Document:

Subordination and Intercreditor Agreement

 Exhibit 10.46 
 SUBORDINATION AND INTERCREDITOR AGREEMENT 
 THIS SUBORDINATION
AND INTERCREDITOR AGREEMENT (this “Agreement”) is made as of this 25th day of May, 2007 by and among (1) NEIPF, L.P. (including its successors and
assigns, “NEIPF”), (2) COLUMBIA PARTNERS, L.L.C. INVESTMENT MANAGEMENT, as “Investment Manager” and
(3) SILICON VALLEY BANK (including its successors and assigns, “SVB”). NEIPF and SVB are sometimes referred to individually as
“Lender” and together as “Lenders.” 
 RECITALS 
 A. VERTICAL COMMUNICATIONS, INC. (“VCI”), VERTICAL
COMMUNICATIONS ACQUISITION CORP. (“VCAC”), VODAVI TECHNOLOGY, INC. (“Vodavi”) and
VODAVI COMMUNICATIONS SYSTEMS, INC. (“Vodavi Comm,” and together with VCI, VCAC, and Vodavi, the “Borrowers” and each a
“Borrower”) have obtained from NEIPF a loan facility for working capital purposes (the “NEIPF Loan”) pursuant to the terms and conditions of a Credit Agreement dated as of October 18, 2006, by and
among the VCI, VCAC, Investment Manager and NEIPF and certain other signatories thereto and a Joinder Agreement by Vodavi in favor of Investment Manager and NEIPF dated December 4, 2006 and a Joinder Agreement by Vodavi Comm in favor of
Investment Manager and NEIPF dated May 25, 2007 (such Credit Agreement and Joinder Agreement, together the “NEIPF Credit Agreement”). Borrowers’ obligations under the NEIPF Credit Agreement are secured by security
interests in favor of Investment Manager and NEIPF in all of the Collateral. 
 B. SVB has made a revolving line of credit available
to Borrowers (hereafter, “SVB Loan”) in accordance with the terms of that certain Loan and Security Agreement among SVB and the Borrowers dated May 25, 2007 (the “SVB Loan Agreement”).
Borrowers’ obligations under the SVB Loan Agreement are secured by security interests in favor of SVB in all of the Collateral. 
 C.
The parties have entered into this Agreement to set forth the relative priorities of each party’s security interests in the Collateral. 
 AGREEMENT 
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below. 
 SECTION 1. Certain Definitions. In
addition to the terms defined in the recitals hereto, the following terms shall have the following meanings for the purposes of this Agreement: 
 SECTION 1.1 Accounts Receivable. The term “Accounts Receivable” means Borrowers’ “Accounts”, as such term is defined in the SVB Loan Agreement as of the date hereof (without giving any
effect to any amendment of such definition after the date hereof), and all proceeds thereof. 

 SECTION 1.2 Cash Collateral Account. The term “Cash Collateral
Account” shall have the meaning give to that term in the SVB Loan Agreement as of the date hereof (without giving any effect to any amendment of such definition after the date hereof), and shall include all cash or other deposits on
deposit therein. 
 SECTION 1.3 Code. The term “Code” shall mean with respect to the Collateral the
Uniform Commercial Code as may, from time to time, be enacted and in effect in the State of New York or the Commonwealth of Massachusetts, as applicable. 
 SECTION 1.4 Collateral. The term “Collateral” shall mean “Collateral) as defined in the SVB Loan Agreement or the NEIPF Loan Agreement, as applicable, including without
limitation in each case, all of the real, personal and mixed assets, property and interests in property of Borrowers, whether now owned or hereafter acquired (whether by purchase or lease), including, without limitation, all of Borrowers’
accounts, inventory, equipment, motor vehicles, documents, instruments, fixtures, general intangibles, chattel paper, contract rights, and records relating thereto, together with the proceeds and products thereof. 
 SECTION 1.5 Collection Action. The term “Collection Action” shall mean any of the following actions by any Lender:
(a) ask, demand, sue for, take or receive from or on behalf of Borrowers, by set-off or in any other manner, the whole or any part of any monies which may now or hereafter be owing by Borrowers to Lender on such Lender’s Debt (other than
the receipt of payments in the ordinary course of business in accordance with the SVB Documents or the NEIPF Documents, as the case may be, prior to the occurrence of an Event of Default), (b) initiate or participate with others in any suit,
action or proceeding against Borrowers to enforce payment of or to collect the whole or any part of such Lender’s Debt, (c) ask, demand, take or receive any additional security for any of such Lender’s Debt, or (d) initiate or
participate with others in any action to realize upon such Lender’s Security Interest or any of the assets of Borrowers. “Collection Action” shall not include the acceleration of payment of such Lender’s Debt. 
 SECTION 1.6 Designated Deposit Account. The term “Designated Deposit Account” shall have the meaning given to that
term in the SVB Loan Agreement as of the date hereof (without giving any effect to any amendment of such definition after the date hereof), and shall include all cash or other deposits or deposit therein. 
 SECTION 1.7 Event Of Default. The term “Event of Default” shall have the meaning given that term in the
NEIPF Documents and the SVB Documents, as the case may be. 
 SECTION 1.8 Indefeasibly Paid. The term “Indefeasibly
Paid” shall mean, with respect to the making of any payment or in respect of any Lender’s Debt, a payment in cash of such Lender’s Debt in full, which payment is not subject to avoidance or rescission in any Insolvency
Proceeding that has been commenced at or within ninety (90) days of the time of such payment. 
  

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 SECTION 1.9 Insolvency Proceeding. The term “Insolvency Proceeding”
shall mean (a) any case, action or proceeding before any court or other authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up, charter revocation or forfeiture, arrangement, adjustment,
composition, or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of
its creditors; in each instance, undertaken under Federal, state or foreign law. 
 SECTION 1.10 Inventory. The term
“Inventory” means Borrowers’ “Inventory”, as such term is defined in the SVB Loan Agreement as of the date hereof (without giving any effect to any amendment of such definition after the date hereof), and all
proceeds thereof. 
 SECTION 1.11 Lender’s Debt. The term “Lender’s Debt” means either the
NEIPF Debt or the SVB Debt, as the case may be or the context may require. 
 SECTION 1.12 Lender’s Documents. The term
“Lender’s Documents” means either the NEIPF Documents or the SVB Documents as the case may be or the context may require. 
 SECTION 1.13 NEIPF Debt. The term “NEIPF Debt” shall mean the indebtedness, obligations and liabilities now or hereafter owed by Borrowers to NEIPF under the NEIPF Documents as
such may be amended or modified from time to time(including without limitation the NEIPF Loan and the payment of any indebtedness arising under any other instrument benefiting NEIPF), and any renewals thereof. 
 SECTION 1.14 NEIPF Documents. The term “NEIPF Documents” shall mean and include the NEIPF Credit Agreement and all
other instruments or agreements now or hereafter evidencing or securing the whole or any part of the NEIPF Debt, as the same may be amended or modified from time to time. 
 SECTION 1.15 NEIPF Security Interest. The term “NEIPF Security Interest” shall mean the liens and security interests with respect to the Collateral granted by Borrowers, as
debtors, to NEIPF and Investment Manager, as secured parties, pursuant to the NEIPF Documents. 
 SECTION 1.16 NEIPF Senior
Collateral. The term “NEIPF Senior Collateral” shall mean all Collateral not constituting SVB Senior Collateral. 
 SECTION 1.17 Security Interests. The term “Security Interests” shall mean, collectively, the SVB Security Interests and NEIPF Security Interests. Security Interest shall mean either of the
aforementioned, as the case may be or the context may require. 
 SECTION 1.18 SVB Debt. The term “SVB
Debt” shall mean the indebtedness, obligations and liabilities now or hereafter owed by Borrowers to SVB under the SVB Documents, as such may be amended or modified from time to time (including without limitation, the SVB Loan and the
payment of any indebtedness arising under any other instrument benefiting SVB), and any renewals thereof. 
  

