Document:

The Class A-4-B Swap Transaction Confirmation, dated as of March 31, 2008

 Exhibit 10.9 
 SWAP TRANSACTION CONFIRMATION 
  

			
	 Date:
	  	 March 31, 2008

		
	 To:
	  	 Fifth Third Auto Trust 2008-1 (“Party B”)
 c/o Wilmington Trust Company, as Owner Trustee
 Rodney Square North
 1100 North Market Street
 Wilmington, Delaware
19890
 Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

		
	 From:
	  	 Credit Suisse International (“Party A”)
 One Cabot Square
 London E14 4QJ

		
	 External ID
	  	 53395487

		
	 TCN No.
	  	 448376903

 Dear Sir or Madam: 
 The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the “Transaction”). This
Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 
 1. The definitions and
provisions contained in (i) the 2006 ISDA Definitions (the “ISDA Definitions”), as published by the International Swaps and Derivatives Association, Inc., and (ii) the Sale and Servicing Agreement dated as of March 31, 2008
(the “Sale and Servicing Agreement”) between Party B, Fifth Third Holdings Funding, LLC, Fifth Third Bank and The Bank of New York, relating to the issuance by Party B of certain debt obligations, are incorporated into this Confirmation.
In the event of any inconsistency between the ISDA Definitions and this Confirmation, this Confirmation will govern. References herein to a “Transaction” shall be deemed to be references to a “Swap Transaction” for purposes of
the ISDA Definitions. Capitalized terms used but not defined herein have the meanings ascribed to them in the Sale and Servicing Agreement. 
 This Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement dated as of March 31, 2008 (including the Schedule thereto) as amended and supplemented from time to time (the “Agreement”)
between you and us. All provisions contained in the Agreement govern this Confirmation except as expressly modified herein. 
  

 1 

 2. The terms of the particular Transaction to which the Confirmation relates are as follows: 

 

			
	 Transaction Type:
	  	 Interest Rate Swap

		
	 Currency for Payments:
	  	 U.S. Dollars

		
	 Notional Amount:
	  	 For the Initial Calculation Period, the Notional Amount shall be equal to USD 30,000,000. For each subsequent Calculation Period, the Notional Amount shall be equal to
the aggregate outstanding principal amount of the Class A-4-B Notes on the first day of such Calculation Period. With respect to any Payment Date, the aggregate outstanding principal amount of the Class A-4-B Notes will be determined using
the Servicer’s Certificate issued pursuant to the Sale and Servicing Agreement on the Determination Date immediately preceding the Payment Date (giving effect to any reductions of the outstanding principal amount of the Class A-4-B Notes
reflected in such Servicer’s Certificate).

		
	 Initial Calculation Period:
	  	 From and including the Effective Date to but excluding April 15, 2008.

		
	 Term:
  
 Trade Date:
  
 Effective Date:
	  	  
  
 March 26, 2008
  
 March 31,
2008

		
	 Termination Date:
	  	 The earlier of (i) January 15, 2013 and (ii) the date on which the outstanding principal amount of the Class A-4-B Notes is reduced to zero, in each case subject to
adjustment in accordance with the Business Day Convention.

		
	 Business Day:
	  	 New York, Delaware, Michigan, Illinois and Ohio

		
	 Business Day Convention:
	  	 Following

		
	 Fixed Amounts:
  
 Fixed Rate Payer:
	  	 

 Party B

  

 2 

			
	 Calculation Period End Dates:
	  	Monthly on the 15th of each month, commencing April 15, 2008, through and including the Termination Date, in each case with No Adjustment.
		
	 Payment Dates:
	  	Monthly on the 15th of each month, commencing April 15, 2008, through and including the Termination Date, in each case subject to adjustment in accordance with the Business Day
Convention.
		
	 Fixed Rate:
	  	4.885%
		
	 Fixed Rate Day Count Fraction:
	  	30/360
		
	Floating Amounts:	  	
		
	 Floating Rate Payer:
	  	Party A
		
	 Calculation Period End Dates:
	  	Monthly on the 15th of each month, commencing April 15, 2008, through and including the Termination Date, in each case subject to adjustment in accordance with the Business Day
Convention.
		
	 Payment Dates:
	  	Monthly on the 15th of each month, commencing April 15th, 2008, through and including the Termination Date, in each case subject to adjustment in accordance with the Business Day Convention.

