Document:

Amended and Restated Trust Agreement, dated as of March 31, 2008

 Exhibit 10.11 
 FIFTH THIRD AUTO TRUST 2008-1 
 AMENDED AND RESTATED TRUST AGREEMENT 
 between 
 FIFTH THIRD HOLDINGS
FUNDING, LLC, 
 as the Depositor 
 and 
 WILMINGTON TRUST COMPANY, 
 as the Owner Trustee 
 Dated as of March 31, 2008 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
	  	 DEFINITIONS
	  	1
			
	 SECTION 1.1
	  	 Capitalized Terms
	  	1
	 SECTION 1.2
	  	 Other Interpretive Provisions
	  	1
			
	 ARTICLE II
	  	 ORGANIZATION
	  	2
			
	 SECTION 2.1
	  	 Name
	  	2
	 SECTION 2.2
	  	 Office
	  	2
	 SECTION 2.3
	  	 Purposes and Powers
	  	2
	 SECTION 2.4
	  	 Appointment of the Owner Trustee
	  	3
	 SECTION 2.5
	  	 Initial Capital Contribution of Trust Estate
	  	3
	 SECTION 2.6
	  	 Declaration of Trust
	  	3
	 SECTION 2.7
	  	 Organizational Expenses; Liabilities of the Holders
	  	4
	 SECTION 2.8
	  	 Title to the Trust Estate
	  	4
	 SECTION 2.9
	  	 Representations and Warranties of the Seller
	  	4
			
	 ARTICLE III
	  	 CERTIFICATES AND TRANSFER OF CERTIFICATES
	  	5
			
	 SECTION 3.1
	  	 Initial Ownership
	  	5
	 SECTION 3.2
	  	 Authentication of Certificates
	  	5
	 SECTION 3.3
	  	 Form of the Certificates
	  	6
	 SECTION 3.4
	  	 Registration of Certificates
	  	6
	 SECTION 3.5
	  	 Transfer of Certificates
	  	6
	 SECTION 3.6
	  	 Lost, Stolen, Mutilated or Destroyed Certificates
	  	7
			
	 ARTICLE IV
	  	 ACTIONS BY OWNER TRUSTEE
	  	8
			
	 SECTION 4.1
	  	 Prior Notice to Certificateholders with Respect to Certain Matters
	  	8
	 SECTION 4.2
	  	 Action by Certificateholders with Respect to Certain Matters
	  	8
	 SECTION 4.3
	  	 Action by Certificateholders with Respect to Bankruptcy
	  	8
	 SECTION 4.4
	  	 Restrictions on Certificateholders’ Power
	  	8
	 SECTION 4.5
	  	 Majority Control
	  	9
			
	 ARTICLE V
	  	 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	9
			
	 SECTION 5.1
	  	 Application of Trust Funds
	  	9

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 SECTION 5.2
	  	 Method of Payment
	  	9
	 SECTION 5.3
	  	 Sarbanes-Oxley Act
	  	9
	 SECTION 5.4
	  	 Signature on Returns
	  	10
			
	 ARTICLE VI
	  	 AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	10
			
	 SECTION 6.1
	  	 General Authority
	  	10
	 SECTION 6.2
	  	 General Duties
	  	10
	 SECTION 6.3
	  	 Action upon Instruction
	  	11
	 SECTION 6.4
	  	 No Duties Except as Specified in this Agreement or in Instructions
	  	12
	 SECTION 6.5
	  	 No Action Except under Specified Documents or Instructions
	  	12
	 SECTION 6.6
	  	 Restrictions
	  	12
			
	 ARTICLE VII
	  	 CONCERNING OWNER TRUSTEE
	  	12
			
	 SECTION 7.1
	  	 Acceptance of Trusts and Duties
	  	12
	 SECTION 7.2
	  	 Furnishing of Documents
	  	13
	 SECTION 7.3
	  	 Representations and Warranties
	  	13
	 SECTION 7.4
	  	 Reliance; Advice of Counsel
	  	14
	 SECTION 7.5
	  	 Not Acting in Individual Capacity
	  	14
	 SECTION 7.6
	  	 The Owner Trustee May Own Notes
	  	14
			
	 ARTICLE VIII
	  	 COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE
	  	15
			
	 SECTION 8.1
	  	 The Owner Trustee’s Compensation
	  	15
	 SECTION 8.2
	  	 Indemnification
	  	15
	 SECTION 8.3
	  	 Payments to the Owner Trustee
	  	15
			
	 ARTICLE IX
	  	 TERMINATION OF TRUST AGREEMENT
	  	16
			
	 SECTION 9.1
	  	 Termination of Trust Agreement
	  	16
	 SECTION 9.2
	  	 Dissolution of the Issuer
	  	16
	 SECTION 9.3
	  	 Limitations on Termination
	  	16

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 ARTICLE X
	  	 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	16
			
	 SECTION 10.1
	  	 Eligibility Requirements for the Owner Trustee
	  	16
	 SECTION 10.2
	  	 Resignation or Removal of the Owner Trustee
	  	17
	 SECTION 10.3
	  	 Successor Owner Trustee
	  	17
	 SECTION 10.4
	  	 Merger or Consolidation of the Owner Trustee
	  	18
	 SECTION 10.5
	  	 Appointment of Co-Trustee or Separate Trustee
	  	18
			
	 ARTICLE XI
	  	 MISCELLANEOUS
	  	19
			
	 SECTION 11.1
	  	 Amendments
	  	19
	 SECTION 11.2
	  	 No Legal Title to Trust Estate in Certificateholders
	  	21
	 SECTION 11.3
	  	 Limitations on Rights of Others
	  	21
	 SECTION 11.4
	  	 Notices
	  	21
	 SECTION 11.5
	  	 Severability
	  	21
	 SECTION 11.6
	  	 Separate Counterparts
	  	21
	 SECTION 11.7
	  	 Successors and Assigns
	  	22
	 SECTION 11.8
	  	 No Petition
	  	22
	 SECTION 11.9
	  	 Headings
	  	23
	 SECTION 11.10
	  	 Governing Law
	  	23
	 SECTION 11.11
	  	 Waiver of Jury Trial
	  	23
	 SECTION 11.12
	  	 Information Requests
	  	23
	 SECTION 11.13
	  	 Form 10-D and Form 10-K Filings
	  	23
	 SECTION 11.14
	  	 Form 8-K Filings
	  	24

  

			
	 Exhibit A
	  	 Form of Certificate

	 Exhibit B
	  	 Form of Owner Trustee’s Annual Certification regarding Item 1117 and Item 1119 of Regulation AB

	 Exhibit C
	  	 Form of Certificate of Trust

	 Exhibit D
	  	 Form of Certificate of Amendment to Certificate of Trust

  

 -iii- 

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of March 31, 2008
(as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”) between FIFTH THIRD HOLDINGS FUNDING, LLC, a Delaware limited liability company, as the depositor (the
“Seller”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as the owner trustee (in such capacity, the “Owner Trustee”). 
 RECITALS 
 WHEREAS, the Seller and the Owner Trustee entered
into that certain Trust Agreement dated as of August 8, 2007 (the “First Trust Agreement”) as amended by the First Amendment to Trust Agreement, dated as of January 8, 2008 (the “First Amended Trust
Agreement” and, together with the First Trust Agreement, the “Original Trust Agreement”), pursuant to which the Issuer (as defined below) was created; and 
 WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and restate the Original Trust Agreement;

 NOW THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION
1.1 Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or
otherwise modified and in effect, the “Sale and Servicing Agreement”) among the Issuer, the Seller, Fifth Third Bank, an Ohio banking corporation, as servicer, and The Bank of New York, as indenture trustee, as the same may be
amended, modified or supplemented from time to time. 
 SECTION 1.2 Other Interpretive Provisions. All terms defined
in this Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the
context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP;
(b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder”
and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or
to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term
“including” means “including without limitation”; (f) references to any law or regulation refer to 

 
that law or regulation as amended from time to time and include any successor law or regulation; and (g) references to any Person include that
Person’s successors and assigns. 
 ARTICLE II 
 ORGANIZATION 
 SECTION 2.1 Name. The trust created under the Original Trust
Agreement shall be known as “Fifth Third Auto Trust 2008-1” (the “Issuer”), in which name the Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust
and sue and be sued. 
 The trust known as “Fifth Third Auto Trust 2007-1” was formed in accordance with the
provisions of the Statutory Trust Statute pursuant to the First Trust Agreement by the filing of the Certificate of Trust in the form attached hereto as Exhibit C. The name of the trust was amended to “Fifth Third Auto Trust
2008-1” (hereinafter, the “Issuer”) pursuant to the First Amended Trust Agreement by the filing of the Certificate of Trust in the form attached hereto as Exhibit D. Under the Original Trust Agreement, the Owner
Trustee was authorized and vested with the power and authority to make and execute contracts, instruments, certificates, agreements and other writings and to sue and be sued in the name of the Issuer. 
 The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its acceptance and agreement to hold in trust, for
the benefit of such Persons as may become beneficiaries hereunder from time to time, all of the Owner Trust Estate conveyed or to be conveyed to the Issuer, and all monies and proceeds that may be received with respect thereto, subject to the terms
of this Agreement. 
 SECTION 2.2 Office. The office of the Issuer shall be in care of the Owner Trustee at the
Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to each Certificateholder, the Seller and the Administrator. 
 SECTION 2.3 Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities: 
 (a) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and to sell, transfer
and exchange the Notes and the Certificates and to pay interest on and principal of the Notes and distributions on the Certificates; 
 (b) to enter into and perform its obligations under any interest rate protection agreement or agreements relating to the Notes between the Issuer and one or more counterparties, including any confirmations, evidencing
the transactions thereunder, each of which is an interest rate swap, an interest rate cap, an obligation to enter into any of the foregoing or any combination of any of the foregoing; 
 (c) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Seller pursuant to the terms
thereof, to make 

