termination
of the Servicer as custodian, the Owner Trustee agrees that upon any such termination, the Issuer shall provide, or cause its agent to provide, access to the Receivable Files to the Servicer for the purpose of carrying out its duties and
responsibilities with respect to the servicing of the Receivables hereunder. 
  

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 ARTICLE IV 
 ADMINISTRATION AND SERVICING OF RECEIVABLES 
 SECTION 4.1 Duties of Servicer. The Servicer is hereby
appointed by the Issuer and authorized to act as agent for the Issuer and in such capacity shall manage, service, administer and make collections on the Receivables (other than Repurchased Receivables) in accordance with its Customary Servicing
Practices, using that degree of skill and attention that the Servicer exercises with respect to comparable new or used automobile receivables that it services for itself. The Servicer’s duties shall include collection and posting of all
payments, responding to inquiries by Obligors or by federal, state, or local governmental authorities with respect to the Receivables, investigating delinquencies, reporting tax information to Obligors in accordance with its customary practices,
advancing costs of disposition of defaults, monitoring Receivables in cases of Obligor defaults, accounting for collections, furnishing monthly and annual statements to the Indenture Trustee with respect to distributions. The Servicer shall follow
its Customary Servicing Practices in performing its duties as Servicer hereunder and will have full power and authority to do any and all things in connection with such managing servicing administration and collection that it may deem necessary or
desirable. Without limiting the generality of the foregoing, the Servicer shall be authorized and empowered by the Issuer to execute and deliver, on behalf of itself, the Owner Trustee, the Indenture Trustee and the Noteholders, or any of them, any
and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, without recourse to the Issuer, with respect to the Receivables or with respect to the Financed Vehicles. If the
Servicer shall commence a legal proceeding to enforce a Receivable or a Defaulted Receivable, the Issuer shall thereupon be deemed to have automatically assigned such Receivable and the related property conveyed to the Issuer with respect to such
Receivable to the Servicer, solely for the purpose of collection. The Owner Trustee shall furnish the Servicer with such documents as have been prepared by the Servicer for execution by the Owner Trustee and as are necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties hereunder. 
 SECTION 4.2 Collection of Receivable Payments;
Refinancing. 
 (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the
Receivables and of this Agreement as and when the same shall become due in accordance with its Customary Servicing Practices. In connection therewith, the Servicer may grant extensions, rebates or adjustments on a Receivable without the consent of
the Issuer; provided, however, that if the Servicer (i) extends the date for final payment by the Obligor of any Receivable beyond the Note Final Scheduled Payment Date for the Class A-4 Notes or the Class B Notes or
(ii) other than as required by applicable law, reduces the Contract Rate or Principal Balance of any Receivable (except with respect to a prepayment of a scheduled payment that does not result in a deferral of any other scheduled payment), it
shall promptly repurchase such Receivable pursuant to Section 4.6. The Servicer may in accordance with its Customary Servicing Practices waive any Late Fees that may be due in the ordinary course of collecting a Receivable. In the event
that at the end of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such
Obligor, the Servicer may permit such Obligor to pay such remaining principal 
  

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 amount in more than one payment of principal and interest; provided, however, that the last such payment
shall be due on or prior to the Note Final Scheduled Payment Date for the Class A-4 Notes or the Class B Notes. 
 (b) Notwithstanding
anything in this Agreement to the contrary, the Servicer may refinance any Receivable by accepting a new promissory note from the related Obligor and applying the proceeds of such refinancing to pay all obligations in full of such Obligor under such
Receivable. The receivable created by the refinancing shall not be property of the Issuer. 
 SECTION 4.3 Realization Upon
Receivables. The Servicer shall use reasonable efforts, consistent with its Customary Servicing Practices, to repossess or otherwise take possession of the Financed Vehicle securing any Receivable during the calendar month in which more than 10%
of any scheduled payment thereunder becomes 90 days delinquent; provided, however that the Servicer may repossess or otherwise take possession of the Financed Vehicle securing a Receivable (i) earlier if (A) such Receivable
becomes a Defaulted Receivable, (B) the Servicer determines that such Financed Vehicle is in danger of being damaged, destroyed or otherwise made unavailable for repossession or (C) the related Obligor voluntarily surrenders such Financed
Vehicle or (ii) later if (A) the Servicer is unable to locate such Financed Vehicle, (B) the related Obligor is the subject of a bankruptcy proceeding, (C) the Servicer otherwise defers repossession of such Financed Vehicle in
accordance with its Customary Servicing Practices or (D) the Servicer has determined that repossession will not increase the Liquidation Proceeds by an amount greater than the expense of such repossession. After repossession of a Financed
Vehicle, the Servicer shall in accordance with its customary and usual practices and procedures sell such Financed Vehicle in an auction or consign such Financed Vehicle to a Dealer for resale as soon as is practicable after repossession, subject to
any applicable laws. The Servicer shall follow such Customary Servicing Practices as it shall deem necessary or advisable in determining when and if to exercise reasonable efforts to realize upon any recourse to Dealers. The Servicer shall be
entitled to recover from proceeds all reasonable expenses incurred by it in the course of converting the Financed Vehicle into cash proceeds. The Liquidation Proceeds with respect to a Receivable shall be deposited by the Servicer in the Collection
Account in the manner specified in Section 5.2 and shall be applied to reduce (or to satisfy, as the case may be) the Repurchase Amount of the Receivable, if such Receivable is to be repurchased by the Depositor pursuant to
Section 3.2, or is to be purchased by the Servicer pursuant to Section 4.6. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not
expend funds in connection with the repair or the repossession of such Financed Vehicle unless it shall determine that such repair and/or repossession will increase the Liquidation Proceeds of the related Receivable by an amount equal to or greater
than the amount of such expenses. 
 SECTION 4.4 Maintenance of Security Interests in Financed Vehicles. The Servicer, in accordance
with its Customary Servicing Practices, shall take such steps as are necessary to maintain perfection of the first priority security interest of JPMorgan Chase, the Depositor or the Issuer, as the case may be, created in any Financed Vehicle which
secures a Receivable. The Issuer and the Indenture Trustee hereby authorize the Servicer, and the Servicer hereby agrees, to take such steps as are necessary to re-perfect such security interest in the event of the relocation of a Financed Vehicle
or for any other reason, in either case, when the Servicer has knowledge of the need for such re-perfection. In the event that the assignment of a 
  

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 Receivable to the Issuer and by the Issuer to the Indenture Trustee pursuant to the Indenture is insufficient without a
notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to grant to the Indenture Trustee a
perfected security interest in the related Financed Vehicle, the Depositor and Servicer hereby agree that the listing of JPMorgan Chase or the Depositor, as the case may be, as the secured party on the certificate of title is deemed to be in its
capacity as agent of the Indenture Trustee and the Servicer further agrees to hold such certificate of title as the Indenture Trustee’s agent and custodian; provided, however, that the Servicer shall not, nor shall the Owner
Trustee, the Indenture Trustee or Noteholders have the right to require that the Servicer, make any such notation on the related Financed Vehicles’ certificate of title or fulfill any such additional administrative requirement of the laws of
the state in which a Financed Vehicle is located. 
 SECTION 4.5 Covenants of Servicer. 
 (a) Security Interest to Remain in Force. The Servicer shall not release the Financed Vehicle securing each Receivable from the security interest
granted by such Receivable in whole or in part except (i) in the event of payment in full by or on behalf of the Obligor thereunder, (ii) payment in full, less a nominal unpaid amount which the Servicer would not attempt to collect in
accordance with its Customary Servicing Practices, (iii) in connection with a substitution of such Financed Vehicle in whole by the manufacturer, dealer or seller as a result of mechanical defects or in connection with repossession or
(iv) except as may be required by an insurer in order to receive proceeds from any insurance policy covering such Financed Vehicle. 
 (b) No Impairment. The Servicer will not impair in any material respect the rights of the Issuer or the Indenture Trustee in the Receivables except in accordance with the Customary Servicing Practices and as otherwise permitted by
the Agreement. 
 SECTION 4.6 Purchase of Receivables Upon Breach. The Depositor, the Servicer, the Indenture Trustee or the Owner
Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery by the Depositor, the Servicer or an Authorized Officer of the Indenture Trustee or the Owner Trustee, as the case may be, of any breach by the
Servicer of its covenants under Section 4.5 which materially and adversely affects the interest of the Noteholders in any Receivable; provided that delivery of the Servicer’s Certificate (specifying the aggregate Repurchase
Amount for the related Collection Period) shall be deemed to constitute prompt notice by the Servicer and the Issuer of such breach. Except as otherwise specified in Section 4.2, unless the breach shall have been cured by the last day of
the Collection Period following the Collection Period in which such discovery occurred (or, at the Servicer’s election, the last day of the Collection Period in which such discovery occurred), the Servicer shall purchase any Receivable
materially and adversely affected by such breach as of such last day. In consideration of the purchase of such Receivable, the Servicer shall remit the Repurchase Amount (less any Liquidation Proceeds deposited, or to be deposited, by the Servicer
in the Collection Account with respect to such Receivable pursuant to Section 4.3) in the manner specified in Section 5.3. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee or the Noteholders against the
Servicer with respect to a breach pursuant to Section 4.2 or Section 4.5 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.6. The Owner Trustee shall have no duty to conduct any
affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 4.6 or the eligibility of any Receivable for purposes of this Agreement. 
  

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 SECTION 4.7 Servicing Fee. The “Servicing Fee” for a Collection Period shall be
payable on the related Payment Date pursuant to Section 5.4 and shall equal (A) in the case of the first Payment Date, the product of 42 multiplied by 1/360 of the Servicing Fee Rate and the Pool Balance as of the Cutoff Date or
(B) for all other Payment Dates, the product of one-twelfth of the Servicing Fee Rate and the Pool Balance as of the related Settlement Date (or, in the case of the first Payment Date, as of the Cutoff Date). In addition, as additional
compensation, the Servicer will be entitled to retain all Late Fees received from Obligors during such Collection Period and shall be entitled to receive on each Payment Date Investment Earnings as and when paid on amounts on deposit in the
Collection Account or earned on collections pending deposit in the Collection Account. The Servicer shall be required to pay from its own account all expenses (other than expenses described in the definition of Liquidation Proceeds) incurred by it
in connection with its activities hereunder (including fees and disbursements of independent accountants and auditors, taxes imposed on the Servicer, and other costs incurred in connection with administering and servicing the Receivables) and the
fees and disbursements of the Issuer, the Administrator, the Owner Trustee, the Indenture Trustee, the Owner Trustee’s and the Indenture Trustee’s respective counsel, the Collection Account Securities Intermediary, the Paying Agent with
respect to the Notes, the Authenticating Agent, the Note Registrar, the authenticating agent for the Class R Certificates and the Certificate Registrar except for United States federal, state and local income and franchise taxes, if any,
imposed on the Issuer or any Noteholder or any expenses in connection with realizing upon Receivables under Section 4.3. 
 SECTION 4.8 Servicer’s Certificate. On or before each Determination Date, the Servicer shall deliver to the Indenture Trustee, the Owner Trustee, the Paying Agent and the Rating Agencies a Servicer’s Certificate,
substantially in the form of Exhibit A, for the Collection Period preceding such Determination Date, containing all information necessary to make the distributions pursuant to Section 5.4, and all information necessary for the
Paying Agent to send statements to Noteholders pursuant to Section 5.6. The Servicer shall deliver to the Rating Agencies any information, to the extent it is available to the Servicer, that the Rating Agencies reasonably request in
order to monitor the Issuer. The Servicer’s Certificate may be delivered in electronic or “hard” copy format. 
 SECTION 4.9
Annual Statement as to Compliance. 
 (a) Within the earlier of 90 days after the end of each fiscal year of the Servicer or such date
as required by Regulation AB, (i) the Servicer shall deliver to the Depositor, the Indenture Trustee, the Owner Trustee and each Rating Agency the statement of compliance from the Servicer described in Item 1123 of Regulation AB with
respect to such fiscal year, which statement shall be in the form of an Officer’s Certificate of the Servicer, stating that (A) a review of the activities of the Servicer during such fiscal year (or the period since the Cutoff Date in the
case of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all its
obligations in all material respects under this Agreement throughout such fiscal year (or the period since the Cutoff Date in the case of the first such certificate), or, if there has been a default in the fulfillment of any such 
  

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 obligation in any material respect, specifying each such default known to such officer and the nature and status thereof,
and (ii) the Servicer shall cause each subservicer performing obligations of the Servicer under this Agreement that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB to deliver to the Depositor, the Indenture
Trustee, the Owner Trustee and each Rating Agency a statement of compliance from such subservicer described in Item 1123 of Regulation AB with respect to such fiscal year, which statement shall be in the form of a certificate signed by the
chairman of the board, the president, the treasurer, the controller, any executive or senior vice president or any vice president of such subservicer, stating that (A) a review of the activities of such subservicer during the such fiscal year
(or the period since the Cutoff Date in the case of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such
review, such subservicer has fulfilled all its obligations in all material respects under this Agreement throughout such fiscal year (or the period since the Cutoff Date in the case of the first such certificate), or, if there has been a default in
the fulfillment of any such obligation in any material respect, specifying each such default known to such officer and the nature and status thereof. 
 (b) The Servicer shall deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than five Business Days thereafter, an
Officer’s Certificate specifying any event which with the giving of notice or lapse of time, or both, would become an Event of Servicing Termination under Section 8.1. The Depositor shall deliver to the Indenture Trustee and the
Owner Trustee, promptly after having obtained knowledge thereof, but in no event later than five Business Days thereafter, an Officer’s Certificate specifying any event which with the giving of notice or lapse of time, or both, would become an
Event of Servicing Termination under Section 8.1. 
  

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 SECTION 4.10 Reports on Assessment of Compliance with Servicing Criteria. 
 (a) Within the earlier of 90 days after the end of each fiscal year of the Servicer or such date as required by Regulation AB, (i) the Servicer shall
deliver to the Depositor, the Indenture Trustee and the Owner Trustee a report of compliance with the Servicing Criteria with respect to such fiscal year, which report will be signed by an authorized officer of the Servicer and contain (A) a
statement of the Servicer’s responsibility for assessing compliance with the Servicing Criteria applicable to the Servicer, (B) a statement that the Servicer has used the Servicing Criteria to assess compliance with the Servicing Criteria
applicable to the Servicer, (C) a statement describing the Servicing Criteria that are not applicable to the activities that the Servicer performs with respect to asset-backed securities transactions taken as a whole involving the Servicer and
that are backed by the same asset type as the Notes, (D) a statement that the Servicer has assessed compliance with the Servicing Criteria applicable to the Servicer as of and for the period ending the end of such fiscal year and disclosure of
any material instance of noncompliance identified by the Servicer and (E) a statement that a registered public accounting firm has issued an attestation report on the Servicer’s assessment of compliance with the Servicing Criteria
applicable to the Servicer as of and for the period ending the end of such fiscal year, and (ii) the Servicer shall cause each subservicer “participating in the servicing function” within the meaning of Rule 15d-18 of the Exchange Act
to deliver to the Depositor, the Indenture Trustee and the Owner Trustee a report of compliance with the Servicing Criteria with respect to such fiscal year, which report will be signed by an authorized officer of such subservicer and contain
(A) a statement of such subservicer’s responsibility for assessing compliance with the Servicing Criteria applicable to such subservicer, (B) a statement that such subservicer has used the Servicing Criteria to assess compliance with
the Servicing Criteria applicable to such subservicer, (C) a statement describing the Servicing Criteria that are not applicable to the activities that such subservicer performs with respect to asset-backed securities transactions taken as a
whole involving such subservicer and that are backed by the same asset type as the Notes, (D) a statement that such subservicer has assessed compliance with the Servicing Criteria applicable to it as of and for the period ending the end of such
fiscal year and disclosure of any material instance of noncompliance identified by such subservicer, (E) a statement that a registered public accounting firm has issued an attestation report on such subservicer’s assessment of compliance
with the Servicing Criteria applicable to such subservicer as of and for the period ending the end of such fiscal year and (F) a statement that the Depositor and the Servicer and each of their respective officers and directors are entitled to
rely on such subservicer’s assessment of compliance with the Servicing Criteria applicable to such subservicer. Notwithstanding anything to the contrary contained herein, if the Servicer has exercised commercially reasonably efforts to obtain
any assessment of compliance with the Servicing Criteria from a subservicer required to be obtained hereunder or an attestation report on such assessment, the failure by such subservicer to provide such assessment or attestation report shall not
constitute a breach by the Servicer hereunder. 
 (b) Within the earlier of 90 days after the end of each fiscal year of the Servicer or such
date as required by Regulation AB, the Servicer shall (i) cause a registered public accounting firm (who may also render other services to the Servicer or the Depositor) to furnish to the Depositor, the Indenture Trustee and the Owner Trustee
an attestation report satisfying the requirements of Rule 15d-18(c) of the Exchange Act on each assessment of compliance with the Servicing Criteria delivered pursuant to Section 4.10(a) with respect to the 
  

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 Servicer or any subservicer that is an Affiliate of the Servicer during such fiscal year, and (ii) cause each
subservicer that is not an Affiliate of the Servicer that delivered an assessment of compliance with the Servicing Criteria pursuant to Section 4.10(a) to deliver to the Depositor, the Indenture Trustee and the Owner Trustee an
attestation report satisfying the requirements of Rule 15d-18(c) of the Exchange Act on such assessment of compliance from a registered public accounting firm (who may also render other services to such subservicer). Each such attestation report
shall be made in accordance with standards of attestation engagements issued or adopted by the Public Company Accounting Oversight Board. Notwithstanding the foregoing, the assessment of compliance with the servicing criteria described above may be
replaced by any similar report using standards other than those adopted by the Public Company Accounting Oversight Board which are now or in the future in use by servicers of comparable assets and which otherwise comply with any rule, regulation,
“no action” letter or similar guidance promulgated by the Securities and Exchange Commission. 
 SECTION 4.11 Access by
Noteholders to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to the Noteholders access to the Receivable Files in such cases where the Noteholders shall be required by applicable statutes or regulations
to have access to such documentation. Access by the Noteholders shall be afforded without charge, but only upon reasonable request and during normal business hours which do not unreasonably interfere with the Servicer’s normal operations or
customer or employee relations. Nothing in this Section 4.11 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 4.11. 
 SECTION 4.12
Reports to Noteholders and the Rating Agencies. 
 (a) The Indenture Trustee shall provide to any Noteholder who so requests in writing
(addressed to the Corporate Trust Office of the Indenture Trustee) a copy of (i) any Servicer’s Certificate described in Section 4.8, (ii) the annual statement of compliance described in Section 4.9(a),
(iii) any report on assessment of compliance with the servicing criteria described in Section 4.10(a) and (iv) any attestation report on an assessment of compliance with the servicing criteria described in
Section 4.10(b). The Indenture Trustee may require the Noteholder to pay a reasonable sum to cover the cost of the Indenture Trustee’s complying with such request, as applicable. 
 (b) The Indenture Trustee shall forward to the Rating Agencies the statement to Noteholders described in Section 5.6 and any other reports it
may receive pursuant to this Agreement to (i) Moody’s, ABS Monitoring Dept., 99 Church Street, 4th Floor, New York, New York 10007 and (ii) Fitch, One State Street Plaza, 32nd Floor, New York, New York 10004. 
  