		
	 Floating Rate for initial Calculation Period
	  	4.92992% (inclusive of Spread)
		
	 Floating Rate Option:
	  	USD -LIBOR -BBA
		
	 Designated Maturity:
	  	1 Month
		
	 Spread:
	  	200 basis points
		
	 Floating Rate Day Count Fraction:
	  	Actual/360
		
	 Reset Dates:
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable

  

 3 

 3. The additional provisions of this Confirmation are as follows: 
  

			
	 Calculation Agent:
	  	 As specified in the Agreement

		
	 Payments to Party A:
	  	 JP Morgan Chase Bank NA
 ABA 021000021
 Acct: Credit-Suisse
 AC#: 066-291607

		
	 Payments to Party B:
	  	 Fifth Third Auto Trust 2008-1
 ABA 042000314
 DDA#: 99120001
 FBO: Treasury

  

 4 

 Unless otherwise provided in the Agreement, this Confirmation is governed by the laws of the State of New York.

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Confirmation and returning
it to us. 
 Very truly yours, 
  

			
	CREDIT SUISSE INTERNATIONAL
		
	By:	 	/s/ Marisa Scauzillo
	Name:	 	Marisa Scauzillo
	Title:	 	Authorized Signatory
		
	By:	 	/s/ Marleen Nobile
	Name:	 	Marleen Nobile
	Title:	 	Authorized Signatory

 Accepted and confirmed as of the date first above written: 
  

			
	FIFTH THIRD AUTO TRUST 2008-1
		
	By:	 	Wilmington Trust Company,
not in its individual capacity
but solely in its capacity
as Owner Trustee
		
	By:	 	/s/ J. Christopher Murphy
	Name:	 	J. Christopher Murphy
	Title:	 	Financial Services OfficerAdministration Agreement, dated as of March 31, 2008

 Exhibit 10.10 
  
  
  
 ADMINISTRATION AGREEMENT 
 among

 FIFTH THIRD AUTO TRUST 2008–1, 
 as Issuer 
 FIFTH THIRD BANK, 
 an Ohio banking corporation, 
 as Administrator 
 and 
 THE BANK OF NEW YORK, 

 as Indenture Trustee 
 Dated as of March 31, 2008 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 1.
	  	 Duties of the Administrator
	  	1
			
	 2.
	  	 Records
	  	3
			
	 3.
	  	 Compensation; Payment of Fees and Expenses
	  	3
			
	 4.
	  	 Independence of the Administrator
	  	3
			
	 5.
	  	 No Joint Venture
	  	3
			
	 6.
	  	 Other Activities of the Administrator
	  	3
			
	 7.
	  	 Representations and Warranties of the Administrator
	  	3
			
	 8.
	  	 Administrator Replacement Events; Termination of the Administrator
	  	4
			
	 9.
	  	 Action upon Termination or Removal
	  	6
			
	 10.
	  	 Liens
	  	6
			
	 11.
	  	 Notices
	  	6
			
	 12.
	  	 Amendments
	  	6
			
	 13.
	  	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	8
			
	 14.
	  	 Headings
	  	8
			
	 15.
	  	 Counterparts
	  	8
			
	 16.
	  	 Severability of Provisions
	  	9
			
	 17.
	  	 Not Applicable to The Ohio Bank in Other Capacities
	  	9
			
	 18.
	  	 Benefits of the Administration Agreement
	  	9
			
	 19.
	  	 Assignment
	  	9
			
	 20.
	  	 Nonpetition Covenant
	  	9
			
	 21.
	  	 Limitation of Liability
	  	9
			
	 22.
	  	 Limitation of Rights
	  	10

  

 i 

 THIS ADMINISTRATION AGREEMENT (this “Agreement”) dated as of
March 31, 2008, is among FIFTH THIRD AUTO TRUST 2008-1, a Delaware statutory trust (the “Issuer”), FIFTH THIRD BANK, an Ohio banking corporation, as administrator (the “Ohio Bank” or in its capacity as
administrator, the “Administrator”), and THE BANK OF NEW YORK, a New York banking corporation, as indenture trustee (the “Indenture Trustee”). Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned such terms in Appendix A to the Sale and Servicing Agreement dated as of March 31, 2008 (the “Sale and Servicing Agreement”) by and among Depositor, as seller, the Issuer, the Ohio Bank,
as servicer, and the Indenture Trustee. 
 W I T N E S S E T H : 
 WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and the Certificate pursuant to the Trust Agreement and has entered into certain agreements in connection therewith, including,
(i) the Sale and Servicing Agreement, (ii) the Indenture, (iii) the Note Depository Agreement, (iv) the Interest Rate Swap Agreement and (v) the Trust Agreement (each of the agreements referred to in clauses
(i) through (v) are referred to herein collectively as the “Issuer Documents”); 
 WHEREAS, to secure payment of the Notes, the Issuer has pledged the Collateral to the Indenture Trustee pursuant to the Indenture; 
 WHEREAS, pursuant to the Issuer Documents, the Issuer and the Owner Trustee are required to perform certain duties; 
 WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement), and to provide
such additional services consistent with this Agreement and the Issuer Documents as the Issuer may from time to time request; 
 WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner Trustee on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 1. Duties of the
Administrator. 
 (a) Duties with Respect to the Issuer Documents. The Administrator shall perform
all of its duties as Administrator under this Agreement and the Issuer Documents and the duties and obligations of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) under the Issuer Documents;
provided, however, except as otherwise provided in the Issuer Documents, that the Administrator shall have no obligation to make any payment required to be made by the Issuer under any Issuer Document; provided, further,
however, that the Administrator shall have no obligation, and the Owner Trustee shall be required to fully perform its duties, with 