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 SECTION 1.19 SVB Documents. The term “SVB Documents” shall mean and
include the SVB Loan Agreement, the SVB Security Agreements and all other instruments or agreements evidencing or securing the whole or any part of the SVB Debt, as the same may be amended or modified from time to time. 
 SECTION 1.20 SVB Security Agreements. The term “SVB Security Agreements” shall mean the SVB Loan Agreement, and all
other similar documents executed by Borrowers and creating the SVB Security Interest, as the same may be amended or modified from time to time. 
 SECTION 1.21 SVB Security Interest. The term “SVB Security Interest” shall mean the liens, security interests and any other rights with respect to the Collateral granted by Borrowers, as debtors, to
SVB, as secured party, pursuant to the SVB Documents. 
 SECTION 1.22 SVB Senior Collateral. The term “SVB Senior
Collateral” shall mean all Accounts Receivable and Inventory, the Designated Deposit Account and the Cash Collateral Account. 
 SECTION 2. Consent. SVB and NEIPF hereby consent to the making of the other Lender’s respective loans and credit extensions to Borrowers and to the granting and existence of the Security Interests, despite any prohibitions which
might exist in the NEIPF Documents or the SVB Documents, and each SVB and NEIPF consents to the Borrowers’ payment of their indebtedness and obligations under and in accordance with the terms of the NEIPF Documents and the SVB Documents, as
applicable. 
 SECTION 3. Priority of Liens and Security Interests. Lenders agree and declare that at all times, whether before,
after, or during the pendency of any bankruptcy, reorganization or other Insolvency Proceeding, and notwithstanding the priorities which would ordinarily result from the order of the granting of any such Security Interest, or the order, sequence or
date of the filing of any financing statements, or obtaining of possession or control (whether pursuant to a control agreement or automatically as prescribed by the Code), notwithstanding the right to set off which may exist under the NEIPF
Documents or the SVB Documents (which shall include for such purposes any account agreement between any Borrower and SVB) and whether or not perfected or unavoidable: (a) the NEIPF Security Interest shall constitute and be a senior and superior
security interest, lien and charge in and upon the NEIPF Senior Collateral and prior in right to any interest of SVB in the NEIPF Senior Collateral howsoever arising, and that SVB’s Security Interest shall be subject and subordinate to the
NEIPF Security Interest with respect to the NEIPF Senior Collateral, and (b) the SVB Security Interest shall constitute and be a senior and superior security interest, lien and charge in and upon the SVB Senior Collateral and prior in right to
any interest of NEIPF in the SVB Senior Collateral howsoever arising, and that NEIPF Security Interest shall be subject and subordinate to SVB Security Interest with respect to the SVB Senior Collateral. The parties agree that the records shall
reflect the respective priorities of their Security Interests. 
 SECTION 4. Subordination; Standby — SVB. SVB shall not take any
Collection Actions with respect to the NEIPF Senior Collateral, unless and until the NEIPF Debt shall have been fully paid and satisfied, except as authorized pursuant to Section 8 of this Agreement. This 

  

 4. 

 
subordination provision shall apply with respect to all of the SVB Debt, regardless of how or in what manner the SVB Debt is incurred, or whether the SVB
Debt has already been incurred or may be incurred in the future by future advances or other financial accommodations made or extended by SVB, or whether such future advances or other financial accommodations are made at the discretion of SVB under
the SVB Documents or pursuant to commitment, collection efforts or otherwise. If SVB in violation of this Agreement shall attempt any Collection Action (other than a Collection Action with respect to the SVB Senior Collateral (other than the
Designated Deposit Account) or as permitted pursuant to Section 8 of this Agreement), then NEIPF and Investment Manager may interpose as a defense or plea the making of this Agreement and NEIPF and Investment Manager may intervene and interpose
such defense in its name or in the name of Borrowers, and NEIPF and Investment Manager may by virtue of this Agreement restrain the enforcement thereof in the name of Borrowers, or NEIPF. 
 SECTION 5. Subordination; Standby – NEIPF, Investment Manager. Neither NEIPF nor Investment Manager shall take any Collection Actions with
respect to the SVB Senior Collateral, unless and until the SVB Debt shall have been fully paid and satisfied, except as authorized pursuant to Section 7 of this Agreement. This subordination provision shall apply with respect to all of the
NEIPF Debt, regardless of how or in what manner the NEIPF Debt is incurred, or whether the NEIPF Debt has already been incurred or may be incurred in the future by future advances or other financial accommodations made or extended by NEIPF, or
whether such future advances or other financial accommodations are made at the discretion of NEIPF under the NEIPF Documents or pursuant to commitment, collection efforts or otherwise. If NEIPF or Investment Manager in violation of this Agreement
shall attempt any Collection Action (other than a Collection Action with respect to the NEIPF Senior Collateral or as permitted pursuant to Section 7 of this Agreement), then SVB may interpose as a defense or plea the making of this Agreement
and SVB may intervene and interpose such defense in its name or in the name of Borrowers, and SVB may by virtue of this Agreement restrain the enforcement thereof in the name of Borrowers, or SVB. 
 SECTION 6. Standby With Respect to Designated Deposit Account. Notwithstanding anything to the contrary contained herein, SVB shall not take any
Collection Actions with respect to the Designated Deposit Account until the earliest to occur of (i) ninety (90) days following receipt by Investment Manager and NEIPF of written notice from SVB of SVB’s intention to take Collection
Actions with respect to the Designated Deposit Account following the occurrence and during the continuance of an Event of Default under the SVB Documents, (ii) receipt by SVB of written consent to the taking of such Collection Actions with
respect to the Designated Deposit Account from Investment Manager and NEIPF, which consent may be granted or denied in the sole discretion of Investment Manager and NEIPF, as applicable, or (iii) the commencement of an Insolvency Proceeding
with respect to any Borrower. If SVB in violation of this Agreement shall attempt any Collection Action with respect to the Designated Deposit Account, then NEIPF and Investment Manager may interpose as a defense or plea the making of this Agreement
and NEIPF and Investment Manager may intervene and interpose such defense in its name or in the name of Borrowers, and NEIPF and Investment Manager may by virtue of this Agreement restrain the enforcement thereof in the name of Borrowers, or NEIPF.

  

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 SECTION 7. Permitted Action by NEIPF and Investment Manager. Notwithstanding the provisions of
Section 5 hereof, NEIPF and Investment Manager may take Collection Actions against Borrowers and realize upon the NEIPF Security Interest in any of the SVB Senior Collateral upon the occurrence of the following events: (a) Borrowers shall
have defaulted under the NEIPF Documents, (b) NEIPF and Investment Manager shall have given Borrowers and SVB at least one hundred eighty (180) days prior written notice of such default, (c) Borrowers shall not have cured or caused to
be cured such default under the SVB Documents, and (d) SVB shall not have commenced to take action to realize upon the SVB Security Interest in the SVB Senior Collateral; provided, however, that NEIPF and Investment Manager may take
Collection Actions against Borrowers and realize upon the NEIPF Security Interest in the NEIPF Senior Collateral upon the occurrence of an Event of Default under the NEIPF Documents. Upon the request of SVB, NEIPF and Investment Manager shall
immediately cease any Collection Actions then being pursued by NEIPF or Investment Manager with respect to the SVB Senior Collateral if SVB at any time elects, in its sole discretion, to demand payment of the SVB Debt and commence any Collection
Actions against Borrowers with respect to the SVB Senior Collateral under the SVB Documents or as otherwise authorized by applicable law. Nothing in this Section or elsewhere in this Agreement shall be deemed to confer upon NEIPF and Investment
Manager any rights in or priority with respect to the SVB Senior Collateral in connection with any judgment, garnishment, attachment, execution, or other pre-judgment, garnishment, attachment, execution or other pre-judgment or post-judgment remedy
obtained by NEIPF and Investment Manager against Borrowers or their assets, that are equivalent or superior to SVB’s rights in and priorities with respect to the SVB Senior Collateral under the SVB Documents. Until the SVB Debt has been
Indefeasibly Paid and satisfied in full, any sums or assets obtained by NEIPF and Investment Manager through the exercise of any such remedy shall be paid over to SVB for application to the payment of the SVB Debt, except for sums or assets received
in respect to the Collateral other than the SVB Senior Collateral. 
 SECTION 8. Permitted Action by SVB. Notwithstanding the
provisions of Section 4 hereof, SVB may take Collection Actions against Borrowers and realize upon the SVB Security Interest in any of the NEIPF Senior Collateral upon the occurrence of the following events: (a) Borrowers shall have
defaulted under the SVB Documents, (b) SVB shall have given Borrowers, NEIPF and Investment Manager at least one hundred eighty (180) days prior written notice of such default, (c) Borrowers shall not have cured or caused to be cured
such default under the NEIPF Documents, and (d) neither NEIPF (nor Investment Manager) shall have commenced to take action to realize upon NEIPF Security Interest in the NEIPF Senior Collateral; provided, however, that SVB may take
Collection Actions against Borrowers and realize upon the SVB Security Interest in the SVB Senior Collateral upon the occurrence of an Event of Default under the SVB Loan Agreement. Upon the request of NEIPF or Investment Manager, SVB shall
immediately cease any Collection Actions then being pursued by SVB with respect to the NEIPF Senior Collateral if NEIPF or Investment Manager at any time elects, in their sole discretion, to demand payment of the NEIPF Debt and commence any
Collection Actions against Borrowers under the NEIPF Documents or as otherwise authorized by applicable law. Nothing in this Section 8 or elsewhere in this Agreement shall be deemed to confer upon SVB any rights in or priority with respect to
the NEIPF Senior Collateral in connection with any judgment, garnishment, attachment, execution, or other pre-judgment, garnishment, attachment, execution or other pre-judgment or post-judgment remedy 

  

