Document:

EX-10.5

 Exhibit 10.5 

NISSAN AUTO RECEIVABLES 2019-A OWNER TRUST 

(a Delaware Statutory Trust) 

AMENDED AND RESTATED TRUST AGREEMENT 

between 
 NISSAN AUTO
RECEIVABLES CORPORATION II, 
 as Depositor, 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Owner Trustee 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Certificate Registrar and Paying Agent 

Dated as of February 13, 2019 

					
	TABLE OF CONTENTS	  	 	  	 

  

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	DEFINITIONS	  	 	1	 
			
	 SECTION 1.01.
	 	Definitions	  	 	1	 
	 SECTION 1.02.
	 	Usage of Terms	  	 	1	 
			
	 ARTICLE II
	 	CREATION OF ISSUER	  	 	1	 
			
	 SECTION 2.01.
	 	Creation of Trust	  	 	1	 
	 SECTION 2.02.
	 	Office	  	 	2	 
	 SECTION 2.03.
	 	Purposes and Powers	  	 	2	 
	 SECTION 2.04.
	 	Appointment of the Owner Trustee	  	 	2	 
	 SECTION 2.05.
	 	Declaration of Issuer	  	 	2	 
	 SECTION 2.06.
	 	Liability of the Certificateholders	  	 	3	 
	 SECTION 2.07.
	 	Title to Trust Property	  	 	3	 
	 SECTION 2.08.
	 	Situs of Trust	  	 	3	 
	 SECTION 2.09.
	 	Representations and Warranties of the Depositor	  	 	4	 
	 SECTION 2.10.
	 	Covenants of the Certificateholder	  	 	5	 
			
	 ARTICLE III
	 	CERTIFICATES AND TRANSFER OF INTERESTS	  	 	5	 
			
	 SECTION 3.01.
	 	The Certificates	  	 	5	 
	 SECTION 3.02.
	 	Authentication of Certificates	  	 	5	 
	 SECTION 3.03.
	 	Registration of Transfer and Exchange of Certificates	  	 	6	 
	 SECTION 3.04.
	 	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	10	 
	 SECTION 3.05.
	 	Persons Deemed Certificateholders	  	 	11	 
	 SECTION 3.06.
	 	Access to List of Certificateholders’ Names and Addresses	  	 	11	 
	 SECTION 3.07.
	 	Maintenance of Office or Agency	  	 	11	 
	 SECTION 3.08.
	 	Appointment of Paying Agent	  	 	11	 
	 SECTION 3.09.
	 	Legending of Certificates	  	 	12	 
	 SECTION 3.10.
	 	Actions of Certificateholders	  	 	13	 
			
	 ARTICLE IV
	 	ACTIONS BY OWNER TRUSTEE OR CERTIFICATEHOLDERS	  	 	14	 
			
	 SECTION 4.01.
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	14	 
	 SECTION 4.02.
	 	Action by Certificateholders with Respect to Certain Matters	  	 	14	 
	 SECTION 4.03.
	 	Action with Respect to Bankruptcy	  	 	14	 

  
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	 TABLE OF CONTENTS

(continued)

  

							
	 	 	 	  	Page	 
	 SECTION 4.04.
	 	Restrictions on Certificateholders’ Power	  	 	15	 
	 SECTION 4.05.
	 	Majority of the Certificates Control	  	 	15	 
			
	 ARTICLE V
	 	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 	15	 
			
	 SECTION 5.01.
	 	Establishment of Accounts	  	 	15	 
	 SECTION 5.02.
	 	Application of Amounts in Trust Accounts	  	 	16	 
	 SECTION 5.03.
	 	Method of Payment	  	 	17	 
	 SECTION 5.04.
	 	Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others	  	 	17	 
	 SECTION 5.05.
	 	Signature on Returns; Partnership Representative	  	 	17	 
	 SECTION 5.06.
	 	Duties of Depositor on Behalf of Issuer	  	 	18	 
			
	 ARTICLE VI
	 	AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	 	18	 
			
	 SECTION 6.01.
	 	General Authority	  	 	18	 
	 SECTION 6.02.
	 	General Duties	  	 	19	 
	 SECTION 6.03.
	 	Duties of the Owner Trustee	  	 	19	 
	 SECTION 6.04.
	 	No Duties Except as Specified in this Agreement or in Instructions	  	 	20	 
	 SECTION 6.05.
	 	No Action Except Under Specified Documents or Instructions	  	 	21	 
	 SECTION 6.06.
	 	Restrictions	  	 	21	 
			
	 ARTICLE VII
	 	CONCERNING THE OWNER TRUSTEE	  	 	21	 
			
	 SECTION 7.01.
	 	Rights of the Owner Trustee	  	 	21	 
	 SECTION 7.02.
	 	Furnishing of Documents	  	 	23	 
	 SECTION 7.03.
	 	Representations and Warranties	  	 	23	 
	 SECTION 7.04.
	 	Reliance; Advice of Counsel	  	 	24	 
	 SECTION 7.05.
	 	Not Acting in Individual Capacity	  	 	24	 
	 SECTION 7.06.
	 	Owner Trustee Not Liable for Certificates or Receivables	  	 	24	 
	 SECTION 7.07.
	 	Owner Trustee May Own Certificates and Notes	  	 	25	 
			
	 ARTICLE VIII
	 	COMPENSATION OF OWNER TRUSTEE	  	 	25	 
			
	 SECTION 8.01.
	 	Owner Trustee’s Fees and Expenses	  	 	25	 
	 SECTION 8.02.
	 	Indemnification	  	 	25	 
	 SECTION 8.03.
	 	Payments to the Owner Trustee	  	 	26	 

  
 -ii- 

					
	 TABLE OF CONTENTS

(continued)

  

							
		 		  	 	Page	 
	 ARTICLE IX
	 	TERMINATION OF TRUST AGREEMENT	  	 	26	 
			
	 SECTION 9.01.
	 	Termination of Trust Agreement	  	 	26	 
			
	 ARTICLE X
	 	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 	28	 
			
	 SECTION 10.01.
	 	Eligibility Requirements for Owner Trustee	  	 	28	 
	 SECTION 10.02.
	 	Resignation or Removal of Owner Trustee	  	 	28	 
	 SECTION 10.03.
	 	Successor Owner Trustee	  	 	29	 
	 SECTION 10.04.
	 	Merger or Consolidation of Owner Trustee	  	 	29	 
	 SECTION 10.05.
	 	Appointment of Co-Trustee or Separate Trustee	  	 	30	 
			
	 ARTICLE XI
	 	MISCELLANEOUS	  	 	31	 
			
	 SECTION 11.01.
	 	Supplements and Amendments	  	 	31	 
	 SECTION 11.02.
	 	No Legal Title to Owner Trust Estate in Certificateholders	  	 	32	 
	 SECTION 11.03.
	 	Limitations on Rights of Others	  	 	32	 
	 SECTION 11.04.
	 	Notices	  	 	32	 
	 SECTION 11.05.
	 	Severability	  	 	33	 
	 SECTION 11.06.
	 	Counterparts	  	 	33	 
	 SECTION 11.07.
	 	Successors and Assigns	  	 	33	 
	 SECTION 11.08.
	 	No Petition	  	 	33	 
	 SECTION 11.09.
	 	No Recourse	  	 	33	 
	 SECTION 11.10.
	 	Headings	  	 	34	 
	 SECTION 11.11.
	 	GOVERNING LAW	  	 	34	 

			
		
	Exhibit A	  	Form of Certificate
		
	Exhibit B	  	Form of Transferee Representation Letter
		
	Exhibit C	  	Form of Transferor Representation Letter

  
 -iii- 

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of February 13, 2019 (as amended,
supplemented or otherwise modified and in effect from time to time, this “Agreement”), among NISSAN AUTO RECEIVABLES CORPORATION II, a Delaware corporation, as depositor (the “Depositor), WILMINGTON TRUST, NATIONAL
ASSOCIATION, a national banking association with trust powers, not in its individual capacity but solely as owner trustee (in such capacity, the “Owner Trustee”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
as certificate registrar and paying agent (in such capacity, as applicable, the “Certificate Registrar” or the “Paying Agent”), amending and restating in its entirety the Trust Agreement, dated as of
January 16, 2019 (the “Original Trust Agreement”), between the same parties, and herein referred to as the “Trust Agreement” or this “Agreement.” 

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 1.01. Definitions. Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but not
otherwise defined herein have the respective meanings assigned to such terms in the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), by and among Nissan Auto Receivables Corporation II,
as seller, Nissan Motor Acceptance Corporation, as servicer, Nissan Auto Receivables 2019-A Owner Trust, as issuer, and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee”). 
 SECTION 1.02. Usage of Terms. With respect to all terms in this Agreement, the singular includes the plural
and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements
and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references
to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; and the term “including” means “including without
limitation.” 
 ARTICLE II  

CREATION OF ISSUER 

SECTION 2.01. Creation of Trust. A Delaware statutory trust known as “Nissan Auto Receivables
2019-A Owner Trust” was formed in accordance with the provisions of the Statutory Trust Act pursuant to the Original Trust Agreement, under which name the Issuer may engage in activities as permitted by
the Basic Documents, make and execute contracts and other instruments and sue and be sued, to the extent provided herein. 

  

					
		  		  	(NAROT 2019-A Amended & Restated Trust Agreement)

 SECTION 2.02. Office. The principal place of business of the Issuer for purposes of
Delaware law shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Servicer. The Issuer may establish
additional offices located at such place or places inside or outside of the State of Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Administrator. 

SECTION 2.03. Purposes and Powers. 

(a) The purpose of the Issuer is, and the Issuer shall have the power and authority and is authorized, to engage in the following activities:

 (1) to issue Notes pursuant to the Indenture and Certificates pursuant to this Agreement; 

(2) to acquire the Transferred Assets from the Depositor in exchange for the Notes and Certificates pursuant to the Sale and Servicing
Agreement; 
 (3) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to, and on the terms and conditions
set forth in, the Indenture and to hold, manage and distribute to the Certificateholders pursuant to the terms of the Sale and Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to the Issuer pursuant
to, the Indenture as set forth therein and in the Sale and Servicing Agreement; 
 (4) to enter into and perform its obligations under the
Basic Documents to which it is to be a party; 
 (5) 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 
 (6) subject to compliance with
the Basic Documents, to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders and in respect of amounts to be
released to the Depositor, the Servicer, the Administrator and third parties, if any. 
 The Issuer shall not engage in any activity other
than in connection with the foregoing and as required or authorized by the terms of the Basic Documents. 
 SECTION 2.04. 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 2.05. Declaration of Issuer. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and
subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Basic Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust
under the Statutory Trust Act and that this Agreement constitute the governing instrument of 

  

					
		  	2	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
such statutory trust. It is the intention of the parties hereto that, for U.S. federal income tax, state and local income tax and franchise tax purposes, until the Certificates are beneficially
owned by more than one Person (and all such owners are not treated as the same Person for U.S. federal income tax purposes), the Issuer will be disregarded as an entity separate from the Depositor (or another Person that beneficially owns all of the
Certificates) (other than for Tennessee tax purposes, in which case the Issuer will be treated as a corporation) and the Notes will be characterized as debt. At such time that the Certificates are beneficially owned by more than one Person (and all
such owners are treated as the same Person for U.S. federal income tax purposes), it is the intention of the parties hereto that, for income and franchise tax purposes, the Issuer shall be treated as a partnership (other than for Tennessee tax
purposes, in which case the Issuer will be treated as a corporation), with the assets of the partnership being the Receivables and other assets held by the Issuer, the partners of the partnership being the Certificateholders, and the Notes being
debt of the partnership. The Depositor and the Certificateholders, by acceptance of a Certificate, agree to such treatment and agree to take no action inconsistent with such treatment. The parties agree that, unless otherwise required by appropriate
tax authorities, until the Certificates are beneficially owned by more than one Person (and all such owners are not treated as the same Person for U.S. federal income tax purposes), the Issuer will not file or cause to be filed annual or other
necessary tax returns, reports and other forms inconsistent with the characterization of the Issuer as a disregarded entity of its owner (other than for Tennessee tax purposes, in which case the requisite returns, reports, and/or forms will be filed
with the Tennessee Department of Revenue to obtain and maintain the Issuer’s exemption from Tennessee Franchise, Excise, and Hall Taxes). Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth
herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer. At the direction of the Depositor, the Owner Trustee caused to be filed the Certificate of Trust pursuant to
the Statutory Trust Act, and the Owner Trustee shall file or cause to be filed such amendments thereto as shall be necessary or appropriate to satisfy the purposes of this Agreement and as shall be consistent with the provisions hereof. 

SECTION 2.06. Liability of the Certificateholders. No Certificateholder (including the Depositor if the Depositor is a
Certificateholder) shall have any personal liability for any liability or obligation of the Issuer, solely by reason of it being a Certificateholder. 

