Document:

Pooling and Servicing Agreement

 EXHIBIT 4.2 

POOLING AND SERVICING AGREEMENT 

AMONG 

ALLY BANK 

SELLER 

AND 

GMAC INC. 

SERVICER 

AND 

ALLY WHOLESALE ENTERPRISES LLC 

PURCHASER 

DATED AS OF FEBRUARY 12, 2010 

ALLY MASTER OWNER TRUST 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
	 Section 1.01
	  	Definitions	  	1
		
	 ARTICLE II PURCHASE AND SALE OF ELIGIBLE RECEIVABLES
	  	2
	 Section 2.01
	  	Purchase and Sale of Eligible Receivables	  	2
	 Section 2.02
	  	Purchase Price	  	3
	 Section 2.03
	  	Addition of Accounts	  	4
	 Section 2.04
	  	Optional Removal of Eligible Accounts	  	5
	 Section 2.05
	  	Removal of Ineligible Accounts	  	5
	 Section 2.06
	  	Custody of Documentation	  	6
	 Section 2.07
	  	Retained Rights	  	6
		
	 ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES
	  	6
	 Section 3.01
	  	Appointment of and Acceptance by the Servicer	  	6
	 Section 3.02
	  	Rights and Duties of the Servicer with respect to the Receivables	  	7
	 Section 3.03
	  	Servicing Compensation; Payment of Certain Expenses by the Servicer	  	9
	 Section 3.04
	  	Representations, Warranties and Covenants of the Servicer	  	9
	 Section 3.05
	  	The Servicer’s Accounting and Reports	  	13
	 Section 3.06
	  	Pre-Closing Collections	  	13
	 Section 3.07
	  	Collections Received by the Seller	  	13
		
	 ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	13
	 Section 4.01
	  	Representations and Warranties of the Seller Relating to the Accounts and the Receivables	  	13
	 Section 4.02
	  	Representations and Warranties of the Seller Relating to the Seller and the Agreement	  	14
	 Section 4.03
	  	Representations and Warranties of the Purchaser	  	17
	 Section 4.04
	  	Covenants of the Seller	  	18
		
	 ARTICLE V CERTAIN MATTERS RELATING TO THE SERVICER AND THE SELLER
	  	19
	 Section 5.01
	  	Merger or Consolidation of, or Assumption of the Obligations of, the Servicer	  	19
	 Section 5.02
	  	Merger or Consolidation of, or Assumption of the Obligations of, the Seller	  	19
	 Section 5.03
	  	Seller Indemnification of the Purchaser	  	19
	 Section 5.04
	  	Seller Acknowledgment of Transfers to the Issuing Entity	  	20
		
	 ARTICLE VI ADDITIONAL AGREEMENTS
	  	20
	 Section 6.01
	  	Additional Obligations of the Seller and the Purchaser	  	20
	 Section 6.02
	  	Effect of Involuntary Case Involving the Seller	  	20
	 Section 6.03
	  	Intercreditor Agreements	  	21

  

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	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	22
	 Section 7.01
	  	Amendment	  	22
	 Section 7.02
	  	Protection of Right, Title and Interest in and to Receivables	  	22
	 Section 7.03
	  	Costs and Expenses	  	23
	 Section 7.04
	  	GOVERNING LAW	  	24
	 Section 7.05
	  	Notices	  	24
	 Section 7.06
	  	Severability of Provisions	  	24
	 Section 7.07
	  	Assignment	  	24
	 Section 7.08
	  	Further Assurances	  	24
	 Section 7.09
	  	No Waiver; Cumulative Remedies	  	24
	 Section 7.10
	  	Counterparts	  	25
	 Section 7.11
	  	Third-Party Beneficiaries	  	25
	 Section 7.12
	  	Merger and Integration	  	25
	 Section 7.13
	  	Confidential Information	  	25
	 Section 7.14
	  	Headings	  	25
	 Section 7.15
	  	Termination	  	25
	 Section 7.16
	  	No Petition Covenants	  	25
	 Section 7.17
	  	Jurisdiction	  	25
	 Section 7.18
	  	Successor Servicer	  	25
	 Section 7.19
	  	Official Record	  	26

 Appendix 

Appendix A - Definitions and Rules of Construction 

Appendix B - Demands, Communications and Notices 

Appendix C - Additional Representations and Warranties 

Exhibits 
 Exhibit A -
List of Locations of the Schedule of Accounts 
 Exhibit B - Form of Assignment for the Initial Closing Date 

Exhibit C - Form of Assignment for Each Addition Date 

Exhibit D - Form of Opinion of Counsel With Respect to Addition of Accounts 

 

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 THIS POOLING AND SERVICING AGREEMENT is made as of February 12, 2010, among ALLY BANK,
a Utah chartered bank (the “Seller”), GMAC INC., a Delaware corporation (referred to herein as the “Servicer” in its capacity as servicer of the Receivables), and ALLY WHOLESALE ENTERPRISES LLC, a Delaware limited
liability company (the “Purchaser”). 
 WHEREAS, the Seller, in the ordinary course of its business, generates
certain payment obligations by financing the floor plan inventory of motor vehicle dealers; 
 WHEREAS, the Seller desires to
sell and assign to the Purchaser, and the Purchaser desires to purchase from the Seller, certain of such existing and future payment obligations arising or acquired from time to time; 

WHEREAS, the Purchaser desires to transfer and assign its interest in such payment obligations to Ally SWIFT Master Auto Receivables
Trust (the “Issuing Entity” or the “Trust”) pursuant to the Trust Sale and Servicing Agreement; 

WHEREAS, pursuant to the Indenture and the Indenture Supplements, the Issuing Entity will issue the Notes to fund its acquisition of such
payment obligations; 
 WHEREAS, the Purchaser, the Issuing Entity and the Seller (as the holder of such payment obligations
repurchased or not sold to the Purchaser hereunder) desire that the Servicer shall service such payment obligations and related collateral; and 

WHEREAS, the Servicer is willing to service such payment obligations and related payment obligations in accordance with the terms hereof
and of the Trust Sale and Servicing Agreement for the benefit of the Purchaser, the Seller, the Issuing Entity and each other party identified or described herein or in the Trust Sale and Servicing Agreement as having an interest therein as owner,
trustee, secured party or holder of the Securities (all such parties being collectively referred to herein as “Interested Parties”). 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. Certain capitalized terms used in the above recitals and in this Agreement are defined in and shall have
the respective meanings assigned them in Part I of Appendix A to this Agreement. All references herein to “the Agreement” or “this Agreement” are to this Pooling and Servicing Agreement as it may be amended,
supplemented or modified from time to time, and all references herein to Articles, Sections, subsections and paragraphs are to Articles, Sections, subsections and paragraphs of this Agreement unless otherwise specified. The rules of construction set
forth in Part II of such Appendix A shall be applicable to this Agreement. 

 ARTICLE II 

PURCHASE AND SALE OF ELIGIBLE RECEIVABLES 

Section 2.01. Purchase and Sale of Eligible Receivables. 

(a) By execution of this Agreement, on the Initial Closing Date, the Seller does hereby sell, transfer, assign and otherwise convey to
the Purchaser, without recourse (except as expressly provided in Section 2.5 of the Trust Sale and Servicing Agreement), all of its right, title and interest in, to and under all of the Receivables existing in the Scheduled Accounts (the
schedule of which is kept at locations listed in Exhibit A) as of the close of business on the Initial Cut-Off Date that the Seller believes to be Eligible Receivables, as well as all monies due or to become due thereon after the Initial
Cut-Off Date, subject to Section 6.03, all Collateral Security with respect thereto and all amounts received with respect thereto (including all Interest Collections received in the calendar month in which the Initial Cut-Off Date
occurs, whether or not received prior to the Initial Cut-Off Date) and all proceeds thereof (including “proceeds” as defined in the UCC and Recoveries). 

(b) Subject to Section 6.02, (i) as of each Receivables Transfer Date, the Seller does hereby sell, transfer, assign and
otherwise convey to the Purchaser, without recourse (except as expressly provided in Section 2.5 of the Trust Sale and Servicing Agreement), all of its right, title and interest in, to and under all of the Receivables created or deemed
created in the Scheduled Accounts on such date that the Seller believes to be Eligible Receivables and all monies due or to become due thereon after such date, subject to Section 6.03, all Collateral Security with respect thereto and all
amounts received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC and Recoveries); and (ii) as of each Addition Date, the Seller does hereby sell, transfer, assign and otherwise convey to the
Purchaser, without recourse (except as expressly provided in Section 2.5 of the Trust Sale and Servicing Agreement), all of its right, title and interest in, to and under all of the Receivables existing in the Additional Accounts as of
the close of business on the applicable Additional Cut-Off Date that the Seller believes are Eligible Receivables and all monies due or to become due thereon after the applicable Additional Cut-Off Date, subject to Section 6.03, all
Collateral Security with respect thereto and all amounts received with respect thereto (including all Interest Collections received in the calendar month in which the applicable Additional Cut-Off Date occurs, whether or not received prior to the
applicable Additional Cut-Off Date), and all proceeds thereof (including “proceeds” as defined in the UCC and Recoveries). 

(c) It is the intention of the Seller and the Purchaser that the transfers and assignments contemplated by this Agreement shall
constitute sales of the property described in Section 2.01(a) and Section 2.01(b) from the Seller to the Purchaser and that the beneficial interest in and title to such property shall not be part of the Seller’s estate
in the event of the appointment of a conservator or receiver for, or the filing of a bankruptcy, insolvency or similar petition by or against the Seller under any Insolvency Law. Notwithstanding the foregoing, in the event a court, agency or
supervisory authority having jurisdiction in the premises, or a conservator or receiver of the Seller, of competent jurisdiction determines that such transfers and assignments did not constitute such sales or that such beneficial interest is a part
of the Seller’s estate, then the Seller shall be deemed to have granted to the Purchaser a first priority perfected security interest in all of the Seller’s right, title and interest in, to and under such property, and the Seller hereby
grants such security interest. The foregoing sales, transfers, assignments and conveyances and any subsequent sales, transfers, assignments and conveyances contemplated hereby do not constitute, and are not intended to result in, the creation or an
assumption by the Purchaser of any obligation of the Servicer, the Seller or any other Person in connection with the Receivables described above or under any agreement or instrument relating thereto, including any obligation to any Dealers. Further,
it is the intention of the Seller and the Purchaser that, for accounting purposes, the transfers and assignments contemplated by this Agreement shall constitute sales of the property described in Section 2.01(a) and
Section 2.01(b), and not secured borrowings. 
  

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 (d) Subject to Section 2.06 and Article III hereof, the Seller shall
retain all right, title and interest in, to and under the Receivables in the Scheduled Accounts that the Seller has not transferred to the Purchaser hereunder, the Vehicle Collateral Security for such Receivables and, subject to
Section 6.03, shall retain rights in the other Collateral Security related to such Receivables. Such Receivables, together with any Receivables repurchased by the Seller or the Servicer from the Purchaser or the Issuing Entity pursuant
to this Agreement or the Trust Sale and Servicing Agreement, all monies due or to become due on such Receivables, all amounts received with respect thereto, the Vehicle Collateral Security related to those Receivables and all proceeds thereof
(including “proceeds” as defined in the UCC and Recoveries) and, if such purchase is made in connection with the purchase of all other Receivables in the related Account, the other related Collateral Security, are collectively referred to
herein as the “Retained Property.” In addition, the Seller shall retain all right, title and interest in, to and under any amounts constituting interest with respect to any GM Receivable that accrues during its In-Transit Period, which
amounts shall also be deemed to be “Retained Property.” 
 Section 2.02 Purchase Price. (a) On the Initial
Closing Date, in consideration for the sale of the property described in Section 2.01(a) to the Purchaser, the Purchaser shall pay to the Seller $2,127,789,502 (representing the aggregate Eligible Principal Receivables as of the close of
business on the Initial Cut-Off Date so sold on the Initial Closing Date), and the Seller shall deliver to the Purchaser an executed assignment substantially in the form of Exhibit B hereto. $882,300,386 of such purchase price shall be payable
by the Purchaser to the Seller on the Initial Closing Date in immediately available funds, $1,245,489,116 will be a capital contribution for the Seller to the Purchaser, and the balance, if any, will be an advance from the Seller to the Purchaser
pursuant to the Intercompany Advance Agreement. 
 (b) The Purchaser shall pay, subject to Section 6.02, for
property described in Section 2.01(b)(ii) sold by the Seller to the Purchaser on each Addition Date and property described in Section 2.01(b)(i) sold by the Seller to the Purchaser on each Receivables Transfer Date, a price
equal to the aggregate amount of Eligible Principal Receivables to be purchased on each such date. Such purchase price shall be payable by the Purchaser on each such date at the election of the Seller in any combination of (i) immediately
available funds, (ii) in the form of an advance from the Seller to the Purchaser pursuant to the Intercompany Advance Agreement or (iii) in the form of a capital contribution from the Seller to the Purchaser. The amount advanced under the
Intercompany Advance Agreement and the amount paid as a capital contribution shall be duly recorded by the Seller and the Purchaser. 
  

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 Section 2.03. Addition of Accounts. 

(a) Offers to Designate Additional Accounts. From time to time, the Seller may, at its option, offer to designate and the
Purchaser may, at its option, request the designation of, one or more Eligible Accounts (each, an “Additional Account”) to be included in the Schedule of Accounts, subject to the conditions specified in Section 2.03(b)
below. If the Purchaser, at its option, elects to accept any such offer by the Seller or if the Seller, at its option, agrees to any such request of the Purchaser, the Seller shall sell and assign to the Purchaser, and the Purchaser shall purchase
from the Seller, all of the Seller’s right, title and interest in, to and under all of the Eligible Receivables in each such Additional Account, pursuant to Section 2.01(b)(ii), effective as of the Addition Date specified in a
written notice provided by the Servicer, on behalf of the Seller, to the Purchaser (the “Seller Addition Notice”). Effective as of each such Addition Date, such Additional Account shall be deemed to be a Scheduled Account and
Eligible Receivables arising therein from and after the Additional Cut-Off Date shall be subject to purchase under Section 2.01(b) above. Each Seller Addition Notice shall specify the related Additional Cut-Off Date and shall be given
(with a copy to the Rating Agencies) on or before the third Business Day but not more than 30 days prior to the related Addition Date. 

(b). Conditions to Addition of Accounts. The Seller shall be permitted to designate, and the Purchaser shall be permitted to
accept the designation of, Additional Accounts, in accordance with Section 2.03(a) only upon satisfaction of each of the following conditions on or prior to the related Addition Date: 

(i) the Seller shall represent as of the related Additional Cut-Off Date that each such Additional Account is an Eligible
Account and that each Receivable arising under such Additional Account identified as an Eligible Receivable and conveyed to the Purchaser on such Addition Date is an Eligible Receivable; 

(ii) the Seller shall have delivered to the Purchaser a duly executed written assignment in substantially the form of
Exhibit C and the list required to be delivered pursuant to Section 7.02(c); 
 (iii) the
Seller shall have agreed to deliver to the Purchaser, for deposit in the Collection Account, to the extent required by the Indenture, all Collections with respect to the Eligible Receivables arising in such Additional Accounts since the Additional
Cut-Off Date within two Business Days after such Addition Date; 
 (iv) as of the Addition Date, neither the
Seller nor the Purchaser is insolvent nor shall any of them have been made insolvent by such transfer nor is either of them aware of any pending insolvency; 

(v) the Schedule of Accounts shall have been amended to reflect such Additional Accounts and the Schedule of Accounts, as
so amended, shall be true and correct as of the Addition Date; 
 (vi) the Seller shall have delivered to the
Purchaser a certificate of an Authorized Officer of the Seller confirming the items set forth in clauses (i) through (v) above; 
  

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 (vii) the conditions set forth in Section 2.7(b) of the Trust
Sale and Servicing Agreement shall have been satisfied; and 
 (viii) the Seller shall have delivered to the
Purchaser an Opinion of Counsel of the Seller substantially in the form of Exhibit D. 
 Section 2.04 Optional Removal
of Eligible Accounts. From time to time, the Seller may, at its option, request from the Purchaser, and the Purchaser may, at its option, offer to the Seller, the right to designate a Scheduled Account that is an Eligible Account for removal
from the Pool of Accounts. Subject to the satisfaction by the Purchaser of the conditions set forth in Section 2.8 of the Trust Sale and Servicing Agreement, the Seller, at its option, may accept offers to designate an Eligible Account
for removal or request from the Purchaser the right to designate an Eligible Account for removal by furnishing a written notice (the “Seller Removal Notice”) to the Purchaser not less than three Business Days but not more than
30 days prior to the Removal Commencement Date. On and after the Removal Commencement Date with respect to a Randomly Selected Account, the Seller shall not transfer Receivables with respect to such Randomly Selected Account to the Purchaser.
Notwithstanding anything in this Agreement to the contrary, in the event the Purchaser shall exercise its right to remove Receivables from the Issuing Entity pursuant to Section 2.8(c) of the Trust Sale and Servicing Agreement, the
Purchaser may, at its option, offer to the Seller the right to purchase such removed Receivables with regard to some or all of the Randomly Selected Accounts without recourse, representation or warranty. In the event the Seller shall accept such
offer, the Seller shall pay for such Receivables by transferring to the Purchaser, in exchange for the Receivables to be purchased, cash and/or Eligible Receivables (including as an offset to the Purchase Price) equal to the Removal Balance related
to such Randomly Selected Accounts as of the date of removal. On the date of such transfer, all of the Purchaser’s right, title and interest in, to and under the Receivables to be removed and the related Collateral Security shall be deemed to
be transferred and released by the Purchaser to the Seller. The Schedule of Accounts shall be amended to reflect such designation as of the Removal Commencement Date and to reflect such Randomly Selected Account becoming a Removed Account as of the
Removal Date. At any time after the Removal Date, at the written request of the Seller, the Purchaser shall assign to the Seller, without recourse, representation or warranty, effective as of the Removal Date, all of the Purchaser’s right,
title and interest in, to and under the Receivables arising in such Account and related Collateral Security, as applicable. 

