Document:

EX-10.6

 Exhibit 10.6 

CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[_]-[_] 

FORM OF 
 AMENDED AND
RESTATED 
 TRUST AGREEMENT 

between 
 CAPITAL ONE
AUTO RECEIVABLES, LLC, 
 as the Depositor 

and 
 [____________],

 as the Owner Trustee 

Dated as of [___________], 20[__] 

  
 Form of Amended and
Restated 
 Trust Agreement 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	 DEFINITIONS
	  	 	1	 
	 SECTION 1.1.
	 	 Capitalized Terms
	  	 	1	 
	 SECTION 1.2.
	 	 Other Interpretive Provisions
	  	 	1	 
	 ARTICLE II
	 	 ORGANIZATION
	  	 	2	 
	 SECTION 2.1.
	 	 Name
	  	 	2	 
	 SECTION 2.2.
	 	 Office
	  	 	2	 
	 SECTION 2.3.
	 	 Purposes and Powers
	  	 	2	 
	 SECTION 2.4.
	 	 Appointment of the Owner Trustee
	  	 	3	 
	 SECTION 2.5.
	 	 Initial Capital Contribution of Trust Estate
	  	 	3	 
	 SECTION 2.6.
	 	 Declaration of Trust
	  	 	3	 
	 SECTION 2.7.
	 	 Organizational Expenses; Liabilities of the Holders
	  	 	4	 
	 SECTION 2.8.
	 	 Title to the Trust Estate
	  	 	5	 
	 SECTION 2.9.
	 	 Representations and Warranties of the Depositor
	  	 	5	 
	 SECTION 2.10.
	 	 Situs of Issuer
	  	 	6	 
	 SECTION 2.11.
	 	 Covenants of the Certificateholders
	  	 	6	 
	 ARTICLE III
	 	 CERTIFICATES AND TRANSFER OF CERTIFICATES
	  	 	6	 
	 SECTION 3.1.
	 	 Initial Ownership
	  	 	6	 
	 SECTION 3.2.
	 	 Authorization of the Certificates
	  	 	6	 
	 SECTION 3.3.
	 	 The Certificates
	  	 	6	 
	 SECTION 3.4.
	 	 Notices to Clearing Agency
	  	 	8	 
	 SECTION 3.5.
	 	 Definitive Certificates
	  	 	9	 
	 SECTION 3.6.
	 	 Registration of the Certificates
	  	 	10	 
	 SECTION 3.7.
	 	 Transfer of the Certificates
	  	 	10	 
	 SECTION 3.8.
	 	 Lost, Stolen, Mutilated or Destroyed Certificates
	  	 	17	 
	 SECTION 3.9.
	 	 Appointment of the Certificate Paying Agent
	  	 	17	 
	 SECTION 3.10.
	 	 Maintenance of Office or Agency
	  	 	18	 
	 ARTICLE IV
	 	 ACTIONS BY OWNER TRUSTEE
	  	 	18	 
	 SECTION 4.1.
	 	 Prior Notice to Certificateholders with Respect to Certain Matters
	  	 	18	 
	 SECTION 4.2.
	 	 Action by Certificateholders with Respect to Certain Matters
	  	 	19	 
	 SECTION 4.3.
	 	 Action by Certificateholders with Respect to Bankruptcy
	  	 	19	 

  

					
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 4.4.
	 	 Restrictions on Certificateholders’ Power
	  	 	19	 
	 SECTION 4.5.
	 	 Acts of Certificateholders; Majority Control
	  	 	19	 
	 SECTION 4.6.
	 	 Compliance with the FDIC Rule
	  	 	20	 
	 ARTICLE V
	 	 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	20	 
	 SECTION 5.1.
	 	 Application of Trust Funds
	  	 	20	 
	 SECTION 5.2.
	 	 Method of Payment
	  	 	20	 
	 SECTION 5.3.
	 	 Reports by Owner Trustee to Certificateholders
	  	 	21	 
	 SECTION 5.4.
	 	 Certificate Distribution Account
	  	 	21	 
	 SECTION 5.5.
	 	 Withholding
	  	 	22	 
	 SECTION 5.6.
	 	 No Reinvestment
	  	 	22	 
	 SECTION 5.7.
	 	 Sarbanes-Oxley Act
	  	 	22	 
	 ARTICLE VI
	 	 AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	22	 
	 SECTION 6.1.
	 	 General Authority
	  	 	22	 
	 SECTION 6.2.
	 	 General Duties
	  	 	23	 
	 SECTION 6.3.
	 	 Action upon Instruction
	  	 	23	 
	 SECTION 6.4.
	 	 No Duties Except as Specified in this Agreement or in Instructions
	  	 	24	 
	 SECTION 6.5.
	 	 No Action Except under Specified Documents or Instructions
	  	 	24	 
	 SECTION 6.6.
	 	 Restrictions
	  	 	25	 
	 SECTION 6.7.
	 	 Relevant Trustee
	  	 	25	 
	 ARTICLE VII
	 	 CONCERNING OWNER TRUSTEE
	  	 	25	 
	 SECTION 7.1.
	 	 Acceptance of Trusts and Duties
	  	 	25	 
	 SECTION 7.2.
	 	 Furnishing of Documents
	  	 	27	 
	 SECTION 7.3.
	 	 Preservation of Information; Communications to Certificateholders
	  	 	27	 
	 SECTION 7.4.
	 	 Statements to Certificateholders
	  	 	28	 
	 SECTION 7.5.
	 	 Notice of Events of Default and Servicer Replacement Event
	  	 	28	 
	 SECTION 7.6.
	 	 Representations and Warranties
	  	 	28	 
	 SECTION 7.7.
	 	 Reliance; Advice of Counsel
	  	 	29	 
	 SECTION 7.8.
	 	 Not Acting in Individual Capacity
	  	 	30	 

  

					
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 7.9.
	 	 The Owner Trustee May Own Notes
	  	 	30	 
	 SECTION 7.10.
	 	 Rule 144A Information
	  	 	30	 
	 ARTICLE VIII
	 	 COMPENSATION OF OWNER TRUSTEE
	  	 	30	 
	 SECTION 8.1.
	 	 The Owner Trustee’s Compensation
	  	 	30	 
	 SECTION 8.2.
	 	 Indemnification
	  	 	31	 
	 SECTION 8.3.
	 	 Payments to the Owner Trustee
	  	 	31	 
	 SECTION 8.4.
	 	 Rights, Protections, Immunities and Indemnities of the Relevant Trustee
	  	 	31	 
	 ARTICLE IX
	 	 TERMINATION OF TRUST AGREEMENT
	  	 	31	 
	 SECTION 9.1.
	 	 Dissolution of Issuer
	  	 	31	 
	 SECTION 9.2.
	 	 Termination of Trust Agreement
	  	 	32	 
	 SECTION 9.3.
	 	 Limitations on Termination
	  	 	33	 
	 ARTICLE X
	 	 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	33	 
	 SECTION 10.1.
	 	 Eligibility Requirements for the Owner Trustee
	  	 	33	 
	 SECTION 10.2.
	 	 Resignation or Removal of the Owner Trustee
	  	 	33	 
	 SECTION 10.3.
	 	 Successor Owner Trustee
	  	 	34	 
	 SECTION 10.4.
	 	 Merger or Consolidation of the Owner Trustee
	  	 	34	 
	 SECTION 10.5.
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	35	 
	 ARTICLE XI
	 	 MISCELLANEOUS
	  	 	36	 
	 SECTION 11.1.
	 	 Amendments
	  	 	36	 
	 SECTION 11.2.
	 	 No Legal Title to Trust Estate in Certificateholders
	  	 	37	 
	 SECTION 11.3.
	 	 Limitations on Rights of Others
	  	 	38	 
	 SECTION 11.4.
	 	 Notices
	  	 	38	 
	 SECTION 11.5.
	 	 Severability
	  	 	38	 
	 SECTION 11.6.
	 	 Separate Counterparts
	  	 	38	 
	 SECTION 11.7.
	 	 Successors and Assigns
	  	 	38	 
	 SECTION 11.8.
	 	 No Petition
	  	 	38	 
	 SECTION 11.9.
	 	 Information Request
	  	 	40	 
	 SECTION 11.10.
	 	 Headings
	  	 	40	 
	 SECTION 11.11.
	 	 GOVERNING LAW
	  	 	40	 
	 SECTION 11.12.
	 	 Waiver of Jury Trial
	  	 	40	 

  

					
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 11.13.
	 	 Information to Be Provided by the Owner Trustee
	  	 	40	 
	 SECTION 11.14.
	 	 Form 10-D Filings, Item 1117 and Item 1119 of Regulation
AB
	  	 	40	 
	 SECTION 11.15.
	 	 Form 8-K Filings
	  	 	41	 
	 SECTION 11.16.
	 	 [Limitation of Rights
	  	 	41	 

  

			
	 EXHIBIT A
	 	 Form of Certificate

	 EXHIBIT B
	 	 Form of Certificate Investor Representation Letter

	 EXHIBIT C
	 	 Form of Notice of Requests to Repurchase Receivables

	 EXHIBIT D
	 	 Form of Registration of Definitive Certificate Transfer Direction Letter Pursuant to the Trust
Agreement

	 EXHIBIT E
	 	 Form of Owner Trustee’s Annual Certification Regarding Item 1117 and Item 1119 of
Regulation AB

  

					
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 This AMENDED AND RESTATED TRUST AGREEMENT is made as of [___________], 20[__] (as
amended, supplemented or otherwise modified and in effect from time to time, this “Agreement” or this “Trust Agreement”) between CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability company, as the
depositor (the “Depositor”), and [____________], a [_________________], as the owner trustee (“[____________],” and in such capacity, the “Owner Trustee”). 

RECITALS 
 WHEREAS, the
Depositor and the Owner Trustee entered into that certain trust agreement dated as of [___________], 20[__] (the “Original Trust Agreement”) and filed a certificate of trust with the Secretary of State of the State of Delaware
pursuant to which the Issuer (as defined below) was created; and 
 WHEREAS, in connection with the issuance of the Notes, the parties have
agreed to amend and restate the Original Trust Agreement; 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, and
of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1. Capitalized Terms. Except as otherwise defined herein or as the context may otherwise require, capitalized terms
used but not otherwise defined herein are defined in Appendix A to the Sale Agreement, dated as of the date hereof (as amended, supplemented, or otherwise modified and in effect from time to time, the “Sale
Agreement”), between the Issuer and the Depositor, which also contains rules as to usage that are applicable herein. 
 SECTION
1.2. Other Interpretive Provisions. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement
and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the
respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in
the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole
and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph,
subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means
“including without limitation”; (f) references to any law or regulation refer to that law or regulation as 

  
 Form of Amended and
Restated 
 Trust Agreement 

 
amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns; and (h) headings are for purposes
of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 
 ARTICLE II 

ORGANIZATION 
 SECTION 2.1.
Name. The trust created under the Original Trust Agreement is known as “Capital One Prime Auto Receivables Trust 20[_]-[_]” (the “Issuer”), in which name the Owner Trustee, the Administrator or the Servicer (to the
extent set forth in the Transaction Documents) may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 

SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other
address as the Owner Trustee may designate by written notice to each Certificateholder, the Depositor and the Administrator. 
 SECTION 2.3.
Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities: 

(a) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and to sell, transfer and
exchange the Notes and the Certificates and to pay interest on and principal of the Notes to the Noteholders and to make distributions to the Certificateholders; 

(b) [enter into and perform its obligations under any interest rate protection agreement or agreements relating to the Notes
between the Issuer and one or more counterparties, including any confirmations, evidencing the transactions thereunder, each of which is an interest rate swap, an interest rate cap, an obligation to enter into any of the foregoing, or any
combination of any of the foregoing;] 
 (c) to acquire the property and assets set forth in the Sale Agreement from the
Depositor pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account, the Principal Distribution Account, the Certificate Distribution Account[, the Pre-Funding Account] and
the Reserve Account and to pay the organizational, start-up and transactional expenses of the Issuer; 

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

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

  

					
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 (f) to engage in those activities, including entering into agreements, that
are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 

(g) subject to compliance with the Transaction Documents, to engage in such other activities as may be required in connection
with conservation of the Trust Estate and the making of distributions to the Certificateholders and payments to the Noteholders. 
 Each of
the Owner Trustee and the Administrator, as applicable, is hereby authorized to engage in the foregoing activities on behalf of the Issuer. Neither the Issuer nor any Person acting on behalf of the Issuer shall engage in any activity other than in
connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents. 

Notwithstanding anything to the contrary in the Transaction Documents or in any other document, neither the Issuer nor the Owner Trustee (nor
any agent of either person) shall be authorized or empowered to acquire any other investments, reinvest any proceeds of the Issuer or engage in activities other than the foregoing, and, in particular neither the Issuer nor the Owner Trustee (nor any
agent of either person) shall be authorized or empowered to do anything that would cause the Issuer to fail to qualify as a grantor trust for United States federal income tax purposes. 

SECTION 2.4. Appointment of the Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Issuer effective as of
the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5. Initial Capital Contribution of Trust
Estate. As of the date of the Original Trust Agreement, the Depositor sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of
such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account. 

SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to
the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust under
the Statutory Trust Statute and that (i) this Agreement constitute the governing instrument of such statutory trust and (ii) for United States federal, state and local income and franchise tax purposes, the Issuer shall be treated as a
grantor trust for United States federal income tax purposes, with the assets of the Issuer constituting the Receivables and other assets held by the Issuer, and the Notes constituting non-recourse debt of the
Certificateholder(s), provided that if it is successfully asserted by the appropriate tax authorities that the Issuer is not properly characterized as a grantor trust for United States federal income tax purposes, the Issuer shall be treated, for
United States federal, state and local income and franchise tax purposes, as (A) a disregarded entity if there is only one beneficial owner for United States federal income tax purposes of the Certificates and any Notes that are treated as
equity in the Issuer, or (B) a 

  

					
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Trust Agreement

 
partnership (other than an association or publicly traded partnership taxable as a corporation) if there is more than one beneficial owner for United States federal income tax purposes of the
Certificates and any Notes that are treated as equity for United States federal income tax purposes in the Issuer, with the assets of the partnership being the Receivables and other assets held by the Issuer, the partners of the partnership being
the Certificateholders and the holders of the Notes that are treated as equity in the Issuer for United States federal income tax purposes, and the remaining Notes constituting indebtedness of the partnership. The parties hereto and each
Certificateholder, by acceptance of a Certificate, agree to treat the Issuer in accordance with the intention that the Issuer be characterized as a grantor trust for United States federal income tax purposes and, unless otherwise required by
appropriate taxing authorities or by law, not to take any action or, direct any other party to take any action, inconsistent therewith, including, but not limited to, modifying, or directing any other party to modify, the terms of a Receivable
unless the modification is a Permitted Modification. In furtherance of the foregoing, (i) the purpose of the Issuer shall be to protect and conserve the assets of the Issuer, and the Issuer shall not at any time engage in or carry on any kind
of business for United States federal income tax purposes or any kind of commercial activity and (ii) the Issuer and Owner Trustee (upon direction from the Certificateholders) (and any agent of either person) shall take, or refrain from taking,
all such action as is necessary to maintain the status of the Issuer as a grantor trust for United States federal income tax purposes. Notwithstanding anything to the contrary in this Agreement or otherwise, neither the Issuer nor the Owner Trustee
(nor any agent of either person) shall (1) acquire any assets or dispose of any portion of the Issuer other than pursuant to the specific provisions of this Agreement, (2) vary the investment of the Issuer within the meaning of Treasury
Regulation section 301.7701-4(c) or (3) substitute new investments or reinvest so as to enable the Issuer to take advantage of variations in the market to improve the investment of any Certificateholder.
The provisions of this Trust Agreement shall be interpreted consistently with and to further this intention of the parties. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will file or cause to be filed
annual or other necessary tax returns, reports and other forms consistent with the foregoing characterization of the Issuer for United States federal, state and local income and franchise tax purposes. No election will be made by or on behalf of the
Issuer to be classified as an association taxable as a corporation for United States federal income tax purposes. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and, to the extent not
inconsistent herewith, in the Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. The Owner Trustee has heretofore filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by
Section 3810(a) of the Statutory Trust Statute, such filing hereby being ratified and approved in all respects. Notwithstanding anything herein or in the Statutory Trust Statute to the contrary, it is the intention of the parties hereto that
the Issuer constitute a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 
 SECTION 2.7.
Organizational Expenses; Liabilities of the Holders. 
 (a) The Servicer shall pay organizational expenses of the
Issuer as they may arise. 

  

					
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 (b) No Certificateholder (including the Depositor if the Depositor becomes a
Certificateholder) shall have any personal liability for any liability or obligation of the Issuer. 
 SECTION 2.8. Title to the Trust
Estate. Legal title to all of the Trust Estate shall be vested at all times in the Issuer as a separate legal entity. 
 SECTION 2.9.
Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 

(a) Existence and Power. The Depositor is a limited liability company validly existing and in good standing under the
laws of the State of Delaware and has, in all material respects, all power and authority required to carry on its business as it is now conducted. The Depositor has obtained all necessary licenses and approvals in each jurisdiction where the failure
to do so would materially and adversely affect the ability of the Depositor to perform its obligations under the Transaction Documents. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Depositor of the Transaction
Documents to which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of the Depositor and (ii) do not contravene or constitute a default under (A) any applicable law, rule or
regulation, (B) its organizational documents or (C) any material indenture or material agreement or other instrument to which it is a party or its property is subject (other than violations which do not affect the legality, validity or
enforceability of any of such agreements or which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Depositor’s ability to perform its obligations under, the Transaction
Documents to which it is a party). 
 (c) No Consent Required. No approval or authorization by, or filing with, any
Governmental Authority is required in connection with the execution, delivery and performance by the Depositor of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and
filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Depositor to perform its obligations under the Transaction
Documents to which it is a party. 
 (d) Binding Effect. Each Transaction Document to which the Depositor is a party
constitutes the legal, valid and binding obligation of the Depositor enforceable against the Depositor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or other similar
laws of general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 

  

					
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 (e) No Proceedings. There are no Proceedings pending or, to the
knowledge of the Depositor, threatened against the Depositor before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the
issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents or (iii) seek any determination or ruling that would materially and adversely affect the performance
by the Depositor of its obligations under this Agreement or any of the other Transaction Documents. 
 SECTION 2.10. Situs of Issuer.
The Issuer shall be located in the State of Delaware (it being understood that the Issuer may have bank accounts located and maintained outside of Delaware). 

SECTION 2.11. Covenants of the Certificateholders. Each Certificateholder, by becoming an owner of a Certificate and beneficial owner
of the Issuer, hereby acknowledges and agrees (a) that the Certificateholder is subject to the terms, provisions and conditions of this Agreement, to which the Certificateholder agrees to be bound; and (b) that it shall not take any
position in such Certificateholder’s tax returns inconsistent with Section 2.6 herein and Section 2.15 of the Indenture. 

ARTICLE III 

CERTIFICATES AND TRANSFER OF CERTIFICATES 

SECTION 3.1. Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Depositor shall be the
sole beneficiary of the Issuer and, upon the issuance of the Certificates, the Depositor will no longer be a beneficiary of the Issuer, except to the extent that the Depositor is a Certificateholder. 

SECTION 3.2. Authorization of the Certificates. Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the Sale
Agreement, at the direction of the Depositor, (a) one or more Book-Entry Certificates substantially in the form of Exhibit A hereto shall be executed by the Owner Trustee on behalf of the Issuer and authenticated and delivered by the
Certificate Registrar in the name of Cede & Co. or (b) one or more Definitive Certificates substantially in the form of Exhibit A hereto shall be executed by the Owner Trustee on behalf of the Issuer and authenticated and delivered by
the Certificate Registrar to or upon the written order of the Depositor. The Certificates shall, in the aggregate, represent 100% of the Percentage Interest in the Issuer and shall be fully paid and nonassessable. 

SECTION 3.3. The Certificates. 