SECTION 2.07. Title to Trust Property. Legal title to all of the Owner Trust Estate shall be vested at all times in the Issuer as a
separate legal entity. 
 SECTION 2.08. Situs of Trust. The Issuer will be located in Delaware and administered in the states of
Delaware, New York, Minnesota or Illinois. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the State of Delaware, the State of Minnesota or the State of Illinois. The Issuer shall not have any employees
in any state other than Delaware; 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 or Minnesota, and payments will be made by the Issuer only from Delaware or New York or Minnesota. The principal office of the Issuer will be at the Corporate Trust Office in Delaware. 

  

					
		  	3	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 SECTION 2.09. Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee that as of the Closing Date: 
 (a) Organization and Good Standing. The Depositor is a
corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with corporate power and authority to own its properties and to conduct its business as such properties are currently owned and such business
is presently conducted, and had at all relevant times, and has, corporate power, authority and legal right to acquire and own the Receivables. 

(b) Due Qualification. The Depositor is duly qualified to do business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, and where the failure to so qualify would have a material adverse effect on the
ability of the Depositor to perform its obligations under this Agreement. 
 (c) Power and Authority. The Depositor has the corporate
power and authority to execute and deliver this Agreement and to carry out its terms. The Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited as part of the Owner Trust Estate and has duly
authorized such sale and assignment to the Issuer by all necessary corporate action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary corporate action. 

(d) Binding Obligations. This Agreement is a legal, valid and binding obligation of the Depositor enforceable in accordance with its
terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles, regardless of whether such enforceability shall be considered in
a proceeding in equity or law. 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or by-laws of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by which it shall be bound; nor result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument (other than the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor
of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties; which breach, default, conflict, Lien or violation in any case would have
a material adverse effect on the ability of the Depositor to perform its obligations under this Agreement. 
 (f) No Proceedings.
There are no proceedings or investigations pending, or, to the Depositor’s knowledge, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its
properties: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement; (iii) seeking any determination or ruling that would materially and
adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement; or (iv) relating to the Depositor and that would adversely affect the federal or any state income tax attributes
of the Issuer, the Certificates or the Notes. 

  

					
		  	4	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (g) Independent Director. Notwithstanding anything to the contrary in the
Depositor’s Formation Documents, the Depositor shall ensure that at least one director of the Depositor shall be an Independent Director. 

SECTION 2.10. Covenants of the Certificateholder. Each Certificateholder, by becoming a beneficial owner of the Certificate, hereby
acknowledges and agrees (a) that the Certificateholder is subject to the terms, provisions and conditions of the Certificate, to which the Certificateholder agrees to be bound; and (b) that it shall not take any position in such
Certificateholder’s tax returns inconsistent with Section 2.05 herein and Section 2.13 of the Indenture. 

ARTICLE III  

CERTIFICATES AND TRANSFER OF INTERESTS 

SECTION 3.01. The Certificates. The Certificates shall be issued with an initial face amount equal to the Original Certificate Balance
and in minimum denominations of $25,000 and in integral multiples of $1,000 in excess thereof; provided, that the final aggregate $56,416,057.15 distributed to the Certificateholders under the Basic Documents shall be deemed to repay the
Certificate Balance in full and reduce the face amount of the Certificates to $0. The Certificates shall be executed on behalf of the Issuer by manual or facsimile signature of an Authorized Officer of the Owner Trustee and authenticated on behalf
of the Owner Trustee or its authenticating agent by the manual or facsimile signature of an Authorized Officer. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefits of this Agreement and shall be valid and binding obligations of the Issuer, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

The Certificates may be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination in the form of
Exhibit A hereto. 
 If a transfer of a Certificate is permitted pursuant to Section 3.10, a transferee of
a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon such transferee’s acceptance of a Certificate duly registered in such transferee’s
name pursuant to Section 3.03. 
 SECTION 3.02. Authentication of Certificates. Concurrently with the
initial transfer of the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause to be executed, authenticated and delivered on behalf of the Issuer to the Depositor, Certificates in an aggregate
principal amount equal to the Original Certificate Balance and evidencing the ownership of the Issuer. No Certificate shall entitle its Holder to any benefit 

  

					
		  	5	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
under this Agreement or be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed
by the Owner Trustee or the Owner Trustee’s authenticating agent, by manual or facsimile signature of an Authorized Officer, and such authentication shall constitute conclusive evidence, and the only evidence, that such Certificate shall have
been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 
 SECTION 3.03.
Registration of Transfer and Exchange of Certificates. 
 (a) The Certificate Registrar shall keep or cause to be kept, at its
Corporate Trust Office, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided.
U.S. Bank National Association shall be the initial Certificate Registrar. In the event that the Certificate Registrar shall for any reason become unable to act as Certificate Registrar, the Certificate Registrar shall promptly give written notice
to such effect to the Depositor, the Owner Trustee and the Servicer. Upon receipt of such notice, the Servicer shall appoint another bank or trust company, which shall agree to act in accordance with the provisions of this Agreement applicable to it
and otherwise acceptable to the Owner Trustee and the Certificateholders, to act as successor Certificate Registrar under this Agreement. 

(b) Upon surrender for registration of transfer of any Certificate at the Corporate Trust Office of the Certificate Registrar or other office
or agency maintained pursuant to Section 3.07, the Owner Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Holder, Certificates may be exchanged for other
Certificates of authorized denominations of a like aggregate amount upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.07. The preceding provisions of this Section
notwithstanding, the Owner Trustee shall not make and the Certificate Registrar shall not register transfer or exchanges of Certificates for a period of 15 days preceding the due date for any payment with respect to the Certificates. 

(c) Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the related Certificateholder or such Certificateholder’s attorney duly authorized in writing and accompanied by IRS Form W-8 BEN, W-8BEN-E, W-8ECI or W-9, as applicable, and
such other documentation as may be required by the Owner Trustee in order to comply with applicable law, including the Customer Identification Program requirements established under the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations, the Financial Crimes Enforcement Network’s Customer Due Diligence Requirements
and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions (“Applicable Law”). Pursuant to Applicable Law, the Owner Trustee is required to obtain on or before
closing, and from time to time thereafter, documentation to verify and record information that identifies each Person who opens an account. For a non-individual Person such

  

					
		  	6	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
as a business entity, a charity, a trust or other legal entity, the Owner Trustee will ask for documentation to verify the entity’s formation and existence, its financial statements,
licenses, tax identification documents, identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities). To the
fullest extent permitted by Applicable Law, the Owner Trustee may conclusively rely on, and shall be fully protected and indemnified in relying on, any such information received. No transfer will be effectuated hereunder unless the Owner Trustee has
received the transfer documentation required hereunder. Failure to provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder, which, at the sole option of the Owner Trustee, may result in the Owner
Trustee’s resignation in accordance with the terms hereof. Further, the parties hereto agree that for purposes of Applicable Law, (a) each Certificateholder owning twenty five percent (25%) or more of the beneficial interest in the Issuer
is and shall be deemed to be the beneficial owners of the Issuer for purposes of providing the information required under Applicable Law, and (b) each such Certificateholder is and shall deemed to be the parties with the power and authority to
control the Issuer. Each Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 

No transfer of a Certificate (or interest therein) to any transferee shall be made unless the Certificate Registrar shall have received: 

(1) a certification letter from the transferee of such Certificate (or interest therein) substantially in the form of Exhibit B (except
that any restriction or requirement described below may be removed or modified if the Depositor has received an opinion from a nationally recognized tax counsel (which, for the avoidance of doubt, may rely on reasonable representations of the
applicable transferee or other applicable persons) that such restriction or requirement is not necessary to conclude that any such transfer will not cause any of the tax opinions that were rendered on the Closing Date to be inaccurate if rendered as
of the transfer date and will not cause a material adverse effect on the U.S. federal income tax consequences to any Noteholder with respect to holding a Note) to the effect that: 

(i) such transferee acknowledges that the Certificates have not been and will not be registered under the Securities Act or the
securities law of any jurisdiction; 
 (ii) such transferee acknowledges that if in the future it decides to resell, assign,
pledge or otherwise transfer any Certificates, such Certificates may be resold, assigned, pledged or transferred only (A) to a United States person within the meaning of Section 7701(a)(30) of the Code and (B) (i) pursuant to an
effective registration statement under the Securities Act or (ii) in a transaction exempt from the registration requirements of the Securities Act and other securities or “Blue Sky” laws; 

(iii) such transferee (and, if different, the Certificate Owner) is not a Non-U.S.
Person; 
 (iv) in the event of any subsequent transfer of a Certificate (or any interest therein), such transferee (and, if
different, the Certificate Owner) shall comply with Section 1446(f) of the Code (including with respect to deducting and withholding from the purchase price paid in respect of such Certificate unless the transferee obtained a certificate
providing for an exemption from such withholding); 

  

					
		  	7	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (v) such transferee is not a Benefit Plan or any other employee benefit plan
or arrangement that is subject to Similar Law; 
 (vi) after such transfer (or purported transfer), the Issuer would not have
more than 95 direct or indirect beneficial owners of any interest in the Certificates; 
 (vii) no such transfer is effected
through an established securities market or secondary market or substantial equivalent thereof within the meaning of Section 7704 of the Code or would make the Issuer ineligible for “safe harbor” treatment under Section 7704 of
the Code; 
 (viii) it either (A) is not, and will not become, a partnership, Subchapter S corporation, grantor trust or
an entity disregarded as a separate entity from any such entity for U.S. federal income tax purposes or (B) is such an entity, but (x) none of the direct or indirect beneficial owners of any of the interests in such transferee have allowed
or caused, or will allow or cause, 50% or more (or such other percentage as the Depositor may establish prior to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s ownership of
Certificates and (y) it is not and will not be a principal purpose of the arrangement involving such entity’s beneficial interest in any Certificates to permit any partnership to satisfy the 100 partner limitation of Treasury Regulation Section 1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly traded partnership under the Code; 

(ix) if such transferee is acquiring any Certificate (or interest therein) for the account of one or more Persons, (A) it
shall provide to the Owner Trustee and the Depositor information as to the number of such Persons and any changes in the number of such Persons and (B) any such change in the number of Persons for whose account a Certificate is held shall
require the written consent of the Depositor, which consent shall be granted unless the Depositor determines that such proposed change in number of Persons would create a risk that the Issuer would be classified for federal or any applicable state
tax purposes as an association (or a publicly traded partnership) taxable as a corporation; 
 (x) such transferee
understands that the Certificates will bear legends substantially as set forth in Section 3.09; 

(xi) (A) such transferee shall provide to the Owner Trustee and the Depositor any further information required by the
Issuer to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law) and (B) if such transferee is not the Certificate Owner, such Certificate Owner shall
provide to the Owner Trustee and the Depositor any further information required by the Issuer to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state

  

					
		  	8	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
law) and, to the extent necessary for the Issuer to make an election under Section 6226(a) of the Code (or any corresponding provision of state law), hereby appoints the transferee as its
agent for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2) of the Code (and any corresponding provision of state law); 

(xii) no transfer of a Certificate (or interest therein) is permitted (nor shall a Certificate be so held) if (i) it
causes the Issuer to be a Section 385 Controlled Partnership (i.e., 80 percent or more of the Issuer’s ownership interests are owned, directly or indirectly, by one or more members of a Section 385 Expanded Group) that has an
expanded group partner (within the meaning of Treasury Regulation Section 1.385-3(g)(12)) which is a Domestic Corporation and (ii) either (x) a member of such Section 385 Expanded Group owns any
Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in the case of clause (y), unless each member of the Section 385 Expanded
Group that is a partner in such Section 385 Controlled Partnership is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation)
(for purposes of determining the Issuer’s ownership interests in this paragraph, taking any Retained Notes into account either as debt interests or ownership interests based on whichever treatment, if any, would result in the Issuer being
treated as a Section 385 Controlled Partnership for purposes of applying this paragraph’s restriction (it being understood that if the Retained Notes are taken into account as ownership interests for this purpose then the Retained Notes
are not also considered Notes for the Note ownership restriction of this paragraph)); 
 (xiii) no transfer of a Certificate
(or interest therein) shall be permitted (nor shall a Certificate be so held) if (i) it results in the Issuer becoming disregarded as an entity separate for U.S. federal income tax purposes from a Domestic Corporation and (ii) either (x) a
member of a Section 385 Expanded Group that includes such Domestic Corporation owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such
member, or in the case of clause (y), unless each member of the Section 385 Expanded Group that is a partner in such Section 385 Controlled Partnership is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation) (for purposes of determining the Issuer’s ownership interests in this paragraph, taking any Retained Notes into account either as debt interests or
ownership interests based on whichever treatment, if any, would result in the Issuer being treated as a disregarded entity for purposes of applying this paragraph’s restriction (it being understood that if the Retained Notes are taken into
account as ownership interests for this purpose then the Retained Notes are not also considered Notes for the Note ownership restriction of this paragraph)); 

(xiv) no transfer of the Certificates (or any interest therein) is a transfer of a Certificate (or any interest therein) with a
Certificate Balance of less than 2.1% of the entire Certificate Balance; and 

  

					
		  	9	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (xv) any attempted transfer that would cause the number of direct or
indirect beneficial owners of Certificates in the aggregate to exceed 95 or otherwise cause the Issuer to become a publicly traded partnership for income tax purposes shall be a void transfer. 