Section 2.05 Removal of Ineligible Accounts. If at any time an Ineligible Account shall be deemed a Randomly Selected Account as
described in Section 2.9 of the Trust Sale and Servicing Agreement, the Purchaser shall give notice thereof to the Seller at the time it gives notice to the parties identified in such Section 2.9. From and after the Removal
Commencement Date with respect to a deemed Randomly Selected Account pursuant to such Section 2.9, the Seller shall not transfer Receivables with respect to such deemed Randomly Selected Account to the Purchaser. In addition, in the
event any Account shall be designated as a Randomly Selected Account pursuant to this Section 2.05, the Purchaser may, at its option, offer to the Seller the right to purchase the Receivables with regard to some or all of the Randomly
Selected Accounts without recourse, representation or warranty. In the event the Seller shall accept such offer, the Seller shall pay for such Receivables by transferring to the Purchaser, in exchange for the Receivables to be assigned, cash and/or
Eligible Receivables (including as an offset to the Purchase Price) equal to the Removal Balance related to such Randomly Selected Accounts as of the date of removal. On the date of such assignment, all of the Purchaser’s right, title and
interest in, to and under the Receivables to be removed and the related Collateral Security shall be deemed to be transferred and released by the Purchaser to the Seller. The Schedule of Accounts shall be amended to reflect such designation as of
the Removal Commencement Date and to reflect such Account becoming a Removed Account as of the Removal Date. At any time after the Removal Date, at the written request of the Seller, the Purchaser shall assign to the Seller, without recourse,
representation or warranty, effective as of the Removal Date, all of the Purchaser’s right, title and interest in, to and under the Receivables in such Account and related Collateral Security, as applicable. 

 

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 Section 2.06 Custody of Documentation. In connection with the sale, transfer,
assignment and conveyance of the Receivables and related Collateral Security in the Scheduled Accounts to the Purchaser hereunder, simultaneously herewith the Purchaser is executing the Custodian Agreement with the Custodian, pursuant to which the
Purchaser shall revocably appoint the Custodian to act as agent of the Purchaser to maintain custody of the documents and instruments (as more fully described in the Custodian Agreement) associated with such Receivables, which shall be
constructively delivered to the Purchaser. The Seller, as the holder of the Retained Property, hereby consents to the appointment of the Custodian to act as agent of the Seller to maintain custody of the documents and contracts (as more fully
described in the Custodian Agreement) associated with the Receivables included therein and simultaneously herewith is executing the Custodian Agreement. The Custodian has accepted such appointment by the Purchaser and the Seller under the Custodian
Agreement. 
 Section 2.07 Retained Rights. The Purchaser acknowledges and agrees that the rights pursuant to the Dealer
Loan Put Option Agreement, dated as of December 1, 2006, between Ally Bank and GMAC (the “Put Option Agreement”) are personal to Ally Bank. Ally Bank is not transferring any of its rights under the Put Option Agreement to the
Purchaser pursuant to this Agreement, and the Purchaser is not and is not intended to be a third-party beneficiary of such rights and, accordingly, such rights will not be exercisable by, enforceable by, or for the benefit of, or preserved for the
benefit of, the Purchaser, the Issuing Entity, the Indenture Trustee, any Security holders, the Owner Trustee or any other Interested Party. 

ARTICLE III 

ADMINISTRATION AND SERVICING OF RECEIVABLES 

Section 3.01 Appointment of and Acceptance by the Servicer. The Purchaser and the Seller hereby appoint the Servicer to act as
Servicer with respect to the Eligible Receivables (including the Receivables included in the Retained Property), existing in or arising under the Scheduled Accounts from time to time and authorize the Servicer to perform the duties of Servicer, in
each case, under this Agreement, under the Trust Sale and Servicing Agreement and under the Indenture. The Servicer by execution of this Agreement and by execution of the Trust Sale and Servicing Agreement hereby accepts such appointment and the
terms hereof and thereof. 
  

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 Section 3.02 Rights and Duties of the Servicer with respect to the Receivables.

 (a) The Servicer shall manage, service and administer the Receivables described in Section 3.01, including
collecting payments due under the Receivables and providing for charge-offs of uncollectible Receivables, with reasonable care and all in accordance with the Servicer’s then-customary and usual servicing procedures for servicing wholesale
receivables comparable to the Receivables which the Servicer services for its own account, including the Floor Plan Financing Guidelines, and the Servicer shall not take any action that is inconsistent in any material respect with the Floor Plan
Financing Guidelines, except insofar as any failure to do so would not have a material adverse effect on the interests of Noteholders. The Servicer shall have full power and authority, acting alone or through any party properly designated by it
hereunder or under the Trust Sale and Servicing Agreement, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable, including monitoring the insurance maintained by Dealers.
Notwithstanding anything herein or the other Basic Documents to the contrary, the Servicer shall comply with all instructions and directions from the Seller and shall not take any action that constitutes a Specified Action without the consent or
direction of the Seller (it being understood that the Servicer’s compliance with respect to any such direction shall not relieve the Servicer of any other duty or obligation under the Basic Documents and shall not prevent such action from
resulting in a breach and the creation of an Administrative Receivable if such action taken without such direction would have resulted in a breach and the creation of an Administrative Receivable). The Servicer is hereby authorized to commence, in
its own name or in the name of any Interested Party, a proceeding, whether through judicial process or (with respect to repossession of a Financial Vehicle) non-judicial process, to enforce any Receivable subject hereto, to enforce all obligations
of the Seller and the Purchaser under this Agreement and under the Trust Sale and Servicing Agreement or to commence or participate in a Proceeding (including a bankruptcy proceeding) relating to or involving any such Receivable. If in any
Proceeding it is held that the Servicer may not enforce a Receivable arising under a Scheduled Account on the ground that it is not a real party in interest or a holder entitled to enforce such Receivable, the Purchaser, the Seller and each other
Interested Party shall, at the Servicer’s expense, take such steps as the Servicer reasonably deems necessary or appropriate to enforce the Receivable, including bringing suit in the name of such Person. If the Servicer commences or
participates in such a Proceeding in its own name, each Interested Party shall thereupon be deemed to have automatically assigned such Receivable to the Servicer for purposes of commencing or participating in any such Proceeding as a party or
claimant, and the Servicer is hereby authorized and empowered to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such
Proceeding. Each Interested Party shall furnish the Servicer with any powers of attorney and other documents and take any other steps which the Servicer may reasonably deem necessary or appropriate to enable the Servicer to carry out its servicing
and administrative duties under this Agreement and the Trust Sale and Servicing Agreement. Except to the extent required by the preceding two sentences, the authority and rights granted to the Servicer in this Section 3.02 shall be
nonexclusive and shall not be construed to be in derogation of the retention by any Interested Party (to the extent of its rights in a Receivable) of equivalent authority and rights. Without limiting the generality of the foregoing and subject to
any Servicing Default, the Servicer is hereby authorized and empowered, unless such power and authority is revoked by any Interested Party on account of the occurrence of such a Servicing Default, to: 

(i) instruct the Issuing Entity to make allocations, withdrawals and payments to or from the Designated Accounts and any
other related bank accounts or funds as set forth in the Basic Documents; 
  

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 (ii) instruct the Issuing Entity or any Interested Party to take any action
required or permitted under any Series Enhancement Agreement; 
 (iii) execute and deliver, on behalf of the
Issuing Entity for the benefit of any related Securityholders, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and, after the
delinquency of any Receivable and to the extent permitted under and in compliance with applicable requirements of law, to commence enforcement proceedings with respect to any such Receivable; and 

(iv) make any filings, reports, notices, applications, registrations with, and seek any consents or authorizations from,
the U.S. Securities and Exchange Commission and any State securities authority on behalf of the Issuing Entity as may be necessary or advisable to comply with any U.S. Federal or State securities law or reporting requirement. 

(b) The Servicer shall not be obligated to use separate servicing procedures, offices, employees or accounts for servicing the
Receivables in the Scheduled Accounts from the procedures, offices, employees and accounts used by the Servicer in connection with servicing other receivables, provided that the Servicer shall not take any Specified Action without the consent of the
Seller. The Servicer shall, at its own expense, on or prior to the Initial Closing Date, in the case of the Initial Accounts, and on or prior to the applicable Addition Date, in the case of Additional Accounts, indicate in its computer files that
the Eligible Receivables in the Scheduled Accounts have been sold and transferred by the Seller to the Purchaser hereunder and by the Purchaser to the Issuing Entity under the Trust Sale and Servicing Agreement. 

(c) Except as otherwise required to comply with all Requirements of Law, the Servicer may change the terms and provisions of the Floor
Plan Financing Agreements or the Floor Plan Financing Guidelines in any respect (including the calculation of the amount or the timing of charge-offs and the rate of the finance charge assessed thereon), only if: 

(i) in the reasonable belief of the Servicer, no Early Amortization Event shall occur as a result of such change;

 (ii) such change is made applicable to the comparable segment of any similar portfolio of accounts serviced by
the Servicer and not only to the Scheduled Accounts; 
 (iii) in the case of a reduction in the rate of such
finance charges, each of the Servicer and the Seller does not reasonably expect any such reduction, after considering amounts due and amounts payable under any Series Enhancement Agreements and Investment Proceeds for the related period, to result
in the Net Receivables Rate for any Collection Period being less than the sum of (A) the weighted average of the rates of interest payable to all holders of Securities and (B) the Monthly Servicing Fee Rate for the related period; and

  

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 (iv) in the case of any change constituting a Specified Action, the Servicer
has received the consent of the Seller; 
 provided, however, that nothing herein shall prevent the Servicer from modifying the terms of the
Floor Plan Financing Agreement with any dealer on a case-by-case basis in a manner consistent with the Floor Plan Financing Guidelines except that the Servicer may not make any such modification that constitutes a Specified Action without the
consent of the Seller. 
 Section 3.03 Servicing Compensation; Payment of Certain Expenses by the Servicer.

 (a) As full compensation for its servicing activities hereunder and reimbursement for its expenses as set forth in the
immediately following paragraph, the Servicer is entitled to receive the Servicing Fee on each Distribution Date on or before the Trust Termination Date, payable in arrears. The “Servicing Fee” is the aggregate of the Monthly Servicing
Fees specified in the Indenture Supplements and the Trust Agreement. The Servicing Fee is payable to the Servicer solely to the extent amounts are available for payment in accordance with the terms of the Indenture Supplements and the Trust
Agreement. 
 (b) Subject to Section 7.18 and to any other limitations on the Servicer’s liability specified in
the Trust Sale and Servicing Agreement, the Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement, the Trust Sale and Servicing Agreement, and the Indenture Supplements (including
disbursements of the Issuing Entity, fees and disbursements of any trustees, accountants and outside auditors, taxes imposed on the Servicer, expenses incurred in connection with distributions and reports to Securityholders and all other fees and
expenses not expressly stated under this Agreement, the Trust Sale and Servicing Agreement or the Indenture Supplements to be for the account of the Securityholders, but in no event including federal, state and local income and franchise taxes, if
any, of the Issuing Entity or any holder of the Securities). 
 Section 3.04 Representations, Warranties and Covenants
of the Servicer. 
 (a) The Servicer hereby makes, and any successor to the Servicer by its appointment under this Agreement
and under the Trust Sale and Servicing Agreement shall make, on each Closing Date (and on the date of any such appointment) the following representations, warranties and covenants on which the Purchaser relies in accepting and holding the
Receivables and the related Collateral Security hereunder and the Issuing Entity shall rely in acquiring and holding such Receivables and the related Collateral Security under the Trust Sale and Servicing Agreement and in issuing the Securities:

 (i) Organization and Good Standing. The Servicer has been duly organized and is validly existing as an
entity in good standing under the laws of its jurisdiction of incorporation or formation, as applicable, with power and authority to own its properties and to conduct its businesses as such properties are presently owned and such businesses are
presently conducted. 
  

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 (ii) Due Qualification. The Servicer is duly qualified to do business
and, where necessary, is in good standing as a foreign entity (or is exempt from such requirement) and has obtained all necessary licenses and approvals in each jurisdiction in which the conduct of its businesses requires such qualification, except
where the failure to so qualify or obtain licenses or approvals would not have material adverse effect on its ability to perform its obligations under this Agreement, the Custodian Agreement and the Trust Sale and Servicing Agreement. 

(iii) Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement, the
Custodian Agreement and the Trust Sale and Servicing Agreement, to carry out the terms of each such agreement and to service the Scheduled Accounts and the Receivables arising therein as provided herein, the Custodian Agreement and in the Trust Sale
and Servicing Agreement, and the execution, delivery and performance of this Agreement, the Custodian Agreement and the Trust Sale and Servicing Agreement have been duly authorized by the Servicer by all necessary company action on the part of the
Servicer. 
 (iv) Binding Obligation. This Agreement constitutes, and the Custodian Agreement and the
Trust Sale and Servicing Agreement, when duly executed and delivered by the Servicer, shall constitute, the legal, valid and binding obligation of the Servicer enforceable in accordance with their respective terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereinafter in effect, 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. 
 (v) No Violation. The execution of
this Agreement and the consummation of the transactions contemplated by this Agreement, the Custodian Agreement and the Trust Sale and Servicing Agreement by the Servicer and the fulfillment of the terms of this Agreement, the Custodian Agreement
and the Trust Sale and Servicing Agreement by the Servicer, shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice or lapse of time) a default under, the Organizational Documents of
the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of
any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic Documents), or violate any law or, to the best of the Servicer’s knowledge, any order, rule or regulation applicable to the Servicer of
any Governmental Authority having jurisdiction over the Servicer or any of its properties, except where any such conflict or violation would not have a material adverse effect on its ability to perform its obligations under this Agreement, the
Custodian Agreement or the Trust Sale and Servicing Agreement. 
  

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 (vi) No Proceedings. To the Servicer’s knowledge, there are no
Proceedings or investigations pending, or threatened, against the Servicer before any Governmental Authority having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement, the Custodian Agreement or the
Trust Sale and Servicing Agreement or any Securities issued thereunder, (B) seeking to prevent the issuance of the such Securities, the execution of this Agreement or the consummation of any of the transactions contemplated by this Agreement,
the Custodian Agreement or the Trust Sale and Servicing Agreement or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity and enforceability
of, this Agreement, the Custodian Agreement or the Trust Sale and Servicing Agreement. 
 (vii) Compliance
with Requirements of Law. The Servicer shall duly satisfy all obligations on its part to be fulfilled under or in connection with the Receivables and the Accounts to be serviced under this Agreement and the Trust Sale and Servicing Agreement,
shall maintain in effect all qualifications required under Requirements of Law in order to service properly such Receivables and such Accounts and shall comply in all material respects with all Requirements of Law in connection with servicing such
Receivables and such Accounts, except, in each case, where a failure to do so would not have a material adverse effect on the interests of the Securityholders. 

(viii) No Rescission or Cancellation. The Servicer shall not permit any rescission or cancellation of any
Receivable sold and assigned to the Purchaser hereunder that the Servicer services under this Agreement and the Trust Sale and Servicing Agreement, except as ordered by a court of competent jurisdiction or other Governmental Authority. 

(ix) Protection of Interested Party Rights. The Servicer shall take no action, nor omit to take any action, which
would impair the rights or interests of Interested Parties in the Receivables sold and assigned to the Purchaser hereunder that the Servicer services under this Agreement and the Trust Sale and Servicing Agreement or in the related Vehicle
Collateral Security nor shall it reschedule, revise or defer payments due on any such Receivable except, in each case, in a manner consistent with the Floor Plan Financing Guidelines or as otherwise contemplated herein or in the Trust Sale and
Servicing Agreement. The Servicer shall not permit any such Receivable to become subject to any right of set-off or any offsetting balance. 

(x) Negative Pledge. Except for the conveyances hereunder to the Issuing Entity pursuant to the Trust Sale and
Servicing Agreement and the pledge of the Trust Estate to the Indenture Trustee pursuant to the Indenture, and as provided in Section 6.03, the Servicer shall not sell, pledge, assign or transfer to any other Person, or grant, create,
incur, assume or suffer to exist, any Lien on any Receivable sold and assigned to the Purchaser hereunder (and any related Vehicle Collateral Security), whether now existing or hereafter created, or any interest therein, and the Servicer shall
defend the right, title and interest of the Purchaser, the Issuing Entity and any Interested Party in, to and under such property, whether now existing or hereafter created, against all claims of third parties claiming through or under the Purchaser
or the Servicer. The Servicer shall notify the Purchaser promptly after becoming aware of any Lien on such property other than the conveyances hereunder or under the Trust Sale and Servicing Agreement or the Indenture. 

 

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 (b) Notice of Breach. Upon discovery by the Purchaser, the Seller or the Servicer of
a breach of any of the representations, warranties and covenants set forth in this Section 3.04, the party discovering such breach shall give prompt written notice to the other party. 

(c) Purchase of Receivables. If any covenants of the Servicer under Sections 3.04(a)(vii), (viii),
(ix) or (x) has not been complied with in all material respects with respect to any Eligible Receivable or Scheduled Account and such noncompliance has a material adverse effect on the interests of Securityholders or any
other Interested Parties in such Receivable or such Account, the Servicer shall purchase such Receivable (or, in the case of a breach affecting less than the entire principal amount of a Receivable, to the extent of the breach) or all Eligible
Receivables under such Account (each, an “Administrative Receivable”) from the Issuing Entity, on the terms and conditions set forth in this Section 3.04 or, if the Servicer shall not be obligated to repurchase such
Administrative Receivables as a result of Section 7.18, the Servicer shall indemnify the Issuing Entity for any damages the Issuing Entity may suffer as a result of such breach. In the event that the Servicer purchases an Administrative
Receivable (or any part thereof) from the Issuing Entity or makes any indemnity payment to the Issuing Entity pursuant to this Section 3.04, the Seller shall purchase each such Administrative Receivable from the Servicer or indemnify the
Servicer for such amounts if and to the extent that the action or inaction causing such breach was at the direction of the Seller pursuant to Section 3.02(a). For the avoidance of doubt, the obligation of the Servicer to purchase an
Administrative Receivable (or any part thereof) from the Issuing Entity pursuant to this Section 3.04 shall be without regard to, and shall not be conditioned on or limited by, the Seller’s actual or anticipated performance of
(i) its repurchase obligations to the Servicer pursuant to the immediately preceding sentence or (ii) any of the Seller’s other obligations (whether specified herein or otherwise) for the benefit of the Servicer. 

(d) Payment of Purchase Price. The Servicer shall purchase each Administrative Receivable no later than two Business Days (or such
other period as may be agreed by the Applicable Trustee) following discovery by the Servicer or the Seller (including through the receipt of notice thereof) of the event giving rise to such Administrative Receivable by depositing in the Collection
Account, on the date on which such purchase is deemed to occur, an amount (in immediately available funds) equal to the principal amount of such Receivable plus accrued and unpaid interest thereon through the date of purchase. The amount so
deposited with respect to a Receivable (an “Administrative Purchase Payment”) shall be included in Principal Collections (to the extent of the principal amount of such Receivable) and Interest Collections (as to the remainder of
such amount) on such date and shall be applied in accordance with the terms of this Agreement, the Trust Sale and Servicing Agreement, the Indenture and the applicable Indenture Supplement. 