(a) To the extent Book-Entry Certificates have been issued, such Certificates will be issued substantially in the form of
Exhibit A hereto, representing the Certificates to be delivered to the Certificate Registrar, as initial agent for the Clearing Agency, by, or on behalf of, the Issuer. The Retained Certificate will be delivered by the Certificate Registrar
to or upon the written order of the Depositor. The Certificates will be issued in an aggregate nominal principal amount of $100,000 (which shall be deemed to be the 

  

					
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equivalent of 100,000 units), and all beneficial interests in the Book-Entry Certificates shall be owned, in the minimum principal amount of $[_____] and integral multiples of $1 in excess
thereof. The Issuer shall not issue any Certificate that would cause the aggregate nominal principal amount of all Certificates to exceed $100,000, or 100,000 units, without the prior written consent of all Certificateholders. No distributions of
moneys to the Certificateholders under the Transaction Documents shall be deemed to reduce the nominal principal amount of any Certificate prior to payment in full of all Notes; provided, however, that the final aggregate $100,000 distributed
to the Certificateholders under the Transaction Documents upon final distribution of the Trust Estate and termination of the Issuer pursuant to Sections 9.1 and 9.2 shall be deemed to repay the aggregate nominal principal amount of the
Certificates in full; provided, further, that any failure to pay in full the nominal principal amount of a Certificate on such final distribution date shall not result in any recourse to, claim against or liability of any Person for such
shortfall. Any amounts payable to the Certificateholders on or in respect of the Certificates under the Transaction Documents shall be paid and allocated to the various Certificateholders ratably based on their respective Percentage Interests. To
the extent Book-Entry Certificates have been issued, unless the Seller directs otherwise pursuant to Section 3.2, such Certificates shall initially be registered on the Certificate Register in the name of Cede &
Co., the nominee of DTC as the initial Clearing Agency, and no Certificateholder of a Book-Entry Certificate will receive a Definitive Certificate representing such Certificateholder’s interest in such Certificate, except as provided in
Section 3.5. Except with respect to the Retained Certificate, unless and until definitive, fully registered Certificates (the “Definitive Certificates”) have been issued to the applicable Certificateholders
pursuant to Section 3.2 or 3.5: 
 (i) the provisions of this Section shall be in full
force and effect; 
 (ii) the Certificate Registrar, the Certificate Paying Agent, the Indenture Trustee and the Owner
Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including the payment of amounts payable under the Transaction Documents and the giving of instructions or directions hereunder) as the sole
Certificateholders, and shall have no obligation to the Certificate Owners; 
 (iii) to the extent that the provisions of
this Section conflict with any other provisions of this Agreement, the provisions of this Section shall control; 
 (iv) the
rights of Certificate Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and/or agreement between or among such Certificate Owners and the Clearing Agency and/or the Clearing Agency
Participants or Persons acting through Clearing Agency Participants. Pursuant to the Depository Agreement, unless and until Definitive Certificates (other than the Retained Certificate) are issued pursuant to Section 3.5,
the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments due under the Transaction Documents with regard to the Certificates to such Clearing Agency Participants; 

  

					
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Trust Agreement

 (v) whenever this Agreement requires or permits actions to be taken based
upon instructions or directions of Certificateholders evidencing a specified percentage of the Percentage Interest, the Clearing Agency shall deliver instructions to the Owner Trustee only to the extent that it has received instructions to such
effect from Certificate Owners and/or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Certificates; 

(vi) owners of a beneficial interest in a Book-Entry Certificate will not be entitled to have any portion of a Book-Entry
Certificate registered in their names and will not be considered to be the Certificate Owners or Certificateholders of any Certificates under this Agreement; and 

(vii) payments on a Book-Entry Certificate will be made to the Clearing Agency, or its nominee, as the registered owner
thereof, and none of the Issuer, the Owner Trustee, the Indenture Trustee or the Certificate Paying Agent will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests in a Book-Entry Certificate or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests. 

(b) Notwithstanding any provision to the contrary herein, so long as a Book-Entry Certificate remains outstanding and is held
by or on behalf of the Clearing Agency, transfers of a Book-Entry Certificate, in whole or in part, shall only be made in accordance with Section 3.3(a). Subject to clauses (i) through (iii) of
Section 3.3(a), transfers of a Book-Entry Certificate shall be limited to transfers of such Book-Entry Certificate in whole, but not in part, to a nominee of the Clearing Agency or to a successor of the Clearing Agency or
such successor’s nominee. 
 In the event that a Book-Entry Certificate is exchanged for one or more Definitive
Certificates pursuant to Section 3.5, such Certificates may be exchanged for one another only in accordance with the provisions of this Agreement and with such procedures as may be from time to time adopted by the Issuer
and the Owner Trustee. 
 SECTION 3.4. Notices to Clearing Agency. Whenever a notice or other communication to the Certificateholders
is required under this Agreement, except with respect to the Retained Certificate, and otherwise, unless and until Definitive Certificates shall have been issued to Certificate Owners pursuant to Section 3.5, the Owner
Trustee shall give all such notices and communications specified herein to be given to the Certificateholders to the Clearing Agency, and shall have no obligation to the Certificate Owners. 

  

					
		  	8	  	 Form of Amended and Restated

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 SECTION 3.5. Definitive Certificates. 

(a) Except with respect to the Retained Certificate (which will be originally issued as a Definitive Certificate), if
(i) the Depositor advises the Owner Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Certificates, and the Depositor is unable to locate a qualified
successor or (ii) the Depositor at its option advises the Owner Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency, then the Clearing Agency shall notify all Certificate Owners and the Owner Trustee
of the occurrence of any such event and of the availability of Definitive Certificates representing the Certificates to Certificate Owners requesting the same. Upon surrender to the Owner Trustee of the typewritten Certificate or Certificates
representing the Book-Entry Certificates by the Clearing Agency, accompanied by re-registration instructions, the Issuer shall execute and the Certificate Registrar shall authenticate the Definitive
Certificates representing the Certificates in accordance with the instructions of the Clearing Agency. None of the Issuer, the Certificate Registrar or the Owner Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Certificates representing the Certificates, the Owner Trustee shall recognize such Holders of the Definitive Certificates as the
applicable Certificateholders. 
 (b) Subject to the transfer restrictions contained herein and in the Certificates, any
Holder of a Definitive Certificate may transfer all or any portion of the Percentage Interest (subject to the requirements set forth in Sections 3.3 and 3.7) evidenced by such Certificate upon surrender thereof to the Certificate
Registrar accompanied by the documents required by this Section 3.5. Such transfer may be made by a registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to
the Certificate Registrar accompanied by (a) a written instrument of transfer in the form of the “Assignment” attached to the Form of Certificate attached hereto as Exhibit A and with such signature guarantees and evidence of
authority of the Persons signing the instrument of transfer as the Certificate Registrar may reasonably require, (b) an executed direction letter regarding registration of such transfer in the form attached hereto as Exhibit B, and
(c) the documents required by Section 3.7(c) hereof. Promptly upon the receipt of such documents and receipt by the Certificate Registrar of the transferor’s Certificate, the Certificate Registrar shall record the
name of such transferee as a Certificateholder and its Percentage Interest in the Certificate Register and the Owner Trustee shall execute, and the Certificate Registrar shall authenticate and deliver to such Certificateholder, a Certificate
evidencing such Percentage Interest. In the event a transferor transfers only a portion of its Percentage Interest, the Owner Trustee shall execute, and the Certificate Registrar shall register, authenticate and deliver to such transferor, a new
Certificate evidencing such transferor’s new Percentage Interest and the Owner Trustee shall execute, and the Certificate Registrar shall register, authenticate and deliver to such transferee, a new Certificate evidencing such transferee’s
Percentage Interest. Subsequent to each transfer of a beneficial interest and upon the issuance of the new Certificate or Certificates, the Certificate Registrar shall cancel and destroy in accordance with its customary practices the Certificate
surrendered to it in connection 

  

					
		  	9	  	 Form of Amended and Restated

Trust Agreement

 
with such transfer. The Owner Trustee, the Certificate Registrar and the Indenture Trustee shall treat, for all purposes whatsoever (other than as required by
Section 3.7 or under applicable law), the Person in whose name any Certificate is registered as the owner of the Percentage Interest evidenced by such Certificate without regard to any notice to the contrary. 

Definitive Certificates will not be eligible for clearing or settlement through DTC, Euroclear or Clearstream. 

SECTION 3.6. Registration of the Certificates. The Indenture Trustee, as an agent of the Issuer, in its capacity as “Certificate
Registrar” (the “Certificate Registrar”) shall maintain at its Corporate Trust Office, or at the office of any agent appointed by it and approved in writing by the Certificateholders at the time of such appointment, a register
(the “Certificate Register”) for the registration and transfer of any Certificate. Prior to the due presentment for registration of transfer of any Certificate, the Owner Trustee, the Indenture Trustee and the Certificate Registrar
or any agent of the Owner Trustee, the Indenture Trustee or the Certificate Registrar shall treat the Person in whose name any Certificate is registered (as of the applicable Record Date) as the owner of such Certificate for the purpose of receiving
distributions on such Certificate and for all other purposes whatsoever. For the avoidance of doubt, a Certificate is not negotiable and the records maintained by the Certificate Registrar in the Certificate Register with respect to each Certificate
and its related registered owner are intended to cause the Certificates to be issued in registered form, within the meaning of Treasury Regulation section 5f.103-1(c), and shall record (a) the Percentage
Interest evidenced by each Certificate and (b) all distributions made to each Certificateholder with respect to the Issuer’s assets. 

SECTION 3.7. Transfer of the Certificates. 

(a) A Certificateholder may assign, convey or otherwise transfer all or any of its right, title and interest in the related
Certificate. Each purchaser and transferee of a Definitive Certificate (other than the Retained Certificate), and any fiduciary acting on behalf of a purchaser or transferee of a Definitive Certificate (other than the Retained Certificate), will be
required to provide a Certificate Investor Representation Letter substantially in the form of Exhibit B and each purchaser and transferee of a beneficial interest in a Book-Entry Certificate shall be deemed to represent and warrant: 

(i) (a) such transferee is either an Affiliate of the Depositor or (b) (1) is a Qualified Institutional Buyer,
(2) is aware that the sale of the Certificates (other than a sale of the Certificates by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the Certificates by the Depositor or any of its
Affiliates) to it is being made in reliance on the exemption from registration provided by Rule 144A, and (3) is acquiring the Certificates for its own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and
as to each of which the owner exercises sole investment discretion or for resale pursuant to Rule 144A; 
 (ii) such
transferee understands that the Certificates will bear the applicable legends substantially as set forth in Section 3.7(g); 

  

					
		  	10	  	 Form of Amended and Restated

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 (iii) such transferee understands that the Certificates are being offered
only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Certificates have been or will be registered under the Securities Act, and, if in the future the transferee decides to
offer, resell, pledge or otherwise transfer the Certificates, such Certificates may be offered, resold, pledged or otherwise transferred solely in accordance with this Agreement and the applicable legend or legends on such Certificates. The
transferee acknowledges that no representation is being made by the Issuer as to the availability of any exemption under the Securities Act or any applicable State securities laws for resale of the Certificates; 

(iv) such transferee understands that an investment in the Certificates involves certain risks, including the risk of loss of
all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the Certificates as it deemed necessary or appropriate in order to make an
informed investment decision with respect to its purchase of the Certificates. The transferee has such knowledge and experience in financial and business matters that the transferee is capable of evaluating the merits and risks of its investment in
the Certificates, and the transferee and any accounts for which it is acting are each able to bear the economic risk of such investment; 

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

(vi) such transferee is not acquiring the Certificates with a view to the resale, distribution or other disposition thereof in
violation of the Securities Act; 
 (vii) such transferee will provide notice to each Person to whom it proposes to transfer
any interest in the Certificates of the transfer restrictions and representations set forth in this Agreement, including the Exhibits hereto; 

(viii) such transferee is not acquiring such Certificate (or any interest therein) on behalf of or with any assets of
(i) a Benefit Plan, or (ii) any governmental plan, non-U.S. plan, church plan or any other plan or arrangement that is subject to Similar Law; 

(ix) such transferee acknowledges that the Issuer, the Owner Trustee, the Depositor and others will rely upon the truth and
accuracy of the acknowledgements, representations, warranties and agreements in this Section 3.7 and agrees that if any of the acknowledgements, representations, warranties or agreements made by it in connection with its
purchase of the Certificates are no longer accurate, the transferee will promptly notify the Issuer, the Owner Trustee and the Depositor; 

  

					
		  	11	  	 Form of Amended and Restated

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 (x) such transferee acknowledges that in connection with the transfer of
the Certificates: (a) none of the Issuer, the Servicer, the Depositor or the Owner Trustee is acting as a fiduciary or financial or investment adviser for the transferee; (b) the transferee is not relying (for purposes of making any
investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Issuer, the Servicer, the Depositor or the Owner Trustee other than in the most current private placement memorandum for such Certificates
and any representations expressly set forth in a written agreement with such party; (c) none of the Issuer, the Servicer, the Depositor or the Owner Trustee has given to the transferee (directly or indirectly through any other Person, in any
documentation for the Certificates or otherwise) any assurance, guarantee or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence or benefit (including legal, regulatory,
tax, financial, accounting or otherwise) of its purchase of the Certificates; (d) the transferee has consulted with its own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent it has deemed necessary
and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to or contemplated by this Agreement) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Servicer, the Depositor or the Owner Trustee; (e) the transferee has determined that the rates, prices or amounts and other terms of the purchase and sale of the applicable
Certificates reflect those in the relevant market for similar transactions; (f) the transferee is purchasing the Certificates with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable
of assuming and willing to assume (financially and otherwise) these risks; and (g) the transferee is a sophisticated investor familiar with transactions similar to its investment in the Certificates; and 

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

By accepting and holding a Certificate (or any interest therein), the Holder, and any fiduciary acting on behalf of a Holder, shall be deemed
to have represented and warranted that it is not, and is not purchasing the Certificate (or any interest therein) on behalf of or with any assets of, a Benefit Plan or any governmental, non-U.S., church or any
other plan or arrangement that is subject to Similar Law. Subject to the transfer restrictions contained herein and in the Certificates, any Certificateholder may transfer all or any portion of the Percentage Interest evidenced by such Certificate
upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by the registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the
Certificate to the Owner Trustee accompanied by: (a) a written instrument of transfer in the form 

  

					
		  	12	  	 Form of Amended and Restated

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of the “Assignment” attached to the Form of Certificate (attached hereto as Exhibit A) and with such signature guarantees and evidence of authority of the Persons signing the
instrument of transfer as the Owner Trustee may reasonably require; provided, however, that the Owner Trustee shall not require the signature of the Depositor to be medallion guaranteed for the transfers from the Depositor to the applicable
transferees on the date hereof; (b) an executed direction letter regarding registration of such transfer in the form attached hereto as Exhibit D; (c) the documents required by Section 3.7(c); and
(d) a Certificate Investor Representation Letter substantially in the form attached hereto as Exhibit B. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor’s
Certificate, the Owner Trustee shall record the name of such transferee as a Certificateholder and its Percentage Interest in the Certificate Register and issue, execute and deliver to such Certificateholder a Certificate evidencing such Percentage
Interest. In the event a transferor transfers only a portion of its Percentage Interest, the Owner Trustee shall issue, execute and deliver to such transferor a new Certificate evidencing such transferor’s new Percentage Interest. Subsequent to
a transfer of a Percentage Interest and upon the related issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. Unless otherwise provided in
this Section 3.7 or under applicable law, the Owner Trustee may treat the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate. 

(b) As a condition precedent to any registration of transfer under this Section 3.7, the Owner
Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 

(c) Each registered owner of and, if different, each owner of a beneficial interest in, a Certificate that is a U.S. Tax Person
shall deliver to the Owner Trustee, the Administrator and the Certificate Paying Agent two properly completed and duly executed originals of U.S. Internal Revenue Service Form W-9 (or applicable successor
form) certifying that it is not subject to backup withholding and that it is a U.S. Tax Person. Each registered owner of and, if different, each owner of a beneficial interest in, a Certificate that is not a U.S. Tax Person shall deliver to the
Owner Trustee, the Administrator and the Certificate Paying Agent two properly completed and duly executed originals of U.S. Internal Revenue Service Form W-8BEN (Certification of Foreign Status of Beneficial
Owner for United States Tax Withholding and Reporting (Individuals)), U.S. Internal Revenue Service Form W-8BEN-E (Certificate of Status of Beneficial Owner for United
States Tax Withholding and Reporting (Entities)), U.S. Internal Revenue Service Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax
Withholding and Reporting) or U.S. Internal Revenue Service Form W-8ECI (Certificate of Foreign Person’s Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United
States), or any applicable successors to such U.S. Internal Revenue Service forms or other reasonable information or certification requested by the Owner Trustee, the Administrator or the Certificate Paying Agent (i) to permit the Owner
Trustee, the Administrator and the Certificate Paying Agent to make payments to the registered owner of, and if different, each owner of a beneficial interest in, a Certificate without withholding or deduction (including any FATCA Withholding Tax),
(ii) to 

  

					
		  	13	  	 Form of Amended and Restated

Trust Agreement

 
enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets, or (iii) to enable the Owner Trustee, the
Administrator and the Certificate Paying Agent to satisfy any reporting or other obligations under any applicable tax law (including FATCA), and will update or replace such form, certification or other information as necessary in accordance with its
terms or its subsequent amendments. The applicable U.S. Internal Revenue Service forms and information required to be delivered, as described above, shall be delivered on or prior to the date on which a Certificateholder and, if different, a
Certificate Owner becomes a Certificateholder or Certificate Owner under this Agreement and from time to time thereafter as prescribed by applicable law or upon the request of the Certificate Paying Agent. 

(d) Each registered owner of, and, if different, each owner of a beneficial interest in, a Certificate represents to the Issuer
and Owner Trustee by acceptance of a Certificate or interest therein that it is not and will not become subject to any FATCA Withholding. In the case of a Certificateholder that is not a U.S. Tax Person and provides a U.S. Internal Revenue Service
Form W-8BEN or U.S. Internal Revenue Service Form W-8BEN-E under Section 3.7(c) in order to claim the benefits of the
exemption for portfolio interest under sections 871 or 881 of the Code (instead of, for example, claiming the benefits of an income tax treaty to which the United States is a party), such Certificateholder (or in the case of a Certificateholder
providing U.S. Internal Revenue Service Form W-8IMY, the beneficial owner of the Certificate) hereby represents that it is not (i) a “bank” within the meaning of Code section 881(c)(3), (ii) a
“10 percent shareholder” of an obligor on a Receivable within the meaning of Code section 871(h) or 881(c)(3) (as the case may be) or (iii) a “controlled foreign corporation” with respect to such an obligor described in
Code section 881(c)(3). 
 (e) Each registered owner of, and, if different, each owner of a beneficial interest in, a
Certificate represents to the Issuer and Owner Trustee by acceptance of this Certificate or interest therein that it is not and will not become subject to any FATCA Withholding Tax. 

(f) Each purchaser, beneficial owner and subsequent transferee of Certificates or an interest therein will be required or
deemed to acknowledge that the Issuer may provide such information and any other information concerning its investment in the Certificates to the U.S. Internal Revenue Service. In addition, each purchaser, beneficial owner and subsequent transferee
of Certificates or an interest therein will be required or deemed to understand and acknowledge that the Issuer has the right, hereunder, to withhold on any beneficial owner of an interest in a Certificate that fails to comply with the foregoing
requirements. 
 (g) Each Certificate shall bear a legend in substantially the following form, unless the Depositor
determines otherwise in accordance with applicable law: 
 THIS CERTIFICATE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF 

  

					
		  	14	  	 Form of Amended and Restated

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THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS CERTIFICATE OR ANY
INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (2) TO THE DEPOSITOR OR ANY OF ITS AFFILIATES AND BY THE DEPOSITOR OR ANY OF ITS AFFILIATES AS PART
OF THE INITIAL DISTRIBUTION OR ANY REDISTRIBUTION OF THE CERTIFICATES BY THE DEPOSITOR OR ANY OF ITS AFFILIATES AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION.
EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH CERTIFICATE OR PERCENTAGE
INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE OR SUCH INTEREST IN SUCH CERTIFICATE
VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 
 BY ACQUIRING THIS
CERTIFICATE, EACH PURCHASER AND TRANSFEREE, AND ANY FIDUCIARY ACTING ON BEHALF OF A PURCHASER OR TRANSFEREE, WILL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON BEHALF OF OR WITH ANY ASSETS
OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED BY
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT
PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY, OR (IV) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE. 
 (h) If a Responsible Officer of the Owner Trustee has actual
knowledge that (1) a transfer or attempted or purported transfer of any Certificate or interest therein was consummated in compliance with the provisions of this Section 3.7 on the basis of a

  

					
		  	15	  	 Form of Amended and Restated

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materially incorrect certification from the transferor or purported transferee, (2) a transferee of a Definitive Certificate failed to deliver to the Owner Trustee a Certificate Investor
Representation Letter substantially in the form of Exhibit B hereto or (3) the Certificateholder of any Certificate or interest therein is in material breach of any representation or agreement set forth in any Certificate or any deemed
representation or agreement of such Certificateholder, the Owner Trustee will direct the Certificate Registrar not to register such attempted or purported transfer and, if a transfer has been registered, such transfer shall be absolutely null and
void ab initio and shall not operate to transfer any rights to the purported transferee (such purported transferee, a “Disqualified Transferee”) and the last preceding Certificateholder of such Certificateholder that was not a
Disqualified Transferee shall be restored to all rights as a Certificateholder thereof retroactively to the date of the purported transfer of such Certificate by such Certificateholder. 