(2) a representation from the transferor of such Certificate substantially in the form of Exhibit C; and 

(3) an Opinion of Counsel that the transfer of such Certificate is being made pursuant to an effective registration under the Securities Act or
is exempt from the registration requirements of the Securities Act. 
 Notwithstanding anything else to the contrary herein, any purported
transfer of a Certificate to, on behalf of, or utilizing the assets of a Benefit Plan or any other employee benefit plan or arrangement that is subject to Similar Law shall be void and of no effect. 

To the extent permitted under applicable law (including, but not limited to, ERISA), neither the Owner Trustee nor the Certificate Registrar
shall be under any liability to any Person for any registration of transfer of any Certificate that is not permitted by this Section 3.03(c) or for making any payments due on such Certificate to the Certificateholder
thereof or taking any other action with respect to such Holder under the provisions of this Trust Agreement or the Sale and Servicing Agreement so long as the transfer was registered by the Certificate Registrar or the Owner Trustee in accordance
with the foregoing requirements. 
 (d) No service charge shall be made for any registration of transfer or exchange of Certificates, but the
Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 

SECTION 3.04. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate shall be surrendered to the
Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such
security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a protected purchaser, the Owner Trustee on behalf of the Issuer shall execute and the
Owner Trustee, or the Certificate Registrar, as the Owner Trustee’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor
and denomination. In connection with the issuance of any new Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at
any time. 

  

					
		  	10	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 SECTION 3.05. Persons Deemed Certificateholders. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 5.02 and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar shall be bound by any notice to the contrary. 

SECTION 3.06. Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or
cause to be furnished to the Owner Trustee, the Servicer, the Paying Agent or the Depositor, as the case may be, within 15 days after its receipt of a request therefor from the Owner Trustee, the Servicer, the Paying Agent or the Depositor in
writing, a list, in such form as the Owner Trustee, the Servicer, the Paying Agent or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. The Certificate Registrar shall also
promptly furnish to the Owner Trustee and the Paying Agent a copy of such list at any time there is a change therein. If three or more Certificateholders or one or more Holders of Certificates evidencing, in the aggregate, not less than 25% of the
Certificate Balance apply in writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such
application is accompanied by a copy of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five Business Days after the receipt of such application, afford such applicants access during normal business
hours to the current list of Certificateholders. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Servicer, the Certificate Registrar or the Owner Trustee accountable by reason
of the disclosure of its name and address, regardless of the source from which such information was derived. The Certificate Registrar shall upon the request of the Owner Trustee provide such list, or access to such list, of Certificateholders as
contemplated by this Section 3.06. 
 SECTION 3.07. Maintenance of Office or Agency. The Owner Trustee
shall maintain an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificates and the Basic
Documents may be served. The Owner Trustee initially designates the Corporate Trust Office of the Certificate Registrar for purposes of surrendering Certificates and registration or exchange of Certificates, and the Corporate Trust Office of the
Owner Trustee for all other purposes. The Issuer shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 

SECTION 3.08. Appointment of Paying Agent. Except during any period when the Indenture Trustee is authorized and directed to do so
under the Indenture (i.e. prior to the termination of the Indenture and on any Distribution Date on which any Certificates are then held solely by the Administrator or one of its Affiliates), the Paying Agent shall make distributions to
Certificateholders from the Collection Account pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee via its website. Any Paying Agent shall have the revocable power to withdraw
funds from the Collection Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee receives written notice from the Servicer that the Paying Agent
shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be U.S. Bank National Association, and any co-paying

  

					
		  	11	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
agent chosen by the Servicer, and acceptable to the Owner Trustee and the Certificateholders. The Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to
the Depositor, the Owner Trustee and the Servicer. In the event that U.S. Bank National Association shall no longer be the Paying Agent, the Servicer shall appoint another bank or trust company, which shall agree to act in accordance with the
provisions of this Agreement applicable to it and otherwise acceptable to the Owner Trustee and the Certificateholders, to act as successor Paying Agent under this Agreement. The Servicer shall cause such successor Paying Agent or any additional
Paying Agent appointed by the Servicer to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall
return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The rights, protections and immunities of the Indenture Trustee under the
Indenture and the Sale and Servicing Agreement shall apply to U.S. Bank National Association also in its roles as Paying Agent and Certificate Registrar, for so long as U.S. Bank National Association shall act as Paying Agent and Certificate
Registrar. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

SECTION 3.09. Legending of Certificates. Each Certificate shall bear a legend in substantially the following form, unless the Depositor
determines otherwise in accordance with applicable law: 
 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. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR
TRANSFERRED ONLY (A) TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND (B) (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND OTHER SECURITIES OR “BLUE SKY” LAWS. IN SUCH CASE THE OWNER TRUSTEE SHALL REQUIRE (I) THAT THE PROSPECTIVE TRANSFEREE
CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) IF REQUESTED BY THE OWNER TRUSTEE, A WRITTEN OPINION OF
COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER TRUSTEE OR THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE

  

					
		  	12	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE
VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR ALL PURPOSES. 
 NO CERTIFICATE
OR INTEREST THEREIN MAY BE ACQUIRED BY OR FOR THE ACCOUNT OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE
PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR
PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE OR (IV) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY (EACH, A “BENEFIT
PLAN INVESTOR”). BY ACCEPTING AND HOLDING A CERTIFICATE (OR INTEREST THEREIN), THE HOLDER THEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT A BENEFIT PLAN INVESTOR. 

SECTION 3.10. Actions of Certificateholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by
the Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Owner Trustee and, when required, to the Depositor or the Servicer. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Agreement and conclusive in favor of the Owner Trustee, the Depositor and the Servicer, if made in the manner provided in this Section 3.10. 

(b) The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner which
the Owner Trustee deems sufficient. Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder of every Certificate issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Owner Trustee, the Depositor or the Servicer in reliance thereon, regardless of whether notation of such action is made upon such Certificate. 

(c) The Owner Trustee may require such additional proof of any matter referred to in this Section 3.10 as it shall
deem necessary. 

  

					
		  	13	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 ARTICLE IV  

ACTIONS BY OWNER TRUSTEE OR CERTIFICATEHOLDERS 

SECTION 4.01. Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner
Trustee shall not take action on behalf of the Issuer or the Certificateholders unless at least 10 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Trustee shall
have notified the Certificateholders in writing of the proposed action and none of the Certificateholders shall have notified the Owner Trustee in writing prior to the 10th day (or such agreed upon shorter period) after such notice is given that
such Certificateholders have withheld consent or provided alternative direction: 
 (a) the initiation of any claim or lawsuit by the Issuer
(except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Issuer (except with respect to the aforementioned claims or lawsuits for collection
of the Receivables); 
 (b) the election by the Issuer to file an amendment to the Certificate of Trust (unless such amendment is required to
be filed under the Statutory Trust Act); 
 (c) the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances
where the consent of any Noteholder is required; 
 (d) the amendment of any Basic Document in circumstances where such amendment materially
adversely affects the interest of the Certificateholders; or 
 (e) the appointment (i) pursuant to the Indenture of a successor Note
Registrar or Paying Agent, (ii) pursuant to this Agreement of a successor Certificate Registrar or (iii) any consent by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar to the assignment of its respective
obligations under the Indenture or this Agreement, as applicable. 
 SECTION 4.02. Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator
pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement or (d) except as expressly provided in the Basic Documents, sell the Receivables after
the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the authorized representative of a majority of the outstanding Certificate Balance of the
Certificateholders. 
 SECTION 4.03. Action with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a
voluntary proceeding in bankruptcy relating to the Issuer without the unanimous prior approval of all Certificateholders (including, if the Depositor is a Certificateholder, the Board of Directors (including the Independent Directors, as such term
is defined in the Depositor’s Certificate of Incorporation) of the Depositor) and the delivery to the Owner Trustee of a written certification by each Certificateholder that such Certificateholder reasonably believes that the Issuer is
insolvent. 

  

					
		  	14	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 SECTION 4.04. Restrictions on Certificateholders’ Power. The
Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Issuer or of the Owner Trustee under any of the Basic Documents or would be
contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given. 

SECTION 4.05. Majority of the Certificates Control. Except as otherwise expressly provided herein, any action that may be taken by the
Certificateholders under this Agreement may be taken by the Holders of the Certificates evidencing not less than a majority of the Certificate Balance. Except as expressly provided herein, any written notice of the Certificateholders delivered
pursuant to this Agreement shall be effective if signed by Holders of the Certificates evidencing not less than a majority of the Certificate Balance at the time of the delivery of such notice. 

ARTICLE V  

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

SECTION 5.01. Establishment of Accounts. 

(a) On or prior to the Distribution Date on which any Certificates are then held by anyone other than the Administrator or one of its
Affiliates, the Paying Agent, for the benefit of the Certificateholders, shall establish and maintain, or shall cause to be established and maintained, in the name of the Issuer, the certificate distribution account (the “Certificate
Distribution Account”). The Certificate Distribution Account shall be established and maintained as an Eligible Account, and bearing a designation clearly indicating that the funds deposited therein are held by the Issuer under the sole
dominion and control of the Paying Agent for the benefit of the Certificateholders. No checks shall be issued, printed, or honored with respect to the Certificate Distribution Account. 

Subject to Section 5.01(b), the Paying Agent shall possess all right, title and interest in all funds on deposit
from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Paying Agent for the
benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account or if the majority of Certificateholders, in their sole discretion, notify the Paying Agent in writing that the Certificate
Distribution Account should be moved, then the Paying Agent (or the Administrator on behalf of the Paying Agent, if the Certificate Distribution Account is not then held by the Paying Agent or an Affiliate thereof) shall within 10 Business Days
establish a new equivalent Eligible Account at a depository institution or trust company selected by a majority of the Certificateholders and shall transfer any cash and/or any investments to such new account. 

  

					
		  	15	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (b) Concurrently with the execution and delivery of the Indenture, the Servicer will
establish and maintain, or shall cause to be established and maintained, at the direction of the Depositor, the Collection Account in the name of and under the control of the Indenture Trustee in accordance with Section 5.01 of the Sale and
Servicing Agreement. The Indenture Trustee will be obligated to transfer to the Designated Account all funds or investments held in the Collection Account on the Distribution Date on which the Notes have been paid in full or the Indenture is
otherwise terminated (excluding any amounts to be retained for distribution in respect of Notes that are not promptly delivered for payment on such Distribution Date), and to take all necessary or appropriate actions to transfer all right, title and
interest of the Indenture Trustee in such funds or investments and all proceeds thereof to the Designated Account. 
 Amounts on deposit in
the Certificate Distribution Account shall be held uninvested, and the Paying Agent shall not be liable for any interest thereon. 
 SECTION
5.02. Application of Amounts in Trust Accounts. 
 (a) On each Distribution Date when the Administrator or one of its Affiliates is
not the sole Certificateholder, the Paying Agent shall distribute to the Certificateholders amounts on deposit in the Certificate Distribution Account that are distributable to the Certificateholders in accordance with the instructions of the
Servicer pursuant to Section 5.06 of the Sale and Servicing Agreement or Section 5.04 of the Indenture, as applicable. Upon the release from the Lien of the Indenture of amounts on deposit in the Collection Account or any other portion of
the Owner Trust Estate, the Paying Agent will cause such property to be properly deposited into the Designated Account pursuant to Section 5.01(a) or distributed to the Certificateholders in accordance with the provisions
of this Agreement, as the case may be. 
 (b) On each Distribution Date, the Paying Agent (or, if the Indenture Trustee is the Paying Agent
with respect to the Certificates, the Indenture Trustee) shall send to each Certificateholder the statement provided to the Paying Agent (or the Indenture Trustee, as applicable) by the Servicer pursuant to Section 5.08 of the Sale and
Servicing Agreement with respect to such Distribution Date. 
 (c) In the event that any withholding tax is imposed on the Issuer’s
payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section. The Paying Agent is hereby authorized and directed to retain from amounts
otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally payable by the Issuer (but such authorization shall not prevent the Paying Agent from contesting any such tax in appropriate proceedings,
and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the
time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to any distribution (such as any distribution to a
Non-U.S. Person), the Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph (c). In the event that a Certificateholder wishes to apply for a refund of any such
withholding tax, the Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Paying Agent for any out-of-pocket expenses incurred. 