(e) Sole Remedy. The obligations of the Servicer to purchase Receivables as described in this Section 3.04, and to
make the deposits required to be made to the Collection Account as provided in the preceding paragraph, to the extent such obligations are fulfilled, shall constitute the sole remedy available to the Purchaser and to any Interested Party against the
Servicer with respect to the events giving rise to such obligation. 
  

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 Section 3.05 The Servicer’s Accounting and Reports. On or before each
Determination Date, the Servicer shall deliver to the Seller, the Purchaser, the Owner Trustee, the Indenture Trustee and the Rating Agencies the Servicer’s Accounting with respect to the immediately preceding Collection Period executed by an
Authorized Officer of the Servicer containing all information necessary for making the allocations, deposits and distributions required by the Trust Agreement and the Indenture on the related Distribution Date, and all information necessary to each
such party for sending any statements required to be sent to Securityholders with respect to such Distribution Date under the Indenture or the Trust Agreement. 

Section 3.06. Pre-Closing Collections. Within two Business Days after the Initial Closing Date, the Seller shall deliver or cause
the Servicer to deliver to the Purchaser all collections on the Receivables in the Scheduled Accounts held by the Seller on the Initial Closing Date to the extent such collections would be required to be on deposit on such date if the Basic
Documents had been in effect from and after the Initial Cut-Off Date and the Revolving Period had commenced on such date. The Purchaser hereby directs the Seller and the Servicer to deposit such amount on its behalf into the Collection Account.

 Section 3.07 Collections Received by the Seller. The Seller hereby agrees to deliver all Collections on the
Receivables in the Scheduled Accounts received by it from or on behalf of Dealers to the Servicer and consents to the application, allocation and distribution thereof in accordance with the terms and provisions of the Basic Documents. 

ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 4.01 Representations and Warranties of the Seller Relating to the Accounts and the Receivables. 

(a) Representations and Warranties. As of the dates set forth below, the Seller makes the following representations and warranties
to the Purchaser as to the Scheduled Accounts and the Receivables sold to the Purchaser hereunder, on which the Purchaser relies in accepting such Receivables: 

(i) as of the Initial Cut-Off Date, each Scheduled Account is an Eligible Account; 

(ii) as of the Initial Cut-Off Date, each Receivable that is identified as an Eligible Receivable and conveyed to the
Purchaser on the Initial Closing Date is an Eligible Receivable; 
 (iii) as of each Additional Cut-Off Date,
each related Additional Account is an Eligible Account and each Receivable arising thereunder that is identified as an Eligible Receivable and conveyed to the Purchaser on the related Addition Date is an Eligible Receivable; 

(iv) as of each Receivables Transfer Date, each Receivable that is identified as an Eligible Receivable and conveyed to
the Purchaser on such date is an Eligible Receivable; and 
  

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 (v) the representations and warranties regarding creation, perfection and
priority of security interests in the Receivables, which are attached to this Agreement as Appendix C, are true and correct to the extent that they are applicable. 

(b) Survival; Notice of Breach. The representations and warranties set forth in this Section 4.01 shall survive the
transfer and assignment of the Eligible Receivables in the Scheduled Accounts and related items to the Purchaser from time to time and the subsequent assignment and transfer of its interests therein to the Issuing Entity pursuant to the Trust Sale
and Servicing Agreement. Upon discovery by the Seller, the Servicer or the Purchaser of a breach of any of the representations and warranties set forth in this Section 4.01, the party discovering such breach shall give prompt written
notice to the other parties. 
 (c) Repurchase. The Seller acknowledges that the Purchaser shall assign its rights and
remedies hereunder with respect to the Eligible Receivables arising in the Scheduled Accounts to the Issuing Entity under the Trust Sale and Servicing Agreement. The Seller hereby covenants and agrees with the Purchaser that (i) in the event of
a breach of any of the Seller’s representations and warranties contained in Section 4.01(a) with respect to any Receivable or with respect to any Account that materially and adversely affects the interests of the Purchaser or the
Issuing Entity in any Receivable or (ii) in the event that the payment of all or a portion of the principal amount of any Receivable held by the Purchaser or the Issuing Entity is deferred pursuant to DPP or any other installment sales program
or similar arrangement, unless and to the extent such breach or deferral shall have been cured in all material respects, the Seller shall repurchase the interest of the Issuing Entity in such Receivable (to the extent of such breach or deferral) on
the date and for the amount specified in Section 2.5 of the Trust Sale and Servicing Agreement, without further notice from the Servicer, the Purchaser hereunder and without any representation, warranty or recourse from the Servicer, the
Purchaser or the Issuing Entity. Without limiting the generality of the foregoing, a Receivable shall not be an Eligible Receivable, and thus shall be subject to repurchase, if and to the extent that, (A) the Servicer adjusts downward the
principal amount of such Receivable because of a rebate, refund, credit adjustment or billing error to the related Dealer or (B) such Receivable was created in respect of a Vehicle which was refused or returned by the related Dealer.

 (d) Sole Remedy. The obligation of the Seller to repurchase any Receivable shall, to the extent such obligation is
fulfilled, constitute the sole remedy available to the Purchaser and to any Interested Party against the Seller with respect to the events giving rise to such obligation. 

Section 4.02 Representations and Warranties of the Seller Relating to the Seller and the Agreement. 

(a) Representations and Warranties. The Seller, in its capacity as Seller, hereby makes as of each Closing Date the following
representations and warranties on which the Purchaser relies. The following representations and warranties shall survive the sale, transfer and assignment of the Receivables hereunder: 

(i) Organization and Good Standing. The Seller has been duly organized and is validly existing as an entity in good
standing under the laws of the jurisdiction of organization, with power and authority to own its properties and to conduct its businesses as such properties are presently owned and such businesses are presently conducted; 

 

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 (ii) Due Qualification. The Seller is duly qualified to do business
and, where necessary, is in good standing as a foreign entity (or is exempt from such requirement) and has obtained all necessary licenses and approvals in each jurisdiction in which the conduct of its businesses requires such qualification, except
where the failure to so qualify or obtain licenses or approvals would not have a material adverse effect on its ability to perform its obligations under this Agreement and the Trust Sale and Servicing Agreement; 

(iii) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement, to carry
out its terms, and to consummate the transactions contemplated herein, and the execution, delivery and performance of this Agreement and the Trust Sale and Servicing Agreement and the consummation of the transactions contemplated herein and therein
have been duly authorized by the Seller by all necessary company action on the part of the Seller; 
 (iv) No
Violation. The execution of this Agreement and the Trust Sale and Servicing Agreement and the consummation of the transactions contemplated by this Agreement and the Trust Sale and Servicing Agreement and the fulfillment of the terms of this
Agreement and the Trust Sale and Servicing Agreement by the Seller shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the Organizational
Documents of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic Documents) or violate any law or, to the best of the Seller’s knowledge, any order, rule or regulation applicable to the
Seller of any Governmental Authority having jurisdiction over the Seller or any of its properties, except where any such conflict or violation would not have a material adverse effect on its ability to perform its obligations with respect to the
Purchaser or any Interested Party under this Agreement or the Trust Sale and Servicing Agreement; 
 (v) No
Proceedings. To the Seller’s knowledge, there are no Proceedings or investigations pending, or threatened, against the Seller before any Governmental Authority having jurisdiction over the Seller or its properties (A) asserting the
invalidity of this Agreement, the Trust Sale and Servicing Agreement, the Custodian Agreement or the Administration Agreement, (B) seeking to prevent the execution of this Agreement or the consummation of any of the transactions contemplated by
this Agreement, the Trust Sale and Servicing Agreement, the Custodian Agreement or the Administration Agreement or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its
obligations under, or the validity or enforceability of, this Agreement, the Trust Sale and Servicing Agreement, the Custodian Agreement or the Administration Agreement; 
  

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 (vi) Binding Obligation. This Agreement and the Trust Sale and
Servicing Agreement constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect 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; 
 (vii) Record of Accounts. The Schedule of Accounts is an accurate and complete listing in all
material respects of all of the Scheduled Accounts as of the Initial Cut-Off Date or the applicable Additional Cut-Off Date, as the case may be, and the information contained therein with respect to the identity of such Accounts is true and correct
in all material respects; and 
 (viii) Valid Sale. With respect to the Initial Accounts, this Agreement
and the related assignment to be delivered on the Initial Closing Date or, in the case of Additional Accounts, the related assignment as described in Section 2.03(b), when duly executed and delivered, shall constitute a valid sale,
transfer and assignment to the Purchaser of all right, title and interest of the Seller in, to and under the Eligible Receivables thereunder and the related Vehicle Collateral Security, whether then existing or thereafter created, and the proceeds
thereof, enforceable against creditors of and purchasers from the Seller. To the extent such filings are required therefor, upon the filing of the financing statements described in Section 7.02(a) (and, in the case of Eligible
Receivables hereafter created in the Scheduled Accounts and the proceeds thereof, upon the creation thereof) the Purchaser shall have a first priority perfected ownership interest in such property except for Liens permitted under
Section 4.04(a). Except as otherwise provided in the Trust Sale and Servicing Agreement or this Agreement, neither the Seller nor any Person claiming through or under the Seller has any claim to or interest in the Trust Estate.

 (b) Survival; Notice of Breach. The representations and warranties set forth in this Section 4.02 shall
survive the transfer and assignment of the Receivables and related items to the Purchaser hereunder and the subsequent assignment and transfer of its interests therein to the Issuing Entity pursuant to the Trust Sale and Servicing Agreement. Upon
discovery by the Seller or the Purchaser of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other party. 

(c) Repurchase. If (i) the Purchaser is required to purchase Receivables and related Collateral Security pursuant to
Section 3.1(c) of the Trust Sale and Servicing Agreement and (ii) the condition giving rise to such purchase obligation shall also constitute a breach of a representation or warranty pursuant to Section 4.02(a), the
Seller shall repurchase such Receivables and such Collateral Security and shall pay to the Purchaser, prior to the time the Purchaser is required to pay such amount pursuant to the Trust Sale and Servicing Agreement, an amount equal to the
Reassignment Amount. 
  

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 (d) Sole Remedy. The obligation of the Seller to purchase such Receivables and such
Collateral Security pursuant to this Section 4.02 shall, to the extent such obligation is fulfilled, constitute the sole remedy available to the Purchaser and to any Interested Party against the Seller with respect to the events giving
rise to such obligation. 
 Section 4.03 Representations and Warranties of the Purchaser. The Purchaser hereby represents
and warrants to the Seller as of each Closing Date that: 
 (a) Organization and Good Standing. The Purchaser has been
duly organized and is validly existing an entity in good standing under the laws of its jurisdiction of organization, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business
is presently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire and own the Eligible Receivables arising in the Scheduled Accounts and the Collateral Security related thereto; 

(b) Due Qualification. The Purchaser is duly qualified to do business and, where necessary, is in good standing as a foreign
entity (or is exempt from such requirement) and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification, except where the failure
to so qualify or obtain licenses or approvals would not have a material adverse effect on its ability to perform its obligations under this Agreement; 

(c) Power and Authority. The Purchaser has the power and authority to execute and deliver this Agreement, to carry out its terms
and to consummate the transactions contemplated herein, and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by the Purchaser by all necessary company
action on the part of the Purchaser; 
 (d) No Violation. The execution of this Agreement and the consummation of the
transactions contemplated by this Agreement by the Purchaser and the fulfillment of the terms of this Agreement by the Purchaser shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without
notice or lapse of time) a default under, the Organizational Documents of the Purchaser, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Purchaser is a party or by which it is bound, or result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic Documents), or violate any law or, to the best of the
Purchaser’s knowledge, any order, rule or regulation applicable to the Purchaser of any Governmental Authority having jurisdiction over the Purchaser or any of its properties, except where any such conflict or violation would not have a
material adverse effect on its ability to perform its obligations with respect to the Seller or any Interested Party under this Agreement or the Trust Sale and Servicing Agreement; 

(e) No Proceedings. To the Purchaser’s knowledge, there are no Proceedings or investigations pending, or threatened, against
the Purchaser before any Governmental Authority having jurisdiction over the Purchaser or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the execution of this Agreement or the consummation of any of
the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Purchaser of its obligations under, or the validity or enforceability of, this
Agreement; and 
  

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 (f) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect affecting the enforcement of creditors’ rights in general and by general principles or equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

Section 4.04 Covenants of the Seller. The Seller hereby covenants that: 

(a) Negative Pledge. Except for the conveyances hereunder and under the Trust Sale and Servicing Agreement and the pledge of the
Trust Estate to the Indenture Trustee under the Indenture and as provided in Section 6.03, the Seller shall not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist, any Lien on any
Eligible Receivable in any Scheduled Account (and any related Vehicle Collateral Security), whether now existing or hereafter created, or any interest therein, and the Seller shall defend the right, title and interest of the Purchaser and any
Interested Party in, to and under such property, whether now existing or hereafter created, against all claims of third parties claiming through or under the Seller. The Seller shall notify the Servicer, the Purchaser and the Issuing Entity promptly
after becoming aware of any Lien on any such property other than the conveyances hereunder or under the Trust Sale and Servicing Agreement or the Indenture. Nothing herein shall prohibit the Seller from selling, transferring, assigning, or granting,
creating, incurring or suffering to exist any Lien on, all or any portion of the Retained Property. 
 (b) Delivery of
Collections. The Seller shall deliver all payments received by the Seller from or on behalf of a Dealer in respect of Receivables in any Scheduled Accounts or any Collateral Security (except as contemplated in Section 6.03 with
respect to any property constituting Common Collateral (other than Vehicle Collateral Security related to the Receivables purchased by the Purchaser) in connection with any Other Indebtedness) to the Servicer as soon as practicable after receipt
thereof, but in no event later than two Business Days after receipt thereof. 
 (c) Compliance with Requirements of Law.
The Seller shall comply in all material respects with all Requirements of Law applicable to the Seller, except where any such failure to comply would not have a material adverse effect on its ability to perform its obligations under this Agreement.

 (d) No Petition. Neither the Servicer nor the Seller shall at any time institute against the Purchaser any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law. 
  

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 ARTICLE V 

CERTAIN MATTERS RELATING TO THE SERVICER AND THE SELLER 

Section 5.01. Merger or Consolidation of, or Assumption of the Obligations of, the Servicer. 

(a) Notwithstanding anything to the contrary in this Agreement, any Person (i) into which the Servicer may be merged or
consolidated, (ii) resulting from any merger, conversion or consolidation to which the Servicer shall be a party, (iii) succeeding to the business of the Servicer or (iv) more than 50% of the voting interests of which is owned,
directly or indirectly, by the Seller or the Servicer and which is otherwise originating receivables, which Person in any of the foregoing cases (other than the Servicer as the surviving entity of such merger or consolidation) executes an agreement
of assumption to perform every obligation of the Servicer under this Agreement, the Trust Sale and Servicing Agreement and any of the other Basic Documents to which it is a party, 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 or the Trust Sale and Servicing Agreement, anything in this Agreement to the contrary notwithstanding. A Person shall be the successor to
the Servicer under this Agreement and the Trust Sale and Servicing Agreement upon satisfaction of Section 7.2 of the Trust Sale and Servicing Agreement. 

(b) The Servicer shall provide notice of any merger, consolidation or succession pursuant to this Section 5.01 to the Rating
Agencies 
 Section 5.02 Merger or Consolidation of, or Assumption of the Obligations of, the Seller. 

(a) Notwithstanding anything to the contrary in this Agreement, any Person (i) into which the Seller may be merged or consolidated,
(ii) resulting from any merger, conversion or consolidation to which the Seller shall be a party, (iii) succeeding to the business of the Seller or (iv) more than 50% of the voting interests of which is owned, directly or
indirectly, by the Seller or the Servicer and which is otherwise originating receivables, which Person in any of the foregoing cases (other than the Seller as the surviving entity of such merger or consolidation) executes an agreement of assumption
to perform every obligation of the Seller under this Agreement, the Trust Sale and Servicing Agreement and any of the other Basic Documents to which it is a party, shall be the successor to the Seller under this Agreement without the execution or
filing of any document or any further act on the part of any of the parties to this Agreement or the Trust Sale and Servicing Agreement, anything in this Agreement to the contrary notwithstanding. 

(b) The Seller shall provide notice of any merger, consolidation or succession pursuant to this Section 5.02 to the Rating
Agencies. 
 Section 5.03 Seller Indemnification of the Purchaser. The Seller shall indemnify the Purchaser for any
liability as a result of the failure of an Eligible Receivable sold hereunder to be originated in compliance with all Requirements of Law. This indemnity obligation shall be in addition to any obligation that the Seller may otherwise have.

  

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 Section 5.04 Seller Acknowledgment of Transfers to the Issuing Entity. By its
execution of the Trust Sale and Servicing Agreement, the Seller acknowledges that the Purchaser shall, pursuant to the Trust Sale and Servicing Agreement, transfer the Receivables purchased hereunder and related Collateral Security to the Issuing
Entity and assign its rights associated therewith under this Agreement to the Issuing Entity, subject to the terms and conditions of the Trust Sale and Servicing Agreement, and that the Issuing Entity shall in turn further pledge, assign or transfer
its rights in such property and this Agreement to the Indenture Trustee under the Indenture. The Seller further acknowledges that the Purchaser shall assign its rights under the Custodian Agreement to the Issuing Entity. 

ARTICLE VI 

ADDITIONAL AGREEMENTS 

Section 6.01 Additional Obligations of the Seller and the Purchaser. With respect to each Removed Account, if and to the extent
that any related Receivable held by the Issuing Entity on the related Removal Commencement Date (determined without giving effect to the special allocation of Principal Collections pursuant to Section 2.8(c) or
Section 2.9(b), as applicable, of the Trust Sale and Servicing Agreement) is charged-off as uncollectible at any time following such special allocation of Principal Collections or the purchase thereof by the Seller pursuant to
Section 2.8 or Section 2.9 the Purchaser shall pay the amount so charged-off to the Seller. 
 Section
6.02 Effect of Involuntary Case Involving the Seller. 
 (a) Suspension of Purchases. The Purchaser shall suspend
the purchase (and the Seller shall suspend the sale) of Receivables hereunder if either party shall receive notice at its principal corporate office that the Seller has become an involuntary party to (or has been made the subject of) an Involuntary
Case. 
 (b) Resumption of Purchases. Notwithstanding any cessation or suspension of purchases pursuant to
Section 6.02(a), if the Seller or the Purchaser has obtained an order from the court having jurisdiction over an Involuntary Case approving the continuation of the sale of Receivables by the Seller to the Purchaser and/or approving the
sale of Receivables originating in the Scheduled Accounts since the date of the suspension of such sales on the same terms (including Section 6.03 hereof) as, or on terms that do not have a material adverse effect on Securityholders as
compared to, the terms in effect prior to the commencement of such Involuntary Case, and further providing that the Purchaser and any of its transferees (including the Issuing Entity) may rely on such order for the validity and nonavoidance of such
transfer (the “Order”), the Purchaser may resume the purchase (and the Seller may resume the sale) of Receivables pursuant to the terms hereof; provided, however, that so long as such Involuntary Case shall continue, notwithstanding
anything in this Agreement to the contrary, the purchase price of such Receivables (which shall not be less than reasonably equivalent value therefor or greater than the principal balance thereof) shall be paid by the Purchaser to the Seller in cash
not later than the same Business Day of any such sale, and such Receivables shall be considered transferred to the Purchaser only to the extent that the purchase price therefor has been paid in cash on the same Business Day. 