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 ARTICLE V 
 ACCOUNTS; DISTRIBUTIONS; 
 STATEMENTS TO NOTEHOLDERS 
 SECTION 5.1 Establishment of Collection Account and Note Distribution Account. 
 (a) On or prior to the Closing Date, the Issuer, the Collection Account Securities Intermediary and the Indenture Trustee shall have entered into the
Collection Account Control Agreement pursuant to which the Collection Account shall be established and maintained for the benefit of the Noteholders. If the depositary of the Collection Account ceases to be either a Qualified Institution or a
Qualified Trust Institution, as applicable, the Issuer shall cause the Collection Account to be moved to a Qualified Institution or a separate trust account in a Qualified Trust Institution and the Indenture Trustee shall cause the depositary
maintaining the new Collection Account to assume the obligations of the existing Collection Account Securities Intermediary under the Collection Account Control Agreement unless the Rating Agency Condition is satisfied in connection with such
depositary’s ceasing to be a Qualified Institution or a Qualified Trust Institution, as the case may be. All amounts held in the Collection Account shall be invested in accordance with the Collection Account Control Agreement at the written
direction of the Servicer to the extent provided in Section 8.3(a) and Section 8.3(c) of the Indenture in Permitted Investments that mature not later than the Deposit Date next succeeding the date of investment except, if the
Collection Account Securities Intermediary and the Indenture Trustee are the same Person, investments on which the Indenture Trustee is the obligor (including repurchase agreements on which the Indenture Trustee, in its commercial capacity, is
liable as principal) may mature on the next succeeding Payment Date; provided, however, that once such amounts have been invested in Permitted Investments, such Permitted Investments must be held or maintained until they mature on or
before the dates described above. 
 (b) On or prior to the Closing Date, the Servicer shall establish and maintain for the benefit of the
Noteholders, in the name of the Indenture Trustee, an Eligible Deposit Account for the deposit of distributions to the Noteholders (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Noteholders. The Note Distribution Account shall be established initially at JPMorgan Chase. Should any depositary of the Note Distribution Account (including JPMorgan Chase (or an Affiliate thereof)) cease to
be either a Qualified Institution or a Qualified Trust Institution, as applicable, then the Servicer shall, with the Depositor’s assistance as necessary, cause the related account to be moved to a Qualified Institution or a Qualified Trust
Institution, unless the Rating Agency Condition is satisfied in connection with such depositary’s ceasing to be a Qualified Institution or a Qualified Trust Institution, as the case may be. Amounts on deposit in the Note Distribution Account
shall not be invested. 
 (c) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in
the Note Distribution Account and in all proceeds thereof and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. 
  

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 SECTION 5.2 Collections. 
 (a) The Servicer shall remit all Collections into the Collection Account within two Business Days after receipt and application of such Collections to the
Obligors’ accounts in accordance with the Customary Servicing Practices. JPMorgan Chase has requested that, so long as it is acting as the Servicer, the Servicer be permitted to make remittances of Collections on a less frequent basis than that
specified in the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and
conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer shall remit Collections to the Collection Account in Automated Clearinghouse Corporation next-day funds or
immediately available funds no later than 11:00 a.m., New York City time, on the Deposit Date, but only for so long as (i) the short-term certificate of deposit ratings of the Servicer are at least “P-1” by Moody’s and
“F1” by Fitch (if rated by Fitch), or the Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall be JPMorgan Chase. Upon remittance by the
Servicer of Collections to the Collection Account pursuant to the preceding sentence, the Paying Agent shall provide written notice to the Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date,
setting forth the amounts remitted by the Servicer on such date. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds.

 (b) Notwithstanding anything in this Agreement to the contrary, if the Servicer deposits amounts that it mistakenly believes are
Collections resulting in the payment in full of a Receivable, and (i) if the Servicer discovers its error on or prior to the last day of the month of the related Collection Period following such deposit, the Indenture Trustee, at the written
direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) if the Servicer discovers its error after the last day of the month of the related Collection Period following such deposit, the Servicer shall be
deemed to have purchased such Receivable pursuant to Section 4.6 as of the last day of the Collection Period during which such error shall have occurred. 
 SECTION 5.3 Additional Deposits. The Servicer, or the Depositor, as the case may be, shall deposit into the Collection Account the aggregate Repurchase Amount pursuant to Sections 3.2, 4.6 and
9.1(a), as applicable. All remittances shall be made to the Collection Account, in Automated Clearinghouse Corporation next-day funds or immediately available funds, no later than 11 a.m., New York City time, on the Deposit Date. 

SECTION 5.4 Distributions. 
 (a) No
later than 12 noon, New York City time, on each Determination Date, the Servicer shall calculate all amounts required to determine the amounts to be withdrawn from the Collection Account and paid to the Servicer and the Administrator, paid to the
Noteholders, deposited into the Note Distribution Account and/or paid to the Class R Certificateholders with respect to the next succeeding Payment Date. 
  

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 (b) Not later than 11:00 a.m., New York City time, on each Payment Date, at the Servicer’s
direction, the Indenture Trustee, or the Paying Agent on behalf of the Indenture Trustee, shall cause to be made the following distributions, to the extent of the Available Amount then on deposit in the Collection Account by wire transfer of
immediately available funds, in the following order of priority and in the amounts set forth in the Servicer’s Certificate for such Payment Date: 
 (i) to the Servicer, the sum of (x) the Servicing Fee for the preceding Collection Period, plus (y) the amount of any Servicing Fee previously due but not paid, if any, to the extent such amounts are not
deducted from the Servicer’s remittance to the Collection Account pursuant to Section 5.5; 
 (ii) to the
Administrator, the sum of (x) the Administration Fee for such Payment Date, plus (y) the amount of any Administration Fee previously due but not paid, if any; 
 (iii) to the Class A Noteholders, pro rata, the Class A Noteholders’ Interest Distributable Amount; 
 (iv) except as set forth in Section 5.4(c), to the Note Distribution Account, the Priority Principal Distribution Amount for
such Payment Date; 
 (v) except as set forth in Section 5.4(c), to the Class B Noteholders, the Class B
Noteholders’ Interest Distributable Amount; 
 (vi) except as set forth in Section 5.4(c), allocate to the
Note Distribution Account, the Regular Principal Distribution Amount for such Payment Date; and 
 (vii) except as provided in
Section 5.4(c), to the Class R Certificateholders on a pro rata basis based on their respective Percentage Interests any remaining portion of the Available Amount. 
 In the event that the Collection Account is maintained with an institution other than the Indenture Trustee, the Servicer shall instruct and cause such
institution to make all deposits and distributions pursuant to this Section 5.4(b) on the related Deposit Date. 
 (c) If the
Notes have been declared immediately due and payable as provided in Section 5.2 of the Indenture following the occurrence of an Event of Default described in clause (a) or (b) of Section 5.1 of the
Indenture, or upon any sale of the assets of the Issuer pursuant to Article V of the Indenture, any amounts remaining in the Collection Account after the distributions described in clauses (i), (ii) and
(iii) of Section 5.4(b) shall be distributed in the following order of priority: (1) an amount equal to the Outstanding Amount of the Class A Notes will be paid to the Class A Noteholders, pro rata on the basis
of the respective Outstanding Amounts of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, respectively, (2) an amount equal to the Class B Noteholders’ Interest Distributable Amount
will be paid to the Class B Noteholders, (3) an amount equal to the Outstanding Amount of the Class B Notes will be paid to the Class B Noteholders and (4) any remaining amounts will be paid to the Class R Certificateholders on a pro rata
basis based on their respective Percentage Interests. 
  

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 SECTION 5.5 Net Deposits. JPMorgan Chase (in its capacity as the Depositor or the Servicer) may
make the remittances pursuant to Sections 5.2 and 5.3 above, net of amounts to be retained by it or distributed to it (also in any such capacity) pursuant to Section 4.7 (if applicable) and Section 5.4, if
(a) it shall be the Servicer and (b) it is entitled, pursuant to Section 5.2, to make deposits on a monthly basis, rather than a daily basis. Nonetheless, the Servicer shall account for all of the above-described amounts as if
such amounts were deposited and distributed separately. 
 SECTION 5.6 Statements to Noteholders. On each Payment Date, the Servicer
shall provide to the Indenture Trustee and the Paying Agent (for the Paying Agent to forward to each Noteholder of record as of the most recent Record Date pursuant to the Indenture) a statement setting forth the information set forth in
Exhibit A (to the extent applicable), with a copy to the Rating Agencies. 
 ARTICLE VI 
 THE DEPOSITOR 
 SECTION 6.1 Representations
of Depositor. The Depositor makes the following representations on which the Issuer shall rely in acquiring the Receivables. The representations shall speak as of the execution and delivery of this Agreement, and shall survive the sale of the
Receivables to the Issuer and pledge thereof to the Indenture Trustee pursuant to the Indenture. 
 (i) Organization and
Good Standing. The Depositor has been duly organized and is validly existing as a national banking association in good standing under the laws of the United States of America, with power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, power, authority, and legal right to acquire and own the Receivables. 
 (ii) Power and Authority. The Depositor has the power and authority to execute and deliver this Agreement and the other Basic
Documents to which it is a party 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 the Issuer as the Owner Trust Estate and has duly authorized such sale
and assignment to the Issuer by all necessary corporate action; and the execution, delivery, and performance of this Agreement and the other Basic Documents to which it is a party has been duly authorized by the Depositor by all necessary action.

 (iii) Valid Sale; Binding Obligations. This Agreement effects a valid sale, transfer, and assignment of the
Receivables, enforceable against creditors of and purchasers from the Depositor; this Agreement and each of the other Basic Documents to which it is a party constitutes a legal, valid, and binding obligation of the Depositor enforceable in
accordance with its terms, except as enforceability may be limited by 
  

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 bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (iv) No Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents and the
fulfillment of the terms hereof and thereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the articles of association or bylaws of the
Depositor, or conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement, or other instrument to which the Depositor is a party or by which it
is bound; nor result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement, or other instrument; nor violate any law or, to the best of the Depositor’s knowledge, any order,
rule, or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
 (v) No Proceedings. There are no proceedings or investigations pending, or, to the Depositor’s best knowledge, threatened,
before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Depositor or its properties: (a) asserting the invalidity of this Agreement, any other Basic Document or the Notes,
(b) 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, (c) seeking any determination or ruling that might materially and adversely affect
the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement, any other Basic Document, or the Notes, or (d) relating to the Depositor and which might adversely affect the federal or state
income tax attributes of the Notes. 
 SECTION 6.2 Liability of Depositor; Indemnities. The Depositor shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the Depositor in such capacity under this Agreement and shall have no other obligations or liabilities hereunder. 
 The Depositor shall indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee from and against any taxes that may at
any time be asserted against any such Person with respect to, and as of the date of, the sale of the Receivables to the Issuer or the issuance and original sale of the Notes, including any sales, gross receipts, general corporation, tangible or
intangible personal property, privilege, or license taxes (but not including any taxes asserted with respect to ownership of the Receivables or federal or other income taxes, including franchise taxes measured by net income), arising out of the
transactions contemplated by this Agreement and the other Basic Documents, and costs and expenses in defending against the same. 
 The
Depositor shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee from and against any loss, liability or expense incurred by 
  

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 reason of (i) the Depositor’s willful misfeasance, bad faith, or gross negligence in the performance of its
duties hereunder, or by reason of reckless disregard of its obligations and duties hereunder and (ii) the Depositor’s violation of federal or state securities laws in connection with the registration of the sale of the Notes. 

Indemnification under this Section 6.2 shall include reasonable fees and expenses of counsel and expenses of litigation. If the Depositor
shall have made any indemnity payments pursuant to this Section 6.2 and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts to the Depositor, without interest. 
 SECTION 6.3 Merger or Consolidation of Depositor. Any corporation or other entity (i) into which the Depositor may be merged or consolidated,
(ii) which may result from any merger, conversion, or consolidation to which the Depositor shall be a party, or (iii) which may succeed to all or substantially all of the business of the Depositor, which corporation or other entity shall
be bound to perform every obligation of the Depositor under this Agreement shall be the successor to the Depositor hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement. The Depositor
shall give prompt written notice of any merger or consolidation to the Issuer, the Owner Trustee, the Indenture Trustee, the Servicer and the Rating Agencies. 
 SECTION 6.4 Limitation on Liability of Depositor and Others. The Depositor and any director, officer, employee or agent of the Depositor may rely in good faith on the advice of counsel or on any document of any
kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder or under any other Basic Documents. The Depositor shall not be under any obligation under this Agreement to appear in, prosecute, or defend any
legal action that shall be unrelated to its obligations under this Agreement or any other Basic Document, and that in its opinion may involve it in any expense or liability. 
 SECTION 6.5 Depositor May Own Notes. The Depositor or any of its Affiliates may in its individual or any other capacity become the owner or
pledgee of Notes with the same rights as it would have if it were not the Depositor or an Affiliate thereof, except as otherwise provided in the definition of “Outstanding” specified in Section 1.1. Notes so owned by or pledged
to the Depositor or any Affiliate thereof shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority, or distinction as among all of the Notes. 
 ARTICLE VII 
 THE SERVICER 
 SECTION 7.1 Representations of Servicer. The Servicer makes the following representations on which the Issuer shall rely in acquiring the
Receivables. The representations shall speak as of the execution and delivery of this Agreement (or as of a date a Person (other than the Indenture Trustee) becomes Servicer pursuant to Section 7.3 or Section 8.2), and shall
survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  

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 (i) Organization and Good Standing. The Servicer has been duly organized and is
validly existing as a national banking association or corporation and is in good standing under the laws of the United States of America or the jurisdiction of its incorporation, with power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, power, authority, and legal right to service the Receivables and to hold the Receivable Files as custodian on behalf of
the Issuer. 
 (ii) Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement
and the Basic Documents to which it is a party and to carry out their respective terms; and the execution, delivery, and performance of this Agreement and the other Basic Documents to which it is a party has been duly authorized by the Servicer by
all necessary action. 
 (iii) Binding Obligations. This Agreement and the other Basic Documents to which it is a party
constitute legal, valid, and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the
enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (iv) No Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents and the
fulfillment of the terms hereof and thereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the articles of association or bylaws of the
Servicer, or conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement, or other instrument to which the Servicer is a party or by which it
is bound; nor result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement, or other instrument; nor violate any law or, to the best of the Servicer’s knowledge, any order,
rule, or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Servicer or its properties. 
 (v) No Proceedings. There are no proceedings or investigations pending, or to the Servicer’s best knowledge, threatened,
before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Servicer or its properties: (a) asserting the invalidity of this Agreement, any other Basic Document, the Notes,
(b) 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, (c) seeking any determination or ruling that might materially and adversely affect
the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement, any other Basic Document, the Notes, or (d) relating to the Servicer and which might adversely affect the federal or state income
tax attributes of the Notes. 
  