  

					
		  	16	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 SECTION 5.03. Method of Payment. Subject to
Section 9.01(c), distributions required to be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the related Record Date either by check mailed to such Certificateholder
at the address of such holder appearing in the Certificate Register or by wire transfer, in immediately available funds, to the account of any Certificateholder at a bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Distribution Date. 

SECTION 5.04. Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others. The
Administrator on behalf of the Issuer shall (a) maintain (or cause to be maintained) the books of the Issuer on a fiscal year basis or a calendar basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be
required by the Code and applicable Treasury Regulations, such information as may be required (excluding Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns,
(c) file any tax and information returns, and fulfill any other reporting requirements, relating to the Issuer, as may be required by the Code and applicable Treasury Regulations (including Treasury Regulation
Section 1.6049-7), (d) for any period during which the beneficial ownership interests in the Issuer are held by more than one Person (and all such owners are not treated as the same Person for U.S.
federal income tax purposes), make such elections as may from time to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to maintain the Issuer’s characterization as a
partnership for U.S. federal income tax purposes, (e) cause such tax returns to be signed in the manner required by law, and (f) collect or cause to be collected any withholding tax as described in and in accordance with
Section 5.02(c) with respect to income or distributions to Certificateholders. The Administrator on behalf of the Issuer shall elect under Section 1278 of the Code to include in income currently any market discount
that accrues with respect to the Receivables. The Administrator on behalf of the Issuer shall not make the election provided under Section 754 of the Code. Notwithstanding anything to the contrary stated herein, the Owner Trustee shall be
exclusively responsible for the mailing of any Schedule K-1’s necessary to enable each Certificateholder to prepare its federal and state income returns. 

SECTION 5.05. Signature on Returns; Partnership Representative. 

(a) The Administrator on behalf of the Issuer shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires
a Certificateholder to sign such documents, in which case such documents shall be signed by the Administrator, pursuant to the power-of-attorney granted thereto pursuant
to Section 2.04. 
 (b) In the event that the Issuer is classified as a partnership for U.S. federal income tax
purposes, the Depositor (or a U.S. affiliate of the Depositor if the Depositor is ineligible) is hereby designated as the partnership representative under Section 6223(a) of the Code (and any corresponding provision of state law) to the extent
allowed under the law (and as the tax matters partner for any applicable state law purposes), and the Issuer shall take any action necessary to 

  

					
		  	17	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
effect such designation (including working with the Depositor to designate any designated individual required under the law). The Issuer shall (or the Depositor shall cause the Issuer to, or the
Depositor shall instruct the Owner Trustee on behalf of the Issuer to), to the extent eligible, make the election under Section 6221(b) of the Code (and any corresponding provision of state law) with respect to determinations of adjustments at
the partnership level and take any other action such as disclosures and notifications necessary to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the Issuer shall (or the
Depositor shall cause the Issuer to, or the Depositor shall instruct the Owner Trustee on behalf of the Issuer to) make the election under Section 6226(a) of the Code (and any corresponding provision of state law) with respect to the
alternative to payment of imputed underpayment by partnership and take any other action such as filings, disclosures and notifications necessary to effectuate such election. Notwithstanding the foregoing, each of the Issuer, Depositor and Owner
Trustee is authorized, in its sole discretion, to make any available election related to Sections 6221 through 6241 of the Code (and any corresponding provision of state law) and take any action it deems necessary or appropriate to comply with the
requirements of the Code and conduct the Issuer’s affairs under Sections 6221 through 6241 of the Code (and any corresponding provision of state law). Each Certificateholder and, if different, each Certificate Owner shall promptly provide the
Issuer, Depositor and Owner Trustee any requested information, documentation or material to enable the Issuer to make any of the elections described in this clause (b) and otherwise comply with Sections 6221 through 6241 of the Code (and any
corresponding provision of state law). Each Certificate Owner shall hold the Issuer and its affiliates harmless for any expenses or losses (i) resulting from a Certificate Owner not properly taking into account or paying its allocated
adjustment or liability under Section 6226 of the Code (or any corresponding provision of state law) or (ii) attributable to the management or defense of an audit under Section 6221 through 6241 of the Code (or any corresponding
provision of state law) or otherwise suffered due to actions the Issuer or any of its affiliates takes to comply with the rules under Sections 6221 through 6241 of the Code (or any corresponding provision of state law). 

SECTION 5.06. Duties of Depositor on Behalf of Issuer. Except to the extent such responsibilities are assumed by the Administrator in
the Administration Agreement or the Servicer in the Sale and Servicing Agreement, the Depositor shall, on behalf of the Issuer, prepare and, after execution by the Issuer and the Indenture Trustee, file with the Securities and Exchange Commission
and any applicable state agencies documents required to be filed on a periodic basis with the Securities and Exchange Commission and any applicable state agencies (including any summaries thereof required by rules and regulations prescribed
thereby), and transmit such summaries to the Noteholders pursuant to Section 7.03 of the Indenture. 
 ARTICLE VI  

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

SECTION 6.01. General Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the
Issuer is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Issuer is to be a party and any amendment thereto, and, on behalf of the Issuer, to direct the Indenture
Trustee to authenticate and deliver the Class A-1 Notes in the aggregate principal 

  

					
		  	18	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
amount of $263,000,000, the Class A-2a Notes in the aggregate principal amount of $400,000,000, the
Class A-2b Notes in the aggregate principal amount of $50,000,000, the Class A-3 Notes in the aggregate principal amount of $450,000,000, the Class A-4 Notes in the aggregate principal amount of $87,000,000. 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 Basic Documents. 
 SECTION 6.02. 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 Basic Documents to which the Issuer is a party and to administer the Issuer in accordance with the provisions hereof and of the Basic Documents and in the
interest of the Certificateholders. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the
Administration Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out such
obligations or fulfill such duties under the Administration Agreement. 
 SECTION 6.03. Duties of the Owner Trustee. 

(a) Subject to Article IV and in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction direct the
Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV. 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, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Owner Trustee
that shall be specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on their face to the requirements of this Agreement. 

(b) No provision of this Agreement shall be construed to relieve the Owner Trustee from liability for its own negligent action, its own
negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that: 
 (i) the
duties and obligations of the Owner Trustee shall be determined solely by the express provisions of this Agreement, the Owner Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this
Agreement, no implied covenants or obligations shall be read into this Agreement against the Owner Trustee, the permissive right of the Owner Trustee to do things enumerated in this Agreement shall not be construed as a duty and, in the absence of
bad faith on the part of the Owner Trustee, the Owner Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Owner Trustee and
conforming on their face to the requirements of this Agreement; 

  

					
		  	19	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (ii) the Owner Trustee shall not be personally liable for an error of
judgment made in good faith by an Authorized Officer, unless it shall be proved that the Owner Trustee was negligent in performing its duties in accordance with the terms of this Agreement; and 

(iii) the Owner Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be taken in
good faith in accordance with the direction of the Holders of the Certificates representing at least a majority of the Certificate Balance (or such larger or smaller percentage of the Certificate Balance as may be required by any other provision of
this Agreement or the other Basic Documents), the Servicer, the Administrator or the Indenture Trustee. 
 (c) The Owner Trustee shall not be
required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties under this Agreement, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that
the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (d) All information
obtained by the Owner Trustee regarding the Obligors and the Receivables contained in the Issuer, whether upon the exercise of its rights under this Agreement or otherwise, shall be maintained by the Owner Trustee in confidence and shall not be
disclosed to any other Person, unless such disclosure is required by any applicable law or regulation or pursuant to subpoena or is required to be made to regulators, auditors or other governmental authorities. 

(e) Pursuant to Section 3.02 of the Sale and Servicing Agreement, in the event that the Owner Trustee discovers that a representation or
warranty made by the Seller pursuant to Section 3.01 or 6.01 of the Sale and Servicing Agreement with respect to a Receivable was incorrect as of the time specified with respect to such representation and warranty and such incorrectness
materially and adversely affects the interests of any Securityholder in such Receivable, the Owner Trustee shall give prompt written notice to the Servicer, the Depositor and the Indenture Trustee of such incorrectness. Pursuant to Section 4.06
of the Sale and Servicing Agreement, if the Owner Trustee discovers that any covenant of the Servicer set forth in Sections 4.02, 4.04 or 4.05 of the Sale and Servicing Agreement has been breached by the Servicer, the Owner Trustee shall give prompt
written notice to the Servicer, the Depositor and the Indenture Trustee of such breach. For the avoidance of doubt, the Owner Trustee shall have no duty to monitor or investigate the accuracy of any of the Seller’s or the Servicer’s
representations, warranties or covenants in the Sale and Servicing Agreement or other Basic Documents or to determine whether any breach of the Seller’s or the Servicer’s representation, warranties or covenants adversely affects any
Securityholder of the Receivables. 
 SECTION 6.04. 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 Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in
connection with, any Basic Document to which the Owner Trustee is a party or otherwise contemplated hereby, except as expressly provided by the terms of this Agreement, any Basic Document to which the Issuer is a

  

					
		  	20	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
party or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03. No implied duties or obligations shall be read into this
Agreement or any Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or otherwise to perfect or maintain the perfection of any
security interest or lien granted to it hereunder or to prepare or file any Securities and Exchange Commission filing for the Issuer or to record this Agreement or any Basic Document. Notwithstanding anything to the contrary herein or in any Basic
Document, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Issuer or any other Person any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002, to the extent
permitted by applicable law. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Owner Trust Estate that result from actions by, or
claims against, the Owner Trustee that are not related to the ownership or the administration of the Owner Trust Estate. 
 SECTION 6.05.
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 Owner Trust Estate except (i) in accordance with the powers granted to
and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to
Section 6.03. 
 SECTION 6.06. Restrictions. The Owner Trustee shall not take any action (a) that is
inconsistent with the purposes of the Issuer set forth in Section 2.03 or (b) that, to the actual knowledge of an Authorized Officer of the Owner Trustee, (x) would result in the Issuer’s becoming taxable as
a corporation (as a publicly traded partnership or otherwise) for U.S. federal income tax purposes or (y) affect the treatment of the Notes as indebtedness for U.S. federal or state income tax purposes. The Certificateholders shall not have the
authority to and, by acceptance of an ownership interest in any Certificate shall thereby be deemed to have covenanted not to, direct the Owner Trustee to take any action that would violate the provisions of this Section. 

ARTICLE VII  

CONCERNING THE OWNER TRUSTEE 

SECTION 7.01. Rights of the Owner Trustee. Except as otherwise provided in Article VI: 

(a) in accordance with Section 7.04, the Owner Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, Officer’s Certificate, certificate of an authorized signatory, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) 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 Administrator, as provided in the Administration Agreement, the Servicer or the Indenture Trustee, or the Certificateholders, as
provided herein; 

  

					
		  	21	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (c) other than in connection with an Asset Review, the Owner Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Agreement or the Sale and Servicing Agreement, or to institute, conduct or defend any litigation under this Agreement, or in relation to this Agreement or the Sale and Servicing
Agreement, at the request, order or direction of any of the Securityholders, pursuant to the provisions of this Agreement or the Sale and Servicing Agreement, unless such Securityholders shall have offered to the Owner Trustee reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; 
 (d) under no circumstances shall the Owner
Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 

(e) the Owner Trustee shall not be bound to recalculate, re-verify, or make any investigation into the
facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Holders of Certificates representing
not less than 25% of the Certificate Balance; provided, however, that if the payment within a reasonable time to the Owner Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Owner Trustee, not reasonably assured to the Owner Trustee by the security afforded to it by the terms of this Agreement, the Owner Trustee may require reasonable indemnity against such cost, expense or liability as a
condition to so proceeding; the Administrator shall pay or reimburse the Owner Trustee for the reasonable expense of every such examination; and nothing in this clause shall derogate from the obligation of the Administrator to observe any applicable
law prohibiting disclosure of information regarding the Obligors; 
 (f) the Owner Trustee shall not be liable for the default or misconduct
of the Administrator, the Servicer, the Depositor, the Indenture Trustee or any other Person under any of the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or liability to monitor, supervise or perform the obligations
of the Issuer or any other Person (including the Owner Trustee) under the Basic Documents that are required to be performed by any other Person under the Basic Documents; 

(g) the Owner Trustee shall not be liable or responsible for delays or failures in the performance of its obligations hereunder arising out of
or caused, directly or indirectly, by circumstances beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities, computer (hardware or
software) or communication services); 
 (h) the Owner Trustee shall not be deemed to have notice or knowledge of any matter unless a
Responsible Officer has actual knowledge thereof or unless written notice thereof is received by a Responsible Officer in accordance with this Agreement; 

  

					
		  	22	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (i) the Owner Trustee shall not be obligated to monitor, supervise or enforce the
performance of the Depositor or the Sponsor under the Basic Documents, except as otherwise expressly specified herein; and 
 (j) the
Owner Trustee shall not be personally liable for special, indirect, consequential or punitive damages, however styled, including, without limitation, lost profits. 