(i) After the Closing Date, a Certificate (or beneficial interest therein) may not be sold or transferred to a Person that
beneficially owns a Note (or interest therein) if such sale or transfer will result in such Person beneficially owning more than 99% of the Certificates of the Issuer (and any other interest in the Issuer treated as equity for United States federal
income tax purposes); provided, however, that such sale or transfer shall be permitted if such Person covenants and agrees in writing, in form and substance satisfactory to the Issuer and Indenture Trustee, that it will not transfer its
Certificates or Notes except upon prior delivery to the Indenture Trustee of an Opinion of Counsel substantially to the effect described in Section 2.17(a) of the Indenture and subject to any tracking conditions that may be
imposed by the Administrator with respect to such Notes pursuant to Section 2.17(a). 
 (j) In the
case of the first transfer of a Certificate that will result in the Issuer being deemed to have more than one beneficial owner for United States federal income tax purposes, the Seller shall be entitled to request an Initial Certificate Transfer
Opinion. 
 (k) Unless the Depositor has received an opinion from a nationally recognized tax counsel that the restriction on
the proposed acquisition or ownership of a Certificate (or interest therein) described by this paragraph is no longer necessary to conclude that any such acquisition (and subsequent resale of the applicable Notes described below) will not cause the
Treasury Regulations under Code section 385 to apply to the applicable Notes described below in a manner that could cause a material adverse effect on the Issuer or the Issuer to be treated as other than a grantor trust for U.S. federal income tax
purposes, (A) a Section 385 Certificateholder cannot acquire or hold a Certificate (or interest therein) if (i) a member of any “expanded group” (as defined in Treasury Regulation
Section 1.385-1(c)(4)) that includes the Section 385 Certificateholder owns any Notes or (ii) a Section 385 Controlled Partnership of such expanded group owns any Notes and (B) a
Section 385 Certificateholder cannot hold a Certificate (or interest therein) if (i) a member of any “expanded group” (as defined in Treasury Regulation Section 1.385-1(c)(4)) that
includes the Section 385 Certificateholder acquires any Notes from the Issuer or any Affiliate of the Issuer or through the marketplace or (ii) a Section 385 Controlled Partnership of such expanded group acquires any Notes from the
Issuer or any Affiliate of the Issuer or through the marketplace. The preceding sentence shall not 

  

					
		  	16	  	 Form of Amended and Restated

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apply if the holder or potential holder of the applicable Notes is a U.S. corporate member of the same U.S. corporate affiliated group (as defined in Section 1504 of the Code) filing a
consolidated federal income tax return that includes each of any applicable related Section 385 Certificateholders (including in the case of a partnership, the relevant “expanded group partner” (as defined in Treasury Regulation Section 1.385-3(g)(12)). If a Certificateholder (or Certificate Owner) fails to comply with the requirements of this paragraph, the Issuer or Depositor is authorized, at its discretion, to compel such
Certificateholder (or Certificate Owner) to sell its Certificate (or interest therein) to a Person whose ownership does not result in a failure to comply with this paragraph so long as such sale does not otherwise cause a material adverse effect on
the Issuer or the Issuer to be treated as other than a grantor trust for U.S. federal income tax purposes. 
 SECTION 3.8. Lost, Stolen,
Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and
upon proof of ownership satisfactory to the Owner Trustee together with such security or indemnity as may be requested by the Owner Trustee to save it and the Issuer harmless, the Owner Trustee shall execute and deliver a new Certificate for the
same Percentage Interest as the Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate
under this Section 3.8, the Issuer or Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of the
Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.8 shall
constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. The provisions of this Section 3.8 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Certificates. 

SECTION 3.9. Appointment of the Certificate Paying Agent. To the extent Definitive Certificates have been issued, the Certificate
Paying Agent shall make distributions to Certificateholders pursuant to Section 5.1 and shall report the amounts of such distributions to the Owner Trustee and the Servicer; provided, however, that no such
reports shall be required so long as the Depositor or an affiliate of the Depositor is the sole Certificateholder. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the
purpose of making the distributions referred to above. The Issuer may revoke such power and remove the Certificate Paying Agent if the Issuer determines in its sole discretion that the Certificate Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect. The Certificate Paying Agent shall initially be the Indenture Trustee and any co-paying agent chosen by the Certificate Paying Agent. The Indenture
Trustee shall be permitted to resign as Certificate Paying Agent upon thirty (30) days’ written notice to the Administrator. If the Indenture Trustee shall no longer be the Certificate Paying Agent, the Administrator shall appoint a
successor to act as Certificate Paying Agent (which shall be a bank or trust company). The Administrator shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Administrator to execute and
deliver a written agreement in which such successor Certificate 

  

					
		  	17	  	 Form of Amended and Restated

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Paying Agent or additional Certificate Paying Agent shall agree with the Issuer that, as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent
shall hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. Subject to applicable laws with respect to
the escheat of funds, the Certificate Paying Agent shall return all funds that have remained unclaimed by a Certificateholder for two years to the Owner Trustee and, upon removal of a Certificate Paying Agent, such Certificate Paying Agent shall
also return all funds (including any unclaimed funds) in its possession to the Owner Trustee. The rights, protections, indemnities and immunities of the Indenture Trustee under the Indenture and the Servicing Agreement shall apply to the Indenture
Trustee also in its role as Certificate Paying Agent or Certificate Registrar for so long as the Indenture Trustee shall act as Certificate Paying Agent or Certificate Registrar and, to the extent applicable, to any other paying agent, certificate
registrar or authenticating agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 

SECTION 3.10. Maintenance of Office or Agency. As long as any of the Certificates remain outstanding, the Issuer shall maintain an
office or agency where Certificates may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Certificates and this Agreement may be served. The Issuer hereby initially
designates the Corporate Trust Office of the Certificate Registrar for the foregoing purposes. The Issuer shall give prompt written notice to the Owner Trustee and the Indenture Trustee of the location, and of any change in the location, of any such
office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Owner Trustee and the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at
the applicable Corporate Trust Office, and the Issuer hereby appoints the Owner Trustee as its agent to receive all such surrenders, notices and demands. 

ARTICLE IV 
 ACTIONS BY
OWNER TRUSTEE 
 SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the
following matters, unless the Administrator provides written notice to the Owner Trustee that the relevant Transaction Document provides that the consent of the Certificateholders shall not be required, the Owner Trustee shall not take action
unless, at least ten (10) Business Days before the taking of such action (or if ten (10) Business Days’ advance notice is impracticable, as much advance notice as is practicable), the Owner Trustee shall have notified the
Certificateholders in writing of the proposed action and no Certificateholder shall have notified the Owner Trustee in writing within such notice period that such Certificateholder has withheld consent or provided alternative direction: 

(a) the appointment pursuant to the Indenture of a successor Indenture Trustee; 

(b) the appointment pursuant to the Servicing Agreement of a successor Servicer; or 

  

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

SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy. 

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

(b) The parties hereto stipulate and agree that no Certificateholder has the power to commence any Bankruptcy Event on the part
of the Issuer. 
 SECTION 4.4. Restrictions on Certificateholders’ Power. The Certificateholders shall not
direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to
Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5.
Acts of Certificateholders; Majority Control. 
 (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agents duly
appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Owner Trustee, and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Certificateholders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and (subject to Article VI) conclusive in favor of the Owner Trustee and the Issuer, if made in the manner provided in this Section.

  

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

ARTICLE V 
 APPLICATION
OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1. Application of Trust Funds. Deposits into the Certificate Distribution Account
shall be made in accordance with the provisions of the Indenture and this Agreement. On each Payment Date to the extent Definitive Certificates have been issued, the Certificate Paying Agent shall withdraw from the Certificate Distribution Account
and distribute to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder (or in the case of the Retained Certificate, deposit directly to the Certificate Distribution Account), all funds received in accordance
with the provisions of the Indenture and this Agreement. Subject to the Lien of the Indenture and Section 5.5 of this Agreement, the Certificate Paying Agent shall promptly distribute to the Certificateholders all other
amounts (if any) received by the Certificate Paying Agent on behalf of the Issuer in respect of the Trust Estate (pro rata based on the Percentage Interest of each such Certificateholder). After the termination of the Indenture in accordance with
its terms, the Certificate Paying Agent shall distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the direction of the Certificateholders. 

SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Certificateholders on any Payment
Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Certificateholders pursuant to this Agreement or any other Transaction Document shall be made to the Certificateholders by wire transfer, in
immediately available funds, to the account of each Certificateholder designated by such Certificateholder to the Owner Trustee and Indenture Trustee in writing. 

  

					
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 SECTION 5.3. Reports by Owner Trustee to Certificateholders. 

(a) The Owner Trustee shall prepare (or cause to be prepared) and shall sign pursuant to the power granted thereto pursuant to
Section 2.4, on behalf of the Issuer, the Issuer’s tax returns, if any, unless applicable law requires a Certificateholder to sign such documents. 

(b) The Owner Trustee, shall: (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis
and the accrual method of accounting; (b) deliver (or cause to be delivered) to each Certificateholder such information in its possession hereunder that is customarily provided to a Certificateholder to enable such Holder to prepare its United
States federal and state income tax returns and any further information reasonably requested by such Certificateholder to the extent such information is reasonably obtainable, and may be required to enable each Certificateholder to prepare its
United States federal and state income tax returns; (c) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Issuer (including, if applicable, a trust return U.S. Internal Revenue Service Form 1041,
U.S. Internal Revenue Service Form 1099, or reporting for widely held fixed investment trusts under Treasury Regulations Section 1.671-5); (d) upon direction from the Certificateholders (or any agent of
such persons) make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the Issuer’s tax characterization as described in
Section 2.6 hereof; and (e) collect or cause to be collected any withholding tax as described in Section 5.5 and in accordance with Section 5.1 with respect to income
or distributions to Certificateholders. 
 (c) The Depositor shall cause to be provided to the Owner Trustee upon its
reasonable request from time to time such information and documentation as may be available to the Depositor (including without limitation Servicer’s Reports) to enable the Owner Trustee to perform its obligations under this
Section 5.3. 
 SECTION 5.4. Certificate Distribution Account. The Certificate Distribution Account shall
be established pursuant to Section 8.2 of the Indenture if any Definitive Certificates are issued and outstanding. If a Certificate Distribution Account is established, the Certificateholders shall possess all beneficial
right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and all proceeds thereof. Except as otherwise provided herein or in the Indenture, the Certificate Distribution Account shall be under
the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. Except as otherwise provided herein or in the Indenture, if, at any time, the Certificate Distribution Account ceases to be an Eligible Account,
the Servicer shall within ten (10) Business Days establish a new Certificate Distribution Account as an Eligible Account and shall cause the transfer of any cash then on deposit in the Certificate Distribution Account to such new Certificate
Distribution Account. For the avoidance of doubt, distributions payable to the Depositor, as holder of the Retained Certificate, shall be made to the Certificate Distribution Account. 

  

					
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 SECTION 5.5. Withholding. In the event that any withholding tax is imposed on the
Issuer’s payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder. The Owner Trustee and Certificate Paying Agent are hereby authorized and directed, and the
Indenture Trustee is authorized pursuant to Section 3.3(c) of the Indenture, to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally payable by
the Issuer (but such authorization shall not prevent the Owner Trustee or Certificate Paying Agent from contesting any such tax in an appropriate Proceeding and withholding payment of such tax, if permitted by law, pending the outcome of such
Proceeding). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If
there is a possibility that withholding tax is payable with respect to any distribution (such as any distribution to a non-U.S. Tax Person), the Owner Trustee or Certificate Paying Agent may in its sole
discretion withhold such amounts in accordance with this Section 5.5 and the Indenture Trustee may withhold such amounts in accordance with Section 3.3(c) of the Indenture. 

SECTION 5.6. No Reinvestment. The Certificate Paying Agent shall distribute all amounts collected in respect of the assets of the
Issuer and neither the Certificate Paying Agent nor the Owner Trustee shall apply any such amounts toward the purchase of additional assets on behalf of the Issuer; provided, however, that such amounts may be invested in Permitted Investments
selected in writing by the Servicer but only until the next Payment Date (and only where such investments mature on or prior to such Payment Date without a disposition thereof prior to maturity), when they shall be distributed.  
 SECTION 5.7. Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein
or in any Transaction Document, the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to
the Exchange Act, or any other documents pursuant to the Sarbanes-Oxley Act. 
 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

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

  

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

SECTION 6.3. Action upon Instruction. 

(a) Subject to Article IV, and in accordance with the Transaction Documents, each of the Certificateholders and the
Administrator may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV. Further, with respect to
provisions hereunder that provide for instruction by the Certificateholders, for so long as all outstanding Certificates are Book-Entry Certificates, if the Owner Trustee shall have notified the Certificateholders in writing of a proposed action and
within fifteen (15) days of such notice none of the Certificateholders shall have notified the Owner Trustee in writing that such Certificateholder has withheld consent or provided alternative instruction, the Owner Trustee, in the place of
Certificateholder instruction hereunder, may accept and rely on written instruction of the Administrator. If subsequently the Owner Trustee receives alternative written instruction from the Certificateholders, such instruction shall control. 

(b) Subject to Section 7.1, the Owner Trustee shall not be required to take any action hereunder or
under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any
Transaction Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to
its application, or is, or 

  

					
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appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course
of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders or the
Administrator requesting instruction as to the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Majority
Certificateholders or the Administrator (or, if specifically required hereunder, all Certificateholders) received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have
received appropriate instruction within ten (10) Business Days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or
inaction. 
 (d) The Owner Trustee shall not be personally liable for any distribution made in accordance with the provisions
set forth in Section 9.1(b). 
 SECTION 6.4. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any
action under, or in connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner
Trustee pursuant to Section 6.3; and no implied duties (including fiduciary duties existing at law or in equity) or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The
Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare
or file any Commission filing (including any filings required under the Sarbanes-Oxley Act), for the Issuer or to record this Agreement or any Transaction Document. [____________] nevertheless agrees that it will, at its own cost and expense,
promptly take all action as may be necessary to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against, [____________] that are not related to the ownership or the administration of the Trust Estate. The
Owner Trustee shall have no responsibility or liability for or with respect to the genuineness, value, sufficiency or validity of the Trust Estate. 

SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell,
dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction
Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 

  

					
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 SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that
is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for United States
federal income, state and local income and franchise tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for United States federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion
thereof to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income, state and local income or franchise tax purposes or cause the Issuer to be treated as other than a grantor trust for
United States federal income tax purposes. Neither the Depositor, the Administrator nor any Certificateholder shall direct the Owner Trustee to take action that would violate the provisions of this Section. 

SECTION 6.7. Relevant Trustee. Following the payment in full of principal and interest on the Notes, the Owner Trustee shall assume the
role of Relevant Trustee for purposes of Section 6.1(a) of the Servicing Agreement and Section 7.4 and Article VIII of the Indenture (notwithstanding the satisfaction and discharge of the
Indenture following payment in full of principal and interest on the Notes), which are incorporated by reference into this Agreement; provided, however, that, for purposes of Section 7.4 of the Indenture, the
Owner Trustee shall disseminate the Servicer’s Report in the manner set forth in Section 7.4(b) hereof. 

ARTICLE VII 
 CONCERNING
OWNER TRUSTEE 
 SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to
perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction
Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances notwithstanding anything herein or in the Transaction Documents to the contrary, except
(i) for its own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.6 expressly made by [____________] in its individual
capacity, (iii) for liabilities arising from the failure of [____________] to perform obligations expressly undertaken by it in the second to last sentence of Section 6.4 or (iv) for taxes, fees or other charges
on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence) of the foregoing: 

(a) The Owner Trustee shall not be liable for any action it takes or omits to take in accordance with a direction received by
it from the Administrator or the required Certificateholders, as the case may be, in accordance with the Transaction Documents; 

(b) No provision of this Agreement or any Transaction Document shall require the Owner Trustee to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder or under any Transaction Document or in the exercise of any of its rights or powers, if the Owner Trustee shall

  

					
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have reasonable grounds to believe that repayment of such funds or indemnity reasonably satisfactory to the Owner Trustee against such risk or liability is not reasonably assured to it; 

(c) The Owner Trustee shall not be liable solely for any action or inaction of the Issuer, the Depositor or the
Certificateholders or any other party (or agent thereof) to any Transaction Document, and may assume compliance by such parties with their obligations under this Agreement or any other Transaction Document unless a Responsible Officer of the Owner
Trustee has actual knowledge of or has received written notice to the contrary; 
 (d) The Owner Trustee shall not be under
any 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 Transaction Document, at the request,
order or direction of any of the Certificateholders or the Administrator, unless such Certificateholders or the Administrator have offered to the Owner Trustee security or indemnity reasonably satisfactory to the Owner Trustee against the reasonable
costs, expenses and liabilities that may be incurred by it therein or thereby; 
 (e) The Owner Trustee shall not be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Owner Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance of their respective
obligations as soon as practicable under the circumstances; 
 (f)    Notwithstanding anything to the
contrary herein or otherwise, under no circumstances will the Owner Trustee be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits); 

(g) The Owner Trustee shall not be deemed to have knowledge or notice of any event or information, including any Event of
Default, or be required to act upon any event or information (including the sending of any notice), unless written notice of such event or information is received by a Responsible Officer of the Owner Trustee and such notice references the event or
information. Absent written notice in accordance with this Section or actual knowledge of such event or information by a Responsible Officer of the Owner Trustee, the Owner Trustee may assume that no such event has occurred. The Owner Trustee shall
not have any obligation to inquire into, or investigate as to, the occurrence of any such event (including any Event of Default). For purposes of determining the Owner Trustee’s responsibility and liability hereunder, whenever reference is made
in this Trust Agreement to any event (including, but not limited to, an Event of Default), such reference shall be construed to refer only to such event of which the Owner Trustee has actual knowledge or has received written notice as described in
this Section. Knowledge of the Owner Trustee shall not be attributed or imputed to BNY Mellon Trust of Delaware’s other roles in the transaction (if any); 

  

					
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 (h) Under no circumstances shall the Owner Trustee be personally liable for
any representation, warranty, covenant, obligation or indebtedness of the Issuer; 
 (i) The Owner Trustee shall not be
personally responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by any Person other than the Owner Trustee or for the form, character, genuineness, sufficiency, value or validity of the Trust
Estate, or for or in respect of the accuracy, validity or sufficiency of any statement of any other party in the Transaction Documents, the Certificates or any other document supplied to the Owner Trustee; 

(j) The Owner Trustee shall not be personally liable for any error of judgment made in good faith by any of its officers or
employees unless it is proved that such Persons were negligent in ascertaining the pertinent facts; and 
 (k) The Owner
Trustee shall not be required to investigate any claims with respect to any breach of a representation or warranty under any of the Transaction Documents. 

SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders 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 Transaction Documents. 

SECTION 7.3. Preservation of Information; Communications to Certificateholders. 

(a) The Certificate Registrar shall preserve, in as current a form as is reasonably practicable, the names and addresses of
Certificateholders received by the Indenture Trustee in its capacity as the Certificate Registrar; provided, however, that so long as the Indenture Trustee is the Certificate Registrar, no list separate from the Certificate Register shall be
required to be preserved or maintained. 
 (b) The Certificateholders may communicate with other Certificateholders with
respect to their rights under this Agreement or under the Certificates. Upon receipt by the Certificate Registrar of any written request by three or more Certificateholders or by one or more Certificateholders holding in the aggregate more than 25%
of the Percentage Interests to receive a copy of the most current list of Certificateholders together with a copy of the communication that the applicant proposes to send, the Certificate Registrar shall distribute such list to the requesting
Certificateholders; provided, that the Certificate Registrar may elect not to afford the requesting Certificateholders access to the list of Certificateholders if it agrees to mail the desired communication or proxy, on behalf of and at the
expense of the requesting Certificateholders, to all Certificateholders. Each Certificateholder or Certificate Owner, by receiving and holding a Certificate or interest therein, shall be deemed to have agreed not to hold the Certificate
Registrar accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 

  

					
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 SECTION 7.4. Statements to Certificateholders. 