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obtained by SVB against Borrowers or their assets, that are equivalent or superior to NEIPF’s rights in and priorities with respect to such Collateral
(other than the SVB Senior Collateral) and proceeds thereof under the NEIPF Documents. Until the NEIPF Debt has been Indefeasibly Paid and satisfied in full, any sums or assets obtained by SVB through the exercise of any such remedy shall be paid
over to NEIPF for application to the payment of the NEIPF Debt, except for sums or assets received in respect to the SVB Senior Collateral. 
 SECTION 9. Non-Exclusive License. In the event that NEIPF and/or Investment Manager forecloses on, or otherwise takes possession of, any NEIPF Senior Collateral, NEIPF and Investment Manager hereby grant to SVB a non-exclusive,
royalty-free license of such patents, trademarks, copyrights and licenses (to the extent permitted by such licenses) in order for SVB to promote and sell or otherwise dispose of the SVB Senior Collateral, and to realize upon any SVB Senior
Collateral; provided; however, that notwithstanding the foregoing, nothing herein shall diminish or infringe upon NEIPF’s and Investment Manager’s first priority security interest in such patents, trademarks, copyrights and licenses and
NEIPF and Investment Manager shall be free to sell, transfer, assign or otherwise dispose of any NEIPF Senior Collateral, including, without limitation, such patents, trademarks, copyrights and licenses, as otherwise permitted herein, at any time
and in their sole discretion, without the consent of SVB provided that the non-exclusive license granted herein shall survive any such sale or other disposition. 
 SECTION 10. Indebtedness Owed Only to Lenders. Each Lender warrants and represents to the other Lender that such Lender has not previously assigned any interest in such Lender’s Debt to any party, that
such Lender is the sole owner of and participant in such Lender’s Debt, and each Lender covenants that such Lender’s Debt shall continue to be owned and participated in only by such Lender, unless assigned in accordance with the terms of
this Agreement as provided in Section 24 hereof, and such Lender’s Debt shall not be converted to equity or exchanged, transferred or otherwise modified in any respect without the prior written consent of the other Lender. 
 SECTION 11. Priority on Distribution. In the event of any distribution, division or application, partial or complete, voluntary or involuntary, by
operation of law or otherwise, of all or any part of the assets of Borrowers, or the proceeds of the Collateral, or of any readjustment of the obligations and indebtedness of Borrowers, whether by reason of liquidation, bankruptcy, arrangement,
receivership, assignment for the benefit of creditors or any other action or Insolvency Proceeding or proceeding involving the readjustment of all or any of Borrowers’ indebtedness, or of the sale of the Collateral, or as a result of any
casualty to the Collateral covered by insurance, then, and in any such event, all such distributions or proceeds in respect of (a) the SVB Senior Collateral shall be made to SVB until all SVB Debt shall be Indefeasibly Paid and satisfied in
full and (b) the NEIPF Senior Collateral shall be made to NEIPF until all NEIPF Debt shall be Indefeasibly Paid and satisfied in full. 
 SECTION 12. Payments or Distributions Received by SVB. Should any payment or distribution be received by SVB in violation of the terms of this Agreement, SVB shall receive and hold the same in trust, as trustee, for the benefit of
NEIPF and shall forthwith deliver the same to NEIPF in precisely the same form received (except for the endorsement or assignment of SVB where necessary) for application on the NEIPF Debt, due or not due, and until so delivered, the same shall be
held in trust by SVB as the property of NEIPF. 
  

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 SECTION 13. Payments or Distributions Received by NEIPF and Investment Manager. Should any payment
or distribution be received by NEIPF or Investment Manager in violation of the terms of this Agreement, NEIPF and Investment Manager shall receive and hold the same in trust, as trustee, for the benefit of SVB and shall forthwith deliver the same to
SVB in precisely the same form received (except for the endorsement or assignment of NEIPF or Investment Manager where necessary) for application on the SVB Debt, due or not due, and until so delivered, the same shall be held in trust by Investment
Manager or NEIPF as the property of SVB. 
 SECTION 14. Insolvency. 
 (a) This Agreement shall be applicable both before and after the commencement of an Insolvency Proceeding and all converted or succeeding cases in
respect thereof, and all references herein to Borrowers shall be deemed to apply to a trustee for Borrowers and Borrowers as debtors-in-possession. The relative rights of Lenders in or to any distributions from or in respect of any Collateral or
proceeds of Collateral, shall continue after the filing thereof on the same basis as prior to the date of the petition. 
 (b) To the
extent that Lenders receive payments on, or proceeds of Collateral for, the NEIPF Debt or SVB Debt, as applicable, which are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee,
receiver or any other party under any bankruptcy law, state or federal law, common law, or equitable cause, then to the extent of such payment or proceeds received, the NEIPF Debt or SVB Debt, as applicable, or part thereof, intended to be satisfied
shall be revived and continue in full force and effect as if such payments or proceeds had not been received by the applicable Lender. 
 SECTION 15. Insurance. Borrowers’ general liability and casualty (and business interruption, if any) insurance policies shall be indorsed to provide that Lenders are mortgagees and secured parties such that payments made upon
such policies shall be made (a) with respect to the proceeds of any insurance on the NEIPF Senior Collateral, first to NEIPF, then to SVB and NEIPF and Investment Manager shall have the sole and exclusive right to adjust, compromise or settle
any loss on the NEIPF Senior Collateral with the insurer thereof, and (b) with respect to the proceeds of any insurance on the SVB Senior Collateral, first to SVB, then to NEIPF and SVB shall have the sole and exclusive right to adjust,
compromise or settle any loss on the SVB Senior Collateral with the insurer thereof. 
 SECTION 16. Disposition of Assets of Borrower,
Release of Collateral. Lenders agree that any disposition by any Lender of the assets of Borrowers, whether by collection, sale, or other manner of liquidation, after a default by Borrowers shall be conclusively presumed to be commercially
reasonable and may not be challenged or contested by the other Lender on the ground of commercial unreasonableness. In this regard and without limiting the foregoing, subject to the terms of this Agreement, each Lender may (a) use such means of
collection and exercise such diligence with respect thereto as such Lender, in its discretion, deems appropriate under the 

  

 8. 

 
circumstances, and (b) enter into such compromise with and give such releases and acquittances to account debtors or other obligors on Borrowers’
receivables, without obtaining the agreement or concurrence of or giving prior notice to the other Lender, and each Lender hereby waives all right to require that its agreement or consent be obtained or that it be given notice. 
 SECTION 17. Release of Liens by SVB. SVB agrees that in the event of any sale or other disposition of any of the NEIPF Senior Collateral, whether
by Borrowers or by NEIPF or Investment Manager, and whether or not in an Insolvency Proceeding, if NEIPF or Investment Manager agrees to such sale or other disposition, SVB shall: (a) have no right to object to the sale or other disposition of
such assets or withhold or delay its consent, if such consent is required for the sale or other disposition of such assets; and (b) upon the request of NEIPF or Investment Manager, provide all necessary releases of security interests and liens
held by SVB necessary in order to accomplish such sale or other disposition free and clear of all security interests and liens of SVB, all without any consideration or payment to SVB, unless the proceeds from such sale are applied to the NEIPF Debt
and such debt has been Indefeasibly Paid, in which event any proceeds in excess of the amount used to repay the NEIPF Debt in full shall be paid to SVB if SVB had a security interest or lien in such assets subject only to the prior security interest
or lien of NEIPF and such proceeds are not required by applicable law to be paid to any other party. 
 SECTION 18. Release of Liens by
NEIPF and Investment Manager. NEIPF and Investment Manager agree that in the event of any sale or other disposition of any of the SVB Senior Collateral, whether or not in an Insolvency Proceeding, if SVB agrees to such sale or other disposition,
NEIPF and Investment Manager shall: (a) have no right to object to the sale or other disposition of such assets or withhold or delay its consent, if such consent is required for the sale or other disposition of such assets; and (b) upon
the request of SVB, provide all necessary releases of security interests and liens held by NEIPF or Investment Manager necessary in order to accomplish such sale or other disposition free and clear of all security interests and liens of NEIPF or
Investment Manager, all without any consideration or payment to NEIPF or Investment Manager, unless the proceeds from such sale are applied to the SVB Debt and such debt has been Indefeasibly Paid, in which event any proceeds in excess of the amount
used to repay the SVB Debt in full shall be paid to NEIPF if NEIPF or Investment Manager had a security interest or lien in such assets subject only to the prior security interest or lien of SVB and such proceeds are not required by applicable law
to be paid to any other party. 
 SECTION 19. Additional Covenants. No Lender shall take or permit any action prejudicial to or
inconsistent with the other Lender’s priority position with regard to the Collateral that is created by the Agreement. 
 SECTION 20.
Default under SVB Documents. SVB shall provide NEIPF and Investment Manager, concurrently with the giving thereof to Borrowers (a) a copy of any written notice by SVB of either a default or an Event of Default under the SVB
Documents, or written notice of demand of payment from Borrowers, and (b) any written notice sent by SVB to Borrowers at any time an Event of Default under such SVB Documents exists stating SVB’s intention to exercise any of its
enforcement rights or remedies, including written notice pertaining to any foreclosure on any of the SVB Senior Collateral or other judicial or non-judicial remedy in respect thereof, and any legal 

  

 9. 

