Document:

Exhibit 4.1

 Exhibit 4.1 
  

EXECUTION COPY 
  

  
 CHASE BANK USA, NATIONAL ASSOCIATION, 
  
 as Seller and Servicer 
  
 and 
  
 CHASE AUTO OWNER TRUST 2005-A 
  
 as Issuer 
  
 SALE AND SERVICING AGREEMENT 
  
 Dated as of May 26, 2005 
  

  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	ARTICLE I
	
	DEFINITIONS
			
	 SECTION 1.1
	  	Definitions	  	1
	 SECTION 1.2
	  	Usage of Terms	  	20
	 SECTION 1.3
	  	Simple Interest Method; Methods of Allocating Payments or Receivables; Allocations	  	20
	
	ARTICLE II
	
	CONVEYANCE OF RECEIVABLES
			
	 SECTION 2.1
	  	Conveyance of Receivables	  	20
	 SECTION 2.2
	  	Closing	  	21
	
	ARTICLE III
	
	THE RECEIVABLES
			
	 SECTION 3.1
	  	Representations and Warranties of Seller; Conditions Relating to Receivables	  	21
	 SECTION 3.2
	  	Repurchase Upon Breach or Failure of a Condition	  	25
	 SECTION 3.3
	  	Custody of Receivable Files	  	26
	 SECTION 3.4
	  	Duties of Servicer as Custodian	  	26
	 SECTION 3.5
	  	Instructions; Authority to Act	  	28
	 SECTION 3.6
	  	Custodian’s Indemnification	  	28
	 SECTION 3.7
	  	Effective Period and Termination	  	28
	
	ARTICLE IV
	
	ADMINISTRATION AND SERVICING OF RECEIVABLES
			
	 SECTION 4.1
	  	Duties of Servicer	  	28
	 SECTION 4.2
	  	Collection of Receivable Payments; Refinancing	  	29
	 SECTION 4.3
	  	Realization Upon Receivables	  	30
	 SECTION 4.4
	  	Maintenance of Security Interests in Financed Vehicles	  	30
	 SECTION 4.5
	  	Covenants of Servicer	  	31
	 SECTION 4.6
	  	Purchase of Receivables Upon Breach	  	31
	 SECTION 4.7
	  	Servicing Fee	  	31
	 SECTION 4.8
	  	Servicer’s Certificate	  	32
	 SECTION 4.9
	  	Annual Statement as to Compliance	  	32
	 SECTION 4.10
	  	Annual Audit Report	  	33

  

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	 SECTION 4.11
	  	Access by Holders to Certain Documentation and Information Regarding Receivables	  	34
	 SECTION 4.12
	  	Reports to Holders and the Rating Agencies	  	34
	 SECTION 4.13
	  	Reports to the Securities and Exchange Commission	  	34
	
	ARTICLE V
	
	ACCOUNTS; DISTRIBUTIONS;
	
	STATEMENTS TO CERTIFICATEHOLDERS
			
	 SECTION 5.1
	  	Establishment of Collection Account and Note Distribution Account	  	34
	 SECTION 5.2
	  	Collections	  	35
	 SECTION 5.3
	  	[Reserved]	  	36
	 SECTION 5.4
	  	Additional Deposits	  	36
	 SECTION 5.5
	  	Distributions	  	36
	 SECTION 5.6
	  	[Reserved]	  	38
	 SECTION 5.7
	  	Reserve Account	  	38
	 SECTION 5.8
	  	Net Deposits	  	40
	 SECTION 5.9
	  	Statements to Certificateholders and Noteholders	  	40
	
	ARTICLE VI
	
	THE SELLER
			
	 SECTION 6.1
	  	Representations of Seller	  	40
	 SECTION 6.2
	  	Liability of Seller; Indemnities	  	41
	 SECTION 6.3
	  	Merger or Consolidation of Seller	  	42
	 SECTION 6.4
	  	Limitation on Liability of Seller and Others	  	42
	 SECTION 6.5
	  	Seller May Own Notes and Certificates	  	42
	
	ARTICLE VII
	
	THE SERVICER
			
	 SECTION 7.1
	  	Representations of Servicer	  	42
	 SECTION 7.2
	  	Liability of Servicer; Indemnities	  	44
	 SECTION 7.3
	  	Merger or Consolidation of Servicer	  	44
	 SECTION 7.4
	  	Limitation on Liability of Servicer and Others	  	45
	 SECTION 7.5
	  	Servicer Not To Resign	  	46
	 SECTION 7.6
	  	Delegation of Duties	  	46
	
	ARTICLE VIII
	
	EVENTS OF SERVICING TERMINATION
			
	 SECTION 8.1
	  	Events of Servicing Termination	  	46

  

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	 SECTION 8.2
	  	Indenture Trustee to Act; Appointment of Successor Servicer	  	48
	 SECTION 8.3
	  	Notification to Noteholders and Certificateholders	  	49
	 SECTION 8.4
	  	Waiver of Past Defaults	  	49
	
	ARTICLE IX
	
	TERMINATION
			
	 SECTION 9.1
	  	Optional Purchase of All Receivables; Trust Termination	  	49
	
	ARTICLE X
	
	MISCELLANEOUS PROVISIONS
			
	 SECTION 10.1
	  	Amendment	  	50
	 SECTION 10.2
	  	Protection of Title to Owner Trust Estate	  	51
	 SECTION 10.3
	  	GOVERNING LAW	  	54
	 SECTION 10.4
	  	Notices	  	54
	 SECTION 10.5
	  	Severability of Provisions	  	54
	 SECTION 10.6
	  	Assignment	  	54
	 SECTION 10.7
	  	Certificates and Notes Nonassessable and Fully Paid	  	54
	 SECTION 10.8
	  	Third-Party Beneficiaries	  	54
	 SECTION 10.9
	  	Assignment to Indenture Trustee	  	55
	 SECTION 10.10
	  	Limitation of Liability of Owner Trustee and Indenture Trustee.	  	55
	 SECTION 10.11
	  	No Petition	  	55

  

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 SCHEDULES 
  

					
	 Schedule A
	  	-	  	Schedule of Receivables
	 Schedule B
	  	-	  	Location of Receivable Files
	 Schedule C
	  	-	  	Schedule of Yield Supplement Overcollateralization Amounts

  
 EXHIBITS 
  

					
			
	 Exhibit A
	  	-	  	Form of Servicer’s Certificate
	 Exhibit B
	  	-	  	Form of Monthly Report
	 Exhibit C
	  	-	  	Form of Collection Account Control Agreement
	 Exhibit D
	  	-	  	Form of Reserve Account Control Agreement

  

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 This SALE AND SERVICING
AGREEMENT, dated as of May 26, 2005, (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”) is made between CHASE BANK USA, NATIONAL ASSOCIATION, a national banking association having its
principal executive offices located at 200 White Clay Center Drive, Newark, Delaware 19711, and CHASE AUTO OWNER TRUST 2005-A, as issuer. 
  
 W I T N E S S E T H : 
  
 In consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1 Definitions. Whenever used in this Agreement, the following words and phrases, unless the context
otherwise requires, shall have the following meanings: 
  
 “Accrued Interest” on a Receivable, as of any date of determination, means that amount of interest accrued on the Principal Balance at the related Contract Rate but not paid by or on behalf of the Obligor. 
  
 “Adjusted Pool Balance” means, for any Payment Date, an
amount equal to the excess, if any, of the Pool Balance on such Payment Date over the Yield Supplement Overcollateralization Amount for such Payment Date. 
  
 “Administration Agreement” means the Administration Agreement, dated as of May 26, 2005, among the Issuer, the Administrator and the
Indenture Trustee, as the same may be amended and supplemented from time to time. 
  
 “Administrator” means JPMorgan Chase, as administrator, and its successors and assigns. 
  
 “Administration Fee” means $1,000, the fee payable to the Administrator on each Payment Date pursuant to Section 5.5(c) for
services rendered pursuant to the Administration Agreement. 
  
 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For purposes of this definition, “control” when used with
respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. A Person shall not be deemed to be an Affiliate of any specified Person solely because such other Person has the contractual right or obligation to manage such specified Person
unless such other Person controls such specified Person through equity ownership or otherwise. 
  

 “Aggregate Net Losses” means, for any Payment Date, the amount equal to (i) the
aggregate Principal Balance of all Receivables that became Defaulted Receivables during the related Collection Period minus (ii) the Liquidation Proceeds allocable to principal collected during such Collection Period with respect to any Defaulted
Receivables. 
  
 “Amount Financed” in respect of
a Receivable means the amount advanced under the Receivable toward the purchase price of the Financed Vehicle and related costs. 
  
 “Assertion” has the meaning specified in Section 4.10. 
  
 “Authenticating Agent” has the meaning specified in Section 2.13 of the Indenture and shall
initially be the corporate trust office of JPMorgan Chase, and its successors and assigns in such capacity. 
  
 “Authorized Officer” means (i) with respect to the Owner Trustee, Indenture Trustee or Servicer, any officer of the Owner Trustee,
Indenture Trustee or Servicer who is authorized to act on behalf of the Owner Trustee, Indenture Trustee or Servicer, as applicable, and who is identified as such on the list of authorized officers delivered by each such party on the Closing Date or
(ii) with respect to the Issuer, any officer of the Owner Trustee who is authorized to act on behalf of the Owner Trustee and who is identified as such on the list of authorized officers delivered by the Owner Trustee on the Closing Date.

  
 “Available Amount” means, for any Payment
Date, the sum of (i) all Collections on the Receivables received during the related Collection Period and (ii) the Repurchase Amounts received with respect to the Repurchased Receivables repurchased by the Seller or purchased by the Servicer during
the related Collection Period. The Available Amount for any Payment Date shall exclude all payments and proceeds (including any Liquidation Proceeds and any amounts received from Dealers with respect to Receivables) of any Receivables the Repurchase
Amount of which has been included in the Available Amount for a prior Payment Date. 
  
 “Available Reserve Account Amount” shall mean, for each Payment Date, an amount equal to the amount on deposit in the Reserve Account on such Payment Date (excluding amounts to be withdrawn from the
Reserve Account on such Payment Date pursuant to Section 5.7(d)). 
  
 “Basic Documents” means this Agreement, the Certificate of Trust, the Indenture, the Depository Agreements, the Securities Control Agreements, the Trust Agreement, the Administration Agreement and
other documents and certificates delivered in connection therewith. 
  
 “Book-Entry Certificates” means beneficial interests in the Certificates, the ownership and transfers of which shall be made through book entries by a Clearing Agency or Foreign Clearing Agency as described in Section
3.10 of the Trust Agreement. 
  
 “Book-Entry
Notes” means beneficial interests in the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the ownership and transfers of which shall be made through 

  

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book entries by a Clearing Agency or Foreign Clearing Agency as described in Section 2.10 of the Indenture. 
  
 “Business Day” means a day, other than a Saturday or a
Sunday, on which the Indenture Trustee and banks located in New York, New York, Newark, Delaware and Minneapolis, Minnesota are open for the purpose of conducting a commercial banking business. 
  
 “Capital Accounts” has the meaning specified in Section
5.8 of the Trust Agreement. 
  
 “Certificate”
means a certificate evidencing the beneficial interest of a Certificateholder in the Owner Trust Estate, substantially in the form of Exhibit A-2 to the Trust Agreement. 
  
 “Certificate Balance” means an amount equal to $50,360,000 as of the Closing Date and, thereafter, shall be
an amount equal to such initial Certificate Balance, reduced by all amounts allocable to principal previously distributed to Certificateholders. 
  
 “Certificate Depository Agreement” means the letter of representations between the Trust and The Depository Trust Company, as the initial
Clearing Agency, dated the Closing Date, substantially in the form attached as Exhibit C to the Trust Agreement, as the same may be amended or supplemented from time to time or any similar agreement with any successor Clearing Agency. 
  
 “Certificate Distribution Account” has the meaning specified
in Section 5.1 of the Trust Agreement. 
  
 “Certificate Final Scheduled Payment Date” means the April 2011 Payment Date on which the outstanding principal amount, if any, of the Certificates is payable. 
  
 “Certificate of Trust” means the certificate of trust, filed by the Owner Trustee pursuant to Section
3810(a) of the Statutory Trust Statute, as such certificate may be amended or corrected from time to time. 
  
 “Certificate Owner” means, with respect to a Book-Entry Certificate, the Person who is the owner of such Book-Entry Certificate, as
reflected on the books of the Clearing Agency or Foreign Clearing Agency or on the books of a direct or indirect Clearing Agency Participant. 
  
 “Certificate Pool Factor” as of the close of business on a Payment Date means an eight-digit decimal figure equal to the Certificate
Balance (after giving effect to distributions made on such date) divided by the initial Certificate Balance. The Certificate Pool Factor will be 1.00000000 as of the Cutoff Date; thereafter, the Certificate Pool Factor will decline to reflect
reductions in the Certificate Balance. 
  
 “Certificate
Rate” means 4.04% per annum. 
  

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 “Certificate Register” and “Certificate Registrar” means the register
maintained and the registrar appointed pursuant to Section 3.4 of the Trust Agreement. 
  
 “Certificateholder” means the Person in whose name a Certificate is registered in the Certificate Register, except that, solely for the purpose of giving any consent, request, waiver or demand
pursuant to any of the Basic Documents (other than pursuant to Section 4.3 of the Trust Agreement), the interest evidenced by any Certificate registered in the name of the Seller, the Servicer or any Person actually known by an Authorized Officer of
the Owner Trustee to be an Affiliate of the Seller or the Servicer shall not be taken into account in determining whether the requisite percentage necessary to effect any such consent, request or waiver shall have been obtained. 
  
 “Certificateholders’ Interest Carryover Shortfall”
means, (a) for the initial Payment Date, zero, and (b) for any other Payment Date, the excess of the Certificateholders’ Interest Distributable Amount for the preceding Payment Date over the amount in respect of the interest actually deposited
in the Certificate Distribution Account on such preceding Payment Date, plus interest on such excess, to the extent permitted by law, at the Certificate Rate from and including such preceding Payment Date to, but excluding, the current Payment Date.

  
 “Certificateholders’ Interest Distributable
Amount” means, for any Payment Date, the sum of the Certificateholders’ Monthly Interest Distributable Amount for such Payment Date and the Certificateholders’ Interest Carryover Shortfall for such Payment Date. 
  
 “Certificateholders’ Monthly Interest Distributable
Amount” means, for any Payment Date, one month’s interest (or, in the case of the first Payment Date, interest accrued from and including the Closing Date to, but excluding, such Payment Date) at the Certificate Rate on the Certificate
Balance on the immediately preceding Payment Date, after giving effect to all payments of principal to the Certificateholders on or prior to such Payment Date (or, in the case of the first Payment Date, the Certificate Balance on the Closing Date).
Interest shall be computed on the basis of a 360 day-year of twelve 30-day months for purposes of this definition. 
  
 “Certificateholders’ Principal Distribution Amount” means, for any Payment Date, the greater of (a) the excess, if any, of (i) the
sum of (A) the Regular Principal Distribution Amount for such Payment Date, (B) the First Priority Principal Distribution Amount for such Payment Date and (C) the Second Priority Principal Distribution Amount for such Payment Date over (ii) the
Noteholders’ Principal Distribution Amount for such Payment Date and (b) on the Certificate Final Scheduled Payment Date, the amount necessary to reduce the Certificate Balance to zero on such Payment Date. 
  
 “Chase USA” means Chase Bank USA, National Association.

  
 “Class A-1 Interest Rate” means 3.49% per
annum. 
  
 “Class A-1 Notes” means the Class A-1
3.49% Asset Backed Notes, substantially in the form of Exhibit B to the Indenture. 
  
 “Class A-1 Noteholder” means the Person in whose name a Class A-1 Note is registered on the Note Register. 
  

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 “Class A-2 Interest Rate” means 3.72% per annum. 
  
 “Class A-2 Notes” means the Class A-2 3.72% Asset Backed
Notes, substantially in the form of Exhibit C to the Indenture. 
  
 “Class A-2 Noteholder” means the Person in whose name a Class A-2 Note is registered on the Note Register. 
  
 “Class A-3 Interest Rate” means 3.87% per annum. 
  

“Class A-3 Notes” means the Class A-3 3.87% Asset Backed Notes, substantially in the form of Exhibit D to the Indenture. 

 
 “Class A-3 Noteholder” means the Person in whose name a
Class A-3 Note is registered on the Note Register. 
  
 “Class A-4 Interest Rate” means 3.98% per annum. 
  
 “Class A-4 Notes” means the Class A-4 3.98% Asset Backed Notes, substantially in the form of Exhibit E to the Indenture. 
  
 “Class A-4 Noteholder” means the Person in whose name a Class A-4 Note is registered on the Note Register.

  
 “Class R Certificate” means the certificate
evidencing the beneficial interest of the Class R Certificateholder in the Owner Trust Estate, substantially in the form of Exhibit A-1 to the Trust Agreement. 
  

“Class R Certificateholder” means the Person in whose name the Class R Certificate is registered. 
  
 “Clearing Agency” means an organization registered as a
“clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing Agency shall be The Depository Trust Company. 
  
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other person for whom from time to time a
Clearing Agency effects book-entry transfers of securities deposited with the Clearing Agency (including a Foreign Clearing Agency). 
  
 “Clearstream” means Clearstream Banking, société anonyme. 
  
 “Closing Date” means June 14, 2005. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Collection Account” means securities account no. 10223386.1
entitled “Wells Fargo Bank, National Association, as Indenture Trustee, Securities Account of Chase Auto Owner Trust Series 2005-A” maintained by the Collection Account Securities Intermediary 

  

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pursuant to the Collection Account Control Agreement or any successor securities account maintained pursuant to the Collection Account Control Agreement.

  
 “Collection Account Control Agreement” means
the agreement among the Issuer, JPMorgan Chase, as securities intermediary, and the Indenture Trustee, dated as of May 26, 2005, relating to the Collection Account, substantially in the form attached as Exhibit C, as the same may be amended
and supplemented from time to time. 
  
 “Collection
Account Securities Intermediary” means JPMorgan Chase or any other securities intermediary that maintains the Collection Account pursuant to the Collection Account Control Agreement. 
  
 “Collection Period” means the period from and including May
26, 2005 to and including June 30, 2005 and each calendar month thereafter until Chase Auto Owner Trust 2005-A shall terminate pursuant to Article IX of the Trust Agreement. 
  
 “Collections” means all collections in respect of Receivables, including Liquidation Proceeds with respect
to the Receivables. 
  
 “Contract Rate” of a
Receivable means the annual rate of interest stated in such Receivable. 
  
 “Corporate Trust Office” means the corporate trust office of the Indenture Trustee in Minneapolis, Minnesota or the office of the Owner Trustee, as applicable. 
  
 “Cutoff Date” means May 26, 2005. 
  
 “Dealer” means the dealer which sold a Financed Vehicle related to a Dealer Receivable and which originated
or assisted in the origination of such Dealer Receivable under a Dealer Agreement. 
  
 “Dealer Agreement” means any agreement and, if applicable, assignment under which Dealer Receivables were originated by or through a Dealer and sold to the Seller or an affiliate of the Seller.

  
 “Dealer Receivable” means each Receivable
which was originated by the Seller or an Affiliate of the Seller with the involvement of a Dealer. 
  
 “Debt Cancellation Policy” means a policy issued by Chase USA to the Obligor that forgives the Principal Balance of a Receivable in
excess of insurance proceeds realized upon the event of a total loss of the related Financed Vehicle. 
  
 “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
  
 “Defaulted Receivable” means a Receivable (other than a
Repurchased Receivable) as to which the Servicer has determined based on its usual collection practices and procedures, during any Collection Period, that eventual payment in full of the Amount Financed 

  

 6 

 
(including accrued interest thereon) is unlikely; provided that a Receivable shall become a Defaulted Receivable during the calendar month in which
more than 10% of any scheduled payment becomes 240 days delinquent, regardless of whether any such determination has been made. 
  
 “Definitive Notes” means the Class A-1 Notes and, if issued in certificated, fully registered form as provided in Section 2.12 of the
Indenture, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes. 
  
 “Definitive Certificates” means Certificates issued in certificated, fully registered form as provided in Section 3.12 of the Trust Agreement. 
  
 “Delaware Trustee” has the meaning specified in Section 10.1
of the Trust Agreement. 
  
 “Deposit Date” means
the Business Day immediately preceding each Payment Date. 
  
 “Depositor” means the Seller in its capacity as Depositor under the Trust Agreement. 
  
 “Depository Agreements” means, collectively, the Certificate Depository Agreement and the Note Depository Agreement. 
  
 “Determination Date” means the 10th calendar day of the
month (or, if such 10th calendar day is not a Business Day, the Business Day preceding the 10th calendar day of the month) immediately succeeding the related Collection Period. 
  
 “Eligible Deposit Account” means (a) a segregated identifiable trust account established in the trust
department of a Qualified Trust Institution, which shall, except in the case of the Reserve Account, initially be JPMorgan Chase, and may be maintained with JPMorgan Chase so long as JPMorgan Chase is a Qualified Trust Institution; or (b) a
separately identifiable deposit account established in the deposit taking department of a Qualified Institution, which may be JPMorgan Chase so long as JPMorgan Chase is a Qualified Institution. 
  
 “Executive Officer” means, with respect to any corporation
or bank, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation or bank, and with respect to any partnership, any
general partner thereof. 
  
 “Euroclear Operator”
means Euroclear Bank S.A./N.V., in its capacity as the operator of the Euroclear system. 
  
 “Event of Default” means an event specified in Section 5.1 of the Indenture. 
  
 “Event of Servicing Termination” means an event specified in Section 8.1. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
  

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 “Expenses” has the meaning specified in Section 8.2 of the Trust Agreement. 

 
 “FDIC” means the Federal Deposit Insurance Corporation or
any successor thereto. 
  
 “FHLMC” means the
Federal Home Loan Mortgage Corporation or any successor thereto. 
  
 “Final Scheduled Maturity Date” means the last day of the Collection Period immediately preceding the Certificate Final Scheduled Payment Date. 
  
 “Financed Vehicle” means, with respect to a Receivable, the new or used automobile or light-duty truck,
together with all accessions thereto, securing an Obligor’s indebtedness under such Receivable. 
  
 “First Priority Principal Distribution Amount” means, for any Payment Date, an amount equal to the greater of (a) the excess, if any, of
(i) the Outstanding Amount of the Notes on the immediately preceding Payment Date (after giving effect to all payments of principal of the Notes on such immediately preceding Payment Date) over (ii) the Adjusted Pool Balance for such Payment Date
and (b) on the Note Final Scheduled Payment Date of any class of Notes, the amount necessary to reduce the Outstanding Amount of such class of Notes to zero on such Payment Date. 
  
 “Fitch” means Fitch, Inc. and its successors and assigns. 
  
 “FNMA” means the Federal National Mortgage Association or
any successor thereto. 
  
 “Foreign Clearing
Agency” means, collectively, Clearstream and the Euroclear Operator. 
  
 “Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and a security interest in and right of set-off against,
deposit, set over and confirm pursuant to the Indenture. A Grant of the Trust Estate or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the
immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to
exercise all rights and options, to bring Proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto.

  
 “Holder” or “Holders” means,
unless the context otherwise requires, both Certificateholders and Noteholders. 
  
 “Indemnified Parties” has the meaning specified in Section 8.2 of the Trust Agreement. 
  

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 “Indenture” means the Indenture dated as of May 26, 2005, between the Issuer and the
Indenture Trustee, as the same may be amended and supplemented from time to time. 
  
 “Indenture Trustee” means, initially, Wells Fargo, as Indenture Trustee under the Indenture, or any successor Indenture Trustee under the Indenture. 
  
 “Independent” means, when used with respect to any specified
Person, that the person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing persons, (b) does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 
  
 “Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, made by an Independent engineer, appraiser or other expert appointed by the Issuer and approved by the Indenture Trustee in the exercise of reasonable care,
and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Agreement and that the signer is Independent within the meaning thereof. 
  
 “Insolvency Event” means, for a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver (including any receiver appointed under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended), liquidator, assignee, custodian, trustee, sequestrator or
similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;
or (b) the commencement by such Person of a voluntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of
its property, or the making of such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the
foregoing. 
  
 “Interest Rate” means the rate of
interest borne by the Notes of any class. 
  
 “Investment
Earnings” means, with respect to any Payment Date, the investment earnings (net of losses and investment expenses) on amounts on deposit in the Collection Account. 
  

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 “Issuer” means Chase Auto Owner Trust 2005-A, a Delaware statutory trust, until a
successor replaces it and, thereafter, means such successor and, for purposes of any provision contained in the Indenture and required by the TIA, each other obligor on the Notes. 
  
 “Issuer Order” and “Issuer Request” means a written order or request signed in the name of
the Issuer by any of its authorized officers and delivered to the Indenture Trustee. 
  
 “JPMorgan Chase” means JPMorgan Chase Bank, National Association, a national banking association and its successors. 
  
 “Late Fees” means any late charges, credit related extension fees, non-credit related extension fees or
other administrative fees or similar charges allowed by applicable law with respect to the Receivables. 
  
 “Lien” means a security interest, lien, charge, pledge or encumbrance of any kind other than tax liens, mechanics’ liens or any
other liens that attach by operation of law. 
  
 “Liquidation Proceeds” means, with respect to any Receivable, (i) insurance proceeds, (ii) the monies collected during a Collection Period from whatever source on a Defaulted Receivable and (iii) proceeds of a Financed
Vehicle sold after repossession, in each case net of any liquidation expenses and payments required by law to be remitted to the Obligor. 
  
 “Moody’s” means Moody’s Investors Service, Inc. and its successors and assigns. 
  
 “Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3
Note or a Class A-4 Note. 
  
 “Note Depository
Agreement” means the letter of representations between the Trust and The Depository Trust Company, as the initial Clearing Agency, dated the Closing Date, substantially in the form of Exhibit F to the Indenture, as the same may be amended
or supplemented from time to time or any similar agreement with any successor Clearing Agency. 
  
 “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1(b). 
  
 “Note Final Scheduled Payment Date” means for (a) the Class A-1 Notes, the November 2006 Payment Date, (b)
the Class A-2 Notes, the December 2007 Payment Date, (c) the Class A-3 Notes, the June 2009 Payment Date, and (d) the Class A-4 Notes, the April 2011 Payment Date. 
  
 “Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of such Book-Entry Note,
as reflected on the books of the Clearing Agency or Foreign Clearing Agency, or on the books of a direct or indirect Clearing Agency Participant. 
  
 “Note Pool Factor” for each class of Notes as of the close of business on a Payment Date means an eight-digit decimal figure equal to the
Outstanding Amount of such class of Notes divided by the Outstanding Amount as of the Closing Date of such class of Notes. The Note Pool Factor for each class of Notes will be 1.00000000 as of the Cutoff Date; 

  

 10 

 
thereafter, the Note Pool Factor for each class of Notes will decline to reflect reductions in the Outstanding Amount of such class of Notes. 
  
 “Noteholder” means a Class A-1 Noteholder, a Class A-2
Noteholder, a Class A-3 Noteholder or a Class A-4 Noteholder. 
  