SECTION 7.02. Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written
request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. 

SECTION 7.03. Representations and Warranties. The Owner Trustee hereby represents and warrants to the Depositor and for the benefit of
the Certificateholders, that: 
 (a) It is a national banking association with trust powers duly organized and validly existing in good
standing under the laws of United States of America. It has full power, right and authority to execute, deliver and perform its obligations under this Agreement and each other Basic Document. 

(b) It has taken all corporate action necessary to authorize the execution and delivery of this Agreement and each other Basic Document, and
this Agreement and each other Basic Document has been executed and delivered by one of its officers duly authorized to execute and deliver this Agreement and each other Basic Document on its behalf. 

(c) This Agreement constitutes the legal, valid and binding obligation of the Owner Trustee, enforceable against it in accordance with its
terms except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

(d) It is authorized to exercise trust powers in the State of Delaware as and to the extent contemplated herein or has appointed a Delaware
trustee that is so authorized and it has a principal place of business in the State of Delaware or has appointed a Delaware trustee that has such a principal place of business. 

(e) Neither the execution nor the delivery by it of this Agreement nor the consummation by the Owner Trustee of the transactions contemplated
hereby or thereby nor compliance by it with any of the terms or provisions hereof or thereof 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 or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may
be bound. 

  

					
		  	23	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 SECTION 7.04. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or
other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers or agents 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 the Basic Documents,
the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents
or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be
liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such persons and not, to the actual knowledge of the Owner Trustee, contrary to this Agreement or
any Basic Document. 
 SECTION 7.05. Not Acting in Individual Capacity. In accepting the trusts hereby created, Wilmington Trust,
National Association acts solely as Owner Trustee hereunder and not in its individual capacity. Except with respect to a claim based on the Owner Trustee’s willful misconduct, bad faith or negligence, no recourse shall be had for any claim
based on any provision of this Agreement, the Notes or Certificates, or based on rights obtained through the assignment of any of the foregoing, against the institution serving as the Owner Trustee in its individual capacity. The Owner Trustee shall
not have any personal obligation, liability or duty whatsoever to any Securityholder or any other Person with respect to any such claim and any such claim shall be asserted solely against the Issuer or any indemnitor who shall furnish indemnity as
provided in this Indenture. 
 SECTION 7.06. Owner Trustee Not Liable for Certificates or Receivables. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement or of the Certificates or of the Notes (other than the execution by the Owner Trustee on behalf of the Issuer of, and the certificate of authentication on, the Certificates). The
Owner Trustee shall have no obligation to perform any of the duties of the Servicer or Administrator. 
 The Owner Trustee shall at no time
have any responsibility or liability for or with respect to the legality, validity and enforceability of the Certificates, the Notes or any Receivable, any ownership interest in any Financed Vehicle, or the maintenance of any such ownership
interest, or for or with respect to the efficacy of the Issuer or its ability to generate the payments to be distributed to Securityholders under this Agreement or the Indenture, as applicable, including without limitation the validity of the
assignment of the Receivables to the Issuer or of any intervening assignment; the existence, condition, location and ownership of any Receivable or Financed Vehicle; the existence and enforceability of any physical damage or credit life or credit
disability insurance; the existence and contents of any retail installment sales contract or any computer or other record thereof; the completeness of any retail installment sales 

  

					
		  	24	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
contract; the performance or enforcement of any retail installment sales contract; the compliance by the Issuer with any covenant or the breach by the Issuer of any warranty or representation
made under this Agreement or in any related document and the accuracy of any such warranty or representation prior to the Owner Trustee’s receipt of notice or other discovery of any noncompliance therewith or any breach thereof; the acts or
omissions of the Issuer or the Servicer; or any action by the Owner Trustee taken at the instruction of the Certificateholders, provided, however, that the foregoing shall not relieve the Owner Trustee of its obligation to perform its
duties under this Agreement. 
 The Owner Trustee shall not be accountable for the use or application by the Issuer of any of the
Certificates or of the proceeds of such Certificates, of any of the Notes or of the proceeds of such Notes, or for the use or application of any funds paid to the Servicer in respect of the Certificates. 

SECTION 7.07. Owner Trustee May Own Certificates and Notes. The Owner Trustee in its individual or any other capacity (but not in its
fiduciary capacity) may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in banking or other transactions with the same rights as it would have if it were
not Owner Trustee. 
 ARTICLE VIII  

COMPENSATION OF OWNER TRUSTEE 

SECTION 8.01. Owner Trustee’s Fees and Expenses. The Administrator shall pay to the Owner Trustee from time to time
compensation (which shall not be limited by any provision of law with respect to the compensation of a trustee of an express trust) for its services as have been separately agreed upon before the date hereof. The Administrator shall reimburse the
Owner Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such
expenses shall include the reasonable compensation and expenses, disbursements and advances of the Owner Trustee’s agents, counsel, accountants and experts directly related to its services hereunder (“Expenses”). 

SECTION 8.02. Indemnification. Pursuant to Section 1(a)(ii) of the Administration Agreement, the Administrator shall indemnify,
defend and hold harmless the Owner Trustee, the Certificate Registrar and any Paying Agent and their respective successors, assigns, agents, servants, officers and employees (each, an “Indemnified Party” and collectively, the
“Indemnified Parties”) against any and all loss, liability, claim, tort, penalty or Expense (including reasonable fees and expenses of counsel and other experts) of any kind or nature whatsoever incurred by or asserted against such
Indemnified Party in connection with or arising out of the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, including, without limitation, any legal fees
or expenses incurred in connection with any action, suit, arbitration or mediation brought by the Owner Trustee, Certificate Registrar or Paying Agent to enforce any indemnification or other obligation of the Administrator or the Servicer or other
Persons or in connection with investigating, preparing or defending any legal action, commenced or threatened, in connection with the exercise or performance of any of its powers or duties under 

  

					
		  	25	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
this Agreement. The Owner Trustee, the Certificate Registrar or the Paying Agent, as applicable, shall notify the Administrator promptly of any claim for which any Indemnified Party may seek
indemnity. Failure by the Owner Trustee, the Certificate Registrar or the Paying Agent, as applicable, to so notify the Administrator shall not relieve the Administrator of its obligations hereunder, except to the extent such failure shall
materially adversely affect the Administrator’s defenses in respect thereof. In case any such action is brought against any Indemnified Party under this Section 8.02 and the Owner Trustee, the Certificate Registrar or
the Paying Agent, as applicable, notifies the Administrator of the commencement thereof, the Administrator will assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party (who may, unless there is, as evidenced by an
opinion of counsel to such Indemnified Party stating that there is a conflict of interest, be counsel to the Administrator), and the Administrator will not be liable to such Indemnified Party under this Section for any legal or other expenses
subsequently incurred by such Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation. The Administrator need not reimburse any expense or indemnify against any loss, liability or expense incurred by
any Indemnified Party through such Indemnified Party’s own willful misconduct, negligence or bad faith, or with respect to the Owner Trustee only, in the case of the inaccuracy of any representation or warranty of the Owner Trustee made in
Section 7.03. The Indemnified Parties’ rights under this Article VIII shall survive the termination of this Agreement or the resignation or removal of the Owner Trustee, Certificate Registrar or Paying Agent. The
Administrator will not be entitled to make any claim upon the Owner Trust Estate for the payment of any liabilities or indemnified expenses in relation to the Administrator’s payment or indemnification of expenses incurred by any Indemnified
Party in the performance of its duties hereunder. To the extent not paid by the Administrator and outstanding for at least 60 days, such fees and indemnities shall be paid pursuant to Section 5.06 of the Sale and Servicing Agreement or
Section 5.04 of the Indenture, as applicable, provided, that prior to such payment pursuant to the Sale and Servicing Agreement or Indenture, the Owner Trustee, the Certificate Registrar or the Paying Agent, as applicable, shall notify the
Administrator in writing that such fees and indemnities have been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Section 5.06 of the Sale and Servicing Agreement or Section 5.04 of the Indenture,
as applicable, the Administrator shall reimburse the Issuer in full for such payments. 
 SECTION 8.03. Payments to the Owner
Trustee. Any amounts paid to any Indemnified Party pursuant to this Article VIII from assets in the Owner Trust Estate shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 

ARTICLE IX  

TERMINATION OF TRUST AGREEMENT 

SECTION 9.01. Termination of Trust Agreement. 

(a) This Agreement (other than Article VIII) shall terminate and the Issuer shall dissolve and be wound up in accordance with Section 3808
of the Statutory Trust Act, upon the earlier of (i) the maturity or other liquidation of the last Receivable (or other asset) in the Owner Trust Estate and the final distribution of all moneys or other property or proceeds of the Owner Trust
Estate in accordance with the terms of this Agreement, the Indenture and the Sale and 

  

					
		  	26	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
Servicing Agreement (including, but not limited to, any property and proceeds to be deposited in the Collection Account pursuant to the terms of the Sale and Servicing Agreement or to be released
by the Indenture Trustee from the Lien of the Indenture pursuant to the terms of the Indenture), and (ii) the election by the Servicer to purchase the Collateral (other than the Reserve Account) pursuant to Section 9.01 of the Sale and
Servicing Agreement and the payment or distribution to all Securityholders of all amounts required to be paid to them under the Indenture and this Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder
shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of all or any part of the Issuer or Owner Trust Estate, nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) Except as provided in Section 9.01(a), neither the Depositor nor any Certificateholder shall be entitled to
revoke or terminate the Issuer. 
 (c) Notice of any termination of the Issuer, specifying the Distribution Date upon which the
Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distributions and cancellation, shall, if any Certificates are then held by anyone other than the Depositor or any of its Affiliates, be given by the
Owner Trustee to the Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.03 of the Sale and Servicing Agreement, stating (i) the Distribution Date upon
or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that
payment to be made on such Distribution Date will be made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other
than the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates (or, in the case of any Certificates held by the Depositor or
any of its Affiliates, presentation of proof of cancellation of such Certificates), the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Distribution Date pursuant to
Section 5.02. 
 In the event that one or more of the Certificateholders shall not surrender their Certificates
for cancellation within six months after the date specified in the above-mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive
the final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate
steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Issuer after
exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor. 
 (d) Upon the winding up of the Issuer and its
termination, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act. Thereupon, the
Issuer and this Agreement (other than Article 8) shall terminate. 

  

					
		  	27	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 ARTICLE X  

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 

SECTION 10.01. Eligibility Requirements for Owner Trustee. The Owner Trustee or its direct or indirect parent shall at all times be an
entity having a combined capital and surplus of at least $50,000,000, be subject to supervision or examination by federal or state authorities and be authorized to exercise trust powers in the State of Delaware. If such entity 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 10.01, the combined capital and surplus of such entity shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee
shall resign immediately in the manner and with the effect specified in Section 10.02. 
 SECTION 10.02.
Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving thirty (30) days prior written notice thereof to the Depositor, the Servicer and the Indenture
Trustee. If for any reason, Wilmington Trust, National Association or any of its Affiliates should assume the duties of the Indenture Trustee, then from that time forward Wilmington Trust, National Association, in its capacity as Owner Trustee,
shall resign as Owner Trustee hereunder if any Event of Default under the Indenture occurs and is necessary to eliminate any conflict of interest under the TIA with the Indenture Trustee or any other trustee under the Indenture. Upon receiving such
notice of resignation, the Servicer shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which shall be delivered to each of the resigning Owner Trustee and the successor Owner Trustee. If no successor
Owner Trustee shall have been so appointed or shall not have accepted such appointment within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the
appointment of a successor Owner Trustee. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of Section 10.01 and shall fail to resign promptly, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall
be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee by written
instrument to such effect delivered to the Owner Trustee, the Depositor and the Indenture Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Servicer shall promptly appoint a
successor Owner Trustee by written instrument in duplicate, one copy of which instrument shall be delivered to each of the outgoing Owner Trustee so removed and the successor Owner Trustee, and the Administrator shall pay all fees, expenses and
other compensation owed to the outgoing Owner Trustee. 

  

					
		  	28	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 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 10.03 and payment of all fees and expenses owed to the outgoing
Owner Trustee. 
 SECTION 10.03. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to
Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the
predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement,
with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and
the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights,
powers, duties, and obligations. The successor Owner Trustee shall pay all reasonable costs and expenses incurred in connection with transferring the predecessor Owner Trustee’s duties and obligations to the successor Owner Trustee. To the
extent not paid by the successor Owner Trustee, the Administrator shall pay all reasonable costs and expenses incurred in connection with transferring the predecessor Owner Trustee’s duties and obligations to the successor Owner Trustee. 