  

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deposits to and withdrawals from the Collection Account, the Principal Distribution Account and the Reserve Account and to pay the organizational, start-up
and transactional expenses of the Issuer; 
 (d) to assign, Grant, transfer, pledge, mortgage and convey the
Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Certificateholders any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 
 (e) to enter into and perform its obligations under the Transaction Documents to which it is a party; 
 (f) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and 
 (g) subject to compliance
with the Transaction Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholders and the Noteholders. 
 The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the Issuer. Neither the Issuer nor the Owner Trustee on behalf
of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents. 
 SECTION 2.4 Appointment of the Owner Trustee. The Seller hereby appoints the Owner Trustee as trustee of the Issuer effective as
of the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5 Initial Capital
Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Seller sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the
Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account. 
 SECTION 2.6 Declaration of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the
Certificateholders, subject to the obligations of the Issuer under the Transaction Documents. It is the intent 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 intent of the parties hereto that, solely for income, franchise and value added tax purposes, so long as there is a single beneficial owner of the Certificates, the Issuer will be
disregarded as an entity separate from such beneficial owner and the Notes will be characterized as debt. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the characterization of the Issuer as an entity separate from its owner. In the event that the Issuer is deemed to have more than one beneficial owner for federal 

  

 3 

 
income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer as a partnership, and this
Agreement shall be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth
herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by Section 3810(a) of the
Statutory Trust Statute. Notwithstanding anything herein or in the Statutory Trust Statute to the contrary, it is the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of
Section 101(9)(A)(v) of the Bankruptcy Code. 
 SECTION 2.7 Organizational Expenses; Liabilities of the Holders.

 (a) The Servicer shall pay organizational expenses of the Issuer as they may arise. 
 (b) No Certificateholder (including the Seller) shall have any personal liability for any liability or obligation of the
Issuer. 
 SECTION 2.8 Title to the Trust Estate. Legal title to all the Trust Estate shall be vested at all times in
the Issuer as a separate legal entity. 
 SECTION 2.9 Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Owner Trustee that: 
 (a) Existence and Power. The Seller is a limited
liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority to carry on its business as now conducted. The Seller 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 Seller to perform its obligations under the Transaction Documents. 
 (b) Authorization and No Contravention. The execution, delivery and performance by the Seller of each Transaction
Document to which it is a party (i) have been duly authorized by all necessary action on the part of the Seller and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its
organizational instruments or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations of such laws, rules, regulations, indenture or agreements 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 Seller’s ability to perform its obligations
under, the Transaction Documents to which it is a party). 
 (c) No Consent Required. No approval,
authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document 

  

 4 

 
other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings which have previously been made and
(iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Seller to perform its obligations under the Transaction Documents to which it is a party. 
 (d) Binding Effect. Each Transaction Document to which the Seller is a party constitutes the legal, valid and
binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other
similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or other similar laws of general application relating to
or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 
 (e) No Proceedings. There is no action, suit, Proceeding or investigation pending or, to the knowledge of the Seller, threatened against the Seller which, either in any one instance or in the aggregate, would result in any material
adverse change in the business, operations, financial condition, properties or assets of the Seller, or in any material impairment of the right or ability of the Seller to carry on its business substantially as now conducted, or in any material
liability on the part of the Seller, or which would render invalid this Agreement or the Receivables or the obligations of the Seller contemplated herein, or which would materially impair the ability of the Seller to perform under the terms of this
Agreement or any other Transaction Document. 
 (f) Situs of Issuer. The Issuer shall be located in the
State of Delaware. 
 ARTICLE III 
 CERTIFICATES AND TRANSFER OF CERTIFICATES 
 SECTION 3.1 Initial Ownership. Upon the formation of the
Issuer and until the issuance of the Certificates, the Seller is the sole beneficiary of the Issuer; and upon the issuance of the Certificates, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a
Certificateholder. 
 SECTION 3.2 Authentication of Certificates. Concurrently with the sale of the Transferred Assets
to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Seller, signed by its chairman of the
board, its president, its chief financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the Seller. The Certificates
shall represent 100% of the beneficial interest in the Issuer and shall be fully-paid and nonassessable. 
  

 5 

 SECTION 3.3 Form of the Certificates. Each Certificate, upon issuance, will be
issued in the form of a typewritten Certificate, substantially in the form of Exhibit A hereto, representing a definitive Certificate. The Owner Trustee shall execute and authenticate, or cause to be authenticated, each definitive Certificate
in accordance with the instructions of the Seller. 
 SECTION 3.4 Registration of Certificates. The Owner Trustee
shall maintain at its office referred to in Section 2.2, or at the office of any agent appointed by it and approved in writing by the Certificateholders at the time of such appointment, a register for the registration and transfer of any
Certificate. 
 SECTION 3.5 Transfer of Certificates. (a) Any Certificateholder may assign, convey or otherwise
transfer all or any of its right, title and interest in the related Certificate; provided, that (i) such transferee is either an Affiliate of the Seller or is a Qualified Institutional Buyer, (ii) the Owner Trustee and the Issuer
receive an Opinion of Counsel stating that, in the opinion of such counsel, such transfer will not cause the Issuer to be treated as an association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes and
(iii) such Certificate may not be acquired by or for the account of or with the assets of a Benefit Plan. By accepting and holding a Certificate (or any interest therein), the holder thereof shall be deemed to have represented and warranted
that it is not a Benefit Plan and is not purchasing the Certificate (or any interest therein) on behalf of a Benefit Plan. The Owner Trustee shall have no duty to independently determine that the requirement in (iii) above is met and
shall incur no liability to any Person in the event the holder of a Certificate does not comply with such restrictions. Subject to the transfer restrictions contained herein and in the Certificate, any Certificateholder may transfer all or any
portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by a registered Certificateholder in Person
or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a written instrument of transfer and with such signature guarantees and evidence of authority of the Persons signing the instrument
of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor’s Certificate, the Owner Trustee shall record the name of such transferee as a
Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder a Certificate evidencing such beneficial interest in the Issuer. In the event a transferor
transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor’s new percentage of beneficial interest in the Issuer. Subsequent to a
transfer and upon the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat, for all purposes whatsoever, the
Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate, and neither the Owner Trustee, nor any agent of the Owner Trustee shall be affected by notice to the
contrary. 
 (b) As a condition precedent to any registration of transfer under this Section 3.5,
the Owner Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 
  

 6 

 (c) The Owner Trustee shall not be obligated to register any transfer of
a Certificate unless each of the transferor and the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to clauses (d) and
(e) of this Section 3.5. The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 
 (d) No transfer (or purported transfer) of all or any part of a Certificateholder’s interest (or any economic interest therein), whether to another Certificateholder or to a Person who is
not a Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void ab initio, and no Person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more
than 95 direct or indirect holders of an interest in the Certificates. For purposes of determining whether the Issuer will have more than 95 holders of an interest in the Certificates, each Person indirectly owning an interest through a partnership
(including any entity treated as a partnership for federal income tax purposes), a grantor trust or an S corporation (each such entity, a “flow-through entity”) shall be treated as a Certificateholder unless the Depositor determines
in its sole and absolute discretion, after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s
interest (direct or indirect) in the Issuer. 
 (e) No transfer shall be permitted if the same is effected
through an established securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code or would make the Issuer ineligible for “safe harbor” treatment under
Section 7704 of the Code. 
 SECTION 3.6 Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any
mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee
together with such security or indemnity as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so
mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this Section 3.6, the Issuer or
Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of a Certificate and any other reasonable expenses (including the reasonable fees
and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6 shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
  

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 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 each Certificateholder in writing of the
proposed action and each Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholder has withheld consent or provided alternative direction: 
 (a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is
required; 
 (b) 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 interests of the Certificateholders; 
 (c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not
materially adversely affect the interests of the Certificateholders; or 
 (d) the appointment pursuant to the
Indenture of a successor Indenture Trustee or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
 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) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the
Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by each Certificateholder. 
 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 until one year and one day after the Note Balance has been reduced to zero and all amounts owed to the Swap
Counterparty under the Transaction Documents have been paid without the prior written approval of each Certificateholder and the delivery to the Owner Trustee by each Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the Issuer is insolvent. 
 SECTION 4.4 Restrictions on Certificateholders’ Power. No
Certificateholder shall direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or 

  