 
respect to the obligations of the Owner Trustee under Sections 11.13 and 11.14 of the Trust Agreement and to otherwise comply with the
requirements of the Owner Trustee pursuant to or related to Regulation AB. In addition, the Administrator shall consult with the Issuer and the Owner Trustee regarding its duties and obligations under the Issuer Documents. The Administrator shall
monitor the performance of the Issuer and the Owner Trustee and shall advise the Issuer and the Owner Trustee when action is necessary to comply with the Issuer’s and the Owner Trustee’s duties and obligations under the Issuer Documents.
The Administrator shall perform such calculations, and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) to prepare, file or deliver pursuant to the Issuer Documents. In furtherance of the foregoing, the Administrator shall
take all appropriate action that is the duty of the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) to take pursuant to the Issuer Documents, and shall prepare and execute on behalf of the Issuer or the Owner
Trustee all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Issuer Documents or otherwise by law. 
 (b) No Action by Administrator. Notwithstanding anything to the contrary in this Agreement, the Administrator shall
not be obligated to, and shall not, take any action that the Issuer directs the Administrator not to take nor which would result in a violation or breach of the Issuer’s covenants, agreements or obligations under any of the Issuer Documents.

 (c) Non-Ministerial Matters; Exceptions to Administrator Duties. 
 (i) Notwithstanding anything to the contrary in this Agreement, with respect to matters that in the reasonable judgment of
the Administrator are non-ministerial, the Administrator shall not take any action unless, within a reasonable time before the taking of such action, the Administrator shall have notified the Issuer of the proposed action and the Issuer shall not
have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation: 
 (A) the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or
against the Issuer; 
 (B) the appointment of successor Note Registrars, successor Paying Agents, successor
Indenture Trustees, successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, the Paying Agent or the Indenture Trustee of its obligations under the Indenture; and 
 (C) the removal of the Indenture Trustee. 
  

 2 

 (ii) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (x) make any payments to the Noteholders under the Transaction Documents, (y) except as provided in the Transaction Documents, sell the Trust Estate or (z) take any other action
that the Issuer directs the Administrator not to take on its behalf. 
 2. Records. The Administrator shall maintain
appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection upon reasonable written request by the Issuer, the Seller and the Indenture Trustee at any time
during normal business hours. 
 3. Compensation; Payment of Fees and Expenses. As compensation for the performance of
the Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to receive $12,000 annually which shall be solely an obligation of the Servicer. The Administrator
shall pay all expenses incurred by it in connection with its activities hereunder. 
 4. Independence of the
Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or to represent the Issuer in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the
Issuer. 
 5. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Administrator and
the Issuer as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on
any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the other. 
 6.
Other Activities of the Administrator. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person
even though such Person may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee. 
 7. Representations and Warranties of the Administrator. The Administrator represents and warrants to the Issuer and the Indenture Trustee as follows: 
 (a) Existence and Power. The Administrator is a banking corporation validly existing and in good standing under the
laws of its state of organization and has, in all material respects, all power and authority to carry on its business as now conducted. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where the failure to do
so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or any other part of the Collateral. 