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 (vi) Fidelity Bond. The Servicer maintains a fidelity bond in such form and amount
as is customary for banks acting as custodian of funds and documents in respect of retail automotive installment sales contracts. 
 SECTION
7.2 Liability of Servicer; Indemnities. The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer in such capacity under this Agreement and shall have no other
obligations or liabilities hereunder. 
 (i) The Servicer shall defend, indemnify, and hold harmless the Issuer, the Owner
Trustee, the Indenture Trustee and the Noteholders from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from the use, ownership, or operation by the Servicer or any Affiliate thereof of
a Financed Vehicle. 
 (ii) The Servicer shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee and the
Indenture Trustee from and against any taxes that may at any time be asserted against the Issuer with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible
or intangible personal property, privilege, or license taxes (but not including any taxes asserted with respect to, and as of the date of, the sale of the Receivables to the Issuer or the issuance and original sale of the Notes, or asserted with
respect to ownership of the Receivables or federal, state or other income taxes, including franchise taxes measured by net income) arising out of distributions on the Notes and costs and expenses in defending against the same. 
 (iii) The Servicer shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and the Noteholders
from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Issuer, the Owner Trustee, the Indenture Trustee or
the Noteholders through the willful misfeasance, gross negligence, or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. 

Indemnification under this Section 7.2 shall include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer
shall have made any indemnity payments pursuant to this Section 7.2 and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts to the Servicer, without interest. The
indemnification obligations of the Servicer set forth in this Section 7.2 shall survive the termination of such Servicer with respect to any act or failure to act which occurs prior to such Servicer’s termination. The provisions of
Section 6.7 of the Indenture, Section 17 of the Collection Account Control Agreement and Sections 8.1 and 8.2 of the Trust Agreement with respect to the Servicer’s obligations are incorporated by reference
herein. 
 SECTION 7.3 Merger or Consolidation of Servicer. Any corporation or other entity (i) into which the Servicer may be
merged or consolidated, (ii) which may result from any 
  

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 merger, conversion, or consolidation to which the Servicer shall be a party, or (iii) which may succeed to all or
substantially all of the business of the Servicer, which corporation or other entity shall be bound to perform every obligation of the Servicer hereunder, shall be the successor to the Servicer under this Agreement without the execution or filing of
any document or any further act on the part of any of the parties to this Agreement. The Servicer shall give prompt written notice of any merger or consolidation to the Issuer, the Owner Trustee, the Indenture Trustee, the Depositor and the Rating
Agencies. 
 SECTION 7.4 Limitation on Liability of Servicer and Others. 
 (a) Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer shall be under any liability to the Issuer, the Owner
Trustee, the Indenture Trustee or the Noteholders, except as provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall
not protect the Servicer or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, gross negligence, or bad faith in the performance of duties or by reason of reckless disregard of obligations and
duties under this Agreement. The Servicer and any director or officer or employee or agent of the Servicer may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising under this Agreement. 
 (b) The Servicer, and any director, or officer, employee or agent of the Servicer,
shall be indemnified by the Issuer and held harmless against any loss, liability, or expense (including reasonable attorneys’ fees and expenses) incurred in connection with any legal action relating to the performance of the Servicer’s
duties under this Agreement, other than (i) any loss or liability otherwise reimbursable to the Servicer by a Person other than the Issuer pursuant to this Agreement or the Basic Documents; (ii) any loss, liability, or expense incurred
solely by reason of the Servicer’s willful misfeasance, negligence, or bad faith in the performance of its duties hereunder or by reason of reckless disregard of its obligations and duties under this Agreement or the Basic Documents; and
(iii) any loss, liability, or expense for which the Issuer is to be indemnified by the Servicer under this Agreement or the Basic Documents. Any amounts due the Servicer pursuant to this Section 7.4 shall be payable on a Payment
Date from any amounts distributable to the Class R Certificateholders from the Collection Account pursuant to Section 5.4(b). 
 (c) Except as provided in this Agreement, the Servicer 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; provided, however, that the Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties to this
Agreement and the interests of the Noteholders under this Agreement. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs, and liabilities of the Issuer, and the Servicer shall be
entitled to be reimbursed therefor. Any amounts due the Servicer pursuant to this Section 7.4 shall be payable on a Payment Date from any amounts distributable to the Class R Certificateholders from the Collection Account pursuant to
Section 5.4(b). 
  

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 The Person to be indemnified shall provide the Issuer, the Owner Trustee and the Indenture Trustee with a
certificate and accompanying Opinion of Counsel requesting indemnification and setting forth the basis for such request. 
 SECTION 7.5
Servicer Not to Resign. Except as permitted by Section 7.3, the Servicer shall not resign from its obligations and duties under this Agreement except (i) upon determination that the performance of its duties shall no longer
be permissible under applicable law or (ii) upon satisfaction of the Rating Agency Condition, in the event of the appointment of a successor Servicer. Notice of any such determination permitting the resignation of the Servicer shall be
communicated to the Issuer, the Indenture Trustee, the Owner Trustee, the Depositor and the Rating Agencies 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 permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Issuer, the Indenture Trustee and the Owner Trustee concurrently with such notice. No such
resignation shall become effective until the Indenture Trustee (which shall not be obligated to act as successor Servicer if the Servicer has resigned for a reason other than that the performance of its duties are no longer permissible under
applicable law) or a successor Servicer shall have assumed the responsibilities and obligations of the Servicer hereunder in accordance with Section 8.2. 
 SECTION 7.6 Delegation of Duties. So long as JPMorgan Chase acts as Servicer, the Servicer shall have the right, in the ordinary course of its business, to delegate any of its duties under this Agreement to any
Person. The Servicer shall pay any compensation payable to such Person from its own funds and none of the Issuer, the Owner Trustee, the Indenture Trustee or the Noteholders shall have any liability to such Person with respect thereto.
Notwithstanding any delegation of duties by the Servicer pursuant to this Section 7.6, the Servicer shall not be relieved of its liability and responsibility with respect to such duties, and any such delegation shall not constitute a
resignation within the meaning of Section 7.5. Any agreement that may be entered into by the Servicer and a Person that provides for any delegation of the Servicer’s duties hereunder to such Person shall be deemed to be between the
Servicer and such Person alone, and the Issuer, the Owner Trustee, the Indenture Trustee and Noteholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect thereto. 
 ARTICLE VIII 
 EVENTS OF SERVICING TERMINATION

 SECTION 8.1 Events of Servicing Termination. Any one of the following events which shall occur and be continuing shall constitute
an event of servicing termination hereunder (each, an “Event of Servicing Termination”): 
 (i) Any failure
by the Servicer to deliver to the Indenture Trustee the Servicer’s Certificate for the related Collection Period, or any failure by the Servicer to deliver to the Indenture Trustee, for deposit in any of the Trust Accounts, any proceeds or
payment required to be so delivered under the terms of the Notes and this Agreement (or, in the case of a payment or deposit to be made not later than the Deposit Date, the failure 
  

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 to make such payment or deposit on such Deposit Date), which failure continues unremedied for a period of
ten Business Days after (A) discovery by an officer of the Servicer or (B) written notice (1) to the Servicer by the Indenture Trustee or the Owner Trustee or (2) to the Indenture Trustee or the Owner Trustee, as applicable, and
the Servicer by the Noteholders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class; 
 (ii) Failure on the part of the Servicer duly to observe or to perform in any material respect any other covenants or agreements of the Servicer set forth in this Agreement or the Indenture, which failure shall (a) materially and
adversely affect the rights of the Issuer or the Noteholders, and (b) continue unremedied for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (1) to the
Servicer by the Indenture Trustee or the Owner Trustee, or (2) to the Indenture Trustee or the Owner Trustee, as applicable, and the Servicer by the Noteholders of Notes evidencing not less than a majority of the Outstanding Amount of the
Controlling Class; 
 (iii) The entry of a decree or order by a court or agency or supervisory authority having jurisdiction
in the premises for the appointment of a conservator, receiver, or liquidator for the Servicer in any insolvency, readjustment of debt, marshalling of assets and liabilities, or similar proceedings, or for the winding up or liquidation of its
affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (iv) The consent by the Servicer to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, or similar proceedings of or relating to the Servicer or of or
relating to substantially all of its property; or the Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an
assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; 
 provided, however, that a delay or failure
of performance referred to in clause (i) or (ii) above for a period of 150 days will not constitute an Event of Servicing Termination if such delay or failure was caused by force majeure or other similar occurrence as
certified by the Servicer in an Officer’s Certificate of the Servicer delivered to the Indenture Trustee. 
 Upon the occurrence of any Event of
Servicing Termination as described above, and in each and every case and for so long as such Event of Servicing Termination shall not have been remedied, either the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of
the Outstanding Amount of the Controlling Class, by notice given in writing to the Servicer (and to the Indenture Trustee or the Owner Trustee, as applicable, if given by Noteholders) may terminate all of the rights and obligations of the Servicer
under this Agreement. On or after the receipt by the Servicer of such written notice, all authority and power of the Servicer under this Agreement, whether with respect to the Notes or the Receivables or otherwise, shall pass to and be vested in the
Indenture Trustee pursuant to this Section 8.1; and, without limitation, the 
  

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 Indenture Trustee shall be hereby authorized and empowered to execute and deliver, on behalf of the predecessor 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 Receivable Files, or otherwise. The predecessor Servicer shall cooperate with the successor Servicer and the Indenture Trustee in effecting the termination of the responsibilities and rights of the predecessor Servicer under this
Agreement, including the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, shall have been deposited by the predecessor Servicer in the Collection
Account, or shall thereafter be received with respect to a Receivable. All reasonable costs and expenses (including attorneys’ fees and disbursements) incurred in connection with transferring the servicing of the Receivables to the successor
Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this Section 8.1 shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. The Indenture
Trustee and the Owner Trustee shall give written notice of any termination of the Servicer to their related Noteholders, and the Indenture Trustee shall give such notice to the Rating Agencies. Neither the Indenture Trustee nor any successor
Servicer shall be deemed to be in default hereunder by reason of its failure to make, or any delay in making, any distribution hereunder or any portion thereof which was caused by (i) the failure of the predecessor Servicer to deliver, or any
delay in delivering cash, documents or records to it, or (ii) restrictions imposed by any regulatory authority having jurisdiction over the predecessor Servicer. 
 SECTION 8.2 Indenture Trustee to Act; Appointment of Successor Servicer. Upon the Servicer’s receipt of notice of termination pursuant to Section 8.1 or resignation pursuant to
Section 7.5, the Indenture Trustee shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement, and shall be subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the Servicer by the terms and provisions of this Agreement. As compensation therefor, the Indenture Trustee shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the
Servicer would have been entitled to under this Agreement if no such notice of termination or resignation had been given. Notwithstanding the above, the Indenture Trustee may, if it shall be unwilling so to act, or shall, if it shall be legally
unable so to act, appoint, or petition a court of competent jurisdiction to appoint, any established financial institution (x) having a net worth of not less than $100,000,000 as of the last day of the most recent fiscal quarter for such
institution and (y) whose regular business shall include the servicing of automobile receivables, as successor Servicer under this Agreement; provided, that the appointment of any such successor Servicer is required to satisfy the Rating
Agency Condition. In connection with such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor Servicer out of payments on Receivables as it and such successor Servicer shall agree; provided,
however, that no such compensation shall be in excess of that permitted the Servicer under this Agreement. The Indenture Trustee and such successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. Unless the Indenture Trustee shall be prohibited by law from so acting, the Indenture Trustee shall not be relieved of its duties as successor Servicer under this Section 8.2 until the newly appointed
successor Servicer shall have assumed the responsibilities and obligations of the Servicer under this Agreement. 
  

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 SECTION 8.3 Notification to Noteholders. Upon any Event of Servicing Termination, or appointment
of a successor Servicer pursuant to this Article VIII, the Indenture Trustee shall give prompt written notice thereof to the Noteholders, at their respective addresses of record, and to the Rating Agencies. 
 SECTION 8.4 Waiver of Past Defaults. The Noteholders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Class
may, on behalf of all such Noteholders, waive any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in the failure to make any required deposits to or payments from any of the Trust
Accounts in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Event of Servicing Termination arising therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. The Servicer shall give prompt written notice of any waiver to the Rating Agencies;
provided, however, that the Indenture Trustee or the Owner Trustee shall only be required to give such notice if a Responsible Officer thereof has actual knowledge of the related event. 
 ARTICLE IX 
 TERMINATION 
 SECTION 9.1 Optional Purchase of All Receivables; Trust Termination. 
 (a) As of the last day of any Collection Period as of which the Pool Balance shall be equal to or less than the Optional Purchase Percentage of the Original Pool Balance, the Servicer shall have the option to purchase
the Owner Trust Estate, other than the Trust Accounts. To exercise such option, the Servicer shall notify the Indenture Trustee, the Owner Trustee, the Note Registrar and the Certificate Registrar in writing, no later than the 25th day of the
Collection Period immediately preceding the date on which such purchase is to be effected, shall pay the aggregate Repurchase Amount for the Receivables (including Defaulted Receivables) and shall succeed to all interests in, to and under such
property. The payment shall be made in the manner specified in Section 5.3, and shall be distributed pursuant to Section 5.4. 
 (b) Upon any sale of the assets of the Issuer pursuant to Article V of the Indenture, the Servicer shall instruct the Indenture Trustee in writing to deposit the proceeds from such sale after all payments and
reserves therefrom (including the expenses of such sale) have been made (the “Sale Proceeds”) in the Collection Account. On the Payment Date on which the Sale Proceeds are deposited in the Collection Account (or, if such proceeds
are not so deposited on a Payment Date, on the Payment Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to make, and the Indenture Trustee shall make the deposits and distributions set forth in
Sections 5.4(b) and 5.4(c). 
 (c) Notice of any termination of the Issuer shall be given by the Servicer to the Owner Trustee,
the Indenture Trustee and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
  

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 (d) After the payment to the Indenture Trustee, the Owner Trustee, the Noteholders and the Servicer of
all amounts required to be paid under this Agreement, the Indenture and the Trust Agreement, any amounts on deposit in the Collection Account shall be paid to the Class R Certificateholders on a pro rata basis based on their respective Percentage
Interests, and any other assets remaining in the Owner Trust Estate shall be distributed to the Class R Certificateholders on a pro rata basis based on their respective Percentage Interests. 
 ARTICLE X 
 MISCELLANEOUS PROVISIONS 
 SECTION 10.1 Amendment. 
 (a) Any term
or provision of this Agreement may be amended by the Depositor and the Servicer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person; provided, that such amendment shall not, as
evidenced by an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Noteholders, the Indenture Trustee or the Owner Trustee. Any term or provision of this Agreement may be
amended by the Depositor and the Servicer without the consent of any Noteholder but with the consent of the Indenture Trustee and the Owner Trustee; provided, that such amendment shall not, as evidenced by an Opinion of Counsel delivered to
the Indenture Trustee, materially and adversely affect the interests of the Noteholders. For greater clarity, except as otherwise expressly provided herein, the consent of a Person shall not be required for any amendment if the interests of such
Person are not materially and adversely affected. 
 (b) Notwithstanding clause (a) above, any term or provision of this
Agreement may be amended by the Depositor and the Servicer but without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person to add, modify or eliminate any provisions as may be necessary or
advisable in order to enable the Depositor, the Servicer or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle or for any other purpose, it being a condition to
any such amendment that the Rating Agency Condition shall have been satisfied. 
 (c) This Agreement may also be amended from time to time by
the parties hereto, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes that are adversely affected by such amendment, 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 such adversely affected Noteholders, provided that no such amendment shall, without the consent of every Noteholder affected thereby,
(i) reduce the interest rate or principal amount of any Note, or delay the Note Final Scheduled Payment Date of any Note without the consent of the Noteholder of such Note, or (ii) reduce the percentage of the aggregate outstanding
principal amount of the Outstanding Notes, the Noteholders of which are required to consent to any matter without the consent of the Noteholders of at least the percentage of the aggregate outstanding principal amount of the Outstanding Notes which
were required to consent to such matter before giving effect to such 
  

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 amendment. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed
amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the
execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe. 
 (d) Prior to the
execution of any such amendment to this Agreement, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency, the Owner Trustee and the Indenture Trustee; and promptly after the execution of any such
amendment or consent, the Servicer shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement, the Depositor, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be
obligated to, enter into or execute on behalf of the Issuer any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement; provided,
that no provision which materially affects the Owner Trustee’s or the Indenture Trustee’s rights, duties or immunities may be amended without the prior written consent of the Owner Trustee or the Indenture Trustee, as applicable.

 SECTION 10.2 Protection of Title to Owner Trust Estate. 
 (a) The Depositor shall authorize and file such financing statements and cause to be authorized and filed such continuation statements, all in such manner
and in such places as may be required by law fully to preserve, maintain, and protect the interests of the Issuer and the Indenture Trustee in the Receivables and in the proceeds thereof. 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. In addition, the Depositor hereby authorizes the Issuer at any time and from
time to time to file any financing statements and amendments thereto in any jurisdiction as may be necessary or desirable to preserve, maintain, and protect the interests of the Issuer and the Indenture Trustee in the Receivables and the proceeds
thereof. 
 (b) The Depositor shall not change its name, identity, organizational structure or jurisdiction of organization in any manner
that would, could, or might make any financing statement or continuation statement filed by the Depositor in accordance with paragraph (a) above seriously misleading within the meaning of §§ 9-506, 9-507 or 9-508 (or any
comparable section) of the Relevant UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least 5 days’ prior written notice thereof and, to the extent necessary, the Depositor shall have promptly filed amendments to
previously filed financing statements or continuation statements described in paragraph (a) above. 
  