 8 

 
any of the Transaction Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if
given. 
 SECTION 4.5 Majority Control. To the extent that there is more than one Certificateholder, any action which
may be taken or consent or instructions which may be given by the Certificateholders under this Agreement may be taken by Certificateholders holding in the aggregate a percentage of the beneficial interest in the Issuer equal to more than 50% of the
beneficial interest in the Issuer at the time of such action. 
 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1
Application of Trust Funds. Distributions on the Certificates shall be made on behalf of the Trust in accordance with the provisions of the Indenture and the Sale and Servicing Agreement. Subject to the lien of the Indenture, the Owner
Trustee shall promptly distribute to the Certificateholders all other amounts (if any) received by the Owner Trustee on behalf of the Issuer in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the
Owner Trustee shall distribute all amounts received (if any) by the Owner Trustee on behalf of the Trust in respect of the Trust Estate at the direction of the Certificateholders. If 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 5.1; provided that the Owner Trustee shall not have an obligation to
withhold any such amount if and for so long as the Seller is the sole Certificateholder. The Owner Trustee 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. If
there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee may in its sole discretion withhold such amounts in accordance with this
Section 5.1. If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to
reimburse the Owner Trustee for any out-of-pocket expenses incurred. 
 SECTION 5.2 Method of Payment. Subject to the
Indenture, distributions required to be made to the Certificateholders on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Certificateholders pursuant to this Agreement or any
other Transaction Document shall be made to the Certificateholders by wire transfer, in immediately available funds, to the account of each Certificateholders designated by such Certificateholder to the Owner Trustee and Indenture Trustee in
writing. 
 SECTION 5.3 Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein or in any Transaction
Document, the Owner Trustee shall not be required to execute, deliver or 

  

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certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the
Exchange Act, or any other documents pursuant to the Sarbanes-Oxley Act. 
 SECTION 5.4 Signature on Returns. Subject
to Section 2.6, the Certificateholders 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 Certificateholders. 
 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 Transaction 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 Transaction
Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and at the written
direction of the Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $201,000,000, Class A-2-A Notes in the aggregate principal amount of $102,000,000, Class A-2-B
Notes in the aggregate principal amount of $143,000,000, Class A-3-A Notes in the aggregate principal amount of $157,000,000, Class A-3-B Notes in the aggregate principal amount of $0, Class A-4-A Notes in the aggregate principal
amount of $117,000,000, Class A-4-B Notes in the aggregate principal amount of $30,000,000, Class B Notes in the aggregate principal amount of $20,925,000, Class C Notes in the aggregate principal amount of $20,514,000 and Class D Notes in the
aggregate principal amount of $23,386,000. 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 Transaction Documents. The Owner Trustee is further
authorized from time to time to take such action as the Seller or the Administrator recommends or directs in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the
Certificateholders for such action. 
 SECTION 6.2 General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Transaction Documents and to administer the Issuer in the interest of the Certificateholders, subject to Transaction Documents,
and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the
Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure
of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner
Trustee shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. The Owner Trustee shall not be 

  

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required to perform any of the obligations of the Issuer under any Transaction Document that are required to be performed by the Sponsor, the Servicer, the
Seller, the Administrator or the Indenture Trustee. 
 SECTION 6.3 Action upon Instruction. (a) Subject to
Article IV, and in accordance with the Transaction Documents, 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 Article IV. 
 (b) Subject to Section 7.1, the Owner
Trustee shall not be required to take any action hereunder or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner
Trustee or is contrary to the terms hereof or of any Transaction Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement
or any Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is
silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to
the Certificateholders requesting instruction as to the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the
Certificateholders received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction
Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction. 
 (d) The Owner Trustee shall 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, at the request, order
or direction of any Certificateholder or any other Person, unless such Certificateholder or such Person has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the
Owner Trustee (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby, including such advances as the Owner Trustee shall reasonably request. 
  

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 SECTION 6.4 No Duties Except as Specified in this Agreement or in Instructions.
The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in
connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare or file any Commission filing (including any filings required under the Sarbanes-Oxley Act)
for the Issuer or to record this Agreement or any Transaction Document. Wilmington Trust Company nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the
Trust Estate that result from actions by, or claims against, Wilmington Trust Company that are not related to the ownership or the administration of the Trust Estate. The Owner Trustee shall have no responsibility or liability for or with respect to
the genuineness, value, sufficiency or validity of the Trust Estate. 
 SECTION 6.5 No Action Except under Specified
Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (ii) in accordance with the Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 
 SECTION 6.6 Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the
Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income,
franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association
or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section.

 ARTICLE VII 
 CONCERNING OWNER TRUSTEE 
 SECTION 7.1 Acceptance of Trusts and Duties. The Owner Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust
Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances notwithstanding anything herein or in the
Transaction Documents to the contrary, except (i) for 

  

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its own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 7.3 expressly made by Wilmington Trust Company in its individual capacity, (iii) for liabilities arising from the failure of Wilmington Trust Company to perform obligations expressly undertaken by it in the third sentence of
Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation of the foregoing: 
 (a) The Owner Trustee shall not be personally liable for any error of judgment made in good faith by any of its officers
or employees unless it is proved that such Persons were negligent in ascertaining the pertinent facts; 
 (b)
No provision of this Agreement shall require the Owner Trustee to expend or risk its personal funds or otherwise incur any financial liability in the exercise of its rights or powers hereunder; 
 (c) Under no circumstances shall the Owner Trustee be personally liable for any representation, warranty, covenant,
obligation or indebtedness of the Issuer; and 
 (d) The Owner Trustee shall not be personally responsible for
or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by any Person other than the Owner Trustee. 
 SECTION 7.2 Furnishing of Documents. The Owner Trustee shall furnish to any Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 
 SECTION 7.3 Representations and Warranties. Wilmington Trust Company hereby represents and warrants to the Seller for the benefit of the Certificateholders, that: 
 (a) It is a banking corporation duly incorporated 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 and authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy,
insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of banks generally and to equitable limitations on the availability of specific remedies. 
  

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 (d) Neither the execution nor the delivery by it of this Agreement, nor
the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the
Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 
 SECTION 7.4 Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond
or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner
Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall
constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or
through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or misconduct of such agents, custodians, nominees (including Persons acting under a power of
attorney) or attorneys selected with reasonable 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 at the expense of the
Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons. 
 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
Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 
 SECTION 7.6 The Owner
Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Notes. The Owner Trustee may deal with the Seller, the Indenture Trustee, the Administrator and their respective Affiliates in
banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Seller, the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking relationships with the Owner
Trustee and its Affiliates. 
  

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 ARTICLE VIII 
 COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 
 SECTION 8.1 The Owner
Trustee’s Compensation. The Seller shall cause the Servicer to pay to Wilmington Trust Company pursuant to Section 3.11 of the Sale and Servicing Agreement from time to time compensation for all services rendered by Wilmington
Trust Company under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer,
pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer and the Owner Trustee, shall reimburse Wilmington Trust Company upon its request for all reasonable expenses, disbursements and advances
incurred or made by Wilmington Trust Company in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of such agents, experts and counsel as Wilmington Trust Company may employ in
connection with the exercise and performance of its rights and its duties hereunder), except any such expense as may be attributable to its willful misconduct, gross negligence (other than an error in judgment) or bad faith. To the extent not paid
by the Servicer, such fees and reasonable expenses shall be paid in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 
 SECTION 8.2 Indemnification. The Seller shall cause the Servicer to agree to indemnify Wilmington Trust Company in its individual
capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss, liability, expense, tax, penalty or claim (including reasonable legal
fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against Wilmington Trust Company in its individual capacity and as trustee or any Indemnified Party in any way relating to or arising
out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of Wilmington Trust Company hereunder; provided, however, that neither the Seller nor the Servicer shall be liable
for or required to indemnify Wilmington Trust Company from and against any of the foregoing expenses arising or resulting from (i) Wilmington Trust Company’s own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy
of any representation or warranty expressly made by Wilmington Trust Company in its individual capacity or any representation or warranty made by Wilmington Trust Company in accordance with Section 11.13 or Section 11.14,
(iii) liabilities arising from the failure of Wilmington Trust Company to perform obligations expressly undertaken by it in the third sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any
fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the Servicer, such indemnification shall be paid in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4
(b) of the Indenture, as applicable. 
 SECTION 8.3 Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VIII and the Sale and Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 
  

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 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 
 SECTION 9.1 Termination of Trust Agreement.
The Issuer shall wind up and dissolve and this Agreement shall terminate (other than provisions hereof which by their terms survive termination) upon the later of (a) the final distribution by the Owner Trustee of all moneys or other property
or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V and (b) the discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle any such Certificateholder’s legal representatives or heirs to claim an accounting
or to take any action or Proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 SECTION 9.2 Dissolution of the Issuer. Upon dissolution of the Issuer, the Owner Trustee shall, at the direction of the
Administrator, wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that
all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Owner Trustee, in the absence of actual knowledge of any other claim against the
Issuer and at the written direction of the Certificateholders, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of
the Statutory Trust Statute and shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute,
at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect. 
 SECTION 9.3 Limitations on Termination. Except as provided in Section 9.1, neither the Seller nor any Certificateholder shall be entitled to revoke or terminate the Issuer. 
 ARTICLE X 
 SUCCESSOR OWNER TRUSTEES
AND ADDITIONAL 
 OWNER TRUSTEES 
 SECTION 10.1 Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized to exercise corporate trust powers, (ii) having a combined capital and
surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. In case at any time the Owner 

  

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Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the
effect specified in Section 10.2. 
 SECTION 10.2 Resignation or Removal of the Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Seller, the Administrator, the Servicer, the Indenture Trustee and each Certificateholder. Upon receiving such notice of
resignation, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor
shall in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail
to resign after written request therefor by the Seller or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall
be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller or the Administrator may remove the Owner Trustee. If
the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner Trustee. 
 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 Seller shall provide (or shall cause
to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 10.3
Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Seller, 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 

  

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

  

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the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act
separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but
solely at the direction of the Owner Trustee; 
 (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 Seller and
the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies thereof given to the Seller and the Administrator. 
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee shall have no obligation to determine
whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located. 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.1 Amendments. 
 (a) Any term or
provision of this Agreement may be amended by the Seller and the Owner Trustee without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Swap Counterparty, the Servicer, FTH LLC or any other Person subject to
Section 11.1(f) and the satisfaction of the Rating Agency Condition. 
  