 “Noteholders’ Interest Carryover Shortfall” means, for any class of Notes, (a) for the initial Payment Date, zero, and (b) for any other Payment Date, the excess of (x) the Noteholders’ Interest Distributable
Amount for the preceding Payment Date for such class of Notes, over (y) the amount in respect of interest actually deposited in the Note Distribution Account on such preceding Payment Date with respect to such class of Notes, plus interest on the
amount of interest due but not paid to the Noteholders of such class on the preceding Payment Date, to the extent permitted by law, at the applicable Interest Rate from such preceding Payment Date through the current Payment Date. 
  
 “Noteholders’ Interest Distributable Amount” means, for
any Payment Date for any class of Notes, the sum of (x) the Noteholders’ Monthly Interest Distributable Amount for such class of Notes for such Payment Date and (y) the Noteholders’ Interest Carryover Shortfall for such class of Notes for
such Payment Date. 
  
 “Noteholders’ Monthly Interest
Distributable Amount” means, for any Payment Date for each class of Notes, one month’s interest (or, in the case of the first Payment Date, interest accrued from and including the Closing Date to but excluding such Payment Date) at the
related Interest Rate on the Outstanding Amount of the Notes of such class on such Payment Date (or, in the case of the first Payment Date, on the Closing Date). Interest for purposes of this definition shall be computed on the basis of a 360-day
year of twelve 30-day months. 
  
 “Noteholders’
Principal Distribution Amount” means, for any Payment Date, the greater of (a) the lesser of (i) the excess, if any, of (A) the Outstanding Amount of the Notes on the immediately preceding Payment Date (after giving effect to all payments
of principal of the Notes on such immediately preceding Payment Date) over (B) the lesser of (x) the sum of (I) 92.5% of the Adjusted Pool Balance for such Payment Date and (II) the Specified Reserve Account Balance on such Payment Date and (y) the
Adjusted Pool Balance for such Payment Date minus the Target Overcollateralization Amount for such Payment Date and (ii) the Target Principal Distribution Amount for such Payment Date and (b) on the Note Final Scheduled Payment Date of any class of
Notes, the amount necessary to reduce the Outstanding Amount of such class of Notes to zero. 
  
 “Note Register” and “Note Registrar” means the register maintained and the registrar appointed pursuant to Section 2.4 of the Indenture. 
  
 “Obligor” on a Receivable means the purchaser or the
co-purchasers of the Financed Vehicle purchased in part or in whole by the execution and delivery of such Receivable or any other Person who owes or may be liable for payments under such Receivable. 
  
 “Officer’s Certificate” means a certificate signed by
the chairman of the board, the president, the treasurer, the controller, any executive or senior vice president or any vice 

  

 11 

 
president of the Seller or Servicer, as appropriate, meeting the requirements of Section 11.1 of the Indenture. 
  
 “Opinion of Counsel” means a written opinion of counsel (who
may be counsel to the Seller or the Servicer) reasonably acceptable in form and substance to the Indenture Trustee, meeting the requirements of Section 11.1 of the Indenture (or in the case of an Opinion of Counsel delivered to the Owner Trustee,
reasonably acceptable in form and substance to the Owner Trustee). 
  
 “Optional Purchase Percentage” shall be 10%. 
  
 “Original Adjusted Pool Balance” shall be $2,238,092,433.97. 
  
 “Original Pool Balance” shall be $2,300,367,491.29. 
  
 “Outstanding” means, when used with respect to Notes, as of any date of determination, all Notes theretofore authenticated and delivered
under the Indenture except: 
  
 (a) Notes theretofore canceled by
the Note Registrar or delivered to the Note Registrar for cancellation; 
  
 (b) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes (provided that if such Notes are
to be prepaid, notice of such prepayment has been duly given pursuant to the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been made); and 
  
 (c) Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to the Indenture
unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 
  
 provided that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice,
consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that an Authorized Officer of the Indenture Trustee either actually knows to be so
owned or has received written notice that such Note is so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons. 
  
 “Outstanding Amount” means, when used with respect to Notes,
as of any date of determination, the aggregate principal amount of all Notes, or a class of Notes, as applicable, Outstanding as of such date. 
  

 12 

 “Outstanding Trust Securities Amount” means, on any Payment Date, the sum of (a) the
Outstanding Amount of the Notes on such Payment Date (after giving effect to all payments of principal of the Notes on such Payment Date) and (B) the Certificate Balance on such Payment Date (after giving effect to all distributions of principal
with respect to the Certificates on such Payment Date). 
  
 “Owner Trust Estate” means all right, title and interest of the Issuer in and to the property and rights assigned to the Issuer pursuant to Article II of this Agreement, all funds on deposit from time to time in the
Trust Accounts (other than the Note Distribution Account) and the Certificate Distribution Account and all other property of Issuer from time to time, including any rights of the Owner Trustee and the Issuer pursuant to this Agreement. 

 
 “Owner Trustee” means initially Wilmington Trust Company,
a Delaware banking corporation, not in its individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
  
 “Paying Agent” means: (a) when used in the Indenture or otherwise with respect to the Notes, the Indenture
Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Indenture Trustee to make the payments to and distributions from the Collection Account
and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuer; and (b) when used in the Trust Agreement or otherwise with respect to the Certificates, the Owner Trustee or any other paying
agent or co-paying agent appointed pursuant to Section 3.9 of the Trust Agreement, and in the case of the Indenture with respect to the Notes, and the Trust Agreement with respect to the Certificates, such Paying Agent shall initially be the
corporate trust office of JPMorgan Chase. 
  
 “Payment
Date” means, in the case of the first Collection Period, July 15, 2005, and in the case of every Collection Period thereafter, the 15th calendar day of the following month, or if the 15th calendar day is not a Business Day, the next
following Business Day. 
  
 “Permitted
Investments” means, at any time, any one or more of the following obligations, securities (certificated or uncertificated) or instruments (excluding any security with the “r” symbol attached to its rating): 
  
 (i) obligations of the United States of America or any
agency thereof; provided such obligations are backed by the full faith and credit of the United States of America; 
  
 (ii) general obligations of or obligations guaranteed as to the timely payment of interest and principal by any state of the United States
of America or the District of Columbia then rated “A-1+” or “AAA” by Standard & Poor’s, “F1+” or “AAA” by Fitch (if rated by Fitch) and P-1 or Aaa by Moody’s; 
  
 (iii) commercial paper, other than commercial paper issued
by JPMorgan Chase or any of its Affiliates, which is then rated P-1 by Moody’s, “F1+” by Fitch (if rated by Fitch) and “A-1+” by Standard & Poor’s; 
  

 13 

 (iv) certificates of deposit, demand or time deposits, federal funds or banker’s
acceptances, other than banker’s acceptances issued by JPMorgan Chase or any of its Affiliates, issued by any depository institution or trust company (including the Indenture Trustee acting in its commercial banking capacity) incorporated under
the laws of the United States or of any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America and subject to supervision and examination by federal or state banking
authorities which short term unsecured deposit obligations of such depository institution or trust company are then rated P-1 by Moody’s, “F1+” by Fitch (if rated by Fitch) and “A-1+” by Standard & Poor’s;

  
 (v) demand or time deposits of, or
certificates of deposit issued by, any bank, trust company, savings bank or other savings institution; provided such deposits or certificates of deposit are fully insured by the FDIC; 
  
 (vi) guaranteed reinvestment agreements issued by any bank, insurance company or other corporation the short
term unsecured debt or deposits of which are rated P-1 by Moody’s, “F1+” by Fitch (if rated by Fitch) and “A-1+” by Standard & Poor’s or the long-term unsecured debt of which are rated Aaa by Moody’s,
“AAA” by Fitch (if rated by Fitch) and “AAA” by Standard & Poor’s; 
  
 (vii) repurchase obligations with respect to any security described in clauses (i) or (ii) herein or any other security issued or
guaranteed by the FHLMC, FNMA or any other agency or instrumentality of the United States of America which is backed by the full faith and credit of the United States of America, in either case entered into with a federal agency or a depository
institution or trust company (acting as principal) described in (iv) above; 
  
 (viii) investments in money market funds, which funds (A) are not subject to any sales, load or other similar charge; and (B) are rated at least “AAAM” or “AAAM-G” by Standard & Poor’s,
“AAAV-1+” by Fitch (if rated by Fitch) and Aaa by Moody’s; and 
  
 (ix) such other investments, other than investments in JPMorgan Chase or any of its affiliates, where either (A) the short-term unsecured debt or deposits of the obligor on such investments are rated “A-1+”
by Standard & Poor’s, “F1+” by Fitch (if rated by Fitch) and P-1 by Moody’s. 
  
 Permitted Investments may include money market mutual funds (so long as such fund has the ratings specified in clause (viii) hereof), including, without limitation, any JPMorgan Prime Money Market Fund or any other
fund for which JPMorgan Chase, the Indenture Trustee or an Affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent, and/or custodian or subcustodian, notwithstanding that (i) JPMorgan Chase, Wells Fargo or an
Affiliate thereof charges and collects fees and expenses from such funds for services rendered, (ii) JPMorgan Chase, Wells Fargo or an Affiliate thereof charges and collects fees and expenses for services rendered pursuant to this Agreement, and
(iii) services performed for such funds and pursuant to this Agreement may converge at any time. The Indenture Trustee specifically 

  

 14 

 
authorizes JPMorgan Chase, Wells Fargo or an Affiliate thereof to charge and collect all fees and expenses from such funds for services rendered to such
funds (but not to exceed investment earnings), in addition to any fees and expenses JPMorgan Chase or Wells Fargo, as applicable, may charge and collect for services rendered pursuant to this Agreement. 
  
 “Person” means a legal person, including any individual,
corporation, limited liability company, estate, partnership, joint venture, association, joint stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof, or any other entity of whatever nature.

  
 “Pool Balance” as of any date of
determination means, the aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period, after giving effect to all payments received from Obligors and Repurchase Amounts to be remitted
by the Servicer or the Seller, as the case may be, for such Collection Period and all losses realized on Receivables liquidated during such Collection Period. 
  

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt
as the mutilated, lost, destroyed or stolen Note. 
  
 “Prepayment Date” means in the case of a prepayment of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by the Servicer pursuant to such Section 10.1. 
  
 “Principal Balance” of a Receivable, as of the close of
business on the last day of any Collection Period, means the Amount Financed minus that portion of all payments received on or prior to such date allocable to principal. The Principal Balance of a Defaulted Receivable or a Repurchased Receivable
shall be deemed to be zero, in each case, as of such date. 
  
 “Principal Distribution Subaccount” means the administrative subaccount of the Collection Account established and maintained as such pursuant to Section 5.1(a). 
  
 “Principal Prepayment” means a payment or other recovery of
principal on a Receivable (including insurance proceeds and Liquidation Proceeds applied to principal on a Receivable) which is received in advance of its due date. 
  
 “Proceeding” means any suit in equity, action or law or other judicial or administrative proceeding.

  
 “Qualified Institution” means a depository
institution organized under the laws of the United States of America or any State thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any State thereof and subject to
supervision and examination by federal or state banking authorities which at all times has the Required Deposit Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by
the FDIC. 
  

 15 

 “Qualified Trust Institution” means an institution organized under the laws of the
United States of America or any State thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any State thereof and subject to supervision and examination by federal or
state banking authorities which at all times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) has not less than one billion dollars in assets under fiduciary management, and (iii) has a long term
deposits rating of not less than “BBB-” by Standard & Poor’s, Baa3 by Moody’s and “BBB-” by Fitch (if rated by Fitch). 
  
 “Rating Agency” means any of Standard & Poor’s, Moody’s or Fitch. 
  
 “Rating Agency Condition” means, with respect to any action
or event, that each Rating Agency shall have notified the Seller and the Servicer, in writing, that such action or event will not result in reduction or withdrawal of any then outstanding rating of any outstanding Note or Certificate with respect to
which it is the Rating Agency. 
  
 “Receivable”
means a retail installment sale contract or purchase money promissory note or other promissory note and security agreement executed by an Obligor in respect of a Financed Vehicle, and all proceeds thereof and payments thereunder (other than interest
accrued and unpaid as of the opening of business on the Cutoff Date), which Receivable shall be identified in the Schedule of Receivables. 
  
 “Receivable Files” means the documents specified in Section 3.3. 
  
 “Receivables Pool” means the pool of Receivables included in the Trust Estate and all monies received
thereunder on or after the Cutoff Date. 
  
 “Record
Date” means, with respect to (a) the Class A-1 Notes and any Payment Date, the last day of the immediately preceding calendar month, (b) the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes and (i) any Payment Date before
Definitive Notes are issued in respect of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the Business Day prior to such Payment Date or (ii) any Payment Date after Definitive Notes are issued in respect of the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes, the last day of the immediately preceding calendar month and (c) the Certificates, and (i) any Payment Date before Definitive Certificates are issued, the Business Day prior to such Payment Date or (ii) any
Payment Date after Definitive Certificates are issued, the last day of the immediately preceding calendar month. 
  
 “Regular Principal Distribution Amount” means, for any Payment Date, an amount equal to the excess, if any, of (a) the Target Principal
Distribution Amount for such Payment Date over (b) the sum of (i) the First Priority Principal Distribution Amount for such Payment Date and (ii) the Second Priority Principal Distribution Amount for such Payment Date. 
  
 “Relevant UCC” means the Uniform Commercial Code as in
effect in the applicable jurisdiction. 
  
 “Repurchase
Amount” of a Repurchased Receivable or any Receivable purchased by the Servicer pursuant to Section 9.1, means the sum, as of the last day of the Collection 

  

 16 

 
Period on which such Receivable becomes such, of the Principal Balance thereof plus the Accrued Interest thereon. 
  
 “Repurchased Receivable” means a Receivable repurchased by
the Seller pursuant to Section 3.2 or purchased by the Servicer pursuant to Section 4.6. 
  
 “Required Deposit Rating” shall be a short-term certificate of deposit rating from Moody’s of P-1, from Fitch of “F1+” (if
rated by Fitch) and from Standard & Poor’s of “A-1+,” and a long-term unsecured debt rating of not less than Aa3 by Moody’s, “AA” by Fitch (if rated by Fitch) and “AA-” by Standard & Poor’s.

  
 “Reserve Account” means securities account
no. 17859200 entitled “Wells Fargo Bank, National Association, as Indenture Trustee, Securities Account of Chase Auto Owner Trust Series 2005-A” maintained by the Reserve Account Securities Intermediary pursuant to the Reserve Account
Control Agreement or any successor securities account maintained pursuant to the Reserve Account Control Agreement. 
  
 “Reserve Account Control Agreement” means the agreement among the Issuer, Wells Fargo, as securities intermediary, and the Indenture
Trustee, dated as of May 26, 2005, relating to the Reserve Account, substantially in the form attached as Exhibit D, as the same may be amended and supplemented from time to time. 
  
 “Reserve Account Initial Deposit” means an amount equal to $5,595,231.08. 
  
 “Reserve Account Securities Intermediary” means Wells Fargo
or any other securities intermediary that maintains the Reserve Account pursuant to the Reserve Account Control Agreement. 
  
 “Reserve Account Transfer Amount” means, for any Payment Date, an amount equal to the lesser of (a) the amount of cash or other
immediately available funds on deposit in the Reserve Account on such Payment Date (excluding amounts to be paid to the Class R Certificateholder pursuant to clause (i) of Section 5.7(d), but before giving effect to any other withdrawals
therefrom relating to such Payment Date) and (b) the amount, if any, by which the sum of the amounts set forth in clauses (i) through (vi) of Section 5.5(c), inclusive, exceeds the Available Amount for such Payment Date. 
  
 “Responsible Officer” means, (a) with respect to the
Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
the particular subject; and (b) with respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other
officer of the Owner Trustee customarily performing functions similar to those performed by any of the above designated officers, in each case, with direct responsibility of the administration of the Issuer. 
  

 17 

 “Sale Proceeds” has the meaning specified in Section 9.1(b). 
  
 “Schedule of Receivables” means the list of Receivables
attached hereto as Schedule A. 
  
 “SFAS 140”
means the Statement of Financial Accounting Standard No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. 
  
 “Second Priority Principal Distribution Amount” means, for any Payment Date, an amount equal to the greater of (a) the excess, if any, of
(i) an amount equal to the excess, if any, of (A) the Outstanding Trust Securities Amount on the immediately preceding Payment Date over (B) the Adjusted Pool Balance for such Payment Date over (ii) the First Priority Principal Distribution Amount
for such Payment Date and (b) on the Certificate Final Scheduled Payment Date, the amount necessary to reduce the Certificate Balance to zero on such Payment Date. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Securities Control Agreements” means, collectively, the
Collection Account Control Agreement and the Reserve Account Control Agreement. 
  
 “Securities Intermediaries” means, collectively, JPMorgan Chase, acting as securities intermediary under the Collection Account Control Agreement or any successor thereto thereunder and Wells Fargo,
acting as securities intermediary under the Reserve Account Control Agreement or any successor thereto thereunder. 
  
 “Seller” means Chase Bank USA, National Association, a national banking association with its principal executive offices in Newark,
Delaware, in its capacity as the seller of the Receivables under this Agreement, and each successor to Chase Bank USA, National Association (in the same capacity) pursuant to Section 6.3. 
  
 “Servicer” means Chase Bank USA, National Association, a
national banking association with its principal executive offices in Newark, Delaware, in its capacity as the servicer of the Receivables under this Agreement, and each successor to Chase Bank USA, National Association (in the same capacity)
pursuant to Section 7.3, and each successor servicer pursuant to Section 8.2. 
  
 “Servicer’s Certificate” means a certificate, substantially in the form of Exhibit A attached hereto, completed and executed by the Servicer by its chairman of the board, the president,
treasurer, controller or any executive, senior vice president or vice president pursuant to Section 4.8. 
  
 “Servicing Fee” with regard to a Collection Period means the fee payable to the Servicer for services rendered during such Collection
Period, determined pursuant to Section 4.7. 
  
 “Servicing Fee Rate” means 1.00% per annum. 
  

 18 

 “Settlement Date” means, with respect to any Collection Period, the last day of the
Collection Period immediately preceding such Collection Period, and with respect to any Payment Date, the last day of the second Collection Period preceding the Collection Period in which such Payment Date occurs. 
  
 “Simple Interest Method” means the method of allocating a
fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid Principal Balance multiplied by the period of
time elapsed since the preceding payment of interest was made, and the remainder of such payment is allocable to principal. 
  
 “Simple Interest Receivable” means any Receivable providing for the allocation of payments made thereunder to principal and interest in
accordance with the Simple Interest Method. 
  
 “Specified
Reserve Account Balance” means, for any Payment Date, the lesser of (a) $5,595,231.08 (or 0.25% of the Original Adjusted Pool Balance) and (b) the Outstanding Trust Securities Amount on the immediately preceding Payment Date. 
  
 “Standard & Poor’s” means Standard &
Poor’s Ratings Services and its successors and assigns. 
  
 “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as amended from time to time. 
  
 “Target Overcollateralization Amount” means, for any Payment Date, the greater of (a) the excess, if any,
of (i) 2.00% of the Adjusted Pool Balance for such Payment Date over (ii) the Specified Reserve Account Balance for such Payment Date and (b) 0.40% of the Original Adjusted Pool Balance. 
  
 “Target Principal Distribution Amount” means, for any Payment Date, the excess, if any, of (a) the
Outstanding Trust Securities Amount on the immediately preceding Payment Date over (b) the Adjusted Pool Balance for such Payment Date minus the Target Overcollateralization Amount for such Payment Date. 
  
 “Treasury Regulations” means, the treasury regulations
promulgated under Code. 
  
 “Trust Accounts”
means, collectively, the Collection Account, the Note Distribution Account and the Reserve Account. 
  
 “Trust Agreement” means the Amended and Restated Trust Agreement dated as of May 26, 2005, between the Depositor and the Owner Trustee,
as the same may be amended and supplemented from time to time. 
  
 “Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of the Indenture for the benefit of the Noteholders (including all property
and interests Granted to the Indenture Trustee), including all proceeds thereof, and the Reserve Account. 
  

 19 

 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as
in force on the date hereof, unless otherwise specifically provided. 
  
 “Wells Fargo” means Wells Fargo Bank, National Association. 
  
 “Yield Supplement Overcollateralization Amount” means, for any Payment Date, the amount specified on Schedule C for such Payment Date. 
  
 SECTION 1.2 Usage of Terms. With respect to all terms in this Agreement, the singular includes the plural and the
plural the singular; words importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term
“including” means “including without limitation.” All references herein to Articles, Sections, Subsections and Exhibits are references to Articles, Sections, Subsections and Exhibits contained in or attached to this Agreement
unless otherwise specified, and each such Exhibit is part of the terms of this Agreement. 
  
 SECTION 1.3 Simple Interest Method; Methods of Allocating Payments or Receivables; Allocations. All allocations of payments to principal and interest and determinations of periodic charges and the like on the
Receivables shall be based on a year with the actual number of days in such year and twelve months with the actual number of days in each such month. Each payment on a Receivable shall be applied first, to the payment of accrued and unpaid interest
on such Receivable, second, to reduce the scheduled principal amounts then due and owing on the Receivable, third, to any outstanding fees and Late Fees under the terms of the Receivable and fourth, to reduce the principal amount outstanding on the
Receivable. Amounts paid by the Seller or the Servicer in respect of Repurchased Receivables shall be allocated as if the Obligor thereof had prepaid such Receivable in full on the date as of which such Receivable was repurchased by the Seller
pursuant to Section 3.2 or purchased by the Servicer pursuant to Section 4.6 or 9.1. 
  
 ARTICLE II 
  
 CONVEYANCE OF RECEIVABLES 
  
 SECTION 2.1 Conveyance
of Receivables. In consideration of the Issuer’s delivery of the Notes, the Certificates and the Class R Certificate to and upon the order of the Seller, the Seller does hereby sell, transfer, assign, and otherwise convey to the Issuer,
without recourse (subject to the Seller’s obligations herein): 
  
 (i) all right, title, and interest of the Seller in, to and under the Receivables listed in the Schedule of Receivables, which is incorporated by reference herein, all proceeds thereof and all amounts and monies
received thereon on or after the Cutoff Date (including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.2 or the purchase of Receivables by the Servicer pursuant to Section 4.6 or 9.1), together

  

 20 

 
with the interest of the Seller in the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and in any repossessed
Financed Vehicles; 
  
 (ii) all right, title and
interest of the Seller in any Liquidation Proceeds and in any proceeds of any extended warranties, theft and physical damage, guaranteed auto protection, credit life or credit disability policies relating to the Financed Vehicles or the Obligors;

  
 (iii) all right, title and interest of the
Seller in any proceeds from Dealer repurchase obligations relating to the Receivables; and 
  
 (iv) all proceeds (as defined in the Relevant UCC) of the foregoing. 
  
 In connection with such sale, the Seller agrees to record and file, at its own expense, financing statements (and
continuation statements with respect to such financing statements when applicable) with respect to the Receivables for the sale of accounts and chattel paper meeting the requirements of applicable state law in such manner and in such jurisdictions
as are necessary to perfect the sale and assignment of the Receivables to the Issuer. 
  
 It is the intention of the Seller and the Issuer that (a) the assignment and transfer herein contemplated constitute a sale of the Receivables, conveying good title thereto free and clear of any liens and
encumbrances, from the Seller to the Issuer and (b) the Receivables not be part of the Seller’s estate in the event of an insolvency. In the event that such conveyance is deemed to be a pledge to secure a loan, the Seller hereby grants to the
Issuer a first priority perfected security interest in all of the Seller’s right, title and interest in, to and under the items of property listed in clauses (i) through (iv) above to secure the loan deemed to be made in connection with such
pledge and, in such event, this Agreement shall constitute a security agreement under applicable law. 
  
 SECTION 2.2 Closing. The conveyance of the Receivables shall take place at the offices of Simpson Thacher & Bartlett LLP, New York, New York on
the Closing Date, simultaneously with the closing of the transactions contemplated by the underwriting agreements related to the Notes and the Certificates and the other Basic Documents. Upon the acceptance by the Seller of the Notes, the
Certificates and the Class R Certificate, the ownership of each Receivable and the contents of the related Receivable File will be vested in the Issuer, subject only to the lien of the Indenture. 
  
 ARTICLE III 
  
 THE RECEIVABLES 
  
 SECTION 3.1 Representations and Warranties of Seller; Conditions Relating to Receivables. 
  
 (a) The Seller makes the following representations and warranties as to the
Receivables on which the Issuer shall rely in acquiring the Receivables. Such representations and warranties shall speak as of the Cutoff Date unless otherwise specified, but shall survive the 

  

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sale, transfer, and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  
 (i) Schedule of Receivables. The Schedule of
Receivables identifies the Receivables by account number, name of Obligor and remaining principal balance of the Receivables as of the Cutoff Date and the information set forth in the Schedule of Receivables with respect to each Receivable is true
and correct in all material respects, and no selection procedures materially adverse to the Holders has been utilized in selecting the Receivables from all receivables owned by the Seller which meet the selection criteria specified herein.

  
 (ii) No Sale or Transfer. No
Receivable has been sold, transferred, assigned or pledged by the Seller to any Person other than the Issuer. 
  
 (iii) Good Title. Immediately prior to the transfer and assignment of the Receivables to the Issuer herein contemplated, the Seller
has good and marketable title to each Receivable free and clear of all Liens and rights of others; and, immediately upon the transfer thereof, the Issuer has either (i) good and marketable title to each Receivable, free and clear of all Liens and
rights of others, other than the Lien of the Indenture Trustee under the Indenture, and the transfer has been perfected under applicable law or (ii) a first priority perfected security interest in each Receivable and the proceeds thereof.