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 (c) The Depositor and the Servicer shall give the Owner Trustee and the Indenture Trustee at least 5
days’ prior written notice of any change in the jurisdiction of its organization or the state designated as its location in its Articles of Association if, as a result of such change in jurisdiction or the state designated as its location in
its Articles of Association, the applicable provisions of the Relevant UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and, to the extent necessary, the
Depositor or the Servicer, as applicable, shall have promptly filed amendments to previously filed financing statements or continuation statements described in paragraph (a) above. 
 (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 such 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 such Receivable. 
 (e) The Servicer shall maintain its computer systems
so that, from and after the time of sale under this Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including archives) that shall refer to a Receivable indicate clearly, by numerical code or otherwise, that
such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee. Indication of the Issuer’s and Indenture Trustee’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems
when, and only when, the Receivable shall have been paid in full, repurchased or assigned pursuant hereto. 
 (f) If at any time the
Depositor or the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest in a new or used automobile receivable to any prospective purchaser, creditor, or other transferee, the Depositor or the Servicer, as
the case may be, shall give to such prospective purchaser, creditor, or other transferee computer tapes, records, or print-outs (including any restored from archives) that, if they shall refer in any manner whatsoever to any Receivable, shall
indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged to the Indenture Trustee. 
 (g) The
Servicer shall permit the Indenture Trustee and the Owner Trustee and their respective agents upon reasonable notice at any time during normal business hours which does not unreasonably interfere with the Servicer’s normal operations or
customer or employee relations to inspect, audit, and make copies of and abstracts from the Servicer’s records regarding the Receivables. 
 (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 account number and name of Obligor then held by the Issuer, together with a reconciliation
of such list to the Schedule of Receivables and to each of the Servicer Certificates indicating removal of Receivables from the Owner Trust Estate. 
 SECTION 10.3 Counterparts. For the purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be
deemed to be an original, and all of which counterparts shall constitute but one and the same instrument. 
  

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 SECTION 10.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 10.5 Notices. All demands, notices, and communications under this
Agreement shall be in writing, personally delivered or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt, and addressed in each case as set forth on Schedule C or at such other
address as shall be designated in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of record of such Noteholder. Any
notice to a Noteholder so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 
 SECTION 10.6 Severability of Provisions. If any one or more of the covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates or of the Notes or the rights of the Noteholders thereof. 
 SECTION 10.7 Assignment. Notwithstanding anything to the contrary contained herein, except as provided in Sections 6.3, 7.3, 7.5 and 8.2, neither the Depositor nor the Servicer may assign all, or a portion of, its
rights, obligations and duties under this Agreement unless such transfer or assignment satisfies the Rating Agency Condition. In the event of a transfer or assignment pursuant to this Section 10.7, the Rating Agencies shall be provided
with notice of such transfer or assignment. 
 SECTION 10.8 Notes Nonassessable and Fully Paid. The interests represented by the Notes
shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon authentication thereof by the Indenture Trustee pursuant to the Indenture, each Note shall be deemed fully paid. 
 SECTION 10.9 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, and their respective
successors and permitted assigns. The Administrator, the Owner Trustee, individually and on behalf of the Class R Certificateholders, and the Indenture Trustee, individually and on behalf of the Noteholders are third-party beneficiaries to this
Agreement and are entitled to the rights and benefits hereunder and may enforce the provisions hereof as it were a party hereto. Except as otherwise provided in this Agreement, no other person will have any right or obligation hereunder. 

SECTION 10.10 Assignment to Indenture Trustee. The Depositor hereby acknowledges and consents to any mortgage, pledge, assignment and grant of
a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders 
  

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 of all right, title and interest of the Issuer in, to and under the Receivables and the other property constituting the
Owner Trust Estate and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee and agrees that the enforcement of a right or remedy hereunder by the Indenture Trustee shall have the same force
and effect as if such right or remedy had been enforced or executed by the Issuer. 
 SECTION 10.11 Limitation of Liability of Owner
Trustee and Indenture Trustee. 
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by
Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity 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. 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 VI, VII and VIII of the Trust Agreement. 
 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been acknowledged and accepted by Wells Fargo not in its individual capacity but solely as Indenture Trustee, and in no event shall
Wells Fargo 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. 
 SECTION 10.12 No Petition. The Depositor and Servicer, by entering into this Agreement
hereby covenant and agree that they will not, prior to the date which is one year and one day after payment in full of the Notes, at any time institute against the Issuer or join in any institution against the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to this Agreement or any of the other Basic
Documents. 
 SECTION 10.13 Exchange Act Reporting. 
 (a) In order to facilitate compliance by the Depositor with the reporting requirements under the Exchange Act with respect to the Issuer including the provisions of Regulation AB and related rules and regulations of
the Securities and Exchange Commission, the Servicer and the Indenture Trustee agree to provide to the Depositor any and all statements, reports, certifications and other information reasonably necessary to permit the Depositor to comply with the
Depositor’s reporting obligations under the Exchange Act. 
 (b) So long as the Depositor is required to file any reports with respect
to the Issuer under the Exchange Act, no later than each Payment Date, the Indenture Trustee and the Servicer shall notify (and the Servicer shall cause any subservicer performing obligations of the 
  

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 Servicer hereunder to notify) the Depositor of any litigation or governmental proceedings pending against such Person, in
each case that would be material to the Noteholders, together with a description of any such litigation or governmental proceedings 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 5.6, commencing with the first such report due not less than five Business Days following such request. 
 (c) So long as the Depositor is required to file any reports with respect to the Issuer under the Exchange Act, each of the Indenture Trustee and the Servicer shall promptly notify the Depositor, but in no event later than one
(1) Business Day after its occurrence, of any Reportable Event of which such Person has actual knowledge. Each Person 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) So long as the Depositor is required to file any reports with respect to the Issuer under the Exchange
Act, (i) if any of the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any other material transaction party that would be required to be disclosed in accordance with Item 1119 of Regulation AB has changed since the
Closing Date or the date of the filing of the most recent Form 10-K with respect to the Issuer, no later than March 1 of each year, the Depositor shall notify each of the Indenture Trustee, the Owner Trustee and the Servicer of any such change
in the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or such other material transaction party and (ii) no later than March 15 of each year, commencing in 2007, the Indenture Trustee and the Servicer shall notify the
Depositor of (A) any litigation or governmental proceedings pending against such Person, in each case that would be material to the Noteholders and (B) any affiliations or relationships between such Person and any of the Depositor, the
Servicer, the Indenture Trustee, the Owner Trustee or such other material transaction party, together with a description of any such litigation, governmental proceedings or affiliation or relationship in form and substance reasonably acceptable to
the Depositor. 
 SECTION 10.14 Report on Assessment of Compliance and Attestation. So long as the Depositor is required to file any
reports with respect to the Issuer under the Exchange Act, on or before March 15 of each calendar year, commencing in 2007: 
 (i) if the Depositor reasonably determines that it is required pursuant to Rule 15d-18 of the Exchange Act to include as an exhibit to the Form 10-K to be filed with respect to the Issuer for the immediately preceding calendar year an
assessment of compliance by the Indenture Trustee with the Servicing Criteria applicable to it, the Indenture Trustee shall deliver to the Depositor (A) a report signed by an authorized officer of the Indenture Trustee containing such an
assessment of compliance satisfying the requirements of Item 1122(a) of Regulation AB and (B) a report of a registered public accounting firm that attests to, and reports on, such assessment of compliance. Such 
  

 52 

 attestation shall be in accordance with Rule 15d-18 of the Exchange Act. The Indenture Trustee
acknowledges and agrees, to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, that it will take any action reasonably requested by the Depositor to ensure compliance with
Item 1122 of Regulation AB, and that the Depositor and the Servicer and each of their respective officers and directors shall be entitled to rely on each such servicing criteria assessment and attestation; and 
 (ii) if the Depositor reasonably determines that it is required pursuant to Rule 15d-18 of the Exchange Act to include as an exhibit to
the Form 10-K to be filed with respect to the Issuer for the immediately preceding calendar year an assessment of compliance by the Paying Agent or any other agent of the Indenture Trustee with the Servicing Criteria applicable to it, the Depositor
shall notify the Indenture Trustee, the Paying Agent and/or such other agent of the Indenture, and the Indenture Trustee shall cause the Paying Agent or such other agent to deliver to the Depositor (A) a report signed by an authorized officer
of the Paying Agent or such other agent containing such an assessment of compliance satisfying the requirements of Item 1122(a) of Regulation AB and (B) a report of a registered public accounting firm that attests to, and reports on, such
assessment of compliance. Such attestation shall be in accordance with Rule 15d-18 of the Exchange Act. The Indenture Trustee shall cause the Paying Agent or such other agent of the Indenture Trustee to acknowledge and agree that the Depositor and
the Servicer and each of their respective officers and directors shall be entitled to rely on each such servicing criteria assessment and attestation. 
 SECTION 10.15 Representations and Warranties. The Indenture Trustee hereby represents and warrants to the Depositor that (i) there are no affiliations relating to the Indenture Trustee with respect to any
of the Depositor, the Servicer, the Owner Trustee or any other material transaction party that would be required to be disclosed in accordance with Item 1119 of Regulation AB, (ii) there are no relationships or transactions with respect to
any such Person 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) there are no legal proceedings pending, or known to be contemplated by governmental authorities, against the Indenture Trustee, or of which the
property of the Indenture Trustee is subject, that is material to the Noteholders or the Certificateholders. 
 SECTION 10.16
Indemnification. Each of the Indenture Trustee and the Servicer shall indemnify the Depositor, each affiliate of the Depositor 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, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon: 
 (i) (A) any untrue statement of a material fact contained or alleged to be contained under the subcaption “Trustees—Indenture Trustee” in the Preliminary 
  

 53 

 Prospectus Supplement dated September 6, 2006 relating to the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes and the Class B Notes or under such subcaption in the Prospectus Supplement dated September 7, 2006 relating to the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and
the Class B Notes or in (x) with respect to the Indenture Trustee, the servicing criteria assessment, the accountants’ attestation or any other information or material provided by the Indenture Trustee under Section 10.13
or Section 10.14 and (y) with respect to the Servicer, any information, report, certification, accountant’s attestation or other material provided by the Servicer pursuant to Section 4.9, Section 4.10,
Section 10.13 or Section 10.14 (with respect to each such party, 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 circumstances under which they were made, not misleading; or 
 (ii) with respect to the Indenture Trustee, any failure by the Indenture Trustee to deliver any servicing criteria assessment, the
accountants’ attestation or any other information or material required to be provided by the Indenture Trustee under Section 10.13 or Section 10.14 when and as required under Section 10.13 or
Section 10.14 and with respect to the Servicer, any failure by the Servicer to deliver any information, report, certification, accountant’s letter or other material when and as required under Section 4.9,
Section 4.10, Section 10.13 or Section 10.14, as applicable. 
 In the case of any failure of performance described in
clause (ii) of this Section, each of the Indenture Trustee and the Servicer shall promptly reimburse the Depositor for all costs reasonably incurred by the Depositor in order to obtain the information, report, certification,
accountants’ letter or other material not delivered as required by the Indenture Trustee or the Servicer, as applicable. 
 [Signatures
Follow] 
  

 54 

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

			
	 JPMORGAN CHASE BANK, NATIONAL
 ASSOCIATION, as Depositor and Servicer

		
	By:	 	 /s/ Stephen R. Etherington

	Name	 	Stephen R. Etherington
	Title:	 	Vice President

  

					
		  	S-1	  	2006-B Sale and Servicing Agreement

			
	 CHASE AUTO OWNER TRUST 2006-B, as
 Issuer

		
	By:	 	 WILMINGTON TRUST COMPANY, not
 in its individual
capacity but solely as
 Owner Trustee on behalf of the Issuer

		
	By:	 	 /s/ Michele C. Harra

	Name:	 	Michele C. Harra
	Title:	 	Financial Services Officer

  

					
		  	S-2	  	2006-B Sale and Servicing Agreement

 The Indenture Trustee agrees to undertake to perform its duties as Indenture Trustee as are specifically set forth in
this Agreement. 
 Acknowledged and Accepted: 
  

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, not in its individual capacity,
 but solely in its capacity as Indenture Trustee

		
	By:	 	 /s/ Cory Branden

	Name:	 	Cory Branden
	Title:	 	Vice President

  

					
		  	S-3	  	2006-B Sale and Servicing Agreement

 SCHEDULE A 
 LIST OF RECEIVABLES 
 [On File with the Indenture Trustee] 

 SCHEDULE B 
 YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNTS 
  

					
	Monthly Period	  	Payment Date	  	 Yield Supplement Overcollateralization Amount

	-	  	09/13/06	  	$14,114,960.16
	1	  	10/15/06	  	  13,510,715.70
	2	  	11/15/06	  	  13,088,877.17
	3	  	12/15/06	  	  12,672,414.52
	4	  	01/15/07	  	  12,261,403.36
	5	  	02/15/07	  	  11,855,920.03
	6	  	03/15/07	  	  11,456,041.52
	7	  	04/15/07	  	  11,061,845.54
	8	  	05/15/07	  	  10,673,410.53
	9	  	06/15/07	  	  10,290,815.63
	10	  	07/15/07	  	    9,914,140.70
	11	  	08/15/07	  	    9,543,462.02
	12	  	09/15/07	  	    9,178,853.12
	13	  	10/15/07	  	    8,820,394.82
	14	  	11/15/07	  	    8,468,169.80
	15	  	12/15/07	  	    8,122,261.47
	16	  	01/15/08	  	    7,782,754.01
	17	  	02/15/08	  	    7,449,731.43
	18	  	03/15/08	  	    7,123,277.59
	19	  	04/15/08	  	    6,803,478.11
	20	  	05/15/08	  	    6,490,420.21
	21	  	06/15/08	  	    6,184,191.83
	22	  	07/15/08	  	    5,884,867.26
	23	  	08/15/08	  	    5,592,500.41
	24	  	09/15/08	  	    5,307,130.82
	25	  	10/15/08	  	    5,028,814.60
	26	  	11/15/08	  	    4,757,642.24
	27	  	12/15/08	  	    4,493,705.01
	28	  	01/15/09	  	    4,237,095.02
	29	  	02/15/09	  	    3,987,899.71
	30	  	03/15/09	  	    3,746,210.34
	31	  	04/15/09	  	    3,512,118.69
	32	  	05/15/09	  	    3,285,718.46
	33	  	06/15/09	  	    3,067,104.03
	34	  	07/15/09	  	    2,856,303.57
	35	  	08/15/09	  	    2,653,160.28
	36	  	09/15/09	  	    2,457,518.56
	37	  	10/15/09	  	    2,269,270.93
	38	  	11/15/09	  	    2,088,507.09
	39	  	12/15/09	  	    1,915,318.68
	40	  	01/15/10	  	    1,749,794.45
	41	  	02/15/10	  	    1,592,020.51
	42	  	03/15/10	  	    1,442,082.52
	43	  	04/15/10	  	    1,300,065.22
	44	  	05/15/10	  	    1,166,064.51
	45	  	06/15/10	  	    1,040,176.97
	46	  	07/15/10	  	       922,415.11

					
	Monthly Period	  	Payment Date	  	 Yield Supplement Overcollateralization Amount

	47	  	08/15/10	  	       812,536.54
	48	  	09/15/10	  	       710,255.61
	49	  	10/15/10	  	       615,359.93
	50	  	11/15/10	  	       527,933.94
	51	  	12/15/10	  	       448,065.15
	52	  	01/15/11	  	       375,836.87
	53	  	02/15/11	  	       311,323.94
	54	  	03/15/11	  	       254,602.87
	55	  	04/15/11	  	       205,756.76
	56	  	05/15/11	  	       164,877.53
	57	  	06/15/11	  	       132,057.80
	58	  	07/15/11	  	       106,904.87
	59	  	08/15/11	  	         87,649.47
	60	  	09/15/11	  	         72,322.41
	61	  	10/15/11	  	         59,164.70
	62	  	11/15/11	  	         47,896.92
	63	  	12/15/11	  	         38,190.29
	64	  	01/15/12	  	         29,763.74
	65	  	02/15/12	  	         22,560.96
	66	  	03/15/12	  	         16,514.45
	67	  	04/15/12	  	         11,571.54
	68	  	05/15/12	  	           7,740.29
	69	  	06/15/12	  	           5,028.89
	70	  	07/15/12	  	           3,343.22
	71	  	08/15/12	  	           2,409.84
	72	  	09/15/12	  	           1,869.14
	73	  	10/15/12	  	           1,452.87
	74	  	11/15/12	  	           1,132.68
	75	  	12/15/12	  	              875.05
	76	  	01/15/13	  	              651.58
	77	  	02/15/13	  	              462.65
	78	  	03/15/13	  	              306.86
	79	  	04/15/13	  	              183.38
	80	  	05/15/13	  	                92.62
	81	  	06/15/13	  	                34.96
	82	  	07/15/13	  	                  7.54

 The Yield Supplement Overcollateralization Amount has been calculated for each Payment Date as the sum of the
amount for each Receivable equal to the excess, if any, of (x) the scheduled payments due on such Receivable for each future Collection Period discounted to present value as of the end of the preceding Collection Period at the Contract Rate of
such Receivable over (y) the scheduled payments due on such Receivable for each future Collection Period discounted to present value as of the end of the preceding Collection Period at a discount rate equal to the greater of the Contract Rate
of such Receivable and 7.55%. For purposes of such calculation, future scheduled payments on the Receivables were assumed to be made on their scheduled due dates without any delays, defaults or prepayments. 