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 (b) Subject to Section 11.1(f), any term or provision of this
Agreement may be amended by the Seller and the Owner Trustee, without the consent of the Indenture Trustee, any Noteholder, the Swap Counterparty, the Issuer, the Servicer, FTH LLC 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 or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle (whether now or in the future in
effect), it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied. 
 (c) Subject to Section 11.1(f), this Agreement may also be amended from time to time by the Seller and the Owner Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note
Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary for
the consent of the 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 amendment to this
Agreement, the Seller shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Seller shall furnish a copy of such amendment or consent to
each Rating Agency and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this
Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution
and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the Owner Trustee’s own rights, privileges, indemnities, duties or
obligations under this Agreement. 
 (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 own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise without the 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 

  

 20 

 
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. 
 SECTION
11.2 No Legal Title to Trust Estate in Certificateholders. No Certificateholder shall have legal title to any part of the Trust Estate. Each Certificateholder shall be entitled to receive distributions with respect to its undivided beneficial
interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of a Certificateholder to and in its ownership interest in the Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
 SECTION 11.3 Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Seller, the Administrator, the Certificateholders and,
to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust
Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 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 hereof and the payment in full of all amounts owing to the Swap Counterparty. 
 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 by facsimile with receipt acknowledged by the recipient thereof or upon
receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested, if to the Owner Trustee, addressed as specified on Schedule II to the Sale and Servicing Agreement; or, as to each party, at such
other address as shall be designated by such party in a written notice to each other party. 
 (b) Any notice
required or permitted to be given to any Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Certificateholder as shall be designated by such party in a written notice to each other party. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not such Certificateholder receives such notice. 
 SECTION 11.5 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 11.6 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of
which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 21 

 SECTION 11.7 Successors and Assigns. All covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, the Seller, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or
other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
 SECTION
11.8 No Petition. 
 (a) Each of the Owner Trustee (in its individual capacity and as the Owner
Trustee), by entering into this Agreement, the Seller, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that
prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of
its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the
benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join or institute against, with any other Person, any Proceeding against such Bankruptcy Remote
Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Without limiting the foregoing, in no event shall the Owner Trustee authorize, institute or join in any
bankruptcy or similar Proceeding described in the preceding sentence other than in accordance with Section 4.3. 
 (b) The Seller’s obligations under this Agreement are obligations solely of the Seller and will not constitute a claim against the Seller to the extent that the Seller does not have funds sufficient to make
payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by
accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the
Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and each Certificateholder either (i) asserts an
interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such 

  

 22 

 
interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or
otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in
or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from,
entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including
insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee
and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for
specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Agreement. 
 SECTION 11.9 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 11.10 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 11.11 Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto irrevocably waives all right of
trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 
 SECTION 11.12 Information Requests. The parties hereto shall provide any information reasonably requested by the Sponsor, the
Servicer, the Issuer, the Seller or any of their Affiliates at the expense of the Sponsor, the Servicer, the Issuer, the Seller or any of their Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current
or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.13 Form 10-D and Form 10-K Filings. So
long as the Seller is filing Exchange Act Reports with respect to the Issuer (i) no later than each Payment Date, the Owner 

  

 23 

 
Trustee shall notify the Seller of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D
Disclosure Item in form and substance reasonably acceptable to the Seller; provided that such notification may be electronic so long as there has been no change to such Form 10-D Disclosure Items from those disclosed on the previous
Payment Date, and (ii) on or before March 15 of each calendar year for so long as the Seller is filing Exchange Act Reports with respect to the Issuer, commencing on March 15, 2009, the Owner Trustee shall deliver to the Seller the
certification substantially in the form attached hereto as Exhibit B or such form as mutually agreed upon by the Seller and the Owner Trustee regarding any affiliations or relationships (as contemplated in Item 1119 of Regulation AB)
between the Owner Trustee and any Item 1119 Party and any Form 10-D Disclosure Item. 
 SECTION 11.14 Form 8-K
Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuer, the Owner Trustee shall promptly notify the Seller, but in no event later than five (5) Business Days after its occurrence, of any Reportable Event of
which a Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which the Seller or the Servicer has actual knowledge). The
Owner Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Owner Trustee in its individual capacity or any action by the Owner Trustee under this Agreement. 
 [Remainder of Page Intentionally Left Blank] 
  

 24 

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

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

  

 S-1 

			
	FIFTH THIRD HOLDINGS FUNDING, LLC
		
	By:	 	/s/ Tayfun Tuzun
	Name:	 	Tayfun Tuzun
	Title:	 	President

  

 S-2 

 EXHIBIT A 
 FORM OF CERTIFICATE 
 NUMBER R-[     ] 
 100% BENEFICIAL INTEREST 
 FIFTH THIRD AUTO TRUST 2008-1

 CERTIFICATE 
 Evidencing the 100% beneficial interest in all of the assets of the Issuer (as defined below), which consist primarily of motor vehicle receivables, including motor vehicle retail installment sales contracts and/or installment loans that
are secured by new and used automobiles and light-duty trucks. 
 (This Certificate does not represent an interest in or
obligation of Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, Fifth Third Bank or any of their respective Affiliates, except to the extent described below.) 
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD,
ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT
SUBJECT THERETO. 
 NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR
THROUGH A TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH THE ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) WHETHER OR NOT SUBJECT TO THE
PROVISIONS OF TITLE I OF ERISA, (B) A PLAN DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A
PLAN’S INVESTMENT IN THE ENTITY. 
 THIS CERTIFIES THAT
[                                        ]
is the registered owner of a 100% nonassessable, fully-paid beneficial interest in the Trust Estate of FIFTH THIRD AUTO TRUST 2008-1, a Delaware statutory trust (the “Issuer”) formed by Fifth Third Holdings Funding, LLC, a Delaware
limited liability company, as depositor (the “Seller”). 
 The Issuer was created pursuant to a Trust
Agreement dated as of August 8, 2007 (as amended by First Amendment to Trust Agreement, dated as of January 8, 2008, and as amended and restated as of March 31, 2008, (the “Trust Agreement”)), between the Seller and
Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent 

  

 A-1 

 
provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in
Appendix A to the Sale and Servicing Agreement, dated as of March 31, 2008, among the Seller, the Issuer, The Bank of New York as indenture trustee, and Fifth Third Bank, an Ohio banking corporation, as servicer, as the same may be
amended or supplemented from time to time. 
 This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by
reference as though set forth in their entirety herein. 
 The holder of this Certificate acknowledges and agrees that its
rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders and the Swap Counterparty as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable.

 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect
of all securities issued by the Bankruptcy Remote Parties (i) such Person shall not authorize such 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 any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not
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. 
 By accepting and holding this Certificate (or any interest herein), the holder hereof shall be deemed to have represented and warranted
that it is not a Benefit Plan and is not purchasing on behalf of a Benefit Plan. 
 It is the intention of the parties to the
Trust Agreement that, solely for income, franchise and value added tax purposes, (i) so long as there is a single Certificateholder, the Issuer will be disregarded as an entity separate from such Certificateholder, and if there is more than one

  

 A-2 

 
Certificateholder, the Issuer will be treated as a partnership and (ii) the Notes will be characterized as debt. By accepting this Certificate, the
Certificateholder agrees to take no action inconsistent with the foregoing intended tax treatment. 
 By accepting this
Certificate, the Certificateholder acknowledges that this Certificate represents the entire beneficial interest in the Issuer only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee,
the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document.