 

 3 

 (b) Authorization and No Contravention. The execution,
delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default
under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations which do
not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its
obligations under, the Transaction Documents). 
 (c) No Consent Required. No approval or authorization
by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Administrator of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have
previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the
Receivables or any other part of the Collateral or would not materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents. 
 (d) Binding Effect. Each Transaction Document to which the Administrator is a party constitutes the legal, valid
and binding obligation of the Administrator enforceable against the Administrator in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership,
conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of banking corporations from time to time in effect or by general principles of equity. 
 8. Administrator Replacement Events; Termination of the Administrator. 
 (a) Subject to clauses (d) and (e) below, the Administrator may resign its duties hereunder by
providing the Issuer with at least sixty (60) days’ prior written notice. 
 (b) Subject to
clauses (d) and (e) below, the Issuer may remove the Administrator without cause by providing the Administrator with at least sixty (60) days’ prior written notice; provided, that, for so long as any Notes
are Outstanding, the Rating Agency Condition shall have been satisfied in connection therewith. 
 (c) The
occurrence of any one of the following events (each, an “Administrator Replacement Event”) shall also entitle the Issuer, subject to Section 19 hereof, to terminate and replace the Administrator: 
 (i) any failure by the Administrator to deliver or cause to be delivered any required payment to the Indenture Trustee for
distribution to the Noteholders, which failure continues unremedied for ten business days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of 

  

 4 

 
written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the Outstanding Note Balance, voting together as a single
class; 
 (ii) any failure by the Administrator to duly observe or perform in any material respect any other
of its covenants or agreements in this Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which continues unremedied for 90 days after discovery thereof by a Responsible Officer of the
Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the Outstanding Note Balance, voting together as a single class; 
 (iii) any representation or warranty of the Administrator made in any Transaction Document to which the Administrator is a
party or by which it is bound or any certificate delivered pursuant to this Agreement proves to have been incorrect in any material respect when made, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and
which failure continues unremedied for 90 days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority
of the Outstanding Note Balance, voting together as a single class (it being understood that any repurchase of a Receivable by the Michigan Bank pursuant to Section 3.3 of the Michigan Sale Agreement, the Ohio Bank pursuant to
Section 3.3 of the Ohio Sale Agreement, FTH LLC pursuant to Section 3.3 of the Purchase Agreement, by the Seller pursuant to Section 2.3 of the Sale and Servicing Agreement or by the Servicer pursuant to
Section 3.6 of the Sale and Servicing Agreement shall be deemed to remedy any incorrect representation or warranty with respect to such Receivable); or 
 (iv) the Administrator suffers a Bankruptcy Event; 
 provided, however, that a delay in or failure of performance referred to under clauses (i), (ii) or (iii) above for a period of 90 days will not constitute
an Administrator Replacement Event if such delay or failure was caused by force majeure or other similar occurrence. 
 (d) If an Administrator Replacement Event shall have occurred, the Issuer may, subject to Section 19 hereof, by notice given to the Administrator and the Owner Trustee, terminate all or a portion of the
rights and powers of the Administrator under this Agreement, including the rights of the Administrator to receive the annual fee for services hereunder for all periods following such termination; provided, however, that such
termination shall not become effective until such time as the Issuer, subject to Section 19 hereof, shall have appointed a successor Administrator in the manner set forth below. Upon any such termination, all rights, powers, duties and
responsibilities of the Administrator under this Agreement shall vest in and be assumed by any successor Administrator appointed by the Issuer, subject to Section 19 hereof, pursuant to a management agreement between the Issuer and such
successor Administrator, containing substantially the same provisions as this Agreement (including with respect to the compensation of such successor Administrator), and the successor Administrator is 

  

 5 

 
hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Administrator, as attorney-in-fact or otherwise, all documents and other
instruments, and to do or accomplish all other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator shall use its commercially reasonable efforts to effect the orderly and efficient
transfer of the administration of the Issuer to the new Administrator. 
 (e) The Issuer, subject to
Section 19 hereof, may waive in writing any Administrator Replacement Event by the Administrator in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past Administrator Replacement Event, such
Administrator Replacement Event shall cease to exist, and any Administrator Replacement Event 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
Administrator Replacement Event or impair any right consequent thereon. 
 9. Action upon Termination or Removal.
Promptly upon the effective date of termination of this Agreement pursuant to Section 8, or the removal of the Administrator pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer all fees and
reimbursable expenses accruing to it to the date of such termination or removal. 
 10. Liens. The Administrator will
not directly or indirectly create, allow or suffer to exist any Lien on the Collateral other than Permitted Liens. 
 11.
Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by
facsimile, and addressed in each case as specified on Schedule II to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery
shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 
 12. Amendments. 
 (a) Any term or provision of this Agreement may be amended by the Administrator without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Swap Counterparty, the Owner Trustee, the Seller, FTH LLC
or any other Person subject to Section 12(f) and the satisfaction of the Rating Agency Condition. 
 (b) Subject to Section 12(f), any term or provision of this Agreement may be amended by the Administrator but without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person to
add, modify or eliminate any provisions as may be necessary or advisable in order to enable the Seller, the Servicer, FTH LLC, or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting
rule or principle 