 
process served or filed in connection therewith; provided, that, the failure of SVB to give notice as required hereby shall not affect the relative
priorities of Lenders’ respective Security Interests as provided herein or the validity or effectiveness of any such notice as against Borrowers. Borrowers hereby authorize and consent to each of Lenders sending any such notices to the other
Lender. 
 SECTION 21. Default under NEIPF Documents. NEIPF shall provide SVB, concurrently with the giving thereof to
Borrowers (a) a copy of any written notice by NEIPF of either a default or an Event of Default under the NEIPF Documents, or written notice of demand of payment from Borrowers, and (b) any written notice sent by NEIPF to Borrowers at any
time an Event of Default under such NEIPF Documents exists stating NEIPF’s intention to exercise any of its enforcement rights or remedies, including written notice pertaining to any foreclosure on any of the NEIPF Senior Collateral or other
judicial or non-judicial remedy in respect thereof, and any legal process served or filed in connection therewith; provided, that, the failure of NEIPF to give notice as required hereby shall not affect the relative priorities of Lenders’
respective Security Interests as provided herein or the validity or effectiveness of any such notice as against Borrowers. Borrowers hereby authorize and consent to each of Lenders sending any such notices to the other Lender. 
 SECTION 22. Instrument Legend. All notes evidencing the SVB Debt and the NEIPF Debt, as the case may be, and any renewals or replacements thereof
and any security agreements securing the payment of such debt, will, on the date hereof or promptly hereafter be inscribed with a legend conspicuously indicating that the security interest in the Collateral is subject to the terms of this Agreement
and copies thereof will be delivered to each Lender promptly hereafter. 
 SECTION 23. Subrogation. Each Lender shall be subrogated to
the rights of the other Lender to receive distributions with respect to such Lender’s Debt, to the extent that distributions otherwise payable to such Lender have been applied to the other Lender’s Debt in accordance with the provisions of
this Agreement. As between Borrowers and each Lender, a distribution applied to one Lender’s Debt in accordance with the provisions of this Agreement which otherwise would have been made to the other Lender shall not be deemed a payment on the
indebtedness owed by Borrowers to such other Lender, it being understood that the subordination provisions of this Agreement are intended solely for the purpose of defining the relative rights of Lenders, and nothing contained in this Agreement
shall impair the obligations of Borrowers, which are absolute and unconditional, to pay to Lenders in accordance with the terms of the NEIPF Debt or the SVB Debt (as the case may be), except as such obligation is modified by the rights confirmed
hereunder in favor of each Lender, or affect the relative rights of the Lenders and the creditors of Borrowers other than the Lenders. No Lender shall have an obligation or duty to protect the other Lender’s right of subrogation and no Lender
shall have liability to the other Lender for any loss or impairment of such other Lender’s subrogation rights. 
 SECTION 24.
Assignment of NEIPF Debt or SVB Debt. Prior to any assignment, transfer or grant of a participation in the NEIPF Debt or the SVB Debt being effective, the assignee, transferee or participant shall join in or otherwise agree to be bound by this
Agreement and shall, in the non-transferring Lender’s reasonable discretion, be able to fulfill the transferring Lender’s responsibilities under such transferring Lender’s Documents. 
  

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 SECTION 25. Term. This Agreement shall constitute a continuing agreement between Lenders, and
shall remain in full force and effect until all of either the NEIPF Debt or the SVB Debt shall have been Indefeasibly Paid and fully satisfied and all financing arrangements and commitments between Borrowers and Lenders pursuant to such
Lender’s Documents have been terminated in writing. 
 SECTION 26. Waivers of Lenders. All of the NEIPF Debt and the SVB Debt
shall be deemed to have been made or incurred in reliance upon this Agreement, and each Lender expressly waives all notice of the acceptance by the other Lender of the subordination and other provisions of this Agreement, notice of the incurring of
indebtedness from time to time under the NEIPF Documents and the SVB Documents and all other notices not specifically required pursuant to the terms of this Agreement or by law, and each Lender expressly waives reliance by the other Lender upon the
subordination and other agreements as herein provided. Each Lender agrees that the other Lender has made no warranties or representations with respect to the due execution, legality, validity, completeness or enforceability of the such Lender’s
Documents or the collectibility of such Lender’s Debt, or the perfection of the Security Interests in the Collateral, and that each Lender shall be entitled to manage and supervise such Lender’s Debt in accordance with applicable law and
its usual practices, modified from time to time as such Lender may deem appropriate under the circumstances. 
 SECTION 27. Waiver of
Trial by Jury. Each party to this Agreement agrees that any suit, action or proceeding, whether claim or counterclaim, brought or instituted by any party hereto or any successor or assign of any party on or with respect to this Agreement or any
other loan document or which in any way relates, directly or indirectly, to the NEIPF Documents or the SVB Documents or any other event, transaction or occurrence arising out of or in any way connected with this Agreement or the dealings of the
parties with respect thereto, shall be tried only by a court and not by a jury. EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. Each Lender acknowledges and agrees that this paragraph is a
specific and material aspect of this Agreement between the parties and that the parties would not extend any funds to Borrowers if this waiver of jury trial paragraph were not a part of this Agreement. This waiver of jury of trial is separately
given, knowingly, willingly and voluntarily made by each party, and the parties agree that no representations of fact or opinion have been made by any individual to induce this waiver of trial by jury or to in any way modify or nullify its effect.
Each Lender is hereby authorized to submit this Agreement to any court having jurisdiction over the subject matter, Borrowers or any Lender, so as to serve as conclusive evidence of such waiver of right to trial by jury. Borrowers represent and
warrant that they have been represented in the signing of this Agreement and in the making of this waiver by independent legal counsel, selected of their own free will, and that they have had the opportunity to discuss this waiver with such counsel.

 SECTION 28. Actions Permitted. Subject to the terms of this Agreement, NEIPF and Investment Manager may extend, modify, or renew
all or any part of the NEIPF Debt, release any surety or security, obtain additional security or exercise any other right, without in any way impairing or altering NEIPF’s rights hereunder. Subject to the limitations on the incurrence of
indebtedness and liens set forth in the NEIPF Documents and the terms of this Agreement, SVB may extend, modify, or renew all or any part of the SVB Debt, release any surety or security, obtain additional 

  

 11. 

 
security or exercise any other right, without in any way impairing or altering SVB’s rights hereunder. So long as an assignment is in accordance with
Section 24 herein, either Lender may from time to time, whether before or after any discontinuance of this Agreement and without notice to Borrowers, assign or transfer all or any part of the NEIPF Debt or SVB Debt, as applicable, or any
interest therein and, notwithstanding any such assignment or transfer or any subsequent assignment or transfer thereof, such NEIPF Debt or SVB Debt, as applicable, shall be and remain NEIPF Debt or SVB Debt, as applicable, for purposes of this
Agreement and every assignee or transferee and successive assignee or transferee of any of the NEIPF Debt or SVB Debt, as applicable, or any interest therein shall, to the extent of the interest of such assignee or transferee in the NEIPF Debt or
SVB Debt, as applicable, be entitled to the benefits of this Agreement as if such assignee or transferee were NEIPF or SVB, as applicable; provided, however, that unless NEIPF or SVB, as applicable, shall otherwise consent in writing, NEIPF or SVB,
as applicable, shall have and retain an unimpaired right prior and superior to that of any such assignee or transferee, of this Agreement for the benefit of NEIPF or SVB, as applicable, as to such part of the NEIPF Debt or SVB Debt that NEIPF or
SVB, as applicable, has not assigned or transferred. 
 SECTION 29. Waivers of Lenders. No waiver shall be deemed to be made by any
Lender of any of its rights hereunder, unless the same shall be in writing with return receipt or other acknowledgment requested, signed on behalf of such Lender, and each waiver, if any, shall be a waiver only with respect to the specific instance
involved and shall in no way impair the rights of such Lender in any other respect at any other time. 
 SECTION 30. Notices. Any
notice, demand or other communication required or permitted under the terms of this Agreement shall be in writing with return receipt or other acknowledgment requested, and shall be made by telegram, telex or electronic transmitter, Federal Express,
Express Mail or other similar overnight delivery service or certified or registered mail, return receipt requested, and shall be deemed to be received by the addressee one (1) business day after sending, if sent by telegram, telex or electronic
transmitter, Express Mail, Federal Express or other similar overnight delivery service, and three (3) business days after mailing, if sent by certified or registered mail. Notices shall be addressed as provided below: 
  

	 	(a)	If to SVB: 

 Silicon Valley Bank 
 One Newton Executive Park, Suite 200 
 Newton,
MA 02462 
 Attn: Jay T. Tracy 
 FAX: (310) 338-6110 
 with a copy to: 
 Riemer & Braunstein LLP 
 Three Center Plaza 
 Boston, Massachusetts 02108 
 Attn: Charles W.
Stavros 
 FAX: (617) 692-3441 
  

 12. 

	 	(b)	If to NEIPF or Investment Manager: 

 c/o Columbia
Partners, L.L.C. Investment Management 
 1775 Pennsylvania Avenue, NW 
 Suite 1000 
 Washington, DC 20006 

ATTN: Jason Crist 
 Fax: (202) 296-2535

 With a copy to: 
 Cooley
Godward Kronish LLP 
 1900 M Street NW 
 Suite 500 
 Washington, DC 20036 
 Attention: Aaron J. Velli, Esquire 
  

	 	(c)	If to any Borrower: 

 Vertical Communications, Inc.