  
 (b) Each Receivable satisfies the following conditions as of
the Cutoff Date unless otherwise specified and such conditions shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  
 (i) Acquisition. Each Receivable is a Dealer
Receivable acquired directly or indirectly from or made through a Dealer located in the United States (including the District of Columbia); 
  
 (ii) Security. Each Receivable is secured by a new or used automobile or light-duty truck; 
  
 (iii) Maturity of Receivables. Each Receivable had a
remaining maturity of not less than nine months and not greater than seventy-two months, and (A) in the case of each Receivable secured by new Financed Vehicles, had an original maturity of at least twelve months and not more than seventy-three
months, or (B) in the case of each Receivable secured by used Financed Vehicles, had an original maturity of at least twelve months and not more than sixty-seven months; 
  
 (iv) Contract Rate. Each Receivable has a Contract Rate of not more than 18.00% per annum;

  
 (v) No Repossessions. Each Receivable
is secured by a Financed Vehicle that had not been repossessed without reinstatement of such Receivable; 
  

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 (vi) Obligor Not Subject to Bankruptcy Proceedings. Each Receivable has been
entered into by an Obligor who had not been identified on the computer files of the Seller as in bankruptcy proceedings; 
  
 (vii) No Overdue Payments. Each Receivable had no payment that was more than 30 days past due; 
  
 (viii) Remaining Principal Balance. Each Receivable
had a remaining Principal Balance of at least $2,000 and not greater than $100,000; 
  
 (ix) No Force Placed Insurance. Each Receivable was secured by a Financed Vehicle that was not insured by a force placed insurance
policy or any vendor’s single interest and non-filing insurance policy; 
  
 (x) Receivable Files. The Receivable Files were kept at one or more of the locations specified in Schedule B hereto; 
  
 (xi) Characteristics of Receivables. Each Receivable (a) has been originated in the form of a credit
sales transaction by a Dealer or a purchase money loan or other note through a Dealer located in one of the States of the United States (including the District of Columbia) for the retail financing of a Financed Vehicle and has been fully and
properly executed by the parties thereto, (b) if a retail installment sales contract, has been purchased by the Seller from the originating Dealer or an Affiliate of the Seller and has been validly assigned by such Dealer or an Affiliate of the
Seller to the Seller in accordance with its terms; (c) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security; and (d)
provides for fully amortizing level scheduled monthly payments (provided that the payment in the last month in the life of the Receivable may be different from the level scheduled payment) and for accrual of interest at a fixed rate according
to the Simple Interest Method; 
  
 (xii)
Compliance with Laws. Each Receivable and each sale of the related Financed Vehicle complied at the time it was originated or made, and complied on and after the Cutoff Date, in all material respects with all requirements of applicable
federal, state, and local laws, and regulations thereunder, including usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act,
Federal Reserve Board Regulations B and Z and of the Uniform Consumer Credit Code, and any other consumer credit, equal opportunity, and disclosure laws, in each case as applicable to such Receivable and sale thereof; 
  
 (xiii) Binding Obligation. Each Receivable
constitutes the legal, valid, and binding payment obligation in writing of the Obligor, enforceable by the holder thereof in all material respects in accordance with its terms, subject, as to enforcement, to applicable bankruptcy, insolvency,
reorganization, liquidation and other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights; 
  

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 (xiv) No Government Obligor. Each Receivable is not due from the United States of
America or any State or from any agency, department, instrumentality or political subdivision of the United States of America or any State or local municipality, and each Receivable is not due from a business except to the extent that such
Receivable has an individual co-borrower; 
  
 (xv) Security Interest in Financed Vehicle. Immediately prior to the sale and assignment thereof to the Issuer as herein contemplated, each Receivable was secured by a validly perfected first priority security interest in the related
Financed Vehicle in favor of or for the benefit of the Seller as secured party (subject to administrative delays and clerical errors on the part of the applicable governmental agency and to any statutory or other lien arising by operation of law
after the Closing Date which is prior to such security interest), the Seller’s security interest (or beneficial interest therein) is assignable, and has been so assigned by the Seller to the Issuer, and at such time as enforcement of such
security interest is sought, each Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle for the benefit of the Issuer (subject to administrative delays and clerical errors on the part of
the applicable governmental agency and to any statutory or other lien arising by operation of law after the Closing Date which is prior to such security interest); 
  
 (xvi) Receivables in Force. No Receivable has been satisfied, subordinated, or rescinded, nor has any
Financed Vehicle been released by the Seller from the Lien granted by the related Receivable, in whole or in part; 
  
 (xvii) No Waiver. No provision of a Receivable has been waived in such a manner that such Receivable fails either to meet all of
the representations and warranties made by the Seller herein with respect thereto or to meet all of the conditions with respect thereto pursuant to this Section 3.1(b); 
  
 (xviii) No Amendments. No Receivable has been amended except pursuant to either instruments included
in the Receivable Files or instruments to be included in the Receivable Files pursuant to Section 4.2 (or otherwise maintained by the Seller in the ordinary course of its business), and no such amendment has caused such Receivable either to
fail to meet all of the representations and warranties made by the Seller herein with respect thereto or to fail to meet all of the conditions with respect thereto pursuant to this Section 3.1(b); 
  
 (xix) No Defenses. The Seller had no knowledge either
of any facts which would give rise to any right of rescission, setoff, counterclaim, or defense, or of the same being asserted or threatened, with respect to any Receivable; 
  
 (xx) No Liens. The Seller had no knowledge of any Liens or claims that have been filed, including
liens for work, labor, materials or unpaid taxes relating to a Financed Vehicle, that would be liens prior to, or equal with, the lien granted by the Receivable; 
  

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 (xxi) No Default. Except for payment defaults continuing for a period of not more
than 30 days as of the close of business on the Cutoff Date, the Seller had no knowledge that a default, breach, violation, or event permitting acceleration under the terms of any Receivable existed; the Seller had no knowledge that a continuing
condition that with notice or lapse of time would constitute a default, breach, violation, or event permitting acceleration under the terms of any Receivable existed; and the Seller had not waived any of the foregoing; 
  
 (xxii) Insurance. Each Receivable requires that the
Obligor thereunder maintain comprehensive, liability, theft and physical damage insurance covering the related Financed Vehicle; 
  
 (xxiii) Lawful Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the
sale, transfer, and assignment of such Receivable under this Agreement or pursuant to transfers of the Certificates or the Notes is unlawful, void or voidable; 
  

(xxiv) All Filings Made. No filings (other than filings under the Relevant UCC which have been made) or other actions are
necessary in any jurisdiction to give the Issuer a first perfected security interest in the Receivables; 
  
 (xxv) Chattel Paper. Each Receivable constitutes “tangible chattel paper” within the meaning of the Relevant UCC. There
is no more than one original executed copy of each Receivable, which immediately prior to delivery thereof to the Servicer (as custodian) for the Issuer, was in the possession of the Seller; 
  
 (xxvi) Excluded Loans. Each Receivable is not a
Receivable originated by or through a Dealer located in the State of Alabama, Maine or Maryland; and 
  
 (xxvii) No Debt Cancellation Policy. Other than a Receivable originated by or through a Dealer located in the State of New York, no
Receivable is subject to a Debt Cancellation Policy. 
  
 SECTION
3.2 Repurchase Upon Breach or Failure of a Condition. The Seller, the Servicer, the Indenture Trustee or the Owner Trustee, as the case may be, shall inform the other parties in writing, upon the discovery by the Seller, the Servicer or an
Authorized Officer of the Indenture Trustee or the Owner Trustee, as the case may be, of either any breach of the Seller’s representations and warranties set forth in Section 3.1(a) or the failure of any Receivable to satisfy any of the
conditions set forth in Section 3.1(b) which materially and adversely affects the Holders’ interest in any Receivable. Unless the breach or failed condition shall have been cured by the last day of the Collection Period following the
Collection Period in which such discovery occurred (or, at the Seller’s option, the last day of the Collection Period in which such discovery occurred), the Seller shall repurchase any Receivable the Holders’ interest in which was
materially and adversely affected by the breach or failed condition, as of such last day. In consideration of the repurchase of a Receivable, the Seller shall remit the Repurchase Amount of such Receivable as of such last day (less any Liquidation
Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable pursuant to Section 4.3) 

  

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in the manner specified in Section 5.4. The sole remedy of the Issuer, the Indenture Trustee or the Holders with respect either to a breach of the
Seller’s representations and warranties set forth in Section 3.1(a) or to a failure of any of the conditions set forth in Section 3.1(b) shall be to require the Seller to repurchase Receivables pursuant to this Section 3.2.
The obligation of the Seller to repurchase under this Section 3.2 shall not be dependent upon the actual knowledge of the Seller of any breached representation or warranty and shall exist without regard to any limitation set forth in any
representation or warranty concerning the knowledge of the Seller as to the facts stated therein. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any
Receivable pursuant to this Section 3.2 or the eligibility of any Receivable for purposes of this Agreement. 
  
 SECTION 3.3 Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuer,
upon the execution and delivery of this Agreement, agrees to have the Servicer act as custodian of the following copies, documents or instruments (the “Receivable Files”) which are hereby constructively delivered to the Issuer with respect
to each Receivable: 
  
 (i) The original executed
copy of each Receivable; and 
  
 (ii) Any and all
other documents or records that the Seller or the Servicer, as the case may be, shall keep on file, in accordance with its customary procedures, relating to a Receivable, an Obligor or a Financed Vehicle. 
  
 The Servicer hereby agrees to act as custodian and as agent for the Issuer
hereunder. The Servicer acknowledges that it holds the documents and instruments relating to the Receivables for the benefit of the Issuer. The Issuer shall have no responsibility to monitor the Servicer’s performance as custodian and shall
have no liability in connection with the Servicer’s performance of such duties hereunder. 
  
 SECTION 3.4 Duties of Servicer as Custodian. 
  
 (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold the Receivable Files on behalf of the Issuer, and maintain such accurate and complete accounts, records (either original execution
documents or copies of such originally executed documents shall be sufficient) and computer systems pertaining to the Receivables as shall enable the Issuer to comply with its obligations pursuant to this Agreement. In performing its duties as
custodian, the Servicer shall act with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable files of comparable new or used automobile receivables that the Servicer services for itself.
The Servicer shall conduct, or cause to be conducted, periodic audits of the files of all receivables owned or serviced by the Servicer which shall include the Receivable Files held by it under this Agreement and the related accounts, records and
computer systems, in such a manner as shall enable the Owner Trustee or the Indenture Trustee to identify all Receivable Files and such related accounts, records and computer systems and to verify, if the Owner Trustee or the Indenture Trustee so
elects, the accuracy of the Servicer’s recordkeeping. The Servicer shall promptly report to the Owner Trustee or the Indenture Trustee any failure on its part to hold the Receivable Files and maintain 

  

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its accounts, records, and computer systems as herein provided, and promptly take appropriate action to remedy any such failure. 
  
 (b) Maintenance of and Access to Records. The Servicer shall maintain
each Receivable File at one of the locations specified in Schedule B to this Agreement, or at such other location as shall be specified to the Owner Trustee and the Indenture Trustee by 30 days’ prior written notice. The Servicer shall
make available to the Owner Trustee, the Indenture Trustee or their respective duly authorized representatives, attorneys or auditors, the Receivable Files and the related accounts, records and computer systems maintained by the Servicer at such
times during normal operating hours as the Owner Trustee or Indenture Trustee shall reasonably instruct which do not unreasonably interfere with the Servicer’s normal operations or customer or employee relations. 
  
 (c) Release of Documents. Upon instruction from the Indenture Trustee
(or, if the Notes have been paid in full, from the Owner Trustee), the Servicer shall release any document in the Receivable Files to the Indenture Trustee or Owner Trustee, or their respective agents or designee, as the case may be, at such place
or places as such Person may reasonably designate as soon as reasonably practicable to the extent it does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations. The Servicer shall not be responsible
for any loss occasioned by the failure of the Owner Trustee or Indenture Trustee, or their respective agents or designees, to return any document or any delay in doing so. 
  
 (d) Title to Receivables. The Servicer agrees that, in respect of any Receivable held by it as custodian hereunder,
(i) the Servicer will not at any time have or in any way attempt to assert any interest in such Receivable or the related Receivable File, other than solely for the purpose of collecting or enforcing the Receivable for the benefit of the Issuer and
(ii) the related Receivable File shall at all times be property of the Issuer. 
  

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 SECTION 3.5 Instructions; Authority to Act. The Servicer shall be deemed to have received proper
instructions with respect to the Receivable Files upon its receipt of written instructions signed by an Authorized Officer of the Indenture Trustee (or, if the Notes have been paid in full, of the Owner Trustee). A certified copy of a by-law or of a
resolution of the Board of Directors of the Owner Trustee or the Indenture Trustee, as the case may be, shall constitute conclusive evidence of the authority of any such Authorized Officer to act and shall be considered in full force and effect
until receipt by the Servicer of written notice to the contrary given by the Owner Trustee or the Indenture Trustee, as the case may be. 
  
 SECTION 3.6 Custodian’s Indemnification. The Servicer, as custodian, shall indemnify the Issuer, the Owner Trustee and the Indenture Trustee
for any and all liabilities, obligations, losses, damages, payments, costs, or expenses of any kind whatsoever that may be imposed on, incurred or asserted against the Issuer, the Owner Trustee or the Indenture Trustee as the result of any act or
omission in any way relating to the maintenance and custody by the Servicer, as custodian, of the Receivable Files; provided, however, that the Servicer shall not be liable for any portion of any such amount resulting from the willful
misfeasance, bad faith, or negligence of the Issuer, the Owner Trustee or the Indenture Trustee. 
  
 SECTION 3.7 Effective Period and Termination. The Servicer’s appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section 3.7 or until this Agreement shall be terminated. If the Servicer shall resign as Servicer under Section 7.5 or if all of the rights and obligations of the
Servicer shall have been terminated under Section 8.1, the appointment of the Servicer as custodian may be terminated by the Indenture Trustee or by the Holders of Notes evidencing not less than a majority of the aggregate Outstanding Amount
of the Notes (or, if there are no Notes outstanding, the Holders of Certificates representing not less than a majority of the Certificate Balance), in the same manner as the Indenture Trustee or such Holders may terminate the rights and obligations
of the Servicer under Section 8.1. As soon as practicable after any termination of such appointment, the Servicer shall, at its expense, deliver the Receivable Files to the Issuer or the Issuer’s agent at such place or places as the
Issuer may reasonably designate. Notwithstanding the termination of the Servicer as custodian, the Owner Trustee agrees that upon any such termination, the Issuer shall provide, or cause its agent to provide, access to the Receivable Files to the
Servicer for the purpose of carrying out its duties and responsibilities with respect to the servicing of the Receivables hereunder. 
  
 ARTICLE IV 
  
 ADMINISTRATION AND SERVICING OF RECEIVABLES 
  
 SECTION 4.1 Duties of Servicer. The Servicer is hereby authorized to act as agent for the Issuer and in such capacity shall manage, service,
administer and make collections on the Receivables (other than Repurchased Receivables) with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to comparable new or used automobile receivables that it
services for itself. The Servicer’s duties shall include collection and posting of all payments, responding to inquiries by Obligors or by federal, state, or local governmental authorities with respect to the Receivables, investigating
delinquencies, reporting tax information to Obligors in accordance with its customary practices, advancing costs of 

  

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disposition of defaults, monitoring Receivables in cases of Obligor defaults, accounting for collections, furnishing monthly and annual statements to the
Indenture Trustee with respect to distributions. The Servicer shall follow its customary standards, policies, and procedures in performing its duties as Servicer hereunder; provided that the Servicer shall be permitted to take or to refrain
from taking any action not specified in this Agreement with respect to servicing the Receivables if such action or inaction would not contravene any material term of this Agreement or materially and adversely affect the interests of Holders and is
not outside customary or normal servicing procedures. Without limiting the generality of the foregoing, the Servicer shall be authorized and empowered by the Issuer to execute and deliver, on behalf of itself, the Owner Trustee, the Indenture
Trustee and the Holders, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, without recourse to the Issuer, with respect to the Receivables or
with respect to the Financed Vehicles. If the Servicer shall commence a legal proceeding to enforce a Receivable or a Defaulted Receivable, the Issuer shall thereupon be deemed to have automatically assigned such Receivable and the related property
conveyed to the Issuer with respect to such Receivable to the Servicer, solely for the purpose of collection. The Owner Trustee shall furnish the Servicer with such documents as have been prepared by the Servicer for execution by the Owner Trustee
and as are necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. 
  
 SECTION 4.2 Collection of Receivable Payments; Refinancing. 
  
 (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the
Receivables and of this Agreement as and when the same shall become due, and shall follow such collection procedures as it follows with respect to comparable new or used automobile receivables that it services for itself and that are consistent with
prudent industry standards. In connection therewith, the Servicer may grant extensions, rebates or adjustments on a Receivable without the consent of the Issuer; provided, however, that if the Servicer extends the date for final
payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase such Receivable pursuant to Section 4.6. The Servicer is authorized in its discretion to waive any Late Fees that may be due in
the ordinary course of collecting a Receivable; provided, further, that the Servicer shall not agree to any change in the underlying Contract Rate on any Receivable, to any change in the Principal Balance thereof (except with respect to a
prepayment of a scheduled payment that does not result in a deferral of any other scheduled payment), to any reduction of the total number of payments due thereunder or, subject to the foregoing, to any reduction of the amount of any scheduled
payment on a Receivable. In the event that at the end of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment
of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest; provided, however, that the last such payment shall be due
on or prior to the Final Scheduled Maturity Date. 
  
 (b)
Notwithstanding anything in this Agreement to the contrary, the Servicer may refinance any Receivable by accepting a new promissory note from the related Obligor and applying the proceeds of such refinancing to pay all obligations in full of such
Obligor under such Receivable. The receivable created by the refinancing shall not be property of the Issuer. 
  

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 SECTION 4.3 Realization Upon Receivables. The Servicer shall use reasonable efforts, consistent
with its customary servicing procedures, to repossess or otherwise take possession of the Financed Vehicle securing any Receivable during the calendar month in which more than 10% of any scheduled payment thereunder becomes 90 days delinquent;
provided, however that the Servicer may repossess or otherwise take possession of the Financed Vehicle securing a Receivable (i) earlier if (A) such Receivable becomes a Defaulted Receivable, (B) the Servicer determines that such Financed Vehicle is
in danger of being damaged, destroyed or otherwise made unavailable for repossession or (C) the related Obligor voluntarily surrenders such Financed Vehicle or (ii) later if (A) the Servicer is unable to locate such Financed Vehicle, (B) the related
Obligor is the subject of a bankruptcy proceeding or (C) the Servicer otherwise defers repossession of such Financed Vehicle in accordance with its normal and customary servicing practices and procedures. After repossession of a Financed Vehicle,
the Servicer shall in accordance with its customary and usual practices and procedures sell such Financed Vehicle in an auction or consign such Financed Vehicle to a Dealer for resale as soon as is practicable after repossession, subject to any
applicable laws. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in determining when and if to exercise reasonable efforts to realize upon any recourse to Dealers. The Servicer
shall be entitled to recover from proceeds all reasonable expenses incurred by it in the course of converting the Financed Vehicle into cash proceeds. The Liquidation Proceeds with respect to a Receivable shall be deposited by the Servicer in the
Collection Account in the manner specified in Section 5.2 and shall be applied to reduce (or to satisfy, as the case may be) the Repurchase Amount of the Receivable, if such Receivable is to be repurchased by the Seller pursuant to Section
3.2, or is to be purchased by the Servicer pursuant to Section 4.6. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in
connection with the repair or the repossession of such Financed Vehicle unless it shall determine in its sole discretion that such repair and/or repossession will increase the Liquidation Proceeds of the related Receivable by an amount equal to or
greater than the amount of such expenses. 
  
 SECTION 4.4
Maintenance of Security Interests in Financed Vehicles. The Servicer, in accordance with its customary servicing procedures, shall take such steps as are necessary to maintain perfection of the first priority security interest of the Seller
created in any Financed Vehicle which secures a Receivable. The Owner Trustee, on behalf of the Issuer, and the Indenture Trustee hereby authorize the Servicer, and the Servicer hereby agrees, to take such steps as are necessary to re-perfect such
security interest in the event of the relocation of a Financed Vehicle or for any other reason, in either case, when the Servicer has knowledge of the need for such re-perfection. In the event that the assignment of a Receivable to the Issuer and by
the Issuer to the Indenture Trustee pursuant to the Indenture is insufficient without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the
State in which the Financed Vehicle is located, to grant to the Indenture Trustee a perfected security interest in the related Financed Vehicle, the Seller and Servicer hereby agree that the Seller’s listing as the secured party on the
certificate of title is deemed to be in its capacity as agent of the Indenture Trustee and the Servicer further agrees to hold such certificate of title as the Indenture Trustee’s agent and custodian; provided, however, that the
Servicer shall not, nor shall the Owner Trustee, the Indenture Trustee or Holders have the right to require that the Servicer, make any such notation on the related 

  

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Financed Vehicles’ certificate of title or fulfill any such additional administrative requirement of the laws of the State in which a Financed Vehicle
is located. 
  
 SECTION 4.5 Covenants of Servicer. The
Servicer hereby makes the following covenants on which the Issuer will rely in accepting the Receivables: 
  
 (i) Security Interest to Remain in Force. The Financed Vehicle securing each Receivable shall not be released from the security
interest granted by the Receivable in whole or in part except if such Financed Vehicle is substituted in whole by the manufacturer, dealer or seller as a result of mechanical defects or a total loss of the Financed Vehicle because of accident or
theft or as otherwise contemplated herein; 
  
 (ii) No Impairment. The Servicer shall not impair the rights of the Issuer, the Indenture Trustee or any Holder in the Receivables; and 
  
 (iii) Extensions; Defaulted Receivables. The Servicer shall not increase the number of payments under a Receivable, nor increase
the Amount Financed under a Receivable, nor extend or forgive payments on a Receivable or otherwise amend the terms of any Receivable, except as provided in Section 4.2. 
  
 SECTION 4.6 Purchase of Receivables Upon Breach. The Seller, the Servicer, the Indenture Trustee or the Owner
Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery by the Seller, the Servicer or an Authorized Officer of the Indenture Trustee or the Owner Trustee, as the case may be, of any breach by the
Servicer of its covenants under Section 4.5 which materially and adversely affects the interest of the Holders in any Receivable (for this purpose, any breach of the covenant set forth in Section 4.5(iii) shall be deemed to materially
and adversely affect the interest of the Holders in a Receivable). Except as otherwise specified in Section 4.2, unless the breach shall have been cured by the last day of the Collection Period following the Collection Period in which such
discovery occurred (or, at the Servicer’s election, the last day of the Collection Period in which such discovery occurred), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day. In
consideration of the purchase of such Receivable, the Servicer shall remit the Repurchase Amount (less any Liquidation Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable pursuant to
Section 4.3) in the manner specified in Section 5.4. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee or the Holders against the Servicer with respect to a breach pursuant to Section 4.2 or 4.5
shall be to require the Servicer to purchase Receivables pursuant to this Section 4.6. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any
Receivable pursuant to this Section 4.6 or the eligibility of any Receivable for purposes of this Agreement. 
  
 SECTION 4.7 Servicing Fee. The Servicing Fee for a Collection Period shall be payable on the related Payment Date pursuant to Section 5.5
and shall equal the sum of (i)(A) in the case of the first Payment Date, the product of 35 multiplied by 1/360 of the Servicing Fee Rate and the Pool Balance as of the Cutoff Date or (B) for all other Payment Dates, the product of one-twelfth of the
Servicing Fee Rate and the Pool Balance as of the related Settlement Date and (ii) Late Fees received from Obligors during such Collection Period. In addition, as part of 

  

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the Servicing Fee, the Servicer shall be entitled to receive on each Payment Date Investment Earnings when and as paid on amounts on deposit in the
Collection Account or earned on collections pending deposit in the Collection Account. The Servicer shall be required to pay from its own account all expenses incurred by it in connection with its activities hereunder (including fees and
disbursements of independent accountants and auditors, taxes imposed on the Servicer, and other costs incurred in connection with administering and servicing the Receivables) and the fees and disbursements of the Issuer, the Administrator, the Owner
Trustee, the Indenture Trustee, the Owner Trustee’s and the Indenture Trustee’s respective counsel, the Securities Intermediaries, the Paying Agent, the Authenticating Agent, the Note Registrar and the Certificate Registrar except for
United States federal, state and local income and franchise taxes, if any, imposed on the Issuer or any Holder or any expenses in connection with realizing upon Receivables under Section 4.3. 
  
 SECTION 4.8 Servicer’s Certificate. On or before each
Determination Date, the Servicer shall deliver to the Indenture Trustee, the Owner Trustee, the Paying Agent and the Rating Agencies a Servicer’s Certificate, substantially in the form of Exhibit A, for the Collection Period preceding
such Determination Date, containing all information necessary to make the distributions pursuant to Section 5.5, and all information necessary for the Paying Agent to send statements to Holders pursuant to Section 5.9. The Servicer
shall deliver to the Rating Agencies any information, to the extent it is available to the Servicer, that the Rating Agencies reasonably request in order to monitor the Issuer. The Servicer shall also specify each Receivable which the Seller or the
Servicer is required to repurchase or purchase, as the case may be, as of the last day of the preceding Collection Period and each Receivable which the Servicer shall have determined to be a Defaulted Receivable during the preceding Collection
Period. Subsequent to the Closing Date, the form of Servicer’s Certificate may be revised or modified to cure any ambiguities or inconsistencies between such form and this Agreement; provided, however, that no material information
shall be deleted from the form of Servicer’s Certificate. In the event that the form of Servicer’s Certificate is revised or modified in accordance with the preceding sentence, a form thereof, as so revised or modified, shall be provided
to the Owner Trustee, the Paying Agent, the Indenture Trustee and each Rating Agency. 
  
 SECTION 4.9 Annual Statement as to Compliance. 
  
 (a) The Servicer shall deliver to a firm of independent certified public accountants, on or before March 31 of each year commencing March 31, 2006, a certificate signed by the chairman of the board, the president, the
treasurer, the controller, any executive or senior vice president or any vice president of the Servicer, stating that (a) a review of the activities of the Servicer during the year ended the preceding December 31 (or the period since the Cutoff Date
in the case of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision and (b) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all its
obligations in all material respects under this Agreement throughout such year (or the period since the Cutoff Date in the case of the first such certificate), or, if there has been a default in the fulfillment of any such obligation, specifying
each such default known to such officer and the nature and status thereof. 
  

 32 

 (b) The Servicer shall deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency
promptly after having obtained knowledge thereof, but in no event later than five Business Days thereafter, an Officer’s Certificate specifying any event which with the giving of notice or lapse of time, or both, would become an Event of
Servicing Termination under Section 8.1. The Seller shall deliver to the Indenture Trustee and the Owner Trustee, promptly after having obtained knowledge thereof, but in no event later than five Business Days thereafter, an Officer’s
Certificate specifying any event which with the giving of notice or lapse of time, or both, would become an Event of Servicing Termination under Section 8.1. 
  
 SECTION 4.10 Annual Audit Report. The Servicer shall cause a firm of independent public accountants (which may
provide other services to the Servicer or the Seller) to prepare a report (with a copy of the certificate described in Section 4.9(a) attached) addressed to the Board of Directors of the Servicer, for the information and use of the Indenture
Trustee, the Owner Trustee and the Rating Agencies on or before March of each year, beginning March 31, 2006 to the effect that, with respect to the twelve months ended the preceding December 31 (or the period since the Cutoff Date, in the case of
the first such certificate), such firm has either (A) examined a written assertion by the Servicer about the effectiveness of the Servicer’s internal control structure over the processing and reporting of transactions relating to
securitized automobile loans with respect to the criteria set forth by the Servicer (the “Assertion”) and that, on the basis of such examination, such firm is of the opinion that the Servicer’s Assertion is fairly stated in all
material respects except for such exceptions as shall be set forth in such firm’s report, or (B) such firm has performed the following procedures: 
  

	1.	For a sample of daily cash receipts during the preceding calendar year: 

  

	 	a.	Trace total cash receipts to deposits on bank statements. 

  

	 	b.	Agree cash receipts for securitized loans to computer reports. 

  

	 	c.	Trace cash receipts for securitized loans to disbursements to the Owner Trustee and the Indenture Trustee. 

  

	2.	For a sample of monthly cash receipt reports: 

  

	 	a.	Agree total cash receipts per the cash receipt reports to “Total Payments From Obligors Applied to Collection Period” per monthly Servicer Certificates.

  

	 	b.	Agree total principal payments per the cash receipt reports to “Principal Payments” per monthly Servicer Certificates. 

  

	3.	For a sample of loans delinquent 30 days or more and for a sample of loans in repossession status, selected from the loan delinquency report or a new repossession report, as
applicable, at a point in time, trace loan number to inclusion in the loan collection system. 

  
 The determination of which of the two alternative reports to be prepared and delivered, and the size of each sample to be tested, shall be decided in the sole discretion of the Servicer. The report of the independent
certified public accountants shall also indicate that such accounting firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. 
  