 

 20 

 (c) Cessation of Purchases. If an Order is obtained but subsequently is reversed or
rescinded or expires, the Purchaser shall immediately cease to purchase (and the Seller shall immediately cease to sell) Receivables hereunder. Notwithstanding anything contained in Section 6.02(b), if an Involuntary Case has not been
dismissed by the first Business Day following the 60 day period beginning on the day on which notice of an Involuntary Case was received by either party, whether or not an Order was obtained, the Purchaser shall not thereafter purchase
Receivables from the Seller hereunder and the Seller shall not thereafter designate Additional Accounts for transfer to the Purchaser or sell Receivables hereunder. 

Section 6.03 Intercreditor Agreements. 

(a) Common Collateral. In connection with loans or advances made or held or to be made or held by the Seller to a Dealer from time
to time, other than pursuant to a Receivable transferred to the Purchaser hereunder and not reacquired by the Seller (collectively, “Other Indebtedness”), the Seller may have a security interest in property constituting Collateral
Security (the “Common Collateral”). 
 (b) Agreements of the Seller with respect to Common Collateral.
The Seller agrees that with respect to the Common Collateral: 
 (i) the Seller’s security interest in any
Common Collateral that is Vehicle Collateral Security (and the proceeds thereof) with respect to any Receivable transferred to the Purchaser hereunder and not reacquired by the Seller is subordinate to the security interest therein in connection
with such Receivables and assigned to the Purchaser hereunder; 
 (ii) the Seller shall not apply the proceeds of
any such Common Collateral that is Vehicle Collateral Security with respect to any such Receivable in any manner that is materially adverse to the Purchaser or the Issuing Entity and the Securityholders until all required payments in respect of such
Receivable have been made; and 
 (iii) in realizing upon any such Common Collateral that is Vehicle Collateral
Security with respect to any such Receivable, neither the Purchaser nor the Issuing Entity (nor the Servicer on behalf of either) shall be obligated to protect or preserve the rights of the Seller in such Common Collateral. 

(c) Agreements of the Purchaser with respect to Common Collateral. The Purchaser agrees that with respect to the Common
Collateral: 
 (i) the Purchaser’s security interest in any Common Collateral that is not Vehicle Collateral
Security (and the proceeds thereof) with respect to any Receivable transferred to the Purchaser hereunder and not reacquired by the Seller is subordinate to the security interest therein in connection with any Other Indebtedness; 

 

 21 

 (ii) the Purchaser (or the Servicer on its behalf) shall not apply the
proceeds of any such Common Collateral that is not Vehicle Collateral Security with respect to any such Receivables in any manner that is materially adverse to the Seller until all required payments in respect of such Other Indebtedness have been
made; and 
 (iii) in realizing upon any such Common Collateral that is not Vehicle Collateral Security with
respect to any such Receivables, the Seller shall not be obligated to protect or preserve the rights of the Purchaser or the Issuing Entity in such Collateral Security. 

(d) Obligations of Issuing Entity. The Trust Sale and Servicing Agreement shall provide that the Issuing Entity is subject to this
Section 6.03. 
 (e) Obligations of Assignees and Transferees. If, other than pursuant hereto, the Seller in
any manner assigns or transfers any right or obligation with respect to any Other Indebtedness or any property constituting Common Collateral, the Seller shall make such assignment or transfer subject to the provisions of this
Section 6.03 and shall require such assignee or transferee to acknowledge that it takes such assignment or transfer subject to the provisions of this Section 6.03 and to agree that it shall require the same acknowledgment
from any subsequent assignee or transferee. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.01 Amendment. This Agreement may be amended from time to time (subject to Section 10.1(i) of the Trust Sale
and Servicing Agreement) by a written amendment duly executed and delivered by the Seller, the Servicer and the Purchaser. Notwithstanding the foregoing, this Agreement may be amended from time to time by the Seller and the Purchaser (i) with
respect to Other Assets upon satisfaction of the Rating Agency Condition with respect thereto and (ii) to comply with any rule or regulation, or amendment or modification to any existing rule or regulation, of the Federal Deposit Insurance
Corporation in connection with the isolation from the Seller of the Receivables transferred by the Seller to the Purchaser hereunder (provided that such action shall not adversely affect in any material respect the interests of any Noteholder), but,
in each case, without the consent of the Holders of any Notes or any other Person. Promptly after the execution of any such amendment that effects the interests of the Back-up Servicer, the Servicer shall deliver written notification of the
substance of such amendment or a copy of such amendment to the Back-up Servicer. 
 Section 7.02 Protection of Right, Title
and Interest in and to Receivables. 
 (a) The Seller or the Purchaser or both shall execute and file such financing
statements and cause to be executed and filed such continuation statements or other statements, all in such manner and in such places as may be required by law fully to evidence, preserve, maintain and protect the interest of the Purchaser hereunder
in the Eligible Receivables arising in the Scheduled Accounts, the related Collateral Security and in the proceeds thereof (including, without limitation, UCC-1 financing statements on or prior to the Closing Date). The Seller shall deliver (or
cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, promptly after receipt thereof. 
  

 22 

 (b) Within 60 days after the Seller makes any change in its name, identity, corporate
structure, location of its principal executive officer or change in its jurisdiction of organization that would make any financing statement or continuation statement filed in accordance with Section 7.02(a) seriously misleading within
the meaning of the UCC, the Seller shall fine amendments to such financing statements correcting reflecting such change and shall give the Purchaser notice of any such change. The Seller shall at all times maintain its principal executive office and
its jurisdiction of organization within the United States of America. 
 (c) In connection with the sale and transfer hereunder
of the Receivables in the Scheduled Accounts and the related Collateral Security from the Seller to the Purchaser, the Seller (or the Servicer on its behalf) shall, at its own expense, on or prior to the Initial Closing Date, in the case of the
Initial Accounts, and on or prior to the applicable Addition Date, in the case of Additional Accounts, (i) indicate in its computer files, and cause the Servicer to indicate in its computer files, that the Eligible Receivables in the Scheduled
Accounts have been sold and transferred, and the Collateral Security assigned, to the Purchaser pursuant to this Agreement and that such property has been transferred to the Issuing Entity pursuant to the Trust Sale and Servicing Agreement and
(ii) deliver to the Purchaser a true and complete list of all such Accounts specifying for each such Account, as of the Initial Cut-Off Date, in the case of the Initial Accounts, and as of the applicable Additional Cut-Off Date, in the case of
Additional Accounts, its account number and the outstanding principal balance of Eligible Receivables in such Account. Such list, as supplemented from time to time to reflect Additional Accounts, Randomly Selected Accounts and Removed Accounts
(including Accounts removed as described in Section 2.05), shall be the Schedule of Accounts and is hereby incorporated into and made a part of this Agreement. 

(d) The Servicer shall furnish to the Purchaser at any time upon request a list of all Scheduled Accounts, together with a reconciliation
of such list to the Schedule of Accounts as initially furnished pursuant to the Trust Sale and Servicing Agreement and to each notice furnished before such request indicating removal from or addition to the Schedule of Accounts. 

Section 7.03 Costs and Expenses. The Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Purchaser,
including fees and expenses of counsel, in connection with the perfection as against third parties of the Purchaser’s right, title and interest in, to and under the Receivables sold hereunder and the enforcement of any obligation of the Seller
hereunder. 
 Section 7.04 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER JURISDICTION, OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 23 

 Section 7.05 Notices. All demands, notices and communications upon or to the Seller,
the Servicer, the Purchaser, or any other Person identified in Section 10.3 of the Trust Sale and Servicing Agreement under this Agreement shall be delivered as specified in Appendix B to the Trust Sale and Servicing Agreement.

 Section 7.06 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this
Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed enforceable to the fullest extent permitted, and if not so permitted, 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 any Securities or rights of any Interested Parties. 

Section 7.07 Assignment. Notwithstanding anything to the contrary contained herein, except as provided in
Section 5.02, this Agreement may not be assigned by the Seller without the prior written consent of the Purchaser and the Issuing Entity. The Purchaser may assign all or a portion of its rights, remedies, powers and privileges under this
Agreement to the Issuing Entity pursuant to the Trust Sale and Servicing Agreement. 
 Section 7.08 Further Assurances.
The Seller, the Servicer and the Purchaser agree to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the other party to more fully effect the purposes of this
Agreement, including the execution of any financing statements or continuation statements relating to the Receivables for filing under the provisions of the Uniform Commercial Code of any applicable jurisdiction and to evidence the repurchase of any
interest in any Receivable by the Seller or the Servicer, and each of the parties hereto is authorized to file such statements on behalf of the other parties hereto. 

Section 7.09 No Waiver; Cumulative Remedies. No failure or delay on the part of the Purchaser in exercising any right, remedy,
power or privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

Section 7.10 Counterparts. This Agreement may be executed in two or more counterparts (and by different parties on separate
counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

Section 7.11 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto, the
Interested Parties and their respective successors and permitted assigns. Except as otherwise expressly provided in this Agreement, no other Person shall have any right or obligation hereunder. 

Section 7.12 Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived, or supplemented except as provided herein.

  

 24 

 Section 7.13 Confidential Information. The Purchaser agrees that it shall neither use
nor disclose to any Person the names and addresses of Dealers, except in connection with the enforcement of the Purchaser’s rights hereunder, under the Trust Sale and Servicing Agreement, under the Receivables or as required by law. 

Section 7.14 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 
 Section 7.15 Termination. This Agreement (except for Section 5.03)
shall terminate immediately after the termination of the Trust Sale and Servicing Agreement; provided, that if at the time of the termination of the Trust Sale and Servicing Agreement, the Purchaser has not made all payments to the Seller required
to be made under Section 6.01, this Agreement (except for Section 5.03) shall not terminate until immediately after all such payments have been made. 

Section 7.16 No Petition Covenants. Notwithstanding any prior termination of this Agreement, none of the Seller, the Servicer or
the Back-up Servicer shall, prior to the date which is one year and one day after the final distribution with respect to the Securities and, with respect to the Purchaser, the securities issued by each other trust formed by and each other financing
by the Purchaser, acquiesce, petition or otherwise invoke or cause the Purchaser to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Purchaser under any federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Purchaser or any substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Purchaser. 
 Section 7.17 Jurisdiction. Any action or proceeding arising out of or relating to this
Agreement shall be submitted to the exclusive jurisdiction of any United States Federal or New York State Court sitting in the Borough of Manhattan, New York, New York. 

Section 7.18 Successor Servicer. In the event that the Back-up Servicer or the Indenture Trustee shall be appointed as the
successor Servicer or the Administrator, all of the rights, duties and obligations of the Back-up Servicer or the Indenture Trustee as successor Servicer or Administrator pursuant to this Agreement and the other Basic Documents shall be subject to
the conditions, limitations and qualifications set forth in the Back-up Servicing Agreement (notwithstanding any termination of the Back-up Servicing Agreement). 

Section 7.19 Official Record. This Agreement is, and the Seller agrees to maintain this Agreement from and after the date
hereof as, an official record (within the meaning of Section 13(e) of the Federal Deposit Insurance Act) of the Seller. 

* * * * 
  

 25 

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

			
	 ALLY BANK,
 Seller

		
	By:	 	 /s/ L.R. Gerner

		 	Name: L.R. Gerner
		 	Title: Chief Financial Officer
	
	 GMAC INC.,

Servicer

		
	By:	 	 /s/ R.C. Farris

		 	Name: R.C. Farris
		 	Title: Assistant Treasurer
	
	 ALLY WHOLESALE ENTERPRISES LLC,

Purchaser

		
	By:	 	 /s/ P.M. Surhigh

		 	Name: P.M. Surhigh
		 	Title: Vice President

  

 26 

 EXHIBIT A 

LIST OF LOCATIONS OF THE 

SCHEDULE OF ACCOUNTS 

The Schedule of Accounts is 

on file at the offices of: 
  

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	GMAC LLC 

  

	4.	Ally Bank 

  

	5.	Ally Wholesale Enterprises LLC 

 EXHIBIT B 

FORM OF ASSIGNMENT FOR INITIAL CLOSING DATE 

As of February 12, 2010, for value received, subject to and in accordance with the Pooling and Servicing Agreement, dated as of
February 12, 2010 (the “Pooling and Servicing Agreement”), Ally Bank (the “Seller”), GMAC Inc., a Delaware corporation (the “Servicer”), and Ally Wholesale Enterprises LLC, a Delaware limited
liability company (the “Purchaser”), the Seller does hereby sell, assign, transfer and otherwise convey unto the Purchaser, without recourse, all of its right, title and interest in, to and under all of the Receivables that the
Seller believes are Eligible Receivables existing in the Accounts listed in the Schedule of Accounts as of the close of business on the Initial Cut-Off Date and, so long as each such Account is a Scheduled Account, all Receivables that the Seller
believes are Eligible Receivables created or deemed created thereunder on each Receivables Transfer Date and all monies due or to become due thereon after the Initial Cut-Off Date or such Receivables Transfer Date, as appropriate, subject to
Section 6.03 of the Pooling and Servicing Agreement, all Collateral Security with respect thereto and all amounts received with respect thereto (including all Interest Collections received in the calendar month in which the Initial
Cut-Off Date occurs, whether or not received prior to the Initial Cut-Off Date) and all proceeds thereof (including “proceeds” as defined in the UCC and Recoveries). 

The foregoing sale, transfer, assignment and conveyance and any sales, transfers, assignments and conveyances subsequent to the date
hereof do not constitute, and are not intended to result in, the creation or an assumption by the Purchaser of any obligation of the Servicer, the Seller or any other Person in connection with the Accounts, the Receivables or under any agreement or
instrument relating thereto, including any obligation to any Dealers. 
 It is the intention of the Seller and the Purchaser
that the transfers and assignments contemplated by this Assignment, including transfers and assignments subsequent to the date hereof, shall constitute a sale of the property described herein and in the Pooling and Servicing Agreement from the
Seller to the Purchaser and the beneficial interest in and title to such property shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. Notwithstanding
the foregoing, in the event a court of competent jurisdiction determines that such transfers and assignments did not constitute such sales or that such beneficial interest is a part of the Seller’s estate, then the Seller shall be deemed to
have granted to the Purchaser a first priority perfected security interest in all of the Seller’s right, title and interest in, to and under such property, and the Seller hereby grants such security interest. 

This Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in
the Pooling and Servicing Agreement and is to be governed by the Pooling and Servicing Agreement. 
 This Assignment shall be
governed by and constructed in accordance with the internal laws of the State of New York, without reference to the principles of conflicts of law thereof or of any other jurisdiction, other than Sections 5-1401 and 5-1402 of the New York General
Obligations Law. 

 This Assignment is, and the Seller agrees to maintain this Assignment from and after the
date hereof as, an official record (within the meaning of Section 13(e) of the Federal Deposit Insurance Act) of the Seller. 

Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Pooling and Servicing Agreement.

 * * * * * 
  

 Ex. B-2 

 IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of the
day and year first written above. 
  

			
	ALLY BANK
		
	By:	 	  

		 	Name:
		 	Title:

  

 Ex. B-3 

 EXHIBIT C 

FORM OF ASSIGNMENT FOR EACH ADDITION DATE 

As of             , 20    , for value received, subject
to and in accordance with the Pooling and Servicing Agreement, dated as of February 12, 2010 (the “Pooling and Servicing Agreement”), among Ally Bank (the “Seller”), GMAC Inc., a Delaware corporation (the
“Servicer”), and Ally Wholesale Enterprises LLC, a Delaware limited liability company (the “Purchaser”), the Seller does hereby sell, assign, transfer and otherwise convey unto the Purchaser, without recourse, with
respect to the Additional Accounts to which this Assignment relates, all of its right, title and interest in, to and under all of the Receivables that the Seller believes are Eligible Receivables as of the close of business on the related Additional
Cut-Off Date in such Additional Accounts and, so long as each such Account is a Scheduled Account, all Receivables that the Seller believes are Eligible Receivables created or deemed created thereunder on each Receivables Transfer Date and all
monies due or to become due thereon after such Additional Cut-Off Date or such Receivables Transfer Date, as appropriate, subject to Section 6.03 of the Pooling and Servicing Agreement, all Collateral Security with respect thereto and
all amounts received with respect thereto (including all Interest Collections received in the calendar month in which the applicable Additional Cut-Off Date occurs, whether or not received prior to the applicable Additional Cut-Off Date) and all
proceeds thereof (including “proceeds” as defined in the UCC and Recoveries). 
 The foregoing sale, transfer,
assignment and conveyance and any sales, transfers, assignments and conveyances subsequent to the date hereof do not constitute, and are not intended to result in, the creation or an assumption by the Purchaser of any obligation of the Servicer, the
Seller or any other Person in connection with the Accounts, the Receivables or under any agreement or instrument relating thereto, including any obligation to any Dealers. 

It is the intention of the Seller and the Purchaser that the transfers and assignments contemplated by this Assignment, including
transfers and assignments subsequent to the date hereof, shall constitute a sale of the property described herein and in the Pooling and Servicing Agreement from the Seller to the Purchaser and the beneficial interest in and title to such property
shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. Notwithstanding the foregoing, in the event a court of competent jurisdiction determines that such
transfers and assignments did not constitute such sales or that such beneficial interest is a part of the Seller’s estate, then the Seller shall be deemed to have granted to the Purchaser a first priority perfected security interest in all of
the Seller’s right, title and interest in, to and under such property, and the Seller hereby grants such security interest. 

This Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in
the Pooling and Servicing Agreement and is to be governed by the Pooling and Servicing Agreement. 
 This Assignment shall be
governed by and constructed in accordance with the internal laws of the State of New York, without reference to the principles of conflicts of law thereof or of any other jurisdiction, other than Sections 5-1401 and 5-1402 of the New York General
Obligations Law. 

 This Assignment is, and the Seller agrees to maintain this Assignment from and after the
date hereof as, an official record (within the meaning of Section 13(e) of the Federal Deposit Insurance Act) of the Seller. 

Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Pooling and Servicing Agreement.

 * * * * * 
  

 Ex. C-2 

 IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of the
day and year first written above. 
  