  

 A-3 

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

  

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

  

 A-4 

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

			
	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 A-5 

 EXHIBIT B 
 FORM OF OWNER TRUSTEE’S ANNUAL CERTIFICATION 
 REGARDING ITEM 1117 AND ITEM 1119
OF REGULATION AB 
 Reference is made to the Form 10-K of Fifth Third Auto Trust 2008-1 (the “Form
10-K”) for the fiscal year ended December 31, 20[    ]. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Form 10-K. 
 Wilmington Trust Company, a Delaware banking corporation (“WTC”), does hereby certify to the Sponsor, the Depositor and
the Issuing Entity that: 
 1. As of the date of the Form 10-K, there are no pending legal Proceedings against WTC or
Proceedings known to be contemplated by governmental authorities against WTC that would be material to the investors in the Notes. 
 2. As of the date of the Form 10-K, there are no affiliations, as contemplated by Item 1119 of Regulation AB, between WTC and any of Fifth Third Bank, a Michigan banking corporation, Fifth Third Bank, an Ohio banking corporation, Fifth
Third Holdings, LLC, Fifth Third Holdings Funding, LLC, the Indenture Trustee and the Issuing Entity, or any affiliates of such parties. 
 IN WITNESS WHEREOF, WTC has caused this certificate to be executed in its corporate name by an officer thereunto duly authorized. 
 Dated:                     , 20[    ] 
  

			
	WILMINGTON TRUST COMPANY, as Owner Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 B-1 

 EXHIBIT C 
 FORM OF CERTIFICATE OF TRUST 
 CERTIFICATE OF TRUST 
 OF 
 FIFTH THIRD AUTO TRUST 2007-1 
 THIS Certificate of Trust of Fifth Third Auto Trust 2007-1 (the “Trust”) is being duly executed and filed on behalf of the
Trust by the undersigned, 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 Fifth Third Auto Trust 2007-1. 
 2. Delaware Trustee. The name and business address of the Owner Trustee of the Trust in the State of Delaware are Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-0001, Attention: 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 of Trust in accordance with Section 3811(a) of the Act. 
 WILMINGTON TRUST COMPANY, not in its
individual capacity but solely as Owner Trustee 
  

			
		
	By:	 	 
	Name:	 	
	Title	 	

  

 C-1 

 EXHIBIT D 
 CERTIFICATE OF AMENDMENT 
 TO 
 CERTIFICATE OF TRUST 
 OF 
 FIFTH THIRD AUTO TRUST 2007-1 
 This Certificate of Amendment to Certificate of Trust of Fifth Third Auto Trust 2007-1 (the “Trust”) is being duly executed and filed by Wilmington Trust Company, as Owner Trustee, to amend the certificate of trust of a
statutory trust formed under the Delaware Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the “Act”). 
 Name. The name of the statutory trust whose Certificate of Trust is being amended hereby is Fifth Third Auto Trust 2007-1. 
 Amendment of Certificate of Trust. The Certificate of Trust of the Trust is hereby amended as follows: Paragraph numbered 1 of the Certificate of Trust of the Trust is amended and restated
in its entirety to read as follows: 
 “1. Name. The name of the statutory trust formed hereby is Fifth Third Auto Trust
2008-1.” 
 Effective Date. This Certificate of Amendment to Certificate of Trust shall be effective upon its
filing with the Secretary of State of the State of Delaware. 
 IN WITNESS WHEREOF, the undersigned has executed this
Certificate of Amendment to Certificate of Trust in accordance with Section 3811 of the Act on this 8th day of January, 2008. 
  

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

  

 D-2Amended and Restated Employment Agreement

 Exhibit 10.1 
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) by and between The Wet Seal, Inc., a Delaware corporation (the “Company”), and
Dyan M. Jozwick (the “Executive”) (collectively, the “Parties”) is amended and restated as of April 3, 2008. 
 W I T N E S S E T H: 
 WHEREAS, Executive entered into this Agreement with the Company on May 2, 2006; and

 WHEREAS, the Parties desire to amend and restate this Agreement to the extent necessary to comply with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the guidance promulgated thereunder and to make additional changes with respect to the annual bonus program. 
 NOW THEREFORE, the Parties agree as follows: 
 1. EMPLOYMENT 
 The Company hereby employs Executive and Executive hereby accepts employment upon the terms and
conditions set forth below. 
 2. TERM 
 The term of this Agreement shall begin on May 2, 2006 (the “Effective Date”) and end on May 2, 2009 (the “Term”). 
 3. COMPENSATION 
 3.1 Base Compensation. For the services to be rendered by Executive
under this Agreement, Executive shall be entitled to receive, commencing on April 1, 2007, a base salary at the annual rate of Four Hundred Fifteen Thousand Dollars ($415,000) (“Base Compensation”) payable in twenty-six
(26) substantially equal installments per year. The Base Compensation shall be reviewed annually for possible increase by the Company’s Board of Directors (the “Board”). 
 3.2 Bonus. 
 (a)
Subject to the achievement of performance objectives pre-determined by the Compensation Committee of the Board (the “Committee”), Executive shall be eligible to receive annual bonus compensation targeted at fifty percent
(50%) of Base Compensation, a portion of which shall be based on the Spring operating income results and the remaining portion shall be based on the Fall operating income results (each a “Seasonal Bonus”). The maximum bonus
opportunity shall be up to 100% of Executive’s Base Compensation. In order to earn a Seasonal Bonus, Executive must be employed on the date the Company pays the applicable Seasonal Bonus. Any Fall bonus under this provision shall be paid no
later than the fifteenth (15th) day of the third month following the end of the fiscal year for which it is earned and any Spring bonus earned hereunder 

  

 1 

 
shall be paid in the third quarter of such fiscal year. Prior to the commencement of any Seasonal Bonus period, the Company reserves the right to change the
operating metric(s) for purposes of measuring the Seasonal Bonus earned. 
 (b) The Committee may in its sole discretion replace this Seasonal Bonus program with an annual bonus program under which such annual bonus shall be based on the achievement of annual metrics established by the Company each fiscal year
(such metrics to be determined as late as seventy-five (75) days following the beginning of each applicable fiscal year). In order to earn this annual bonus, Executive must be employed on the date the Company pays such annual bonus and any
annual bonus so earned shall be paid no later than the fifteenth (15th) day of the third month following the end of the fiscal year for which
it is earned and following certification by the Committee of the achievement of the applicable performance metrics and the amount of the annual bonus to be paid to Executive for the applicable fiscal year. 
 3.3 Options. Subject to the approval of the Board, pursuant to and subject to the terms of the Company’s stock option plan(s), Executive
shall be granted non-qualified stock options to purchase 90,000 shares of common stock of the Company (“Common Stock”). The options shall vest in three equal installments over three (3) years, on the first, second and third
anniversaries of the Effective Date and the exercise price shall be set in accordance with the terms of the plan under which such options are granted and shall be subject to a written option agreement in a form acceptable to the Company. 

3.4 Restricted Grant. Subject to the approval of the Board, pursuant to and subject to the terms of the Company’s plan, Executive shall be
granted 30,000 restricted shares of Common Stock. These restricted shares will vest in three equal installments over three (3) years, on the first, second and third anniversaries of the Effective Date. 
 3.5 Benefits. Executive shall be entitled to participate in all pension, medical, dental, vision, life insurance, disability and any other benefit
or insurance plans established by the Company and made available to other executives at her level, in accordance with the terms of such plans that are or may be in effect during the Term. 
 3.6 Vacation. Executive shall be entitled to three (3) weeks of paid vacation per year in accordance with the Company’s vacation policy
that is or may be in effect during the Term. 
 3.7 Expense Reimbursement. Executive shall be reimbursed for reasonable business
expenses actually incurred, in accordance with the Company’s expense reimbursement policy that is or may be in effect during the Term. 
 4.
POSITION AND DUTIES 
 4.1 Position. Executive shall serve as Chief Merchandise Officer of the Wet Seal division of the Company
and report to the Company’s Chief Executive Officer. This position is considered a 16(b) officer of the Company and subject to all insider trading, blackout periods and fiduciary responsibilities associated with such. 
 4.2 Devotion of Time and Effort. Executive shall use Executive’s good faith best efforts and judgment (a) in performing Executive’s
duties required hereunder and (b) to act in the best interests of the Company. Executive shall work exclusively for the Company during the 

  

 2 

 
Term and shall devote such time, attention and energies to the business of the Company as are reasonably necessary to satisfy Executive’s required
responsibilities and duties hereunder. 
 4.3 Compliance With Policies. Executive shall observe all Company policies and all
reasonable rules and regulations adopted by Company in connection with the conduct of its business, and shall render services in a competent, conscientious and professional manner and as instructed by Company in all matters, including those
involving artistic taste and judgment. 
 5. TERMINATION 
 5.1 Due to Death or Disability. If Executive dies during the Term, Executive’s employment and this Agreement shall terminate as of the date of her death. The Company also may terminate Executive due to
Executive’s “Disability”, as defined below, at any time following the Effective Date, upon written notice to Executive, unless prohibited by law. For purposes of this Agreement, the term “Disability” shall mean a
physical or mental incapacity as a result of which Executive becomes unable to continue the proper performance of Executive’s duties hereunder for six (6) consecutive calendar months or for shorter periods aggregating one hundred eighty
(180) business days in any twelve (12) month period, or, if this provision is inconsistent with any applicable law, for such period or periods as permitted by law. 
 5.2 By the Company Without “Cause”. The Company may terminate Executive’s employment without “Cause” (as hereinafter
defined) at any time following the Effective Date, subject only to compliance by the Company with the provisions of Section 5.5 hereof. 
 5.3 By the Company for “Cause”. The Company may terminate Executive’s employment for “Cause” at any time. For purposes of this Agreement, “Cause” shall mean: 
 (a) Executive’s conviction of, or plea of nolo contendere to, any felony or any crime involving the Company; 
 (b) Executive’s commission of any act of theft, embezzlement or misappropriation against the Company; 
 (c) The gross neglect, malfeasance or nonfeasance of Executive in the performance of the services contemplated hereunder, when such
conduct causes or has the likelihood of causing material economic harm to the Company; 
 (d) A material breach of this
Agreement by Executive; 
 (e) Any willful misconduct or unethical behavior related to Executive’s duties hereunder or
insubordination by Executive; 
 (f) The sexual or other harassment by Executive of any employee, independent contractor or
customer of the Company; and/or 
 (g) Executive’s use of illegal drugs or abuse of alcohol or legally prescribed drugs.