 33 

 SECTION 4.11 Access by Holders to Certain Documentation and Information Regarding Receivables. The
Servicer shall provide to the Holders access to the Receivable Files in such cases where the Holders shall be required by applicable statutes or regulations to have access to such documentation. Access by the Holders shall be afforded without
charge, but only upon reasonable request and during normal business hours which do not unreasonably interfere with the Servicer’s normal operations or customer or employee relations. Nothing in this Section 4.11 shall affect the
obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of
this Section 4.11. 
  
 SECTION 4.12 Reports to Holders
and the Rating Agencies. 
  
 (a) The Indenture Trustee or the
Owner Trustee, as applicable, shall provide to any Holder who so requests in writing (addressed to the Corporate Trust Office of such trustee) a copy of any Servicer’s Certificate described in Section 4.8, of the annual statement
described in Section 4.9(a), or of the annual report described in Section 4.10. The Indenture Trustee or the Owner Trustee, as applicable, may require the Holder to pay a reasonable sum to cover the cost of the Indenture Trustee’s
or the Owner Trustee’s complying with such request, as applicable. 
  
 (b) The Indenture Trustee or the Owner Trustee, as applicable, shall forward to the Rating Agencies the statement to Holders described in Section 5.9 and any other reports it may receive pursuant to this Agreement to (i) Standard
& Poor’s, via electronic delivery to Servicer_reports@sandp.com or, in the case of reports not available in electronic format, Standard & Poor’s Ratings Service, 55 Water Street, 41st floor, New York, New York 10041-0003,
Attention: ABS Surveillance Group, (ii) Moody’s, ABS Monitoring Dept., 99 Church Street, 4th Floor, New York, New York 10007 and (iii) Fitch, One State Street Plaza, 32nd Floor, New York, New York 10004. 
  
 SECTION 4.13 Reports to the Securities and Exchange Commission. The
Servicer shall, on behalf of the Issuer, cause to be filed with the Securities and Exchange Commission any periodic or other reports required to be filed under the provisions of the Exchange Act and the rules and regulations of the Securities and
Exchange Commission thereunder. 
  
 ARTICLE V 
  
 ACCOUNTS; DISTRIBUTIONS; 
 STATEMENTS TO CERTIFICATEHOLDERS 
  
 SECTION 5.1 Establishment of Collection Account and Note Distribution Account. 
  
 (1) On or prior to the Closing Date, the Issuer, the Collection Account Securities Intermediary and the Indenture Trustee
shall have entered into the Collection Account Control Agreement pursuant to which the Collection Account shall be established and maintained for the benefit of the Noteholders and the Certificateholders. If the depositary of the 

  

 34 

 
Collection Account ceases to be either a Qualified Institution or a Qualified Trust Institution, as applicable, the Issuer shall cause the Collection Account
to be moved to a Qualified Institution or a separate trust account in a Qualified Trust Institution and the Indenture Trustee shall cause the depositary maintaining the new Collection Account to assume the obligations of the existing Collection
Account Securities Intermediary under the Collection Account Control Agreement unless the Rating Agency Condition is satisfied in connection with such depositary’s ceasing to be a Qualified Institution or a Qualified Trust Institution, as the
case may be. All amounts held in the Collection Account shall be invested in accordance with the Collection Account Control Agreement at the written direction of the Servicer to the extent provided in Section 8.3(a) and Section 8.3(c) of the
Indenture in Permitted Investments that mature not later than the Deposit Date next succeeding the date of investment except, if the Collection Account Securities Intermediary and the Indenture Trustee are the same Person, investments on which the
Indenture Trustee is the obligor (including repurchase agreements on which the Indenture Trustee, in its commercial capacity, is liable as principal) may mature on the next succeeding Payment Date; provided, however, that once such
amounts have been invested in Permitted Investments, such Permitted Investments must be held or maintained until they mature on or before the dates described above. For administrative purposes only, the Issuer shall establish and maintain an
administrative subaccount within the Collection Account designated as the “Principal Distribution Subaccount”. 
  
 (a) On or prior to the Closing Date, the Servicer shall establish and maintain for the benefit of the Noteholders, in the name of the Indenture Trustee,
an Eligible Deposit Account for the deposit of distributions to the Noteholders (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Noteholders. The Note Distribution Account shall be established initially at JPMorgan Chase. Should any depositary of the Note Distribution Account or the Certificate Distribution Account (including JPMorgan Chase (or an Affiliate thereof)) cease to
be either a Qualified Institution or a Qualified Trust Institution, as applicable, then the Servicer shall, with the Seller’s assistance as necessary, cause the related account to be moved to a Qualified Institution or a Qualified Trust
Institution, unless the Rating Agency Condition is satisfied in connection with such depositary’s ceasing to be a Qualified Institution or a Qualified Trust Institution, as the case may be. Amounts on deposit in the Note Distribution Account
shall not be invested. 
  
 (b) The Indenture Trustee shall possess
all right, title and interest in all funds on deposit from time to time in the Note Distribution Account and in all proceeds thereof and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. 
  
 SECTION 5.2 Collections. 
  
 (a) The Servicer shall remit daily within forty-eight hours of receipt to the
Collection Account all Collections collected during the Collection Period. Chase USA has requested that, so long as it is acting as the Servicer, the Servicer be permitted to make remittances of Collections on a less frequent basis than that
specified in the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions
are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer shall remit such collections to the Collection Account 

  

 35 

 
in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on the Deposit Date, but
only for so long as (i) the short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody’s, “F1” by Fitch (if rated by Fitch) and “A-1” by Standard & Poor’s, or the Rating Agency Condition is
satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall be Chase USA or JPMorgan Chase. Upon remittance by the Servicer of Collections to the Collection Account pursuant to the preceding
sentence, the Paying Agent shall provide written notice to the Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer on such date and, if the
Paying Agent fails to provide the Indenture Trustee and the Owner Trustee, with such written notice by 12 noon, New York City time, on such Deposit Date, then the Indenture Trustee and the Owner Trustee shall assume that no deposits were made to the
Collection Account pursuant to this Section 5.2. For purposes of this Section 5.2 the phrase “payments made on behalf of the Obligors” shall mean payments made by Persons other than the Seller or the Servicer. 
  
 (b) Notwithstanding anything in this Agreement to the contrary, if the
Servicer inadvertently deposits amounts that it mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the Payment following such deposit, the Indenture Trustee, at the
written direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall be deemed to have purchased such Receivable pursuant to Section 4.6 as of the last day of the Collection Period during
which such error shall have occurred. 
  
 SECTION 5.3
[Reserved]. 
  
 SECTION 5.4 Additional Deposits. The
Servicer, or the Seller, as the case may be, shall deposit into the Collection Account the aggregate Repurchase Amount pursuant to Sections 3.2, 4.6 and 9.1(a), as applicable. All remittances shall be made to the Collection
Account, in Automated Clearinghouse Corporation next-day funds or immediately available funds, no later than 11 a.m., New York City time, on the Deposit Date. 
  

SECTION 5.5 Distributions. 
  
 (a) No later than 12 noon, New York City time, on each Determination Date, the Servicer shall calculate all amounts required to determine the amounts to
be withdrawn from the Reserve Account (if any) and deposited into the Collection Account and the amounts to be withdrawn from the Collection Account and paid to the Servicer and the Administrator, allocated to the Principal Distribution Subaccount,
deposited into the Note Distribution Account and the Certificate Distribution Account and/or paid to the Class R Certificateholder pursuant to Section 5.7(d) with respect to the next succeeding Payment Date. 
  
 (b) On each Deposit Date, the Servicer shall instruct the Indenture Trustee
in writing (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date pursuant to Section 4.8) to withdraw from the Reserve Account and deposit in the Collection Account the Reserve
Account Transfer Amount (if any) for the related Payment 

  

 36 

 
Date, and the Indenture Trustee shall so withdraw and deposit the Reserve Account Transfer Amount (if any) for such Payment Date. 
  
 (c) Not later than 11:00 a.m., New York City time, on each Payment Date, at
the Servicer’s direction, the Indenture Trustee, or the Paying Agent on behalf of the Indenture Trustee, shall cause to be made the following distributions, to the extent of the Available Amount then on deposit in the Collection Account and
amounts withdrawn from the Reserve Account and deposited in the Collection Account by wire transfer of immediately available funds, in the following order of priority and in the amounts set forth in the Servicer’s Certificate for such Payment
Date: 
  
 (i) to the Servicer, the sum of (x) the
Servicing Fee for the preceding Collection Period, plus (y) the amount of any Servicing Fee previously due but not paid, if any, to the extent such amounts are not deducted from the Servicer’s remittance to the Collection Account pursuant to
Section 5.8; 
  
 (ii) to the
Administrator, the sum of (x) the Administration Fee for such Payment Date, plus (y) the amount of any Administration Fee previously due but not paid, if any; 
  

(iii) to the Note Distribution Account, the Noteholders’ Interest Distributable Amount; 
  
 (iv) except as set forth in Section 5.5(d), allocate
to the Principal Distribution Subaccount, the First Priority Principal Distribution Amount for such Payment Date; 
  
 (v) except as set forth in Section 5.5(d), to the Owner Trustee for deposit in the Certificate Distribution Account, the
Certificateholders’ Interest Distributable Amount; 
  
 (vi) except as set forth in Section 5.5(d), allocate to the Principal Distribution Subaccount, the Second Priority Principal Distribution Amount for such Payment Date; 
  
 (vii) except as set forth in Section 5.5(d), to the
Reserve Account, the excess, if any, of the Specified Reserve Account Balance for such Payment Date over the Available Reserve Account Amount for such Payment Date; 
  
 (viii) except as set forth in Section 5.5(d), allocate to the Principal Distribution Subaccount, the
Regular Principal Distribution Amount for such Payment Date; and 
  
 (ix) except as provided in Section 5.5(d), to the Class R Certificateholder any remaining portion of the Available Amount. 
  
 In the event that the Collection Account is maintained with an institution other than the Indenture Trustee, the Servicer shall instruct and cause such
institution to make all deposits and distributions pursuant to this Section 5.5(c) on the related Deposit Date. 
  

 37 

 (d) If the Notes have been declared immediately due and payable as provided in Section 5.2 of the
Indenture following the occurrence of an Event of Default described in clause (a) or (b) of Section 5.1 of the Indenture, any amounts remaining in the Collection Account after the distributions described in clauses (i), (ii) and (iii) of Section
5.5(c) shall be distributed as follows: (1) an amount equal to the Outstanding Amount of the Notes will be deposited in the Note Distribution Account, (2) an amount equal to the Certificateholders’ Interest Distributable Amount will be
deposited in the Certificate Distribution Account, (3) an amount equal to the Certificate Balance will be deposited in the Certificate Distribution Account and (4) any remaining amounts will be paid to the Class R Certificateholder. 
  
 (e) So long as the Notes have not been declared immediately due and payable
as provided in Section 5.2 of the Indenture following the occurrence of an Event of Default described in clause (a) or (b) of Section 5.1 of the Indenture, on each Payment Date, at the Servicer’s direction, the Indenture Trustee, or the Paying
Agent on behalf of the Indenture Trustee, shall cause to be made the following distributions from the Principal Distribution Subaccount by wire transfer of immediately available funds, in the following order of priority and in the amounts set forth
in the Servicer’s Certificate for such Payment Date: 
  
 (i) to the Note Distribution Account, the Noteholders’ Principal Distribution Amount for such Payment Date; and 
  
 (ii) to the Certificate Distribution Account, the Certificateholders’ Principal Distribution Amount for such Payment Date.

  
 SECTION 5.6 [Reserved]. 
  
 SECTION 5.7 Reserve Account. 
  
 (a) On or prior to the Closing Date, the Issuer, the Reserve Account
Securities Intermediary and the Indenture Trustee shall have entered into the Reserve Account Control Agreement pursuant to which the Reserve Account shall be established and maintained for the benefit of the Noteholders and the Certificateholders.
Pursuant to Section 2.5 of the Trust Agreement, on the Closing Date, the Owner Trustee shall deposit the Reserve Account Initial Deposit into the Reserve Account. 
  
 (b) If the depositary of the Reserve Account ceases to be either a Qualified Institution or a Qualified Trust Institution,
as applicable, the Issuer shall cause the Reserve Account to be moved to a Qualified Institution or a separate trust account in a Qualified Trust Institution and the Indenture Trustee shall cause the depositary maintaining the new Reserve Account to
assume the obligations of the existing Reserve Account Securities Intermediary under the Reserve Account Control Agreement unless the Rating Agency Condition is satisfied in connection with such depositary’s ceasing to be a Qualified
Institution or a Qualified Trust Institution, as the case may be. 
  
 (c) All amounts held in the Reserve Account shall be invested in accordance with the Reserve Account Control Agreement at the written direction of the Class R Certificateholder to the extent provided in Section 8.3(a) and Section 8.3(c) of
the Indenture in Permitted Investments that mature not later than the Deposit Date next succeeding the date of 

  

 38 

 
investment except, if the Reserve Account Securities Intermediary and the Indenture Trustee are the same Person, investments on which the Indenture Trustee
is the obligor (including repurchase agreements on which the Indenture Trustee, in its commercial capacity, is liable as principal) may mature on the next succeeding Payment Date; provided, however, that amounts on deposit in the
Reserve Account may be invested in Permitted Investments that mature later than the next succeeding Deposit Date, but in no event that mature later than 90 days after the date of investment, if the Rating Agency Condition is satisfied. Once amounts
on deposit in the Reserve Account are invested in Permitted Investments, such Permitted Investments must be held or maintained until they mature on or before the dates described above. 
  
 (d) On each Payment Date, the Indenture Trustee shall withdraw from the Reserve Account and pay to the Class R
Certificateholder the sum of (i) all investment earnings (net of losses and investment expenses) credited to the Reserve Account since the prior Payment Date and (ii) the excess, if any, of the amount on deposit in the Reserve Account over the
Specified Reserve Account Balance for such Payment Date (after giving effect to all deposits therein or withdrawals therefrom on such Payment Date). Upon any distribution to the Class R Certificateholder of amounts from the Reserve Account, the
Holders will have no rights in, or claims, to, such amounts. Amounts properly distributed to the Class R Certificateholder from the Reserve Account shall not be available under any circumstances to the Indenture Trustee, and the Class R
Certificateholder shall not in any event thereafter be required to refund any such distributed amounts. 
  

 39 

 SECTION 5.8 Net Deposits. Chase USA (in its capacity as the Seller or the Servicer) may make the
remittances pursuant to Sections 5.2 and 5.4 above, net of amounts to be retained by it or distributed to it (also in any such capacity) pursuant to Section 4.7 (if applicable) and Section 5.5, if (a) it shall be the
Servicer and (b) it is entitled, pursuant to Section 5.2, to make deposits on a monthly basis, rather than a daily basis. Nonetheless, the Servicer shall account for all of the above-described amounts as if such amounts were deposited and
distributed separately. 
  
 SECTION 5.9 Statements to
Certificateholders and Noteholders. On each Payment Date, the Servicer shall provide to the Indenture Trustee and the Paying Agent (for the Paying Agent to forward to each Noteholder of record pursuant to the Indenture) and to the Owner Trustee
(for the Owner Trustee to forward to each Certificateholder of record pursuant to the Trust Agreement) a statement substantially in the form of Exhibit B (or such other form that is acceptable to the Indenture Trustee, the Owner Trustee and
the Servicer containing substantially similar information), with a copy to the Rating Agencies. 
  
 ARTICLE VI 
  
 THE SELLER

  
 SECTION 6.1 Representations of Seller. The Seller makes
the following representations on which the Issuer shall rely in acquiring the Receivables. The representations shall speak as of the execution and delivery of this Agreement, and shall survive the sale of the Receivables to the Issuer and pledge
thereof to the Indenture Trustee pursuant to the Indenture. 
  
 (i) Organization and Good Standing. The Seller has been duly organized and is validly existing as a national banking association in good standing under the laws of the United States of America, with power and
authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, power, authority, and legal right to acquire and own the
Receivables. 
  
 (ii) Power and Authority.
The Seller has the power and authority to execute and deliver this Agreement and the other Basic Documents to which it is a party and to carry out their respective terms, the Seller has full power and authority to sell and assign the property to be
sold and assigned to the Issuer as the Owner Trust Estate and has duly authorized such sale and assignment to the Issuer by all necessary corporate action; and the execution, delivery, and performance of this Agreement and the other Basic Documents
to which it is a party has been duly authorized by the Seller by all necessary action. 
  
 (iii) Valid Sale; Binding Obligations. This Agreement effects a valid sale, transfer, and assignment of the Receivables,
enforceable against creditors of and purchasers from the Seller; this Agreement and each of the other Basic Documents to which it is a party constitutes a legal, valid, and binding obligation of the Seller enforceable in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of 

  

 40 

	 	 
creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or
at law. 

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

  

 41 

 
and (ii) the Seller’s violation of federal or state securities laws in connection with the registration of the sale of the Notes and the Certificates.

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

  

 42 

	 	 
standing under the laws of the United States of America or the jurisdiction of its incorporation, with power and authority to own its properties and to
conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, power, authority, and legal right to service the Receivables and to hold the Receivable Files as custodian
on behalf of the Issuer. 

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

 43 

 (vi) Fidelity Bond. The Servicer maintains a fidelity bond in such form and amount
as is customary for banks acting as custodian of funds and documents in respect of retail automotive installment sales contracts. 
  
 SECTION 7.2 Liability of Servicer; Indemnities. The Servicer shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Servicer in such capacity under this Agreement and shall have no other obligations or liabilities hereunder. 
  
 (i) The Servicer shall defend, indemnify, and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and the Holders from and
against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from the use, ownership, or operation by the Servicer or any Affiliate thereof of a Financed Vehicle. 
  
 (ii) The Servicer shall indemnify, defend, and hold harmless
the Issuer, the Owner Trustee and the Indenture Trustee from and against any taxes that may at any time be asserted against the Issuer with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross
receipts, general corporation, tangible or intangible personal property, privilege, or license taxes (but not including any taxes asserted with respect to, and as of the date of, the sale of the Receivables to the Issuer or the issuance and original
sale of the Notes or the Certificates, or asserted with respect to ownership of the Receivables or federal, state or other income taxes, including franchise taxes measured by net income) arising out of distributions on the Notes or the Certificates
and costs and expenses in defending against the same. 
  
 (iii) The Servicer shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and the Holders from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that
such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Issuer, the Owner Trustee, the Indenture Trustee or the Holders through the willful misfeasance, gross negligence, or bad faith of the Servicer in the
performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. 
  
 Indemnification under this Section 7.2 shall include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer shall have
made any indemnity payments pursuant to this Section 7.2 and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts to the Servicer, without interest. The indemnification obligations
of the Servicer set forth in this Section 7.2 shall survive the termination of such Servicer with respect to any act or failure to act which occurs prior to such Servicer’s termination. The provisions of Section 6.7 of the Indenture and
Sections 8.1 and 8.2 of the Trust Agreement with respect to the Servicer’s obligations are incorporated by reference herein. 
  
 SECTION 7.3 Merger or Consolidation of Servicer. Any corporation or other entity (i) into which the Servicer may be merged or consolidated, (ii)
which may result from any merger, conversion, or consolidation to which the Servicer shall be a party, or (iii) which may 

  

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succeed to all or substantially all of the business of the Servicer, which corporation or other entity shall be bound to perform every obligation of the
Servicer hereunder, shall be the successor to the Servicer under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement. The Servicer shall give prompt written notice of
any merger or consolidation to the Issuer, the Owner Trustee, the Indenture Trustee, the Seller and the Rating Agencies. 
  
 SECTION 7.4 Limitation on Liability of Servicer and Others. 
  
 (a) Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer shall be under any
liability to the Issuer, the Owner Trustee, the Indenture Trustee or the Holders, except as provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided,
however, that this provision shall not protect the Servicer or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, gross negligence, or bad faith in the performance of duties or by reason of
reckless disregard of obligations and duties under this Agreement. The Servicer and any director or officer or employee or agent of the Servicer may rely in good faith on the advice of counsel or on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising under this Agreement. 
  
 (b) The Servicer, and any director, or officer, employee or agent of the Servicer, shall be indemnified by the Issuer and held harmless against any loss, liability, or expense (including reasonable attorneys’
fees and expenses) incurred in connection with any legal action relating to the performance of the Servicer’s duties under this Agreement, other than (i) any loss or liability otherwise reimbursable to the Servicer by a Person
other than the Issuer pursuant to this Agreement or the Basic Documents; (ii) any loss, liability, or expense incurred solely by reason of the Servicer’s willful misfeasance, negligence, or bad faith in the performance of its duties hereunder
or by reason of reckless disregard of its obligations and duties under this Agreement or the Basic Documents; and (iii) any loss, liability, or expense for which the Issuer is to be indemnified by the Servicer under this Agreement or the Basic
Documents. Any amounts due the Servicer pursuant to this Section 7.4 shall be payable on a Payment Date from amounts distributable to the Class R Certificateholder from the Reserve Account pursuant to Section 5.7(d). 
  
 (c) Except as provided in this Agreement, the Servicer shall not be under any
obligation to appear in, prosecute, or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability; provided, however, that the
Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties to this Agreement and the interests of the Holders under this Agreement. In such event, the
legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs, and liabilities of the Issuer, and the Servicer shall be entitled to be reimbursed therefor. Any amounts due the Servicer pursuant to this
Section 7.4 shall be payable on a Payment Date from amounts distributable to the Class R Certificateholder from the Reserve Account pursuant to Section 5.7(d). 
  

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 The Person to be indemnified shall provide the Issuer, the Owner Trustee and the Indenture Trustee with a
certificate and accompanying Opinion of Counsel requesting indemnification and setting forth the basis for such request. 
  
 SECTION 7.5 Servicer Not To Resign. Except as permitted by Section 7.3, the Servicer shall not resign from its obligations and duties under
this Agreement except (i) upon determination that the performance of its duties shall no longer be permissible under applicable law or (ii) upon satisfaction of the Rating Agency Condition, in the event of the appointment of a successor Servicer.
Notice of any such determination permitting the resignation of the Servicer shall be communicated to the Issuer, the Indenture Trustee, the Owner Trustee, the Seller and the Rating Agencies at the earliest practicable time (and, if such
communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the
Issuer, the Indenture Trustee and the Owner Trustee concurrently with such notice. No such resignation shall become effective until the Indenture Trustee (which shall not be obligated to act as successor Servicer if the Servicer has resigned for a
reason other than that the performance of its duties are no longer permissible under applicable law) or a successor Servicer shall have assumed the responsibilities and obligations of the Servicer hereunder in accordance with Section 8.2.

  
 SECTION 7.6 Delegation of Duties. So long as Chase USA
acts as Servicer, the Servicer shall have the right, in the ordinary course of its business, to delegate any of its duties under this Agreement to any Person. The Servicer shall pay any compensation payable to such Person from its own funds and none
of the Issuer, the Owner Trustee, the Indenture Trustee or the Holders shall have any liability to such Person with respect thereto. Notwithstanding any delegation of duties by the Servicer pursuant to this Section 7.6, the Servicer shall not
be relieved of its liability and responsibility with respect to such duties, and any such delegation shall not constitute a resignation within the meaning of Section 7.5. Any agreement that may be entered into by the Servicer and a Person
that provides for any delegation of the Servicer’s duties hereunder to such Person shall be deemed to be between the Servicer and such Person alone, and the Issuer, the Owner Trustee, the Indenture Trustee and Holders shall not be deemed
parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect thereto. 
  
 ARTICLE VIII 
  
 EVENTS OF SERVICING TERMINATION 
  
 SECTION 8.1 Events
of Servicing Termination. Any one of the following events which shall occur and be continuing shall constitute an event of servicing termination hereunder (each, an “Event of Servicing Termination”): 
  
 (i) Any failure by the Servicer to deliver to the Indenture
Trustee the Servicer’s Certificate for the related Collection Period, or any failure by the Servicer to deliver to the Indenture Trustee, for deposit in any of the Trust Accounts or the Certificate Distribution Account, any proceeds or payment
required to be so delivered under the terms of the Certificates or the Notes and this Agreement (or, in the case of a payment or deposit to be made not later than the Deposit Date, the failure to make such 

  

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payment or deposit on such Deposit Date), which failure continues unremedied for a period of five Business Days after (A) discovery by an officer of the
Servicer or (B) written notice (1) to the Servicer by the Indenture Trustee or the Owner Trustee or (2) to the Indenture Trustee or the Owner Trustee, as applicable, and the Servicer by the Holders of Notes evidencing not less than 25% of the
Outstanding Amount of the Notes (or, if the Notes have been paid in full, by Holders of the Certificates evidencing not less than 25% of the Certificate Balance); 
  
 (ii) Failure on the part of the Servicer duly to observe or to perform in any material respect any other
covenants or agreements of the Servicer set forth in this Agreement or the Indenture, which failure shall (a) materially and adversely affect the rights of the Issuer or the Holders, and (b) continue unremedied for a period of 60 days after the date
on which written notice of such failure, requiring the same to be remedied, shall have been given (1) to the Servicer by the Indenture Trustee or the Owner Trustee, or (2) to the Indenture Trustee or the Owner Trustee, as applicable, and the
Servicer by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Notes (or, if the Notes have been paid in full, by Holders of the Certificates evidencing not less than 25% of the Certificate Balance); 
  
 (iii) The entry of a decree or order by a court or agency or
supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, or liquidator for the Servicer in any insolvency, readjustment of debt, marshalling of assets and liabilities, or similar proceedings, or for
the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
  
 (iv) The consent by the Servicer to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities, or similar proceedings of or relating to the Servicer or of or relating to substantially all of its property; or the Servicer shall admit in writing its inability to pay its debts generally as they become due,
file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. 
  
 Upon the occurrence of any Event of Servicing Termination as described above, and in each and
every case and for so long as such Event of Servicing Termination shall not have been remedied, either the Indenture Trustee or the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes (or, if the Notes have
been paid in full and the Indenture has been discharged in accordance with its terms, by the Owner Trustee or the Holders of Certificates evidencing not less than a majority of the Certificate Balance), by notice given in writing to the Servicer
(and to the Indenture Trustee or the Owner Trustee, as applicable, if given by Holders) may terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice, all
authority and power of the Servicer under this Agreement, whether with respect to the Certificates, the Notes or the Receivables or otherwise, shall pass to and be vested in the Indenture Trustee pursuant to this Section 8.1; and, without
limitation, the Indenture Trustee shall be hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or 

  

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

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 SECTION 8.3 Notification to Noteholders and Certificateholders. Upon any Event of Servicing
Termination, or appointment of a successor Servicer pursuant to this Article VIII, the Owner Trustee shall give prompt written notice thereof to Certificateholders and the Indenture Trustee shall give prompt written notice thereof to the
Noteholders, at their respective addresses of record, and to the Rating Agencies. 
  
 SECTION 8.4 Waiver of Past Defaults. The Holders of Notes evidencing at least a majority of the Outstanding Amount of the Notes (or, the Holders of Certificates evidencing not less than a majority of the
Certificate Balance, in the case of any Event of Servicing Termination that does not adversely affect the Indenture Trustee or the Noteholders) may, on behalf of all such Holders, waive any default by the Servicer in the performance of its
obligations hereunder and its consequences, except a default in the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement. Upon any such waiver
of a past default, such default shall cease to exist, and any Event of Servicing Termination arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default
or impair any right consequent thereon except to the extent expressly so waived. The Servicer shall give prompt written notice of any waiver to the Rating Agencies; provided, however, that the Indenture Trustee or the Owner Trustee
shall only be required to give such notice if a Responsible Officer thereof has actual knowledge of the related event. 
  