			
	ALLY BANK
		
	By:	 	  

		 	Name:
		 	Title:

  

 Ex. C-3 

 EXHIBIT D 

FORM OF OPINION OF COUNSEL 

WITH RESPECT TO ADDITION OF ACCOUNTS 

Provision to be Included in Opinion of Counsel 

Delivered Pursuant to Section 2.03(b)(viii) 

of the Pooling and Servicing Agreement 

The opinion set forth below may be subject to standard qualifications, assumptions, limitations and exceptions. 

The Assignment delivered on the Addition Date has been duly authorized, executed and delivered by the Seller, and constitutes the valid
and legally binding obligation of the Seller, enforceable against the Seller in accordance with its terms. 

 APPENDIX A 

Definitions and Rules of Construction 

Part I 
 For ease
of reference, capitalized terms defined herein have been consolidated with and are contained in Appendix A to the Trust Sale and Servicing Agreement of even date herewith among GMAC Inc., Ally Bank, Ally Wholesale Enterprises LLC and Ally Master
Owner Trust. 
 Part II 

For ease of reference, the rules of construction have been consolidated with and are contained in Part II of Appendix A to the Trust Sale
and Servicing Agreement of even date herewith among GMAC Inc., Ally Bank, Ally Wholesale Enterprises LLC and Ally Master Owner Trust. 

 APPENDIX B 

Demands, Communications and Notices 

For ease of reference, the notice address and procedures have been consolidated with and are contained in Part II of Appendix B to the
Trust Sale and Servicing Agreement of even date herewith among GMAC Inc., Ally Bank, Ally Wholesale Enterprises LLC and Ally Master Owner Trust. 

 APPENDIX C 

Additional Representations and Warranties 

1. While it is the intention of the Seller and the Purchaser that the transfers and assignments contemplated by this Agreement and the
First Step Assignment shall constitute sales of the Receivables from the Seller to the Purchaser, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the related Vehicle
Collateral Security described in clauses (a) and (b) of Section 2.01 of this Agreement (the “Trust Assets”) in favor of the Purchaser, which security interest is prior to all other Liens and is enforceable as
such against creditors and purchasers from the Seller. 
 2. All steps necessary to perfect the Seller’s security interest
against each Obligor in the Trust Assets securing the Receivables have been taken. 
 3. The Receivables constitute
“accounts,” “chattel paper” or “payment intangibles” within the meaning of the applicable UCC. 

4. The Seller owns and has good and marketable title to the Trust Assets, subject to Section 6.03 of this Agreement, free and
clear of any Liens. The Seller has received all consents and approvals required by the terms of the Trust Assets as to the sale of the Trust Assets hereunder to the Purchaser. 

5. The Seller has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper filing
office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Trust Assets granted to the Purchaser hereunder. 

6. The Custodian has in its possession the Eligible Receivables Files and holds them in accordance with its customary procedures and any
and all other documents that the Servicer or the Seller shall keep on file, in accordance with its customary procedures, relating to the Eligible Receivables. All financing statements filed or to be filed against the Seller in favor of the Purchaser
in connection herewith describing the Trust Assets contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.”

 7. Other than the security interest granted to the Purchaser pursuant to the Basic Documents or as contemplated by
Section 6.03 of this Agreement, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Trust Assets and has not authorized the filing of and is not aware of any financing statements
that include a description of collateral covering the Trust Assets other than any financing statement (i) relating to the security interest granted to the Purchaser, the Issuing Entity and Indenture Trustee under the Basic Documents,
(ii) that has been terminated, or (iii) that names the Issuing Entity as secured party. The Seller is not aware of any judgment or tax lien filings against it. 

 8. The representations, warranties and certifications contained in paragraphs 1-7 above
shall survive the sales, transfers and assignments to the Purchaser. No failure or delay on the part of the Purchaser in exercising any right, remedy, power or privilege with respect to this Agreement shall operate as a waiver thereof nor shall any
single or partial exercise of any right, remedy, power or privilege with respect to this Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

 

 App. C-2Trust Agreement between the Depositor and the Owner Trustee

 EXHIBIT 4.3 

TRUST AGREEMENT 

AMONG 
 ALLY
WHOLESALE ENTERPRISES LLC 
 DEPOSITOR 

HSBC BANK USA, NATIONAL ASSOCIATION 

OWNER TRUSTEE 

AND 

HSBC TRUST COMPANY (DELAWARE), NATIONAL ASSOCIATION 

DELAWARE TRUSTEE 

DATED AS OF FEBRUARY 12, 2010 

 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page
		
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	1
	 SECTION 1.1
	 	Definitions	  	1
		
	ARTICLE II ORGANIZATION	  	1
	 SECTION 2.1
	 	Name	  	1
	 SECTION 2.2
	 	Office	  	1
	 SECTION 2.3
	 	Purposes and Powers	  	1
	 SECTION 2.4
	 	Appointment of Owner Trustee	  	2
	 SECTION 2.5
	 	Initial Capital Contribution of Owner Trust Estate	  	2
	 SECTION 2.6
	 	Declaration of Trust	  	3
	 SECTION 2.7
	 	Liability of the Certificateholder	  	3
	 SECTION 2.8
	 	Title to Trust Property	  	3
	 SECTION 2.9
	 	Situs of Trust	  	3
	 SECTION 2.10
	 	Representations and Warranties of the Depositor	  	3
	 SECTION 2.11
	 	Tax Treatment	  	4
	 SECTION 2.12
	 	Qualified Special Purpose Entity	  	4
		
	ARTICLE III THE CERTIFICATE	  	5
	 SECTION 3.1
	 	[Intentionally Omitted]	  	5
	 SECTION 3.2
	 	Form of the Certificate	  	5
	 SECTION 3.3
	 	Execution, Authentication and Delivery	  	5
	 SECTION 3.4
	 	Registration; Registration of Transfer and Exchange of the Certificate	  	5
	 SECTION 3.5
	 	Mutilated, Destroyed, Lost or Stolen Certificate	  	7
	 SECTION 3.6
	 	Persons Deemed Certificateholder	  	8
	 SECTION 3.7
	 	Access to List of Certificateholder’s Name and Address	  	9
	 SECTION 3.8
	 	Maintenance of Corporate Trust Office	  	9
	 SECTION 3.9
	 	Appointment of Paying Agent	  	9
	 SECTION 3.10
	 	Certificate Issued to Depositor	  	10
	 SECTION 3.11
	 	Depositor as Certificateholder	  	10
		
	ARTICLE IV ACTIONS BY OWNER TRUSTEE	  	10
	 SECTION 4.1
	 	Prior Notice to Certificateholder with Respect to Certain Matters	  	10
	 SECTION 4.2
	 	Action by Certificateholder with Respect to Certain Matters	  	10
	 SECTION 4.3
	 	Action by Certificateholder with Respect to Bankruptcy	  	11
	 SECTION 4.4
	 	Restrictions on Certificateholder’s Power	  	11
	 SECTION 4.5
	 	Majority Control	  	11
		
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	11
	 SECTION 5.1
	 	Establishment of Certificate Distribution Account	  	11
	 SECTION 5.2
	 	Application of Trust Funds	  	12

  

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	 SECTION 5.3
	 	Method of Payment	  	13
	 SECTION 5.4
	 	Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others	  	13
	 SECTION 5.5
	 	Signature on Returns; Tax Matters Partner	  	14
		
	 ARTICLE VI THE OWNER TRUSTEE
	  	14
	 SECTION 6.1
	 	Duties of Owner Trustee	  	14
	 SECTION 6.2
	 	Rights of Owner Trustee	  	15
	 SECTION 6.3
	 	Acceptance of Trusts and Duties	  	15
	 SECTION 6.4
	 	Action upon Instruction by the Certificateholder	  	17
	 SECTION 6.5
	 	Furnishing of Documents	  	17
	 SECTION 6.6
	 	Representations and Warranties of Owner Trustee	  	18
	 SECTION 6.7
	 	Reliance; Advice of Counsel	  	18
	 SECTION 6.8
	 	Owner Trustee May Own Certificate and Notes	  	19
	 SECTION 6.9
	 	Compensation and Indemnity	  	19
	 SECTION 6.10
	 	Replacement of Owner Trustee	  	19
	 SECTION 6.11
	 	Merger or Consolidation of Owner Trustee	  	21
	 SECTION 6.12
	 	Appointment of Co-Trustee or Separate Trustee	  	21
	 SECTION 6.13
	 	Eligibility Requirements for Owner Trustee	  	22
	 SECTION 6.14
	 	Eligibility Requirements for the Delaware Trustee	  	23
		
	 ARTICLE VII TERMINATION OF TRUST AGREEMENT
	  	23
	 SECTION 7.1
	 	Termination of Trust Agreement	  	23
		
	 ARTICLE VIII AMENDMENTS
	  	24
	 SECTION 8.1
	 	Amendments Without Consent of Securityholders	  	24
	 SECTION 8.2
	 	Amendments With Consent of the Certificateholder and Noteholders	  	25
	 SECTION 8.3
	 	[Reserved]	  	26
	 SECTION 8.4
	 	Form of Amendments	  	26
		
	 ARTICLE IX MISCELLANEOUS
	  	26
	 SECTION 9.1
	 	No Legal Title to Owner Trust Estate	  	26
	 SECTION 9.2
	 	Limitations on Rights of Others	  	26
	 SECTION 9.3
	 	Derivative Actions	  	27
	 SECTION 9.4
	 	Notices	  	27
	 SECTION 9.5
	 	Severability of Provisions	  	27
	 SECTION 9.6
	 	Counterparts	  	27
	 SECTION 9.7
	 	Successors and Assigns	  	27
	 SECTION 9.8
	 	No Petition Covenants	  	27
	 SECTION 9.9
	 	No Recourse	  	28
	 SECTION 9.10
	 	Headings	  	28
	 SECTION 9.11
	 	Governing Law	  	28
	 SECTION 9.12
	 	WAIVER OF JURY TRIAL	  	28
	 SECTION 9.13
	 	Indemnification by the Servicer	  	29
	 SECTION 9.14
	 	Certificateholder’s TALF Related Signing Authority	  	29

  

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	 ARTICLE X COMPLIANCE WITH REGULATION AB
	  	29
	 SECTION 10.1
	 	Intent of the Parties; Reasonableness	  	29
	 SECTION 10.2
	 	Information to be Provided by the Owner Trustee	  	30

 EXHIBITS 

 

			
	Exhibit A	 	[Reserved]
	Exhibit B	 	Form of Certificate
	Exhibit C	 	Form of Undertaking Letter

  

 iii 

 THIS TRUST AGREEMENT, dated as of February 12, 2010, among ALLY WHOLESALE ENTERPRISES
LLC, a Delaware limited liability company, as depositor (the “Depositor”), HSBC BANK USA, NATIONAL ASSOCIATION, as trustee (as trustee and not in its individual capacity, the “Owner Trustee”) and HSBC TRUST COMPANY
(DELAWARE), NATIONAL ASSOCIATION, as Delaware trustee (the “Delaware Trustee”). 
 WHEREAS, the Depositor, the
Owner Trustee and the Delaware Trustee previously entered into a certain trust agreement, dated February 3, 2010 (the “Original Trust Agreement”), that contemplated this Trust Agreement; and 

WHEREAS, the Depositor, the Owner Trustee and the Delaware Trustee desire hereby to amend and restate the Original Trust Agreement in its
entirety. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto
agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Certain capitalized terms used in this Agreement shall have the respective meanings assigned to them in
Part I of Appendix A to the Trust Sale and Servicing Agreement of even date herewith, among the Depositor, the Seller, the Servicer and the Trust (the “Trust Sale and Servicing Agreement”). All references herein to
“the Agreement” or “this Agreement” are to the Trust Agreement as it may be amended and supplemented from time to time, and all references herein to Articles, paragraphs, Sections and subsections are to Articles, paragraphs,
Sections and subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix shall be applicable to this Agreement. 

ARTICLE II 

ORGANIZATION 

SECTION 2.1 Name. The Trust continued hereby shall be known as “Ally Master Owner Trust” in which name the Owner Trustee
may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

SECTION 2.2 Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other
address as the Owner Trustee may designate by written notice to the Certificateholder and the Depositor. 
 SECTION 2.3
Purposes and Powers 
 (a) The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the
following activities: 
 (i) to acquire, manage and hold the Owner Trust Estate including any Receivables and
Other Assets to be transferred to the Trust from time to time pursuant to the Trust Sale and Servicing Agreement; 
  

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 (ii) to issue and sell the Notes pursuant to the Indenture and the related
Indenture Supplement or pursuant to another indenture, note purchase agreement or similar agreement and the Certificate pursuant to this Agreement, and to sell, transfer or exchange the Notes and the Certificate; 

(iii) to acquire property and assets from the Depositor pursuant to the Trust Sale and Servicing Agreement, to make
payments or distributions on the Securities, to make withdrawals from the accounts established pursuant to the Basic Documents and to pay the organizational, start-up and transactional expenses of the Trust; 

(iv) to establish, acquire, hold and terminate liquidity, credit and other enhancement arrangements, including any Series
Enhancement Agreement existing from time to time, and perform its obligations thereunder; 
 (v) to assign,
grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the terms of the Indenture and to hold, manage and distribute to the Certificateholder pursuant to the terms of this Agreement, the Trust Sale and Servicing Agreement, the
Indenture any portion of the Trust Estate released from the lien of, and remitted to the Trust pursuant to, the Indenture; 

(vi) to enter into and perform its obligations and exercise its rights under the Basic Documents to which it is to be a
party; 
 (vii) to engage in those activities, including entering into agreements, that are necessary, suitable
or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
 (viii) 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 Securityholders. 

The Trust 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. 
 SECTION 2.4 Appointment of Owner Trustee. The Depositor hereby appoints HSBC
Bank USA, National Association as Owner Trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein. 

SECTION 2.5 Initial Capital Contribution of Owner Trust Estate. The Depositor has heretofor sold, assigned, transferred, conveyed
or set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of the foregoing contribution, which shall constitute the initial Owner Trust Estate and shall be deposited in the Certificate
Distribution Account. The Depositor shall pay organizational expenses of the Trust as they may arise and shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

 

 2 

 SECTION 2.6 Declaration of Trust. The Owner Trustee hereby declares that it shall
hold the Owner Trust Estate in trust upon and subject to the conditions and obligations set forth herein, in the Trust Sale and Servicing Agreement and in the Indenture for the use and benefit of the Certificateholder, subject to the obligations of
the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute, that this Agreement constitute the governing instrument of such statutory trust and that
the Certificate represent the beneficial interests in the assets of the Trust. The rights of the Certificateholder shall be determined as set forth herein and in the Statutory Trust Statute and the relationship between the parties created by this
Agreement shall not constitute indebtedness. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth in this Agreement and the Statutory Trust Statute with respect to accomplishing the purposes of the
Trust. The Trustees have filed the Certificate of Trust in connection with the formation of the Trust as a statutory trust under the Statutory Trust Statute. 

SECTION 2.7 Liability of the Certificateholder. The Certificateholder and holders of beneficial interests in the Certificate shall
be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 

SECTION 2.8 Title to Trust Property. Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a
separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be. 
 SECTION 2.9 Situs of Trust. The Trust shall be located in the State of
Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Trust only in Delaware or New York, and payments and distributions
shall be made by the Trust only from Delaware or New York. The only office of the Trust shall be the Corporate Trust Office in Delaware. 

SECTION 2.10 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 an entity in good standing under the laws of the
jurisdiction of its organization, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has, power,
authority and legal right to acquire, own and transfer the Receivables contemplated to be transferred to the Trust pursuant to the Trust Sale and Servicing Agreement. 

(b) The Depositor is duly qualified to do business and, where necessary is in good standing (or is exempt from such requirement), and has
obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, except where the failure to so qualify or obtain licenses or approvals would
not have a material adverse effect on its ability to perform its obligations under the Basic Documents to which it is a party. 
  

 3 

 (c) The Depositor has the power and authority to execute and deliver this Agreement, to
carry out its terms and to consummate the transactions contemplated herein; and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by the Depositor by all
necessary company action. 
 (d) The execution of this Agreement and the consummation of the transactions contemplated herein by
the Depositor and the fulfillment of the terms of this Agreement by the Depositor shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice or lapse of time) a default under, the
Organizational Documents of the Depositor, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Depositor is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic Documents), or violate any law or, to the best of the Depositor’s knowledge, any order, rule or
regulation applicable to the Depositor of any Governmental Authority having jurisdiction over the Depositor or any of its properties. 

SECTION 2.11 Tax Treatment. The Depositor and the Owner Trustee, by entering into this Agreement, and the Certificateholder, by
acquiring the Certificate, (i) express their intention that the Certificate will qualify as an equity interest in either (A) if the Trust is beneficially-owned solely by a single Person, a division of such single Person, disregarded as a
separate entity for federal income tax purposes, or (B) a partnership for applicable income tax purposes and (ii) unless otherwise required by the appropriate taxing authorities, agree to treat the Certificate as an equity interest in an
entity as described in clause (i) of this Section 2.11 for the purposes of federal income taxes, state and local income and franchise taxes and any other taxes imposed upon, measured by, or based upon gross or net income. The
parties agree that, unless otherwise required by appropriate tax authorities, the Trust shall file or cause to be filed annual or other necessary returns, reports and other forms consistent with such characterization of the Trust for such tax
purposes. As long as the Depositor is the sole owner of the Certificate, the Depositor and Owner Trustee agree that Section 5.5 of this Agreement will not be applicable. 

SECTION 2.12 Qualified Special Purpose Entity. The Trust shall not engage in any activity or take any action that, in the
reasonable determination of the Depositor (or the Servicer, on its behalf), would cause the Trust to fail to be treated as a “qualified special purpose entity” as defined in Statement of Financial Accounting Standards No. 140, as in
effect as of December 31, 2009 (as in such effect, “FAS 140”), assuming that, as of any date, FAS 140 remains in effect. 
  

 4 

 ARTICLE III 

THE CERTIFICATE 

SECTION 3.1 [Intentionally Omitted] 

SECTION 3.2 Form of the Certificate 

(a) The Certificate shall represent the entire beneficial interest in the Trust. The Certificate shall be executed on behalf of the Trust
by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Provided the Certificate bears the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign
on behalf of the Trust, the Certificate shall be, when authorized pursuant to Section 3.3, a duly issued, fully paid and non-assessable beneficial interest in the Trust, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of the Certificate or did not hold such offices at the date of authentication and delivery of the Certificate. 

(b) The Certificate, shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or
without steel engraved borders) all as determined by the officers executing such Certificate, as evidenced by their execution of such Certificate. 