(a) The Owner Trustee shall promptly give notice to each Certificateholder of any change in the Indenture Trustee’s
website pursuant to which the Servicer’s Report is made available to the extent the Owner Trustee is notified of such change by the Administrator, the Servicer or the Indenture Trustee in writing. 

(b) To the extent the Owner Trustee has assumed the role of Relevant Trustee pursuant to the terms of
Section 6.7, the Owner Trustee may make all reports or notices required to be provided by the Owner Trustee under Section 7.4 of the Indenture available via its website; provided, however,
that the Owner Trustee shall, if requested by the Administrator, deliver any such reports or notices in writing or via email to the Administrator. Any information that is disseminated in accordance with the provisions of this
Section 7.4 shall not be required to be disseminated in any other form or manner. The Owner Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no
responsibility therefor. 
 (c) The Owner Trustee’s website shall be initially located at [__________] or at such other
address as shall be specified by the Owner Trustee from time to time in writing to the Certificateholders, the Servicer, the Issuer or any Paying Agent. In connection with providing access to the Owner Trustee’s website, the Owner Trustee may
require registration and the acceptance of a disclaimer. The Owner Trustee shall not be liable for the dissemination of information in accordance with this Agreement. The Owner Trustee shall notify Certificateholders in writing of any changes in the
address or means of access to the website where the reports are accessible. Assistance in access to the website can be obtained by calling the Owner Trustee’s customer service desk at [____________]. 

(d) Upon receipt by the Owner Trustee from the Depositor of any reports or general loan data, the Owner Trustee will make such
reports or data available to the Certificateholders via its website as specified pursuant to clause (c) above; provided, that the Owner Trustee shall not be required to forward any such reports to any Certificateholder who is the
Depositor or an Affiliate of the Depositor. The Owner Trustee shall have no duty or obligations to review, verify or confirm the reports or any information contained therein, and shall have no liability in connection therewith. 

SECTION 7.5. Notice of Events of Default and Servicer Replacement Event. The Owner Trustee shall promptly give notice to each
Certificateholder of any (a) Default or Event of Default of which it has been provided notice pursuant to Section 6.5 of the Indenture and (b) Servicer Replacement Event of which it has been provided notice
pursuant to Section 6.1 of the Servicing Agreement. 
 SECTION 7.6. Representations and Warranties. The
Owner Trustee hereby represents and warrants to the Depositor for the benefit of the Certificateholders, that: 
 (a) It is a
[____________] formed and validly existing in good standing under the federal laws of the United States of America and having its principal place of business within the State of [____________]. It has all requisite corporate power and authority to
execute, deliver and perform its obligations under this Agreement. 

  

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

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

SECTION 7.7. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination
of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other Authorized Officers of the relevant party, as
to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this
Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or
misconduct of such agents, custodians, nominees (including Persons acting under a power of attorney) or attorneys selected in good faith and (ii) may consult with counsel, accountants and other skilled Persons knowledgeable in the relevant area
to be selected in good faith and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such Persons. 

  

					
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 SECTION 7.8. Not Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created, the Owner Trustee acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by
this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 
 SECTION 7.9. The
Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Notes. The Owner Trustee may deal with the Depositor, the Indenture Trustee, the Administrator and their respective
Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Depositor, the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking
relationships with the Owner Trustee and its Affiliates. 
 SECTION 7.10. Rule 144A Information. At any time when the Depositor is
not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Certificateholder in connection with the
sale or transfer of such Certificateholder’s Certificate, the Depositor shall promptly furnish or cause to be furnished Rule 144A Information to such Certificateholder, to a prospective purchaser of such Certificate (as designated by such
Certificateholder) or to the Owner Trustee for delivery (and the Owner Trustee shall deliver such Rule 144A Information) to such Certificateholder or such prospective purchaser, as the case may be, in order to permit compliance by such
Certificateholder with Rule 144A in connection with the resale of such Certificate by such Certificateholder. 
 ARTICLE VIII 

COMPENSATION OF OWNER TRUSTEE 

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

  

					
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 SECTION 8.2. Indemnification. The Depositor shall cause the Servicer to agree to
indemnify the Owner Trustee in its individual capacity and as Owner Trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss, liability, expense,
tax, penalty or claim (including reasonable legal fees and expenses, including legal fees and expenses in connection with enforcement of its rights to indemnity hereunder) of any kind and nature whatsoever which may at any time be imposed on,
incurred by, or asserted against the Owner Trustee in its individual capacity and as Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of
the Trust Estate or the action or inaction of the Owner Trustee hereunder and those incurred in connection with any action, claim or suit brought to enforce the owner trustee’s right to indemnification; provided, however, that
neither the Depositor nor the Servicer shall be liable for or required to indemnify the Owner Trustee from and against any of the foregoing expenses or indemnities arising or resulting from (i) its own willful misconduct, gross negligence or
bad faith, (ii) the inaccuracy of any representation or warranty contained in Section 7.6 expressly made by the Owner Trustee in its individual capacity, (iii) liabilities arising from the failure of the Owner
Trustee in its individual capacity to perform obligations expressly undertaken by it in the second to last sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any fees, commissions
or compensation received by the Owner Trustee in its individual capacity. To the extent not paid by the Servicer, such indemnification shall be paid by the Issuer in accordance with, and solely to the extent set forth in Sections 8.5 or
5.4(b) of the Indenture, as applicable. The provisions of this Section 8.2 shall survive the termination of this Agreement and the resignation or removal of the Owner Trustee. 

SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII and the
Indenture shall be deemed not to be a part of the Trust Estate immediately after such payment. 
 SECTION 8.4. Rights, Protections,
Immunities and Indemnities of the Relevant Trustee. The rights, protections, immunities and indemnities of the Owner Trustee under this Agreement are hereby extended to the Owner Trustee as Relevant Trustee. 

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

  

					
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 (b) Notice of any dissolution and termination of the Issuer, specifying the
Payment Date upon which Certificateholders shall surrender their Certificates to the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee to Certificateholders, and if the Owner Trustee is
notified of a redemption of the Notes by the Administrator or the Issuer pursuant to Section 10.1(c) of the Indenture, such notice shall be mailed within five (5) Business Days of the Owner Trustee’s receipt of
such notice from the Issuer or Administrator. Each such notice to a Certificateholder shall state (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the
Certificates at the office of the Owner Trustee therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments are being made only
upon presentation and surrender of the Certificates at the office of the Owner Trustee therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Certificate Paying Agent at the
time such notice is given to Certificateholders. Upon presentation and surrender of each Certificate, the Certificate Paying Agent shall cause to be distributed to such Certificateholders, subject to Section 3808 of the Statutory Trust Statute,
amounts distributable on such Payment Date pursuant to Article V. 
 (c) In the event that any of the
Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice any of the Certificates shall not have been surrendered for cancellation, the
Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and other assets
that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the Trust Estate after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the last Certificateholder of record
identified in the Certificate Register for each such remaining Certificate. 
 SECTION 9.2. Termination of Trust Agreement. Upon
dissolution of the Issuer, the Owner Trustee shall, at the direction of the Administrator, wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the
Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that no Responsible Officer of the Indenture Trustee has actual knowledge or has received written notice of any claims
remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations
(including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Statute. The Certificate Paying Agent, upon surrender of the outstanding Certificates shall distribute the remaining Trust
Estate (if any) in accordance with Article V hereof and, at the written direction and expense of the Administrator, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation

  

					
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with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute, at which time the Issuer shall terminate and this Agreement (other than
Article VIII) shall be of no further force or effect. 
 SECTION 9.3. Limitations on Termination. Except as provided in
Section 9.1, neither the Depositor nor any Certificateholders shall be entitled to revoke or terminate the Issuer. 

ARTICLE X 
 SUCCESSOR
OWNER TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 

SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized to
exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with
the effect specified in Section 10.2. 
 SECTION 10.2. Resignation or Removal of the Owner Trustee. The
Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Administrator, the Servicer, the Indenture Trustee and each Certificateholder. Upon receiving such notice of
resignation, the Depositor and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within thirty (30) days after
the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for
the appointment of any such successor shall in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and
shall fail to resign after written request therefor by the Depositor or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its
property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Administrator may remove the
Owner Trustee. If the Depositor or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor and the Administrator, acting jointly, shall promptly appoint a successor

  

					
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Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall
pay all fees owed to the outgoing Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner
Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the
outgoing Owner Trustee. The Depositor shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 

SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall
execute, acknowledge and deliver to the Depositor, the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall
become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally
named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor and the
predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and
obligations. 
 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such
successor Owner Trustee shall be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a
successor Owner Trustee pursuant to this Section, the Depositor shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to the Certificateholders, Indenture Trustee, the Noteholders and each of the Rating Agencies. If
the Depositor shall fail to mail (or cause to be mailed) such notice within ten (10) days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the
Depositor. Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and the principal place of
business of such successor Owner Trustee in the State of Delaware. 
 SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any
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, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the
successor of the Owner Trustee hereunder; provided that such Person shall be eligible pursuant to Section 10.1; and provided, further, that the Owner Trustee shall file an amendment to the Certificate
of Trust of the Issuer, if required by applicable law, and mail notice of such merger or consolidation to the Depositor and the Administrator. 

  

					
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 SECTION 10.5. Appointment of Co-Trustee or
Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Depositor and the
Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Depositor and the Owner Trustee may consider necessary or desirable. If the Depositor shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request
to do so, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee
pursuant to Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 

Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed
upon the Owner Trustee shall be conferred upon and exercised or performed by 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 Estate or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under
this Agreement; and 
 (iii) the Depositor and the Owner Trustee acting jointly may at any time accept the resignation of or
remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the
Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested
with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies thereof given to the Depositor and the Administrator. 

  

					
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 Any separate trustee or co-trustee may at any time
appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee shall have no obligation to determine whether a
co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located. 

ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.1. Amendments.  
 (a) Any term or provision of this Agreement may be amended by the Depositor and the Owner
Trustee, at the direction of the Administrator, without the consent of the Indenture Trustee, any Noteholder, any Certificateholder, the Issuer or any other Person subject to the satisfaction of one of the following conditions: 

(i) The Depositor delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that
such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (ii) The Rating Agency
Condition is satisfied with respect to such amendment and the Depositor notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b) This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with the consent of the
Holders of Notes evidencing not less than a majority of the Outstanding Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or consent, but it will be
sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution
thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

(c) Prior to the execution of any amendment pursuant to this Section 11.1, the Depositor shall
provide written notification of the substance of such amendment to each 

  

					
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Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Owner Trustee, the
Issuer and the Indenture Trustee; provided, that no amendment pursuant to this Section 11.1 shall be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee without
the prior written consent of such Person. 
 (d) Prior to the execution of any amendment to this Agreement, the Owner Trustee
shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate from the Depositor or the Administrator stating
that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the Owner Trustee’s
own rights, duties or immunities under this Agreement. 
 (e) Notwithstanding subsections (a) and (b) of this
Section 11.1, this Agreement may only be amended by the Depositor and the Owner Trustee at the direction of the Administrator if (i) the Majority Certificateholders [or, if 100% of the aggregate Percentage Interests is
then beneficially owned by the Bank and/or its Affiliates, such Person (or Persons)], consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered
to the Owner Trustee, materially and adversely affect the interests of the Certificateholders. In determining whether 100% of the aggregate Percentage Interests is then beneficially owned by the Bank and/or its Affiliates for purposes of clause (i),
any party shall be entitled to rely on an Officer’s Certificate or similar certification of the Bank or any Affiliate thereof to such effect. 

(f) Notwithstanding anything herein to the contrary, for purposes of classifying the Issuer as a grantor trust under the Code,
no amendment shall be made to this Agreement that would (i) result in a variation of the investment of the beneficial owners of the Certificates for purposes of the United States Treasury Regulation section
301.7701-4(c) without the consent of Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling Class and the Majority Certificateholders or (ii) cause the Issuer
(or any part thereof) to be classified as other than a grantor trust for United States federal income tax purposes without the consent of all of the Noteholders and all of the Certificateholders. 

SECTION 11.2. No Legal Title to Trust Estate in Certificateholders. Neither the Depositor nor any Certificateholder shall have legal
title to any part of the Trust Estate. Each Certificateholder shall be entitled to receive distributions with respect to its undivided Percentage Interest therein only in accordance with Articles V and IX. No transfer, by operation of
law or otherwise, of any right, title or interest of a Certificateholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Trust Estate. 

  

					
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 SECTION 11.3. Limitations on Rights of Others. The provisions of this Agreement are
solely for the benefit of the Owner Trustee, the Depositor, the Administrator, the Certificateholders and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied,
shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 11.4. Notices. 

(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be
delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by facsimile or, if so provided on Schedule I to the Sale Agreement, by electronic transmission, and
addressed in each case as specified on Schedule I to the Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. 

(b) Any notice required or permitted to be given to any Certificateholder shall be given by first-class mail, postage prepaid,
at the address shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not such Certificateholder receives such notice. 

SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original, regardless of whether delivered in physical or electronic form, but all such counterparts shall together constitute but one and the same instrument.

 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the
benefit of, the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a
Certificateholder shall bind the successors and assigns of such Certificateholder. 
 SECTION 11.8. No Petition. 

(a) To the fullest extent permitted by applicable law, each of the Owner Trustee (in its individual capacity and as the Owner
Trustee by entering into this Agreement), the Depositor, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that
prior to the date which is one year and one day after payment 

  

					
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in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such party shall not authorize any Bankruptcy Remote Party
to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote
Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join or institute against, with any other Person, any Proceeding
against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Without limiting the foregoing, in no event shall the Owner Trustee
authorize, institute or join in any bankruptcy or similar Proceeding described in the preceding sentence other than in accordance with Section 4.3; provided, however, nothing in this Section shall prevent the Owner
Trustee from (i) filing a proof of claim in any such Proceeding or (ii) from commencing against the Issuer or any of its property any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or
liquidation Proceeding. 
 (b) The Depositor’s obligations under this Agreement are obligations solely of the Depositor
and will not constitute a claim against the Depositor to the extent that the Depositor does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its
individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this
Agreement, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Depositor. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the
Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and each Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and
liabilities, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any
such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment
of post-petition interest on such other 

  

					
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obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in
its individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this
Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the
third party benefit of those entitled to rely thereon and will survive the termination of this Agreement. 
 SECTION 11.9. Information
Request. The Owner Trustee shall provide any information regarding the Issuer in its possession reasonably requested by the Servicer, the Administrator, the Depositor or any of their Affiliates, in order to comply with or obtain more favorable
treatment under any current or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.10. Headings. The headings
of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 11.12. Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto irrevocably waives all right of trial
by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.13. Information to Be Provided by the Owner Trustee. The Owner Trustee shall provide the Depositor, the Bank and the
Servicer (each, a “Transaction Party” and, collectively, the “Transaction Parties”) with (i) notification, as soon as practicable and in any event within ten (10) Business Days, of all demands communicated
to a Responsible Officer of the Owner Trustee for the purchase, repurchase or replacement of any Receivable pursuant to Section 3.4 of the Purchase Agreement, and (ii) promptly upon reasonable request in writing by a
Transaction Party, any other information in the Owner Trustee’s possession reasonably requested by a Transaction Party to facilitate compliance by the Transaction Parties with Rule 15Ga-1 under the
Exchange Act. In no event shall the Owner Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act with respect to the transactions contemplated by the Transaction Documents, nor shall it have any
responsibility for making any filing to be made by a securitizer under the Exchange Act with respect to the transactions contemplated by the Transaction Documents. Such notification to be substantially in the form of Exhibit C hereto. 

SECTION 11.14. Form 10-D Filings, Item 1117 and Item 1119 of Regulation AB. So long as the
Depositor is filing Exchange Act Reports with respect to the Issuer and until the 

  

					
		  	40	  	 Form of Amended and Restated

Trust Agreement

 
Depositor notifies the Owner Trustee that such action is no longer required on or before the 15th of each calendar month for so long as the
Depositor is filing Exchange Act Reports with respect to the Issuer, commencing on [_________ 15], 20[    ], the Owner Trustee shall deliver to the Depositor (but only upon receipt of written direction from the Depositor to do
so) the certification substantially in the form attached hereto as Exhibit E or such form as mutually agreed upon by the Depositor and the Owner Trustee regarding any affiliations or relationships (as contemplated in Item 1119 of Regulation
AB) between the Owner Trustee and any Item 1119 Party and any Form 10-D Disclosure Item. 
 SECTION
11.15. Form 8-K Filings. So long as the Depositor is filing Exchange Act Reports with respect to the Issuer and until the Depositor notifies the Owner Trustee that such action is no longer required, the
Owner Trustee shall promptly notify the Depositor, but in no event later than four (4) Business Days after its occurrence, of any Reportable Event described in clause (e) of the definition thereof with respect to the Owner Trustee
of which a Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (e) of the definition thereof as to which the Depositor or the Servicer has actual knowledge). The Owner Trustee
shall be deemed to have actual knowledge of any such event to the extent that it relates to the Owner Trustee in its individual capacity or any action by the Owner Trustee under this Agreement. 

SECTION 11.16. [Limitation of Rights. All of the rights of the Swap Counterparty in, to and under this Agreement (including, but not
limited to, all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the
terms thereof and the payment in full of all amounts owing to the Swap Counterparty.] 
 [Remainder of Page Intentionally Left Blank]

  

					
		  	41	  	 Form of Amended and Restated

Trust Agreement

 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. 
  

			
	 [____________],
 as Owner
Trustee

		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

					
		  	S-1	  	 Amended and Restated

Trust Agreement

 
			
	 CAPITAL ONE AUTO RECEIVABLES, LLC

		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

					
		  	S-2	  	 Amended and Restated

Trust Agreement

 Acknowledged and Agreed: 

 

			
	[____________], as Certificate Registrar and Certificate Paying Agent
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

					
		  	S-3	  	 Amended and Restated

Trust Agreement

 EXHIBIT A 

FORM OF CERTIFICATE 
  

			
	NUMBER	  	Principal Amount of this Certificate: $[___________]
	R-______	  	Aggregate Amount of all Certificates: $100,000 (which shall be
		  	deemed to be the equivalent of 100,000 units)
		  	Percentage Interest of this Certificate: [__]%
		  	CUSIP NO. ____________
		  	ISIN ____________

 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[_]-[_] 

CERTIFICATE 
 [UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

(This Certificate does not represent an interest in or obligation of Capital One Auto Receivables, LLC, Capital One, National Association
or any of their respective Affiliates, except to the extent described below.) 
 THIS CERTIFICATE IS NOT NEGOTIABLE. 

THIS CERTIFICATE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS
CERTIFICATE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL
BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (2) TO THE DEPOSITOR OR ANY OF ITS AFFILIATES AND BY THE DEPOSITOR OR ANY
OF ITS AFFILIATES AS PART OF THE 

  

					
		  	A-1	  	 Amended and Restated

Trust Agreement

 
INITIAL DISTRIBUTION OR ANY REDISTRIBUTION OF THE CERTIFICATES BY THE DEPOSITOR OR ANY OF ITS AFFILIATES AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID
AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE
HOLDER OF SUCH CERTIFICATE OR PERCENTAGE INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE
OR SUCH INTEREST IN SUCH CERTIFICATE VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

BY ACQUIRING THIS CERTIFICATE, EACH PURCHASER AND TRANSFEREE, AND ANY FIDUCIARY ACTING ON BEHALF OF A PURCHASER OR TRANSFEREE, WILL BE DEEMED
TO REPRESENT AND WARRANT THAT IT IS NOT ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON BEHALF OF OR WITH ANY ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF
THE CODE, (III) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY, OR (IV) ANY GOVERNMENTAL, CHURCH,
NON-U.S. OR OTHER PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE. 

THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $[2,000] AND INTEGRAL MULTIPLES OF $1 IN EXCESS THEREOF. NO DISTRIBUTIONS
OF MONEYS TO THE CERTIFICATEHOLDERS UNDER THE TRANSACTION DOCUMENTS SHALL BE DEEMED TO REDUCE THE NOMINAL PRINCIPAL AMOUNT OF ANY CERTIFICATE PRIOR TO PAYMENT IN FULL OF ALL OUTSTANDING NOTES; PROVIDED, THAT THE FINAL AGGREGATE $100,000 DISTRIBUTED
TO THE CERTIFICATEHOLDERS UNDER THE TRANSACTION DOCUMENTS UPON FINAL DISTRIBUTION OF THE TRUST ESTATE AND TERMINATION OF THE ISSUER SHALL BE DEEMED TO REPAY THE AGGREGATE NOMINAL PRINCIPAL AMOUNT OF THE CERTIFICATES IN FULL; PROVIDED, FURTHER, THAT
ANY FAILURE TO PAY IN FULL THE OUTSTANDING PRINCIPAL BALANCE OF A CERTIFICATE ON SUCH FINAL DISTRIBUTION DATE SHALL NOT RESULT IN ANY RECOURSE TO, CLAIM AGAINST OR LIABILITY OF ANY PERSON FOR SUCH SHORTFALL. 