 SCHEDULE C 
 in the case of the Depositor, the Servicer or the Class R Certificateholder:  
 JPMorgan Chase Bank, National Association 
 c/o Chase Auto Finance Corp. 
 900 Stewart Avenue 
 Garden City, New York 11530 
 Attention: Financial Controller 
 in the case of the Indenture Trustee: 
 Wells Fargo Bank, National
Association 
 Sixth Street and Marquette Avenue MAC N9311-161 
 Minneapolis, Minnesota 55479-0069 
 Attention: Corporate Trust Office 
 in the case of the Issuer and the Owner Trustee:  
 Chase Auto Owner Trust 2006-B 
 c/o Wilmington Trust Company 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration

 in the case of the Rating Agencies:  
 Moody’s
Investors Service 
 99 Church Street 
 New York, New York 10007

 Fitch, Inc. 
 One State Street Plaza 
 New York, New York 10004 
 in the case of the Certificate Registrar, the
Authenticating Agent, the Paying Agent, the Note Registrar and the Securities Intermediary: 
 JPMorgan Chase Bank,
National Association 
 600 Travis, 9th Floor 
 Houston, Texas 77002 
 Attention: Worldwide Securities Services 

 EXHIBIT A 
 INFORMATION TO BE INCLUDED IN SERVICER’ S CERTIFICATE 

 Page 1 
 Chase Auto Owner Trust 2006-B 
 Monthly Servicer Report 
  

	I.	Available Amount in The collection account 

  

	 	A.	Credits 

  

	 	1	Payments from Obligors 

  

	 	a.	Principal Payments 

  

	 	b.	Other Interest Payments 

  

	 	c.	Total 

  

	 	2	Proceeds from Repurchased 

  

	 	a.	Principal (Current Period) 

  

	 	b.	Interest (Current Period) 

  

	 	c.	Total 

  

	 	3	Recovery of Defaulted Receivables 

  

	 	4	Advance Recoveries Before Cutoff Date 

  

	 	a.	Principal 

  

	 	b.	Interest 

  

	 	c.	Total 

  

	 	5	Net Adjustments 

  

	 	7	Total Credits 

  

	 	B.	Debits 

  

	 	1	Advance Recovery Amount 

  

	 	a.	Principal 

  

	 	b.	Interest. 

  

	 	c.	Total 

  

	 	2	Reversal of Defaulted Contracts 

  

	 	3	Total Debits 

  

	 	C.	Total Available Amount (Lines A-B) 

  

	II.	Monthly Disbursements 

  

	 	A.	Servicing Fee 

  

	 	a.	Monthly Servicing Fee 

  

	 	b.	Unpaid Monthly Servicing 

  

	 	c.	Total 

  

	 	B.	Administrative Fee 

  

	 	a.	Monthly Administration Fee 

  

	 	b.	Unpaid Monthly Administration 

  

	 	c.	Total 

 Page 2 
 Chase Auto Owner Trust 2006-B 
 Monthly Servicer Report 
  

	 	C.	Note holders' Interest Distributable Amount 

 Class A-1
Monthly Interest 
 Class A-1 Carryover Shortfall 
 Class A-1 Total 
 Class A-2 Monthly Interest 
 Class A-2 Carryover Shortfall 
 Class A-2
Total 
 Class A-3 Monthly Interest 
 Class A-3 Carryover Shortfall 
 Class A-3 Total 
 Class A-4 Monthly Interest 
 Class A-4 Carryover Shortfall 
 Class A-4 Total 
 Total for Notes Monthly
Interest 
 Total for Notes Carryover Shortfall 
 Total for Notes Total 
  

	 	D.	B Note holders' Interest Distributable Amount 

 Class B
Monthly Interest 
 Class B Carryover Shortfall 
 Class B Total 
 Total for B Note Monthly Interest 
 Total for B Note Carryover Shortfall 
 Total
for B Notes Total 
  

	 	E.	Note holders' Principal Distributable Amount 

 Class A-1
Monthly Principal 
 Class A-1 Carryover Shortfall 
 Class A-1 Total 
 Class A-2 Monthly Principal 
 Class A-2 Carryover Shortfall 
 Class A-2
Total 
 Class A-3 Monthly Principal 
 Class A-3 Carryover Shortfall 
 Class A-3 Total 
 Class A-4 Monthly Principal 
 Class A-4 Carryover Shortfall 
 Class A-4 Total 
 Total for Notes Monthly
Principal 
 Total for Notes Carryover Shortfall 
 Total for Notes Total 
  

	 	F.	B Note holders’ Principal Distributable Amount 

 Class
B Monthly Principal 
 Class B Carryover Shortfall 
 Class B Total 
 Total for B Notes Monthly Principal 
 Total for B Notes Carryover Shortfall 
 Total
for B Notes Total 
  

	 	G.	Total Disbursements 

 Page 3 
 Chase Auto Owner Trust 2006-B 
 Monthly Servicer Report 
  

	III.	Payment Deficiency Amount 

  

	 	A.	Scheduled Disbursements (Items 1 through 5 in Waterfall Distribution) 

  

	 	B.	Available Amount 

  

	 	C.	Payment Deficiency Amount (Max of Lines A-B and 0) 

  

	IV.	Pool Balance Reduction Allocation for collection Period 

  

	 	A.	Beginning Pool Balance 

  

	 	B.	Pool Balance Reduction 

  

	 	1	Available Principal 

  

	 	a.	Principal Payments 

  

	 	b.	From Repurchased Receivables 

  

	 	c.	Total 

  

	 	2	From Defaulted Receivables 

  

	 	3	Total Pool Balance Reduction 

  

	 	C.	Ending Pool Balance 

  

	 	D.	Allocations 

  

	 	1	Monthly Principal Allocation 

  

	 	a.	A - Notes 

  

	 	b.	B - Notes 

  

	V.	Delinquency and Defaults 

  

	 	A.	Delinquency 

  

							
	 Period
	  	Number	  	 Delinquency
 Amount
	  	 Principal
 Balance

	 30-59 days
	  		  		  	 
	 60-89 days
	  		  		  	 
	 90-119 days
	  		  		  	 
	 120-149 days
	  		  		  	 
	 150-179 days
	  		  		  	 
	 180-209 days
	  		  		  	 
	 210-239 days
	  		  		  	 
	 240+ days Delinquent
	  		  		  	 
	 	  	 
	 Total
	  	 	  	 	  	 

  

	 	B.	Principal Amount of loans in defaulted receivables 

  

	 	C.	Delinquency Percentage 

  

	 	1	Outstanding principal balance for delinquency >= 60 days 

  

	 	2	Pool Principal Ending 

  

	 	3	Delinquency Percentage 

 Page 4 
 Chase Auto Owner Trust 2006-B 
 Monthly Servicer Report 
  

	 	D.	Net Loss Ratio 

  

	 	1	Principal Balance of Defaulted Receivables 

  

	 	2	Principal Recoveries on Defaulted Receivables 

  

	 	3	Average Pool Balance for Collection Period 

  

	 	4	Net Loss Ratio for Current Period (12*(1-2)/3) 

 Weighted
Average Coupon 
 Weighted Average Original Maturity (Months) 
 Weighted Average Remaining Maturity (Months) 
  

	VI.	Calculation of Target Over collateralization Amount 

 Greater of: 
  

	 	(A)	1.25% of Ending Adjusted Pool Balance 

  

	 	(B)	0.50% of Original Adjusted Pool Balance 

 Target Over
collateralization Amount 
  

	VII.	Calculation of Priority Principal Distribution Amount 

 Beginning Note Balance 
 Less: Ending Adjusted Pool Balance 
 Priority Principal Distribution Amount 
  

	VIII.	Calculation of Target Principal Distribution Amount 

 Beginning A - Note Balance and B - Note Balance 
 Less: Ending Adjusted Pool Balance 
 Less: Target Over collateralization Amount 
 Target Principal Distribution Amount 
  

	IX.	Calculation of Regular Principal Distribution Amount 

 Target Principal Distribution Amount 
 Less: Priority Principal Distribution Amount 
 Principal Distribution Amount 

 Page 5 
 Chase Auto Owner Trust 2006-B 
 Monthly Servicer Report 
  

	X.	Calculation of A Note holders Principal Distribution Amount 

  
 Beginning A Note Balance 
  
 Less: the lesser of: 
  

	 	(A)	the sum of 94.50% of the Ending Adjusted Pool Balance 

  

	 	(B)	the difference of (i) the Ending Adjusted Pool Balance and (ii) the Target Over collateralization Amount 

 Lesser of A or B above 
 A—Note holders
Principal Distribution Amount 
  

	XI.	Calculation of B Note holders Principal Distribution Amount 

 Target Principal Distribution Amount 
 Less: A Note holders Principal Distribution Amount 
 B Note holders Principal Distribution Amount 
  

	XII.	Distribution Waterfall 

 Total Available Collections

  

	 	1.	Less Servicer Fee 

  

	 	2.	Less Administration Fee 

 Total Available to Trust

  

	 	3.	Less Note Interest Distribution 

  

	 	4.	Less Available Priority Principal Distribution Amount 

  

	 	5.	Less B Note Interest Distribution 

  

	 	6.	Less Available Regular Principal Distribution 

  

	 	7.	Distribution to Class R CertificateAmended and Restated Trust Agreement, dated September 13, 2006

 EXHIBIT 4.2 
 CHASE AUTO OWNER TRUST 2006-B 
 AMENDED AND RESTATED TRUST AGREEMENT 
 between 
 JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, 
 as Depositor 
 -and- 
 WILMINGTON TRUST COMPANY, 
 as Owner Trustee 
 Dated as of September 13, 2006 

 TABLE OF CONTENTS 

					
	 	  	 	  	Page
		
	ARTICLE I    DEFINITIONS	  	1
			
	 SECTION 1.1.
	  	Capitalized Terms	  	1
		
	ARTICLE II    ORGANIZATION	  	2
			
	 SECTION 2.1.
	  	Name	  	2
			
	 SECTION 2.2.
	  	Office	  	2
			
	 SECTION 2.3.
	  	Purposes and Powers	  	2
			
	 SECTION 2.4.
	  	Appointment of Owner Trustee	  	3
			
	 SECTION 2.5.
	  	Initial Capital Contributions of Trust Estate	  	3
			
	 SECTION 2.6.
	  	Declaration of Trust	  	3
			
	 SECTION 2.7.
	  	Title to Issuer Property	  	4
			
	 SECTION 2.8.
	  	Situs of Issuer	  	4
			
	 SECTION 2.9.
	  	Representations and Warranties of the Depositor	  	4
			
	 SECTION 2.10.
	  	Liability of Class R Certificateholder	  	4
			
	 SECTION 2.11.
	  	Characterization of the Trust	  	4
		
	ARTICLE III    CLASS R CERTIFICATE AND TRANSFER OF INTEREST	  	5
			
	 SECTION 3.1.
	  	Initial Ownership; Class R Certificate	  	5
			
	 SECTION 3.2.
	  	Registration of Transfer and Exchange of Class R Certificate	  	5
			
	 SECTION 3.3.
	  	Mutilated, Destroyed, Lost or Stolen Class R Certificates	  	8
			
	 SECTION 3.4.
	  	Persons Deemed Class R Certificateholders	  	8
			
	 SECTION 3.5.
	  	Access to List of Class R Certificateholders’ Names and Addresses	  	8
			
	 SECTION 3.6.
	  	Maintenance of Office or Agency	  	9
			
	 SECTION 3.7.
	  	Authenticating Agent	  	9
			
	 SECTION 3.8.
	  	Actions of Class R Certificateholder	  	10
			
	 SECTION 3.9.
	  	Appointment of Paying Agent	  	11
		
	ARTICLE IV    ACTIONS BY OWNER TRUSTEE	  	11
			
	 SECTION 4.1.
	  	Prior Notice to Class R Certificateholder with Respect to Certain Matters	  	11
			
	 SECTION 4.2.
	  	Action by Class R Certificateholder with Respect to Certain Matters	  	12

  

 i 

 TABLE OF CONTENTS 
 (continued) 

					
	 	  	 	  	Page
			
	 SECTION 4.3.
	  	Action by Class R Certificateholder with Respect to Bankruptcy	  	12
			
	 SECTION 4.4.
	  	Restrictions on Class R Certificateholder’s Power	  	12
			
	 SECTION 4.5.
	  	Majority Control	  	12
		
	ARTICLE V    APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	13
			
	 SECTION 5.1.
	  	Application of Trust Funds	  	13
			
	 SECTION 5.2.
	  	Method of Payment	  	13
			
	 SECTION 5.3.
	  	Accounting and Reports to the Class R Certificateholder, the Internal Revenue Service and Others	  	14
			
	 SECTION 5.4.
	  	Signature on Returns; Tax Matters Partner	  	14
		
	ARTICLE VI    AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	14
			
	 SECTION 6.1.
	  	General Authority	  	14
			
	 SECTION 6.2.
	  	General Duties	  	15
			
	 SECTION 6.3.
	  	Action upon Instruction	  	15
			
	 SECTION 6.4.
	  	No Duties Except as Specified in this Agreement or in Instructions	  	15
			
	 SECTION 6.5.
	  	No Action Except under Specified Documents or Instructions	  	16
			
	 SECTION 6.6.
	  	Restrictions	  	16
			
	 SECTION 6.7.
	  	Doing Business in Other Jurisdictions	  	16
		
	ARTICLE VII    CONCERNING OWNER TRUSTEE	  	17
			
	 SECTION 7.1.
	  	Acceptance of Trusts and Duties	  	17
			
	 SECTION 7.2.
	  	Furnishing of Documents	  	19
			
	 SECTION 7.3.
	  	Representations and Warranties	  	19
			
	 SECTION 7.4.
	  	Reliance; Advice of Counsel	  	19
			
	 SECTION 7.5.
	  	Not Acting in Individual Capacity	  	20
			
	 SECTION 7.6.
	  	Owner Trustee May Own Notes	  	20
		
	ARTICLE VIII    COMPENSATION OF OWNER TRUSTEE	  	20
			
	 SECTION 8.1.
	  	Owner Trustee’s Fees and Expenses	  	20
			
	 SECTION 8.2.
	  	Indemnification	  	20
			
	 SECTION 8.3.
	  	Payments to Owner Trustee	  	21

  

 ii 

 TABLE OF CONTENTS 
 (continued) 

					
	 	  	 	  	Page
	ARTICLE IX    TERMINATION OF TRUST AGREEMENT	  	21
			
	 SECTION 9.1.
	  	Termination of Trust Agreement	  	21
		
	ARTICLE X    SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	22
			
	 SECTION 10.1.
	  	Eligibility Requirements for Owner Trustee	  	22
			
	 SECTION 10.2.
	  	Resignation or Removal of Owner Trustee	  	22
			
	 SECTION 10.3.
	  	Successor Owner Trustee	  	23
			
	 SECTION 10.4.
	  	Merger or Consolidation of Owner Trustee	  	24
			
	 SECTION 10.5.
	  	Appointment of Co-Trustee or Separate Trustee	  	24
			
	 SECTION 10.6.
	  	Intent of the Parties; Reasonableness	  	25
			
	 SECTION 10.7.
	  	Information to be Provided by the Owner Trustee	  	25
		
	ARTICLE XI    MISCELLANEOUS	  	26
			
	 SECTION 11.1.
	  	Amendments	  	26
			
	 SECTION 11.2.
	  	No Legal Title to Owner Trust Estate in Class R Certificateholder	  	28
			