(c) The Certificate shall be issued in fully-registered form and will be substantially in the form set forth in Exhibit B. The
terms of the Certificate as set forth in Exhibit B shall form part of this Agreement. 
 SECTION 3.3 Execution,
Authentication and Delivery 
 (a) On the Initial Closing Date, concurrently with the initial sale, transfer and assignment
of Receivables to the Trust pursuant to the Trust Sale and Servicing Agreement, the Owner Trustee shall cause a Certificate representing the entire beneficial interest in the Trust to be executed on behalf of the Trust, authenticated and delivered
to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, without further corporate action by the Depositor. 

(b) The Certificate shall neither entitle its holder to any benefit under this Agreement, nor be valid for any purpose, unless there
shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit B, executed by the Owner Trustee or the Owner Trustee’s authenticating agent, by manual signature. Such authentication shall
constitute conclusive evidence that the Certificate shall have been duly authenticated and delivered hereunder. The Certificate shall be dated the date of its authentication. 

SECTION 3.4 Registration; Registration of Transfer and Exchange of the Certificate 

(a) The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.8, a
Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of the Certificate and of transfers and exchanges of the Certificate as provided herein. The Owner
Trustee shall be the initial Certificate Registrar. Upon any resignation of a Certificate Registrar, the Owner Trustee shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Certificate Registrar.

  

 5 

 (b) Upon surrender for registration of transfer of the Certificate at the office or agency
maintained pursuant to Section 3.8, the Owner Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee, the new
Certificate dated the date of authentication by the Owner Trustee or any authenticating agent. 
 (c) At the option of a Holder,
the Certificate may be exchanged for another Certificate of a like aggregate percentage interest upon surrender of the Certificate to be exchanged at the Corporate Trust Office maintained pursuant to Section 3.8. Whenever any Certificate
is so surrendered for exchange, the Owner Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver) one Certificate dated the date of authentication by the Owner
Trustee or any authenticating agent. Such Certificate shall be delivered to the Holder making the exchange. 
 (d) If presented
or surrendered for registration of transfer or exchange, the Certificate shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder or his attorney
duly authorized in writing and such other documents and instruments as may be required by this Section 3.4. If surrendered for registration of transfer or exchange, the Certificate shall be canceled and subsequently destroyed by the
Owner Trustee or Certificate Registrar in accordance with its customary practice. Upon written request, the Owner Trustee shall certify to the Depositor that the surrendered Certificate has been duly canceled and retained or destroyed, as the case
may be. 
 (e) No service charge shall be made for any registration of transfer or exchange of the Certificate, but the Owner
Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Certificate. 

(f) The Certificate (or interests therein) may not be acquired by or for the account of a Benefit Plan. By accepting and holding a
Certificate (or interest therein), the Holder thereof and any related Certificate Owner shall each be deemed to have represented and warranted that it is not, nor is it acquiring the Certificate for the account of, (i) a Benefit Plan or
(ii) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any
applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. If requested to do so by the Depositor pursuant to Section 3.4(b), the Certificateholder shall execute and deliver to the Owner Trustee an
Undertaking Letter in the form set forth on Exhibit C to this Trust Agreement. 
 (g) The Certificate will not be
registered under the Securities Act or the securities or blue sky laws of any other jurisdiction. Consequently, the Certificate is not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and
satisfaction of certain other provisions specified herein. No sale, pledge or other transfer of the Certificate (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to or by the
Depositor, (ii) so long as the Certificate is eligible for resale pursuant to Rule 144A under the Securities Act, such sale, pledge or other transfer is made to a person whom the transferor reasonably believes after due inquiry is a
“qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified Institutional Buyer”) acting for its own account (and not for the account of others) or as a fiduciary or agent for
others (which others also are Qualified Institutional Buyers) to whom notice is given that the sale, pledge or transfer is being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise
made in a transaction exempt from the registration requirements of the Securities Act, in which case (A) the Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the
Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Depositor, and (B) the Owner Trustee shall require a written opinion of counsel (which will
not be at the expense of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee to the effect that such transfer will not violate the Securities Act. Neither the Depositor nor the Owner Trustee shall be obligated to
register the Certificate under the Securities Act, qualify the Certificate under the securities laws of any state or provide registration rights to any purchaser or holder thereof. 

 

 6 

 (h) No sale, pledge or other transfer of the Certificate (or interest therein) may be made
by any Person unless the Certificateholder provides to the Owner Trustee, the Indenture Trustee and the Depositor an opinion of independent counsel reasonably acceptable to the Depositor that such action will not cause the Trust to be treated as an
association (or publicly traded partnership) taxable as a corporation for federal income tax purposes, and such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions agreed to be taken by the
Certificateholder. Upon the transfer of the Certificate in accordance with the preceding sentence, references to the “Certificateholder” in this Agreement shall be deemed to become references to the “Certificateholders”, as
applicable. In addition, the Certificate may not be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.00% fractional undivided interest in the Trust (or such other amount as the Depositor
may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in the Trust) and any attempted transfer
(or subdivision) of a Certificate in contravention of this restriction shall be void ab initio and the purported transferor shall continue to be treated as the owner of the Certificate for all purposes. 

(i) Each Certificate shall bear a legend to the effect set forth in subsections (f), (g) and (h) above.

 (j) The Depositor shall be responsible for determining compliance with the restrictions set forth in this
Section 3.4. 
 SECTION 3.5 Mutilated, Destroyed, Lost or Stolen Certificate 

(a) If (i) a mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of a Certificate and (ii) there is delivered to the Certificate Registrar, the Owner Trustee and the Trust such security or indemnity as may be required by them to hold each of them harmless, then,
in the absence of notice to the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee shall authenticate and deliver
(or shall cause its authenticating agent, to authenticate and deliver), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate in a like aggregate percentage interest; provided,
however, that if any such destroyed, lost or stolen Certificate, but not a mutilated Certificate, shall have become or within seven days shall be payable, then instead of issuing a replacement Certificate the Owner Trustee may make
distributions on such destroyed, lost or stolen Certificate when so due or payable. 
  

 7 

 (b) If, after the delivery of a replacement Certificate or distribution in respect of a
destroyed, lost or stolen Certificate pursuant to subsection 3.5(a), a protected purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment or distribution such original Certificate,
the Owner Trustee shall be entitled to recover such replacement Certificate (and any distributions or payments made with respect thereto) from the Person to whom it was delivered or any Person taking such replacement Certificate from such Person to
whom such replacement 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 in connection therewith. 
 (c) In connection with the issuance of any replacement Certificate
under this Section 3.5, the Owner Trustee may require the payment by the Holder of such Certificate of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable
expenses (including the fees and expenses of the Owner Trustee and the Certificate Registrar) connected therewith. 
 (d) Any
duplicate Certificate issued pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional beneficial interest in the Trust, whether or not the mutilated,
destroyed, lost or stolen Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any Certificate duly issued hereunder. 

(e) The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of a mutilated, destroyed, lost or stolen Certificate. 
 SECTION 3.6 Persons
Deemed Certificateholder. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat the Person in whose name a Certificate shall be registered in the Certificate Register as
the Certificateholder of such Certificate for the purpose of receiving distributions pursuant to Article V and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar shall be affected by any notice to
the contrary. 
  

 8 

 SECTION 3.7 Access to List of Certificateholder’s Name and Address. The Owner
Trustee shall furnish or cause to be furnished to the Servicer and the Depositor, within 15 days after receipt by the Owner Trustee of a request therefor from the Servicer or the Depositor in writing, a list, in such form as the Servicer or the
Depositor may reasonably require, of the name and address of the Certificateholder as of the most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Servicer, the Depositor
or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 

SECTION 3.8 Maintenance of Corporate Trust Office. The Owner Trustee shall maintain in the City of New York an office or offices
or agency or agencies where the Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificate and the Basic Documents may be served. The Owner Trustee
initially designates the offices of HSBC Bank USA, National Association, at 2 Hanson Place, 14th Floor, Brooklyn, New York, 11217, as its principal office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor and to
the Certificateholder of any change in the location of the Certificate Register or any such office or agency. 
 SECTION 3.9
Appointment of Paying Agent. The Paying Agent shall make distributions to the Certificateholder from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner
Trustee and the Servicer; provided that no such reports shall be required so long as the Depositor is the sole Certificateholder. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for
the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the 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. The Paying Agent shall initially be the Owner Trustee. If the Owner Trustee shall no longer be the Paying Agent, the Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written
notice to the Owner Trustee, and the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by 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
shall hold all sums, if any, held by it for distribution to the Certificateholder in trust for the benefit of the Certificateholder entitled thereto until such sums shall be paid to such Certificateholder. The Paying Agent shall return all unclaimed
funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the Owner
Trustee also in its role as Paying Agent and Certificate Registrar, for so long as the Owner Trustee shall act as Paying Agent and Certificate Registrar and, to the extent applicable, to any other paying agent or certificate registrar appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  

 9 

 SECTION 3.10 Certificate Issued to Depositor. On and after the Initial Closing Date,
the Depositor initially shall retain beneficial and record ownership of the Certificate representing 100% of the beneficial interest in the Trust until the Depositor transfers such Certificate in accordance with the Basic Documents. 

SECTION 3.11 Depositor as Certificateholder. The Depositor in its individual or any other capacity may become the owner or pledgee
of the Certificate and may otherwise deal with the Owner Trustee or its Affiliates as if it were not the Depositor. 
 ARTICLE
IV 
 ACTIONS BY OWNER TRUSTEE 

SECTION 4.1 Prior Notice to Certificateholder with Respect to Certain Matters. The Owner Trustee shall not take action with
respect to the following matters, unless (i) the Owner Trustee shall have notified the Certificateholder in writing of the proposed action at least 30 days (or such lesser period as to which the Certificateholder shall consent) before the
taking of such action, and (ii) the Certificateholder shall not have notified the Owner Trustee in writing prior to the end of such period that such Certificateholder has withheld consent or provided alternative direction: 

(a) the initiation of any claim or lawsuit by the Trust (other than an action to collect on a Receivable or an action by the Indenture
Trustee pursuant to the Indenture) and the compromise of any action, claim or lawsuit brought by or against the Trust (other than an action to collect on a Receivable or an action by the Indenture Trustee pursuant to the Indenture); 

(b) the election by the Trust to file an amendment to the Certificate of Trust, unless such amendment is required to be filed under the
Statutory Trust Statute; 
 (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 Certificateholder taken as a whole; 

(e) the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any
provision in a manner that would not materially adversely affect the interests of the Certificateholder taken as a whole; or 

(f) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this
Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent, Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 

SECTION 4.2 Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon
the written direction of the Certificateholder, to (a) remove the Administrator under the Administration Agreement pursuant to Section 10 thereof, (b) appoint a successor Administrator pursuant to Section 10 of the
Administration Agreement, (c) remove the Servicer under the Trust Sale and Servicing Agreement pursuant to Section 8.2 thereof or (d) except as expressly provided in the Basic Documents, sell the Receivables transferred to the
Trust pursuant to the Trust Sale and Servicing Agreement 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 the affirmative vote of, or a written
consent signed by, the holders of a majority of the Voting Interests upon at least 30 days (or such shorter period as shall be consented to by the Certificateholder) prior notice thereof. 

 

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 SECTION 4.3 Action by Certificateholder with Respect to Bankruptcy. The Owner Trustee
shall not have the power to commence a voluntary case under the Bankruptcy Code or any successor provision relating to the Trust without the prior approval of the Certificateholder (including the Depositor) and the delivery to the Owner Trustee by
such Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent. By its acceptance of the Certificate issued to it on the Initial Closing Date, the Depositor agrees that it, at any time
that it is the holder thereof, shall not approve or be deemed to have approved the commencement of any such voluntary case relating to the Trust for purposes of this Section 4.3 unless such commencement is approved by the affirmative
vote of all of the members of the Depositor’s board of directors. 
 SECTION 4.4 Restrictions on
Certificateholder’s Power. The 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 Trust 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. Except as expressly provided herein, any action that may be taken or consent that may be given or
withheld by the Certificateholders under this Agreement shall be effective if such action is taken or such consent is given or withheld by the Holders of Certificates evidencing not less than a majority of the Voting Interests thereof. Except as
expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of Certificates evidencing not less than a majority of the Voting Interests at the time of the
delivery of such notice. 
 ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

SECTION 5.1 Establishment of Certificate Distribution Account 

(a) The Servicer, for the benefit of the Certificateholder, shall establish and maintain in the name of the Owner Trustee an Eligible
Deposit Account known as the Ally Master Owner Trust Certificate Distribution Account (the “Certificate Distribution Account”), bearing an additional designation clearly indicating that the funds deposited therein are held for the
benefit of the Certificateholder. The Certificate Distribution Account shall initially be established with the Owner Trustee. 
  

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 (b) The Owner Trustee shall possess all right, title and interest in and to all funds on
deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Indenture and the Indenture Supplements) for the benefit of the Certificateholder. Except as
otherwise provided herein or in the Indenture and Indenture Supplements, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholder. If, at any time, the
Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof)
shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any
investments to such new Certificate Distribution Account. 
 (c) All amounts to be held in the Certificate Distribution Account
shall, to the extent permitted by applicable laws, rules and regulations, be invested, at the written direction of the Servicer in Eligible Investments (in the name of the Owner Trustee or its nominee). Such written direction shall constitute
certification by the Servicer (or such other Person) that any such investment is authorized by this Section 5.1. In the absence of such direction all amounts in the Certificate Distribution Account shall be invested in Federated Prime
Obligations Fund Number 396, provided that such fund is an Eligible Investment, or such other Eligible Investment as shall be designated by the Servicer. 

SECTION 5.2 Application of Trust Funds 

(a) On each Business Day, based upon the information contained in the Servicer’s Accounting for such Business Day, the Owner Trustee
(or the Paying Agent on its behalf) shall distribute to the Certificateholder, the amounts deposited in the Certificate Distribution Account that are available on such Business Day. 

(b) On each Business Day, the Owner Trustee (or the Paying Agent on its behalf) shall include with each distribution to the
Certificateholder the statement provided to the Owner Trustee (or the Paying Agent on its behalf) by the Servicer for such Certificate in respect of such Business Day setting forth, among other things, the amount of the payments allocable to the
Certificate after giving effect to such distribution, and the Monthly Servicing Fee with respect to the Distribution Date or the related Collection Period, as applicable, each since the last statement so provided to such Certificateholder;
provided that no such statement shall be required to be sent by the Owner Trustee so long as the Depositor is the sole Certificateholder. 

(i) The “Monthly Servicing Fee” means for the Certificateholder, with respect to any Distribution Date,
an amount equal to one-twelfth (or, with respect to the first Distribution Date, 56/360) of the product of (a) the Servicing Fee Rate, (b) the sum of (i) the product of (A) 100% minus the aggregate of the floating series
percentages for each Nonoverconcentration Series and (B) the Nonoverconcentration Pool Balance and (ii) 100% minus the aggregate of the floating series percentages for each Overconcentration Series and (B) the Overconcentration Pool
Balance, in each case, as of the close of business on the last day of the immediately preceding Collection Period. 
  

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 (c) If any withholding tax is imposed on the Trust’s distribution (or allocations of
income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2; provided that the Owner Trustee (or the Paying Agent on its behalf) shall not
have an obligation to withhold any such amount so long as the Depositor is the sole Certificateholder. The Owner Trustee (or the Paying Agent on its behalf) is hereby authorized and directed to retain from amounts otherwise distributable to the
Certificateholder sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax,
if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and
remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee (or the Paying Agent on its behalf)
may in its sole discretion withhold such amounts in accordance with this subsection 5.2(c). If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such
Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

(d) If the Indenture Trustee holds escheated funds for payment to the Trust pursuant to Section 3.3(e) of the Indenture, the
Administrator shall, upon notice from the Indenture Trustee that such funds exist, submit on behalf of the Trust an Issuing Entity Order to the Indenture Trustee pursuant to Section 3.3(e) of the Indenture instructing the Indenture Trustee to
pay such funds to or at the order of the Depositor. 
 SECTION 5.3 Method of Payment. Subject to
Section 7.1(c), distributions required to be made to the Certificateholder on any Business Day shall be made to the Certificateholder of record on the related Record Date either by wire transfer, in immediately available funds, to the
account of such Holder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Record
Date, or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register. 

SECTION 5.4 Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others. The Administrator shall
maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations or otherwise, such
information as may be required to enable each Certificateholder to prepare its federal income tax return, file such tax returns relating to the Trust 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 Trust’s characterization in accordance with Section 2.11 for applicable income tax purposes, cause such tax returns to be signed in the manner required
by law and collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to the Certificateholder. Unless otherwise permitted or required by any
applicable law or regulation, the Administrator shall allocate amounts of taxable income of the Trust for a particular Collection Period to the Certificateholder according to the interest owned by it as of the Record Date for the related
Distribution Date. The Owner Trustee, upon request, shall furnish the Servicer with all such information known to the Owner Trustee as may be reasonably required in connection with the preparation of all tax returns of the Issuing Entity. In no
event shall the Owner Trustee be liable for any liabilities, costs or expenses of the Issuing Entity or any Noteholder arising under any tax law, including United States federal, state or local income or excise taxes or any other tax imposed on or
measured by income (or any interest or penalty with respect thereto arising from a failure to comply therewith). 
  

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 SECTION 5.5 Signature on Returns; Tax Matters Partner. Subject to
Section 2.11, the Administrator shall sign on behalf of the Trust any and all tax returns of the Trust, unless applicable law requires a Certificateholder to sign such documents, in which case such documents shall be signed by the
Depositor. The Depositor shall be the “tax matters partner” of the Trust pursuant to the Code. 
 ARTICLE VI 

 THE OWNER TRUSTEE 

SECTION 6.1 Duties of Owner Trustee 

(a) The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement and the
other Basic Documents, including the administration of the Trust in the interest of the Certificateholder, subject to the Basic Documents and in accordance with the provisions of this Agreement. No implied covenants or obligations shall be read into
this Agreement. 
 (b) Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the other 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 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. 