  

					
		  	A-2	  	 Amended and Restated

Trust Agreement

 THIS CERTIFIES THAT _______________________________ is the registered owner of a ___%
nonassessable, fully-paid, Percentage Interest in CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[_]-[_], a Delaware statutory trust (the “Issuer”) formed by CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability company, as
depositor (the “Depositor”). 
 The Issuer was created pursuant to a Trust Agreement dated as of [___________], 20[__] (as
amended and restated as of [___________], 20[__], the “Trust Agreement”), between the Depositor, and [____________], as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of
which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in Appendix A to the Sale Agreement, dated as of [___________], 20[__], between the Depositor and the Issuer,
as the same may be amended or supplemented from time to time. 
 This Certificate is issued under and is subject to the terms, provisions
and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated
by reference as though set forth in their entirety herein. 
 The Holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Indenture and the Trust Agreement, as applicable. 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By
accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the
Bankruptcy Remote Parties such Person shall not commence, join or institute against, with any other Person, any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction. 
 By accepting and holding this Certificate (or any interest herein), the holder hereof, and any
fiduciary acting on behalf of a holder, shall be deemed to have represented and warranted that it is not acquiring this Certificate (or any interest herein) on behalf of or with any assets of, (i) an “employee benefit plan” as defined
in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to Title I of ERISA, (ii) a “plan” as described by Section 4975(e)(1) of the U.S. Internal
Revenue Code of 1986, as amended (the “Code”), which is subject to Section 4975 of the Code, (iii) any entity deemed to hold the plan 

  

					
		  	A-3	  	 Amended and Restated

Trust Agreement

 
assets of any of the foregoing by reason of such employee benefit plan’s or plan’s investment in the entity or (iv) any governmental, church,
non-U.S. or other plan or arrangement that is subject to any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 

It is the intention of the parties to the Trust Agreement that, for purposes of United States federal, state and local income and franchise
tax purposes, the Issuer will be treated as a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code. By accepting this Certificate, the Certificateholder consents to and agrees to take no action inconsistent with,
the foregoing intended tax treatment. 
 By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents
a Percentage Interest only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such
parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 

Each Certificateholder, by acceptance of this Certificate, acknowledges and agrees that the purpose of Article XII of the Indenture is
to facilitate compliance with the FDIC Rule by the Bank, the Depositor, the Servicer and the Issuer (collectively, the “Capital One Parties”) and that the interpretations of the requirements of the FDIC Rule may change over time,
whether due to interpretive guidance provided by the FDIC or its staff, consensus amount participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in Article XII of the
Indenture shall have the effect and meanings that are appropriate under the FDIC Rule as such effect and meanings change over time on the basis of evolving interpretations of the FDIC Rule. 

  

					
		  	A-4	  	 Amended and Restated

Trust Agreement

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

 

									
		 		 	CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[_]-[_]
					
		 		 		 	By:	 	[____________], not in its individual capacity, but solely as Owner Trustee
					
	Dated:	 	  
	 		 	By:	 	  

  

					
		  	A-5	  	 Amended and Restated

Trust Agreement

 CERTIFICATE REGISTRAR’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	[____________], not in its individual capacity but solely as Certificate Registrar
		
	By:	 	
                     

		 	Authenticating Agent
		
	By:	 	
                     

		 	Authorized Signatory

  

					
		  	A-6	  	 Amended and Restated

Trust Agreement

 ASSIGNMENT 

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

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE 
 [__________________] 
  

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

the within Certificate, (Asset Backed Certificate No. R-[__] issued by CAPITAL ONE PRIME AUTO RECEIVABLES TRUST
20[_]-[_]), 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: ___________________, 20[__]	 		 	
				
		 		 		 	[                                    
]
					
		 		 		 	By:	 	
                     
    

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

					
		  	A-7	  	 Amended and Restated

Trust Agreement

 EXHIBIT B 

FORM OF CERTIFICATE INVESTOR REPRESENTATION LETTER 

[                ], 20__ 

CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[_]-[_] 
 [Address]

 [____________], 
 [Address] 

[Transferor] 
 [Address] 

Attention:    CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[_]-[_] 

Re: Transfer of CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[_]-[_] Certificates, (the “Certificates”) 

Ladies and Gentlemen: 
  

	 	a.	 This letter is delivered pursuant to Section 3.7 of the Amended and Restated Trust
Agreement, dated as of [___________], 20[__] (the “Trust Agreement”), between CAPITAL ONE AUTO RECEIVABLES, LLC, as Depositor (the “Depositor”), and [____________], as Owner Trustee (the “Owner
Trustee”), in connection with the transfer by _________________________ (the “Transferor”) to the undersigned (the “Transferee”) of [__]% Percentage Interest of the Certificates with a nominal principal
amount of $[ ]1. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Trust Agreement. 

In connection with such transfer, the undersigned hereby represents and warrants to you and the addressees hereof as follows: 

(i) The Transferee is either (a) an Affiliate of the Depositor or (b) (1) is a Qualified Institutional Buyer,
(2) is aware that the sale of the Certificates (other than a sale of the Certificates by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the Certificates by the Depositor or any of its
Affiliates) to it is being made in reliance on the exemption from registration provided by Rule 144A, and (3) is acquiring the Certificates for its own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and
as to each of which the owner exercises sole investment discretion; 
  

	1 	 In minimum denominations of $[•] and integral multiples of $1 in excess thereof. 

  

					
		  	B-1	  	 Amended and Restated

Trust Agreement

 (ii) The Transferee understands that the Certificates will bear a legend to
the following effect: 
 “THIS CERTIFICATE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”). THIS CERTIFICATE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT
(A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (2) TO THE DEPOSITOR OR ANY OF ITS
AFFILIATES AND BY THE DEPOSITOR OR ANY OF ITS AFFILIATES AS PART OF THE INITIAL DISTRIBUTION OR ANY REDISTRIBUTION OF THE CERTIFICATES BY THE DEPOSITOR OR ANY OF ITS AFFILIATES AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND
EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS
NOTIFIED THAT THE HOLDER OF SUCH CERTIFICATE OR PERCENTAGE INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION
OF THIS CERTIFICATE OR SUCH INTEREST IN SUCH CERTIFICATE VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

BY ACQUIRING THIS CERTIFICATE, EACH PURCHASER AND TRANSFEREE, AND ANY FIDUCIARY ACTING ON BEHALF OF A PURCHASER OR TRANSFEREE, WILL BE DEEMED
TO REPRESENT 

  

					
		  	B-2	  	 Amended and Restated

Trust Agreement

 
AND WARRANT THAT IT IS NOT ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON BEHALF OF OR WITH ANY ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY, OR (IV) ANY
GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE. 

(iii) The Transferee understands that the Certificates are being offered only in a transaction not involving any public
offering in the United States within the meaning of the Securities Act, none of the Certificates have been or will be registered under the Securities Act, and, if in the future the Transferee decides to offer, resell, pledge or otherwise transfer
the Certificates, such Certificates may only be offered, resold, pledged or otherwise transferred in accordance with the Trust Agreement. The Transferee acknowledges that no representation is being made by the Issuer as to the availability of any
exemption under the Securities Act or any applicable State securities laws for resale of the Certificates; 
 (iv) The
Transferee understands that an investment in the Certificates involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The Transferee has had access to such financial and other
information concerning the Issuer and the Certificates as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Certificates. The Transferee has such knowledge and experience in
financial and business matters that the Transferee is capable of evaluating the merits and risks of its investment in the Certificates, and the transferee and any accounts for which it is acting are each able to bear the economic risk of its
investment; 
 (v) The Transferee will not make any general solicitation by means of general advertising or in any other
manner, or take any other action that would constitute a distribution of the Certificates under the Securities Act or that would render the disposition of the Certificates a violation of Section 5 of the Securities Act or any other applicable
securities laws or require registration pursuant thereto, and will not authorize any Person to act on its behalf, in such manner with respect to the Certificates; 

(vi) The Transferee is not acquiring the Certificates with a view to the resale, distribution or other disposition thereof in
violation of the Securities Act; 

  

					
		  	B-3	  	 Amended and Restated

Trust Agreement

 (vii) The transferee will provide notice to each Person to whom it proposes
to transfer any interest in the Certificates of the transfer restrictions and representations set forth in the Trust Agreement, including the Exhibits thereto; 

(viii) The Transferee agrees that it will not offer or sell, or otherwise transfer the Certificates to any person unless the
transferee of the Certificates has executed a Certificate Investor Representation Letter; 
 (ix) The Transferee is not
acquiring the Certificates (or any interest therein) with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
which is subject to Title I of ERISA, (b) a “plan” as described by Section 4975(e)(1) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), which is subject to Section 4975 of the Code,
(c) any entity deemed to hold the plan assets of any of the foregoing by reason of such employee benefit plan’s or plan’s investment in the entity or (d) any governmental, church, non-U.S.
or other plan or arrangement that is subject to any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code; 

(x) The Transferee acknowledges that the Issuer, the Owner Trustee, the Depositor and others will rely upon the truth and
accuracy of the acknowledgements, representations, warranties and agreements herein and in the Trust Agreement and agrees that if any of the acknowledgements, representations, warranties or agreements made by it in connection with its purchase of
any Certificates are no longer accurate, the Transferee will promptly notify the Issuer, the Owner Trustee and the Depositor; 

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

  

					
		  	B-4	  	 Amended and Restated

Trust Agreement

 (xii) The Transferee acknowledges and agrees that it has complied with the
following representations, to the extent applicable: 
 a.    Each registered owner of and, if
different, each owner of a beneficial interest in, a Certificate that is a U.S. Tax Person shall deliver to the Owner Trustee, the Administrator and the Certificate Paying Agent two properly completed and duly executed originals of U.S. Internal
Revenue Service Form W-9 (or applicable successor form) certifying that it is not subject to backup withholding and that it is a U.S. Tax Person. Each registered owner of and, if different, each owner of a
beneficial interest in, a Certificate that is not a U.S. Tax Person shall deliver to the Owner Trustee, the Administrator and the Certificate Paying Agent two properly completed and duly executed originals of U.S. Internal Revenue Service Form W-8BEN (Certification of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), U.S. Internal Revenue Service Form W-8BEN-E (Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)), U.S. Internal Revenue Service Form W-8IMY (Certificate
of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting) or U.S. Internal Revenue Service Form W-8ECI (Certificate of Foreign
Person’s Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States), or any applicable successors to such U.S. Internal Revenue Service forms or other reasonable information or certification
requested by the Owner Trustee, the Administrator or the Certificate Paying Agent (i) to permit the Owner Trustee, the Administrator and the Certificate Paying Agent to make payments to the registered owner of, and if different, each owner of a
beneficial interest in, a Certificate without withholding or deduction (including any FATCA Withholding Tax), (ii) to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives
payments on its assets, or (iii) to enable the Owner Trustee, the Administrator and the Certificate Paying Agent to satisfy any reporting or other obligations under any applicable tax law (including FATCA), and will update or replace such form,
certification or other information as necessary in accordance with its terms or its subsequent amendments. The applicable U.S. Internal Revenue Service forms required to be delivered, as described above, shall be delivered on or prior to the date on
which a registered owner of, and, if different, each owner of a beneficial interest in, a Certificate becomes a holder of a Certificate and from time to time thereafter as prescribed by applicable law or upon the request of the Certificate Paying
Agent. 
 b.    Each registered owner of, and, if different, each owner of a beneficial interest in, a
Certificate represents to the Issuer and Owner Trustee by acceptance of a Certificate or interest therein that it is not and will not become subject to any FATCA Withholding. In the case of a 

  

					
		  	B-5	  	 Amended and Restated

Trust Agreement

 
Certificateholder that is not a U.S. Tax Person and provides an U.S. Internal Revenue Service Form W-8BEN or U.S. Internal Revenue Service Form W-8BEN-E under Section 3.7(c) in order to claim the benefits of the exemption for portfolio interest under Sections 871 or 881 of the Code (instead of, for example,
claiming the benefits of an income tax treaty to which the United States is a party), such Certificateholder (or in the case of a Certificateholder providing U.S. Internal Revenue Service Form W-8IMY, the
beneficial owner of the Certificate) hereby represents that it is not (i) a “bank” within the meaning of Code section 881(c)(3), (ii) a “10 percent shareholder” of an obligor on a Receivable within the meaning of Code
section 871(h) or 881(c)(3) (as the case may be) or (iii) a “controlled foreign corporation” with respect to such an obligor described in Code section 881(c)(3). 

c.    Each registered owner of, and, if different, each owner of a beneficial interest in, a Certificate
represents to the Issuer and Owner Trustee by acceptance of this Certificate or interest therein that it is not and will not become subject to any FATCA Withholding Tax. 

d.    Each purchaser, beneficial owner and subsequent transferee of Certificates or an interest therein
will be required or deemed to acknowledge that the Issuer may provide such information and any other information concerning its investment in the Certificates to the U.S. Internal Revenue Service. In addition, each purchaser, beneficial owner and
subsequent transferee of Certificates or an interest therein will be required or deemed to understand and acknowledge that the Issuer has the right, hereunder, to withhold on any beneficial owner of an interest in a Certificate that fails to comply
with the foregoing requirements. 
 (xiii) The Transferee acknowledges that in connection with the transfer of the
Certificates (a) none of the Issuer, the Servicer, the Depositor nor the Owner Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying (for purposes of making any investment
decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Issuer, the Servicer, the Depositor or the Owner Trustee other than in the most current private placement memorandum for such Certificates and any
representations expressly set forth in a written agreement with such party, (c) none of the Issuer, the Servicer, the Depositor or the Owner Trustee has given to the transferee (directly or indirectly through any other person) any assurance,
guarantee or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) of its purchase or the
documentation for the Certificates, (d) the transferee has consulted with its own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent it has deemed necessary, and it has made its own investment
decisions (including decisions regarding the suitability of any transaction pursuant to the Trust Agreement) based upon its own judgment and 

  

					
		  	B-6	  	 Amended and Restated

Trust Agreement

 
upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Servicer, the Depositor or the Owner Trustee, (e) the transferee has
determined that the rates, prices or amounts and other terms of the purchase and sale of the Certificates reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the Certificates with a full understanding
of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks, and (g) the transferee is a sophisticated investor familiar with transactions
similar to its investment in the Certificates. 
 (xiv) No transfers shall be permitted if such transfer is effected through
an established securities market or secondary market (or the substantial equivalent thereof) within the meaning of the Code Section 7704 and any proposed, temporary or final Treasury regulations thereunder. 

  

					
		  	B-7	  	 Amended and Restated

Trust Agreement

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

			
	Executed by
	
	  

	Name of Transferee
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

			
	Transferee’s Address:	 	  

		 	  

		 	  

		 	  

	 Telephone:
	 	  

	 Facsimile:
	 	  

  

					
		  	B-8	  	 Amended and Restated

Trust Agreement

 EXHIBIT C 

FORM OF NOTICE OF REQUESTS TO REPURCHASE RECEIVABLES 

[________], 20[ ] 
 [Depositor]

 [Servicer] 
 Re:CAPITAL ONE PRIME AUTO
RECEIVABLES TRUST 20[_]-[_] – Notice of Requests to Repurchase Receivables 
 Reference is hereby made to the Amended and Restated
Trust Agreement, dated as of [___________], 20[__] (the “Trust Agreement”), between CAPITAL ONE AUTO RECEIVABLES, LLC, as depositor (the “Depositor”), and [____________], as owner trustee (the “Owner Trustee”).
Capitalized terms used herein and not otherwise defined shall have the meanings assigned such terms in the Trust Agreement. This Notice is being delivered pursuant to Section 11.13 of the Trust Agreement. 

The Owner Trustee hereby certifies as to the checked option below: 

[    ] During the period from and including [_________] to but excluding [________], the Owner Trustee received no
requests from the holders of any of the Notes or Certificates outstanding during that period requesting that any Receivables be purchased, repurchased or replaced with respect to such Notes or Certificates. 

[    ] During the period from and including [___________] to but excluding [_________], the Owner Trustee received one or
more requests from the holders of any of the Notes or Certificates outstanding during that period requesting that any Receivables be purchased, repurchased or replaced with respect to such Notes or Certificates. Copies of such requests received in
writing are attached hereto, and details of any such requests received orally are as set forth below: 
 Date of Request 

Number of Receivables 

Aggregate Principal Balance of Receivables Subject to Request 

[REMINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  

					
		  	C-1	  	 Amended and Restated

Trust Agreement

 
			
	 [                    ],

not in its individual capacity
 but solely as Owner
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	C-2	  	 Amended and Restated

Trust Agreement

 EXHIBIT D 

FORM OF REGISTRATION OF DEFINITIVE CERTIFICATE TRANSFER DIRECTION 

LETTER PURSUANT TO THE TRUST AGREEMENT 

[            ], 20[    ] 

[                    ], 

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

 

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

  

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

  

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

 

	 	4.	 Certificate Investor Representation Letter executed by Transferee; 

 

	 	5.	 [FormW-9][Form W-8BEN][Form W-8BEN-E][Form W-8ECI][Form W-8IMY][applicable successor form] of Transferee.

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

	 	(a)	 cancel and dispose of, in accordance with the customary practices of the Owner Trustee, the Certificate
representing [    ] Percentage Interest in the Issuer, bearing certificate number R-    , registered in the name of the Transferor; 

 

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

  

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

  

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

  

					
		  	D-1	  	 Amended and Restated

Trust Agreement

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

 The undersigned Transferee hereby certifies to the Owner Trustee that (i) the transfer requested hereby does not violate any of the
transfer restrictions stated in the Trust Agreement, including but not limited to clauses (d) and (e) of Section 3.5 thereof. 

[Signature Page Follows] 

  

					
		  	D-2	  	 Amended and Restated

Trust Agreement

 
			
	[TRANSFEROR]
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	[TRANSFEREE]
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		  	D-3	  	 Amended and Restated

Trust Agreement

 SCHEDULE A 

[To be updated] 
  

											
	 Name of

Transferee
	  	 Tax ID

Number of

Transferee
	  	 Principal

Amount3
	  	 Percentage

Interest3
	  	 Delivery
Address
	  	 Wire
Instructions

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

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

  

					
		  	D-4	  	 Amended and Restated

Trust Agreement

 EXHIBIT E 

FORM OF OWNER TRUSTEE’S [MONTHLY][ANNUAL] CERTIFICATION 

REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB 

Reference is made to the Form [10-D][10-K] of CAPITAL ONE PRIME
AUTO RECEIVABLES TRUST 20[    ]-[    ] (the “Form 10-K”) for the [month ended [    ], 20[ ]][fiscal year ended December 31,
20[    ]]. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Form [10-D][10-K]. 

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

1.    As of the date of the Form
[10-D][10-K], there are no pending legal Proceedings against [            ] or Proceedings known to be
contemplated by governmental authorities against [            ] that would be material to the investors in the Notes. 

2.    As of the date of the Form
[10-D][10-K], there are no affiliations, as contemplated by Item 1119 of Regulation AB, between
[            ] and any of Capital One, National Association, Capital One Auto Receivables, LLC, [            ] (the
“Indenture Trustee”) and the Issuing Entity, or any affiliates of such parties. 
 IN WITNESS WHEREOF,
[            ] has caused this certificate to be executed in its corporate name by an officer thereunto duly authorized. 