 One Memorial Drive 
 Cambridge,
MA 02142 
 ATTN: Chief Financial Officer 
 Fax: (914) 554-5012 
 with a copy to: 
 Andrews Kurth LLP 
 1717 Main Street, Suite 3700 
 Suite 3700 
 Dallas, TX 75201 
 ATTN: Victor B. Zanetti, Esquire 
 Fax: (214)
659-4890 
 or at such other address as any party may designate by notice to the other parties in accordance with the provisions hereof.

 SECTION 31. Governing Law and Consent to Jurisdiction. This Agreement shall be interpreted, and the rights and liabilities of the
parties hereto determined, in accordance with the laws and decisions of the State of New York, without regard to its principles of conflicts of law. Venue for any adjudication hereof shall be only in the courts of the State of New York, or the
federal courts in the State of New York, and each Lender expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and each Lender hereby waives any 

  

 13. 

 
objection which such party may have based upon lack of personal jurisdiction, improper venue or forum non conveniens and hereby consents to the granting of
such legal or equitable relief as is deemed appropriate by such court. All courts shall afford full faith and credit to any judgment rendered by a court of the State of New York, or the federal courts in the State of New York, against any of the
parties or other obligees hereunder, and would hold that the New York courts have jurisdiction to enter a valid, in personam judgment against each Lender or other obligees hereunder. Each Lender agrees that service of any summons and/or
complaint, and any other process which may be served in any action, may be made by mailing via registered mail or delivering a copy of such process to such Lender at the address specified in Section 30 hereof. 
 SECTION 32. Parties. This Agreement shall be binding upon, and inure to the benefit of, each Lender and their respective heirs, personal
representatives, successors and assigns. The term “Borrower” as used herein shall also refer to the successors and assigns of each Borrower, including, without limitation, a receiver, trustee, custodian or
debtor-in-possession. 
 SECTION 33. Section Titles. The section titles contained in this Agreement are and shall be without
substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 
 SECTION 34.
Authority. Each party hereto represents and warrants to the other parties that it has authority to enter into this Agreement and that the person signing for it is authorized and directed to do so. 
 SECTION 35. Entire Agreement. This Agreement constitutes and expresses the entire understanding between the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, inducements or conditions, whether express or implied, oral or written. Neither this Agreement nor any portion or provision hereof may be changed,
waived or amended orally or in any manner other than by an agreement in writing signed by each Lender. 
 SECTION 36. Additional
Documentation. Each party hereto shall execute and deliver to the other parties such further instruments and shall take such further action as such other parties may at any time or times reasonably request in order to carry out the provisions
and intent of this Agreement. 
 SECTION 37. Expenses. Each party agrees that it shall pay its own expenses of any kind, including
attorneys’ fees that such party may incur in enforcing any of its rights under this Agreement. 
 SECTION 38. Defects Waived.
This Agreement is effective notwithstanding any defect or voidability in the validity or enforceability of any instrument or document evidencing the NEIPF Debt or the SVB Debt. 
 SECTION 39. Relationship of the Parties. The relationship between the Lenders is, and at all times shall remain solely that of co-lenders. The
Lenders shall not under any circumstances be 

  

 14. 

 
construed to be partners or joint venturers of one another; nor shall the Lenders under any circumstances be deemed to be in a relationship of confidence or
trust or a fiduciary relationship with one another, or to owe any fiduciary duty to one another. The Lenders do not undertake or assume any responsibility or duty to each other to select, review, inspect, supervise, pass judgment upon or otherwise
inform each other of any matter in connection with Borrowers’ property, any Collateral held by any Lender or the operations of Borrowers. Each Lender shall rely entirely on its own judgment with respect to such matters, and any review,
inspection, supervision, exercise of judgment or supply of information undertaken or assumed by any Lender in connection with such matters is solely for the protection of such Lender. 
 SECTION 40. No Third Party Beneficiaries. All undertakings, agreements, representations and warranties contained in this Agreement are solely for
the benefit of the Lenders (including Investment Manager) and there are no other parties (including, without limitation, Borrowers) who are intended to be benefited in any way by this Agreement, provided, however, the provisions hereof shall inure
to the benefit of any financial institution or other lender providing replacement working capital or other financing for the Borrowers in place of the SVB Debt or the NEIPF Debt, regardless of whether any such replacement lender provides its own
financing or succeeds to any Lender’s financing by assignment, provided such replacement lender shall join in or otherwise agree to be bound by this Agreement and shall, in the other Lender’s reasonable discretion, be able to fulfill such
Lender’s responsibilities in a similar manner provided for under such Lender’s Documents. If requested by such replacement lender, such other Lender shall execute with such replacement lender an agreement substantially similar to this
Agreement. 
 SECTION 41. Equitable Remedies. Each Lender acknowledges that the breach by it of any of the provisions of this
Agreement is likely to cause irreparable damage to the other Lender. Therefore, the relief to which any Lender shall be entitled in the event of any such breach or threatened breach shall include, but not be limited to, a mandatory injunction for
specific performance, injunctive or other judicial relief to prevent a violation of any of the provisions of this Agreement, damages and any other relief to which it may be entitled at law or in equity. 
 SECTION 42. Counterparts. This Agreement and any document or instrument related hereto may be executed in any number of counterparts and by
different parties on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. Delivery by
telecopier of an executed counterpart of a signature page to this Agreement or any notice, communication, agreement, certificate, document or other instrument in connection herewith shall be effective as delivery of an executed original counterpart
thereof 
 SECTION 43. Severability. The provisions of this Agreement are independent of and separable from each other. If any
provision hereof shall for any reason be held invalid or unenforceable, it is the intent of the parties that such invalidity or unenforceability shall not affect the validity or enforceability of any other provision hereof, and that this Agreement
shall be construed as if such invalid or unenforceable provision had never been contained herein. 
 SIGNATURE
PAGE FOLLOWS 
  

 15. 

 IN WITNESS WHEREOF, this Subordination
and Intercreditor Agreement has been duly executed by the parties hereto as of the day and year first above written. 
  

			
	SILICON VALLEY BANK
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	COLUMBIA PARTNERS, L.L.C. INVESTMENT MANAGEMENT
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 NEIPF, L.P.

		
	 By:
	 	 Columbia Partners, L.L.C. Investment
 Management, its Authorized Signatory

		
	 By:
	 	  

	Name:	 	
	Title:	 	

  

 16. 

 ACKNOWLEDGMENT AND AGREEMENT OF BORROWER 
 The undersigned Borrowers named in the foregoing Agreement do hereby accept, and acknowledge receipt of a copy of, the foregoing Agreement, and agree
that (a) they will not pay any of the SVB Debt except as the foregoing Agreement provides, (b) they will be bound by all provisions of the foregoing Agreement, including without limitation, the subrogation provisions thereof and the
agreements between NEIPF and SVB with respect to the payment of the proceeds of any disposition of the Collateral. In the event of a willful breach by the undersigned of any of the provisions herein, all of the NEIPF Debt shall, without presentment,
demand, protest or notice of any kind become immediately due and payable unless NEIPF shall otherwise elect in writing. 
 All capitalized
terms used in this Acknowledgment and Agreement without definition shall have the same meanings as set forth in the foregoing Agreement. 
 IN WITNESS WHEREOF, the undersigned have caused this Acknowledgment and Agreement to be duly executed as of May 25, 2007. 
  

							
	 Borrower:
	 		 		 	
			
		 		 	VERTICAL COMMUNICATIONS, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
		 		 	VERTICAL COMMUNICATIONS ACQUISITION CORP.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
		 		 	VODAVI TECHNOLOGY, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
		 		 	VODAVI COMMUNICATIONS SYSTEMS, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

 17.Amended and Restated Trust Agreement dated October 11, 2007

 Exhibit 4.1 
 EXECUTION VERSION 
 CAPITAL ONE AUTO FINANCE TRUST 2007-C 
 AMENDED AND RESTATED 
 TRUST
AGREEMENT 
 between 
 CAPITAL ONE AUTO RECEIVABLES, LLC, 
 as the Depositor 
 and 
 WILMINGTON TRUST COMPANY, 
 as the Owner Trustee 
 Dated as of
October 11, 2007 

 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	  	3
	 SECTION 2.8.
	  	Title to the Trust Estate	  	4
	 SECTION 2.9.
	  	Representations and Warranties of the Seller	  	4
	 SECTION 2.10.
	  	Situs of Issuer	  	5
		
	 ARTICLE III     RESIDUAL INTEREST AND TRANSFER OF CERTIFICATE
	  	5
			
	 SECTION 3.1.
	  	Initial Ownership	  	5
	 SECTION 3.2.
	  	Authorization of the Certificates	  	5
	 SECTION 3.3.
	  	Form of the Certificate	  	5
	 SECTION 3.4.
	  	Registration of Certificates	  	6
	 SECTION 3.5.
	  	Transfer of Certificate	  	6
	 SECTION 3.6.
	  	Lost, Stolen, Mutilated or Destroyed Certificates	  	7
		