(c) In the absence of bad faith on its part, the Owner Trustee may conclusively rely upon certificates or opinions furnished to the Owner
Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein; provided, however, that the Owner Trustee shall have examined such
certificates or opinions so as to determine compliance of the same with the requirements of this Agreement. 
 (d) The Owner
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i) this subsection 6.1(d) shall not limit the effect of subsection 6.1(a) or (b); 

(ii) the Owner Trustee shall not be liable for any error of judgment made in good faith by an officer or employee unless
it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; 
  

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 (iii) the Owner Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 4.1, 4.2 or 6.4; and 

(iv) in no event shall the Owner Trustee be liable for any damages in the name of special, indirect or consequential
damages, however styled, including lost profits. 
 (e) Subject to Sections 5.1 and 5.2, monies received by the
Owner Trustee hereunder need not be segregated in any manner except to the extent required by law or the Trust Sale and Servicing Agreement or the Indenture and may be deposited under such general conditions as may be prescribed by law, and the
Owner Trustee shall not be liable for any interest thereon. 
 (f) The Owner Trustee shall not take any action that (i) is
inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the Owner Trustee, result in the Trust’s becoming taxable as a corporation for federal
income tax purposes. 
 (g) The Certificateholder shall not direct the Owner Trustee to take action that would violate the
provisions of this Section 6.1. 
 SECTION 6.2 Rights of Owner Trustee. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party, and any amendment or supplement thereto in such form as
the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the
Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Administrator recommends with respect to the Basic Documents. 

SECTION 6.3 Acceptance of Trusts and Duties. Except as otherwise provided in this Article VI, in accepting the trusts
hereby created, HSBC Bank USA, National Association acts solely as 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 other Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 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 monies 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 liable
or accountable hereunder or under any other Basic Document under any circumstances, except (i) for its own negligent action, its own negligent failure to act or its own willful misconduct or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 6.6 and 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): 

 

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 (a) 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 held by the Trust, or the perfection and priority of any security interest created by any such Receivable in any Vehicle or the maintenance of any such perfection and priority,
or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the distributions and payments to be made to Certificateholder under this Agreement or to Noteholders under the Indenture, including: the existence and
contents of any such Receivable on any computer or other record thereof; the validity of the assignment of any such Receivable to the Trust or of any intervening assignment; the completeness of any such Receivable; the performance or enforcement of
any such 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 Depositor,
the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee; 
 (b) the
Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Administrator or any Certificateholder; 

(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 the 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 reasonably assured or provided to it; 
 (d) under no circumstances shall the Owner Trustee be liable
for the representations, warranties, covenants, agreements, obligations or indebtedness of the Trust evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes or the payments with respect to the
Certificate; 
 (e) the Owner Trustee shall not be responsible for or in respect of and makes no representation as to the
validity or sufficiency of any provision 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 Notes, the Certificate (other than the certificate of authentication on the Certificate), the other Basic Documents, or of any Receivables held by the Trust or any related documents, and the Owner Trustee shall in no event
assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein and in the other Basic Documents; 

(f) the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Indenture Trustee, the Depositor, the
Seller 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 Trust under this Agreement or any other Basic Documents that are required to be
performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Seller or the Servicer under the Pooling and Servicing Agreement or the Trust Sale and Servicing Agreement; and 

(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 Certificateholder, unless such 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 negligence or willful misconduct in the performance of any such act. 

 

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 (h) The Owner Trustee shall not be deemed to have knowledge of any fact or matter unless a
Responsible Officer of the Owner Trustee shall have actual knowledge thereof. 
 SECTION 6.4 Action upon Instruction by the
Certificateholder 
 (a) Subject to Section 4.4, the Certificateholder may by written instruction direct the
Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the 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 have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any other Basic Document or is
otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted
or required by the terms of this Agreement or any other Basic Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Agreement or the other Basic Documents, the Owner Trustee shall promptly give
notice (in such form as shall be appropriate under the circumstances) to the 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 such
instruction 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 instructions 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 which is consistent, in its view, with this Agreement or the other Basic
Documents, and as it shall deem to be in the best interests of the Certificateholder and the Owner Trustee shall have no liability to any Person for any such action or inaction. 

(d) Notwithstanding any Person’s right to instruct the Owner Trustee, except as set forth in Section 10.2, neither the
Owner Trustee nor any agent, employee, director or officer of the Owner Trustee shall have any obligation to execute any certificates or other documents required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated
thereunder, and the refusal to comply with any such instructions shall not constitute a default or breach under any Basic Document. 

SECTION 6.5 Furnishing of Documents. The Owner Trustee shall furnish (a) to the 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 and (b) to the Noteholders and the
Certificateholder, promptly upon receipt of a written request therefor, copies of the Pooling and Servicing Agreement, the Trust Sale and Servicing Agreement, the Administration Agreement, the Custodian Agreement, the Indenture and this Agreement.

  

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 SECTION 6.6 Representations and Warranties of Owner Trustee. The Owner Trustee hereby
represents and warrants to the Depositor, for the benefit of the Certificateholder, that: 
 (a) It is an entity duly organized,
validly existing and in good standing under the laws of the jurisdiction of its formation. 
 (b) It has full power, authority
and legal right to execute, deliver and perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement. The eligibility requirements set forth in Section 6.13 are
satisfied with respect to it. 
 (c) The execution, delivery and performance by it of this Agreement (i) shall not violate
any provision of any law or regulation governing the banking and trust powers of the Owner Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the Owner Trustee or any of its assets,
(ii) shall not violate any provision of the Organizational Documents of the Owner Trustee or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or
imposition of any lien on any properties included in the Trust pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or lien could reasonably be expected to
have a materially adverse effect on the Owner Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this Agreement. 

(d) The execution, delivery and performance by the Owner Trustee of this Agreement shall 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 regulating the banking and corporate trust activities of banks or trust companies in the jurisdiction
in which the Trust was formed. 
 (e) This Agreement has been duly executed and delivered by the Owner Trustee and constitutes
the legal, valid and binding agreement of the Owner Trustee, enforceable in accordance with its 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. 

SECTION 6.7 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 and need not investigate any fact or matter in any such document. 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. 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 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. 

 

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 (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement or the other Basic Documents, the Owner Trustee: (i) may act directly or through its agents, attorneys, custodians or nominees 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, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Owner Trustee with reasonable care; and (ii) may
consult with counsel, accountants and other skilled professionals 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 opinion
or advice of any such counsel, accountants or other such Persons and not contrary to this Agreement or any other Basic Document. 

SECTION 6.8 Owner Trustee May Own Certificate and Notes. The Owner Trustee in its individual or any other capacity may become the
owner or pledgee of the Certificate or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee, the Seller and the Servicer in transactions in the same manner as it would have if it were not the Owner Trustee. 

SECTION 6.9 Compensation and Indemnity. 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 Depositor 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, custodians, nominees, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. The Servicer
shall indemnify the Owner Trustee and its successors, assigns, agents and servants in accordance with the provisions of Section 7.1 of the Trust Sale and Servicing Agreement. The indemnities contained in this Section 6.9
shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. Any amounts paid to the Owner Trustee pursuant to this Article VI shall be deemed not to be a part of the Owner Trust Estate immediately
after such payment. 
 SECTION 6.10 Replacement of Owner Trustee 

(a) The Owner Trustee may at any time give notice of its intent to resign and be discharged from the trusts hereby created by giving
written notice thereof to the Administrator; provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). The Administrator may appoint a successor
Owner Trustee by delivering written instrument, in duplicate, to the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner Trustee shall have been appointed and have accepted appointment within 30 days after the giving of
such notice, the resigning Owner Trustee giving such notice may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Administrator shall remove the Owner Trustee if: 

(i) the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 6.13 and shall
fail to resign after written request therefor by the Administrator; 
  

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 (ii) the Owner Trustee shall be adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer shall be appointed or take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation; or 
 (iv) the Owner Trustee
shall otherwise be incapable of acting. 
 (b) If the Owner Trustee resigns or is removed or if a vacancy exists in the office
of Owner Trustee for any reason 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 to the
successor Owner Trustee) and shall pay all fees owed to the outgoing Owner Trustee. 
 (c) Any resignation or removal of the
Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of
appointment is delivered by the successor Owner Trustee to the outgoing Owner Trustee and the Administrator, and all fees and expenses due to the outgoing Owner Trustee are paid. Any successor Owner Trustee appointed pursuant to this
Section 6.10 shall be eligible to act in such capacity in accordance with Section 6.13 and, following compliance with the preceding sentence, 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 Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 

(d) 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. 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. 
 (e) Upon acceptance of appointment
by a successor Owner Trustee pursuant to this Section 6.10, the Administrator shall deliver written notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies.

  

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 SECTION 6.11 Merger or Consolidation of Owner Trustee. Any Person into which the
Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person 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 Person shall be eligible pursuant to Section 6.13, and without the execution or filing of any instrument or any
further act on the part of any of the parties hereto; provided, however, that the Owner Trustee shall deliver written notice of such merger or consolidation to the Rating Agencies. 

SECTION 6.12 Appointment of Co-Trustee or Separate Trustee 

(a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Owner Trust Estate or any of the Dealers may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall, at the expense of the Servicer, 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 as separate trustee or trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such
capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section 6.12, 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 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to
Section 6.10. 
 (b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations
conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by 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 Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but
solely at the direction of the Owner Trustee; 
 (ii) no trustee under this Agreement shall be personally liable
by reason of any act or omission of any other trustee under this Agreement; and 
 (iii) the Administrator and
the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  

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 (c) 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. 
 (d) 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 die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee. 
 (e) HSBC Trust Company (Delaware), National Association is hereby appointed as co-trustee of the Trust
(the “Delaware Trustee”) pursuant to this Section 6.12 for the sole purpose of satisfying the requirement in Section 3807(a) of the Statutory Trust Act that the Trust have at least one trustee whose principal place
of business is in the State of Delaware. 
 (f) The Administrator and the Owner Trustee, acting jointly, hereby vest in the
Delaware Trustee solely the following duties: (i) accepting legal process served on the Trust in the State of Delaware and (ii) executing any certificates required to be filed with the Delaware Secretary of State that the Delaware Trustee
is required to execute under Section 3811 of the Statutory Trust Act. The Delaware Trustee shall have the same rights, protections and indemnities under this Agreement as the Owner Trustee. To the extent that, at law or in equity, the
Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Certificateholders, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the
duties and liabilities expressly set forth in this Agreement. 
 SECTION 6.13 Eligibility Requirements for Owner Trustee.
The Owner Trustee shall at all times satisfy the requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) unless a Delaware Trustee shall have been appointed, be a corporation, a national
banking association, a bank or a trust company satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (b) be authorized to exercise corporate trust powers; (c) have an aggregate capital, surplus and undivided
profits of at least $50,000,000 and be subject to supervision or examination by federal or state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by Standard & Poor’s and at
least Baa3 by Moody’s. If such entity 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 6.13, the
aggregate capital, surplus and undivided profits of such corporation shall be deemed to be its aggregate capital, surplus and undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall
cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. 

 

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 SECTION 6.14 Eligibility Requirements for the Delaware Trustee. The Delaware Trustee
shall at all times be a corporation, a national banking association, a bank or a trust company satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. In case at any time the Delaware Trustee shall cease to be eligible in
accordance with the provisions of this section, the Delaware Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. 

ARTICLE VII 

TERMINATION OF TRUST AGREEMENT 

SECTION 7.1 Termination of Trust Agreement 

(a) The Trust shall dissolve in accordance with Section 3808 of the Statutory Trust Statute on the date (the “Trust
Dissolution Date”) on which the first of the following occurs: (i) if the Depositor so elects, the day following the Distribution Date on which all amounts required to be paid to the Securityholders pursuant to the Basic Documents have
been paid (or deposited in the related Distribution Account) and (ii) the Trust Termination Date. Upon the occurrence of the Trust Dissolution Date, the affairs of the Trust shall be wound up in accordance with Section 3808 of the
Statutory Trust Statute and this Section 7.1. 
 (b) The bankruptcy, liquidation, dissolution, death or incapacity
of the Certificateholder shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court
for a partition or winding-up of all or any part of the Trust or the Owner Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. Except as provided in Section 7.1(a), neither the
Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust or this Agreement. 
 (c) Notice of any
dissolution of the Trust specifying the Distribution Date upon which the Certificateholder shall surrender its Certificate to the Paying Agent for distribution of the final distribution and cancellation, shall (unless waived by the
Certificateholder) be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 9.4 of the Trust Sale and Servicing
Agreement, stating: (i) the Distribution Date upon or with respect to which the final distribution in respect of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Paying Agent therein
designated; (ii) the amount of any such final distribution; and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificate
at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to the Certificateholder. Upon
presentation and surrender of the Certificate, the Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Distribution Date pursuant to Section 5.2. 

 

 23 

 (d) If the Certificateholder shall not surrender its Certificate for cancellation within six
months after the date specified in the written notice specified in subsection 7.1(c), the Owner Trustee shall give a second written notice to the Certificateholder to surrender its Certificate for cancellation and receive the final
distribution with respect thereto. If within six months after the second notice the Certificate shall not have been surrendered for cancellation, subject to applicable laws with respect to escheat of funds, any funds remaining in the Trust shall be
deemed property of the Depositor and distributed by the Owner Trustee to the Depositor and the Owner Trustee shall have no further liability to the Certificateholder with respect thereto. 

(e) Upon the winding up of the Trust and at the written direction of the Depositor, 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. 

ARTICLE VIII 

AMENDMENTS 

SECTION 8.1 Amendments Without Consent of Securityholders. This Agreement may be amended by the Depositor, the Owner Trustee and
the Delaware Trustee without the consent of any of the Securityholders (but with prior written notice to the Rating Agencies) to: 

(i) cure any ambiguity, 

(ii) correct or supplement any provision in this Agreement that may be defective or inconsistent with any other provision
in this Agreement, 
 (iii) add or supplement any credit, liquidity or other enhancement arrangement for the
benefit of any Securityholders (provided that if any such addition shall affect any series or class of Securityholders differently than any other series or class of Securityholders, then such addition shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any series or class of Securityholders), 

(iv) add to the covenants, restrictions or obligations of the Depositor or the Owner Trustee for the benefit of the
Securityholders, 
 (v) evidence and provide for the acceptance of the appointment of a successor trustee with
respect to the Owner Trust Estate and add to or change any provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article VI, 

(vi) restrict transfers of the Certificate (or interests therein) or as otherwise required to prevent the Trust from being
treated as a “publicly traded partnership” under Section 7704 of the Code, 
 (vii) to add
provisions to or delete or modify the existing provisions of this Agreement as appropriate to allow the Trust to issue foreign currency-denominated Notes, 
  

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 (viii) to add provisions to or delete or modify the existing provisions of
this Agreement as appropriate to allow the Trust to acquire and issue securities backed by Other Assets, subject to satisfaction of the Rating Agency Condition with respect thereto, 

(ix) to add provisions to or delete or modify the existing provisions of this Agreement as appropriate to comply with any
rule or regulation, or amendment or modification to any existing rule or regulation, of the Federal Deposit Insurance Corporation in connection with the isolation from the Seller of the Receivables transferred by the Seller to the Purchaser under
the Pooling and Servicing Agreement, provided that such action shall not adversely affect in any material respect the interests of any Noteholder, or 

(x) add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an
Opinion of Counsel, materially and adversely affect the interests of the Securityholders. 
 SECTION 8.2 Amendments With
Consent of the Certificateholder and Noteholders. This Agreement may be amended from time to time by the Depositor, the Delaware Trustee and the Owner Trustee with prior written notice to the Rating Agencies and with the consent of Noteholders
whose Notes evidence not less than a majority of the Outstanding Amount of the Notes as of the close of business on the preceding Distribution Date (excluding any Notes that shall not, as evidenced by an Opinion of Counsel, be materially and
adversely affected thereby), and the consent of the Certificateholder (excluding any Certificates that shall not, as evidenced by an Opinion of Counsel, be materially and adversely affected thereby) (which consent, whether given pursuant to this
Section 8.2 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future Holders of such Notes, such Certificate and of any Notes or Certificate issued upon the transfer thereof
or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon the Notes or Certificate for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or
of modifying in any manner the rights of the Noteholders or the Certificateholder; provided, however, that no amendment pursuant to this Section 8.2 shall: 

(a) change the stated due date, if any, of any instalment of principal of or interest on any Security, or reduce the principal amount
thereof, the interest rate applicable thereto, or the Redemption Price with respect thereto, change any place of payment where, or the coin or currency in which, any Security or any distribution thereon is payable, or impair the right to institute
suit as provided in Article V of the Indenture for the enforcement of the provisions of the Indenture requiring the application of funds available therefor to the payment of any such amount due on the Notes on or after the respective
stated due dates thereof (or, in the case of redemption, on or after the Redemption Date) (it being understood that the issuance of any Notes or Certificates after the Initial Closing Date as contemplated by the Trust Agreement and the Indenture and
the specification of the terms and provisions thereof pursuant to an Indenture Supplement (with respect to any Notes) shall not be deemed to have such effect for purposes hereof), without the consent of the holders of all of the affected Securities,

 (b) adversely effect the rating of any series or class of Securities without the consent of the Holders of two-thirds of the
Outstanding Amount of such series of Notes or the Voting Interests with respect to the Certificate, as appropriate, or 
  

 25 

 (c) reduce the aforesaid percentage required to consent to any such amendment, without the
consent of the Holders of all of the Notes and all of the Voting Interests with respect to the Certificate then outstanding. 

SECTION 8.3 [Reserved]. 

SECTION 8.4 Form of Amendments 

(a) Promptly after the execution of any amendment, supplement or consent pursuant to Section 8.1 or 8.2, the Owner
Trustee (or the Administrator on its behalf) shall furnish written notification of the substance of such amendment or consent to each Certificateholder and the Indenture Trustee. 

(b) It shall not be necessary for the consent of Securityholders pursuant to Section 8.2 to approve the particular form of
any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Securityholders provided for in this Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof by Securityholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 

(c) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment
with the Secretary of State. 
 (d) Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the
Owner Trustee and the Delaware Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee and the Delaware Trustee may, but
shall not be obligated to, enter into any such amendment which affects the respective rights, duties or immunities of such party under this Agreement or otherwise. 

ARTICLE IX 

MISCELLANEOUS 

SECTION 9.1 No Legal Title to Owner Trust Estate. The Certificateholder shall not have legal title to any part of the Owner Trust
Estate. The Certificateholder shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and VII. No transfer, by operation of law or otherwise, of any
right, title, and interest of the Certificateholder to and in their 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 9.2 Limitations on Rights of Others. Except for
Section 2.7, Section 7.1(c) and Section 9.13, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Delaware Trustee, the Depositor, the Certificateholder, the Administrator 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. 
  

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 SECTION 9.3 Derivative Actions. Any provision contained herein to the contrary
notwithstanding, the right of the Certificateholder to bring a derivative action in the right of the Trust is hereby made expressly subject to such Certificateholder meeting all requirements set forth in the Statutory Trust Statute. 

SECTION 9.4 Notices 

(a) All demands, notices and communications upon or to the Seller, the Depositor, the Servicer, the Administrator, the Indenture Trustee,
the Owner Trustee or the Rating Agencies under this Agreement shall be delivered as specified in Appendix B to the Trust Sale and Servicing Agreement. 