 ARTICLE IX 
  
 TERMINATION 
  
 SECTION 9.1 Optional Purchase of All Receivables; Trust Termination. 
  
 (a) As of the last day of any Collection Period as of which the Pool Balance shall be equal to or less than the Optional Purchase Percentage of the Original Pool Balance, the Servicer shall have the option to purchase
the Owner Trust Estate, other than the Trust Accounts and the Certificate Distribution Account. To exercise such option, the Servicer shall notify the Indenture Trustee, the Owner Trustee, the Note Registrar and the Certificate Registrar in writing,
no later than the 25th day of the Collection Period immediately preceding the date on which such purchase is to be effected, shall pay the aggregate Repurchase Amount for the Receivables (including Defaulted Receivables) and shall succeed to all
interests in, to and under such property. The payment shall be made in the manner specified in Section 5.4, and shall be distributed pursuant to Section 5.5. 
  
 (b) Upon any sale of the assets of the Issuer pursuant to Article V of the Indenture, the Servicer shall instruct the
Indenture Trustee in writing to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Sale Proceeds”) in the Collection Account. On the Payment Date
on which the Sale Proceeds are deposited in the Collection Account (or, if such proceeds are not so deposited on a Payment Date, on the Payment Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to
make, and the Indenture Trustee shall make, the following deposits and distributions (after the application on such Payment Date of the 

  

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Available Amount pursuant to Section 5.5) from the Sale Proceeds and any funds remaining on deposit in the Reserve Account (including the proceeds of
any sale of investments therein): 
  
 (i) to the
Note Distribution Account, any portion of the Noteholders’ Interest Distributable Amount not otherwise deposited into the Note Distribution Account on such Payment Date; 
  
 (ii) to the Note Distribution Account, the Outstanding Amount of the Notes (after giving effect to the
reduction in the Outstanding Amount of the Notes resulting from the deposits made in the Note Distribution Account on such Payment Date); 
  
 (iii) to the Certificate Distribution Account, any portion of the Certificateholders’ Interest Distributable Amount not otherwise
deposited into the Certificate Distribution Account on such Payment Date; and 
  
 (iv) to the Certificate Distribution Account, the Certificate Balance (after giving effect to the reduction in the Certificate Balance resulting from the deposits made in the Certificate Distribution Account on such
Payment Date). 
  
 Any Sale Proceeds remaining after the deposits described above
shall be paid to the Class R Certificateholder. 
  
 (c) Notice of
any termination of the Issuer shall be given by the Servicer to the Owner Trustee, the Indenture Trustee and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
  
 (d) After the payment to the Indenture Trustee, the Owner Trustee, the
Holders and the Servicer of all amounts required to be paid under this Agreement, the Indenture and the Trust Agreement, any amounts on deposit in the Reserve Account or the Collection Account shall be paid to the Class R Certificateholder, and any
other assets remaining in the Owner Trust Estate shall be distributed to the Class R Certificateholder. 
  
 ARTICLE X 
  
 MISCELLANEOUS PROVISIONS 
  
 SECTION 10.1
Amendment. This Agreement may be amended by the Seller, the Servicer and the Owner Trustee, on behalf of the Issuer, with the prior consent of the Indenture Trustee and prior notice to the Rating Agencies but without prior notice to or the
consent of any of the Holders, (i) to cure any ambiguity, to correct or supplement any provisions in this Agreement which may be inconsistent with any other provisions herein, to evidence a succession to the Servicer or the Seller pursuant to this
Agreement or to add any other provisions with respect to matters or questions arising under this Agreement that shall not be inconsistent with the provisions of this Agreement; provided, however, that such action shall not, as
evidenced by an Officer’s Certificate and/or an Opinion of Counsel reasonably acceptable and delivered to the Owner Trustee and the Indenture Trustee, adversely and materially affect the interests of the Issuer or any of the Holders;
provided, further, that the Servicer shall deliver written notice of such changes to each Rating Agency prior to the execution of any such 

  

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amendment, or (ii) to effect a transfer or assignment in compliance with Section 10.6 of this Agreement. Notwithstanding the foregoing, no amendment
modifying the provisions of Section 5.5 shall become effective without satisfaction of the Rating Agency Condition. 
  
 This Agreement may also be amended from time to time by the Seller, the Servicer and the Owner Trustee, on behalf of the Issuer, with the consent of the
Indenture Trustee, the Holders of Certificates evidencing at least a majority of the Certificate Balance of the Certificates and the consent of the Holders of Notes evidencing at least a majority of the Outstanding Amount of the Notes, 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 (including effecting a transfer or assignment
in compliance with Section 10.6 of this Agreement); provided, however, that no such amendment, except with the consent of the Holders of all Certificates or Notes then outstanding affected thereby, shall (a) increase or reduce
in any manner the amount of, or accelerate or delay the timing of, collections of payments of Receivables, or distributions that shall be required to be made on any Certificate or Note, or (b) reduce the aforesaid percentage of the Certificate
Balance of the Certificates or the Outstanding Amount of the Notes required to consent to any such amendment. 
  
 Promptly after the execution of any amendment or consent referred to in this Section 10.1, the Owner Trustee shall furnish a copy of such amendment
or consent to each Certificateholder and the Indenture Trustee, who shall promptly furnish a copy to each Noteholder and to the Rating Agencies. 
  
 It shall not be necessary for the consent of the Indenture Trustee, the Certificateholders or the Noteholders pursuant to this Section 10.1 to
approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by
Certificateholders or Noteholders shall be subject to such reasonable requirements as the Indenture Trustee or the Owner Trustee may prescribe. 
  
 Prior to the execution of any amendment to this Agreement, the Indenture Trustee and the Owner Trustee shall be entitled to receive and rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Indenture Trustee and the Owner Trustee shall not be obligated to enter into any such amendment which affects the Indenture
Trustee’s and the Owner Trustee’s own rights, duties or immunities under this Agreement. 
  
 Satisfaction of the Rating Agency Condition is required prior to the execution of any amendment to this Agreement, other than an amendment permitted
pursuant to clause (i) of the first paragraph of this Section 10.1. 
  
 SECTION 10.2 Protection of Title to Owner Trust Estate. 
  
 (a) The Seller shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve,
maintain, and protect the interests of the Issuer and the 

  

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Indenture Trustee in the Receivables and in the proceeds thereof. The Servicer shall deliver (or cause to be delivered) to the Owner Trustee and the
Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In addition, the Seller hereby authorizes the Issuer at any time and from time to time to file any
financing statements and amendments thereto in any jurisdiction as may be necessary or desirable to preserve, maintain, and protect the interests of the Issuer and the Indenture Trustee in the Receivables and the proceeds thereof. 
  
 (b) Neither the Seller nor the Servicer shall change its name in any manner
that would, could, or might make any financing statement or continuation statement filed by the Seller in accordance with paragraph (a) above seriously misleading within the meaning of § 9-506 (or any comparable section) of the Relevant UCC,
unless it shall have given the Owner Trustee and the Indenture Trustee at least 30 days’ prior written notice thereof. 
  
 (c) The Seller and the Servicer shall give the Owner Trustee and the Indenture Trustee at least 60 days’ prior written notice of any change in the
jurisdiction of its organization or the State designated as its location in its Articles of Association if, as a result of such change in jurisdiction or the State designated as its location in its Articles of Association, the applicable provisions
of the Relevant UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement. The Servicer shall at all times maintain each office from which it shall service Receivables
or at which the Receivable Files are located within the United States of America. 
  
 (d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and
recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such
Receivable. 
  
 (e) The Servicer shall maintain its computer
systems so that, from and after the time of sale under this Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including archives) that shall refer to a Receivable indicate clearly, by numerical code or
otherwise, that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee. Indication of the Issuer’s and Indenture Trustee’s interest in a Receivable shall be deleted from or modified on the Servicer’s
computer systems when, and only when, the Receivable shall have been paid in full, repurchased or assigned pursuant hereto. 
  
 (f) If at any time the Seller or the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest in a new or used
automobile receivable to any prospective purchaser, creditor, or other transferee, the Seller or the Servicer, as the case may be, shall give to such prospective purchaser, creditor, or other transferee computer tapes, records, or print-outs
(including any restored from archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged to the Indenture Trustee.

  

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 (g) The Servicer shall permit the Indenture Trustee and the Owner Trustee and their respective agents
upon reasonable notice at any time during normal business hours which does not unreasonably interfere with the Servicer’s normal operations or customer or employee relations to inspect, audit, and make copies of and abstracts from the
Servicer’s records regarding the Receivables. 
  
 (h) Upon
request, the Servicer shall furnish to the Owner Trustee or the Indenture Trustee, within five Business Days, a list of all Receivables by account number and name of Obligor then held by the Issuer, together with a reconciliation of such list to the
Schedule of Receivables and to each of the Servicer Certificates indicating removal of Receivables from the Owner Trust Estate. 
  
 (i) The Servicer shall deliver to the Owner Trustee and the Indenture Trustee: 
  
 (i) upon the execution and delivery of this Agreement, an Opinion of Counsel either (a) stating that, in the
opinion of such counsel, all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the
details of such filings or referring to prior Opinions of Counsel in which such details are given, or (b) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest; and 
  
 (ii) on or before March 31 of each year, commencing with
March 31, 2006, an Opinion of Counsel, dated as of such date, either (a) stating that, in the opinion of such counsel, all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect
the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior opinions of Counsel in which such details are given, or (b) stating that, in the opinion of such counsel, no such
action shall be necessary to preserve and protect such interest. 
  
 Notwithstanding the provisions of Section 10.4, such Opinion of Counsel may be sent by regular non-certified mail, and such mailed opinion shall be deemed delivered when so mailed. 
  
 (j) The Seller shall, to the extent required by applicable law, cause the
Certificates and the Notes to be registered with the Securities and Exchange Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections. 
  
 (k) For the purpose of facilitating the execution of this Agreement and for
other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument. 
  

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 SECTION 10.3 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION
10.4 Notices. All demands, notices, and communications under this Agreement shall be in writing, personally delivered or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt (a) in the
case of the Seller, c/o Chase Auto Finance Corp., 900 Stewart Avenue, Garden City, New York 11530 Attention: Financial Controller, or at such other address as shall be designated by the Seller in a written notice to the Indenture Trustee, (b) in the
case of the Servicer, c/o Chase Auto Finance Corp., 900 Stewart Avenue, Garden City, New York 11530, Attention: Financial Controller, or at such other address as shall be designated by the Servicer in a written notice to the Indenture Trustee, (c)
in the case of the Indenture Trustee, at Wells Fargo Bank, National Association, Sixth Street and Marquette Avenue MAC N9311-161, Minneapolis, Minnesota 55479-0069, Attention: Corporate Trust Office and (d) in the case of the Issuer and the Owner
Trustee, at c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. Any notice required or permitted to be mailed to a Holder shall be given by first class
mail, postage prepaid, at the address of record of such Holder. Any notice to a Holder so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Holder shall receive such
notice. 
  
 SECTION 10.5 Severability of Provisions. If any
one or more of the covenants, agreements, provisions, or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants,
agreements, provisions, or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or of the Notes or the rights of the Holders thereof. 
  
 SECTION 10.6 Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 6.3, 7.3, 7.5 and 8.2, neither the Seller nor the Servicer may assign all, or a portion of, its rights, obligations and duties under this Agreement unless such transfer or
assignment satisfies the Rating Agency Condition. In the event of a transfer or assignment pursuant to this Section 10.6, the Rating Agencies shall be provided with notice of such transfer or assignment. 
  
 SECTION 10.7 Certificates and Notes Nonassessable and Fully Paid. The
interests represented by the Certificates and Notes shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon authentication thereof by the Indenture Trustee and the Owner Trustee pursuant to the Trust
Agreement and the Indenture, respectively, each Certificate and Note shall be deemed fully paid. 
  
 SECTION 10.8 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, and their respective
successors and permitted assigns. The Administrator, the Owner Trustee, individually and on behalf of the Certificateholders and the Class R Certificateholder, and the Indenture Trustee, individually and on behalf of the Noteholders are third-party
beneficiaries to this Agreement and are entitled to 

  

 54 

 
the rights and benefits hereunder and may enforce the provisions hereof as it were a party hereto. Except as otherwise provided in this Agreement, no other
person will have any right or obligation hereunder. 
  
 SECTION
10.9 Assignment to Indenture Trustee. The Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders of all right, title and interest of the Issuer in, to and under the Receivables and the other property constituting the Owner Trust Estate and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the
Indenture Trustee and agrees that the enforcement of a right or remedy hereunder by the Indenture Trustee shall have the same force and effect as if such right or remedy had been enforced or executed by the Issuer. 
  
 SECTION 10.10 Limitation of Liability of Owner Trustee and Indenture
Trustee. 
  
 (a) Notwithstanding anything contained herein to
the contrary, this Agreement has been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event shall Wilmington Trust Company in its individual capacity or,
except as expressly provided in the Trust Agreement, as Owner Trustee of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
  
 (b) Notwithstanding anything contained herein to the contrary, this Agreement
has been acknowledged and accepted by Wells Fargo not in its individual capacity but solely as Indenture Trustee, and in no event shall Wells Fargo have any liability for the representations, warranties, covenants, agreements or other obligations of
the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 
  
 SECTION 10.11 No Petition. The Seller and Servicer, by entering into this Agreement hereby covenant and agree that
they will not at any time institute against the Issuer or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or
state bankruptcy or similar law in connection with any obligations relating to this Agreement or any of the other Basic Documents. 
  

 55 

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

					
	 CHASE BANK USA, NATIONAL ASSOCIATION,
as Seller and Servicer

		
	By:	 	/s/ Patricia Garvey
	 	 	 Name:
	 	 Patricia Garvey

	 	 	 Title:
	 	 Vice President

	
	 CHASE AUTO OWNER TRUST 2005-A, as Issuer

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

		
	By:	 	/s/ Janel R. Havrilla
	 	 	 Name:
	 	Janel R. Havrilla
	 	 	 Title:
	 	Financial Services Officer

  

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

		
	By:	 	/s/ Cory Branden
	 	 	 Name:
	 	 Cory Branden

	 	 	 Title:
	 	 Vice President

  

 56 

  
 SCHEDULE A 

 
 LIST OF RECEIVABLES 
  
 Delivered to the Owner Trustee and the Indenture Trustee 
 on the Closing Date. 
  

  
 SCHEDULE B 

 
 Location of Receivable Files 
  
 JPMorgan Chase Bank, National Association 
 P.O. Box 54 
 Hurds Corner Road 
 Records Management 
 Pawling, New York 12564 
  
 Chase Auto Finance Corp. 
 900 Stewart Avenue 
 Garden City, New York 11530 
  

  
 SCHEDULE C 

 
 YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNTS 
  

					
	Monthly
Period

	  	Regular Distribution
Date

	  	Yield Supplement
Overcollateralization Amount

	-	  	06/14/05	  	62,275,057.32
	1	  	07/15/05	  	59,445,564.20
	2	  	08/15/05	  	57,115,069.31
	3	  	09/15/05	  	54,826,672.55
	4	  	10/15/05	  	52,580,796.63
	5	  	11/15/05	  	50,377,861.58
	6	  	12/15/05	  	48,218,279.63
	7	  	01/15/06	  	46,102,463.42
	8	  	02/15/06	  	44,030,828.62
	9	  	03/15/06	  	42,003,782.37
	10	  	04/15/06	  	40,021,746.98
	11	  	05/15/06	  	38,085,122.30
	12	  	06/15/06	  	36,194,270.86
	13	  	07/15/06	  	34,349,425.86
	14	  	08/15/06	  	32,550,875.98
	15	  	09/15/06	  	30,798,962.71
	16	  	10/15/06	  	29,094,096.13
	17	  	11/15/06	  	27,436,695.47
	18	  	12/15/06	  	25,827,175.43
	19	  	01/15/07	  	24,265,932.53
	20	  	02/15/07	  	22,753,370.53
	21	  	03/15/07	  	21,289,883.72
	22	  	04/15/07	  	19,875,951.59
	23	  	05/15/07	  	18,511,797.70
	24	  	06/15/07	  	17,197,338.76
	25	  	07/15/07	  	15,931,883.99
	26	  	08/15/07	  	14,714,988.85
	27	  	09/15/07	  	13,546,559.68
	28	  	10/15/07	  	12,426,932.82
	29	  	11/15/07	  	11,356,506.27
	30	  	12/15/07	  	10,335,672.75
	31	  	01/15/08	  	9,364,784.78
	32	  	02/15/08	  	8,444,179.30
	33	  	03/15/08	  	7,574,210.97
	34	  	04/15/08	  	6,755,310.83
	35	  	05/15/08	  	5,987,682.81
	36	  	06/15/08	  	5,271,075.17
	37	  	07/15/08	  	4,604,106.70
	38	  	08/15/08	  	3,985,780.13
	39	  	09/15/08	  	3,415,610.54
	40	  	10/15/08	  	2,893,828.32
	41	  	11/15/08	  	2,420,720.73
	42	  	12/15/08	  	1,996,544.42
	43	  	01/15/09	  	1,621,472.56
	44	  	02/15/09	  	1,295,605.68
	45	  	03/15/09	  	1,019,029.97
	46	  	04/15/09	  	792,532.87

  

					
	Monthly
Period

	  	Regular Distribution
Date

	  	Yield Supplement
Overcollateralization Amount

	47	  	05/15/09	  	614,918.20
	48	  	06/15/09	  	481,678.24
	49	  	07/15/09	  	379,945.82
	50	  	08/15/09	  	298,917.42
	51	  	09/15/09	  	231,925.43
	52	  	10/15/09	  	176,554.99
	53	  	11/15/09	  	131,351.11
	54	  	12/15/09	  	95,101.50
	55	  	01/15/10	  	66,093.75
	56	  	02/15/10	  	43,047.19
	57	  	03/15/10	  	25,221.58
	58	  	04/15/10	  	12,513.29
	59	  	05/15/10	  	4,710.92
	60	  	06/15/10	  	1,185.78
	61	  	07/15/10	  	119.35

  
 The Yield Supplement
Overcollateralization Amount has been calculated for each Payment Date as the sum of the amount for each Receivable equal to the excess, if any, of (x) the scheduled payments due on such Receivable for each future Collection Period discounted to
present value as of the end of the preceding Collection Period at the Contract Rate of such Receivable over (y) the scheduled payments due on such Receivable for each future Collection Period discounted to present value as of the end of the
preceding Collection Period at a discount rate equal to the greater of the Contract Rate of such Receivable and 6.50%. For purposes of such calculation, future scheduled payments on the Receivables were assumed to be made on their scheduled due
dates without any delays, defaults or prepayments. 
  

  
 EXHIBIT C 

 
 COLLECTION ACCOUNT CONTROL AGREEMENT, dated as of May 26, 2005
among CHASE AUTO OWNER TRUST 2005-A, a Delaware statutory trust (the “Issuer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as indenture trustee (the
“Secured Party”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (the “Securities Intermediary”). Capitalized terms used but not defined herein shall have the meanings assigned in
Section 1.1 of the Sale and Servicing Agreement between the Issuer and Chase Bank USA, National Association, dated as of May 26, 2005, as the same may be amended and supplemented from time to time (the “Sale and Servicing
Agreement”). All references herein to the “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York. 
  
 1. Establishment of Collection Account. The Securities Intermediary hereby confirms that (a) the Securities Intermediary has
established the Collection Account, (b) the Collection Account is a “securities account” as such term is defined in §8-501(a) of the UCC, (c) the Securities Intermediary shall, subject to the terms of this Agreement, treat the Issuer
as entitled to exercise the rights that comprise any financial asset credited to the Collection Account, (d) all property delivered to the Securities Intermediary pursuant to the Sale and Servicing Agreement for deposit in the Collection Account
will be promptly credited to the Securities Account and (e) all securities or other property underlying any financial assets credited to the Collection Account shall be registered in the name of the Securities Intermediary, indorsed to the
Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any financial asset credited to the Collection Account be registered in the name of the Issuer,
payable to the order of the Issuer or specially indorsed to the Issuer except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank. 
  
 2. Treatment as “Financial Assets”. The Securities Intermediary hereby agrees that each item
of property (whether investment property, financial asset, security, instrument or cash) credited to the Collection Account shall be treated as a “financial asset” within the meaning of §8-102(a)(9) of the UCC. The Securities
Intermediary agrees that any interest, cash dividends or other cash distributions received in respect of any Permitted Investments and the net proceeds of any sale or payment of any Permitted Investments shall be promptly credited to the Collection
Account. 
  
 3. Control by Secured Party. At
all times prior to the termination of this Agreement as provided in Section 17, the Securities Intermediary shall take instructions and directions and act upon “entitlement orders” (within the meaning of §8-102(a)(8) of the UCC)
issued by the Secured Party without further consent by the Issuer. Except as otherwise provided in this Section, the Securities Intermediary shall also comply with entitlement orders originated by the Issuer or the Servicer on behalf of the Issuer
without further consent by the Secured Party. If the Secured Party notifies the Securities Intermediary that the Secured Party will exercise exclusive control over the Collection Account, the Securities Intermediary shall not comply with entitlement
orders or other directions issued by the Issuer or the Servicer on behalf of the Issuer. Funds on deposit in the Collection Account shall be invested in Permitted Investments selected by the Issuer or the Servicer on behalf of the Issuer or by the
Secured Party to the extent 

  

 
provided in Section 8.3(a) and Section 8.3(c) of the Indenture. At all times prior to the termination of this Agreement as provided in Section 17, no
property shall be released from the Collection Account except upon the written instructions of the Secured Party or the Paying Agent. 
  
 4. Statements and Confirmations. The Securities Intermediary will promptly send copies of all statements, confirmations and other
correspondence concerning the Collection Account and/or any financial assets credited thereto simultaneously to each of the Servicer and the Secured Party at the address set forth in Section 12. 
  
 5. Tax Allocations. All items of income, gain, expense
and loss recognized in the Collection Account shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of the Issuer. 
  
 6. Securities Intermediary’s Jurisdiction. This
Agreement, the Collection Account and the rights and obligations of the Securities Intermediary, the Secured Party and the Issuer with respect thereto shall be governed by the laws of the State of New York. Regardless of any provision in any other
agreement, for purposes of the Relevant UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Collection Account (as well as the securities entitlements related thereto) shall be governed by the laws of the
State of New York. 
  
 7. Subordination of Lien;
Waiver of Set-Off. In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in the Collection Account or any security entitlement credited thereto, the
Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Secured Party. The financial assets and other items deposited to the Collection Account will not be subject to deduction, set-off,
banker’s lien, or any other right in favor of any Person other than the Secured Party. 
  
 8. Notice of Adverse Claims. Except for the claims and interest of the Secured Party and of the Issuer in the Collection Account, the Securities Intermediary does not know of any claim to, or
interest in, the Collection Account or in any “financial asset” (as defined in §8-102(a)(9) of the UCC) credited thereto. If any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant
of attachment, execution or similar process) against the Collection Account or in any financial asset credited thereto, the Securities Intermediary will promptly notify the Secured Party and the Issuer thereof. 
  
 9. Amendments. No amendment or modification of this
Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto. 
  
 10. Representations, Warranties and Covenants of the Securities Intermediary. The Securities Intermediary hereby makes the following
representations, warranties and covenants: 
  
 (A) The Collection Account has been established as set forth in Section 1 above and the Collection Account will be maintained in the manner set forth herein 

  

 2 

 
until termination of this Agreement. The Securities Intermediary shall not change the name or account number of the Collection Account without the prior
written consent of the Secured Party. 
  
 (B) No
financial asset is or will be registered in the name of the Issuer, payable to its order, or specially endorsed to it, except to the extent such financial asset has been endorsed to the Securities Intermediary or in blank. 
  
 (C) This Agreement is the valid and legally binding
obligation of the Securities Intermediary. 
  
 (D) The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with any other person relating to any of the Collection Account and/or any financial assets credited
thereto pursuant to which it has agreed to comply with entitlement orders (as defined in §8-102(a) (8) of the UCC) of such person. The Securities Intermediary has not entered into any other agreement with the Issuer or the Secured Party
purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 3. 
  
 (E) The Securities Intermediary is a “securities intermediary” (as defined in §8-102(a)(14) of the UCC) and is acting in
such capacity with respect to the Collection Account. 
  
 (F) The Securities Intermediary is not a “clearing corporation” (as defined in §8-102(a)(5) of the UCC). 
  
 11. Successors. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their
respective successors and assigns. 
  
 12.
Notices. Any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy or other
electronic means and electronic confirmation of error free receipt is received or two days after being sent by certified or registered United States mail, return receipt requested, postage prepaid, addressed to the party at the address set forth
below. 
  

			
	 Issuer:
	  	 c/o Wilmington Trust Company
 Rodney Square
North
 1100 North Market Street
 Wilmington, Delaware
19890
 Attention: Corporate Trust Administration

		
	 Secured Party:
	  	 Wells Fargo Bank, National Association
 Sixth Street
and Marquette Avenue
 MAC: N9311-161
 Minneapolis, Minnesota
55479

  

 3 

			
	 Securities Intermediary:
	  	 JPMorgan Chase Bank, National Association
 4 New York
Plaza, 6th Floor
 New York, New York 10004
 Attention: Structured
Finance/Chase Auto

  
 Any party may change
his address for notices in the manner set forth above. 
  
 13.
Removal of Securities Intermediary. The Secured Party acting at the direction of the Issuer shall remove the Securities Intermediary if it ceases to be a Qualified Institution or a Qualified Trust Institution unless the Rating
Agency Condition is satisfied in connection with the Securities Intermediary’s ceasing to be a Qualified Institution or a Qualified Trust Institution and appoint a Qualified Institution or a Qualified Trust Institution to act as successor
Securities Intermediary hereunder. No removal of the Securities Intermediary shall become effective until a successor Securities Intermediary shall have been appointed by the Secured Party hereunder and shall have accepted such appointment in
writing. Upon the appointment of a successor Securities Intermediary and its acceptance of such appointment, the removed Securities Intermediary shall transfer all items of property held by it to such successor (which items of property shall be
transferred to a new Collection Account established and maintained by such successor). Following such appointment all references herein to Securities Intermediary shall be deemed a reference to such successor. 
  
 14. Indenture Trustee as Secured Party. The Secured
Party shall at all times be the same Person that is the Indenture Trustee under the Indenture. Resignation or removal of the Indenture Trustee under the Indenture shall also constitute substitution of a successor Secured Party under this Agreement.
Upon the acceptance of any appointment as successor Indenture Trustee under the Indenture, that successor Indenture Trustee shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed
Secured Party under this Agreement, and the retiring or removed Secured Party under this Agreement shall promptly transfer to such successor Secured Party all items of property held by the Secured Party, together with all records and other documents
necessary or appropriate in connection with the performance of the duties of the successor Secured Party under this Agreement, whereupon such retiring or removed Secured Party shall be discharged from its duties and obligations under this Agreement.

  
 15. No Petition. The Securities
Intermediary, by entering into this Agreement, hereby covenants and agrees that it will not at any time institute against the Issuer or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to this Agreement or any of the other Basic Documents. 
  
 16. Limitation of Liability. (a) Notwithstanding
anything contained herein to the contrary, this instrument has been signed by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its
individual capacity or any beneficial owner of the Issuer have 

  

 4 

 
any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder, as to all of which recourse shall be
had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement. 
  