Dated:             , 20[    ] 

 

			
	[                    ]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

  
 E-1EX-10.7

 Exhibit 10.7 
  

 
  

FORM OF 
 ASSET
REPRESENTATIONS REVIEW AGREEMENT 
 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST
20[        ]-[    ], 
 as Issuer, 

CAPITAL ONE, NATIONAL ASSOCIATION, 

as Sponsor and Servicer 

and 

[                      
                              ], 

as Asset Representations Reviewer 
  

 
 Dated as of
[                    ], 20[        ] 

 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	1	 
			
	 Section 1.1
	  	Definitions	  	 	1	 
	 Section 1.2
	  	Additional Definitions	  	 	1	 
		
	ARTICLE II ENGAGEMENT; ACCEPTANCE	  	 	3	 
			
	 Section 2.1
	  	Engagement; Acceptance	  	 	3	 
	 Section 2.2
	  	Eligibility of Asset Representations Reviewer	  	 	3	 
	 Section 2.3
	  	Independence of the Asset Representations Reviewer	  	 	3	 
		
	ARTICLE III DUTIES OF THE ASSET REPRESENTATIONS REVIEWER	  	 	3	 
			
	 Section 3.1
	  	Review Scope	  	 	3	 
	 Section 3.2
	  	Review Notices	  	 	3	 
	 Section 3.3
	  	Review Materials	  	 	4	 
	 Section 3.4
	  	Missing or Incomplete Review Materials	  	 	4	 
	 Section 3.5
	  	The Asset Review	  	 	5	 
	 Section 3.6
	  	Review Period	  	 	5	 
	 Section 3.7
	  	Review Report	  	 	5	 
	 Section 3.8
	  	Resolution of Review for Certain Subject Receivables	  	 	6	 
	 Section 3.9
	  	Termination of Review	  	 	6	 
	 Section 3.10
	  	Review and Procedure Limitations	  	 	6	 
	 Section 3.11
	  	Review Systems	  	 	6	 
	 Section 3.12
	  	Representatives.	  	 	7	 
	 Section 3.13
	  	Dispute Resolution	  	 	7	 
	 Section 3.14
	  	Records Retention	  	 	7	 
	 Section 3.15
	  	No Delegation	  	 	7	 
		
	ARTICLE IV PAYMENTS TO ASSET REPRESENTATIONS REVIEW	  	 	7	 
			
	 Section 4.1
	  	Annual Fee	  	 	7	 
	 Section 4.2
	  	Review Fee	  	 	8	 
	 Section 4.3
	  	Dispute Resolution; Travel Expenses	  	 	8	 
	 Section 4.4
	  	Payment	  	 	8	 
	 Section 4.5
	  	Payments by the Issuer	  	 	9	 
		
	ARTICLE V OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER	  	 	9	 
			
	 Section 5.1
	  	Representations and Warranties of the Asset Representations Reviewer	  	 	9	 
	 Section 5.2
	  	Limitation of Liability of Asset Representations Reviewer	  	 	10	 
	 Section 5.3
	  	Indemnification of Asset Representations Reviewer	  	 	10	 
	 Section 5.4
	  	Indemnification by Asset Representations Reviewer	  	 	11	 
		
	ARTICLE VI REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER	  	 	12	 
			
	 Section 6.1
	  	Eligibility Requirements for Asset Representations Reviewer	  	 	12	 

  

					
		 	i	 	

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	  
 Section 6.2
	  	  
 Resignation and Removal of Asset Representations Reviewer.
	  	  
  
	  
 12
	  
  

	 Section 6.3
	  	Successor Asset Representations Reviewer.	  	 	13	 
	 Section 6.4
	  	Merger, Consolidation or Succession	  	 	14	 
		
	ARTICLE VII TREATMENT OF CONFIDENTIAL INFORMATION	  	 	14	 
			
	 Section 7.1
	  	Confidential Information.	  	 	14	 
	 Section 7.2
	  	Safeguarding Personally Identifiable Information.	  	 	16	 
		
	ARTICLE VIII OTHER MATTERS PERTAINING TO THE ISSUER	  	 	17	 
			
	 Section 8.1
	  	Termination of this Agreement	  	 	17	 
	 Section 8.2
	  	Limitation of Liability	  	 	17	 
		
	ARTICLE IX MISCELLANEOUS PROVISIONS	  	 	18	 
			
	 Section 9.1
	  	Amendment	  	 	18	 
	 Section 9.2
	  	Notices, Etc.	  	 	19	 
	 Section 9.3
	  	Severability Clause	  	 	19	 
	 Section 9.4
	  	Governing Law	  	 	19	 
	 Section 9.5
	  	Headings	  	 	20	 
	 Section 9.6
	  	Counterparts	  	 	20	 
	 Section 9.7
	  	Waivers	  	 	20	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	  
 Section 9.8
	  	  
 Entire Agreement
	  	  
  
	  
 20
	  
  

	 Section 9.9
	  	Severability of Provisions	  	 	20	 
	 Section 9.10
	  	Binding Effect	  	 	20	 
	 Section 9.11
	  	Cumulative Remedies	  	 	20	 
	 Section 9.12
	  	Nonpetition Covenant	  	 	20	 
	 Section 9.13
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	 	21	 
	 Section 9.14
	  	Third-Party Beneficiaries	  	 	21	 

 EXHIBITS 
  

			
	Exhibit A	  	Agreed-Upon Procedures

  
 iii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of [________], 20[__] (this “Agreement”), by and
between CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[__]-[_], a Delaware statutory trust (the “Issuer”), CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association (the “Bank”, and in its capacity as sponsor,
the “Sponsor”, and in its capacity as servicer, the “Servicer”), and [______________], a [_____________], (“[______]”, and in its capacity as asset representations reviewer, the “Asset
Representations Reviewer”). 
 WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform reviews
of Receivables for compliance with the representations and warranties made by the Sponsor regarding such Receivables; and 
 WHEREAS, the
Asset Representations Reviewer desires to accept such engagement; 
 NOW, THEREFORE, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1    Definitions. Except as otherwise defined herein or as the context may otherwise
require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect,
the “Sale Agreement”) between the Issuer and Capital One Auto Receivables, LLC, as seller, which also contains rules as to usage that are applicable herein. 

Section 1.2    Additional Definitions. Whenever used in this Agreement, the following words and phrases shall
have the following meanings: 
 “Annual ARR Fee” has the meaning set forth in Section 4.1. 

“Asset Review” means the completion by the Asset Representations Reviewer of the “Tests” set forth in Exhibit A for
each Subject Receivable as further described in Section 3.5. 
 “Client Records” has the meaning
set forth in Section 3.14. 
 “Confidential Information” has the meaning set forth in
Section 7.1. 
 “Disclosing Party” has the meaning set forth in
Section 7.1. 
 “Eligible Asset Representations Reviewer” means a Person who (i) is not, and
is not Affiliated with, the Sponsor, the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or any of their respective Affiliates and (ii) was not engaged or Affiliated with a Person that was engaged by the Sponsor or any
Underwriter to perform due diligence work on the Receivables prior to the Closing Date. 

 “Eligibility Representations” shall mean those representations identified
within the “Tests” included in Exhibit A. 
 “Indemnified Person” has the meaning set forth in
Section 5.3. 
 “Personally Identifiable Information” or “PII” has the meaning
set forth in Section 7.2. 
 “Privacy Laws” has the meaning set forth in
Section 7.2. 
 “Receiving Party” has the meaning set forth in
Section 7.1. 
 “Representatives” has the meaning set forth in
Section 7.1. 
 “Review Fee” has the meaning set forth in Section 4.2.

 “Review Invoice” means, with respect to any Asset Review, a detailed invoice prepared by the Asset Representations
Reviewer setting forth the calculation of the applicable Review Fee for such Asset Review. 
 “Review Materials” means, the
documents, data, and other information required for each “Test” in Exhibit A. 
 “Review Period” has the meaning
set forth in Section 3.6. 
 “Review Report” has the meaning set forth in
Section 3.7. 
 “Subject Receivables” means, for any Asset Review, all Receivables which are 60-Day Delinquent Receivables as of the related Review Satisfaction Date; provided, that any Receivable repurchased by the Sponsor or the Servicer in accordance with the Transaction Documents or paid in full
by the related Obligor after the [Review Satisfaction Date] will no longer be a Subject Receivable. 
 “Tests” mean the
procedures listed in Exhibit A as applied to the process described in Section 3.5. 
 “Test Fail”
has the meaning set forth in Section 3.5. 
 “Test Incomplete” has the meaning set forth in
Section 3.5. 
 “Test Otherwise Resolved” has the meaning set forth in
Section 3.8. 
 “Test Pass” has the meaning set forth in Section 3.5.

  
 2 

 ARTICLE II 

ENGAGEMENT; ACCEPTANCE 

Section 2.1    Engagement; Acceptance. The Issuer hereby engages [______________] to act as the Asset
Representations Reviewer for the Issuer. The Asset Representations Reviewer hereby accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

Section 2.2 Eligibility of Asset Representations Reviewer. [______________] represents and warrants to the Issuer and the Sponsor
that it is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will notify the Issuer, the Sponsor and the Servicer promptly if it is not, or on the occurrence of any action that would result in it not being, an Eligible
Asset Representations Reviewer. 
 Section 2.3    Independence of the Asset Representations Reviewer. The
Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Sponsor, the Servicer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance
of its obligations under this Agreement. Unless expressly authorized by the Issuer, the Sponsor, the Servicer, the Indenture Trustee or the Owner Trustee, the Asset Representations Reviewer will have no authority to act for or represent the Issuer,
the Sponsor, the Servicer, the Indenture Trustee or the Owner Trustee, respectively, and will not be considered an agent of the Issuer, the Sponsor, the Servicer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make the
Asset Representations Reviewer and any of the Issuer, the Sponsor, the Servicer, the Indenture Trustee or the Owner Trustee, members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 ARTICLE III 

DUTIES OF THE ASSET REPRESENTATIONS REVIEWER 

Section 3.1    Review Scope. The parties confirm that the Asset Representations Review is not responsible for
(a) reviewing the Receivables for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations and warranties
constitutes a breach of the Eligibility Representations. For the avoidance of doubt, the parties confirm that the review is not designed to determine why an Obligor is delinquent or the creditworthiness of the Obligor, either at the time of any
Asset Review or at the time of origination of the related Receivable. Further, the Asset Review is not designed to establish cause, materiality or recourse for any Test Fail. 

Section 3.2 Review Notices. Upon (i) receipt of a “Review Notice” from the Indenture Trustee in accordance
with Section 7.6(b) of the Indenture and (ii) obtaining access to the Review Materials in accordance with Section 3.3 of this Agreement, the Asset Representations Reviewer will start an Asset
Review. The Asset Representations Reviewer will not be obligated to begin, and may not begin, an Asset Review until the Asset Representations Reviewer receives 

  
 3 

 
a Review Notice. Within ten (10) Business Days of receipt of a Review Notice, the Servicer shall provide the list of Subject Receivables to the Asset Representations Reviewer in the format
selected by the Servicer to the address specified in Section 9.2. 
 None of the Issuer, the Servicer, the Sponsor
or the Asset Representations Reviewer is obligated to verify whether the Indenture Trustee properly determined that a Review Notice was required. None of the Issuer, the Sponsor or the Asset Representations Reviewer is obligated to verify the
accuracy or completeness of the list of Subject Receivables provided by the Servicer. 
 Section 3.3    Review
Materials. The Servicer will provide reasonable assistance to the Asset Representations Reviewer to facilitate the Asset Review. Within sixty (60) days of receipt by the Servicer of the Review Notice, the Servicer will provide the Asset
Representations Reviewer with access to the Review Materials for all Subject Receivables in one or more of the following ways, as elected by the Servicer: (i) by providing access to the Servicer’s receivables system, either remotely or at
one or more of the properties of the Servicer; (ii) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer has access; (iii) by providing originals or photocopies at one or
more of the offices of the Servicer (or any subservicer or vendor) where the Receivable Files are located[;(iv) by sending originals or photocopies of Review Materials to the Asset Representations Reviewer at the address specified in
Section 9.2;] or [(v)] in another manner agreed to by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from the Review Materials so long as such
redaction or removal does not result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall not be liable for any failure of the Review Materials to be accurate and complete, including any failure
that results in the Review Materials being misleading in any material respect. 
 If the Servicer provides access to the Review Materials at
one of its offices, such access will be afforded without additional charge but only (i) upon reasonable notice, (ii) during normal business hours, (iii) subject to the Servicer’s normal security and confidentiality procedures and
(iv) at offices designated by the Servicer. 
 Section 3.4    Missing or Incomplete Review Materials. The
Asset Representations Reviewer will complete the Tests for each Eligibility Representation only using documentation that is made available to it. Upon receipt of the Review Materials, the Asset Representations Reviewer will complete an initial
document inventory to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer reasonably determines that any of the Review Materials are missing
or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) calendar days before completing the Review, and the Servicer
will use reasonable efforts to provide the Asset Representations Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within fifteen (15) calendar days. Once the Asset Representations
Reviewer has confirmed the majority of the Review Materials have been provided in accordance with Section 3.3, the Asset Representations Reviewer will commence the Asset Review. In instances where Review Material is not accessible,
clearly unidentifiable, and/or illegible, the Asset Representations Reviewer will request that the Servicer (with a copy 

  
 4 

 
to the Sponsor) provide an updated copy of such Review Material. If the Servicer and the Sponsor have not provided the missing Review Material for a Subject Receivable to the Asset
Representations Reviewer within sixty (60) days of notification by the Asset Representations Reviewer, the parties agree that such Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the
reason for the Test Incomplete. 
 Section 3.5    The Asset Review. 

(a) For an Asset Review, the Asset Representations Reviewer will perform for each Subject Receivable the applicable procedures listed
under “Tests” in Exhibit A for each Eligibility Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Exhibit A. For each Test and Subject Receivable, the Asset
Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete
Review Materials (a “Test Incomplete”); provided, however, that prior to determining that the Test has not been satisfied, the Asset Representations Reviewer will consult with the Servicer to determine whether the Servicer is able to
provide supplemental information to the Asset Representations Reviewer for the related Subject Receivable in connection with such Test, pursuant to the procedure described in Section 3.4. 

(b)    If a Subject Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not conduct
additional Tests on any such duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer and the Sponsor to provide missing Review Materials for such Subject Receivable and the
Sponsor elects to have such Subject Receivable included in the current Asset Review. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for the
current Asset Review. 
 Section 3.6    Review Period. The Asset Representations Reviewer will complete the
Review within sixty (60) days of receiving access to the Review Materials in accordance with Section 3.3 (such time period, the “Review Period”); provided, that if additional Review Materials are
provided to the Asset Representations Reviewer as described in Section 3.4 or Section 3.5, the Review Period will be extended for an additional thirty (30) days. 

Section 3.7 Review Report. Within ten (10) Business Days following the end of the applicable Review Period described in
Section 3.6, the Asset Representations Reviewer will provide the Issuer, the Servicer and the Indenture Trustee with a report (a “Review Report”) specifying for each Subject Receivable whether there was a Test Pass, a Test
Fail, a Test Incomplete (as contemplated by Section 3.5) or a Test Otherwise Resolved (as contemplated by Section 3.8) for each Test and Subject Receivable. The Review Report will include a summary
of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Review to be included in the Form 10-D for the Issuer for the Collection Period in which the Review Report is
received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Personally Identifiable Information. Upon reasonable request of the Servicer, the Asset Representations Reviewer will provide additional detail
regarding the Test results. For the avoidance of doubt, the Indenture Trustee shall have no obligation to forward the Review Report to any Noteholder or any other person. 

  
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 Section 3.8    Resolution of Review for Certain Subject
Receivables. Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is
paid in full by or on behalf of the Obligor or purchased from the Issuer by the Sponsor or the Servicer in accordance with the Transaction Documents. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of
such Receivables and the Asset Review of such Receivables will be considered resolved (a “Test Otherwise Resolved”). In this case, the Review Report will indicate a Test Otherwise Resolved for the Receivables and the related reason.

 Section 3.9 Termination of Review. If an Asset Review is in process and the Notes will be paid in full on the next Payment
Date (including any payment in full as a result of any early redemption of the Notes), the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Payment Date. On receipt of
notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will not be obligated to deliver a Review Report. Within ten (10) days after receipt of such notice, the Asset Representations Reviewer will provide the
Issuer, the Servicer and the Indenture Trustee with the related Review Invoice. 
 Section 3.10    Review and
Procedure Limitations. The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger has occurred, (ii) to determine whether the required percentage of Noteholders has voted to direct an
Asset Review and may rely on the information in any Review Notice delivered by the Indenture Trustee, (iii) to determine which Receivables are Subject Receivables and may rely on the list of Subject Receivables provided by the Servicer,
(iv) to confirm the validity of the Review Materials, (v) other than as specified in Section 3.3, to obtain missing or insufficient Review Materials, or (vi) to take any action or to cause any other party to
take any action under any of the Transaction Documents to enforce any remedies for any breach of a representation, warranty or covenant, including any Eligibility Representation. The Asset Representations Reviewer shall be required to perform only
the testing procedures listed under “Tests” in Exhibit A, and shall have no obligation to perform additional testing procedures on any Subject Receivables or to consider any additional information provided by any party. The Asset
Representations Reviewer shall have no obligation to provide reporting or other information other than the Review Report described in Section 3.7. However, the Asset Representations Reviewer may provide additional
information about any Subject Receivable that it determines in good faith to be material to its performance of an Asset Review. 

Section 3.11 Review Systems. The Asset Representations Reviewer shall maintain and utilize an electronic case management system to
manage the Tests and to provide systematic control over each step in the Asset Review process and ensure consistency and repeatability for the Tests. [The Asset Representations Reviewer will ensure that these systems allow for each Subject
Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.] The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Reviews as required by
this Agreement. 

  
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 Section 3.12    Representatives. 

(a)    Servicer Representative. The Servicer will provide reasonable access to one or more designated
representatives to respond to reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of an Asset Review. 

(b)    Asset Representations Review Representative. The Asset Representations Reviewer will provide reasonable
access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Sponsor, the Issuer or the Indenture Trustee during the Asset Representations Reviewer’s completion of an Asset Review.
The Asset Representations Reviewer shall have no obligation to respond to requests or inquires, and other than as specified in Section 3.13 shall not respond to requests or inquiries, made by any Person not party to this
Agreement other than the Indenture Trustee; provided, that if the Asset Representations Reviewer receives any request or inquiry from a Person not a party to this Agreement, then the Asset Representations Reviewer may inform such Person that
they may contact the Servicer and/or the Indenture Trustee with respect to such request or inquiry. 

Section 3.13    Dispute Resolution. If a Subject Receivable that was reviewed by the Asset Representations
Reviewer during an Asset Review is the subject of a dispute resolution proceeding under Section 3.11 of the Purchase Agreement, the Asset Representations Reviewer shall participate in the dispute resolution proceeding on request of a party to
the proceeding. The reasonable out-of-pocket expenses and reasonable compensation of the Asset Representations Reviewer for its participation in any dispute resolution
proceeding will be considered expenses of the Requesting Party for the dispute resolution and (subject to Section 4.3) will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution
according to Section 3.11 of the Purchase Agreement. 
 Section 3.14 Records Retention. The Asset Representations Reviewer
will maintain copies of Review Materials, Review Reports and internal work papers and correspondence (collectively the “Client Records”) for a period of three (3) years after the termination of this Agreement. At the expiration
of the retention period, the Asset Representations Reviewer, at the option of the Servicer, (i) shall return all Client Records to the Servicer, in electronic format or, to the extent held in tangible form, in that form, or (ii) shall
destroy such Client Records, in each case in accordance with Section 7.1(e) of this Agreement. Upon the return or destruction of the Client Records, as applicable, the Asset Representations Reviewer shall have no obligation
to retain such Client Records or to respond to inquiries concerning any Asset Review. 
 Section 3.15    No
Delegation. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer, the Sponsor and the Servicer. 

ARTICLE IV 
 PAYMENTS TO
ASSET REPRESENTATIONS REVIEW 
 Section 4.1 Annual Fee. As compensation for its activities hereunder, the Asset
Representations Reviewer shall be entitled to receive an annual fee in an amount equal to 

  
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$5,000.00 (the “Annual ARR Fee”) during the term of this Agreement, which shall be paid by or on behalf of the Sponsor within thirty (30) days of the date hereof, with
respect to the initial Annual ARR Fee, and within thirty (30) days of the annual anniversary of this Agreement with respect to each subsequent Annual ARR Fee; provided, however, that if the Asset Representations Reviewer resigns
or is removed in accordance with Section 6.2, then the Asset Representations Reviewer shall refund to the Sponsor the portion of the Annual ARR Fee attributable to the portion of the annual period during which [_________]
will no longer act as the Asset Representations Reviewer, assuming for purposes of such calculation that the Annual ARR Fee for each day during the annual period is an amount equal to the Annual ARR Fee divided by 365. 

Section 4.2    Review Fee. Following the completion of an Asset Review and delivery to the Indenture Trustee,
the Sponsor, the Servicer and the Issuer of the Review Report, or, if earlier, the termination of Asset Review according to Section 3.9, and the delivery to the Sponsor of the related Review Invoice, the Sponsor shall pay
to the Asset Representations Reviewer a fee of $200.00 for each Subject Receivable for which the Asset Review was completed plus reasonable out-of-pocket expenses
incurred in connection with travel to the location at which Review Materials are made available in accordance with Section 3.3 (the “Review Fee”). However, no Review Fee will be charged for any Subject
Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.9 or the
Asset Representations Reviewer being notified of the payment in full or purchase of any Subject Receivable according to Section 3.8. 