	 SECTION 11.3.
	  	Limitations on Rights of Others	  	28
			
	 SECTION 11.4.
	  	Notices	  	28
			
	 SECTION 11.5.
	  	Severability	  	28
			
	 SECTION 11.6.
	  	Separate Counterparts	  	28
			
	 SECTION 11.7.
	  	Successors and Assigns	  	28
			
	 SECTION 11.8.
	  	No Recourse	  	29
			
	 SECTION 11.9.
	  	No Petition	  	29
			
	 SECTION 11.10.
	  	Headings	  	29
			
	 SECTION 11.11.
	  	GOVERNING LAW	  	29
			
	 SECTION 11.12.
	  	Class R Certificate Transfer Restrictions	  	29
			
	 SECTION 11.13.
	  	Disclosure	  	29

  

 iii 

 EXHIBITS 
  

					
	 Exhibit A
	  	—  	  	Form of Class R Certificate
			
	 Exhibit B
	  	—  	  	Form of Certificate of Trust

  

 iv 

 AMENDED AND RESTATED TRUST AGREEMENT dated as of September 13, 2006 between JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION (“JPMorgan Chase”), a national banking association having its main office located at 1111 Polaris Parkway, Columbus, Ohio 43240, as the depositor (in its capacity as the depositor, the “Depositor”) and
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as the owner trustee (the “Owner Trustee”), amending and restating in its entirety the Trust Agreement, dated as of July 21, 2006 (the “Original Trust
Agreement”), between the same parties. 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Capitalized Terms. Capitalized terms are used in this Agreement as
defined in Section 1.1 to the Sale and Servicing Agreement between the trust established by this Agreement and JPMorgan Chase, as Depositor and Servicer, dated as of September 13, 2006, as the same may be amended and supplemented from time to
time (the “Sale and Servicing Agreement”). 
 (a) All terms defined in this Agreement shall have the defined
meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (b) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly
defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms
in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document
shall control. 
 (c) The words “hereof,” “herein,” “hereunder,” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement
unless otherwise specified; and the term “including” shall mean “including without limitation.” 
 (d) The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

 ARTICLE II 
 ORGANIZATION 
 SECTION 2.1. Name. The trust known as “Chase Auto Owner Trust 2006-B”
(hereinafter, the “Issuer”) was formed in accordance with the provisions of the Statutory Trust Statute pursuant to the Original Trust Agreement. Under the Original Trust Agreement, the Owner Trustee was authorized and vested with
the power and authority to make and execute contracts, instruments, certificates, agreements and other writings and to sue and be sued in the name of the Issuer. 
 The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its acceptance and agreement to hold in trust, for the benefit of such Persons as may become beneficiaries hereunder from time to
time, all of the Owner Trust Estate conveyed or to be conveyed to the Issuer, and all monies and proceeds that may be received with respect thereto, subject to the terms of this Agreement. 
 SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in the
State of Delaware as the Owner Trustee may designate by written notice to the Class R Certificateholder. 
 SECTION 2.3. Purposes and
Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities: 
 (a) to issue the Notes pursuant to the Indenture and the Class R Certificate pursuant to this Agreement, and to sell, transfer or exchange the Notes and the Class R Certificate; 
 (b) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Depositor pursuant to the terms thereof, to
make payments or distributions on the Notes and the Class R Certificate, to make deposits to and to the extent permitted under the Basic Documents withdrawals from the accounts established under this Agreement and the Sale and Servicing Agreement;

 (c) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage
and distribute to the Class R Certificateholder pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the Issuer pursuant to, the Indenture; 
 (d) to enter into and perform its obligations under the Basic Documents to which it is a party; 
 (e) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or connected therewith, which activities cannot be contrary to the status of the Issuer as a “qualifying special purpose entity” under SFAS 140, any successor rule thereto and existing accounting
literature; and 
  

 2 

 (f) subject to compliance with the Basic Documents, to engage in such other activities as
may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Noteholders, which activities cannot be contrary to the status of the Issuer as a “qualifying special purpose entity” under
SFAS 140, any successor rule thereto and existing accounting literature. 
 The Issuer is hereby authorized to engage in the foregoing activities. The Issuer
shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Basic Documents. Without limitation of the foregoing, except for such activities as are
referenced in paragraphs (a) through (f) of this Section 2.3, the Issuer is not authorized and has no power to (a) borrow money or issue other debt; (b) to the fullest extent permitted by law, merge with another entity,
reorganize, liquidate or sell assets prior to the discharge of the Indenture; or (c) engage in any other business or activities. 
 SECTION
2.4. Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Issuer to have all the rights, powers and duties set forth herein. 
 SECTION 2.5. Initial Capital Contributions of Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee the initial contribution referred to in the Original Trust Agreement, which shall constitute the initial Owner Trust Estate. The Depositor shall pay the organizational expenses of the Issuer as they may arise or shall, upon the request of
the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
 SECTION 2.6. Declaration of
Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Class R Certificateholder, subject to the obligations of the Issuer
under the Basic Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. It is the
intention of the parties hereto that, solely for income and franchise tax purposes, the Issuer will be disregarded as an entity separate from the Depositor and the Notes will be characterized as debt. The parties agree that, unless otherwise
required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an entity separate from its owner. In the event
that the Issuer is deemed to have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer as a partnership, and this Agreement shall be
amended to include such provisions as may be required under Subchapter K of the Code. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the extent not inconsistent herewith, in the
Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. The Owner Trustee has filed the Certificate of Trust with the Secretary of State of Delaware. All actions taken by the Owner Trustee with respect to the filing or
correction of the Certificate of Trust are hereby ratified and confirmed in all respects. 
  

 3 

 SECTION 2.7. Title to Issuer Property. Legal title to all the Owner Trust Estate shall be vested
at all times in the Issuer as a separate legal entity. 
 SECTION 2.8. Situs of Issuer. The Issuer will be located and administered in
the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the State of Delaware or the State of New York. Payments will be received by the Issuer only in Delaware or New York, and payments
will be made by the Issuer only from Delaware or New York. The only office of the Issuer will be at its office in Delaware. 
 SECTION 2.9.
Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 
 (a) The Depositor has been duly organized and is validly existing as a national banking association in good standing under the laws of the United States of America, with power and authority to own its properties and to conduct its business
as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, power, authority and legal right to acquire and own the Receivables. 
 (b) The Depositor has the corporate power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor
has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Issuer, and the Depositor has duly authorized such sale and assignment and deposit to the Issuer by all necessary action; and the
execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 
 (c) The consummation of the transactions contemplated by this Agreement and the other Basic Documents and the fulfillment of the terms hereof, do not conflict with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time) a default under, the articles of association or bylaws of the Depositor, or conflict with or breach any of the material terms or provisions of or constitute (with or without notice or lapse of time) a
default under any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument; nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any Federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its properties. 
 SECTION 2.10. Liability of Class R
Certificateholder. The Class R Certificateholder shall not have any personal liability for any liability or obligation of the Issuer. 
 SECTION 2.11. Characterization of the Trust. For purposes of SFAS 140, the parties hereto intend that (a) the Issuer be treated as a “qualifying special purpose entity” as such term is used in SFAS 140 and any successor
rule thereto and (b) the Issuer’s power and authority as stated in Section 2.3 of this Agreement be limited in accordance with paragraph 35 of SFAS 140. 
  

 4 

 ARTICLE III 
 CLASS R CERTIFICATE AND TRANSFER OF INTEREST 
 SECTION 3.1. Initial Ownership; Class R
Certificate. Upon the formation of the Issuer by the contributions by the Depositor pursuant to Section 2.5, the Depositor shall be the sole beneficiary of the Issuer. Concurrently with the transfer of the Receivables to the Issuer
pursuant to the Sale and Servicing Agreement, a Class R Certificate in the form of Exhibit A, which is incorporated herein by reference, representing a 100% Percentage Interest shall be issued to the Depositor. The Class R Certificate shall
be executed on behalf of the Issuer by manual or facsimile signature of an Authorized Officer or other authorized signatory of the Owner Trustee. A Class R Certificate bearing the manual or facsimile signature of an individual who was, at the time
when such signature shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individual shall have ceased to be so authorized prior to the
authentication and delivery of such Class R Certificate or did not hold such office at the date of authentication and delivery of such Class R Certificate. A Class R Certificate shall not entitle the holder thereof to any benefit under this
Agreement, or shall be valid for any purpose, unless there shall appear on such Class R Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or JPMorgan Chase, as the
Owner Trustee’s authenticating agent, by manual or facsimile signature; such authentication shall constitute conclusive evidence that such Class R Certificate shall have been duly authenticated and delivered hereunder. A Class R Certificate
shall be dated the date of its authentication. 
 SECTION 3.2. Registration of Transfer and Exchange of Class R Certificate.

 (a) The Issuer shall cause to be kept at the office or agency to be maintained pursuant to Section 3.6 by a certificate registrar
(the “Certificate Registrar”), a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of the Class
R Certificate and of transfers and exchanges of the Class R Certificate as herein provided. JPMorgan Chase shall be the initial Certificate Registrar. In the event that, subsequent to the date of issuance of the Class R Certificate, JPMorgan Chase
notifies the Owner Trustee that it is unable to act as the Certificate Registrar, the Owner Trustee shall act, or the Owner Trustee shall, with the consent of the Depositor, appoint another bank or trust company, having an office or agency located
in The City of New York and which agrees to act in accordance with the provisions of this Agreement applicable to it, to act, as successor Certificate Registrar under this Agreement. 
 The Owner Trustee may revoke such appointment and remove JPMorgan Chase as the Certificate Registrar if the Owner Trustee determines in its sole
discretion that JPMorgan Chase failed to perform its obligations under this Agreement in any material respect. JPMorgan Chase shall be permitted to resign as the Certificate Registrar upon 30 days’ written notice to the Owner Trustee, the
Depositor and the Issuer; provided, however, that such resignation shall not be effective and JPMorgan Chase shall continue to perform its duties as the Certificate Registrar until the Owner Trustee has appointed a successor
Certificate Registrar with the consent of the Depositor. 
  

 5 

 The provisions of Sections 7.1, 7.3, 7.4, 7.5, 7.6, 8.1 and
8.2 shall be applicable to any Certificate Registrar. An institution succeeding to the corporate trust or agency business of the Certificate Registrar shall continue to be the Certificate Registrar without the execution or filing of any paper
or any further act on the part of the Owner Trustee or such Certificate Registrar. 
 (b) The Class R Certificateholder may assign, convey or
otherwise transfer all or any of its right, title and interest in the Class R Certificate; provided, that (i) the Rating Agency Condition is satisfied, (ii) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the
opinion of such counsel, such transfer will not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes, and (iii) the Class R Certificate may not be acquired by or for the account of or with the assets of (a)
an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provision of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of an
employee benefit plan’s or other plan’s investment in the entity. Subject to the transfer restrictions contained herein and in the Class R Certificate, the Class R Certificateholder may transfer all or any portion of the Percentage
Interests evidenced by such Class R Certificate upon surrender thereof to the Certificate Registrar accompanied by the documents required by this Section. Such transfer may be made by the registered Class R Certificateholder in person or by his
attorney duly authorized in writing upon surrender of the Class R Certificate to the Certificate Registrar accompanied by a written instrument of transfer and with such signature guarantees and evidence of authority of the Persons signing the
instrument of transfer as the Certificate Registrar may reasonably require. Promptly upon the receipt of such documents and receipt by the Certificate Registrar of the transferor’s Class R Certificate at the office or agency maintained pursuant
to Section 3.6, the Certificate Registrar shall record the name of such transferee as a Class R Certificateholder and its Percentage Interest in the Issuer in the Certificate Register and the Issuer shall issue, execute, authenticate and (if
the Certificate Registrar is different than the Owner Trustee, then the Certificate Registrar shall) deliver (or shall cause JPMorgan Chase as its authenticating agent to authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Class R Certificates evidencing such Percentage Interest in the Issuer dated the date of authentication by the Owner Trustee or any authenticating agent. 
 (c) In the event a transferor transfers only a portion of its Percentage Interests in the Issuer, the Certificate Registrar shall register and issue to
such transferor a new Class R Certificate evidencing such transferor’s new Percentage Interest in the Issuer. Subsequent to a transfer and upon the issuance of the new Class R Certificate or Class R Certificates, the Certificate Registrar shall
cancel and destroy the Class R Certificate surrendered to it in connection with such transfer in accordance with its customary practice. The Issuer and all other Persons may treat the Person in whose name any Class R Certificate is registered as the
sole owner of the beneficial interest in the Issuer evidenced by such Class R Certificate. 
 (d) No service charge shall be made for any
registration of transfer or exchange of Class R Certificates under this Section 3.2, but the Owner Trustee or the Certificate 
  

 6 

 Registrar may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental
charges required to be paid in connection with any such transfer or exchange of Class R Certificates. 
 (e) The Certificate Registrar shall
not be obligated to register any transfer of a Class R Certificate unless each of the transferor and the transferee have certified to the Certificate Registrar that such transfer does not violate any of the transfer restrictions stated herein. The
Certificate Registrar shall not be liable to any Person for registering any transfer based on such certifications. 
 (f) Notwithstanding
anything to the contrary in this Agreement, no transfer (or purported transfer) of any Class R Certificate (or any economic interest therein, including any contract described in Treasury Regulation section 1.7704-1(a)(2)(i)(B)) shall be effective,
and any such transfer (or purported transfer) shall be void ab initio, if after such transfer (or purported transfer) there would be more than 50 Class R Certificateholders (where, for purposes of determining the number of Class R
Certificateholders, a person (beneficial owner) owning an interest in a partnership, grantor trust, or S corporation (“flow-through entity”), that owns, directly or through other flow-through entities, an interest in the Issuer, is treated
as a Class R Certificateholder if more than 50 percent of the value of such beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer) or such transfer
would otherwise cause the Issuer to become a publicly traded partnership for U.S. federal income tax purposes; 
 (g) No transfer (or
purported transfer) of a Class R Certificate (or economic interest therein), whether to another Class R Certificateholder or to a person who is not a Class R Certificateholder, shall be effective, and any such transfer (or purported transfer) shall
be void ab initio, and no person shall otherwise become a Class R Certificateholder, and none of the Issuer, the Owner Trustee, the Certificate Registrar or any of the Class R Certificateholders will recognize such transfer (or purported transfer),
unless the transferee has first represented and warranted in writing to the Issuer and the Class R Certificateholders that: 
 (i) it is acquiring the Class R Certificates for its own account and is the sole beneficial owner of such Class R Certificates; 
 (ii) the transfer is not being effected on or through (x) an “established securities market” within the meaning of Section 7704(a)(1) of the Code, including without limitation, an over-the-counter market or
an interdealer quotation system that regularly disseminates firm buy or sell quotations or (y) a “secondary market” or “substantial equivalent thereof” within the meaning of Section 7704(a)(2) of the Code and any proposed,
temporary or final Treasury regulations thereunder; 
 (iii) the transfer is not being effected by or for the account of or
with the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provision of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan
assets by reason of an employee benefit plan’s or other plan’s investment in the entity; and 
  

 7 

 (iv) such transfer will not cause the Issuer to be classified as a publicly traded
partnership for U.S. federal income tax purposes, and such purchaser or transferee will not take any action, including any subsequent disposition of such Class R Certificates or economic interest therein, that would cause the Issuer to be treated as
a publicly traded partnership for U.S. federal income tax purposes. 
 SECTION 3.3. Mutilated, Destroyed, Lost or Stolen Class R
Certificates. If any mutilated Class R Certificate shall be surrendered to the Certificate Registrar, of if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Class R Certificate and (b)
there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Class R Certificate shall have been acquired by
a protected purchaser, the Owner Trustee on behalf of Issuer shall execute and the Owner Trustee, or JPMorgan Chase, as the Owner Trustee’s authenticating agent, shall authenticate and (if the Certificate Registrar is different from the Owner
Trustee, then the Certificate Registrar shall) deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Class R Certificate, a new Class R Certificate of like class, tenor and denomination. If, after delivery of such
replacement Class R Certificate, a protected purchaser of the original Class R Certificate in lieu of which such replacement Class R Certificate was issued presents for payment such original Class R Certificate, the Owner Trustee or the Certificate
Registrar shall be entitled to recover such replacement Class R Certificate from such Person to whom such replacement Class R Certificate was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover
upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Owner Trustee or the Certificate Registrar in connection therewith. In connection with the issuance of any new Class R Certificate
under this Section 3.3, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Class R Certificate
issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in Issuer, as if originally issued, whether or not the lost, stolen or destroyed Class R Certificate shall be found at any time. The provisions of this
Section 3.3 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen Class R Certificates. 
 SECTION 3.4. Persons Deemed Class R Certificateholders. Prior to due presentation of a Class R Certificate for registration of transfer, the Owner
Trustee or the Certificate Registrar may treat the Person in whose name any Class R Certificate shall be registered in the Certificate Register as the owner of such Class R Certificate for all purposes whatsoever, and neither the Owner Trustee nor
the Certificate Registrar shall be bound by any notice to the contrary. 
 SECTION 3.5. Access to List of Class R Certificateholders’
Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Servicer and the Depositor (and to the Owner Trustee, if the Owner Trustee is not the Certificate Registrar) within 15 days after receipt by the
Certificate Registrar of a request therefor from the Servicer or the Depositor (or the Owner Trustee) in writing, a list, in such form as the Servicer or the Depositor (or the Owner Trustee) may reasonably require, of the names and addresses of the
Class R Certificateholder(s) as of the most recent Record Date. 
  