 (b) No
recourse under any obligation, covenant or agreement of the Issuer contained in this Agreement shall be had against any agent of the Issuer (including the Administrator) as such by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely an obligation of the Issuer as a Delaware statutory trust, and that no personal liability whatsoever shall attach to or be
incurred by any agent of the Issuer (including the Administrator), as such, under or by reason of any of the obligations, covenants or agreements of the Issuer contained in this Agreement, or implied therefrom, and that any and all personal
liability for breaches by the Issuer of any such obligations, covenants or agreements, either at common law or at equity, or by statute or constitution, of every such agent is hereby expressly waived as a condition of and in consideration for the
execution of this Agreement. 
  
 17.
Termination. The rights and powers granted herein to the Secured Party have been granted in order to perfect its security interests in the Collection Account, are powers coupled with an interest and will neither be affected by the
bankruptcy of the Issuer nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect until the security interests of the Secured Party in the Collection Account has been terminated pursuant to the
terms of the Indenture, all distributions in respect of the Certificate Balance and interest due to the Certificateholders has been paid in full and the Secured Party has notified the Securities Intermediary of the occurrence of such events in
writing. 
  
 18. Counterparts. This Agreement
may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
  

 5 

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

					
	 CHASE AUTO OWNER TRUST 2005-A

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

		
	By: 	 	/s/ Michele C. Harra
	 	 	 Name:
	 	Michele C. Harra
	 	 	 Title:
	 	Assistant Secretary and Financial Services Officer
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, not in its individual capacity but
 solely as Secured Party

		
	By: 	 	/s/ Cory Branden
	 	 	 Name:
	 	 Cory Branden

	 	 	 Title:
	 	 Vice President

	
	 JPMORGAN CHASE BANK, NATIONAL
 ASSOCIATION, as Securities Intermediary

		
	By: 	 	/s/ Mary Jo Davis
	 	 	 Name:
	 	 Mary Jo Davis

	 	 	 Title:
	 	 Vice President

  

 6 

  
 EXHIBIT D 

 
 RESERVE ACCOUNT CONTROL AGREEMENT, dated as of May 26, 2005 among
CHASE AUTO OWNER TRUST 2005-A, a Delaware statutory trust (the “Issuer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as indenture trustee (the “Secured
Party”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (the “Securities Intermediary”). Capitalized terms used but not defined herein shall have the meanings assigned in Section 1.1 of the Sale
and Servicing Agreement between the Issuer and Chase Bank USA, National Association, dated as of May 26, 2005, as the same may be amended and supplemented from time to time (the “Sale and Servicing Agreement”). All references herein
to the “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York. 
  
 1. Establishment of Reserve Account. The Securities Intermediary hereby confirms that (a) the Securities Intermediary has established
the Reserve Account, (b) the Reserve Account is a “securities account” as such term is defined in §8-501(a) of the UCC, (c) the Securities Intermediary shall, subject to the terms of this Agreement, treat the Issuer as entitled to
exercise the rights that comprise any financial asset credited to the Reserve Account, (d) all property delivered to the Securities Intermediary pursuant to the Sale and Servicing Agreement for deposit in the Reserve Account will be promptly
credited to the Securities Account and (e) all securities or other property underlying any financial assets credited to the Reserve Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in
blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any financial asset credited to the Reserve Account be registered in the name of the Issuer, payable to the order of the Issuer
or specially indorsed to the Issuer except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank. 
  
 2. Treatment as “Financial Assets”. The Securities Intermediary hereby agrees that each item of property (whether
investment property, financial asset, security, instrument or cash) credited to the Reserve Account shall be treated as a “financial asset” within the meaning of §8-102(a)(9) of the UCC. The Securities Intermediary agrees that any
interest, cash dividends or other cash distributions received in respect of any Permitted Investments and the net proceeds of any sale or payment of any Permitted Investments shall be promptly credited to the Reserve Account. 
  
 3. Control by Secured Party. At all times prior to the
termination of this Agreement as provided in Section 17, the Securities Intermediary shall take instructions and directions and act upon “entitlement orders” (within the meaning of §8-102(a)(8) of the UCC) issued by the Secured Party
without further consent by the Issuer. Except as otherwise provided in this Section, the Securities Intermediary shall also comply with entitlement orders originated by the Issuer or the Class R Certificateholder without further consent by the
Secured Party. If the Secured Party notifies the Securities Intermediary that the Secured Party will exercise exclusive control over the Reserve Account, the Securities Intermediary shall not comply with entitlement orders or other directions issued
by the Issuer or the Class R Certificateholder. Funds on deposit in the Reserve Account shall be invested in Permitted Investments selected by the Issuer or the Class R Certificateholder or by the Secured Party to the extent provided in 

  

 
Section 8.3(a) and Section 8.3(c) of the Indenture. At all times prior to the termination of this Agreement as provided in Section 17, no property shall be
released from the Reserve Account except upon the written instructions of the Secured Party or the Paying Agent. 
  
 4. Statements and Confirmations. The Securities Intermediary will promptly send copies of all statements, confirmations and other
correspondence concerning the Reserve Account and/or any financial assets credited thereto simultaneously to each of the Servicer and the Secured Party at the address set forth in Section 12. 
  
 5. Tax Allocations. All items of income, gain, expense
and loss recognized in the Reserve Account shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of the Issuer. 
  
 6. Securities Intermediary’s Jurisdiction. This
Agreement, the Reserve Account and the rights and obligations of the Securities Intermediary, the Secured Party and the Issuer with respect thereto shall be governed by the laws of the State of New York. Regardless of any provision in any other
agreement, for purposes of the Relevant UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Reserve Account (as well as the securities entitlements related thereto) shall be governed by the laws of the State
of New York. 
  
 7. Subordination of Lien; Waiver of
Set-Off. In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in the Reserve Account or any security entitlement credited thereto, the Securities
Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Secured Party. The financial assets and other items deposited to the Reserve Account will not be subject to deduction, set-off, banker’s
lien, or any other right in favor of any Person other than the Secured Party. 
  
 8. Notice of Adverse Claims. Except for the claims and interest of the Secured Party and of the Issuer in the Reserve Account, the Securities Intermediary does not know of any claim to, or
interest in, the Reserve Account or in any “financial asset” (as defined in §8-102(a)(9) of the UCC) credited thereto. If any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of
attachment, execution or similar process) against the Reserve Account or in any financial asset credited thereto, the Securities Intermediary will promptly notify the Secured Party and the Issuer thereof. 
  
 9. Amendments. No amendment or modification of this
Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto. 
  
 10. Representations, Warranties and Covenants of the Securities Intermediary. The Securities Intermediary hereby makes the following
representations, warranties and covenants: 
  
 (A) The Reserve Account has been established as set forth in Section 1 above and the Reserve Account will be maintained in the manner set forth herein until termination of this Agreement. The Securities Intermediary shall not change the

  

 2 

 
name or account number of the Reserve Account without the prior written consent of the Secured Party. 
  
 (B) No financial asset is or will be registered in the name
of the Issuer, payable to its order, or specially endorsed to it, except to the extent such financial asset has been endorsed to the Securities Intermediary or in blank. 
  
 (C) This Agreement is the valid and legally binding obligation of the Securities Intermediary. 

 
 (D) The Securities Intermediary has not entered into, and
until the termination of this Agreement will not enter into, any agreement with any other person relating to any of the Reserve Account and/or any financial assets credited thereto pursuant to which it has agreed to comply with entitlement orders
(as defined in §8-102(a) (8) of the UCC) of such person. The Securities Intermediary has not entered into any other agreement with the Issuer or the Secured Party purporting to limit or condition the obligation of the Securities Intermediary to
comply with entitlement orders as set forth in Section 3. 
  
 (E) The Securities Intermediary is a “securities intermediary” (as defined in §8-102(a)(14) of the UCC) and is acting in such capacity with respect to the Reserve Account. 
  
 (F) The Securities Intermediary is not a “clearing
corporation” (as defined in §8-102(a)(5) of the UCC). 
  
 11. Successors. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns. 
  
 12. Notices. Any notice, request or other communication
required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation of error free receipt is
received or two days after being sent by certified or registered United States mail, return receipt requested, postage prepaid, addressed to the party at the address set forth below. 
  

			
	 Issuer:
	  	 c/o Wilmington Trust Company
 Rodney Square
North
 1100 North Market Street
 Wilmington, Delaware
19890
 Attention: Corporate Trust Administration

		
	 Secured Party:
	  	 Wells Fargo Bank, National Association
 Sixth Street
and Marquette Avenue
 MAC: N9311-161
 Minneapolis, Minnesota
55479

  

 3 

			
	 Securities Intermediary:
	  	 Wells Fargo Bank, National Association
 Sixth Street
and Marquette Avenue
 MAC: N9311-161
 Minneapolis, Minnesota
55479

  
 Any party may change
his address for notices in the manner set forth above. 
  
 13.
Removal of Securities Intermediary. The Secured Party acting at the direction of the Issuer shall remove the Securities Intermediary if it ceases to be a Qualified Institution or a Qualified Trust Institution unless the Rating
Agency Condition is satisfied in connection with the Securities Intermediary’s ceasing to be a Qualified Institution or a Qualified Trust Institution and appoint a Qualified Institution or a Qualified Trust Institution to act as successor
Securities Intermediary hereunder. No removal of the Securities Intermediary shall become effective until a successor Securities Intermediary shall have been appointed by the Secured Party hereunder and shall have accepted such appointment in
writing. Upon the appointment of a successor Securities Intermediary and its acceptance of such appointment, the removed Securities Intermediary shall transfer all items of property held by it to such successor (which items of property shall be
transferred to a new Reserve Account established and maintained by such successor). Following such appointment all references herein to Securities Intermediary shall be deemed a reference to such successor. 
  
 14. Indenture Trustee as Secured Party. The Secured
Party shall at all times be the same Person that is the Indenture Trustee under the Indenture. Resignation or removal of the Indenture Trustee under the Indenture shall also constitute substitution of a successor Secured Party under this Agreement.
Upon the acceptance of any appointment as successor Indenture Trustee under the Indenture, that successor Indenture Trustee shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed
Secured Party under this Agreement, and the retiring or removed Secured Party under this Agreement shall promptly transfer to such successor Secured Party all items of property held by the Secured Party, together with all records and other documents
necessary or appropriate in connection with the performance of the duties of the successor Secured Party under this Agreement, whereupon such retiring or removed Secured Party shall be discharged from its duties and obligations under this Agreement.

  
 15. No Petition. The Securities
Intermediary, by entering into this Agreement, hereby covenants and agrees that it will not at any time institute against the Issuer or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to this Agreement or any of the other Basic Documents. 
  
 16. Limitation of Liability. (a) Notwithstanding
anything contained herein to the contrary, this instrument has been signed by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its
individual capacity or any beneficial owner of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder, as to all of which recourse shall be had solely to the assets of
the Issuer. For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer 

  

 4 

 
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement. 
  
 (b) No recourse under any obligation, covenant or
agreement of the Issuer contained in this Agreement shall be had against any agent of the Issuer (including the Administrator) as such by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or
otherwise; it being expressly agreed and understood that this Agreement is solely an obligation of the Issuer as a Delaware statutory trust, and that no personal liability whatsoever shall attach to or be incurred by any agent of the Issuer
(including the Administrator), as such, under or by reason of any of the obligations, covenants or agreements of the Issuer contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Issuer of any
such obligations, covenants or agreements, either at common law or at equity, or by statute or constitution, of every such agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. 
  
 17. Termination. The rights and powers granted herein to
the Secured Party have been granted in order to perfect its security interests in the Reserve Account, are powers coupled with an interest and will neither be affected by the bankruptcy of the Issuer nor by the lapse of time. The obligations of the
Securities Intermediary hereunder shall continue in effect until the security interests of the Secured Party in the Reserve Account has been terminated pursuant to the terms of the Indenture, all distributions in respect of the Certificate Balance
and interest due to the Certificateholders have been paid in full and the Secured Party has notified the Securities Intermediary of the occurrence of such events in writing. 
  
 18. Counterparts. This Agreement may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
  

 5 

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

					
	 CHASE AUTO OWNER TRUST 2005-A

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

		
	By:	 	/s/ Janel R. Havrilla
	 	 	 Name:
	 	Janel R. Havrilla
	 	 	 Title:
	 	Financial Services Officer
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, not in its individual capacity but
 solely as Secured Party

		
	By:	 	/s/ Cory Branden
	 	 	 Name:
	 	 Cory Branden

	 	 	 Title:
	 	 Vice President

	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as Securities Intermediary

		
	By:	 	/s/ Cory Branden
	 	 	 Name:
	 	 Cory Branden

	 	 	 Title:
	 	 Vice President

  

 6Exhibit 4.2

 Exhibit 4.2 
  
 EXECUTION COPY 
  
 CHASE AUTO OWNER TRUST 2005-A 
  
 AMENDED AND RESTATED TRUST AGREEMENT 
  
 between 
  
 CHASE BANK USA, NATIONAL ASSOCIATION, 
 as Depositor 
  
 -and- 
  
 WILMINGTON TRUST COMPANY, 
 as Owner Trustee 
  
 Dated as of May 26, 2005 

 

  
 TABLE OF CONTENTS 

 

			
	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
		
	 SECTION 1.1. Capitalized Terms
	  	1
		
	 ARTICLE II ORGANIZATION
	  	2
		
	 SECTION 2.1. Name
	  	2
	 SECTION 2.2. Office
	  	2
	 SECTION 2.3. Purposes and Powers
	  	2
	 SECTION 2.4. Appointment of Owner Trustee
	  	3
	 SECTION 2.5. Initial Capital Contributions of Trust Estate
	  	3
	 SECTION 2.6. Declaration of Trust
	  	3
	 SECTION 2.7. Title to Issuer Property
	  	4
	 SECTION 2.8. Situs of Issuer
	  	4
	 SECTION 2.9. Representations and Warranties of the Depositor
	  	4
	 SECTION 2.10. Liability of Certificateholders and Class R Certificateholder
	  	5
	 SECTION 2.11. Guaranteed Payments/Gross Income Allocations
	  	5
	 SECTION 2.12. Deduction and Loss Allocations
	  	5
	 SECTION 2.13. Special Allocations
	  	6
	 SECTION 2.14. Characterization of the Trust
	  	6
		
	 ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS
	  	6
		
	 SECTION 3.1. Initial Ownership; Class R Certificate
	  	6
	 SECTION 3.2. The Certificates
	  	7
	 SECTION 3.3. Execution, Authentication and Delivery of Certificates
	  	7
	 SECTION 3.4. Registration of Transfer and Exchange of Certificates
	  	8
	 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates
	  	9
	 SECTION 3.6. Persons Deemed Certificateholders
	  	9
	 SECTION 3.7. Access to List of Certificateholders’ Names and Addresses
	  	9
	 SECTION 3.8. Maintenance of Office or Agency
	  	10
	 SECTION 3.9. Appointment of Paying Agent
	  	10
	 SECTION 3.10. Book-Entry Certificates
	  	11
	 SECTION 3.11. Notices to Clearing Agency
	  	12
	 SECTION 3.12. Definitive Certificates
	  	12
	 SECTION 3.13. Authenticating Agent
	  	12
	 SECTION 3.14. Actions of Certificateholders
	  	14
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	14
		
	 SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters
	  	14

  

 i 

			
	 	  	Page

	 SECTION 4.2. Action by Certificateholders with Respect to Certain Matters
	  	15
	 SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy
	  	15
	 SECTION 4.4. Restrictions on Certificateholders’ Power
	  	15
	 SECTION 4.5. Majority Control
	  	16
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	16
		
	 SECTION 5.1. Establishment of Certificate Distribution Account
	  	16
	 SECTION 5.2. Application of Funds in Certificate Distribution Account
	  	16
	 SECTION 5.3. Method of Payment
	  	17
	 SECTION 5.4. No Segregation of Monies; No Interest
	  	17
	 SECTION 5.5. Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others
	  	17
	 SECTION 5.6. Signature on Returns; Tax Matters Partner
	  	18
	 SECTION 5.7. Capital Accounts
	  	18
		
	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	19
		
	 SECTION 6.1. General Authority
	  	19
	 SECTION 6.2. General Duties
	  	19
	 SECTION 6.3. Action upon Instruction
	  	19
	 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions
	  	20
	 SECTION 6.5. No Action Except under Specified Documents or Instructions
	  	20
	 SECTION 6.6. Restrictions
	  	21
	 SECTION 6.7. Doing Business in Other Jurisdictions
	  	21
		
	 ARTICLE VII CONCERNING OWNER TRUSTEE
	  	21
		
	 SECTION 7.1. Acceptance of Trusts and Duties
	  	21
	 SECTION 7.2. Furnishing of Documents
	  	23
	 SECTION 7.3. Representations and Warranties
	  	23
	 SECTION 7.4. Reliance; Advice of Counsel
	  	24
	 SECTION 7.5. Not Acting in Individual Capacity
	  	25
	 SECTION 7.6. Owner Trustee May Own Certificates and Notes
	  	25
		
	 ARTICLE VIII COMPENSATION OF OWNER TRUSTEE
	  	25
		
	 SECTION 8.1. Owner Trustee’s Fees and Expenses
	  	25
	 SECTION 8.2. Indemnification
	  	25
	 SECTION 8.3. Payments to Owner Trustee
	  	26
		
	 ARTICLE IX TERMINATION OF TRUST AGREEMENT
	  	26
		
	 SECTION 9.1. Termination of Trust Agreement
	  	26

  

 ii 

			
	 	  	Page

	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	27
		
	 SECTION 10.1. Eligibility Requirements for Owner Trustee
	  	27
	 SECTION 10.2. Resignation or Removal of Owner Trustee
	  	28
	 SECTION 10.3. Successor Owner Trustee
	  	28
	 SECTION 10.4. Merger or Consolidation of Owner Trustee
	  	29
	 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee
	  	29
		
	 ARTICLE XI MISCELLANEOUS
	  	30
		
	 SECTION 11.1. Supplements and Amendments
	  	30
	 SECTION 11.2. No Legal Title to Owner Trust Estate in Certificateholders
	  	31
	 SECTION 11.3. Limitations on Rights of Others
	  	32
	 SECTION 11.4. Notices
	  	32
	 SECTION 11.5. Severability
	  	32
	 SECTION 11.6. Separate Counterparts
	  	32
	 SECTION 11.7. Successors and Assigns
	  	33
	 SECTION 11.8. No Recourse
	  	33
	 SECTION 11.9. No Petition
	  	33
	 SECTION 11.10. Headings
	  	33
	 SECTION 11.11. GOVERNING LAW
	  	33
	 SECTION 11.12. Certificate Transfer Restrictions
	  	33
	 SECTION 11.13. Disclosure
	  	33

  

 iii 

 EXHIBITS 
  

					
	Exhibit A-1	  	-	  	Form of Class R Certificate
	Exhibit A-2	  	-	  	Form of Certificate
	Exhibit B	  	-	  	Form of Certificate of Trust
	Exhibit C	  	-	  	Form of Certificate Depository Agreement

  

 i 

  
 AMENDED AND RESTATED TRUST
AGREEMENT dated as of May 26, 2005 between CHASE BANK USA, NATIONAL ASSOCIATION (“Chase USA”), a national banking association having its principal executive offices located at 200 White Clay Center Drive, Newark, Delaware 19711, as
the depositor (in its capacity as the depositor, the “Depositor”) and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as the owner trustee (the “Owner Trustee”), amending and restating in its entirety the
Trust Agreement, dated as of April 26, 2005 (the “Original Trust Agreement”), between the same parties. 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1. Capitalized Terms. Capitalized terms are used in this Agreement as defined in Section 1.1 to the Sale and Servicing Agreement between the trust established by this Agreement and Chase USA, as Seller and Servicer,
dated as of May 26, 2005, as the same may be amended and supplemented from time to time (the “Sale and Servicing Agreement”). 
  
 (a) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto
unless otherwise defined therein. 
  
 (b) As used in this
Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in
any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Agreement or in any
such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control. 

 
 (c) The words “hereof,” “herein,”
“hereunder,” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references
to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 
  
 (d) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and
to the masculine as well as to the feminine and neuter genders of such terms. 
  
 (e) All calculations of the amount of interest accrued on the Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months. 
  

 ARTICLE II 
  
 ORGANIZATION 
  
 SECTION 2.1. Name. The trust known as “Chase Auto Owner Trust 2005-A” (hereinafter, the “Issuer”) was formed in accordance with
the provisions of the Statutory Trust Statute pursuant to the Original Trust Agreement. Under the Original Trust Agreement, the Owner Trustee was authorized and vested with the power and authority to make and execute contracts, instruments,
certificates, agreements and other writings and to sue and be sued in the name of the Issuer. 
  
 The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its acceptance and agreement to hold in trust, for the benefit of the Certificateholders and such other Persons as may become
beneficiaries hereunder from time to time, all of the Owner Trust Estate conveyed or to be conveyed to the Trust, and all monies and proceeds that may be received with respect thereto, subject to the terms of this Agreement. 
  
 SECTION 2.2. Office. The office of the Issuer shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in the State of Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Class R Certificateholder. 
  
 SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and
the Issuer shall have the power and authority, to engage in the following activities: 
  
 (a) to issue the Notes pursuant to the Indenture, the Certificates and the Class R Certificate pursuant to this Agreement, and to sell,
transfer or exchange the Notes, the Certificates and the Class R Certificate; 
  
 (b) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Depositor pursuant to the terms thereof, to make payments or distributions on the Notes, the Certificates and the Class R
Certificate, to make deposits to and to the extent permitted under the Basic Documents withdrawals from the Reserve Account and other accounts established under this Agreement and the Sale and Servicing Agreement; 
  
 (c) to assign, grant, transfer, pledge, mortgage and convey
the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Certificateholders and the Class R Certificateholder pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released from the
Lien of, and remitted to the Issuer pursuant to, the Indenture; 
  
 (d) to enter into and perform its obligations under the Basic Documents to which it is a party; 
  

 2 

 (e) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith, which activities cannot be contrary to the status of the Trust as a “qualifying special purpose entity” under SFAS 140, any
successor rule thereto and existing accounting literature; and 
  
 (f) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the
Certificateholders and the Noteholders, which activities cannot be contrary to the status of the Trust as a “qualifying special purpose entity” under SFAS 140, any successor rule thereto and existing accounting literature. 
  
 Issuer is hereby authorized to engage in the foregoing activities. Issuer shall not engage in
any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Basic Documents. Without limitation of the foregoing, except for such activities as are referenced in
paragraphs (a) through (f) of this Section 2.3, the Issuer is not authorized and has no power to (a) borrow money or issue other debt; (b) to the fullest extent permitted by law, merge with another entity, reorganize, liquidate or sell assets prior
to the discharge of the Indenture; or (c) engage in any other business or activities. 
  
 SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Issuer to have all the rights, powers and duties set forth herein. 
  
 SECTION 2.5. Initial Capital Contributions of Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner Trustee, as of the date hereof, the Reserve Account Initial Deposit. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of the date hereof, of
the foregoing contribution, which, together with the initial contribution referred to in the Original Trust Agreement, shall constitute the initial Owner Trust Estate. The Reserve Account Initial Deposit shall be deposited in the Reserve Account
pursuant to Section 5.7(a) of the Sale and Servicing Agreement. The Depositor shall pay the organizational expenses of the Issuer as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such
expenses paid by the Owner Trustee. 
  
 SECTION 2.6.
Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders and the Class R Certificateholder,
subject to the obligations of the Issuer under the Basic Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument
of such statutory trust. It is the intention of the parties hereto that, solely for United States income and franchise tax purposes, the Issuer shall be treated as a partnership. The parties agree that, unless otherwise required by appropriate tax
authorities, the Issuer will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as a partnership for such 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 

  

 3 

 
respect to accomplishing the purposes of the Issuer. The Owner Trustee has filed the Certificate of Trust with the Secretary of State of Delaware. All
actions taken by the Owner Trustee with respect to the filing or correction of the Certificate of Trust are hereby ratified and confirmed in all respects. 
  
 SECTION 2.7. Title to Issuer Property. Legal title to all the Owner Trust Estate shall be vested at all times in the Issuer as a separate legal
entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case the title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be. 
  
 SECTION 2.8. Situs of
Issuer. The Issuer will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the State of Delaware or the State of New York. Payments will be received
by the Issuer only in Delaware or New York, and payments will be made by the Issuer only from Delaware or New York. The only office of the Issuer will be at its office in Delaware. 
  
 SECTION 2.9. Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the
Owner Trustee that: 
  
 (i) The Depositor has
been duly organized and is validly existing as a national banking association in good standing under the laws of the United States of America, with power and authority to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted, and had at all relevant times, and has, power, authority and legal right to acquire and own the Receivables. 
  
 (ii) The Depositor has the corporate power and authority to execute and deliver this Agreement and to carry
out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Issuer, and the Depositor has duly authorized such sale and assignment and deposit to the Issuer by all
necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 
  
 (iii) The consummation of the transactions contemplated by this Agreement and the other Basic Documents and the fulfillment of the terms
hereof, do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of association or bylaws of the Depositor, or conflict with or breach any
of the material terms or provisions of or constitute (with or without notice or lapse of time) a default under any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument; nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the
Depositor of any court or of any Federal or state regulatory body, administrative 

  

 4 

 
agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
  
 SECTION 2.10. Liability of Certificateholders and Class R
Certificateholder. Neither any Certificateholder nor the Class R Certificateholder shall have any personal liability for any liability or obligation of the Issuer. 
  
 SECTION 2.11. Guaranteed Payments/Gross Income Allocations. (a) Inasmuch as the Certificateholders’ Interest
Distributable Amount is determined and paid hereunder without regard to the income of the Issuer, the Issuer shall treat payments of such amounts as “guaranteed payments” within the meaning of Section 707(c) of the Code. Consequently,
Certificateholders will have ordinary income equal to their allocable share of the Certificateholders’ Interest Distributable Amount, the Issuer will have an equivalent deduction for United States federal income tax purposes and no amount of
the gross income of the Issuer shall be allocable to the Certificateholders (and there will be no corresponding increase in Certificateholders’ Capital Accounts (as defined herein) under Section 5.7). In the event that any taxing authority does
not respect such tax treatment, the gross income of the Issuer for any calendar month as determined for United States federal income tax purposes shall be allocated, after giving effect to special allocations set forth in Section 2.13 of this
Agreement and for purposes of maintaining Capital Accounts under Section 5.7 of this Agreement as follows: 
  
 (1) first, among the Certificateholders as of the close of the last day of such calendar month, in proportion to their ownership of the
principal amount of Certificates outstanding on such date, an amount of gross income equal to the amount of (i) interest that accrues in such calendar month on the Certificates in accordance with their terms, including interest accruing thereon at
the Certificate Rate monthly, (ii) interest on amounts previously due under the Certificates and not yet paid as provided therein and (iii) any gross income of the Trust attributable to discount on the Receivables that corresponds to any excess of
the principal amount of the Certificates over the initial issue price; and 
  
 (2) the balance of gross income, if any, to the Class R Certificateholder. 
  
 If the gross income of the Issuer for any month is insufficient for the allocations described in clause (1) above, subsequent items of gross income shall first be allocated to make up such shortfall before being
allocated as provided in clause (2). 
  