	 ARTICLE IV     ACTIONS BY OWNER TRUSTEE
	  	8
			
	 SECTION 4.1.
	  	Prior Notice to Residual Interestholder with Respect to Certain Matters	  	8
	 SECTION 4.2.
	  	Action by Residual Interestholder with Respect to Certain Matters	  	8
	 SECTION 4.3.
	  	Action by Residual Interestholder with Respect to Bankruptcy	  	9
	 SECTION 4.4.
	  	Restrictions on Residual Interestholder’s Power	  	9
	 SECTION 4.5.
	  	Majority Control	  	9
	 SECTION 4.6.
	  	Rights of Note Insurer	  	9
		
	 ARTICLE V     APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	9
			
	 SECTION 5.1.
	  	Application of Trust Funds	  	9
	 SECTION 5.2.
	  	Method of Payment	  	9
	 SECTION 5.3.
	  	Sarbanes-Oxley Act	  	10
	 SECTION 5.4.
	  	Signature on Returns	  	10
		
	 ARTICLE VI     AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	10
			
	 SECTION 6.1.
	  	General Authority	  	10

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 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	  	11
	 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	  	14
	 SECTION 7.3.
	  	Representations and Warranties	  	14
	 SECTION 7.4.
	  	Reliance; Advice of Counsel	  	15
	 SECTION 7.5.
	  	Not Acting in Individual Capacity	  	15
	 SECTION 7.6.
	  	The Owner Trustee May Own Notes	  	16
		
	 ARTICLE VIII     COMPENSATION OF OWNER TRUSTEE
	  	16
			
	 SECTION 8.1.
	  	The Owner Trustee’s Compensation	  	16
	 SECTION 8.2.
	  	Indemnification	  	16
	 SECTION 8.3.
	  	Payments to the Owner Trustee	  	17
		
	 ARTICLE IX     TERMINATION OF TRUST AGREEMENT
	  	17
			
	 SECTION 9.1.
	  	Termination of Trust Agreement	  	17
	 SECTION 9.2.
	  	Dissolution of the Issuer	  	17
	 SECTION 9.3.
	  	Limitations on Termination	  	17
		
	 ARTICLE X     SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	17
			
	 SECTION 10.1.
	  	Eligibility Requirements for the Owner Trustee	  	17
	 SECTION 10.2.
	  	Resignation or Removal of the Owner Trustee	  	18
	 SECTION 10.3.
	  	Successor Owner Trustee	  	19
	 SECTION 10.4.
	  	Merger or Consolidation of the Owner Trustee	  	19
	 SECTION 10.5.
	  	Appointment of Co-Trustee or Separate Trustee	  	19
		
	 ARTICLE XI     MISCELLANEOUS
	  	21
			
	 SECTION 11.1.
	  	Amendments	  	21
	 SECTION 11.2.
	  	No Legal Title to Trust Estate in Residual Interestholder	  	22
	 SECTION 11.3.
	  	Limitations on Rights of Others	  	22
	 SECTION 11.4.
	  	Notices	  	22
	 SECTION 11.5.
	  	Severability	  	23
	 SECTION 11.6.
	  	Separate Counterparts	  	23
	 SECTION 11.7.
	  	Successors and Assigns	  	23
	 SECTION 11.8.
	  	No Petition	  	23
	 SECTION 11.9.
	  	Headings	  	24

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 SECTION 11.10.
	  	GOVERNING LAW	  	24
	 SECTION 11.11.
	  	Limitation of Rights	  	25
	 SECTION 11.12.
	  	Information to Be Provided by the Owner Trustee	  	25
	 SECTION 11.13.
	  	Information Request	  	25

  

 -iii- 

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of October 11, 2007 (as from time
to time amended, supplemented or otherwise modified and in effect, this “Agreement”) between CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability company, as the depositor (the “Seller”), and
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as the owner trustee (the “Owner Trustee”). 
 RECITALS

 WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as of August 6, 2007 (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, Capital One Auto Finance,
Inc., as Servicer, and Deutsche Bank Trust Company Americas, 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 generally accepted accounting principles; (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 “Capital One Auto Finance Trust 2007-C” (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. 
 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 the Residual Interestholder, 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, if so requested by the Residual Interestholder, to issue the Certificate(s),
pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificate(s) and to pay interest on and principal of the Notes and distributions to the Residual Interestholder; 
 (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 deposits to and withdrawals from the Collection Account, the Principal Distribution Account, the Reserve Account and the Pre-Funding 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 Residual Interestholder 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 
  

 2 

 (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 Residual Interestholder 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 Residual Interestholder, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer
constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for income and franchise tax purposes, the
Issuer will be disregarded as an entity separate from the Seller, the Seller will be disregarded as an entity separate from COAF 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 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. 
  

 3 

 (b) No Residual Interestholder (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 of the Trust Estate shall
be vested at all times in the Issuer as a separate legal entity. 
 SECTION 2.9. Representations and Warranties of the Seller. The
Seller hereby represents and warrants to the Owner Trustee that: 
 (a) Existence and Power. The Seller is a Delaware
limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to
execute, deliver and perform its obligations under the Transaction Documents to which it is a party. The Seller has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect
the ability of the Seller to perform its obligations under the Transaction Documents and the Underwriting Agreement. 
 (b)
Authorization and No Contravention. The execution, delivery and performance by the Seller of the Underwriting Agreement and 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 violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any material indenture or material agreement or instrument to which
the Seller is a party or by which it its properties are bound (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 other than UCC filings and other than (i) approvals and authorizations that have previously been obtained and filings which have previously been
made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Seller to perform its obligations under the Underwriting Agreement or the Transaction Documents to
which it is a party. 
 (d) Binding Effect. The Underwriting Agreement and 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. 
  

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 (e) No Proceedings. There are no actions, orders, suits or proceedings pending or,
to the knowledge of the Seller, threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the
issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents or (iii) seek any determination or ruling that would materially and adversely affect the performance
by the Seller of its obligations under this Agreement or any of the other Transaction Documents. 
 SECTION 2.10. Situs of Issuer. The
Issuer shall be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the State of Delaware or the State of New York. The Issuer shall not have any employees
in any state; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Issuer only in Delaware or New York and
payments will be made by the Issuer only from Delaware or New York. 
 ARTICLE III 
 RESIDUAL INTEREST AND TRANSFER OF CERTIFICATE 
 SECTION 3.1. Initial Ownership. As of the Closing Date, the Residual Interest shall be an uncertificated interest. Until the issuance of one or more Certificates pursuant to Section 3.2, the Seller as the initial Residual
Interestholder shall be the sole beneficiary of the Issuer. On the Closing Date, the Owner Trustee shall record on the books and records of the Issuer that the Seller is the owner of the Residual Interest. The Seller shall only sell, assign, pledge,
or otherwise transfer the Residual Interest if the Residual Interest is in certificated form. 
 SECTION 3.2. Authorization of the
Certificates. The Seller, in its sole discretion, may request the Owner Trustee to issue a Certificate or Certificates to represent the Residual Interest. Upon request by the Seller pursuant to this Section 3.2, the Owner Trustee
shall cause the Certificate or 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 Certificate or Certificates shall represent 100% of the beneficial interest
in the Issuer and shall be fully paid and nonassessable. 
 SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance,
will be issued in the form of a typewritten Certificate representing a definitive Certificate and shall be registered in the name of “Capital One Auto Receivables, LLC” as the initial registered owner thereof. 
  

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 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 Residual Interestholder at the time of such appointment, a register for the registration and transfer of any Certificate. 
 SECTION 3.5. Transfer of Certificate. (a) The Certificateholder may assign, convey or otherwise transfer all or any of its right, title and
interest in the Certificate; provided, that (i) the Rating Agency Condition is satisfied, (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 a publicly traded partnership for federal income tax purposes, (iii) the Certificate is not acquired by or for the account of or with the assets of (A) an employee benefit plan (as defined in Section 3(3)
of ERISA) that is subject to the provision of Title I of ERISA, (B) a plan described in and subject to Section 4975 of the Code or (C) any entity whose underlying assets include plan assets by reason of an employee benefit plan’s
or other plan’s investment in the entity and (iv) if the Certificateholder is a governmental plan, certain church plan or foreign plan, it shall be deemed to represent, warrant and covenant that its acquisition, holding and disposition of
the Certificate or interest therein will not result in a nonexempt prohibited transaction under, or a violation of, any applicable law that is substantially similar to ERISA or Section 4975 of the Code. Subject to the transfer restrictions
contained herein and in the Certificate, the 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 the registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a 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 the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate. 
 (b) As a condition precedent to any registration of transfer under this Section 3.5, 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. 
 (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. The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 
  