 8 

 SECTION 3.6. Maintenance of Office or Agency. The Issuer shall maintain in the City of New York,
an office or offices or agency or agencies where Class R Certificates may be surrendered for registration of transfer or exchange. The Issuer initially designates the offices of JPMorgan Chase located at 450 West 33rd Street, New York, New York
10001-2697 as its office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, the Servicer and to the Class R Certificateholder of any change in the location of the Certificate Register or any such office or
agency. 
 SECTION 3.7. Authenticating Agent. 
 (a) The Owner Trustee may appoint one or more authenticating agents with respect to the Class R Certificate which shall be authorized to act on behalf of the Owner Trustee in authenticating the Class R Certificate in
connection with the issuance, delivery, registration of transfer, exchange or repayment of the Class R Certificate. The Owner Trustee hereby appoints JPMorgan Chase as authenticating agent for the authentication of the Class R Certificate upon any
issuance or registration of transfer or exchange of the Class R Certificate. Whenever reference is made in this Agreement to the authentication of the Class R Certificates by the Owner Trustee or the Owner Trustee’s certificate of
authentication, such reference shall be deemed to include authentication on behalf of the Owner Trustee by an authenticating agent and a certificate of authentication executed on behalf of the Owner Trustee by an authenticating agent. Each
authenticating agent (other than JPMorgan Chase) shall be subject to acceptance by the Depositor. 
 (b) Any institution succeeding to the
corporate trust or agency business of an authenticating agent shall continue to be an authenticating agent without the execution or filing of any paper or any further act on the part of the Owner Trustee or such authenticating agent. 
 (c) An authenticating agent may at any time resign by giving written notice of resignation to the Owner Trustee and the Depositor. The Owner Trustee may
at any time terminate the agency of an authenticating agent by giving notice of termination to such authenticating agent and to the Depositor. Upon receiving such a notice of resignation or upon such a termination, or in case at any time an
authenticating agent shall cease to be acceptable to the Owner Trustee or the Depositor, the Owner Trustee promptly may appoint a successor authenticating agent with the consent of the Depositor. Any successor authenticating agent upon acceptance of
its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an authenticating agent. 
 (d) The Depositor shall pay the authenticating agent from time to time reasonable compensation for its services under this Section 3.7.

 (e) The provisions of Sections 7.1, 7.3, 7.4, 7.5, 7.6, 8.1 and 8.2 shall be applicable
to any authenticating agent. 
  

 9 

 (f) Pursuant to an appointment made under this Section 3.7, the Class R Certificate may have
endorsed thereon, in lieu of the Owner Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 
 This is one of the Class R Certificates referred to in the within mentioned Agreement. 
  

			
	  

	as Owner Trustee
		
	By:	 	  

		 	Authorized Officer
	
	or
	
	  

	 as Authenticating Agent
 for the Owner
Trustee,

	
	  

	Authorized Signatory

 SECTION 3.8. Actions of Class R Certificateholder. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by the Class R
Certificateholder may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Class R Certificateholder in person or by agent duly appointed in writing; and except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Owner Trustee and, when required, to the Depositor or the Servicer. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Agreement and conclusive in favor of the Owner Trustee, the Depositor and the Servicer, if made in the manner provided in this Section 3.8. 
 (b) The fact and date of the execution by any Class R Certificateholder of any such instrument or writing may be proved in any reasonable manner which
the Owner Trustee deems sufficient. 
 (c) Any request, demand, authorization, direction, notice, consent, waiver or other act by a Class R
Certificateholder shall bind every holder of every Class R Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Owner Trustee, the
Depositor or the Servicer in reliance thereon, regardless of whether notation of such action is made upon such Class R Certificate. 
  

 10 

 (d) The Owner Trustee may require such additional proof of any matter referred to in this Section
3.8 as it shall deem necessary. 
 SECTION 3.9. Appointment of Paying Agent. The Owner Trustee may appoint a Paying Agent with
respect to the Class R Certificates. The Owner Trustee hereby appoints JPMorgan Chase as the initial Paying Agent. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the
Paying Agent shall have failed to perform its obligations under this Agreement in any material respect or for other good cause. The Paying Agent shall be permitted to resign upon 30 days’ written notice to the Owner Trustee and the Servicer. In
the event that JPMorgan Chase shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company and may be the Owner Trustee), with the consent of the Depositor (which
consent shall not be unreasonably withheld). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee (unless it is the Owner Trustee) to execute and deliver to the Owner Trustee an
instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the
Class R Certificateholders in trust for the benefit of the Class R Certificateholders entitled thereto until such sums shall be paid to such Class R Certificateholders. Any institution succeeding to the corporate trust or agency business of a Paying
Agent shall continue to be a paying agent without the execution or filing of any paper or any further act on the part of the Owner Trustee or such Paying Agent. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon the
removal of a Paying Agent, such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.1, 7.3, 7.4, 7.5, 7.6, 8.1 and 8.2 shall apply to any
Paying Agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE 
 SECTION 4.1. Prior Notice to Class R Certificateholder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee
shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Class R Certificateholder in writing of the proposed action and the Class R Certificateholder shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that such Class R Certificateholder has withheld consent or provided alternative direction: 
 (a) the initiation of any material claim or lawsuit by the Issuer (except claims or lawsuits brought in connection with the collection of
the Receivables) and the compromise of any material action, claim or lawsuit brought by or against the Issuer (except with respect to the aforementioned claims or lawsuits for collection of the Receivables); 
 (b) the election by the Issuer to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the
Statutory Trust Statute); 
  

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 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any Noteholder is required; 
 (d) the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any Noteholder is not required and such amendment materially adversely affects the interest of the Class R Certificateholder; 
 (e) the amendment, change or modification of the Sale and Servicing Agreement, except to any amendment where the consent of the Class R Certificateholder is not required under the terms of the Sale and Servicing
Agreement; or 
 (f) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the
assignment by the Note Registrar, the Paying Agent, the Trustee or the Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 
 The Owner Trustee shall notify the Class R Certificateholder in writing of any appointment of a successor Paying Agent, Authenticating Agent or Certificate Registrar within five Business Days thereof. 
 SECTION 4.2. Action by Class R Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the
direction of the Class R Certificateholder, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII thereof, (b) remove the Administrator under the Administration Agreement pursuant to Section 8
thereof or (c) except as expressly provided in the Basic Documents, sell the Receivables or any interest therein after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written
instructions signed by the Class R Certificateholder. 
 SECTION 4.3. Action by Class R Certificateholder with Respect to Bankruptcy.
To the fullest extent permitted by law, the Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Issuer until one year and one day after the Outstanding Amount of all the Notes has been reduced to
zero without the unanimous prior approval of the Class R Certificateholder unless the Owner Trustee reasonably believes that the Issuer is insolvent. 
 SECTION 4.4. Restrictions on Class R Certificateholder’s Power. The Class R Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would
be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be obligated to follow any such direction, if
given. 
 SECTION 4.5. Majority Control. To the extent that there is more than one Class R Certificateholder, except as expressly
provided herein, any action that may be taken by the Class R Certificateholders under this Agreement may be taken by the Class R Certificateholders evidencing not less than a majority of the Percentage Interest in the Issuer at the time of such
action. Except as expressly provided herein, any written notice of the Class R Certificateholder(s) delivered pursuant to this Agreement shall be effective if signed by the holder(s) of Class R Certificate(s) evidencing not less than a majority of
the Percentage Interest in the Issuer at the time of the delivery of such notice. 
  

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 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1. Application of Trust Funds.
Distributions on the Class R Certificate shall be made in accordance with the provisions of the Indenture and the Sale and Servicing Agreement. Subject to the lien of the Indenture, the Paying Agent shall promptly distribute to the Class R
Certificateholder all other amounts (if any) received by the Issuer in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the Paying Agent shall distribute all amounts received (if any) by the Issuer in
respect of the Trust Estate at the direction of the Class R Certificateholder. 
 SECTION 5.2. Method of Payment. 
 (a) Subject to the Indenture, distributions required to be made to the Class R Certificateholder on any Payment Date and all amounts received by the
Issuer or the Owner Trustee on any other date that are payable to the Class R Certificateholder pursuant to this Agreement or any other Basic Document shall be made to the Class R Certificateholder by wire transfer, in immediately available funds,
to the account of the Class R Certificateholder designated by the Class R Certificateholder to the Owner Trustee and Indenture Trustee in writing. 
 (b) In the event that any withholding tax is imposed on the Issuer’s payment (or allocations of income) to a Class R Certificateholder, such tax shall reduce the amount otherwise distributable to the Class R Certificateholder in
accordance with this Section. Each of the Owner Trustee and the Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Class R Certificateholders sufficient funds for the payment of any tax that is
legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Class R Certificateholder shall be treated as cash distributed to such Class R Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. The
Owner Trustee or the Paying Agent, on its behalf, intends to withhold United States withholding taxes from any amounts allocable or distributed to non-United States Class R Certificateholders at a rate of 35% for non-United States Class R
Certificateholders that are classified as corporations for United States federal income tax purposes and at the highest individual income tax rate for all other non-United States Class R Certificateholders. In the event that a Class R
Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee and the Paying Agent shall reasonably cooperate with such Class R Certificateholder in making such claim so long as such Class R Certificateholder agrees
to reimburse the Owner Trustee and the Paying Agent for any out-of-pocket expenses incurred. 
  

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 SECTION 5.3. Accounting and Reports to the Class R Certificateholder, the Internal Revenue Service and
Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis on the accrual method of accounting, (b) deliver (or cause to be delivered) to the Class R Certificateholder, as may be
required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1, in the event there is more than one Class R Certificateholder) to enable the Class R Certificateholder to prepare its Federal and
state income tax returns, (c) in the event there is more than one Class R Certificateholder, prepare or cause to be prepared and file such tax returns relating to the Issuer (including a partnership information return, Form 1065), and make such
elections as may from time to time be required or appropriate under any applicable state or Federal statute or rule or regulation thereunder so as to maintain the Issuer’s characterization as a partnership for Federal income tax purposes and
(d) collect or cause to be collected any withholding tax with respect to income or distributions to the Class R Certificateholder. The Depositor shall sign all tax information returns filed pursuant to this Section 5.3 and any other returns
as may be required by law. 
 SECTION 5.4. Signature on Returns; Tax Matters Partner. Notwithstanding the provisions of Section
5.3, the Class R Certificateholder, or in the event there is more than one Class R Certificateholder, the Class R Certificateholder holding the greatest Percentage Interest, shall sign on behalf of the Issuer the tax returns of the Issuer,
unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee at the written direction of the Class R Certificateholder holding the greatest Percentage Interest.

 The Class R Certificateholder, or in the event there is more than one Class R Certificateholder, the Class R Certificateholder holding the
greatest Percentage Interest, shall be the “tax matters partner” of the Issuer pursuant to the Code. 
 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Issuer is named as a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Issuer is named as a party, including, without limitation, any filing authorizations authorizing the filing of a financing statement on form UCC-1 with the Secretary of State of the State of Delaware,
and any amendment thereto, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof, and, on behalf of the Issuer at the written direction of the Depositor, to direct the
Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $248,000,000, Class A-2 Notes in the aggregate principal amount of $284,000,000, Class A-3 Notes in the aggregate principal amount of $333,000,000,
Class A-4 Notes in the aggregate principal amount of $270,390,000 and Class B Notes in the aggregate principal amount of $26,270,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions
required of the Issuer pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Administrator recommends or directs in writing with respect to the Basic Documents. 
  

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 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to
be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Basic Documents and to administer the Issuer in the interest of the Class R Certificateholder, subject to the Basic Documents and in accordance with the
provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the
Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Issuer hereunder or under any other Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry
out its obligations under the Administration Agreement. 
 SECTION 6.3. Action upon Instruction. 
 (a) Subject to Article IV, the Class R Certificateholder may, by written instruction, direct the Owner Trustee in the management of the Issuer.
Such direction may be exercised at any time by written instruction of the Class R Certificateholder pursuant to Section 4.5. 
 (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action hereunder or under any other Basic Document if the Owner Trustee shall reasonably determine, or shall have been advised by counsel in writing,
that such action is likely to result in personal liability to the Owner Trustee (in such capacity or individually), is contrary to the terms of this Agreement or any other Basic Document or is contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any
other Basic Document or is unsure as to the application of any provision of this Agreement or any Basic Document, or if any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision,
or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may
give notice (in such form as shall be appropriate under the circumstances) to the Class R Certificateholder requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with
any written instruction of the Class R Certificateholder received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or
within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the
other Basic Documents, as it shall deem to be in the best interests of the Class R Certificateholder, and shall have no liability to any Person for such action or inaction. 
 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall undertake to perform such duties and only
such duties as 
  

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

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 obtain advice of counsel (which advice shall be an expense of the Depositor) to determine whether any action required to
be taken pursuant to this Agreement results in the consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such
consequences, the Owner Trustee will appoint an additional trustee pursuant to Section 10.5 to proceed with such action. 
 ARTICLE VII

 CONCERNING OWNER TRUSTEE 
 SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee
also agrees to disburse all moneys actually received by it constituting part of the Owner Trust Estate upon the terms of the other Basic Documents and this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any
Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or gross negligence or (ii) in the case of the breach of any representation or warranty contained in Section 7.3 expressly made by the Owner Trustee.
In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
 (a) The
Owner Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Owner Trustee unless it is proved that the Owner Trustee was grossly negligent in ascertaining the pertinent facts; 
 (b) The Owner Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with the
instructions of the Class R Certificateholder given pursuant to Section 6.3 or the Administrator given pursuant to Section 6.1; 
 (c) No provision of this Agreement or any other Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in its own performance of any of its rights or powers
hereunder or under any other Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not assured or provided to it; 
 (d) Under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes; 
 (e) The Owner Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the
validity or sufficiency of the Basic Documents, other than the certificate of authentication on the Class R Certificate, shall not be accountable for the use or application by the Depositor of the 
  

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 proceeds from the Class R Certificate, and the Owner Trustee shall in no event assume or incur any
liability, duty or obligation to any Noteholder, any Class R Certificateholder, other than as expressly provided for herein and in the Basic Documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to
the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority; or the ability of the
Owner Trust Estate to generate the payments to be distributed to the Class R Certificateholder under this Agreement or the Noteholders under the Indenture, including: the existence, condition and ownership of any Financed Vehicle; the existence and
enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Issuer or of any intervening assignment; the completeness of any
Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or
representation or any action of the Indenture Trustee, the Administrator or the Servicer or any subservicer taken in the name of the Owner Trustee; 
 (f) The Owner Trustee shall not be liable for the default or misconduct of the Indenture Trustee, the Administrator or the Servicer under any of the Basic Documents or otherwise, and the Owner Trustee shall have no
obligation or liability to perform the obligations of the Issuer under this Agreement or the Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the
Servicer under the Sale and Servicing Agreement; 
 (g) The Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Basic Document, at the request, order or direction of the Class R
Certificateholder, unless such Class R Certificateholder has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of
the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence, bad faith or willful
misconduct in the performance of any such act; and 
 (h) The Owner Trustee, upon receipt of any resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished to the Owner Trustee that shall be specifically required to be furnished pursuant to any provision of this Agreement or the other Basic Documents, shall examine them to
determine whether they conform to the requirements of this Agreement or such other Basic Document; provided, however, that the Owner Trustee shall not be responsible for the accuracy or content of any such resolution, certificate,
statement, opinion, report, document, order or other instrument furnished to the Owner Trustee pursuant to this Agreement or the other Basic Documents. 
  

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 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Class R
Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic
Documents. 
 SECTION 7.3. Representations and Warranties. The Owner Trustee hereby represents and warrants to the Depositor, for the
benefit of the Class R Certificateholder, that: 
 (a) It is a banking corporation duly organized and validly existing in good
standing under the laws of the State of Delaware and having an office within the State of Delaware. It has all requisite corporate power, authority and legal right to execute, deliver and perform its obligations under this Agreement. 
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware
law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment, writ, decree or order applicable to it, or constitute any default under its charter documents or by-laws or, with or without notice or
lapse of time, any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 
 (d) The execution, delivery and performance by the Owner Trustee of this Agreement does not require the authorization, consent, or approval of, the giving of notice to, the filing or registration with, or the taking
of any other action in respect of, any governmental authority or agency of the State of Delaware or the United States of America regulating the corporate trust activities of the Owner Trustee. 
 (e) This Agreement has been duly authorized, executed and delivered by the Owner Trustee and shall constitute the legal, valid, and
binding agreement of the Owner Trustee, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization and other laws affecting the rights of creditors generally, and by general
principles of equity regardless of whether enforcement is pursuant to a proceeding in equity or at law. 
 SECTION 7.4. Reliance; Advice
of Counsel. 
 (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. 
  

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 As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner
Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall
constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b)
In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to
agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with due care and (ii) may
consult with counsel, accountants and other skilled persons knowledgeable in the relevant area to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it
in accordance with the written opinion or advice of any such counsel, accountants or other such persons and not contrary to this Agreement or any Basic Document. 
 SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington Trust Company acts solely as the Owner Trustee hereunder and not
in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.