 (b) In the event the
initial issue price of the Certificates differs from their initial principal amount, there shall be specially allocated to the Certificateholders the portion, if any, of the offset for premium (in the case the issue price of the Certificates exceeds
their principal amount) or market discount income (in the case the principal amount of the Certificates exceeds their issue price) on the Receivables accruing for a calendar month that is attributable to such difference. 
  
 SECTION 2.12. Deduction and Loss Allocations. (a) All items of
deduction and loss of the Issuer shall be allocated to the Class R Certificateholder. 
  

 5 

 (b) To the extent that an allocation of the gross amount of deductions and losses to the Class R
Certificateholder pursuant to Section 2.12(a) above would cause the Capital Account of the Class R Certificateholder to be reduced below zero, such excess deductions and losses shall be allocated to the Certificateholders on a pro rata basis
until each of their Capital Accounts has been reduced to zero. If any amount of gross deduction or loss has not been allocated pursuant to the preceding sentence because all of the Certificateholders’ Capital Accounts have been reduced to zero,
the amount of such remaining unallocated deductions or losses shall be allocated to the Class R Certificateholder. 
  
 (c) If any deductions or losses have been allocated to the Certificateholders under Section 2.12(b) above, an amount of gross income shall be
allocated to such Certificateholders under this Section 2.12(c) in subsequent taxable years sufficient to offset the amount of any deductions or losses previously allocated to such Certificateholders under Section 2.12(b) above and,
thereafter, allocations of gross income and deductions shall be made in accordance with Sections 2.11 and 2.12(a) of this Agreement. 
  
 SECTION 2.13. Special Allocations. In the event any Certificateholder unexpectedly receives any adjustments, allocations or distributions described
in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Issuer gross income and gain shall be specially allocated to such Certificateholder in an amount and manner sufficient to eliminate, to the extent required by the Treasury
Regulations, the deficit, if any, in the balance of the Capital Account of such Certificateholder as quickly as possible; provided, that subsequent allocations of gross income and gain, or deductions, shall take into account any special allocations
made to a Certificateholder under this Section 2.13 and shall be adjusted so that the amount of gross income and gain, or deductions, allocated to a Certificateholder will equal the amount of gross income and gain, or deductions, that would have
been allocated to such Certificateholder had no such special allocations been made to such Certificateholder under this Section 2.13. This Section 2.13 is intended to comply with the qualified income offset provision in Section 1.704-1(b)(2)(ii)(d)
of the Treasury Regulations. 
  
 SECTION 2.14. Characterization
of the Trust. For purposes of SFAS 140, the parties hereto intend that (a) the Trust be treated as a “qualifying special purpose entity” as such term is used in SFAS 140 and any successor rule thereto and (b) the Trust’s
power and authority as stated in Section 2.3 of this Agreement be limited in accordance with paragraph 35 of SFAS 140. 
  
 ARTICLE III 
  
 CERTIFICATES AND TRANSFER OF INTERESTS 
  
 SECTION 3.1. Initial Ownership; Class R Certificate. 
  
 Upon the formation of the Issuer by the contributions by the Depositor pursuant to Section 2.5 and until the issuance of the Certificates, the Depositor
shall be the sole beneficiary of the Trust. Concurrently with the transfer of the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, the Class R Certificate shall be issued to the Depositor in the form of 

  

 6 

 
Exhibit A-1, which is incorporated herein by reference. The Class R Certificate shall be executed on behalf of the Issuer by manual or facsimile signature of
an Authorized Officer or other authorized signatory of the Owner Trustee. The Class R Certificate bearing the manual or facsimile signature of an individual who was, at the time when such signature shall have been affixed, authorized to sign on
behalf of the Issuer, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individual shall have ceased to be so authorized prior to the authentication and delivery of the Class R Certificate or did not
hold such office at the date of authentication and delivery of the Class R Certificate. The Class R Certificate shall not entitle the holder thereof to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on
the Class R Certificate a certificate of authentication substantially in the form set forth in Exhibit A-1, executed by the Owner Trustee or JPMorgan Chase, as the Owner Trustee’s authentication agent, by manual or facsimile signature; such
authentication shall constitute conclusive evidence that the Class R Certificate shall have been duly authenticated and delivered hereunder. The Class R Certificate shall be dated the date of its authentication. The Class R Certificate (or any
interest therein) may not be sold, assigned, participated, pledged or otherwise transferred except by operation of law pursuant to the merger or consolidation of the Class R Certificateholder or except to an Affiliate of the Depositor. 

 
 SECTION 3.2. The Certificates. Upon initial issuance, the
Certificates shall each be in the form of Exhibit A-2, which is incorporated herein by reference, and shall be issued as provided in Section 3.10 in an aggregate principal amount equal to the Certificate Balance. The Certificates shall be executed
on behalf of the Issuer by manual or facsimile signature of an Authorized Officer or other authorized signatory of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. No Certificate shall entitle the Holder to any benefit under this Agreement, or shall be valid for any
purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A-2, executed by the Owner Trustee or JPMorgan Chase, as the Owner Trustee’s authentication agent, by manual
or facsimile signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. A transferee of a
Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon due registration of such Certificate in such transferee’s name pursuant to Section 3.4.

  
 SECTION 3.3. Execution, Authentication and Delivery of
Certificates. Concurrently with the transfer of the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates in an aggregate principal amount equal to the initial Certificate Balance
to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, without further action by the Depositor, in authorized
denominations. 
  

 7 

 SECTION 3.4. Registration of Transfer and Exchange of Certificates. The Owner Trustee shall cause
to be kept at the office or agency to be maintained pursuant to Section 3.8 by a certificate registrar (the “Certificate Registrar”), a register (the “Certificate Register”) in which, subject to such reasonable regulations as it
may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided. JPMorgan Chase shall be the initial Certificate Registrar. In the event that, subsequent
to the date of issuance of the Certificates, JPMorgan Chase notifies the Owner Trustee that it is unable to act as the Certificate Registrar, the Owner Trustee shall act, or the Owner Trustee shall, with the consent of the Depositor, appoint another
bank or trust company, having an office or agency located in The City of New York and which agrees to act in accordance with the provisions of this Agreement applicable to it, to act, as successor Certificate Registrar under this Agreement.

  
 The Owner Trustee may revoke such appointment and remove
JPMorgan Chase as the Certificate Registrar if the Owner Trustee determines in its sole discretion that JPMorgan Chase failed to perform its obligations under this Agreement in any material respect. JPMorgan Chase shall be permitted to resign as the
Certificate Registrar upon 30 days’ written notice to the Owner Trustee, the Depositor and the Issuer; provided, however, that such resignation shall not be effective and JPMorgan Chase shall continue to perform its duties as the
Certificate Registrar until the Owner Trustee has appointed a successor Certificate Registrar with the consent of the Depositor. 
  
 An institution succeeding to the corporate agency business of the Certificate Registrar shall continue to be the Certificate Registrar without the
execution or filing of any paper or any further act on the part of the Owner Trustee or such Certificate Registrar. 
  
 Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.8, the Owner Trustee shall
execute, authenticate and (if the Certificate Registrar is different than the Owner Trustee, then the Certificate Registrar shall) deliver (or shall cause JPMorgan Chase as its authenticating agent to authenticate and deliver), in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like class and aggregate face amount dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Holder,
Certificates may be exchanged for other Certificates of the same class in authorized denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.8.

  
 Whenever any Certificate is surrendered for exchange, the
Owner Trustee shall execute, authenticate and (if the Certificate Registrar is different than the Owner Trustee, then the Certificate Registrar shall) deliver the Certificates which the Certificateholder making the exchange is entitled to receive.
Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder, which
signature on such assignment must be guaranteed by a member of the New York Stock Exchange or a commercial bank or trust company. 
  

 8 

 Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently
disposed of by the Owner Trustee or Certificate Registrar in accordance with its customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 
  
 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. (a) If any mutilated Certificate shall be surrendered to the Certificate Registrar,
of if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a protected purchaser, the Owner Trustee on behalf of Issuer shall execute and the Owner Trustee, or JPMorgan Chase, as
the Owner Trustee’s authenticating agent, shall authenticate and (if the Certificate Registrar is different from the Owner Trustee, then the Certificate Registrar shall) deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Certificate, a new Certificate of like class, tenor and denomination. If, after delivery of such replacement Certificate, a protected purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents
for payment such original Certificate, the Owner Trustee or the Certificate Registrar shall be entitled to recover such replacement Certificate from such Person to whom such replacement Certificate was delivered or any assignee of such Person,
except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Owner Trustee or the Certificate Registrar in connection therewith. In
connection with the issuance of any new Certificate under this Section 3.5, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found
at any time. The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen Certificates. 
  
 SECTION 3.6. Persons Deemed Certificateholders. Prior to due
presentation of a Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the
purpose of receiving distributions pursuant to Section 5.2 and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar shall be bound by any notice to the contrary. 
  
 SECTION 3.7. Access to List of Certificateholders’ Names and
Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Servicer and the Depositor (and to the Owner Trustee, if the Owner Trustee is not the Certificate Registrar) within 15 days after receipt by the Certificate
Registrar of a request therefor from the Servicer or the Depositor (or the Owner Trustee) in writing, a list, in such form as the Servicer or the Depositor (or the Owner 

  

 9 

 
Trustee) may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If, at such time, if any, as
Definitive Certificates have been issued, if three or more Holders of Certificates or one or more Holders of Certificates evidencing not less than 25% of the Certificate Balance apply in writing to the Certificate Registrar, and such application
states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the communication that such applicants
propose to transmit, then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Holder, by
receiving and holding a Certificate, shall be deemed to have agreed to hold none of the Depositor, the Certificate Registrar, the Servicer or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source
from which such information was derived. 
  
 SECTION 3.8.
Maintenance of Office or Agency. The Owner Trustee shall maintain in the City of New York, an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange. The Owner Trustee initially
designates the offices of JPMorgan Chase located at 450 West 33rd Street, New York, New York 10001-2697 as its office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, the Servicer and to the Certificateholders
of any change in the location of the Certificate Register or any such office or agency. 
  
 SECTION 3.9. Appointment of Paying Agent. The Owner Trustee may appoint a Paying Agent with respect to the Certificates. The Owner Trustee hereby appoints JPMorgan Chase as the initial Paying Agent. The Paying
Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account, make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such
distributions to the Owner Trustee. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in
any material respect or for other good cause. The Paying Agent shall be permitted to resign upon 30 days’ written notice to the Owner Trustee and the Servicer. In the event that JPMorgan Chase shall no longer be the Paying Agent, the Owner
Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company and may be the Owner Trustee), with the consent of the Depositor (which consent shall not be unreasonably withheld). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee (unless it is the Owner Trustee) to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall
agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon the removal of a Paying Agent, such Paying Agent shall also return all funds in its possession to the
Owner Trustee. The provisions of Sections 7.1, 7.3, 7.4, 7.6, 8.1 and 8.2 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other
paying agent appointed hereunder. Any 

  

 10 

 
reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  
 SECTION 3.10. Book-Entry Certificates. The Certificates, upon original
issuance, will be issued in the form of a typewritten Certificate or Certificates representing Book-Entry Certificates, to be delivered to The Depository Trust Company, the initial Clearing Agency, by or on behalf of the Issuer. Such Book-Entry
Certificate or Certificates shall initially be registered on the Certificate Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no beneficial owner will receive a definitive Certificate representing such
beneficial owner’s interest in such Certificate, except as provided in Section 3.12. Unless and until Definitive Certificates have been issued to beneficial owners pursuant to Section 3.12: 
  
 (a) the provisions of this Section 3.10 shall be in
full force and effect; 
  
 (b) the Certificate
Registrar, the Paying Agent and the Owner Trustee shall be entitled to deal with the Clearing Agency and the Clearing Agency Participants for all purposes of this Agreement relating to the Book-Entry Certificates (including the payment of principal
of and interest on the Book-Entry Certificates and the giving of instructions or directions to Certificate Owners of Book-Entry Certificates) as the sole Holder of Book-Entry Certificates and shall have no obligations to Certificate Owners thereof;

  
 (c) to the extent that the provisions of this
Section conflict with any other provisions of this Agreement, the provisions of this Section shall control; 
  
 (d) the rights of Certificate Owners of the Book-Entry Certificates shall be exercised only through the Clearing Agency (or to the extent
Certificateholders are not Clearing Agency Participants, through the Clearing Agency Participants through which such Certificateholders own Book-Entry Certificates), and shall be limited to those established by law and agreements between such
Certificate Owners and the Clearing Agency and/or Clearing Agency Participants, and all references in this Agreement to actions by Certificateholders shall refer to actions taken by the Clearing Agency upon instructions from the Clearing Agency
Participants, and all references in this Agreement to distributions, notices, reports and statements to Certificateholders shall refer to distributions, notices, reports and statements to the Clearing Agency, as registered holder of the
Certificates, as the case may be, for distribution to Certificateholders in accordance with the procedures of the Clearing Agency. Pursuant to the Certificate Depository Agreement, unless and until Definitive Certificates are issued pursuant to
Section 3.12, the initial Clearing Agency will make book-entry transfers among Clearing Agency Participants and receive and transmit payments of principal of and interest on the Book-Entry Certificates to such Clearing Agency Participants;
and 
  
 (e) whenever this Agreement requires or
permits actions to be taken based upon instructions or directions of the Holders of Certificates evidencing a specified percentage of the Certificate Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that
it has received 

  

 11 

 
instructions to such effect from Certificate Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the
beneficial interest in the Book-Entry Certificates and has delivered such instructions to the Owner Trustee. 
  
 SECTION 3.11. Notices to Clearing Agency. Whenever a notice or other communication to Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to Certificate Owners pursuant to Section 3.12, the Owner Trustee and the Paying Agent shall give all such notices and communications specified herein to be given to Certificateholders to the
Clearing Agency, and shall have no obligations to Certificate Owners. 
  
 SECTION 3.12. Definitive Certificates. If (a) the Servicer 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 Servicer is unable to locate a qualified successor, (b) the Servicer at its option elects to terminate the book-entry system through the Clearing Agency, or (c) after the occurrence of an Event of Servicing Termination or Event of Default,
Certificate Owners of the Certificates representing beneficial interests aggregating not less than a majority of the Certificate Balance advise the Clearing Agency through the Clearing Agency Participants, and the Owner Trustee, in writing, and if
the Clearing Agency shall so notify the Owner Trustee, that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of Certificate Owners, then the Owner Trustee shall notify the Clearing Agency of the
occurrence of any such event, which shall be responsible to notify the Certificate Owners of the occurrence of such event and of the availability of the Definitive Certificates to Certificate Owners requesting the same. Upon surrender to the
Certificate Registrar of the typewritten Certificate or Certificates representing the Book-Entry Certificates by the Clearing Agency, accompanied by re-registration instructions, the Owner Trustee shall execute, authenticate, or cause to be
authenticated, and (if the Certificate Registrar is different than the Owner Trustee, then the Certificate Registrar shall) deliver the Definitive Certificates in accordance with the instructions of the Clearing Agency. Neither the Certificate
Registrar nor 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, all references herein
to obligations imposed upon or to be performed by the Clearing Agency shall be deemed to be imposed upon and performed by the Certificate Registrar, to the extent applicable with respect to such Definitive Certificates, and the Owner Trustee and the
Paying Agent shall recognize the Holders of the Definitive Certificates as Certificateholders. The Definitive Certificates shall be printed, lithographed or engraved or may be produced in any other matter as is reasonably acceptable to the Owner
Trustee, as evidenced by its execution thereof. 
  
 SECTION 3.13.
Authenticating Agent. 
  
 (a) The Owner Trustee may appoint
one or more authenticating agents with respect to the Certificates and the Class R Certificate which shall be authorized to act on behalf of the Owner Trustee in authenticating the Certificates and the Class R Certificate in connection with the
issuance, delivery, registration of transfer, exchange or repayment of the Certificates and the Class R Certificate. The Owner Trustee hereby appoints JPMorgan Chase as 

  

 12 

 
Authenticating Agent for the authentication of Certificates and the Class R Certificate upon any issuance or registration of transfer or exchange of the
Certificates or the Class R Certificate. Whenever reference is made in this Agreement to the authentication of Certificates or the Class R Certificate by the Owner Trustee or the Owner Trustee’s certificate of authentication, such reference
shall be deemed to include authentication on behalf of the Owner Trustee by an authenticating agent and a certificate of authentication executed on behalf of the Owner Trustee by an authenticating agent. Each authenticating agent (other than
JPMorgan Chase) shall be subject to acceptance by the Depositor. 
  
 (b) Any institution succeeding to the corporate agency business of an authenticating agent shall continue to be an authenticating agent without the execution or filing of any paper or any further act on the part of the Owner Trustee or such
authenticating agent. 
  
 (c) An authenticating agent may at any
time resign by giving written notice of resignation to the Owner Trustee and the Depositor. The Owner Trustee may at any time terminate the agency of an authenticating agent by giving notice of termination to such authenticating agent and to the
Depositor. Upon receiving such a notice of resignation or upon such a termination, or in case at any time an authenticating agent shall cease to be acceptable to the Owner Trustee or the Depositor, the Owner Trustee promptly may appoint a successor
authenticating agent with the consent of the Depositor. Any successor authenticating agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an authenticating agent. 
  
 (d) The Depositor
shall pay the authenticating agent from time to time reasonable compensation for its services under this Section 3.13. 
  
 (e) The provisions of Sections 7.1, 7.3, 7.4, 7.6, 8.1 and 8.2 shall be applicable to any authenticating agent.

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

					
			
	 	 	 	 	,
	 	 	 as Owner Trustee
	 	 
			
	By:	 	 	 	 
	 	 	 Authorized Officer
	 	 
			
	 	 	or	 	 
			
	 	 	 	 	,
	 	 	 as Authenticating Agent
 for the Owner
Trustee,
	 	 
			
	 	 	 	 	 
	 	 	 Authorized Officer
	 	 

  

 13 

 SECTION 3.14. Actions of Certificateholders. (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Agreement to be given or taken by the Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person
or by agent duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Owner Trustee and, when required, to the Depositor or the Servicer.
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Owner Trustee, the Depositor and the Servicer, if made in the manner provided in
this Section 3.14. 
  
 (b) The fact and date of the
execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Owner Trustee deems sufficient. 
  
 (c) Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder of every
Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Owner Trustee, the Depositor or the Servicer in reliance thereon, regardless of
whether notation of such action is made upon such Certificate. 
  
 (d) The Owner Trustee may require such additional proof of any matter referred to in this Section 3.14 as it shall deem necessary. 
  
 ARTICLE IV 
  
 ACTIONS BY OWNER TRUSTEE 
  
 SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such
action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction: 
  
 (a) the initiation of any material claim or lawsuit by the Issuer (except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any material action, claim or lawsuit
brought by or against the Issuer (except with respect to the aforementioned claims or lawsuits for collection of the Receivables); 
  

 14 

 (b) the election by the Issuer to file an amendment to the Certificate of Trust (unless
such amendment is required to be filed under the Statutory Trust Statute); 
  
 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
  
 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is not required and such amendment materially adversely affects the interest of the Certificateholders; 
  
 (e) the amendment, change or modification of the Sale and Servicing Agreement, except to any amendment where the consent of any
Certificateholder is not required under the terms of the Sale and Servicing Agreement; or 
  
 (f) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the Note Registrar, the
Paying Agent, the Trustee or the Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 
  
 The Owner Trustee shall notify the Certificateholders in writing of any appointment of a successor Paying Agent, Authenticating Agent or Certificate Registrar within five
Business Days thereof. 
  
 SECTION 4.2. Action by
Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII
thereof, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) except as expressly provided in the Basic Documents, sell the Receivables or any interest therein after the termination of the Indenture.
The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders. 
  
 SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding
in bankruptcy relating to the Issuer without the unanimous prior approval of all Certificateholders unless the Owner Trustee reasonably believes that the Issuer is insolvent. 
  
 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 

  

 15 

 
Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be obligated to follow any such direction, if
given. 
  
 SECTION 4.5. Majority Control. Except as
expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Holders of Certificates evidencing not less than a majority of the Certificate Balance. Except as expressly provided herein,
any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by the Holders of Certificates evidencing not less than a majority of the Certificate Balance at the time of the delivery of such notice.

  
 ARTICLE V 
  
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  
 SECTION 5.1. Establishment of Certificate Distribution Account. The
Owner Trustee, for the benefit of Certificateholders, shall establish and maintain in the name of the Issuer an Eligible Deposit Account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Certificateholders. 
  
 The Owner Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. If, at any time, the Certificate
Distribution Account ceases to be an Eligible Deposit Account, the Servicer shall establish a new Certificate Distribution Account as an Eligible Deposit Account in accordance with Section 5.1(b) of the Sale and Servicing Agreement, and the Owner
Trustee shall transfer any cash and/or any investments to such new Certificate Distribution Account and shall assist the Servicer in establishing such account as necessary. 
  
 Amounts on deposit in the Certificate Distribution Account shall not be invested. 
  
 SECTION 5.2. Application of Funds in Certificate Distribution Account.
(a) Not later than 12:00 noon, New York City time, on each Payment Date, the Owner Trustee or the Paying Agent on behalf of the Owner Trustee will, based on the information contained in the Servicer’s Certificate delivered on the related
Determination Date pursuant to Section 4.8 of the Sale and Servicing Agreement, distribute to Certificateholders, to the extent of the funds available, amounts deposited in the Certificate Distribution Account pursuant to Section 5.5 of the Sale and
Servicing Agreement on such Payment Date in the following order of priority: 
  
 (i) first, to the Certificateholders, on a pro rata basis, an amount equal to the Certificateholders’ Interest Distributable Amount; and 
  
 (ii) second, to the Certificateholders, on a pro rata basis, an amount equal to the Certificateholders’
Principal Distribution Amount. 
  

 16 

 (b) On each Payment Date, the Owner Trustee shall send, or cause to be sent, to each Certificateholder
the statement provided to the Owner Trustee by the Servicer pursuant to Section 5.9 of the Sale and Servicing Agreement on such Payment Date. 
  
 (c) 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 in accordance with this Section. Each of the Owner Trustee and the Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders
sufficient funds for the payment of any tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer and remitted to the
appropriate taxing authority. The Owner Trustee or the Paying Agent, on its behalf, intends to withhold United States withholding taxes from any amounts allocable or distributed to non-United States Certificateholders at a rate of 35% for non-United
States Certificateholders that are classified as corporations for United States federal income tax purposes and at the highest individual income tax rate for all other non-United States Certificateholders. In the event that a Certificateholder
wishes to apply for a refund of any such withholding tax, the Owner Trustee and the Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee and
the Paying Agent for any out-of-pocket expenses incurred. 
  
 SECTION 5.3. Method of Payment. Subject to Section 9.1(c), distributions required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the preceding Record Date either (a)
by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written
instructions at least five Business Days prior to such Payment Date and such Holder’s Certificates in the aggregate evidence a denomination of not less than $1,000,000 or (b) by check mailed to such Certificateholder at the address of such
Holder appearing in the Certificate Register; provided that, unless Definitive Certificates have been issued pursuant to Section 3.12, with respect to Certificates registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), distributions will be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 SECTION 5.4. No Segregation of Monies; No Interest. Subject to Sections 5.1 and 5.2, monies received by the Owner
Trustee or any Paying Agent hereunder need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and neither the Owner Trustee nor any Paying Agent shall
be liable for any interest thereon. 
  
 SECTION 5.5. Accounting
and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis on the accrual method of accounting,

  

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(b) deliver (or cause to be delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may
be required (including Schedule K-1) to enable each Certificateholder to prepare its Federal and state income tax returns, (c) prepare or cause to be prepared and file such tax returns relating to the Issuer (including a partnership information
return, Form 1065), and make such elections as may from time to time be required or appropriate under any applicable state or Federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as a partnership for
Federal income tax purposes and (d) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. The Depositor shall sign all tax
information returns filed pursuant to this Section 5.5 and any other returns as may be required by law. The Issuer shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the
Receivables. The Issuer shall not make the election provided under Section 754 of the Code. 
  
 SECTION 5.6. Signature on Returns; Tax Matters Partner. Notwithstanding the provisions of Section 5.5, the Class R Certificateholder shall sign on behalf of the Issuer the tax returns of the Issuer,
unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee at the written direction of the Class R Certificateholder. 
  
 The Class R Certificateholder shall be the “tax matters partner” of
the Issuer pursuant to the Code. 
  
 SECTION 5.7. Capital
Accounts. The Issuer shall maintain accounts (“Capital Accounts”) with respect to the Certificateholders and the Class R Certificateholder (each an “Owner”). For this purpose, Capital Accounts shall be
maintained in accordance with the following provisions: 
  
 (a) Each Owner’s Capital Account shall be increased by the Capital Contributions (as defined below) of such Owner, such Owner’s distributive share of gross income (if any) and any items in the nature of
income or gain that are allocated to such Owner pursuant to Section 2.11, 2.12(c) or 2.13. 
  
 (b) Each Owner’s Capital Account shall be reduced by any amount distributed to such Owner (including, in the case of the Class R
Certificateholder, any amount released or otherwise distributed to the Class R Certificateholder from the Reserve Account under Section 5.7, of the Sale and Servicing Agreement) and any items in the nature of deductions or losses that are allocated
to such Owner pursuant to Section 2.12 or 2.13. 
  
 (c) In the event all or a portion of a Certificate is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it related to such Certificate or a
portion thereof. 
  
 “Capital Contribution” means
the amount of any cash contributed to the Issuer by an Owner (including any amounts deemed to be contributed in connection with the original 

  

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issuance of the Certificates), including, in the case of the Class R Certificateholder, the amount of any Receivables deemed to have been contributed by the
Class R Certificateholder (with such amount for Receivables intended to reflect the amount of the Receivables and monies due thereon or with respect thereto, including accrued but unpaid interest and finance charges, conveyed to the Issuer by the
Class R Certificateholder on the Closing Date under Article II of the Sale and Servicing Agreement). The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with
Section 1.704-l(b) of the Treasury Regulations and shall be interpreted in a manner consistent therewith. 
  
 ARTICLE VI 
  
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
  
 SECTION
6.1. General Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Issuer is named as a party and each certificate or other document attached as an exhibit to or contemplated by the
Basic Documents to which the Issuer is named as a party, including, without limitation, any filing authorizations authorizing the filing of a financing statement on form UCC-1 with the Secretary of State of the State of Delaware, and any amendment
thereto, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof, and, on behalf of the Issuer at the written direction of the Depositor, to direct the Indenture Trustee to
authenticate and deliver Class A-1 Notes in the aggregate principal amount of $600,000,000, Class A-2 Notes in the aggregate principal amount of $540,000,000, Class A-3 Notes in the aggregate principal amount of $790,000,000 and Class A-4 Notes in
the aggregate principal amount of $240,900,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator recommends or directs in writing with respect to the Basic Documents. 
  
 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this Agreement and the other Basic Documents and to administer the Issuer in the interest of Certificateholders and the Class R Certificateholder, subject to the Basic Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the Administration Agreement to
perform any act or to discharge any duty of the Owner Trustee or the Issuer hereunder or under any other Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the
Administration Agreement. 
  
 SECTION 6.3. Action upon
Instruction. (a) Subject to Article IV, the Certificateholders may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders
pursuant to Section 4.5. 
  