Section 4.3 Dispute Resolution; Travel Expenses.  

(a)    Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution
proceeding under Section 3.13 and its reasonable out-of-pocket expenses and reasonable compensation for the time it incurs in participating in
the proceeding are not paid by a party to the dispute resolution within ninety (90) days of the end of the proceeding, the Sponsor will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed
invoice.    If the Sponsor makes any payment under this Section and the Asset Representations Reviewer later collects any of the amounts for which the payments were made to it from others, the Asset Representations Reviewer will
promptly repay the amounts to the Sponsor. 
 (b)    Reimbursement of Travel Expenses. If the Servicer provides
access to the Review Materials at one of its properties, the Sponsor will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed invoice. 

Section 4.4 Payment . All payments made to the Asset Representations Reviewer shall be made to the account specified by the
Asset Representations Reviewer from time to time in writing to the Indenture Trustee, the Sponsor, the Servicer and the Issuer. For the avoidance of doubt, there shall be no aggregate limit on the Review Fee, reimbursable expenses, or indemnities
payable by the Sponsor or the Issuer (subject to Section 4.5) to the Asset Representations Reviewer pursuant to this Article IV. 

  
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 Section 4.5    Payments by the Issuer. To the extent not
paid by the Sponsor and outstanding for at least sixty (60) days after receipt by the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review Invoice, the Asset Representations Reviewer may provide notice to the Indenture
Trustee, the Sponsor, the Servicer and the Issuer that the Review Fee shall be paid by the Issuer pursuant to the priority of payments set forth in Section 8.5(a) of the Indenture or Section 5.4(b)
of the Indenture, as applicable. After receipt of such notice, the Sponsor shall either (i) cause the Servicer to include such Review Fee in the Servicer’s Report to be delivered on the Determination Date following the receipt of such
notice for payment on the corresponding Payment Date (or, if such notice was received less than five (5) Business Days prior to such Determination Date, on the next succeeding Determination Date for payment on the related Payment Date) pursuant
to the priority of payments set forth in Section 8.5(a) of the Indenture or Section 5.4(b) of the Indenture, as applicable or (ii) pay such Review Fee directly to the Asset Representations
Reviewer prior to the Payment Date following receipt of such notice. The Asset Representations Reviewer acknowledges and agrees that any payments payable by the Issuer under this Agreement, including pursuant to this Article IV or
Section 5.3, shall be limited to amounts available to make such payments pursuant to Section 8.5(a) of the Indenture and Section 5.4(b) of the Indenture, as applicable.

 ARTICLE V 

OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 

Section 5.1    Representations and Warranties of the Asset Representations Reviewer. [________] hereby makes
the following representations and warranties as of the date hereof: 
 (a) Existence and Power. [________] is a limited liability
company validly existing and in good standing under the laws of its state of formation and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver
and to perform its obligations under this Agreement. [________] has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of [________] to perform its
obligations under this Agreement. 
 (b)    Authorization and No Contravention. The execution, delivery and
performance by [________] of the Transaction Documents to which it is a party have been duly authorized by all necessary limited liability company action on the part of [________] and do not contravene or constitute a default under (i) any
applicable law, rule or regulation, (ii) its organizational documents or (iii) any material indenture or material agreement or instrument to which [________] is a party or by which its properties are bound (other than violations of such
laws, rules, regulations, organizational documents, indentures, agreements or instruments which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and
adversely affect the transactions contemplated by, or [________]’s ability to perform its obligations under, this Agreement). 

(c)    No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required
in connection with the execution, delivery and performance by [________] of this Agreement other than (i) approvals and authorizations that have previously 

  
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been obtained and filings that have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability
of [________] to perform its obligations under this Agreement. 
 (d)    Binding Effect. This Agreement
constitutes the legal, valid and binding obligation of [________] enforceable against [________] in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 

(e)    No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of
[________], threatened against [________] before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or (ii) seek any determination or ruling that would materially and adversely affect the
performance by [________] of its obligations under this Agreement. 
 (f)    Eligibility. The Asset
Representations Reviewer is an Eligible Asset Representations Reviewer. 
 Section 5.2    Limitation of
Liability of Asset Representations Reviewer 
 To the fullest extent permitted by applicable law, the Asset Representations Reviewer
shall not be under any liability to the Issuer, the Servicer, the Seller, the Indenture Trustee, the Owner Trustee, any Noteholder or any other Person for any action taken or for refraining from the taking of an action in its capacity as Asset
Representations Reviewer pursuant to this Agreement, or for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Asset Representations
Reviewer against any liability which would otherwise be imposed by reason of willful misconduct, bad faith, breach of this Agreement or negligence in the performance of its duties. In no event will the Asset Representations Reviewer be liable for
special, indirect or consequential loss or damage (including loss of profit) even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

The Asset Representations Reviewer and any director, officer, employee, or agent may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising hereunder. The Asset Representations Reviewer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its
duties as Asset Representations Reviewer hereunder. 
 Section 5.3    Indemnification of Asset Representations
Reviewer. 
 (a) The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents
(each, an “ARR Indemnified Person”), for all reasonable and documented costs, expenses, losses, damages and liabilities resulting from any third-party claim arising out of the performance of the Asset Representations Reviewer’s
obligations under this Agreement (including the costs and expenses of defending itself against 

  
 10 

 
any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or
negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations, warranties or covenants in this Agreement. To the extent not paid by the Sponsor and outstanding for at least sixty (60) days after receipt
by the Indenture Trustee, the Sponsor, the Servicer and the Issuer of an invoice with reasonable detail of indemnification amounts, the Asset Representations Reviewer may provide notice to the Indenture Trustee, the Sponsor, the Servicer and the
Issuer that any such indemnification amounts shall be paid by the Issuer pursuant to the priority of payments set forth in Section 8.5(a) of the Indenture or Section 5.4(b) of the Indenture, as
applicable. After receipt of such notice, the Sponsor shall either (i) cause the Servicer to include such indemnification amounts in the Servicer’s Report to be delivered on the Determination Date following the receipt of such notice for
payment on the corresponding Payment Date (or, if such notice was received less than five (5) Business Days prior to such Determination Date, on the next succeeding Determination Date for payment on the related Payment Date) pursuant to the
priority of payments set forth in Section 8.5(a) of the Indenture or Section 5.4(b) of the Indenture, as applicable or (ii) pay such indemnification amounts directly to the Asset
Representations Reviewer prior to the Payment Date following receipt of such notice. 
 (b)    In case any such action,
investigation or proceeding will be brought involving an ARR Indemnified Person as contemplated by Section 5.3(a), the Sponsor will assume the defense thereof, including the employment of counsel and the payment of all
expenses. The Asset Representations Reviewer will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable fees and expenses of such counsel will be paid
by the Sponsor. In the event of any claim, action, or proceeding for which indemnity will be sought pursuant to this Section 5.3, the Asset Representations Reviewer’s choice of legal counsel shall be subject to the
good faith objection by the Sponsor to a conflict of interest under the applicable rules of professional conduct. If there is a conflict, the Sponsor will pay for the reasonable fees and expenses of separate counsel to the ARR Indemnified Person. No
settlement may be made without the approval of the Sponsor and the ARR Indemnified Person, which approval will not be unreasonably withheld. 

(c)    The indemnification set forth in this Section 5.3 will survive the termination of this
Agreement and the resignation or removal of the Asset Representations Reviewer. 
 (d)    If the Sponsor or the Issuer
makes any payment under this Section 5.3 and the ARR Indemnified Person later collects any of the amounts for which the payments were made to it from others, the ARR Indemnified Person will promptly repay the amount to the
Sponsor or the Issuer, as applicable. 
 Section 5.4    Indemnification by Asset Representations Reviewer

 (a) To the fullest extent permitted by law, the Asset Representations Reviewer shall indemnify and hold harmless each of the Issuer, the
Sponsor, the Servicer and the Indenture Trustee, and its respective officers, directors, successors, assigns, legal representatives, agents, and servants (each an “Indemnified Person”), from and against any and all fees,
liabilities, 

  
 11 

 
obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees, expenses and court costs incurred
by an Indemnified Person in connection with the enforcement of any indemnification or other obligation of the Asset Representations Reviewer) of any kind and nature whatsoever which may be imposed on, incurred by, or asserted at any time against an
Indemnified Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset Representations Reviewer in the performance of its obligations and duties under this
Agreement; provided, however, that the Asset Representations Reviewer shall not be liable for or required to indemnify an Indemnified Person from and against expenses arising or resulting from (i) the Indemnified Person’s own
willful misconduct, bad faith or negligence, or (ii) the breach of any representation, warranty or covenant made by the Indemnified Person. 

(b)    In case any such action, investigation or proceeding will be brought involving an Indemnified Person as
contemplated by Section 5.4(a), the Asset Representations Reviewer will assume the defense thereof, including the employment of counsel and the payment of all expenses. The Issuer, the Servicer, the Sponsor and the
Indenture Trustee each will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable fees and expenses of such counsel will be paid by the Asset
Representations Reviewer. In the event of any claim, action, or proceeding for which indemnity will be sought pursuant to this Section 5.4, the Issuer’s, the Servicer’s, the Sponsor’s and the Indenture
Trustee’s choice of legal counsel shall be subject to the good faith objection by the Asset Representations Reviewer to a conflict of interest under the applicable rules of professional conduct. If there is a conflict, the Asset Representations
Reviewer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement may be made without the approval of the Asset Representations Reviewer and the Indemnified Person, which approval will not be
unreasonably withheld. 
 (c)    The indemnification set forth in this Section 5.4 will
survive the termination or assignment of this Agreement and the resignation or removal of the Asset Representations Reviewer or any Indemnified Person. 

ARTICLE VI 
 REMOVAL,
RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER 
 Section 6.1    Eligibility Requirements for Asset
Representations Reviewer. The Asset Representations Reviewer must be an Eligible Asset Representations Reviewer. 
 Section 6.2
Resignation and Removal of Asset Representations Reviewer. 
 (a)    No Resignation of Asset Representations
Reviewer. The Asset Representations Reviewer may not resign as Asset Representations Reviewer except (i) if the Asset Representations Reviewer is no longer an Eligible Asset Representations Reviewer, (ii) upon a determination that the
performance of its duties under this Agreement is no longer permissible under applicable law, as evidenced by an Opinion of Counsel delivered to the Issuer, the Sponsor and the Indenture Trustee, or (iii) if it does not receive payment in full
of any 

  
 12 

 
amounts required to be paid to the Asset Representations Reviewer in accordance with the terms of Article IV and pursuant to an undisputed invoice. Without limiting the foregoing, the Asset
Representations Review shall promptly resign if it is no longer an Eligible Asset Representations Reviewer. If the Asset Representations Reviewer resigns pursuant to clause (ii) above, the Asset Representations Reviewer shall deliver a notice
of resignation to the Issuer and the Servicer, with a copy to the Indenture Trustee, no less than thirty (30) days prior to the date of its resignation. 

(b)    Removal of Asset Representations Reviewer. If any of the following events occur, the Indenture Trustee may,
or, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes shall, by notice to the Asset Representations Reviewer, remove the Asset Representations Reviewer and terminate its rights and obligations
under this Agreement: 
 (i)    the Asset Representations Reviewer is no longer an Eligible Asset
Representations Reviewer; 
 (ii)    the Asset Representations Reviewer breaches any of its
representations, warranties, covenants or obligations in this Agreement; or 
 (iii)    a Bankruptcy
Event of the Asset Representations Reviewer occurs. 
 (c)    Notice of Resignation or Removal. The Servicer will
notify the Issuer, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 

Section 6.3    Successor Asset Representations Reviewer. 

(a)    Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset
Representations Reviewer, (i) if the Delinquency Percentage has exceeded the Delinquency Trigger as of the most recent Payment Date, the Indenture Trustee (at the direction of the Noteholders, provided, that if the Indenture Trustee has
received conflicting or inconsistent requests from two or more groups of Noteholders, each representing less than the majority of the Note Balance, the Indenture Trustee shall follow the direction of the Noteholders representing the greater
percentage of the Note Balance) and (ii) if the Delinquency Percentage has not exceeded the Delinquency Trigger as of the most recent Payment Date, the Sponsor, will appoint a successor Asset Representations Reviewer which is an Eligible Asset
Representations Reviewer. 
 (b)    Effectiveness of Resignation or Removal. No resignation or removal of the
Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer, the Sponsor and the Servicer an agreement accepting its engagement and agreeing to perform the obligations
of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Issuer and the Servicer on substantially the same terms as this Agreement. 

(c)    Transition and Expenses. If the Asset Representations Review resigns or is removed, the Asset
Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset 

  
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Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. Except for a permitted resignation pursuant to
Section 6.2(a)(iii), the Asset Representations Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer’s obligations under this
Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer. 

Section 6.4    Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations
Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person is an
Eligible Asset Representations Reviewer, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer, the Sponsor and the Servicer an agreement to assume the Asset
Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE
VII 
 TREATMENT OF CONFIDENTIAL INFORMATION 

Section 7.1    Confidential Information. 

(a)    Confidential Information Defined. For the purposes of this Agreement, “Confidential
Information” means information that (i) is identified as non-public, confidential or proprietary information or (ii) a reasonable person would deem to be
non-public, confidential or proprietary information of a party (the “Disclosing Party”) that is disclosed to the other party (the “Receiving Party”) by the Disclosing Party or
any of its Representatives in connection with the performance of this Agreement, including but not limited to: (A) business or technical processes, formulae, source codes, object code, product designs, sales, cost and other unpublished
financial information, customer information, product and business plans, projections, marketing data or strategies, trade secrets, intellectual property rights, know-how, expertise, methods and procedures for
operation, information about employees, customer names, business or technical proposals, and any other information which is or should reasonably be understood to be confidential or proprietary to the Disclosing Party; (B) Personally
Identifiable Information (as defined in Section 7.2 of this Agreement); and (C) Review Materials. The foregoing definition of Confidential Information applies to: (i) all such information, whether tangible or
intangible and regardless of the medium in which it is stored or presented; and (ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the Receiving Party or
any of its employees, agents, advisors, directors, officers, and subcontractors, (collectively “Representatives”) that contain or reflect the Confidential Information. 

(b)    Use of Confidential Information. Each party acknowledges that during the term of this Agreement it may be
exposed to or acquire Confidential Information of the other party or its Affiliates. The Receiving Party shall hold the Confidential Information of the Disclosing Party in strict confidence and will not disclose such information except to its

  
 14 

 
Representatives who have a need to know such information in connection with the performance of this Agreement and who are informed by the Receiving Party of the confidential nature of the
Confidential Information and are directed by the Receiving Party to treat the Confidential Information in a manner consistent with the terms of this Agreement. The Receiving Party shall be responsible for the breach of this Agreement by any of its
Representatives. The Receiving Party will hold and protect the Disclosing Party’s Confidential Information using the same degree of care that it uses to protect its own confidential, non-public and/or
proprietary information, but in no event with less than a commercially reasonable standard of care. 

(c)    Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with
respect to, information that: 
 (i)    was, at the time of disclosure to the Receiving Party, in the
public domain or, after disclosure to the Receiving Party, has become part of the public domain through no act or omission of the Receiving Party; 

(ii)    was in the possession of the Receiving Party, with confidentiality restrictions, at the time of
disclosure to the Receiving Party hereunder; 
 (iii)    was or hereafter is independently developed by a
party outside of this Agreement and without use of, reference to, access to or reliance on any Confidential Information of the other party; or 

(iv)    was lawfully and independently obtained by the Receiving Party from a third party who, to the
knowledge of the Receiving Party after reasonable inquiry, is not subject to an obligation of confidentiality or otherwise prohibited from disclosing or transmitting the information to the Receiving Party. 

The foregoing exceptions shall not apply to any Personally Identifiable Information, which shall remain confidential in all circumstances,
except as required or permitted to be disclosed by applicable law, statute, or regulation. 
 (d)    Disclosure by
Operation of Law. If any party or any of its Representatives is requested or required (orally or in writing, by law, regulation or interrogatory, request for information or documents, court order, subpoena, deposition, administrative
proceedings, inspection, audit, civil investigative demand or other legal, governmental or regulatory process) to disclose all or any part of any Confidential Information, such party shall (i) to the extent permitted by law, rule and
regulation, promptly notify the other party of the existence, terms and circumstances surrounding such request; (ii) consult with the other party on the advisability of taking legally available steps to resist or narrow such request and
cooperate with such party on any steps it considers advisable; and (iii) if disclosure of the Confidential Information is required or deemed advisable, exercise commercially reasonable efforts to obtain an order, stipulation or other reliable
assurance that confidential treatment shall be accorded to such portion of the Confidential Information to be disclosed. Each party shall reimburse the other party for reasonable legal fees and expenses incurred in connection with such party’s
efforts to comply with this section. Notwithstanding anything to the contrary contained herein, the Servicer and its Affiliates may disclose Confidential Information, without notice to the Asset Representations

  
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Reviewer, to any governmental agency, regulatory authority or self-regulatory authority (including, without limitation, bank and securities examiners) having or claiming to have authority to
regulate or oversee any aspect of the Servicer’s business or that of its Affiliates in connection with the exercise of such authority or claimed authority. 

(e)    Return of Confidential Information. Upon the written request of the Disclosing Party, the Receiving Party
shall return or destroy all Confidential Information to the Disclosing Party provided to it pursuant to this Agreement; provided, however, (i) the Receiving Party shall be permitted to retain copies of the Disclosing Party’s
Confidential Information solely for archival, audit, disaster recovery, legal, and/or regulatory purposes or, if longer, for the period of time set forth in Section 3.14, and (ii) the Receiving Party shall be permitted
to retain copies of the Disclosing Party’s Confidential Information to the extent it would be unreasonably burdensome to return or destroy such Confidential Information; provided further, that (x) any Confidential Information so
retained will remain subject to the obligations and restrictions contained in this Agreement, notwithstanding any termination hereof, and (y) the Receiving Party will not use the retained Confidential Information for any other purpose. 

(f)    Remedies. Each of the parties acknowledges that all Confidential Information of the other party is
considered to be proprietary and of competitive value, and in many instances, trade secrets. Each of the parties hereto agrees that because of the unique nature of such Confidential Information, any breach of this Section by it or its
Representatives would cause irreparable harm to the Disclosing Party and that money damages and other remedies available at law in the event of a breach would not be adequate to compensate the Disclosing Party for any such breach. Accordingly, each
party shall be entitled, without the requirement of posting a bond or other security, to equitable relief, including, without limitation, injunctive relief and specific performance, as a remedy for any such breach. Such relief shall be in addition
to, and not in lieu of, all other remedies available to such party, whether under this Agreement, at law or in equity. 

Section 7.2    Safeguarding Personally Identifiable Information. 

(a)    Definition. “Personally Identifiable Information”, or “PII”, means information in any
format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or
identifiable to an individual and any information that when used separately or in combination with other information could identify an individual, as further described in § 501(b) of the Gramm-Leach-Bliley Act and the Interagency Guidelines
Establishing Standards for Safeguarding Customer Information (12 C.F.R. Section 208, Appendix D-2) (collectively, the “Privacy Laws”), that is provided or made available to the Asset
Representations Reviewer pursuant to this Agreement. 

(b)    Non-Disclosure. To the extent the Asset Representations Reviewer
receives Personally Identifiable Information in the performance its obligations hereunder, the Asset Representations Reviewer agrees that it will not disclose or use any Personally Identifiable Information except (i) to the extent necessary to
carry out its obligations under the Agreement and for no other purpose; or (ii) as may be required by valid operation of law. 

  
 16 

 (c)    Safeguards. To the extent the Asset Representations
Reviewer receives Personally Identifiable Information in the performance of services under this Agreement, the Asset Representations Reviewer represents and warrants that it has, and will continue to have adequate administrative, technical, and
physical safeguards: (i) to ensure the security and confidentiality of Personally Identifiable Information; (ii) to protect against any anticipated threats or hazards to the security or integrity of Personally Identifiable Information; and
(iii) to protect against unauthorized acquisition of, access to or use of Personally Identifiable Information which could result in a “breach” as that term is defined under applicable Privacy Laws. 