 SECTION 7.6. Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee
of the Notes and may deal with the Depositor, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not the Owner Trustee. 
 ARTICLE VIII 
 COMPENSATION OF OWNER TRUSTEE 
 SECTION 8.1. Owner Trustee’s Fees and Expenses. In accordance with Section 4.7 of the Sale and Servicing Agreement, the Owner Trustee
shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Servicer and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Servicer for
its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its
rights and its duties hereunder except any such expenses as may arise from its gross negligence, willful misfeasance, or bad faith or that is the responsibility of the Class R Certificateholder under this Agreement. 
 SECTION 8.2. Indemnification. In accordance with Section 7.2 of the Sale and Servicing Agreement, the Servicer shall be liable as primary
obligor for, and shall indemnify the Owner Trustee (in such capacity or individually) and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations,

  

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 losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way
relating to or arising out of this Agreement, the other Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Servicer shall not be liable
for or required to indemnify the Owner Trustee from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.1. The indemnities contained in this Section shall survive the
resignation or termination of the Owner Trustee or the termination of this Agreement. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Indemnified
Party in respect of which indemnity may be sought pursuant to this Section 8.2, such Indemnified Party shall promptly notify the Servicer in writing, and the Servicer upon request of the Indemnified Party shall retain counsel reasonably
satisfactory to the Indemnified Party (or, with the consent of the Servicer, counsel selected by the Indemnified Party acceptable to the Servicer) to represent the Indemnified Party and any others the Servicer may designate in such proceeding and
shall pay the reasonable fees and expenses of such counsel related to such proceeding. The Servicer shall not be liable for any settlement of any claim or proceeding effected without its written consent, but if settled with such consent or if there
be a final judgment for the plaintiff, the Servicer agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such settlement or judgment. The Servicer shall not, without the prior written consent of the
Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement
includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. 
 SECTION 8.3. Payments to Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT

 SECTION 9.1. Termination of Trust Agreement. 
 (a) The Issuer shall dissolve as soon as reasonably practicable after the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of
the Indenture, the Sale and Servicing Agreement and Article V, but before the payment to the Class R Certificateholder of all amounts required to be paid to them pursuant to this Agreement, which payment will be made only after the Owner
Trustee has satisfied its obligations under Section 3808(e) of the Statutory Trust Statute. The bankruptcy, liquidation, dissolution, death or incapacity of any Class R Certificateholder shall not (x) operate to terminate this Agreement or the
Issuer, nor (y) entitle such Class R Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or the Owner Trust
Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
  

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 (b) Except as provided in clause (a), none of the Depositor or any Class R Certificateholder shall
be entitled to revoke or terminate the Issuer. 
 (c) Any funds remaining in the Issuer after funds for final distribution have been
distributed or set aside for distribution shall be distributed by the Owner Trustee to the Class R Certificateholder, or in the event there is more than one Class R Certificateholder, to the Class R Certificateholders on a pro rata basis based on
their respective Percentage Interests. 
 (d) Upon the winding up of the Issuer in accordance with Section 3808 of the Statutory Trust
Statute and surrender of the Class R Certificate for cancellation, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section
3810 of the Statutory Trust Statute and thereupon, this Agreement (other than Article VIII) and the Issuer shall terminate. 
 ARTICLE
X 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 SECTION 10.1. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation authorized to exercise corporate
trust powers; and having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by Federal or state authorities. If such corporation shall publish reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in
Section 10.2. In addition, at all times the Owner Trustee or a co-trustee shall be a person that satisfies the requirements of Section 3807(a) of the Statutory Trust Statute. 
 SECTION 10.2. Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered
to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner
Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
 If at any time the Owner
Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign after written request therefor by the 
  

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 Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Administrator may remove the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee by
written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy of which shall be delivered to the successor Owner Trustee, and payment of all fees owed to the outgoing Owner
Trustee shall be made to the outgoing Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner
Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner
Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. The Administrator shall pay all reasonable fees and expenses incurred in connection with any replacement of the Owner
Trustee. 
 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall
execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become
effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named
as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Administrator and the predecessor
Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner
Trustee shall be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice of the successor of such Owner Trustee to the Class R Certificateholder, the Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 days after
acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 
 Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and principal place of business
of such successor Owner Trustee in the State of Delaware. 
  

 23 

 SECTION 10.4. Merger or Consolidation of Owner Trustee. Any corporation into which the Owner
Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all
of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 10.1, without the execution or filing of any instrument or any
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies; and
provided further, that such successor Owner Trustee shall file an amendment to the Certificate of Trust as described in Section 10.3. 
 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved
by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part
thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 (a) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and
exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to
the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
 (b) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement;
and 
 (c) the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any
separate trustee or co-trustee. 
  

 24 

 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to
each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee
and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee
and a copy thereof given to the Administrator. 
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent
or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 SECTION 10.6. Intent of the Parties; Reasonableness. The Depositor and the Owner Trustee acknowledge and agree that the purpose of this Section
10.6 and Section 10.7 is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Securities and Exchange Commission. The Depositor shall not exercise its right to request
delivery of information or other performance under these provisions other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Securities and
Exchange Commission thereunder. The Owner Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Owner Trustee which is required in order to enable the Depositor to comply with the
provisions of Regulation AB, including, without limitation, Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as it relates to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement. 
 SECTION 10.7. Information to be Provided by the Owner Trustee. 
 (a) For so long as the Depositor is required to report under the Exchange Act with respect to the Issuer including the provisions of Regulation AB and related rules and regulations of the Securities and Exchange
Commission under Regulation AB, the Owner Trustee shall, as promptly as practicable, notify the Depositor, in writing, of: (i) the commencement of, a material development in or, if applicable, the termination of, any and all legal proceedings
against the Owner Trustee or any and all proceedings of which any property of the Owner Trustee is the subject, that is material to the Noteholders or the Class R Certificateholder; and (ii) any such proceedings known to be contemplated by
governmental authorities. The Owner Trustee shall also notify the Depositor, in writing, as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any material changes to proceedings described in
the preceding sentence. In addition, the Owner Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Owner Trustee describing such proceedings required to be disclosed under Item 1117 of Regulation AB, for
inclusion in reports filed by or on behalf of the Depositor with respect to the Trust pursuant to the Exchange Act. 
  

 25 

 (b) For so long as the Depositor is required to report under the Exchange Act with respect to the Issuer
including the provisions of Regulation AB and related rules and regulations of the Securities and Exchange Commission under Regulation AB, the Owner Trustee shall (i) on or before the fifth Business Day of each January, April, July and October,
provide to the Depositor such information regarding the Owner Trustee as is required for the purpose of compliance with Item 1119 of Regulation AB; provided, however, the Owner Trustee shall not be required to provide such information
in the event that there has been no change to the information previously provided by the Owner Trustee to the Depositor; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any
changes to such information, provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum, a description of any affiliation between the Owner Trustee and any of the Depositor, the Servicer, the
Indenture Trustee or any other material transaction party that would be required to be disclosed in accordance with Item 1119 of Regulation AB. In addition, the Owner Trustee shall provide a description of whether there is, and if so the general
character of, any business relationship, agreement, arrangement, transaction or understanding between the Owner Trustee and any such parties that is entered into outside the ordinary course of business or is on terms other than would be obtained in
an arm’s length transaction with an unrelated third party, apart from the transactions contemplated by the Basic Documents, that currently exists or that existed during the past two years and that is material to the understanding of the
Noteholders or the Class R Certificateholder of the transactions contemplated by the Basic Documents. 
 (c) For so long as the Depositor is
required to file reports under the Exchange Act with respect to the Issuer including the provisions of Regulation AB under the Exchange Act and related rules and regulations of the Securities and Exchange Commission under Regulation AB, the Owner
Trustee shall promptly notify the Depositor of the occurrence of a proceeding of the type described in Item 1.03 of Form 8-K with respect to the Owner Trustee. 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.1. Amendments. 
 (a) Any
term or provision of this Agreement may be amended by the Depositor and the Owner Trustee without the consent of the Indenture Trustee, any Noteholder, the Class R Certificateholder, the Issuer or any other Person; provided, that such
amendment shall not, as evidenced by an Officer’s Certificate or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Noteholders, the Class R Certificateholder,
the Indenture Trustee or the Owner Trustee. Any term or provision of this Agreement may be amended by the Depositor and the Owner Trustee without the consent of any Noteholder or the Class R Certificateholder but with the consent of the Indenture
Trustee and the Owner Trustee; provided, that such amendment shall not, as evidenced by an Officer’s Certificate or an Opinion of Counsel delivered to the Indenture 
  

 26 

 Trustee, materially and adversely affect the interests of the Noteholders or the Class R Certificateholder. For greater
clarity, except as otherwise expressly provided herein, the consent of a Person shall not be required for any amendment if the interests of such Person are not materially and adversely affected. 
 (b) Any term or provision of this Agreement may be amended by the Depositor and the Owner Trustee, without the consent of the Indenture Trustee, any
Noteholder, the Issuer or any other Person, provided that the consent of the Class R Certificateholder shall be required if the Class R Certificateholder would be adversely affected by such amendment, to add, modify or eliminate any
provisions as may be necessary or advisable in order to enable the Depositor, the Servicer or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle, it being a
condition to any such amendment that the Rating Agency Condition shall have been satisfied. 
 (c) This Agreement may also be amended from
time to time by the Depositor and the Owner Trustee, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Controlling Class, provided that the consent of the Class R Certificateholder shall
be required if the Class R Certificateholder would be adversely affected by such amendment, 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. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such
reasonable requirements as the Indenture Trustee may prescribe. 
 (d) Prior to the execution of any such amendment, the Depositor shall
provide written notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Depositor shall furnish a copy of such amendment or consent to each
Rating Agency, the Owner Trustee and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement, the Owner
Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such
amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement. 
 (f) Promptly after the execution of any amendment to the Certificate of the Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State. 
 (g) Notwithstanding anything in this Section 11.1 to the contrary, no amendment, modification or supplement to
this Agreement may significantly change the permitted activities of the Issuer set forth in Section 2.3 without the consent and approval of a majority of the Outstanding Amount of the Notes and the Class R Certificateholder. 
  

 27 

 SECTION 11.2. No Legal Title to Owner Trust Estate in Class R Certificateholder. The Class R
Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Class R Certificateholder shall be entitled to receive distributions with respect to its ownership interest therein only in accordance with the Sale and
Servicing Agreement, the Indenture and this Agreement. No transfer, by operation of law or otherwise, of any right, title or interest of the Class R Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
 SECTION 11.3. Limitations on Rights of Others. Except for Sections 2.7 and 2.10, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Class R
Certificateholder and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy
or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
 SECTION 11.4. Notices. 
 (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in
writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt, and addressed in each case as set forth
on Schedule C to the Sale and Servicing Agreement; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
 (b) Any notice required or permitted to be given to a Class R Certificateholder shall be given by first-class mail, postage prepaid, at the address of
such Class R Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, regardless of whether the Class R Certificateholder
receives such notice. 
 SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 11.6. Separate Counterparts. This Agreement
may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Class R Certificateholder, the Owner Trustee and their respective successors and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Class
R Certificateholder shall bind the successors and assigns of the Class R Certificateholder. 
  

 28 

 SECTION 11.8. No Recourse. The Class R Certificateholder, by accepting the Class R Certificate,
acknowledges that such Class R Certificateholder’s Class R Certificate represent equity interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or
any Affiliate thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Class R Certificate or the other Basic Documents. 
 SECTION 11.9. No Petition. 
 (a) The Depositor will not, prior to the date which is one year and one day after payment in full of the Notes, at any time institute against the Issuer any bankruptcy proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Class R Certificate, the Notes, this Agreement or any of the other Basic Documents. 
 (b) The Owner Trustee, by entering into this Agreement, the Class R Certificateholder, by accepting the Class R Certificate, hereby covenant and agree that, prior to the date which is one year and one day after payment in full of the Notes,
they will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to
the Class R Certificate, this Agreement or any of the other Basic Documents. 
 SECTION 11.10. Headings. The headings of the various
Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.12. Class R Certificate Transfer Restrictions. The Class R
Certificate may not be acquired by or for the account of an individual or entity that is not a U.S. person as defined in Section 7701(a)(30) of the Code and any transfer of a Class R Certificate to a person that is not a U.S. Person shall be void.
By accepting and holding a Class R Certificate, the holder shall be deemed to have represented and warranted under penalties of perjury that it (or, if it is acting as a nominee, the beneficial owner) is a U.S. Person. 
 SECTION 11.13. Disclosure. Notwithstanding anything herein to the contrary, JPMorgan Chase and the Owner Trustee (and any employee, representative
or other agent of both JPMorgan Chase and the Owner Trustee) may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the transactions 
  

 29 

 contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided
to it relating to such tax treatment and tax structure. 
 [Signatures Follow] 
  

 30 

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

			
	WILMINGTON TRUST COMPANY,
	    as Owner Trustee
		
	By:	 	 /s/ Michele C. Harra

	Name:	 	Michele C. Harra
	Title:	 	Financial Services Officer

  

					
		  	S-1	  	 2006-B Amended and Restated
 Trust Agreement

			
	 JPMORGAN CHASE BANK, NATIONAL
 ASSOCIATION, as Depositor

		
	By:	 	 /s/ Stephen R. Etherington

	Name:	 	Stephen R. Etherington
	Title:	 	Vice President

  

					
		  	S-2	  	 2006-B Amended and Restated
 Trust Agreement

 EXHIBIT A 
 THIS CLASS R CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS CLASS R CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD OR OTHERWISE TRANSFERRED OTHER THAN IN COMPLIANCE WITH THE TRUST
AGREEMENT. 
 THIS CLASS R CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY. 
 CHASE AUTO OWNER TRUST 2006-B 
 CLASS R
CERTIFICATE 
 Percentage Interest 100% 
 evidencing a beneficial ownership interest in certain distributions of the Issuer, as defined below, the property of which includes a pool of retail installment sales contracts or purchase money notes and security agreements and other notes
secured by new or used automobiles or light duty trucks and sold to the Issuer by JPMorgan Chase Bank, National Association, a national banking association. 
 (This Class R Certificate does not represent an interest in or obligation of JPMorgan Chase Bank, National Association or any of its Affiliates, except to the extent described below.) 
 THIS CERTIFIES THAT JPMorgan Chase Bank, National Association is the registered owner of the Percentage Interest of the beneficial ownership interest in
certain distributions of Chase Auto Owner Trust 2006-B (the “Issuer”) formed by JPMorgan Chase Bank, National Association, a national banking association (the “Depositor”). 
 Issuer was created pursuant to a Trust Agreement dated as of July 21, 2006 (as amended and restated as of September 13, 2006 the “Trust
Agreement”), between the Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to them in Section 1.1 of the Sale and Servicing Agreement between the Issuer and JPMorgan Chase Bank, National Association, as Depositor and Servicer, dated as of September
13, 2006, as the same may be amended or supplemented from time to time (the “Sale and Servicing Agreement”). 
 This
Class R Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Class R Certificate by virtue of the acceptance hereof assents and by which such holder is
bound. 
 The holder of this Class R Certificate acknowledges and agrees that its rights to receive distributions in respect of this Class R
Certificate are subordinated to the rights of the Noteholders and are limited to amounts distributable to it pursuant to the Sale and Servicing Agreement, the Indenture and the Trust Agreement. 
  

 A-1 

 It is the intention of the parties to the Trust Agreement that, solely for income and franchise tax
purposes, (i) so long as there is a single Class R Certificateholder, the Issuer will be disregarded as an entity separate from such Class R Certificateholder, and if there is more than one Class R Certificateholder, the Issuer will be treated as a
partnership, and (ii) the Notes will be characterized as debt. By accepting this Class R Certificate, the Class R Certificateholder agrees to take no action inconsistent with the foregoing intended tax treatment. 
 This Class R Certificate does not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or
any Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the other Basic Documents. 
 This Class R Certificate may not be acquired by or for the account of an individual or entity that is not a U.S. Person as defined in Section 7701(A)(30)
of the Code. By accepting and holding a Class R Certificate, the holder shall be deemed to have represented and warranted that it (or, if it is acting as a nominee, the beneficial owner) is a U.S. Person. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or the Authentication Agent, by
manual or facsimile signature, this Class R Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
 THIS CLASS R CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 A-2 

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

					
		 	CHASE AUTO OWNER TRUST 2006-B
			
		 	By:	 	WILMINGTON TRUST COMPANY,
		 		 	 not in its individual capacity,
 but solely as Owner
Trustee

			
	Dated: [    ], 2006	 	By:	 	  

  

 A-3 

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is the Class R Certificate referred to in the within-mentioned Trust Agreement. 
  

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

					
	By:	 	  
	 		 	By:	 	  

		 	Authenticating Agent	 		 		 	

  

 A-4 

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRUST 
 Chase Auto Owner Trust 2006-B 
 This Certificate of Trust of Chase Auto Owner Trust 2006-B (the “Trust”) is being duly executed and filed by Wilmington Trust Company, a
Delaware banking corporation, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801 et seq.) (the “Act”). 
 Name. The name of the statutory trust formed hereby is Chase Auto Owner Trust 2006-B. 
 Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attn: Corporate Trust Administration. 
 Effective Date. This
Certificate of Trust shall be effective upon filing. 
 IN WITNESS WHEREOF, the undersigned has duly executed this certificate in accordance with the Act.

  

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

		
	By:	 	  

	Name:	 	
	Title:

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