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner
Trustee shall meet the criteria for eligibility set forth in Section 10.01. 
 Upon acceptance of appointment by a
successor Owner Trustee pursuant to this Section, the Administrator shall mail or otherwise provide notice of the successor of the Owner Trustee to all Certificateholders, the Indenture Trustee, all Noteholders and the Rating Agencies. If the
Administrator fails to mail or otherwise provide 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 or otherwise provided at the expense of the
Administrator. 
 SECTION 10.04. Merger or Consolidation of Owner Trustee. Any corporation into which the Owner Trustee may be merged
or converted or with which it may be consolidated or any corporation resulting 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 be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 10.01, without the execution or filing of any instrument or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Administrator (and the Administrator will
provide notice thereof to each Rating Agency pursuant to Section 1(d) of the Administration Agreement). 

  

					
		  	29	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 SECTION 10.05. Appointment of Co-Trustee or
Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be
located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as
co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or
any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in
such appointment within 25 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 trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required
pursuant to Section 10.03. 
 Each separate trustee and co-trustee shall,
to the extent permitted by law, be appointed and act subject to the following provision 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 Administrator and the Owner Trustee acting jointly may at any time accept the resignation of
or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the
Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as if given to each of them. Each separate trustee and
co-trustee, upon its acceptance of the powers and duties conferred thereto under this Agreement, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the
Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to,
the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 
 Any separate
trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect, of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, 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. 

  

					
		  	30	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 ARTICLE XI  

MISCELLANEOUS 

SECTION 11.01. Supplements and Amendments. 

(a) Any term or provision of this Agreement may be amended by the Depositor and the Owner Trustee, without the consent of the Indenture
Trustee, any Noteholder, the Issuer or any other Person subject to the satisfaction of one of the following conditions: 

(i) the Depositor delivers an Officer’s Certificate or Opinion of Counsel to the Indenture Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders; or 
 (ii) the Rating Agency Condition
is satisfied with respect to such amendment; 
 provided, that no amendment shall be effective which affects the rights, protections or duties of the
Indenture Trustee without the prior written consent of the Indenture Trustee, (which consent shall not be unreasonably withheld or delayed); provided, further, that the event that any Certificates are then held by anyone other than the
Administrator or any of its Affiliates, this Agreement may only be amended by the Depositor and the Owner Trustee if, in addition, (i) the Holders of the Certificates evidencing a majority of the Certificate Balance of the Certificates consent
to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Administrator or an Opinion of Counsel delivered to the Owner Trustee, materially and adversely affect the interests of the
Certificateholders. 
 (b) This Agreement may also be amended by the Depositor and the Owner Trustee for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders with the consent of: 

(i) the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes; and 

(ii) the Holders of the Certificates evidencing a majority of the Certificate Balance. 

It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or
consent, but it will be sufficient if such consent approves the substance thereof. 
 (c) Promptly after the execution of any such amendment
or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee and the Administrator. The Administrator will thereafter deliver a copy of such notice to
each Rating Agency pursuant to Section 1(d) of the Administration Agreement. 

  

					
		  	31	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (d) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be
entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which adversely
affects the Owner Trustee’s own rights, duties or immunities under this Agreement. 
 SECTION 11.02. No Legal Title to Owner Trust
Estate in Certificateholders. The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein
only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this
Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 

SECTION 11.03. Limitations on Rights of Others. Except for Section 2.06, the provisions of this Agreement are
solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than
Section 2.06), whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein. 
 SECTION 11.04. Notices. 

(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing, which writing may be hand
delivered, mailed by certified mail, postage prepaid, or delivered by telecopier or electronically by email (if an email address is provided), and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if
mailed by certified mail, postage prepaid (except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed
to Nissan Auto Receivables Corporation II, One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: doug.gwin@nissan-usa.com), Attention:
Treasurer; if to the Issuer, addressed to Nissan Auto Receivables 2019-A Owner Trust, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890
(telecopier no. (302) 636-4140) (email: DCostello@wilmingtontrust.com), Attention: Nissan Auto Receivables 2019-A Owner Trust, with a copy to Nissan Motor Acceptance
Corporation, One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: doug.gwin@nissan-usa.com), Attention: Treasurer; if to the Certificate
Registrar or to the Paying Agent, addressed to U.S. Bank National Association, 190 South LaSalle Street, 7th Floor, Chicago, IL 60603 (telecopier no. (312)
332-7493) (email: brian.kozack@usbank.com), Attention: NAROT 2019-A; or, as to each party, at such other address as shall be designated by such party in a written notice
to each other party. All notices, requests, reports, consents or other communications deliverable to any 

  

					
		  	32	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
Rating Agency hereunder or under any other Basic Document shall be deemed to be delivered if a copy of such notice, request, report, consent or other communication has been posted on any website
maintained by or on behalf of NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

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

SECTION 11.05. Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. 

SECTION 11.06. Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed
to be an original, and all of which shall constitute but one and the same instrument. 
 SECTION 11.07. Successors and Assigns. All
covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any
request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 

SECTION 11.08. No Petition. The Owner Trustee (not in its individual capacity but solely as Owner Trustee), by entering into this
Agreement, hereby covenants and agrees, and each Certificateholder, by accepting a Certificate, and the Indenture Trustee and any Noteholder by accepting the benefits of this Agreement, are thereby deemed to covenant and agree that they will not at
any time institute against a Bankruptcy Remote Party, or join in any institution against such Bankruptcy Remote Party, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or
state bankruptcy or similar law; provided, however, nothing in this Section shall preclude, or be deemed to stop, the Owner Trustee (i) from taking any action in (A) any case or proceeding voluntarily filed or commenced by any Bankruptcy
Remote Party or (B) any involuntary insolvency proceeding filed or commenced by a Person other than the Owner Trustee, or (ii) from commencing against any Bankruptcy Remote Party or any of their respective property any legal action which
is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding. This Section 11.08 shall survive the termination of this Agreement. 

SECTION 11.09. No Recourse. Each Certificateholder by accepting an interest in a Certificate acknowledges that such Certificates
represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, NMAC (in any capacity), the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be
had against such parties or their assets, except as may be expressly set forth or contemplated in the Certificates or the Basic Documents. 

  

					
		  	33	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (a) In furtherance of and not in derogation of the foregoing, to the extent the Depositor
enters into other securitization transactions, each Certificateholder, by accepting a Certificate, acknowledges and agrees that it shall have no right, title or interest in or to any assets or interests therein of the Depositor conveyed or purported
to be conveyed by the Depositor to another securitization trust or other Person or Persons in connection therewith (whether by way of a sale, capital contribution or by virtue of the granting of a lien). To the extent that, notwithstanding the
agreements and provisions contained herein, a Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, whether asserted against or through the Depositor or any other Person owned by the Depositor, or
(ii) is deemed to have any such interest, claim 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 Federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted against or through the Depositor or any other Person owned by the Depositor, then each Certificateholder, by
accepting a Certificate, further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations and liabilities of the Depositor
which, under the terms of the relevant documents relating to the securitization 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 priority of distribution or application under applicable law, including insolvency laws, and whether asserted against Depositor or any other Person owned by the Depositor), including
the payment of post-petition interest on such other obligations and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Certificateholder, by
acceptance of a Certificate, further acknowledges and agrees that no adequate remedy at law exists for a breach of this paragraph and the terms of this paragraph may be enforced by an action for specific performance. The provisions of this paragraph
shall be for the third party benefit of those entitled to rely thereon and shall survive the termination of this Agreement. 
 SECTION
11.10. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND 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. 

[The remainder of this page intentionally left blank] 

  

					
		  	34	  	(NAROT 2019-A Amended & Restated Trust Agreement)

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

			
	 NISSAN AUTO RECEIVABLES
 CORPORATION
II, as Depositor

		
	By:	 	
                 

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	S-1	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as

Certificate Registrar and Paying Agent

		
	By:	 	
                 

	Name:	 	
	Title:	 	

  

					
		  	S-2	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 EXHIBIT A 

(FORM OF CERTIFICATE) 
 THIS
CERTIFICATE IS NON-TRANSFERABLE OTHER THAN AS SET FORTH HEREIN AND IN THE TRUST AGREEMENT (DEFINED BELOW). 

THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR,
NMAC, NARC II, NISSAN NORTH AMERICA, INC. OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY. 

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. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) TO A UNITED STATES PERSON WITHIN THE MEANING
OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND (B) (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (II) IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND OTHER SECURITIES OR “BLUE SKY” LAWS. IN SUCH CASE THE OWNER TRUSTEE SHALL REQUIRE (I) THAT THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) IF REQUESTED BY THE OWNER TRUSTEE, A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER TRUSTEE OR
THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR
JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR ALL PURPOSES. 

NO CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED BY OR FOR THE ACCOUNT OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE CODE,
(III) ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO A 

  

					
		  	A-1	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
LAW THAT IS SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE OR (IV) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY (EACH, A “BENEFIT PLAN INVESTOR”). BY ACCEPTING AND HOLDING A CERTIFICATE (OR INTEREST THEREIN), THE HOLDER THEREOF SHALL BE DEEMED TO HAVE REPRESENTED
AND WARRANTED THAT IT IS NOT A BENEFIT PLAN INVESTOR. 

  

					
		  	A-2	  	(NAROT 2019-A Amended & Restated Trust Agreement)

			
	NUMBER	  	$                    
	R-                	  	

 NISSAN AUTO RECEIVABLES 2019-A OWNER TRUST 

ASSET BACKED CERTIFICATE 
 Evidencing a fractional
undivided ownership interest in the Issuer, as defined below, the property of which includes a pool of retail installment sale contracts secured by new, near-new and used automobiles and light-duty trucks and
sold to the Issuer by Nissan Auto Receivables Corporation II (“NARC II”). 
 (This Certificate does not represent an interest in or obligation of
NARC II, Nissan Motor Acceptance Corporation (“NMAC”), Nissan North America, Inc. or any of their respective affiliates, except to the extent described below.) 

THIS CERTIFIES THAT                     
is the registered owner of                      DOLLARS
($                ), nonassessable, fully-paid, fractional undivided ownership interest in Nissan Auto Receivables 2019-A Owner
Trust (the “Trust”) formed by NARC II. 
 The Issuer was created by the Original Trust Agreement, as amended and restated by the
Amended and Restated Trust Agreement dated as of February 13, 2019, as amended and supplemented from time to time, (the “Trust Agreement”), between NARC II, as depositor (the “Depositor”), Wilmington Trust, National
Association, as owner trustee (the “Owner Trustee”), and U.S. Bank National Association, as certificate registrar and paying agent, a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein
and not otherwise defined have the meanings assigned to such terms in the Sale and Servicing Agreement, dated as of February 13, 2019 (the “Sale and Servicing Agreement”), among the Issuer, the Depositor, NMAC, as servicer (the
“Servicer”), and U.S. Bank National Association, as indenture trustee, as applicable. 
 This Certificate is one of the duly
authorized Certificates designated as “Asset Backed Certificates” (the “Certificates”) issued pursuant to the Trust Agreement. Certain debt instruments evidencing obligations of the Trust have been issued under the Indenture,
consisting of five classes of Notes designated as “2.70786% Asset Backed Notes, Class A-1,” “2.82% Asset Backed Notes, Class A-2a,”
“LIBOR + 0.15% Asset Backed Notes, Class A-2b,” “2.90% Asset Backed Notes, Class A-3” and “3.00% Asset Backed Notes, Class A-4” (collectively, the “Notes”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement to which the holder of this Certificate by
virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of retail installment sale contracts secured by new, near-new and used automobiles and
light-duty trucks (the “Receivables”), all monies received after the Cut-off Date, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from
claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement and all proceeds of the foregoing. 

  

					
		  	A-3	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 Under the Trust Agreement, there will be distributed on the 15th day of each month or, if
such 15th day is not a Business Day, the next Business Day, (each, a “Distribution Date”), commencing on March 15, 2019 to the person in whose name this Certificate is registered at the close of business on the related Record Date,
such Certificateholder’s pro rata portion of the amounts to be distributed to Holders of the Certificates on such Distribution Date in respect of amounts distributable to the Certificateholders of the Certificates pursuant to Section 5.06
of the Sale and Servicing Agreement. 
 The holder of this Certificate acknowledges and agrees that its rights to receive distributions in
respect of this Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture. 

It is the intent of the Depositor, NMAC and the Certificateholders that, for purposes of U.S. federal income tax, state and local income tax,
any state single business tax and any other income taxes, the Issuer will be treated as a division or branch of the Person holding the beneficial ownership interests in the Issuer for any period during which the beneficial ownership interests in the
Issuer are held by one person (or by multiple owners but each owner is treated as the same Person for U.S. federal income tax purposes), and will be treated as a partnership, and the Certificateholders will be treated as partners in that
partnership, for any period during which the beneficial ownership interests in the Issuer are held by more than one person (and all such owners are not treated as the same Person for U.S. federal income tax purposes). For any such period during
which the beneficial ownership interests in the Issuer are held by more than one person, each Certificateholder, by acceptance of a Certificate or any beneficial interest on a Certificate, agrees to treat, and to take no action inconsistent with the
treatment of, the Certificates as partnership interests in the Issuer for such tax purposes. 
 Each Certificateholder, by its acceptance of
a Certificate or any beneficial interest in a Certificate, covenants and agrees that such Certificateholder will not at any time institute against any Bankruptcy Remote Party, or join in any institution against any Bankruptcy Remote Party of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States, federal or state bankruptcy or similar law. 