 5.4 By Executive For “Good Reason”. Executive may terminate her employment only for “Good Reason” as defined
below. In the event Executive seeks to terminate her 

  

 3 

 
employment for Good Reason, Executive shall provide thirty (30) days written notice to the Company describing the claimed event or circumstance
constituting Good Reason and setting forth Executive’s intention to terminate her employment with the Company. The Company shall have the opportunity to cure any Good Reason identified by Executive within thirty (30) days of the
Company’s receipt of the written notice from Executive. For purposes of this Agreement, “Good Reason” shall mean: 
 (a) The Company’s material beach of any of its obligations hereunder; 
 (b) Relocating
Executive’s place of work, or the executive offices of the Company, to a location other than in Orange County or the County of Los Angeles, State of California, without Executive’s written consent; or 
 (c) A material reduction, without cause, in Executive’s title, responsibilities or duties. 
 5.5 Termination Payments and Benefits: 
 (a) Earnings and Benefits Upon Termination. In the event that Executive’s employment is terminated pursuant to Sections 5.1 through 5.4, Executive shall continue to render services to the Company
pursuant to this Agreement until her date of termination (“Termination Date”) and shall continue to receive payment for any unreimbursed expenses incurred, accrued but unpaid Base Compensation and other accrued employee benefits as
provided in this Agreement, through the Termination Date. In addition, as of the Termination Date, Executive shall be eligible to continue her group medical benefits, at her sole expense, in accordance with and subject to applicable law
(“COBRA”). 
 (b) Severance. Only in the event that Executive’s employment is terminated by the
Company without Cause pursuant to Section 5.2 or there is a “Change in Control” (as defined below) and in each case subject to subpart (c) below, Executive shall be eligible to receive severance pay in an amount equal to six
(6) months of Executive’s Base Compensation. Severance payments for the six (6) month period (the “Severance Period”) shall be made in bi-weekly installments with the first installment to be paid on the later of the
Company’s first regular pay date after the Termination Date or the tenth (10th) day after execution of the release described in subpart (c) below. Each installment of the severance pay shall be deemed a separate payment for the
purposes of Section 409A of the Code. Notwithstanding the foregoing, if all or any portion of the severance payments due under this Section 5.5(b) are determined to be “nonqualified deferred compensation” subject to
Section 409A of the Code, and the Company determines that Executive is a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code and the regulations and other guidance issued thereunder, then such severance
payments (or portion thereof) shall commence no earlier than the first day of the seventh month following the month in which Executive’s termination of employment occurs (with the first such payment being a lump sum equal to the aggregate
severance payments Executive would have received during such six-month period if no such payment delay had been imposed). For purposes of this Section 5.5(b), “termination of employment” shall mean Executive’s “separation
from service” as defined in Section 1.409A-1(h) of the Final Treasury Regulations promulgated under Section 409A of the Code, including 

  

 4 

 
the default presumptions thereof. Except as provided in this Section 5.5(b), Executive shall not be entitled to severance or any other payments in
connection with her employment and/or the termination thereof, and shall have no further right to receive compensation or other consideration from the Company or have any other remedy whatsoever against the Company, as a result of the termination of
this Agreement or the termination of her employment. 
 For purposes of this Agreement, “Change in Control” means the sale,
transfer or other disposition of more than fifty percent (50%) of the Company’s voting stock or assets, including, without limitation, by way of a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, on or following which either (a) Executive terminates her employment following a material adverse change in Executive’s duties; provided, that, Executive has given the Company written notice of this change no
later than sixty (60) days following the occurrence of such change and the Company has not cured such change within thirty (30) days of receiving such notice or (b) Executive’s employment is terminated by the Company for any
reason. 
 (c) Separation Agreement and General Release. 
 (i) Separation Agreement. To be eligible to receive severance pay under Section 5.5(b), Executive must execute and deliver
(and not revoke, if a revocation period is required by law) a separation agreement, in a form acceptable to the Company, within thirty (30) days following the Termination Date containing all provisions required by the Company, including but not
limited to (A) a provision reducing Executive’s severance pay by any income earned by Executive, whether as an employee, independent contractor or otherwise, for services performed by Executive, during the Severance Period; (B) a
confidentiality provision prohibiting disclosure by Executive; (C) a provision prohibiting disparagement of the Company by Executive; and (D) a non admission of liability by the Company provision. 
 (ii) Release. Notwithstanding any other provision of this Agreement to the contrary, Executive acknowledges and agrees that any
and all severance payments to which Executive is entitled under Section 5.5(b) are conditional upon, and subject to, Executive first executing a valid waiver and release of all claims that Executive may have against the Company, its
subsidiaries and affiliates (and their respective officers and directors) in a form substantially similar to that attached hereto as Exhibit A, subject to changes as may be warranted to be made to such release to preserve the intent thereof
for changes in applicable laws; provided, that, if Executive fails to execute (or revokes) such waiver and release of all claims within thirty (30) days following the Termination Date, the Company shall have no obligation to
provide the severance payments contemplated under Section 5.5(b). 
 6. NON-SOLICITATION, NON-COMPETITION 
 Executive acknowledges that by virtue of Executive’s position as Chief Merchandise Officer, Wet Seal division of the Company, and Executive’s
employment hereunder, she will have advantageous familiarity with and knowledge about the Company and will be instrumental 

  

 5 

 
in establishing and maintaining goodwill between the Company and its customers, which goodwill is the property of the Company. Therefore, Executive agrees as
follows: 
 (a) During the Term, Executive will not engage (either directly or indirectly, as shareholder, partner, officer,
director, consultant, employee or otherwise) in any enterprise, nor perform any services of any kind whatsoever for or provide any financial assistance to any enterprise, in the specialty retail clothing business other than through the Company or
its subsidiaries and their successors; provided, however, that this restriction shall not apply following the termination of Executive’s employment prior to the end of the Term pursuant to, and in accordance with, Sections 5.1
through 5.4. 
 (b) During the Term, and for a period of one (1) year following the end of the Term, Executive will not,
either for herself or for any other person or entity, directly or indirectly (i) solicit, induce, recruit or encourage any of the Company’s employees to terminate their relationship with the Company, and/or (ii) attempt to solicit,
induce, recruit or encourage any of the Company’s employees to terminate their relationship with the Company; provided, however, that this restriction shall apply for one year following the termination of Executive’s
employment, in the event Executive’s employment is terminated prior to the end of the Term pursuant to, and in accordance with, Sections 5.1 through 5.4. 
 (c) During the Term, except within the final one hundred twenty (120) days of the Term, Executive shall not seek, or negotiate for,
employment other than with the Company; provided, however, that this restriction shall not apply following the termination of Executive’s employment prior to the end of the Term pursuant to, and in accordance with, Sections 5.1
through 5.4. 
 (d) Executive acknowledges that any violation of any provision of this Section 6 by Executive will cause
irreparable damages to the Company, that such damages will be incapable of precise measurement and that, as a result, the Company will not have an adequate remedy at law to redress the harm which such violations will cause. Therefore, in the event
of any violation of any provision of this Section 6 by Executive, Executive agrees that the Company will be entitled to injunctive relief including, but not limited to, temporary and/or permanent restraining orders to restrain any violation of
this Section 6 by Executive. 
 (e) It is the desire and intent of the Parties that the provisions of this
Section 6 shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any portion of this Section 6 shall be adjudicated to be invalid
or unenforceable, this Section 6 shall be deemed amended either to conform to such restrictions as the court or arbitrator may allow, or to delete therefrom or reform the portion thus adjudicated to be invalid and unenforceable, such deletion
or reformation to apply only with respect to the operation of this Section 6 in the particular jurisdiction in which such adjudication is made. It is expressly agreed that the arbitrator in any arbitration hereunder shall have the authority to
modify this Section 6 if necessary to render it enforceable, in such manner as to preserve as much as possible the Parties’ original intentions, as expressed herein, with respect to the scope hereof. 
  