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 (d) Notwithstanding anything to the contrary in this Agreement, no transfer (or purported
transfer) of any Certificate (or any economic interest therein, including any contract described in Treasury Regulation Section 1.7704-1(a)(2)(i)(B)) shall be effective, and any such transfer (or purported transfer) shall be void ab initio, if
after such transfer (or purported transfer) there would be more than 50 Certificateholders (where, for purposes of determining the number of Certificateholders, a person (beneficial owner) owning an interest in a partnership, grantor trust, or S
corporation (“flow-through entity”), that owns, directly or through other flow-through entities, an interest in the Issuer, is treated as a Certificateholder if more than 50 percent of the value of such beneficial owner’s interest in
the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer) or such transfer would otherwise cause the Issuer to become a publicly traded partnership for U.S. federal income tax purposes;

 (e) No transfer (or purported transfer) of a Certificate (or 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, and none of the Issuer, the Owner
Trustee or any of the Certificateholders will recognize such transfer (or purported transfer), unless the transferee has first represented and warranted in writing to the Issuer and the Certificateholders that: 
 (i) it is acquiring the Certificates for its own account and is the sole beneficial owner of such Certificates; 
 (ii) the transfer is not being effected on or through (x) an “established securities market” within the meaning of
Section 7704(a)(1) of the Code, including without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations or (y) a “secondary market” or “substantial
equivalent thereof” within the meaning of Section 7704(a)(2) of the Code and any proposed, temporary or final Treasury regulations thereunder; and 
 (iii) such transfer will not cause the Issuer to be classified as a publicly traded partnership for U.S. federal income tax purposes, and
such purchaser or transferee will not take any action, including any subsequent disposition of such Certificates or economic interest therein, that would cause the Issuer to be treated as a publicly traded partnership for U.S. federal income tax
purposes. 
 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 

  

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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 the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6 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. 
 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE 
 SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee
shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Residual Interestholder in writing of the proposed action and the Residual Interestholder shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that the Residual Interestholder 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 Residual Interestholder; 
 (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
Residual Interestholder; 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 Residual Interestholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Residual Interestholder, to (a) except as expressly provided in the
Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a
successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Residual Interestholder.

  

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 SECTION 4.3. Action by Residual Interestholder 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 Outstanding amount of all the Notes has been reduced to zero and all amounts owed to the Note Insurer and the Swap
Counterparty under the Transaction Documents have been paid without the prior written approval of the Residual Interestholder and the delivery to the Owner Trustee by the Residual Interestholder of a certificate certifying that the Residual
Interestholder reasonably believes that the Issuer is insolvent. 
 SECTION 4.4. Restrictions on Residual Interestholder’s Power.
The Residual Interestholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction
Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5. Majority Control. To the extent that there is more than one Residual Interestholder, any action which may be taken or consent or instructions which may be given by the Residual Interestholder under this Agreement may be
taken by Residual Interestholders 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. 
 SECTION 4.6. Rights of Note Insurer. Notwithstanding anything to the contrary in the Transaction Documents, without the prior written consent of
the Note Insurer (unless a Note Insurer Default shall have occurred and be continuing or the Notes are no longer outstanding), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or proceeding by the Issuer
or compromise any claim, suit or proceeding brought by or against the Issuer, other than with respect to the enforcement of any Receivable or any rights of the Issuer thereunder or (iii) authorize the merger or consolidation of the Issuer with
or into any other statutory trust or other entity. 
 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1. Application of
Trust Funds. Distributions on the Residual Interest shall be made 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
Residual Interestholder all other amounts (if any) received by the Issuer or the Owner Trustee 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 Issuer and the Owner Trustee in respect of the Trust Estate at the direction of the Residual Interestholder. 
 SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Residual Interestholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are
payable to the Residual Interestholder pursuant to this Agreement or any other Transaction Document shall be made to the Residual Interestholder by wire transfer, in immediately available funds, to the account of the Residual Interestholder
designated by the Residual Interestholder to the Owner Trustee and Indenture Trustee in writing. 
  

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 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 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 Residual Interestholder 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 Residual Interestholder. 
 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 SECTION 6.1. General Authority.
The Owner Trustee is authorized and directed to execute and deliver (i) the Transaction Documents to which the Issuer is named as a party, and (ii) each certificate or other document attached as an exhibit to or contemplated by the
Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, including, without limitation, the Fee Letter (as defined in the Insurance Agreement), 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
$157,000,000, Class A-2-A Notes in the aggregate principal amount of $69,000,000, Class A-2-B Notes in the aggregate principal amount of $71,000,000, Class A-3-A Notes in the aggregate principal amount of $91,000,000, Class A-3-B
Notes in an aggregate principal amount of $192,000,000 and Class A-4 Notes in the aggregate principal amount of $170,000,000. 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, the Administrator, the Residual Interestholder or the Note Insurer recommends or directs in
writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Residual Interestholder or the Note Insurer 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 Residual Interestholder, 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. 
  

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 SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in accordance
with the Transaction Documents, the Note Insurer (unless a Note Insurer Default has occurred and is continuing or the Notes are no longer outstanding) or the Residual Interestholder 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 Note Insurer or Residual Interestholder, as applicable, pursuant to Article IV. The Note Insurer shall provide prior notice to the Residual
Interestholder of any instruction the Note Insurer provides to the Owner Trustee as provided above. In the event that instructions given by the Note Insurer under this Section 6.3 conflict with instructions given by the Residual
Interestholder under this Section 6.3, the instructions of the Note Insurer shall govern. 
 (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 Residual Interestholder 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 Residual Interestholder 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 Residual Interestholder, and shall have no liability to any Person for such action or inaction. 
 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall 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 

  

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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. Notwithstanding anything contained herein to the contrary, with respect to the Note
Insurer, the Owner Trustee undertakes to perform or observe only such of the covenants and obligations of the Owner Trustee as are expressly set forth in this Agreement, and no implied covenants or obligations with respect to the Note Insurer shall
be read into this Agreement against the Owner Trustee. The Owner Trustee shall not be deemed to owe any fiduciary duty to the Note Insurer and shall not be liable to any such person other than as expressly set forth in the third sentence of
Section 7.1 of this Agreement. 
 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 and franchise 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. Further, neither the Owner Trustee nor the Seller shall make or file any election for the Trust to be classified as an association for U.S. Federal income tax
purposes under Treasury Regulation Section 301.7701-3(a). Neither the Residual Interestholder nor the Note Insurer shall 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 

  

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notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its own willful misconduct, bad faith or gross
negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 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 (and subject to the exemptions set forth in the preceding sentence): 
 (a) The Owner Trustee shall not be liable for any error of judgment made in good faith by any officer of the Owner Trustee. 
 (b) Under no circumstances shall the Owner Trustee be personally liable hereunder for any indebtedness of the Issuer. 
 (c) The Owner Trustee shall not be personally liable for the payment of any tax imposed on the Issuer or amounts that are includable in the federal gross income of the Residual Interestholder. 
 (d) No provision of this Agreement shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in
the performance of any of the Owner Trustee’s duties or powers hereunder, if the Owner Trustee believes or is advised by its legal counsel that repayment of such funds or adequate indemnity against such risk or liability is not assured or
provided to its reasonable satisfaction. 
 (e) Under no circumstance shall the Owner Trustee be liable for any
representation, warranty, covenant, or obligation or indebtedness of the Issuer hereunder or under the Transaction Documents or any other agreement, document or certificate contemplated by the foregoing. 
 (f) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by the Note Insurer, the Administrator,
the Indenture Trustee or the Servicer and the Owner Trustee shall not be liable for performing or supervising the performance of any obligations or duties under this Agreement, the Administration Agreement, the Sale and Servicing Agreement or the
Indenture, or under any other document contemplated hereby or thereby, which are to be performed by the Administrator, the Indenture Trustee or the Servicer or any other Person under such documents. 
 (g) The Owner Trustee shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of this Agreement, or
for the due execution hereof by the Seller or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Transaction Documents or any other document
contemplated thereby to which the Owner Trustee is not a party. 
  

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 (h) Notwithstanding anything contained herein or in any of the Transaction Documents to
the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of
notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under
the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any
jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. 
 (i) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the
instructions of the Residual Interestholder, the Note Insurer, the Servicer or the Administrator. 
 (j) The Owner Trustee
shall be under no duty to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the
request, order or written direction of the Residual Interestholder or the Note Insurer, unless such Residual Interestholder or the Note Insurer has offered to provide to the Owner Trustee, to the extent requested by the Owner Trustee, security or
indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction
Document shall not be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of any such act. 
 (k) All funds deposited with the Owner Trustee hereunder may be held in a non-interest bearing account and the Owner Trustee shall not be liable for any interest thereon or for any loss as a result of the investment
thereof at the direction of the Residual Interestholder. 
 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to
the Residual Interestholder 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 Residual Interestholder, that: 
 (a) It is a banking corporation duly incorporated and validly
existing in good standing under the laws 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. 
  

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 (c) This Agreement constitutes a legal, valid and binding obligation of the Owner
Trustee, enforceable against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement
of the rights of creditors of banks generally and to equitable limitations on the availability of specific remedies. 
 (d)
Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law,
governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 
 SECTION 7.4. 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. 
  