Each Certificateholder by accepting a Certificate acknowledges that such Certificateholder’s Certificates represent beneficial interests
in the Issuer only and do not represent interests in or obligations of Depositor, NMAC, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as
expressly set forth or contemplated in the Trust Agreement, the Certificates or the Basic Documents. In furtherance of and not in derogation of the foregoing, each Certificateholder, by accepting a Certificate, acknowledges and agrees that it shall
have no right, title or interest in or to any assets or interests therein of the Depositor conveyed or purported to be conveyed by the Depositor to another securitization trust or other Person or Persons in connection therewith (whether by way of a
sale, capital contribution or by virtue of the granting of a lien) (“Other Assets”). To the extent that, notwithstanding the agreements and provisions contained herein, a Certificateholder either (i) asserts an interest or claim to,
or benefit from, Other Assets, whether asserted against or through the Depositor or any other Person owned by the Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by operation of law,
legal process, pursuant to applicable provisions of 

  

					
		  	A-4	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
insolvency laws or otherwise (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether
deemed asserted against or through the Depositor or any other Person owned by the Depositor, then each Certificateholder, by accepting a Certificate, further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is
and shall be expressly subordinated to the indefeasible payment in full of all obligations and liabilities of the Depositor which, under the terms of the relevant documents relating to the securitization 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 priority of distribution or application under applicable law,
including insolvency laws, and whether asserted against Depositor or any other Person owned by the Depositor), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement shall be deemed a
subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Certificateholder, by acceptance of a Certificate, further acknowledges and agrees that no adequate remedy at law exists for a breach of this paragraph
and the terms of this paragraph may be enforced by an action for specific performance. The provisions of this paragraph shall be for the third party benefit of those entitled to rely thereon and shall survive the termination of the Trust Agreement.

 Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to
each Certificateholder of record without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Paying Agent maintained for the purpose by the Owner
Trustee. 
 Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall have
been executed by an authorized officer of the Owner Trustee or an authenticating agent, by manual or facsimile signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing
Agreement or be valid for any purpose. 
 THIS CERTIFICATE SHALL BE GOVERNED BY AND 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. 

  

					
		  	A-5	  	(NAROT 2019-A Amended & Restated Trust Agreement)

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

							
		 		 	NISSAN AUTO RECEIVABLES 2019-A OWNER TRUST
				
		 		 	By:	 	WILMINGTON TRUST, NATIONAL
		 		 		 	ASSOCIATION, not in its individual
		 		 		 	capacity but solely as Owner Trustee
				
	Dated:                    	 		 	By:	 	  

		 		 		 	Authorized Signatory

  

					
		  	A-6	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Trust Agreement. 

 

											
	 WILMINGTON TRUST NATIONAL

ASSOCIATION, not in its individual
 capacity but solely as Owner
Trustee
	 		 	Or	 	___________________________________, in its individual capacity but solely as Authenticating Agent	 	 not

					
	By:
                                         
                                   	 	            	 		 	By:
                                         
                       	 	
	                            Authorized Signatory	 		 		 	                        Authorized Signatory
						
	Date:	 		 		 		 		 	

  

					
		  	A-7	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 (REVERSE OF CERTIFICATE) 

The Certificates do not represent an obligation of, or an interest in, the Owner Trustee, NMAC, NARC II, Nissan North America, Inc. or any of
their Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement or the Basic Documents. In addition, this Certificate is not guaranteed by any
governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth in the Trust Agreement and in the Sale and Servicing
Agreement. A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by any
Certificateholder upon written request. 
 The Trust Agreement may be amended by the parties thereto, without the consent of any other
Person in the manner set forth in Section 11.01 of the Trust Agreement. 
 As provided in the Trust Agreement, and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar, accompanied by a
written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of
authorized denominations evidencing the same aggregate interest in the Issuer will be issued to the designated transferee or transferees. The initial Certificate Registrar appointed under the Trust Agreement is U.S. Bank National Association, 111
Fillmore Avenue East, St. Paul, MN 55107, Attention: Bondholder Services. 
 The Certificates are issuable only as registered Certificates
without coupons in denominations of $25,000 and in integral multiples of $1,000 in excess thereof. As provided in the Trust Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of
authorized denominations evidencing the same aggregate denomination as requested by the holder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
 The Owner
Trustee, the Certificate Registrar, the Paying Agent and any agent of the Owner Trustee or the Certificate Registrar or the Paying Agent may treat the person in whose name this Certificate is registered as the owner hereof for all purposes and none
of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary. 
 The obligations and
responsibilities created by the Trust Agreement and the Issuer created thereby shall terminate upon the earliest of (i) the maturity or other liquidation of the last Receivable (or other asset) in the Owner Trust Estate and the final
distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Trust Agreement, the Indenture and the Sale and Servicing Agreement (including, but not limited to,

  

					
		  	A-8	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
any property and proceeds to be deposited in the Collection Account pursuant to the terms of the Sale and Servicing Agreement or to be released by the Indenture Trustee from the Lien of the
Indenture pursuant to the terms of the Indenture, and (ii) the election by NMAC, as servicer of the Receivables under the Sale and Servicing Agreement, or any successor servicer, to purchase the Collateral (other than the Reserve Account
pursuant to Section 9.01 of the Sale and Servicing Agreement and the payment or distribution to all Securityholders of all amounts required to be paid to them under the Indenture and the Trust Agreement; provided, however, such right of
purchase by the servicer is exercisable only after the last day of the Collection Period as of which the Pool Balance is less than or equal to 5% of the Original Pool Balance. 

In the event of any conflict or inconsistency between the terms of this Certificate and the term of the Basic Documents, the terms of the
Basic Documents shall control. 

  

					
		  	A-9	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 ASSIGNMENT 

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

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER 

OF ASSIGNEE 
  

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

the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing 

                          
                                         
                                         
                                         
                                         
  Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
  

			
	Dated:	 	
		 	 */

		 	Signature Guaranteed:
		
		 	 */

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

  

					
		  	A-10	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 EXHIBIT B 

FORM OF TRANSFEREE REPRESENTATION LETTER 

Nissan Auto Receivables 2019-A Owner Trust 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 
 not in its individual
capacity but solely as Owner Trustee 
 Rodney Square North 

1100 North Market Street 
 Wilmington, Delaware 19890 

Attention: Nissan Auto Receivables 2019-A Owner Trust 

U.S. BANK NATIONAL ASSOCIATION, 
 as Certificate Registrar 

111 Fillmore Avenue East 
 St. Paul, MN 55107 

Attention: Bondholder Services 

Attention:    Corporate Trust Services — Nissan Auto Receivables 2019-A Owner Trust 

Re: Transfer of Nissan Auto Receivables 2019-A Owner Trust Certificates, (the
“Certificates”) 
 Ladies and Gentlemen: 

This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement, dated as of February 13, 2019 (the
“Trust Agreement”), between Nissan Auto Receivables Corporation II, as Depositor, Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), and U.S Bank National Association, as Certificate Registrar and
Paying Agent, in connection with the transfer by                                  (the
“Seller”) to the undersigned (the “Purchaser”) of $                     balance of the Certificates. Capitalized terms used and
not otherwise defined herein have the meanings assigned to such terms in the Trust Agreement. 
 In connection with such transfer, the
undersigned hereby represents and warrants to you and the addressees hereof as follows: 
 ☐     I acknowledge
that the Certificates have not been and will not be registered under the Securities Act or the securities law of any jurisdiction; 

  

					
		  	B-1	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 ☐    I acknowledge that if in the future I decide to resell,
assign, pledge or otherwise transfer any Certificates, such Certificates may be resold, assigned, pledged or transferred only (A) to a United States person within the meaning of Section 7701(a)(30) of the Code and (B) (i) pursuant to
an effective registration statement under the Securities Act or (ii) in a transaction exempt from the registration requirements of the Securities Act and other securities or “Blue Sky” laws; 

☐     I am not a Non-U.S. Person (as defined in the Trust Agreement); 

☐     In the event of any subsequent transfer of a Certificate (or any interest therein), I shall comply with
Section 1446(f) of the Code (including with respect to deducting and withholding from the purchase price paid in respect of such Certificate unless I obtained a certificate providing for an exemption from such withholding); 

☐     I am not, and I am not acquiring the Certificate (or any interest therein) for the account of (i) an
employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of ERISA, (ii) a “plan” described in and
subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) any other employee benefit plan or arrangement that is subject to a law that is similar to the fiduciary responsibility or prohibited
transaction provisions of ERISA or Section 4975 of the Code or (iv) any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or a plan’s investment in the entity. Each Person who acquires any
Certificate or interest therein will certify that the foregoing conditions are satisfied; 
 ☐     I acknowledge
that after this transfer (or purported transfer), the Issuer would not have more than 95 direct or indirect beneficial owners of any interest in the Certificates; 

☐     This transfer is not effected through an established securities market or secondary market or substantial
equivalent thereof within the meaning of Section 7704 of the Code or would make the Issuer ineligible for “safe harbor” treatment under Section 7704 of the Code; 

☐     I either (A) am not, and will not become, a partnership, Subchapter S corporation, grantor trust or an
entity disregarded as a separate entity from any such entity for U.S. federal income tax purposes or (B) am such an entity, but (x) none of the direct or indirect beneficial owners of any of the interests in me have allowed or caused, or
will allow or cause, 50% or more (or such other percentage as the Depositor may establish prior to the time of such proposed transfer) of the value of such interests to be attributable to my ownership of Certificates and (y) it is not and will
not be a principal purpose of the arrangement involving my beneficial interest in any Certificates to permit any partnership to satisfy the 100 partner limitation of Treasury Regulation
Section 1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly traded partnership under the Code; 

  

					
		  	B-2	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 ☐     If I am acquiring any Certificate (or interest therein) for
the account of one or more Persons, (A) I shall provide to the Owner Trustee and the Depositor information as to the number of such Persons and any changes in the number of such Persons and (B) any such change in the number of Persons for
whose account a Certificate is held shall require the written consent of the Owner Trustee, which consent shall be granted unless the Owner Trustee determines that such proposed change in number of Persons would create a risk that the Issuer would
be classified for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation; 

☐     I understand that the Certificates will bear legends substantially as set forth in
Section 3.09 of the Trust Agreement; 
 ☐     (A) I shall provide to the Owner Trustee
and the Depositor any further information required by the Issuer to comply with the Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law) and (B) if I am not the
Certificate Owner, such Certificate Owner shall provide to the Owner Trustee and the Depositor any further information required by the Issuer to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of Code (and any
corresponding provision of state law) and, to the extent necessary for the Issuer to make an election under Section 6226(a) of the Code (or any corresponding provision of state law), hereby appoints me as its agent for purposes of receiving any
notifications or information pursuant to the notice requirements under Section 6226(a)(2) of the Code (and any corresponding provision of state law); 

☐     This transfer of a Certificate (or interest therein) (i) does not cause the Issuer to be a
Section 385 Controlled Partnership (i.e., 80 percent or more of the Issuer’s ownership interests are owned, directly or indirectly, by one or more members of a Section 385 Expanded Group) that has an expanded group partner
(within the meaning of Treasury Regulation section 1.385-3(g)(12)) which is a Domestic Corporation or (ii) it does cause the Issuer to be a Section 385 Controlled Partnership but (x) no member
of such Section 385 Expanded Group owns any Notes and (y) no Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in the case of clause (x), unless such member, or in the case of clause (y),
unless each member of the Section 385 Expanded Group that is a partner in such Section 385 Controlled Partnership is a member of the consolidated group (as described in Treasury Regulation section
1.1502-1(h)) which includes such Domestic Corporation) (for purposes of determining the Issuer’s ownership interests in this paragraph, taking any Retained Notes into account either as debt interests or
ownership interests based on whichever treatment, if any, would result in the Issuer being treated as a Section 385 Controlled Partnership for purposes of applying this paragraph’s restriction (it being understood that if the Retained
Notes are taken into account as ownership interests for this purpose then the Retained Notes are not also considered Notes for the Note ownership restriction of this paragraph)); 

☐     This transfer of a Certificate (or interest therein) (i) does not result in the Issuer becoming
disregarded as an entity separate for U.S. federal income tax purposes from a Domestic Corporation or (ii) does result in the Issuer becoming disregarded as an entity separate for U.S. federal income tax purposes from a Domestic Corporation but
(x) no member of a Section 385 Expanded Group that includes such Domestic Corporation owns any Notes and (y) no Section 385 Controlled Partnership of such Section 385 Expanded Group owns any Notes (in

  

					
		  	B-3	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
the case of clause (x), unless such member, or in the case of clause (y), unless each member of the Section 385 Expanded Group that is a partner in such Section 385 Controlled
Partnership is a member of the consolidated group (as described in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation) (for purposes of determining the Issuer’s ownership
interests in this paragraph, taking any Retained Notes into account either as debt interests or ownership interests based on whichever treatment, if any, would result in the Issuer being treated as a disregarded entity for purposes of applying this
paragraph’s restriction (it being understood that if the Retained Notes are taken into account as ownership interests for this purpose then the Retained Notes are not also considered Notes for the Note ownership restriction of this paragraph));

 ☐     No transfer of the Certificates (or any interest therein) is a transfer of a Certificate (or any interest
therein) with a Certificate Balance of less than 2.1% of the entire Certificate Balance; and 
 ☐     Any
attempted transfer that would cause the number of direct or indirect beneficial owners of Certificates in the aggregate to exceed 95 or otherwise cause the Issuer to become a publicly traded partnership for income tax purposes shall be a void
transfer. 
 ☐     I understand that if I am acquiring the Certificates as agent or nominee for any other
person(s), such person(s) confirm the representations in the above paragraphs as such representations apply to such person(s). 