 6 

 7. TRADE SECRETS 
 7.1 Executive specifically agrees that Executive will not at any time, whether during or subsequent to the Term, in any fashion, form or manner, except in furtherance of Executive’s duties at the Company or with
the specific written consent of the Company, either directly or indirectly use or divulge, disclose or communicate to any Person in, any manner whatsoever, any confidential information of any kind, nature or description concerning any matters
affecting or relating to the business of the Company (the “Proprietary Information”), including (a) all information, formulae, compilations, software programs (including object codes and source codes), devices, methods,
techniques, drawings, plans, experimental and research work, inventions, patterns, processes and know-how, whether or not patentable, and whether or not at a commercial stage related to the Company or any subsidiary thereof (b) buying habits or
practices of any of its customers, (c) the Company’s marketing methods and related data, (d) the Company’s costs of materials, (e) the prices it obtains or has obtained or at which it sells or has sold its products or
services, (f) lists or other written records used in the Company’s business, (g) compensation paid to employees and other terms of employment or (h) any other confidential information of, about or concerning the business of the
Company, its manner of operation, or other confidential data of any kind, nature or description (excluding any information that is or becomes publicly known or available for use through no fault of Executive or as directed by Court order). The
Parties hereto stipulate that as between them, Proprietary Information constitutes trade secrets that derive independent economic value, actual or potential, from not being generally known to the public or to other Persons who can obtain economic
value from its disclosure or use and that Proprietary Information is the subject of efforts which are reasonable under the circumstances to maintain its secrecy and of which this Section 7.1. is an example, and that any breach of this
Section 7.1 shall be a material breach of this Agreement. All Proprietary Information shall be and remain the Company’s sole property. 
 7.2 Executive agrees to keep confidential and not to use or divulge except in furtherance of Executive’s duties at the Company any confidential or proprietary information of any customer of the Company to which Executive may obtain
access during the Term. Executive acknowledges and agrees that a breach of this Section 7.2 shall be a material breach of this Agreement. 
 8. INVENTIONS 
 8.1 Executive agrees to disclose promptly to the Company any and all concepts, designs, inventions,
discoveries and improvements related to the Company’s business (collectively, “Inventions”) that Executive may conceive, discover or make from the beginning of Executive’s employment with Company until the termination
thereof, whether such is made solely or jointly with others, whether or not patentable, of which the conception or making involves the use of the Company’s time, facilities, equipment or personnel. 
 8.2 Executive agrees to assign, and does hereby assign, to the Company (or its nominee) Executive’s right, title and interest in and to any and all
Inventions that Executive may conceive, discover or make, either solely or jointly with others, patentable or unpatentable, from the beginning of Executive’s employment with the Company until the termination thereof. 
 8.3 Executive agrees to sign at the request of the Company any instrument necessary for the filing and prosecution of patent applications in the United
States and elsewhere, including 

  

 7 

 
divisional, continuation, revival, renewal or reissue applications, covering any Inventions and all instruments necessary to vest title to such Inventions in
the Company (or its nominee). Executive further agrees to cooperate and assist the Company in preparing, filing and prosecuting any and all such patent applications and in pursuing or defending any litigation upon inventions covered hereby. The
Company shall bear all expenses involved in the prosecution of such patent applications it desires to have filed. Executive agrees to sign at the request of the Company any and all instruments necessary to vest title in the Company (or its nominee)
to any specific patent application prepared by the Company and covering Inventions which Executive has agreed to assign to the Company (or its nominee) pursuant to Section 8.2 above. 
 8.4 The provisions of Sections 8.2 and 8.3 do not apply to any invention which qualifies fully under the provisions of Section 2870 of the
California Labor Code, which provides in substance that provisions in an employment agreement providing that an employee shall assign or offer to assign rights in an invention to his or her employer do not apply to an invention for which no
equipment, supplies, facilities, or trade secret information of the employer was used and which was developed entirely on the employee’s own time, except for those inventions that either (a) relate, at the time of conception or reduction
to practice of the invention: (i) to the business of the employer or (ii) to the employer’s actual or demonstrably anticipated research or development, or (b) result from any work performed by the employee for the employer.

 9. SHOP RIGHTS 
 The Company
shall also have a perpetual, royalty-free, non-exclusive right to use in its business, and to make, use, license and sell products, processes and/or services derived from any inventions, discoveries, designs, improvements, concepts, ideas, works of
authorship, whether patentable or not, including processes, methods, formulae, techniques or know-how related thereto, that are not within the scope of “Inventions” as defined above, but which are conceived or made by Executive during
regular working hours or with the use of the facilities, materials or personnel of the Company. 
 10. COPYRIGHT 
 Executive agrees that any work prepared for the Company that is eligible for copyright protection under any U.S. or foreign law shall be a work made for
hire and ownership of all copyrights (including all renewals and extensions therein) shall vest in the Company. In the event any such work is deemed not to be a work made for hire for any reason, Executive hereby irrevocably grants, transfers and
assigns all right, title and interest in such work and all copyrights in such work and all renewals and extensions thereof to the Company, and agrees to provide all assistance reasonably requested by the Company in the establishment, preservation
and enforcement of its copyright in such work, such assistance to be provided at the Company’s expense but without any additional compensation to Executive. Executive agrees to and does hereby irrevocably waive all moral rights with respect to
the work developed or produced hereunder, including any and all rights of identification of authorship and any and all rights of approval, restriction or limitation on use or subsequent modifications. 
  

 8 

 11. EXECUTIVE’S DUTIES ON TERMINATION 
 Upon termination of her employment, Executive will return immediately to the Company all of the Company’s property in Executive’s possession or
control, including, but not limited to, phone cards, credit cards, reports, Proprietary Information, software, keys, files, data, customer lists, equipment, and all other tangible and intangible property belonging to the Company or relating to
Executive’s employment with the Company. 
 12. THE COMPANY’S REPRESENTATIONS 
 The Company hereby represents and warrants that (a) it has the right to enter into this Agreement and to incur the obligations incurred by it
herein, (b) this Agreement has been duly and validly authorized by the Company, and (c) the provisions of this Agreement do not violate any other contracts or agreements to which it is a party and that would adversely affect its ability to
perform its obligation hereunder. 
 13. EXECUTIVE’S REPRESENTATIONS 
 Executive hereby represents and warrants that (a) she has the right to enter into this Agreement and to grant the rights granted by her herein and
(b) the provisions of this Agreement do not violate any other contracts or agreements to which she is a party and that would adversely affect her ability to perform her obligation hereunder. 
 14. GENERAL PROVISIONS 
 14.1 Assignment,
Binding Effect. Neither the Company nor Executive may assign, delegate or otherwise transfer this Agreement or any of their respective rights or obligations hereunder without the prior written consent of the other party, except that the Company
may assign this Agreement to its successors (through acquisition, merger, reorganization or otherwise), and affiliate, parent or subsidiary corporations. Any attempted prohibited assignment or delegation shall be void. This Agreement shall be
binding upon and inure to the benefit of any permitted successors or assigns of the Parties and the heirs, executors, administrators and/or personal representatives of Executive. 
 14.2 Notices. All notices, requests, demands and other communications that are required or may be given under this Agreement shall be in writing
and shall be deemed to have been duly given when received if personally delivered; when transmitted if transmitted by telecopy, electronic or digital transmission method with electronic confirmation of receipt; the day after it is sent, if sent for
next-day delivery to a domestic address by recognized overnight delivery service (e.g., FedEx); and upon receipt, if sent by certified or registered mail, return receipt requested. In each case notice shall be sent to: 
 If to the Company: 
 Vice President, Human
Resources 
 The Wet Seal, Inc. 
 26972 Burbank 
 Foothill Ranch, CA 92610 
 Facsimile No.: (949) 699 4722 
  

 9 

 If to Executive: 
 Dyan M. Jozwick 
 3863 Eureka Dr.
 Studio City, CA 91604 
 With a copy to:

 Her lawyer 
 Any party may
change its address for the purpose of this Section 14.2 by giving the other party written notice of its new address in the manner set forth above. 
 14.3 Entire Agreement. This Agreement and the Release constitute the entire agreement of the Parties, and shall supersede all prior agreements (including without limitation, the Employment Agreement by and
between the Company and Executive dated May 2, 2006 that is amended and restated by this Agreement). 
 14.4 Withholding. All
payments hereunder shall be subject to any required withholding of federal, state and local taxes pursuant to any applicable law or regulation. 
 14.5 Amendments; Waivers. This Agreement may be amended or modified, and any of the terms and covenants may be waived, only by a written instrument executed by the Parties hereto, or, in the case of a waiver, by the party waiving
compliance. Any waiver by any party in any one or more instances of any term or covenant contained in this Agreement shall neither be deemed to be nor construed as a further or continuing waiver of any such term or covenant of this Agreement.

 14.6 Provisions Severable. In case any one or more provisions of this Agreement shall be invalid, illegal or unenforceable, in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not, in any way, be affected or impaired thereby. If any provision hereof is determined by any court of competent jurisdiction or an arbitrator to
be invalid or unenforceable by reason of such provision extending the covenants and agreements contained herein for too great a period of time or over too great a geographical area, or being too extensive in any other respect, such provision shall
be interpreted to extend only over the maximum period of time and geographical area, and to the maximum extent in all other respects, as to which it is valid and enforceable, all as determined by such court or such arbitrator. 
 14.7 Governing Law. This Agreement shall be construed, performed and enforced in accordance with, and governed by the laws of the State of
California without giving effect to the principles of conflict of laws thereof. 
 14.8 Counterparts. This Agreement may be executed
in one or more counterparts and delivered by facsimile, each of which shall be deemed an original, but all of which shall together constitute the same instrument. 
 14.9 Survival. Sections 6 through 16 shall survive the termination or expiration of this Agreement. 
  