  

 6 

 
(whether now or in the future), it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied. 
 (c) Subject to Section 12(f), this Agreement may also be amended from time to time by the Issuer, the
Administrator and the Indenture Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will
be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders
will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the execution of any such amendment, the Administrator shall provide written notification of the substance of
such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Administrator shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the
Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement, the Issuer, the Owner
Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the
execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the Owner Trustee’s or the
Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise. 
 (f) Notwithstanding anything to the contrary herein, (i) this Agreement may not be amended in any way that would materially and adversely affect the Owner Trustee’s or the Indenture
Trustee’s, as applicable, own rights, privileges, indemnities, duties, or obligations under this Agreement, the Transaction Documents or otherwise without prior written consent of such Person; (ii) this Agreement may not be amended in any
way that would materially and adversely affect the rights or obligations of the Swap Counterparty unless the Swap Counterparty shall have consented in writing to such amendment; and (iii) this Agreement may not be amended in any way that would
significantly change the permitted activities or powers of the Issuer even if such amendment would not have an adverse effect on the Holders of the Notes without the consent of the Holders of at least a majority of the Outstanding Notes. 

 

 7 

 13. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE
OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally:

 (i) submits for itself and its property in any legal action or Proceeding relating to this Agreement or any
documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York and appellate courts from any thereof; 
 (ii) consents that any
such action or Proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or Proceeding in any such court or that such action or Proceeding was brought in an inconvenient court and
agrees not to plead or claim the same; 
 (iii) agrees that service of process in any such action or
Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11 of this Agreement;

 (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (v) to the extent
permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any
matter arising hereunder or thereunder. 
 14. Headings. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
 15. Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.

  

 8 

 16. 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. 
 17. Not Applicable to
The Ohio Bank in Other Capacities. Nothing in this Agreement shall affect any obligation the Ohio Bank may have in any other capacity. 
 18. Benefits of the Administration Agreement. Nothing in this Agreement, expressed or implied, shall give to any Person other than the parties hereto and their successors hereunder, the Owner Trustee, any
separate trustee or co-trustee appointed under Section 6.10 of the Indenture, the Swap Counterparty and the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Agreement. For the avoidance of doubt, the
Owner Trustee is a third party beneficiary of this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. 
 19. Assignment. Each party hereto hereby acknowledges and consents to the 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 of the Issuer’s rights under this Agreement. In addition, the Administrator hereby acknowledges and agrees that for so long as
any Notes are outstanding, the Indenture Trustee will have the right to exercise all waivers and consents, rights, remedies, powers, privileges and claims of the Issuer under this Agreement. 
 20. Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of
all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or
other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of
such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law
or statute now or hereafter in effect in any jurisdiction. 
 21. Limitation of Liability. Notwithstanding anything
contained herein to the contrary, this Agreement has been executed and delivered by Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee, and in no event shall it have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder or under the Notes or any of the other Transaction Documents or in any of the 

  

 9 

 
certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no
circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer
under the Transaction Documents. For the purposes of this Agreement, in the performance of its duties or obligations 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. 
 22. Limitation of Rights. All of the rights of the Swap
Counterparty in, to and under this Agreement, if any, shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty under such
Interest Rate Swap Agreement. 
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered as of the day and year first above written. 
  

			
	FIFTH THIRD AUTO TRUST 2008-1
		
	By:	 	 Wilmington Trust Company,
not in its individual capacity
but solely as Owner Trustee

		
	By:	 	/s/ Erik E. Overcash
	Name:	 	Erik E. Overcash
	Title:	 	Financial Services Officer

  

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	FIFTH THIRD BANK,

	an Ohio banking corporation,

	as Administrator
		
	By:	 	/s/ Tayfun Tuzun
	Name:	 	Tayfun Tuzun
	Title:	 	Assistant Treasurer

  

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	THE BANK OF NEW YORK,

	not in its individual capacity

	but solely as Indenture Trustee
		
	By:	 	/s/ Jacqueline Kuhn
	Name:	 	Jacqueline Kuhn
	Title:	 	Assistant Treasurer

  

 S-3 

 Joinder of Servicer: 
 Fifth Third Bank, an Ohio banking corporation, as Servicer, joins in this Agreement solely for purposes of Section 3. 
  

			
	FIFTH THIRD BANK,

	an Ohio banking corporation,

	as Servicer
		
	By:	 	/s/ Tayfun Tuzun
	Name:	 	Tayfun Tuzun
	Title:	 	Assistant Treasurer

  

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