(d)    Information. The Asset Representations Reviewer agrees to provide the Issuer and the Sponsor with
information regarding its privacy and information security systems, policies and procedures as the Issuer may reasonably request relating to compliance with this Agreement and applicable Privacy Laws. The Asset Representations Reviewer agrees to
provide training in the Privacy Laws and the Asset Representations Reviewer’s information security policies to all personnel whose duties pursuant to this Agreement could bring them in contact with Personally Identifiable Information. 

(e)    Breach. In the event of any actual or apparent theft, unauthorized use or disclosure of any Personally
Identifiable Information, the Asset Representations Reviewer will commence all reasonable efforts to investigate and correct the causes and remediate the results thereof. As soon as practicable following discovery of any such event, the Asset
Representations Reviewer will provide the Issuer, the Servicer and the Sponsor notice thereof, and shall cooperate with the Servicer and the Sponsor (including by providing any further information and assistance as may be reasonably requested) to
expeditiously implement the data security breach investigation and response protocols of the Servicer and the Sponsor. 
 ARTICLE VIII

 OTHER MATTERS PERTAINING TO THE ISSUER 

Section 8.1    Termination of this Agreement. This Agreement will terminate, except for obligations under
Section 5.3, Section 5.4, Section 9.13 and Article VII, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge
of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement. 
 Section 8.2 Limitation of
Liability. It is expressly understood and agreed by the parties that (a) this document is executed and delivered by [                    ],
not individually or personally, but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust Agreement, (b) each of the representations, warranties, covenants,
undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, covenants undertakings and agreements by
[                ], but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability
on [                    ], individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if
any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (d) under no circumstances shall 

  
 17 

 
[                    ] be personally liable for the payment of any indebtedness or expenses of
the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or under the Notes or any of the other Transaction Documents or in any of the
certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. 

ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.1    Amendment. (a) Any term or provision of this Agreement may be amended by the Sponsor, the
Servicer and the Asset Representations Reviewer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i)    the Sponsor or the Servicer delivers an Opinion of Counsel to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii)    the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies
the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 
 provided, that no amendment
pursuant to this Section 9.1(a) shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(b)    This Agreement may also be amended from time to time by the Sponsor, the Servicer and the Asset Representations
Reviewer, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Noteholders, provided, that no amendment pursuant to this Section 9.1(b) shall be effective which affects the rights, protections or duties of the
Indenture Trustee or the Owner Trustee without the prior written consent of such Person. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such
consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such
reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

(c)    Any term or provision of this Agreement may also be amended from time to time by the Sponsor, the Servicer and the
Asset Representations Reviewer for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, [to the description thereof in an offering memorandum

  
 18 

 
with respect to the Non-Investment Grade Notes or] the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner
Trustee or any other Person, provided, however, that the Sponsor, the Servicer and the Asset Representations Reviewer shall provide written notification of the substance of such amendment to the Indenture Trustee, the Issuer and the
Owner Trustee and promptly after the execution of such amendment, the Sponsor and the Servicer shall furnish a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee. 

(d)    Prior to the execution of any amendment or consent pursuant to this Section 9.1, the
Sponsor shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Sponsor shall furnish a copy of such amendment or consent to each Rating
Agency and the Indenture Trustee. 
 (e)    Prior to the execution of any amendment to this Agreement, the Owner Trustee
and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and
delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as
applicable, own rights, duties or immunities under this Agreement. 
 Section 9.2    Notices,
Etc.. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by
electronic transmission (when receipt is confirmed by telephone or reply email from the recipient), and addressed in each case as specified on Schedule I to the Sale Agreement, or at such other address as shall be designated by any of the
specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such
recipient for notices hereunder. 
 Section 9.3 Severability Clause. This Agreement constitutes the entire agreement between the
Asset Representations Reviewer, the Issuer, the Servicer, and the Sponsor. All prior representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 

If any term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or
unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each
term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 
 Section 9.4 Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES 

  
 19 

 
THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.5    Headings. The section headings hereof have been inserted for convenience only and shall not be
construed to affect the meaning, construction or effect of this Agreement. 
 Section 9.6 Counterparts. This Agreement may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

Section 9.7    Waivers. No failure or delay on the part of the Servicer, the Asset Representations Reviewer,
the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right
preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by
either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder. 
 Section 9.8 Entire Agreement. This Agreement contains a final and complete integration of
all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written
understandings. There are no unwritten agreements among the parties. 
 Section 9.9    Severability of
Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

Section 9.10 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto
shall agree. 
 Section 9.11    Cumulative Remedies. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 Section 9.12 Nonpetition Covenant. Each party hereto agrees that, prior to the
date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any Bankruptcy Remote Party
to commence a voluntary winding-up or 

  
 20 

 
other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of
its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the
benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person, any Proceeding
against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 

 
 Section 9.13    Submission to Jurisdiction;
Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in
any legal action or proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts
of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

(b)    consents that any such action or proceeding may be brought and maintained in such courts and waives any objection
that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c)    agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.2 of this Agreement; 

(d)    agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law
or shall limit the right to sue in any other jurisdiction; and 
 (e)    to the extent permitted by applicable law,
each party hereto irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or
thereunder. 
 Section 9.14    Third-Party Beneficiaries. This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective successors and permitted assigns and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except as
otherwise provided in this Section, no other Person will have any right hereunder. 
 [Remainder of Page Intentionally Left Blank] 

  
 21 

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

			
	CAPITAL ONE, NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 20[    ]-[    ]
		
	By:	 	[                    ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[                    ], as Asset Representations Reviewer
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Asset Representations Review Agreement] 

 Exhibit A 

Capital One Agreed Upon Procedures 

Representation 
 Characteristics
of Receivables 
 As of the Cut-Off Date (or such other date as may be specifically set forth below), each
Receivable: 
 (i)    has been fully and properly executed or electronically authenticated by the
Obligor thereto; 
 (ii)    has been originated by a Dealer to finance the retail sale by that Dealer of
the related Financed Vehicle and has been purchased by the Bank from that Dealer; 
 (iii)    as of the
Closing Date, is secured by a first priority validly perfected security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions have been commenced that would result in a first priority security
interest in the Financed Vehicle in favor of the Originator, as secured party; 
 (iv)    contains
customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security; 

(v)    provided, at origination, for level monthly payments which fully amortize the initial Outstanding
Principal Balance over the original term; provided, that the amount of the first or last scheduled payment may be different from the level payment but in no event more than [        ] times the level
monthly payment; 
 (vi)    provides for interest at the Contract Rate specified in the Schedule of
Receivables; 
 (vii)    was originated in the United States; 

(viii)    is secured by a new or used automobile, light duty truck, SUV or van; 

(ix)    has a Contract Rate of at least [    ]%; 

  
 Exh. A - 1 

 (x)    had an original term to maturity of not more
than [    ] months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of not more than [    ] months and not less than
[    ] months; 
 (xi)    has an Outstanding Principal Balance of at least
$[            ]; 
 (xii)    has a final
scheduled payment due on or before [            ]; 

(xiii)    was not more than [    ] days past due as of the Cut-Off Date; 
 (xiv)    was not noted in the records of the Servicer
as being the subject of any verified bankruptcy or insolvency Proceeding; 
 (xv)    is a Simple
Interest Receivable; and 
 (xvi)    provides that a prepayment by the related Obligor will fully pay
the Outstanding Principal Balance and accrued interest through the date of prepayment based on the Receivable’s Contract Rate. 
 Documents

 Retail Sale Contract 
 Title Documents 

Receivable File 
 Schedule of Receivables 

Servicing System/Data Tape 
 Procedures to be Performed

  

	 	i)	 Confirm the contract was signed or electronically authenticated by the Obligor 

 

	 	ii)	 Origination of the Receivable 

 

	 	a.	 Review the Retail Sale Contract and confirm that Capital One, National Association or another Approved Party is
listed as the Assignee within the Assignment Section1 

  

	 	iii)	 Security Interest Enforcement 

 

	 	a.	 Confirm the title documents show Capital One, National Association or another Approved Party as the first
lienholder 

  

	1 	 “Approved Party” means a party specified as an “Approved Party” on the list of Approved
Parties provided by Capital One to [    ]. 

  
 Exh. A - 2 

	 	b.	 Review the servicing system and confirm the Rpt. Branch Code in the system matches the Rpt. Branch Code for the
transaction related to the deal 

  

	 	iv)	 Customary and Enforceable Provisions 

 

	 	a.	 Confirm the Contract form number is listed on the Approved Contract Form List2 

  

	 	v)	 Fully Amortizing Payment Schedule 

 

	 	a.	 Confirm all payments are equivalent with the possible exception that the first and last payments may be
different from the level monthly payment 

  

	 	i.	 If the first and last payments are different from the level monthly payment, confirm that these payments are no
more than [    ] times the level monthly payment amount 

  

	 	b.	 Review the Truth in Lending section of the Retail Sale Contract and calculate the product of the Amount of
Payments with the Number of Payments and confirm that this amount is equal to the Total of Payments 

  

	 	vi)	 Provides for Interest at the Contract Rate 

 

	 	a.	 Review the Schedule of Receivables and confirm that the stated rate is equal to the APR as shown in the Federal
Truth in Lending section of the Retail Sale Contract 

  

	 	vii)	 Origination of the Receivable 

 

	 	a.	 Review the Retail Sale Contract and confirm the Dealer address is in the United States 

 

	 	viii)	 Condition, Make and Model of Financed Vehicle 

 

	 	a.	 Review the New/Used section of the Retail Sale Contract and confirm that the Financed Vehicle is stated to be
new or used 

  

	 	b.	 Review the “Year and Make” and “Model” sections of the Retail Sale Contract and confirm
that the Financed Vehicle constitutes an automobile, light-duty truck, SUV or van 

  

	 	ix)	 Contract Annual Percentage Rate 

 

	 	a.	 Review the Federal Truth in Lending Section of the Retail Sale Contract and Confirm that the Annual Percentage
Rate is greater than the minimum allowed percentage rate 

  

	2 	 “Approved Contract Form List” means a list of Approved Contract Forms provided by Capital One to
[________]. 

  
 Exh. A - 3 

	 	x)	 Remaining Maturity Date 

 

	 	a.	 Confirm that the Number of Payments section within the Truth in Lending section of the Retail Sale Contract
indicates a number of payments that does not exceed the maximum allowable number of payments 

  

	 	b.	 Review the Data Tape and confirm that the remaining term to maturity is within the stated allowable limits

  

	 	xi)	 Outstanding Principal Balance 

 

	 	a.	 Review the Data Tape and confirm that the unpaid Outstanding Principal Balance as of the Cut-Off Date is within the stated allowable limits 

  

	 	xii)	 Final Schedule Payment Date 

 

	 	a.	 Review the Data Tape and confirm that the Final Scheduled Payment Due Date will occur on or before the latest
allowable final payment date 

  

	 	xiii)	 Days Past Due 

  

	 	a.	 Review the data file and confirm the Receivable was not more than [    ] days past due as
of the Cut-Off Date 

  

	 	xiv)	 Bankruptcy 

  

	 	a.	 Review the Receivable File and any applicable servicing notes and confirm there is no indication of pending
bankruptcy or insolvency proceedings as of the Cut-Off Date 

  

	 	xv)	 Force Place Insurance 

 

	 	a.	 Review the servicing system and confirm the Receivable did not have Force Place Insurance as of the Cut-Off Date 

  

	 	xvi)	 Simple Interest Receivable 

 

	 	a.	 Confirm that interest under the Contract is calculated pursuant to the Simple Interest Method

  

	 	b.	 Review the payment history and confirm the first payment was appropriately applied to principal and interest

  

	 	xvii)	 Prepayment 

  

	 	a.	 Confirm the Contract contains the appropriate Prepayment Disclosures 

 

	 	xviii)	 If sections i through xvii are confirmed, then Test Pass 

  
 Exh. A - 4 

 Representation 

Compliance with Law 
 The Receivable
complied at the time it was originated or made in all material respects with all requirements of applicable federal, state and local laws, and regulations thereunder, except where the failure to comply (i) was remediated or cured in all
material respects prior to the Cut-Off Date, or (ii) would not render such Receivable unenforceable or create liability for COAR or the Issuer, as an assignee of such Receivable. 

Documents 
 Retail Sale Contract 

Servicing System/Data Tape 
 Approved Contract Form List 

Procedures to be Performed 
  

	 	i)	 Confirm the Contract Form number and revision date are on the Approved Contract Form List

  

	 	ii)	 Confirm the Contract is complete 

 

	 	a.	 Confirm that all lines in the Contract are filled out appropriately 

 

	 	b.	 Confirm the Name and address of Creditor, APR, Finance Charge, Amount of Payments, Total of Payments and Total
Sale Price are properly filled out 

  

	 	c.	 Confirm all lines on the Contract are completed or properly left blank 

 

	 	iii)	 Confirm the Amount Financed is correctly calculated 

 

	 	a.	 Calculate the Amount Financed using the Cash Price, Total Down Payment and Total Amount Paid on Buyer’s
Behalf 

  

	 	b.	 Confirm the Calculated Amount Financed matches the Amount Financed as stated within the Truth in Lending
section of the Contract 

  

	 	iv)	 Confirm the Total Sale Price is correctly calculated 

 

	 	a.	 Calculate the Total Sale Price by taking the difference of the Total of Payments as stated within the Truth in
Lending section and the Total Down Payment as stated within the Itemization of Amount Financed 

  

	 	b.	 Confirm the Calculated Total Sale Price matches the Total Sale Price as stated within the Truth in Lending
section of the Contract 

  

	 	v)	 Confirm the Total of Payments is correctly calculated 

 

	 	a.	 Calculate the Total of Payments by taking the product of the Number of Payments and Amount of Payments as
stated within the Truth in Lending section of the Contract 

  
 Exh. A - 5 

	 	b.	 Confirm the Calculated Total of Payments from step (a) is equal to the Total of Payments as stated within
the Truth in Lending section of the Contract 

  

	 	c.	 Calculate the Total of Payment by taking the sum of the Finance Charge and Amount Financed as stated within the
Truth in Lending section of the Contract 

  

	 	d.	 Confirm the Calculated Total of Payments from step (c) is equal to the Total of Payments as stated within
the Truth in Lending section of the Contract 

  

	 	vi)	 Confirm the APR is correctly calculated 

 

	 	a.	 Calculate the APR using information within the Truth in Lending section of the Contract 

 

	 	b.	 Confirm the Calculated APR is within an acceptable range of the APR as stated within the Truth in Lending
Section of the Contract 

  

	 	vii)	 Confirm the first payment due date as stated within the When Payments are Due section of the Truth in Lending
section of the Contract is within an acceptable timeframe of the Contract Date 

  

	 	viii)	 If Steps i through vii are confirmed, then Test Pass 

  
 Exh. A - 6 

 Representation 

Binding Obligation 
 The Receivable
constitutes the legal, valid and binding payment obligation in writing of the Obligor, enforceable by the holder thereof in accordance with its terms, except (i) as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights generally and (ii) as such Receivable may be modified by the application after the Cut-Off Date of the Servicemembers Civil Relief Act, as amended, to the extent applicable to the related Obligor. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	 	i)	 Confirm the Contract Form number is on the Approved Contract Form List 

 

	 	ii)	 Confirm the borrower and co-borrower (if applicable) signed the
Contract 

  

	 	iii)	 If Steps i and ii are confirmed, then Test Pass 

  
 Exh. A - 7 

 Representation 

Receivable in Force 
 The Receivable has
not been satisfied, subordinated or rescinded nor do the records of the Servicer indicate that the related Financed Vehicle been released from the lien of such Receivable in whole or in part. 

Documents 
 Servicing System/Data Tape 

Title Documents 
 Procedures to be Performed 

 

	 	i)	 Confirm the Receivable exists on the Servicing System as an active Receivable 

 

	 	ii)	 Confirm the title documents show Capital One, National Association or another Approved Party as the first
lienholder 

  

	 	iii)	 If Steps i and ii are confirmed, then Test Pass 

  
 Exh. A - 8 

 Representation 

No Default; No Waiver 
 Except for payment
delinquencies continuing for a period of not more than [    ] days as of the Cut-Off Date or the failure of the Obligor to maintain physical damage insurance covering the related Financed
Vehicle in accordance with the requirements of the Receivable, the records of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date. 
 Documents 

Receivable File 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	 	i)	 Confirm there is no indication of a default, breach, violation or event that would permit acceleration under
the terms of the Receivable except for payment default within [    ] days of the Cut-Off Date 

  

	 	ii)	 Confirm that no continuing condition would constitute a default, breach, violation or event permitting
acceleration under the terms of the Receivable 

  

	 	iii)	 If Steps (i) and (ii) are confirmed, then Test Pass 

  
 Exh. A - 9 

 Representation 

Insurance 
 The Receivable requires that
the Obligor thereunder obtain physical damage insurance covering the related Financed Vehicle. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	 	i)	 Confirm the Retail Sale Contract contains language that required the Obligor to obtain and maintain insurance
against physical damage to the Financed Vehicle 

  

	 	ii)	 If confirmed, then Test Pass 

  
 Exh. A - 10 

 Representation 

No Government Obligor 
 The Obligor on the
Receivable is not the United States of America or any state thereof or any local government, or any agency, department, political subdivision or instrumentality of the United States of America or any state thereof or any local government. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	 	i)	 Review the buyer section on the Contract and confirm a person’s or business name is reported

  

	 	ii)	 If the buyer section on the Contract does not report a person’s or business name, confirm internet search
results do not indicate the buyer to be a government agency, department, political subdivision or instrumentality 

  

	 	iii)	 If (i) and (ii) are confirmed, then Test Pass 

  
 Exh. A - 11 

 Representation 

Assignment 
 No Receivable has been
originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment, contribution, conveyance or pledge of such Receivable would be unlawful, void, or voidable. 

Documents 
 Retail Sale Contract 

Receivable File 
 Servicing System 

Procedures to be Performed 
  

	 	i)	 Confirm the Retail Sale Contract was completed on a contract form included in the Approved Contract Form List

  

	 	ii)	 If Step (i) is confirmed, then Test Pass 

  
 Exh. A - 12 

 Representation 

Good Title 
 As of the Closing Date and
immediately prior to the sale and transfer contemplated in the Purchase Agreement, the Bank had good and marketable title to and was the sole owner of each Receivable free and clear of all Liens created by the Bank (except any Lien which will be
released prior to assignment of such Receivable thereunder), and, immediately upon the sale and transfer by the Bank to COAR, COAR will have good and marketable title to each Receivable, free and clear of all Liens created by COAR (other than
Permitted Liens). Immediately upon the sale and transfer by COAR to the Issuer pursuant to the Sale Agreement, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens created by the Issuer (other than Permitted
Liens). 
 Documents 
 Title Documents 

Procedures to be Performed 
  

	 	i)	 Confirm the title documents show Capital One, National Association or another Approved Party as the first
lienholder 

  

	 	ii)	 Review the servicing system and confirm the Rpt. Branch Code in the system matches the Rpt. Branch Code for the
transaction related to the deal 

  

	 	iii)	 If (i) and (ii) are confirmed, then Test Pass 

  
 Exh. A - 13 

 Representation 

Characterizations of Receivables 
 Each
Receivable constitutes either “tangible chattel paper,” “electronic chattel paper,” an “account,” an “instrument,” or a “general intangible,” each as defined in the UCC. 

Documents 
 Contract 

Title Documents 
 Approved Contract Form List 

Procedures to be Performed 
  

	 	i)	 Confirm the Contract form number is on the Approved Contract Form List 

 

	 	ii)	 Confirm the Amount Financed as reported on the Contract is greater than zero 

 

	 	iii)	 Confirm there is documentation of a lien against the financed vehicle 

 

	 	iv)	 If tests (i) through (iii) are confirmed, then Test Pass 

  
 Exh. A - 14 

 Representation 

One Original 
 There is only one executed
original, electronically authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC) related to each Receivable. 

Documents 
 Contract 

Procedures to be Performed 
  

	 	i)	 Confirm there is a final version of the Contract available for review 

 

	 	ii)	 Confirm the Contract was signed by the buyer(s) and the Dealer 

 

	 	iii)	 If (i) and (ii) are confirmed, then Test Pass 

  
 Exh. A - 15 

 Representation 

No Defenses 
 The records of the Servicer
do not reflect any material facts which have not been remediated or cured which would constitute the basis for any right of rescission, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened
with respect to such Receivable. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	i)	 Review the Receivable File and servicing system and confirm there is no evidence of litigation or other
attorney involvement as of the Cut-Off Date 

  

	 	ii)	 If confirmed, then Test Pass 

  
 Exh. A - 16

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