(b) Any notice required or permitted to be given to a Certificateholder may be given by first-class mail, postage prepaid, or by
facsimile or email with a copy to follow by first-class mail, postage prepaid, at the address of such Holder 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, whether or not the Certificateholder receives such notice. 
 SECTION 9.5 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 enforceable to the fullest
extent permitted, and if not so permitted, 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 Certificate or the rights of the Holders thereof. 
 SECTION 9.6 Counterparts. This Agreement may be executed
in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

SECTION 9.7 Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit
of, the Depositor, the Owner Trustee, the Delaware Trustee and each Certificateholder and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a
Certificateholder shall bind the successors and assigns of such Certificateholder. 
 SECTION 9.8 No Petition Covenants.
The Owner Trustee by entering this Trust Agreement, and each Certificateholder by accepting a Certificate (or interest therein) issued hereunder, hereby covenants and agrees that, to the extent permitted by applicable law, it shall not (nor shall it
join with or solicit another person to), prior to the day that is one year and one day after the final distribution with respect to the Securities and, with respect to the Depositor, the securities issued by each other trust formed by and each other
financing by the Depositor, of each other such trust formed by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in any court or government authority for the purpose of commencing or sustaining a
case against the Depositor or the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust or any
substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust. 
  

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 SECTION 9.9 No Recourse. Each Certificateholder, by accepting a Certificate (or
interest therein) shall agree that such Person’s Certificate (or interest therein) represent beneficial interests in the Trust only and do not represent interests in or obligations of the Seller, the Depositor, the Servicer, the Administrator,
the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in this
Agreement, the Certificate or the other Basic Documents. Except as expressly provided in the Basic Documents, neither the Depositor, the Servicer nor the Owner Trustee in their respective individual capacities, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the distribution of any amount with respect to, or performance of, or omission to perform,
any of the covenants, obligations or indemnifications contained in the Certificate or this Agreement, it being expressly understood that said covenants, obligations and indemnifications have been made solely by the Trust. Each Certificateholder by
the acceptance of a Certificate (or beneficial interest therein) shall agree that, except as expressly provided in the Basic Documents, in the case of nonpayment of any amounts with respect to the Certificate, it shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Certificateholder is prohibited by, or declared illegal or otherwise unenforceable against any such Certificateholder under
applicable law by any court or other authority of competent jurisdiction, and, as a result, a Certificateholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Trust (“other
assets”), each Certificateholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly
granted (“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within
the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 SECTION 9.10 Headings. The headings
herein are for purposes of reference only and shall not affect the meaning or interpretation of any provision hereof. 

SECTION 9.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF DELAWARE, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 9.12 WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT
TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED
IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OF WRITTEN), ACTIONS OF ANY OF THE PARTIES HERETO OR ANY OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY
OTHER TRANSACTION DOCUMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
  

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 SECTION 9.13 Indemnification by the Servicer. The Owner Trustee acknowledges and
accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify, defend and hold the Owner Trustee harmless as set forth in Section 7.1(a) of the Trust Sale and Servicing Agreement. 

SECTION 9.14 TALF Related Signing Authority. In connection with the Federal Reserve Bank of New York’s Term Asset-Backed
Securities Loan Facility, each of the Servicer and the Certificateholder is hereby authorized to execute and deliver on behalf of the Trust and cause the Trust to perform (i) any Term Asset-Backed Securities Loan Facility Undertaking,
(ii) any Certification as to TALF Eligibility for Non-Mortgage Backed ABS, (iii) any Indemnity Undertaking and (iv) any other documents, certificates, agreements and instruments contemplated thereby or related thereto or otherwise
necessary or incidental to qualifying under TALF. Any action taken on behalf of the Trust by the Servicer or the Certificateholder (as Certificateholder or Depositor) prior to the date hereof with respect to TALF, including execution of any
Indemnity Undertaking and Certificate as to TALF Eligibility for Non-Mortgage Backed ABS, is hereby ratified. Upon written request, the Owner Trustee shall execute and deliver to the Servicer or the Certificateholder a limited power or attorney
appointing the Servicer or the Certificateholder as the Trust’s attorney-in-fact to prepare, or cause to be prepared, execute and deliver all such documents, certificates, agreements and instruments. 

ARTICLE X 

COMPLIANCE WITH REGULATION AB 

SECTION 10.1 Intent of the Parties; Reasonableness. The Depositor and the Owner Trustee acknowledge and agree that the purpose of
this Article X is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the 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 Commission thereunder (or the provision in a
private offering of disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate in good faith with the Depositor and shall deliver (and cause each of its Reporting Subcontractors, if any, to deliver) to
the Depositor any information reasonably requested by the Depositor regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB or any of its
other Exchange Act reporting obligations as it relates to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement (including with respect to any of its successors or predecessors; provided, however, that this
parenthetical shall apply only to the successors or predecessors of the Owner Trustee contemplated by Section 6.11 hereof). The obligations of the Owner Trustee to provide such information with respect to the period of time during which
it served as Owner Trustee shall survive the removal or termination of the Owner Trustee hereunder. 
  

 29 

 SECTION 10.2 Information to be Provided by the Owner Trustee. The Owner Trustee shall
as promptly as practicable following notice to or discovery by the Owner Trustee of any information required to be disclosed and not previously disclosed, and updates of information required to be disclosed, provide to the Depositor, in writing,
updated information necessary for compliance with Item 1117 of Regulation AB. The Owner Trustee shall, as promptly as practicable following notice to or discovery by the Owner Trustee, provide to the Depositor, in writing, any information
required to be disclosed and not previously disclosed, and updates of information required to be disclosed, necessary for compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB. 

* * * * * 
  

 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. 
  

							
	HSBC BANK USA, NATIONAL ASSOCIATION,
as Owner Trustee
		
	By:	 	 /s/ Chi S. Le

		 	Name:	 		 	Chi S. Le
		 	Title:	 		 	Vice President
	
	 HSBC TRUST COMPANY (DELAWARE), NATIONAL ASSOCIATION

as Delaware Trustee

		
	By:	 	 /s/ Frank J. Godino

		 	Name:	 		 	Frank J. Godino
		 	Title:	 		 	Corporate Trust Officer
	
	 ALLY WHOLESALE ENTERPRISES LLC, as

Depositor

		
	By:	 	 /s/ P.M. Surhigh

		 	Name:	 		 	P.M. Surhigh
		 	Title:	 		 	Vice President

  

 31 

 EXHIBIT A 

[Reserved] 

 EXHIBIT B 

[FORM OF CERTIFICATE] 
  

			
	No. R–	  	                        %

SEE REVERSE FOR CERTAIN DEFINITIONS 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OF AMERICA OR ANY FOREIGN SECURITIES LAWS. 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE (OR INTEREST HEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER
(i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE BY TO OR BY THE DEPOSITOR, (ii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM
THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS
ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE (A) THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, AND (B) THE OWNER TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
DEPOSITOR OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT. 

 THIS CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR THE
ACCOUNT OF (i) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
(ii) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE, OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH
ENTITY. THIS CERTIFICATE (OR AN INTEREST HEREIN) ALSO MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN EMPLOYEE BENEFIT PLAN OR PLAN THAT IS NOT SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE IF SUCH ACQUISITION WOULD
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER, OR A NON-EXEMPT VIOLATION OF, ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE. EACH HOLDER OF THIS CERTIFICATE, BY ACCEPTING THIS CERTIFICATE WILL
BE DEEMED TO HAVE MADE THE FOREGOING REPRESENTATIONS, AND, IF REQUESTED TO DO SO BY THE DEPOSITOR, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE OWNER TRUSTEE AN UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT.

 NO SALE, PLEDGE OR OTHER TRANSFER OF THE CERTIFICATE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS
THE CERTIFICATEHOLDER PROVIDES TO THE OWNER TRUSTEE, THE INDENTURE TRUSTEE AND THE DEPOSITOR AN OPINION OF INDEPENDENT COUNSEL REASONABLY ACCEPTABLE TO THE DEPOSITOR THAT SUCH ACTION WILL NOT CAUSE THE TRUST TO BE TREATED AS AN ASSOCIATION (OR
PUBLICLY TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR FEDERAL INCOME TAX PURPOSES, AND SUCH TRANSFEREE OR ASSIGNEE AGREES TO TAKE POSITIONS FOR TAX PURPOSES CONSISTENT WITH THE TAX POSITIONS AGREED TO BE TAKEN BY THE CERTIFICATEHOLDER. IN
ADDITION, THE CERTIFICATE MAY NOT BE SUBDIVIDED UPON TRANSFER OR EXCHANGE IN A MANNER SUCH THAT THE RESULTING CERTIFICATE REPRESENTS LESS THAN A 2.00% FRACTIONAL UNDIVIDED INTEREST IN THE TRUST (OR SUCH OTHER AMOUNT AS THE DEPOSITOR MAY DETERMINE IN
ORDER TO PREVENT THE TRUST FROM BEING TREATED AS A “PUBLICLY TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE CODE, BUT IN NO EVENT LESS THAN A 1.00% FRACTIONAL UNDIVIDED INTEREST IN THE TRUST) AND ANY ATTEMPTED TRANSFER (OR SUBDIVISION)
OF A CERTIFICATE IN CONTRAVENTION OF THIS RESTRICTION SHALL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR SHALL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR ALL PURPOSES. 

 

 Ex. B-2 

 THE CERTIFICATEHOLDER, BY ITS ACCEPTANCE OF THIS CERTIFICATE (OR INTEREST
HEREIN), COVENANTS AND AGREES THAT SUCH CERTIFICATEHOLDER SHALL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT AND WITH RESPECT TO THE DEPOSITOR, OF EACH OTHER SUCH TRUST FORMED BY THE DEPOSITOR,
ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE TRUST TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE TRUST UNDER ANY FEDERAL OR STATE
BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE TRUST OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE
WINDING-UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE TRUST. 
 ALLY MASTER OWNER TRUST 

CERTIFICATE 

evidencing a fractional beneficial undivided interest in the Trust, as defined below, the property of which includes a pool of floor plan
receivables generated from time to time in a portfolio of revolving financing arrangements with dealers to finance automobile and other vehicle inventories and collections thereon and certain other property. 

(This Certificate does not represent an interest in or obligation of Ally Wholesale Enterprises LLC, Ally Bank, GMAC Inc., the Owner
Trustee or any of their respective affiliates, except to the extent described in the Basic Documents.) 
 THIS CERTIFIES THAT
                     is the registered owner of a nonassessable, fully-paid, fractional undivided beneficial interest in Ally Master Owner Trust (the
“Trust”) formed by Ally Wholesale Enterprises LLC, a Delaware limited liability company (the “Depositor”). 

The Trust was created pursuant to a Trust Agreement, dated as of February 3, 2010 and is governed by the amended and restated Trust
Agreement, dated as of February 12, 2010 (as amended, supplemented, restate or otherwise modified from time to time, the “Trust Agreement”), among the Depositor, HSBC Bank USA, National Association, as owner trustee (the
“Owner Trustee”), and HSBC Trust Company (Delaware), National Association, as Delaware 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 the Trust Agreement. 
  

 Ex. B-3 

 This Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust Agreement, the terms of which are incorporated herein by reference and made a part hereof, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 

The Holder of this Certificate acknowledges and agrees that its rights to receive payments in respect of this Certificate are
subordinated to the rights of the Noteholders as and to the extent described in the Trust Sale and Servicing Agreement, the Indenture and the Indenture Supplements. 

The Certificateholder by accepting this Certificate (or interest therein) issued under the Trust Agreement, hereby covenants and agrees
that it shall not (nor shall it join with or solicit another person to), prior to the day that is one year and one day after the final distribution with respect to the Securities and, with respect to the Depositor, the securities issued by each
other trust formed by and each other financing by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in any court or government authority for the purpose of commencing or sustaining a case against
the Depositor or the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust or any substantial
part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust. 
 Distributions
on this Certificate shall be made as provided in the Trust Agreement without the presentation or surrender of this Certificate or the making of any notation hereon, to the Certificateholder of record on the immediately preceding Record Date either
by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written
instructions at least five Business Days prior to such Record Date, or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office maintained for
such purpose by the Owner Trustee in the City of New York. 
 Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee by manual
signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement, the Trust Sale and Servicing Agreement or the Indenture or be valid for any purpose. 

 

 Ex. B-4 

 THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 

 Ex. B-5 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed. 
 Dated:
                , 20     
  

			
	ALLY MASTER OWNER TRUST
		
	By:	 	HSBC BANK USA, NATIONAL
	 ASSOCIATION, not in its individual capacity but

solely as Owner Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

											
	 HSBC BANK USA, NATIONAL

ASSOCIATION, not in its individual
 capacity but
solely as Owner Trustee
	 	OR	 	 	 	 HSBC BANK USA, NATIONAL

ASSOCIATION, not in its individual
 capacity but
solely as Owner Trustee by

[                    ], as Authentication
Agent

						
	By:	 	  
	 		 		 	By:	 	  

	Name:	 	  
	 		 		 	Name:	 	  

	Title:	 	  
	 		 		 	Title:	 	  

  

 Ex. B-6 

 REVERSE OF CERTIFICATE 

The Certificate does not represent an obligation of, or an interest in, the Depositor, the Servicer, the Seller, Ally Bank, GMAC Inc.,
the Indenture Trustee, the Owner 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 or the other Basic
Documents. In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables held by the Trust (and certain other
amounts), all as more specifically set forth herein, in the Trust Agreement and in the other Basic Documents. A copy of each of the Trust Agreement and the other Basic Documents may be examined during normal business hours at the principal office of
the Depositor, and at such other places, if any, designated by the Depositor, by the Certificateholder upon written request. 

The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the rights of the Certificateholder under the Trust Agreement at any time by the Depositor, the Owner Trustee and the Delaware Trustee with the consent of the Noteholders whose Notes evidence not less than a majority
of the Outstanding Amount of the Notes as of the close of business on the preceding Distribution Date and the consent of the Certificateholder. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on
all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the
amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificate or the Notes. 
 As
provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or
agencies of the Certificate Registrar maintained by the Owner Trustee in the City of New York, accompanied by (i) a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the
Holder hereof or such Holder’s attorney duly authorized in writing, (ii) any certificate and/or Opinion of Counsel required by Sections 3.4(g) and (h) of the Trust Agreement, and (iii) if requested by the Depositor,
the Undertaking Letter required by Section 3.4(f) of the Trust Agreement, and thereupon one new Certificate evidencing the same aggregate percentage interest in the Trust shall be issued to the designated transferee. 

The initial Certificate Registrar appointed under the Trust Agreement is HSBC Bank USA, National Association. 

The Certificate (other than the Certificate issued to the Depositor or its affiliates) is issuable only as a registered Certificate. As
provided in the Trust Agreement and subject to certain limitations therein set forth, the Certificate is exchangeable for a new Certificate evidencing the same aggregate percentage interest, as requested by the Holder surrendering the same;
provided, however, that the Certificate may not be subdivided upon transfer or exchange. No service charge shall be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  

 Ex. B-7 

 The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the
distribution to the Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement, the Trust Sale and Servicing Agreement and the Indenture and the disposition of all property held as part of the Trust. 

 

 Ex. B-8 

 CERTIFICATE OF TRANSFER 

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

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER
IDENTIFYING NUMBER 
 OF ASSIGNEE 

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

the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing 

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

															
	Dated:	 	 	 	 	    	 	  	*	 	 	 	 	 	 
								
		 		 	Signature Guaranteed:	    		  	*	 		 		 	

  

	*	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration,
enlargement or any change whatsoever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

 

 Ex. B-9 

 EXHIBIT C 

INVESTOR LETTER 
 Ally Wholesale
Enterprises LLC 
 Corporation Trust Center 

1209 Orange Street 
 Wilmington, Delaware 19801

 HSBC BANK USA, NATIONAL ASSOCIATION, 

as Owner Trustee 
 10 East 40th Street, 14th
Floor 
 New York, New York 10016 

Ladies and Gentlemen: 
 In
connection with our proposed purchase of a Certificate (the “Certificate”), representing a fractional undivided beneficial interest in the Ally Master Owner Trust, issued under a trust agreement, to be dated as of February 12,
2010 the “Trust Agreement”), among Ally Wholesale Enterprises LLC, a Delaware limited liability company (the “Depositor”), HSBC Bank USA, National Association, as owner trustee (the “Owner
Trustee”), and HSBC Trust Company (Delaware), National Association, as Delaware Trustee, we confirm that: 

1. We understand that the Certificate has not been registered under the United States Securities Act of 1933, as amended
(the “Securities Act”), or the securities laws of any jurisdiction and may not be sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter
stated, that such Certificate (or an interest therein) may be resold, pledged or transferred only (i) to the Depositor, (ii) so long as such Certificate is eligible for resale pursuant to Rule 144A under the Securities Act (“Rule
144A”), to a person whom the transferor reasonably believes after due inquiry to be a “qualified institutional buyer” as defined in Rule 144A acting for its own account (and not for the account of others) or as a fiduciary or
agent for others (which others also are “qualified institutional buyers”) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (iii) in a sale, pledge or other transfer made in a
transaction otherwise exempt from the registration requirements of the Securities Act, in which case (A) the Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the
Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Depositor, and (B) the Owner Trustee shall require a written opinion of counsel (which will
not be at the expense of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee to the effect that such transfer will not violate the Securities Act, in each case in accordance with any applicable securities laws of
any state of the United States. We will notify any purchaser of the Certificate (or an interest therein) from us of the above resale restrictions, if then applicable. We further understand that in connection with any transfer of the Certificate (or
interest therein) by us that the Depositor and the Owner Trustee may request, and if so requested we will furnish, such certification and other information as they may reasonably require to confirm that any such transfer complies with the foregoing
restrictions. We understand that no sale, pledge or other transfer may be made to any Person unless the Certificateholder provides to the Owner Trustee, the Indenture Trustee and the Depositor an opinion of independent counsel reasonably acceptable
to the Depositor that such action will not cause the Trust to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes, and such transferee or assignee agrees to take positions for tax
purposes consistent with the tax positions agreed to be taken by the Certificateholder. We further understand that the Certificate may not be subdivided upon transfer or exchange. Any attempted transfer or subdivision in contravention of this
restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Certificate for all purposes. We understand that no sale, pledge or other transfer of the Certificate may be made to (i) an
“employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of ERISA, (ii) a plan described in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) subject to Section 4975 of the Code, (iii) any entity whose underlying assets include plan assets by reason of investment by an employee
benefit plan or plan in such entity or (iv) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such sale, pledge or other transfer would result in a non-exempt
prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

 2. You are entitled to rely upon this letter and you are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	(Name of Purchaser)
		
	By:	 	
		
	Date:	 	

  

 Ex. C-2

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