 10 

 15. SERVICES UNIQUE 
 The services to be performed by Executive pursuant to this Agreement are of a special, unique, unusual, extraordinary and intellectual character which gives them a peculiar value, the loss of which cannot be
reasonably or adequately compensated by damages in an action at law. Company may seek, but shall not be limited to, equitable relief, by injunction or otherwise, in the event of a default by Executive. 
 16. ARBITRATION 
 In recognition of the fact
that differences may arise between Executive and the Company relating to certain aspects of Executive’s employment or the termination of Executive’s employment, and in recognition of the fact that resolution of any differences in the
courts is rarely timely or cost effective for either party, both the Company and Executive mutually agree to arbitrate disputes under the following terms and conditions in order to establish and gain the benefits of a speedy, impartial and
cost-effective dispute resolution procedure. 
 (a) Except as set forth in subparagraph (e) below, any dispute arising
out of or in any way related to Executive’s employment with the Company, will be decided exclusively by final and binding arbitration, in Orange County, California, pursuant to the procedures required by California law, including the California
Arbitration Act, California Code of Civil Procedure §§ 1281, et seq. and governing case law including Armendariz v. Foundation Health Psychcare Servs., Inc., 24 Cal.4th 83 (2000). The claims covered include, but are not
limited to, claims for wages or other compensation due; claims for breach of any contract or covenant, express or implied; tort claims; claims for discrimination, including but not limited to discrimination based on race, sex, sexual orientation,
religion, national origin, age, marital status, handicap, disability or medical condition or harassment on any of the foregoing bases; claims for benefits, except as excluded herein; and claims for violation of any federal, state or other
governmental constitution, statute, ordinance, regulation, or public policy. This agreement to arbitrate disputes shall not be deemed to apply to a dispute if an agreement to arbitrate such a dispute is prohibited by law. 
 (b) The arbitrator may award any form of remedy or relief (including injunctive relief) that would otherwise be available in court. Any
award pursuant to said arbitration shall be accompanied by a written opinion of the arbitrator setting forth the reason for the award. The award rendered by the arbitrator shall be conclusive and binding upon the Parties hereto, and judgment upon
the award may be entered, and enforcement may be sought in, any court of competent jurisdiction. To the extent not inconsistent with applicable laws, the Arbitrator will have the authority to hear and grant motions. 
 (c) Except as required under governing law, including Armendariz v. Foundation Health Psychcare Servs., Inc., 24 Cal.4th 83
(2000), each party shall pay its own expenses of arbitration and the expenses of the arbitrator (including compensation) shall be borne equally by the Parties. 
 (d) EXECUTIVE AND THE COMPANY UNDERSTAND THAT, ABSENT THIS AGREEMENT, EXECUTIVE AND THE COMPANY WOULD HAVE THE 

  

 11 

 
RIGHT TO SUE EACH OTHER IN COURT, AND THE RIGHT TO A JURY TRIAL, BUT, BY THIS AGREEMENT, GIVE UP THAT RIGHT AND AGREE TO RESOLVE BY ARBITRATION ANY AND ALL
GRIEVANCES DIRECTLY OR INDIRECTLY RELATED TO THIS AGREEMENT, EXECUTIVE’S EMPLOYMENT OR THE TERMINATION THEREOF. 
 (e)
Notwithstanding the above, Executive or the Company shall be entitled to seek injunctive or other equitable, provisional relief from a court of competent jurisdiction in Orange County, California upon a showing that any potential arbitration award
would be rendered ineffectual without such relief. However, if any party seeks or obtains such injunctive relief, the merits of the dispute and/or determination of any appropriate remedy (other than equitable, provisional relief) shall be resolved
in accordance with this Agreement. 
 (f) In the event that any of the foregoing arbitration provisions is held to be
unenforceable, such provision shall be deemed stricken and the remainder shall be fully enforceable. 
 (g) This agreement to
arbitrate disputes shall apply to disputes involving the Company as well as the Company’s parents, affiliates, subsidiaries, successors, assigns, officers, directors, shareholders, employees and agents. Any controversy regarding whether a
particular dispute is subject to arbitration shall be decided by the arbitrator. 
  

 12 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement effective as of the date first
written above. 
 THE WET SEAL, INC. 
 By: /s/ Edmond S. Thomas                              
                                        
       

	 	Name:	 	Edmond S. Thomas 

	 	Title:	 	President and Chief Executive Officer 

 EXECUTIVE 
 /s/ Dyan M. Jozwick                                 
                                        
              
 Dyan M. Jozwick 
  

 13 

 EXHIBIT A 
 Form of Release 
 1. Termination of Employment. Dyan M. Jozwick (“Executive”)
acknowledges that her last day of employment with The Wet Seal, Inc. and any of its affiliates (the “Company”) is __________________ (the “Termination Date”).  
 2. Full Release. For the consideration set forth in the Employment Agreement, by and between the Company and Executive, dated as of May 2, 2006 and as
amended and restated as of ___________________, 2008 (the “Employment Agreement”) and for other fair and valuable consideration therefor, Executive, for herself, her heirs, executors, administrators, successors and assigns
(hereinafter collectively referred to as the “Releasors”), hereby fully releases and discharges the Company, its parents, subsidiaries, affiliates, insurers, successors, and assigns, and their respective officers, directors,
employees, and agents (all such persons, firms, corporations and entities being deemed beneficiaries hereof and are referred to herein as the “Company Entities”) from any and all actions, causes of action, claims, obligations,
costs, losses, liabilities, damages and demands of whatsoever character, whether or not known, suspected or claimed, which the Releasors have, from the beginning of time through the date of this Release, against the Company Entities arising out of
or in any way related to Executive’s employment or termination of her employment; provided, however, that this shall not be a release with respect to any amounts and benefits owed to Executive pursuant to the Employment Agreement
upon termination of employment, employee benefit plans of the Company, or Executive’s right to indemnification as provided in the Company’s Charter and By-Laws. 
 3. Waiver of Rights Under Other Statutes. Executive understands that this Release waives all claims and rights Executive may have under certain federal, state and local statutory and regulatory laws, as each
may be amended from time to time, including but not limited to, the Age Discrimination in Employment Act (including the Older Workers Benefit Protection Act) (“ADEA”), Title VII of the Civil Rights Act; the Employee Retirement
Income Security Act of 1974; the Equal Pay Act; the Rehabilitation Act of 1973; the Americans with Disabilities Act; the Worker Adjustment and Retraining Notification Act; the California Fair Employment and Housing Act, the California Family Rights
Act, California law regarding Relocations, Terminations, and Mass Layoffs, the California Labor Code; and all other statutes, regulations, common law, and other laws in any and all jurisdictions (including, but not limited to, California) that in
any way relate to Executive’s employment or the termination of her employment. 
 4. Informed and Voluntary Signature. No promise or inducement
has been made other than those set forth in this Release. This Release is executed by Executive without reliance on any representation by Company or any of its agents. Executive states that she is fully competent to manage her business affairs and
understands that she may be waiving legal rights by signing this Release. Executive hereby acknowledges that she has carefully read this Release and has had the opportunity to thoroughly discuss the terms of this Release with legal counsel of her
choosing. Executive hereby acknowledges that she fully understands the terms of this Release and its final and binding effect and that she affixes her signature hereto voluntarily and of her own free will. 
 5. Waiver of Rights Under the Age Discrimination Act. Executive understands that this Release waives all of her claims and rights under the ADEA. The waiver of
Executive’s rights 

  

 14 

 
under the ADEA does not extend to claims or rights that might arise after the date this Release is executed. The monies to be paid to Executive are in
addition to any sums to which Executive would be entitled without signing this Release. For a period of seven (7) days following execution of this Release, Executive may revoke the terms of this Release by a written document received by the
Chief Financial Officer of the Company no later than 11:59 p.m. of the seventh day following Executive’s execution of this Release. The Release will not be effective until said revocation period has expired. Executive acknowledges that she has
been given up to twenty-one (21) days to decide whether to sign this Release. Executive has been advised to consult with an attorney prior to executing this Release and has been given a full and fair opportunity to do so. 
 6. Waiver Of Civil Code Section 1542. It is the intention of the parties in signing this Release that it should be effective as a bar to each and every
claim, demand and cause of action stated above. In furtherance of this intention, Executive hereby expressly waives any and all rights and benefits conferred upon Executive by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE and expressly
consents that this Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected claims, demands and causes of action, if any, as well as those
relating to any other claims, demands and causes of action referred to above. SECTION 1542 provides: 
 “A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 7. Miscellaneous. 
 (a) This Release
shall be governed in all respects by the laws of the State of California without regard to its principles of conflict of law. 
 (b) In the
event that any one or more of the provisions of this Release is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover, if any
one or more of the provisions contained in this Release is held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent
compatible with applicable law. 
 (c) This Release may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 (d) The paragraph headings used in this Release are included
solely for convenience and shall not affect or be used in connection with the interpretation of this Release. 
 (e) This Release and the
Employment Agreement represent the entire agreement between the parties with respect to the subject matter hereto and may not be amended except in a writing signed by the Company and Executive. If any dispute should arise under this Release, it
shall be settled in accordance with the terms of Section 16 of the Employment Agreement. 
  

 15 

 (f) This Release shall be binding on the executors, heirs, administrators, successors and assigns of
Executive and the successors and assigns of Company and shall inure to the benefit of the respective executors, heirs, administrators, successors and assigns of the Company Entities and the Releasors. 
 IN WITNESS WHEREOF, the parties hereto have executed this Release on _______________, 20__. 
 THE WET SEAL, INC. 
 By:
                                        
                                        
                                        
                
 Name: 
 Title: 
 EXECUTIVE 
                                       
                                        
                                        
                          
 Dyan M. Jozwick 
  

 16

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