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 (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action hereunder
or under any other Basic Document if the Owner Trustee shall reasonably determine, or shall have been advised by counsel in writing, that such action is likely to result in personal liability to the Owner Trustee (in such capacity or individually),
is contrary to the terms of this Agreement or any other Basic Document or is contrary to law. 
  
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any other Basic Document or is unsure as to the application of any
provision of this Agreement or any Basic Document, or if any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination
by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the
circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received, the Owner
Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the other Basic Documents, as it shall deem to be in the best interests of
the Certificateholders, and shall have no liability to any Person for such action or inaction. 
  
 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement and
the other Basic Documents, and no implied covenants or obligations shall be read into this Agreement or the other Basic Documents. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record,
sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly
provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder
or to prepare or file any Commission filing for the Issuer or to record this Agreement or any other Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to
discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee, in its individual capacity, that are not related to the ownership or the administration of the Owner Trust Estate.

  
 SECTION 6.5. No Action Except under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal 

  

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with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to
this Agreement, (ii) in accordance with the Basic Documents, and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 
  
 SECTION 6.6. Restrictions. The Owner Trustee shall not (a) take any action that is inconsistent with the purposes of
the Issuer set forth in Section 2.3 or (b) take any action or amend this Agreement in any manner that, to the best knowledge of the Owner Trustee, would result in the Issuer’s becoming taxable as a corporation for United States federal income
tax purposes. The Owner Trustee and Depositor agree that no election to treat the Issuer other than as a partnership for United States federal income tax purposes or any relevant state tax purposes shall be made by or on behalf of the Issuer. The
Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 
  
 SECTION 6.7. Doing Business in Other Jurisdictions. (a) Notwithstanding anything contained herein to the contrary, the Owner Trustee shall not be
required to take any action in any jurisdiction other than in the State of Delaware, other than as set forth in the last sentence of this Section 6.7, if the taking of such action will (i) require the consent or approval or authorization or
order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or
other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal
jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee, as the case may be, contemplated hereby. The Owner Trustee shall be
entitled to obtain advice of counsel (which advice shall be an expense of the Depositor) to determine whether any action required to be taken pursuant to this Agreement results in the consequences described in clauses (i), (ii) and (iii) of the
preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee will appoint an additional trustee pursuant to Section 10.5 to proceed with such action.

  
 ARTICLE VII 
  
 CONCERNING OWNER TRUSTEE 
  
 SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the
Owner Trust Estate upon the terms of the other Basic Documents and this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad
faith or gross negligence or (ii) in the case of the breach of any representation or warranty contained in Section 7.3 expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the
preceding sentence): 
  
 (a) The Owner Trustee
shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Owner Trustee unless it is proved that the Owner Trustee was grossly negligent in ascertaining the pertinent facts; 
  

 21 

 (b) The Owner Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with the instructions of the Certificateholders given pursuant to Section 6.3 or the Administrator given pursuant to Section 6.1; 
  
 (c) No provision of this Agreement or any other Basic Document shall require the Owner Trustee to expend or
risk funds or otherwise incur any financial liability in its own performance of any of its rights or powers hereunder or under any other Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not assured or provided to it; 
  
 (d) Under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes; 
  
 (e) The Owner Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or
validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication on the Certificates or the Class R Certificate, shall not be accountable for the use
or application by the Depositor of the proceeds from the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder, any Certificateholder or the Class R Certificateholder, other than as
expressly provided for herein and in the Basic Documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of
any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority; or the ability of the Owner Trust Estate to generate the payments to be distributed to Certificateholders under this
Agreement or the Noteholders under the Indenture, including: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or
other record thereof; the validity of the assignment of any Receivable to the Issuer or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the
Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action of the Indenture Trustee, the Administrator or the Servicer or any subservicer
taken in the name of the Owner Trustee; 
  

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 (f) The Owner Trustee shall not be liable for the default or misconduct of the Indenture
Trustee, the Administrator or the Servicer under any of the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Issuer under this Agreement or the Basic Documents that are
required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the Sale and Servicing Agreement; 
  
 (g) The Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Basic Document, at the request, order or direction of any of the Certificateholders, unless such
Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any
discretionary act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of
any such act; and 
  
 (h) The Owner Trustee, upon
receipt of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Owner Trustee that shall be specifically required to be furnished pursuant to any provision of this Agreement or the
other Basic Documents, shall examine them to determine whether they conform to the requirements of this Agreement or such other Basic Document; provided, however, that the Owner Trustee shall not be responsible for the accuracy or
content of any such resolution, certificate, statement, opinion, report, document, order or other instrument furnished to the Owner Trustee pursuant to this Agreement or the other Basic Documents. 
  
 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
Basic Documents. 
  
 SECTION 7.3. Representations and
Warranties. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
  
 (a) It is a banking corporation duly organized and validly existing in good standing under the laws of the State of Delaware and having an
office within the State of Delaware. It has all requisite corporate power, authority and legal right to execute, deliver and perform its obligations under this Agreement. 
  
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this
Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  

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 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation
by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or
any judgment, writ, decree or order applicable to it, or constitute any default under its charter documents or by-laws or, with or without notice or lapse of time, any indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound. 
  
 (d) The execution, delivery and performance by the Owner Trustee of this Agreement does not require the authorization, consent, or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in
respect of, any governmental authority or agency of the State of Delaware or the United States of America regulating the corporate trust activities of the Owner Trustee. 
  
 (e) This Agreement has been duly authorized, executed and delivered by the Owner Trustee and shall
constitute the legal, valid, and binding agreement of the Owner Trustee, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization and other laws affecting the rights of creditors
generally, and by general principles of equity regardless of whether enforcement is pursuant to a proceeding in equity or at law. 
  
 SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument,
notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of
a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method
of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other authorized officers of
the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
  
 (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be
liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with due care and (ii) may consult with counsel, accountants and other skilled persons knowledgeable in the
relevant area to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants
or other such persons and not contrary to this Agreement or any Basic Document. 
  

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 SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this Article VII, in
accepting the trusts hereby created, Wilmington Trust Company acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this
Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
  
 SECTION 7.6. Owner Trustee May Own Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner or
pledgee of the Certificates or the Notes and may deal with the Depositor, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not the Owner Trustee. 
  
 ARTICLE VIII 
  
 COMPENSATION OF OWNER TRUSTEE 
  

SECTION 8.1. Owner Trustee’s Fees and Expenses. In accordance with Section 4.7 of the Sale and Servicing Agreement, the Owner Trustee shall
receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Servicer and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Servicer for its
other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights
and its duties hereunder except any such expenses as may arise from its gross negligence, willful misfeasance, or bad faith or that is the responsibility of Certificateholders under this Agreement. 
  
 SECTION 8.2. Indemnification. In accordance with Section 7.2 of the
Sale and Servicing Agreement, the Servicer shall be liable as primary obligor for, and shall indemnify the Owner Trustee (in such capacity or individually) and its successors, assigns, agents and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and
nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the other Basic
Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Servicer shall not be liable for or required to indemnify the Owner Trustee from and
against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.1. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the termination of
this Agreement. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Indemnified Party in respect of which indemnity may be sought pursuant to this
Section 8.2, such Indemnified Party shall promptly notify the Servicer in writing, and the Servicer upon request of the Indemnified Party shall retain counsel reasonably satisfactory to the Indemnified Party (or, with the consent of the
Servicer, counsel selected by the Indemnified Party acceptable to the Servicer) to represent the Indemnified Party and any others the Servicer may designate in such proceeding and shall pay the reasonable fees and expenses of such counsel 

  

 25 

 
related to such proceeding. The Servicer shall not be liable for any settlement of any claim or proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the Servicer agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such settlement or judgment. The Servicer shall not, without the
prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. 
  
 SECTION 8.3. Payments to Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII
shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
  
 ARTICLE IX 
  
 TERMINATION OF
TRUST AGREEMENT 
  
 SECTION 9.1. Termination of Trust
Agreement. (a) The Issuer shall dissolve as soon as reasonably practicable after the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the
Sale and Servicing Agreement and Article V, but before the payment to the Certificateholders of all amounts required to be paid to them pursuant to this Agreement, which payment will be made only after the Owner Trustee has satisfied its
obligations under Section 3808(e) of the Statutory Trust Statute; provided, however, that in no event shall the Trust created by this Agreement continue beyond the expiration of 21 years from the date of this Agreement. The bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder, any Certificate Owner or the Class R Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle such Certificateholder’s, such
Certificate Owner’s or the Class R Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or the Owner Trust
Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
  
 (b) Except as provided in clause (a), none of the Depositor, the Class R Certificateholder or any Certificateholder shall be entitled to revoke or terminate the Trust. 
  
 (c) Notice of any termination of the Issuer, specifying the Payment Date upon
which the Certificateholders shall surrender their Certificates to the Owner Trustee or the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholders mailed within
five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 9.1(c) of the Sale and Servicing Agreement, stating (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 or the Paying Agent 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, 

  

 26 

 
payments being made only upon presentation and surrender of the Certificates at the office of the Owner Trustee or the Paying Agent therein specified. The
Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to the Certificateholders. Upon presentation and surrender of the Certificates, the Owner
Trustee or the Paying Agent shall cause to be distributed to the Certificateholders amounts distributable on such Payment Date pursuant to Section 5.2. 
  

If all of the Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the above
mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the
second notice all 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. Any funds remaining in the Owner Trust Estate after exhaustion of such remedies shall be distributed, subject to
applicable escheat laws, by the Owner Trustee to the Class R Certificateholder. 
  
 (d) Any funds remaining in the Issuer after funds for final distribution have been distributed or set aside for distribution shall be distributed by the Owner Trustee to the Class R Certificateholder. 
  
 (e) Upon the winding up of the Issuer in accordance with Section 3808 of the
Statutory Trust Statute, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute and
thereupon, this Agreement (other than Article VIII) and the Issuer shall terminate. 
  
 ARTICLE X 
  
 SUCCESSOR OWNER
TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
  
 SECTION 10.1.
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $100,000,000 and subject to supervision or
examination by Federal or state authorities. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. In addition, at all times the Owner Trustee or a co-trustee shall be a person that satisfies the
requirements of Section 3807(a) of the Statutory Trust Statute (the “Delaware Trustee”). 
  

 27 

 SECTION 10.2. Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign
and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and
shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee. If the
Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Owner Trustee so removed and one copy of which shall be delivered to the successor Owner Trustee, and payment of all fees owed to the outgoing Owner Trustee shall be made to the outgoing Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the
outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
  
 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the
Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee,
without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner Trustee. The predecessor Owner
Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver
such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  
 No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 
  

 28 

 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator
shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 days after acceptance of appointment by the
successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 
  
 Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly file an amendment to the Certificate of Trust with the Secretary of
State identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware. 
  
 SECTION 10.4. Merger or Consolidation of Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting form any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 10.1, without the execution or filing of any instrument or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies; and provided further, that such successor Owner Trustee shall file an amendment to the
Certificate of Trust as described in Section 10.3. 
  
 SECTION
10.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any
Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee,
jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by
it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. If the Delaware Trustee shall become incapable of acting, resign or be removed, unless the Owner Trustee is qualified to act as the Delaware Trustee, a
successor co-trustee shall promptly be appointed in the manner specified in this Section 10.5 to act as the Delaware Trustee. 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 

  

 29 

 
understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent
that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (ii) no trustee under this Agreement shall be personally
liable by reason of any act or omission of any other trustee under this Agreement; and 
  
 (iii) the Administrator 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 a copy thereof given to the Administrator. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights,
remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  

ARTICLE XI 
  
 MISCELLANEOUS 
  
 SECTION 11.1. Supplements and Amendments. This Agreement may be amended by the Depositor and the Owner Trustee, with the consent of the Class R Certificateholder and prior written notice to the Rating Agencies,
but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity or defect, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided that such action shall not (i) materially change the purposes and powers of the Issuer set
forth in Section 2.3 or (ii) as evidenced by an Opinion of Counsel, materially and adversely affect the interests of any 

  

 30 

 
Noteholder or Certificateholder; provided, further, that the Depositor shall deliver written notice of such amendments to each Rating Agency
prior to the execution of any such amendment. Notwithstanding the foregoing, no amendment modifying the provisions of Section 5.2 shall become effective without satisfaction of the Rating Agency Condition. 
  
 This Agreement may also be amended from time to time by the Depositor and the
Owner Trustee, with prior written notice to the Rating Agencies, with the consent of the Class R Certificateholder, the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes and the consent of the
Holders of Certificates evidencing not less than a majority of the Certificate Balance for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights
of the Noteholders or the Certificateholders; provided that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions that
shall be required to be made for the benefit of the Noteholders or the Certificateholders, or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes and the Certificate Balance required to consent to any such amendment.

  
 Promptly after the execution of any amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee and each of the Rating Agencies. 
  
 It shall not be necessary for the consent of Certificateholders or the Noteholders pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholders provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
  
 Promptly after the execution of any amendment to the Certificate of the
Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
  
 Prior to the execution of any amendment to this Agreement or the Certificate of the Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise.

  
 SECTION 11.2. No Legal Title to Owner Trust Estate in
Certificateholders. Neither the Class R Certificateholder nor the Certificateholders shall have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided
ownership interest therein only in accordance with Articles V and IX. The Class R Certificateholder shall be entitled to receive distributions with respect to its ownership interest therein only in accordance with the Sale and
Servicing Agreement and this Agreement. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders or of the Class R Certificateholder to and in their 

  

 31 

 
respective ownership interests in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
  
 SECTION 11.3. Limitations on Rights of Others. Except for Sections 2.7 and 2.10, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Class R
Certificateholder, 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 Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  

SECTION 11.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, if to the Depositor or the Class R Certificateholder, addressed to, Chase Bank USA, National Association, c/o Chase Auto
Finance Corp., 900 Stewart Avenue, Garden City, New York 11530, Attn: Financial Controller; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
  
 (b) Any notice required or permitted to be given to a Certificateholder shall
be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, regardless
of whether the Certificateholder receives such notice. 
  
 SECTION
11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts,
each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 32 

 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be
binding upon, and inure to the benefit of, the Depositor, the Class R Certificateholder, the Owner Trustee and their respective successors and 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 Recourse. Each Certificateholder, by accepting a Certificate, acknowledges that such Certificateholder’s Certificates
represent equity interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or any Affiliate thereof, and no recourse may be had against such parties or
their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates or the other Basic Documents. 
  
 SECTION 11.9. No Petition. 
  
 (a) The Depositor will not at any time institute against the Issuer any bankruptcy proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificates, the Notes, this Agreement or any of the other Basic Documents. 
  
 (b) The Owner Trustee, by entering into this Agreement, the Class R Certificateholder, by accepting the Class R Certificate, and each Certificateholder,
by accepting a Certificate, hereby covenant and agree that they will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Class R Certificate, the Certificates, this Agreement or any of the other Basic Documents. 
  
 SECTION 11.10. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
  
 SECTION 11.11.
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS. 
  
 SECTION 11.12. Certificate
Transfer Restrictions. The Certificates may not be acquired by or for the account of an individual or entity that is not a U.S. person as defined in Section 7701(a)(30) of the Code and any transfer of a Certificate to a person that is not a U.S.
Person shall be void. By accepting and holding a Certificate, the Holder shall be deemed to have represented and warranted under penalties of perjury that it (or, if it is acting as a nominee, the beneficial owner) is a U.S. Person. 
  
 SECTION 11.13. Disclosure. Notwithstanding anything herein to the
contrary, Chase USA and the Owner Trustee (and any employee, representative or other agent of both Chase USA and the Owner Trustee) may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax
structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. 
  

 33 

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

			
	 WILMINGTON TRUST COMPANY,
as Owner Trustee

		
	 By:
	 	 /s/ Janel R. Havrilla

	 	 	 Name: Janel R. Havrilla

	 	 	 Title: Financial Services Officer

	
	 CHASE BANK USA, NATIONAL ASSOCIATION,
as Depositor

		
	 By:
	 	 /s/ Patricia Garvey

	 	 	 Name: Patricia Garvey

	 	 	 Title: Vice President

  

  
 EXHIBIT A-1 
  
 THIS CLASS R CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. NEITHER THIS CLASS R CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD OR OTHERWISE TRANSFERRED OTHER THAN IN COMPLIANCE WITH THE TRUST AGREEMENT. 
  
 THIS CLASS R CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY. 

 
 CHASE AUTO OWNER TRUST 2005-A 
  
 CLASS R CERTIFICATE 
  
 evidencing a beneficial ownership interest in certain distributions of the Issuer, as defined
below, the property of which includes a pool of retail installment sales contracts or purchase money notes and security agreements and other notes secured by new or used automobiles or light duty trucks and sold to the Issuer by Chase Bank USA,
National Association, a national banking association. 
  
 (This Certificate
does not represent an interest in or obligation of Chase Bank USA, National Association or any of its Affiliates, except to the extent described below.) 
  
 THIS CERTIFIES THAT Chase Bank USA, National Association is the registered owner of 100% of the beneficial ownership interest in certain distributions of
Chase Auto Owner Trust 2005-A (the “Issuer”) formed by Chase Bank USA, National Association, a national banking association (the “Depositor”). 
  
 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is the Class R Certificate referred to in the within-mentioned Trust Agreement. 
  

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

					
	By:	 	 	 	 	 	By:	 	/s/ Janel R. Havrilla
	 	 	 	 	 	 	 	 	 Authenticating Agent

  

 Issuer was created pursuant to an Amended and Restated Trust Agreement dated as of May 26, 2005 (the
“Trust Agreement”), between the Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in Section 1.1 of the Sale and Servicing Agreement between the Issuer and Chase Bank USA, National Association, as Seller and Servicer, dated as of
May 26, 2005, as the same may be amended or supplemented from time to time (the “Sale and Servicing Agreement”). 
  
 This Class R Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the
holder of this Class R Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 
  
 The holder of this Class R Certificate acknowledges and agrees that its rights to receive distributions in respect of this Class R Certificate are limited
to amounts distributable to it pursuant to the Sale and Servicing Agreement and the Trust Agreement. 
  
 It is the intent of the Class R Certificateholder and the Certificateholders that, for United States federal income tax purposes, the Issuer will be
treated as a partnership and the Class R Certificateholder and the Certificateholders will be treated as partners in that partnership. The Class R Certificateholder by acceptance of this Class R Certificate, agrees to treat, and to take no action
inconsistent with the treatment of, the Class R Certificate for such tax purposes as equity (i.e., partnership interests) in the Issuer. 
  
 The Class R Certificateholder, by its acceptance of this Class R Certificate, acknowledges and agrees that neither the Depositor nor the Owner Trustee is
authorized to elect to treat the Issuer other than as a partnership for United States federal income tax purposes or any relevant state tax purposes. The Class R Certificateholder, by its acceptance of the Class R Certificate, agrees not to take any
actions (or direct the Owner Trustee to take such acts or actions) that would violate such restriction. 
  
 The Class R Certificate does not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or
any Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the other Basic Documents. 
  
 Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee or the Authentication Agent, by manual or facsimile signature, this Class R Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose. 
  
 THIS CLASS R CERTIFICATE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

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

									
	 	 	 	 	CHASE AUTO OWNER TRUST 2005-A
				
	 	 	 	 	By: 	 	 WILMINGTON TRUST COMPANY,
not in its individual capacity, but solely as Owner Trustee

				
	Dated: June 14, 2005	 	 	 	 By: 
	 	/s/  Janel R. Havrilla

  

  

			
	 	  	 EXHIBIT A-2

		
	 NUMBER
	  	 $50,360,000

	 R-A-1
	  	 CUSIP NO. 161443AD8

  
 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. 
  
 THE CERTIFICATES MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN INDIVIDUAL OR ENTITY THAT IS NOT A U.S. PERSON AS DEFINED
IN SECTION 7701(A)(30) OF THE CODE. BY ACCEPTING AND HOLDING A CERTIFICATE, THE HOLDER SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT (OR, IF IT IS ACTING AS A NOMINEE, THE BENEFICIAL OWNER) IS A U.S. PERSON. 
  
 THE PRINCIPAL OF THIS CERTIFICATE IS DISTRIBUTABLE IN INSTALLMENTS AS SET
FORTH IN THE TRUST AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY. 
  
 CHASE AUTO OWNER TRUST 2005-A 
  
 4.04% ASSET BACKED CERTIFICATE 
  
 evidencing a beneficial ownership interest in certain distributions of the Issuer, as defined
below, the property of which includes a pool of retail installment sales contracts or purchase money notes and security agreements and other notes secured by new or used automobiles or light duty trucks and sold to the Issuer by Chase Bank USA,
National Association, a national banking association. 
  
 (This Certificate
does not represent an interest in or obligation of Chase Bank USA, National Association or any of its Affiliates, except to the extent described below.) 
  
 THIS CERTIFIES THAT CEDE & CO. is the registered owner of $50,360,000 nonassessable, fully-paid, beneficial ownership interest in certain
distributions of Chase Auto Owner Trust 2005-A (the “Issuer”) formed by Chase Bank USA, National Association, a national banking association (the “Depositor”). This Certificate has a Certificate Rate of 4.04% per
annum. 
  

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Certificates referred to in the within-mentioned Trust
Agreement. 
  

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

					
	By:	 	 	 	 	 	By:	 	/s/  Janel R. Havrilla
	 	 	 	 	 	 	 	 	Authenticating Agent

  

 2 

 Issuer was created pursuant to an Amended and Restated Trust Agreement dated as of May 26, 2005 (the
“Trust Agreement”), between the Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in Section 1.1 of the Sale and Servicing Agreement between the Issuer and Chase Bank USA, National Association, as Seller and Servicer, dated as of
May 26, 2005, as the same may be amended or supplemented from time to time (the “Sale and Servicing Agreement”). 
  
 This Certificate is one of the duly authorized Certificates of the Issuer designated as “4.04% Asset Backed Certificates” (herein called the
“Certificates”). Issued under the Indenture dated as of May 26, 2005, between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Indenture”), are four classes of Notes designated as “Class
A-1 3.49% Asset Backed Notes” (the “Class A-1 Notes”), “Class A-2 3.72% Asset Backed Notes” (the “Class A-2 Notes”), “Class A-3 3.87% Asset Backed Notes” (the “Class A-3
Notes”) and “Class A-4 3.98% Asset Backed Notes” (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the “Notes”). 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 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 Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable. 
  
 It is the intent of the Class R Certificateholder and Certificateholders
that, for United States federal income tax purposes, the Issuer will be treated as a partnership and the Class R Certificateholder and Certificateholders will be treated as partners in that partnership. The Certificateholders by acceptance of a
Certificate, agree to treat, and to take no action inconsistent with the treatment of, the Certificates for such tax purposes as equity (i.e., partnership interests) in the Issuer. 
  
 Each Certificateholder, by its acceptance of a Certificate or a beneficial interest in a Certificate, acknowledges and
agrees that neither the Depositor nor the Owner Trustee is authorized to elect to treat the Issuer other than as a partnership for United States federal income tax purposes or any relevant state tax purposes. Each Certificateholder, by its
acceptance of a Certificate or a beneficial interest in a Certificate, agrees not to take any actions (or direct the Owner Trustee to take such acts or actions) that would violate such restriction. 
  
 The Certificates do not represent an obligation of, or an interest in, the
Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or any Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust
Agreement, the Indenture or the other Basic Documents. 
  

 3 

 The Certificates may not be acquired by or for the account of an individual or entity that is not a U.S.
Person as defined in Section 7701(A)(30) of the Code. By accepting and holding a Certificate, the Holder shall be deemed to have represented and warranted that it (or, if it is acting as a nominee, the Beneficial Owner) is a U.S. Person. 

 
 Unless the certificate of authentication hereon shall have been executed
by an authorized officer of the Owner Trustee or the Authentication Agent, by manual or facsimile signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose. 
  
 THIS CERTIFICATE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 IN WITNESS WHEREOF, the Owner Trustee, on behalf of Issuer and not in its individual capacity, has caused this Certificate to be duly executed.

  

									
	 	 	 	 	CHASE AUTO OWNER TRUST 2005-A
				
	 	 	 	 	By: 	 	 WILMINGTON TRUST COMPANY,
not in its individual capacity, but solely as Owner Trustee

				
	Dated: June 14, 2005	 	 	 	 By: 
	 	/s/  Janel R. Havrilla

  

 4 

 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, and all rights thereunder, hereby irrevocably constituting and
appointing                              as Attorney to transfer said Certificate on the books of the
Certificate Registrar, with full power of substitution in the premises. 
  
 Dated:

  

	
	
	1
	 Signature Guaranteed:

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

  

 5 

  
 EXHIBIT B 
  
 FORM OF CERTIFICATE OF TRUST 
  
 Chase Auto Owner Trust 2005-A 
  
 This Certificate of Trust of Chase Auto Owner Trust 2005-A (the
“Trust”) is being duly executed and filed by Wilmington Trust Company, a Delaware banking corporation, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801 et seq.) (the
“Act”). 
  

	1.	Name. The name of the statutory trust formed hereby is Chase Auto Owner Trust 2005-A. 

  

	2.	Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890-0001, Attn: Corporate Trust Administration. 

  

	3.	Effective Date. This Certificate of Trust shall be effective upon filing. 

  
 IN WITNESS WHEREOF, the undersigned has duly executed this certificate in accordance with the Act. 
  

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

	 	 	 Title:

  

  
 EXHIBIT C 
  
 FORM OF CERTIFICATE DEPOSITORY AGREEMENT 
  
 The Depository Trust Company 
 A subsidiary of The Depository Trust & Clearing Corporation 
  
 ISSUER LETTER OF REPRESENTATIONS 
 [To be
Completed by Issuer and Co-Issuer(s), if applicable] 
  

 [Name of Issuer and Co-Issuer(s), if applicable] 
  

 [Security Description, including series designation if applicable] 
  

 [CUSIP Number of the Securities] 
  
 [For Municipal Issues: Underwriting Department—Eligibility; 25th Floor] 
 [For Corporate Issues: General Counsel’s Office; 22nd Floor] 
 The
Depository Trust Company 
 55 Water Street 
 New York, NY
10041-0099 
  
 Ladies and Gentlemen: 
  
 This letter sets forth our understanding with respect to the Securities
represented by the CUSIP number referenced above (the “Securities”). Issuer requests that The Depository Trust Company (“DTC”) accept the Securities as eligible for deposit at DTC. The DTC Participant, (manager, underwriter, or
placement agent) will distribute the securities through DTC. 
  
 To induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC that Issuer will comply with the requirements applicable to it
stated in DTC’s Operational Arrangements (found at www.dtcc.com and www.dtc.org), as they may be amended from time to time. 
  

									
	 Note:
	 	 	 	Very truly yours,
			
	Schedule A contains statements that DTC believes accurately describe DTC, the method of effecting book-entry transfers of securities distributed through DTC, and certain
related matters.	 	 	 	 
	 	 	 	(Issuer)
	 	 	 	By:	 	 
	 	 	 	 	 	 	(Authorized Officer’s Signature)
	 	 	 	 	 
	Received and Accepted:	 	 	 	(Print Name)
	THE DEPOSITORY TRUST COMPANY	 	 	 	 
	 	 	 	 	(Street Address)
	 	 	 	 	 
	 By: 
	 	 	 	 	 	 (City)
	 	(State) (Country) (Zip Code)
	 	 	 	 	 	 	 
	 	 	 	 	 	 	(Phone Number)
	 	 	 	 	 	 	 
	 	 	 	 	 	 	(E-mail Address)

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