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 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. 
 ARTICLE VIII 
 COMPENSATION OF OWNER
TRUSTEE 
 SECTION 8.1. The Owner Trustee’s Compensation. The Issuer 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 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 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) its own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by Wilmington Trust Company in its individual capacity,
(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. 
  

 16 

 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. 
 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 
 SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this Agreement (other than Article VIII) shall
terminate, 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 the Residual Interestholder shall not (x) operate to terminate this
Agreement or the Issuer, nor (y) entitle the Residual Interestholder’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 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 Residual Interestholder, 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 the Residual Interestholder 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 

  

 17 

 
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 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 Note Insurer, the Seller, the Administrator, the Servicer, the Indenture Trustee and the
Residual Interestholder. Upon receiving such notice of resignation, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee reasonably acceptable to the Note Insurer (unless a Note Insurer Default has
occurred and is continuing) 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 (with a copy to the Note Insurer). 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 reasonably acceptable to the Note Insurer (unless a Note Insurer Default has occurred and is continuing); 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 with notice to the Note Insurer
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 reasonably acceptable to the Note Insurer (unless a Note Insurer Default has occurred and is continuing) 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 (with a copy to the Note Insurer) 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 and
the Note Insurer. 
  

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 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, the Note Insurer and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or
removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under
this Agreement, with like effect as if originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under
this Agreement; and the 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 the Residual Interestholder, 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. 
  

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 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject
to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the
Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the 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. 
  

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 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.1. Amendments. 
 (a) Any term or provision of this Agreement may be amended by the parties hereto, with the written consent of the Note Insurer (so long as
the Note Insurer is the Controlling Party), but without the consent of any Noteholder or the Swap Counterparty, to cure any ambiguity, to correct or supplement any provisions in this Agreement, to comply with changes in the Code, to comply with or
obtain more favorable treatment under any law or regulation or any accounting rule or principle, or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of
this Agreement; provided that such amendment shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of any Noteholder; provided,
further, that such amendment shall be deemed not to materially and adversely affect the interests of any Noteholder, and no Opinion of Counsel shall be required, if the Rating Agency Condition is satisfied with respect to such amendment;
provided, further, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty under this Agreement unless (i) the Swap Counterparty shall have consented in writing to such
amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent) and (ii) the Rating Agency Condition is
satisfied with respect to such amendment; provided, further, that if the Note Insurer is not the Controlling Party, such amendment shall not materially and adversely affect the interests of the Note Insurer without the prior written
consent of the Note Insurer. 
 (b) This Agreement may also be amended from time to time by the parties hereto, with the
consent of the Controlling Party but without the consent of the Swap Counterparty, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights
of the Noteholders or the Note Insurer; provided, that if the Note Insurer is not the Controlling Party, no amendment pursuant to this Section 11.1(b) shall materially and adversely affect the interests of the Note Insurer without
the prior written consent of the Note Insurer; provided, further, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty under this Agreement unless (i) the Swap
Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such
consent) and (ii) the Rating Agency Condition is satisfied with respect to such amendment. It will not be necessary to obtain the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be
sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will
be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
  

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 (c) Prior to the execution of any such amendment, the Seller shall provide written
notification of the substance of such amendment to each Rating Agency, the Note Insurer and the Owner Trustee; 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, the Owner Trustee and the Indenture Trustee. 
 (d) Prior to the execution of any amendment to this Agreement,
the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and 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 affects the Owner Trustee’s own rights, duties or immunities under this Agreement. 
 (e) Notwithstanding the language set forth in this Section 11.1, the consent of the Note Insurer shall be required at all
times with respect to any amendment of Section 4.6 of this Agreement. 
 SECTION 11.2. No Legal Title to Trust Estate in
Residual Interestholder. The Residual Interestholder shall not have legal title to any part of the Trust Estate. The Residual Interestholder 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 the Residual Interestholder 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 Residual Interestholder and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or
under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
 SECTION 11.4. Notices.
(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered
by overnight courier or mailed certified mail, return receipt requested or via facsimile, as set forth 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 a Residual Interestholder shall be
given by first-class mail, postage prepaid, at the address of such Residual Interestholder 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 the Residual Interestholder receives such notice. 
  

 22 

 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. 
 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 the Residual Interestholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Residual
Interestholder shall bind the successors and assigns of the Residual Interestholder. 
 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, the
Residual Interestholder, by accepting the Residual Interest, 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) to the fullest extent permitted by law 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 without the prior written approval of the Residual Interestholder and the delivery to the Owner Trustee of a certificate certifying that the Residual Interestholder reasonably believes that the
Issuer is insolvent. 
  

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 (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 the Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in
or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, 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. 
  

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 SECTION 11.11. Limitation of Rights. 
 (a) All of the rights of the Note Insurer in, to and under this Agreement (including, but not limited to, all of the Note Insurer’s
rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Insurance Agreement in accordance with the terms thereof and the payment in full of all amounts
owing to the Note Insurer. 
 (b) All of the rights of the Swap Counterparty in, to and under this Agreement (including, but
not limited to, all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with
the terms thereof and the payment in full of all amounts owing to the Swap Counterparty. 
 SECTION 11.12. Information to Be Provided by
the Owner Trustee. For as long as the Issuer is requested to report under the Exchange Act, the Owner Trustee shall (i) on or before the fifth Business Day of each month, provide to the Depositor, in writing, such information regarding the
Owner Trustee as is requested for the purpose of compliance with Item 1117 of Regulation AB; provided, however, that the Owner Trustee shall not be required to provide such information in the event that there has been no change to
the information previously provided by the Owner Trustee to the Depositor, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such information, provide to the
Depositor, in writing, such updated information. 
 SECTION 11.13. Information Request. The Owner Trustee shall provide any
information available and deliverable without undue expense as requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule,
regulation, accounting rule or principle. 
 [Remainder of Page Intentionally Left Blank] 
  

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

			
	WILMINGTON TRUST COMPANY
		
	By:	 	/s/ J. Christopher Murphy
	Name:	 	J. Christopher Murphy
	Title:	 	Financial Services Officer

  

					
		  	S-1	  	Trust Agreement (COAFT 2007-C)

			
	CAPITAL ONE AUTO RECEIVABLES, LLC
		
	By:	 	/s/ Richard Johns
	Name:	 	Richard Johns
	Title:	 	Assistant Vice President

  

					
		  	S-2	  	Trust Agreement (COAFT 2007-C)

 EXHIBIT A 
 FORM OF CERTIFICATE 
  

			
	 NUMBER
	  	100% BENEFICIAL INTEREST    
	 R-1
	  	

 CAPITAL ONE AUTO FINANCE TRUST 2007-C 
 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, light-duty trucks and motorcycles.

 (This Certificate does not represent an interest in or obligation of Capital One Auto Receivables, LLC, Capital One Auto Finance, Inc.
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. 
 THIS CERTIFIES THAT ___________________________ is the registered owner of a 100% nonassessable, fully-paid, beneficial interest in the Trust Estate of CAPITAL ONE AUTO FINANCE TRUST 2007-C, a Delaware statutory trust
(the “Issuer”) formed by Capital One Auto Receivables, LLC, a Delaware limited liability company, as depositor (the “Seller”). 
 The Issuer was created pursuant to a Trust Agreement dated as of August 6, 2007 (as amended and restated as of October 11, 2007, the “Trust Agreement”), between the Seller and
Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in Appendix A to the Sale and Servicing Agreement, dated as of October 11, 2007, among the Seller, the Issuer, Deutsche Bank Trust Company Americas, as Indenture Trustee, and Capital One Auto Finance, Inc., 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. 
  

 A-1 

 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, the Note Insurer 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. 
 This Certificate may not be acquired by or for the account of or with the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of
ERISA, (b) a plan described in and subject to Section 4975 of the Code or (c) any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or other plan’s investment in the entity (each, a
“Benefit Plan”). By accepting and holding this Certificate, 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 or with the assets of a Benefit Plan.
By its acquisition and holding of this Certificate (or any interest herein), each Certificateholder that is a governmental plan, church plan or foreign plan shall be deemed to represent and warrant that its acquisition, holding and disposition of
the Certificate (or interest therein) will not result in a nonexempt prohibited transaction under, or a violation of, any applicable law that is substantially similar to ERISA or Section 4975 of the Code. 
 It is the intention of the parties to the Trust Agreement that, solely for income and franchise 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 Certificateholder, the Issuer will be treated as a partnership; (ii) the Seller will be disregarded as an entity
separate from COAF; and (iii) 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. 
  

					
		  	A-2	  	(COAFT 2007-C) Trust Agreement

 By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents a
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	  	(COAFT 2007-C) Trust Agreement

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

											
		 		 	CAPITAL ONE AUTO FINANCE TRUST 2007-C
			
		 		 	By: Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee
					
	Dated:	 	________________________	 		 	By:	 	 
		 		 		 		 	Name:	 	 
		 		 		 		 	Title:	 	 

  

					
		  	A-4	  	(COAFT 2007-C) Trust Agreement

 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:	 	 
		 	Authenticating Agent
		
	By:	 	 
		 	Authorized Signatory

  

					
		  	A-5	  	(COAFT 2007-C) Trust Agreement

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