[Signature appears on next page] 

  

					
		  	B-4	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on
the ___ day of _______________. 
  

					
	Very truly yours,	 	
		
	  
	 	,
	The Purchaser	 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
		  	B-5	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 EXHIBIT C 

FORM OF TRANSFEROR REPRESENTATION LETTER 

Nissan Auto Receivables 2019-A Owner Trust 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 
 not in its individual
capacity but solely as Owner Trustee 
 Rodney Square North 

1100 North Market Street 
 Wilmington, Delaware 19890 

Attention: Nissan Auto Receivables 2019-A Owner Trust 

U.S. BANK NATIONAL ASSOCIATION, 
 as Certificate Registrar 

111 Fillmore Avenue East 
 St. Paul, MN 55107 

Attention: Bondholder Services 
  

	Attention: Corporate	 Trust Services — Nissan Auto Receivables 2019-A Owner Trust

 Re: Transfer of Nissan Auto Receivables 2019-A Owner Certificates,
(the “Certificates”) 
 Ladies and Gentlemen: 

This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement, dated as of February 13, 2019 (the
“Trust Agreement”), between Nissan Auto Receivables Corporation II, as Depositor, Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), and U.S. Bank National Association as Certificate Registrar and
Paying Agent, in connection with the transfer by the undersigned (the “Seller”) to
                                         (the
“Purchaser”) of $                     balance of the Certificates. Capitalized terms used and not otherwise defined herein have the
meanings ascribed thereto in the Trust Agreement. The Seller hereby certifies, represents and warrants to you, as Certificate Registrar, that: 

1. The Seller is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any and all
claims and encumbrances whatsoever. 
 2. Neither the Seller nor anyone acting on its behalf has (a) offered, transferred, pledged,
sold or otherwise disposed of any Transferred Certificate, any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition
of any Transferred Certificate, any interest in any Transferred Certificate or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred Certificate, any interest in any
Transferred Certificate or any other similar security with any 

  

					
		  	C-1	  	(NAROT 2019-A Amended & Restated Trust Agreement)

 
person in any manner, (d) made any general solicitation by means of general advertising or in any other manner, or (e) taken any other action, which (in the case of any of the acts
described in clauses (a) through (e) hereof) would constitute a distribution of any Transferred Certificate under the Securities Act of 1933, as amended (the “Securities Act”), or would render the disposition of any Transferred
Certificate a violation of Section 5 of the Securities Act or any state securities laws, or would require registration or qualification of any Transferred Certificate pursuant to the Securities Act or any state securities laws. 

 

			
	Very truly yours,
	
	  

	(Seller)
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
		  	C-2	  	(NAROT 2019-A Amended & Restated Trust Agreement)Exhibit 4.1

  

   

  

  TOYOTA AUTO RECEIVABLES 2019-A OWNER TRUST

  (a Delaware Statutory Trust)

  ______________________________________

  FORM OF AMENDED AND RESTATED TRUST AGREEMENT

  between

  TOYOTA AUTO FINANCE RECEIVABLES LLC,

  as Depositor,

  and

  WILMINGTON TRUST, NATIONAL ASSOCIATION,

  as Owner Trustee

  ______________________________________________

  Dated as of February 13, 2019

  

  

  
    
      

  

  
  TABLE OF CONTENTS

  

  Page

  

  

  

  	
          ARTICLE I

           

        	
          DEFINITIONS

           

        	
          1

        
	
          Section 1.01.

        	
          Definitions

        	
          1

        
	
          Section 1.02.

        	
          Usage of Terms

           

            

        	
          4

        
	
          ARTICLE II

           

        	
          CREATION OF TRUST

           

        	
          4

        
	
          Section 2.01.

        	
          Creation of Trust

        	
          4

        
	
          Section 2.02.

        	
          Office

        	
          5

        
	
          Section 2.03.

        	
          Purposes and Powers

        	
          5

        
	
          Section 2.04.

        	
          Power of Attorney

        	
          6

        
	
          Section 2.05.

        	
          Declaration of Trust

        	
          6

        
	
          Section 2.06.

        	
          Liability of the Certificateholders

        	
          6

        
	
          Section 2.07.

        	
          Title to Trust Property

        	
          6

        
	
          Section 2.08.

        	
          Situs of Trust

        	
          6

        
	
          Section 2.09.

        	
          Representations and Warranties of the Depositor

        	
          6

        
	
          Section 2.10.

        	
          Federal Income Tax Allocations

        	
          8

        
	
          Section 2.11.

        	
          Covenants of the Trust

           

            

        	
          8

        
	
          ARTICLE III

           

        	
          CERTIFICATES AND TRANSFER OF INTERESTS

           

        	
          9

        
	
          Section 3.01.

        	
          The Certificates

        	
          9

        
	
          Section 3.02.

        	
          Authentication of Certificates

        	
          9

        
	
          Section 3.03.

        	
          Registration of Transfer and Exchange of Certificates

        	
          9

        
	
          Section 3.04.

        	
          Mutilated, Destroyed, Lost or Stolen Certificate

        	
          11

        
	
          Section 3.05.

        	
          Maintenance of Office or Agency

        	
          11

        
	
          Section 3.06.

        	
          Appointment of Paying Agent

        	
          12

        
	
          Section 3.07.

        	
          Persons Deemed Certificateholders

        	
          13

        
	
          Section 3.08.

        	
          Access to List of Certificateholders’ Names and Addresses

        	
          13

        
	
          Section 3.09.

        	
          Regarding the Certificate(s)

              

            

        	
          13

        
	
          ARTICLE IV

           

        	
          ACTIONS BY OWNER TRUSTEE OR THE CERTIFICATEHOLDERS

           

        	
          13

        
	
          Section 4.01.

        	
          Prior Notice to the Certificateholders with Respect to Certain Matters

        	
          13

        
	
          Section 4.02.

        	
          Action by the Certificateholders with Respect to Certain Matters

        	
          14

        
	
          Section 4.03.

        	
          Action with Respect to Bankruptcy

        	
          14

        
	
          Section 4.04.

        	
          Restrictions on the Certificateholders’ Power

        	
          15

        
	
          Section 4.05.

        	
          Majority of the Certificates Control

              

            

        	
          15

        
	
          ARTICLE V

           

        	
          APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

           

        	
          15

        
	
          Section 5.01.

        	
          [Reserved]

        	
          15

        
	
          Section 5.02.

        	
          Application of Amounts in Trust Accounts

        	
          15

        
	
          Section 5.03.

        	
          Method of Payment

        	
          16

        
	
          Section 5.04.

        	
          Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others

        	
          16

        
	
          Section 5.05.

        	
          Signature on Returns; Partnership Representative

        	
          17

        

  

  

  

  

  
    ii

    
      

  

  
    
      TABLE OF CONTENTS

      

      (continued)

        

      Page

    

  

  	
          ARTICLE VI

           

        	
          AUTHORITY AND DUTIES OF OWNER TRUSTEE

           

        	
          17

        
	
          Section 6.01.

        	
          General Authority

        	
          17

        
	
          Section 6.02.

        	
          General Duties

        	
          17

        
	
          Section 6.03.

        	
          Duties of Owner Trustee

        	
          18

        
	
          Section 6.04.

        	
          No Duties Except as Specified in this Agreement or in Instructions

        	
          20

        
	
          Section 6.05.

        	
          No Action Except Under Specified Documents or Instructions

        	
          21

        
	
          Section 6.06.

        	
          Restrictions

           

            

        	
          21

        
	
          ARTICLE VII

           

        	
          CONCERNING THE OWNER TRUSTEE

           

        	
          21

        
	
          Section 7.01.

        	
          Rights of the Owner Trustee

        	
          21

        
	
          Section 7.02.

        	
          Furnishing of Documents

        	
          23

        
	
          Section 7.03.

        	
          Representations and Warranties

        	
          23

        
	
          Section 7.04.

        	
          Reliance; Advice of Counsel

        	
          24

        
	
          Section 7.05.

        	
          Not Acting in Individual Capacity

        	
          25

        
	
          Section 7.06.

        	
          Owner Trustee Not Liable for the Certificates or Receivables

        	
          25

        
	
          Section 7.07.

        	
          Owner Trustee May Own Certificates and Notes

        	
          26

        
	
          Section 7.08.

        	
          Trust Licenses

           

            

        	
          26

        
	
          ARTICLE VIII

           

        	
          COMPENSATION OF OWNER TRUSTEE

           

        	
          26

        
	
          Section 8.01.

        	
          Owner Trustee’s Fees and Expenses

        	
          26

        
	
          Section 8.02.

        	
          Indemnification

        	
          27

        
	
          Section 8.03.

        	
          Payments to the Owner Trustee

           

            

        	
          27

        
	
          ARTICLE IX

           

        	
          TERMINATION OF TRUST AGREEMENT

           

        	
          27

        
	
          Section 9.01.

        	
          Termination of Trust Agreement

              

            

        	
          27

        
	
          ARTICLE X

           

        	
          SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

           

        	
          29

        
	
          Section 10.01.

        	
          Eligibility Requirements for Owner Trustee

        	
          29

        
	
          Section 10.02.

        	
          Resignation or Removal of Owner Trustee

        	
          29

        
	
          Section 10.03.

        	
          Successor Owner Trustee

        	
          30

        
	
          Section 10.04.

        	
          Merger or Consolidation of Owner Trustee

        	
          30

        
	
          Section 10.05.

        	
          Appointment of Co-Trustee or Separate Trustee

        	
          30

        
	
          Section 10.06.

        	
          Power of Attorney for Co-Trustee or Separate Trustee

           

            

        	
          31

        
	
          ARTICLE XI

           

        	
          MISCELLANEOUS

           

        	
          32

        
	
          Section 11.01.

        	
          Supplements and Amendments

        	
          32

        
	
          Section 11.02.

        	
          No Legal Title to Trust Estate in the Certificateholders

        	
          33

        
	
          Section 11.03.

        	
          Limitations on Rights of Others

        	
          33

        
	
          Section 11.04.

        	
          Notices

        	
          33

        
	
          Section 11.05.

        	
          Severability

        	
          34

        
	
          Section 11.06.

        	
          Counterparts

        	
          34

        
	
          Section 11.07.

        	
          Successors and Assigns

        	
          34

        
	
          Section 11.08.

        	
          No Petition

        	
          34

        
	
          Section 11.09.

        	
          No Recourse

        	
          35

        

  

    

  

  
    iii

    
      

  

  
    TABLE OF CONTENTS

    

    (continued)

      

    Page

  

  

  

  	
          Section 11.10.

        	
          Headings

        	
          35

        
	
          Section 11.11.

        	
          Governing Law

        	
          35

        
	
          Section 11.12.

        	
          Exclusive Jurisdiction

        	
          35

        
	
          Section 11.13.

        	
          WAIVER OF JURY TRIAL

        	
          35

        
	
          Section 11.14.

        	
          USA PATRIOT Act Compliance

        	
          35

        
	
          ARTICLE XII

           

        	
          COMPLIANCE WITH REGULATION AB

           

        	
          36

        
	
          Section 12.01.

        	
          Intent of the Parties; Reasonableness

        	
          36

        
	 	 	 
	 	 	 
	
          EXHIBITS

           

        	 	 
	
          EXHIBIT A

           

        	
          Form of Certificate

           

        	
          A‐1

        
	
          EXHIBIT B

           

        	
          Form of Transferee Representation Letter

           

        	
          B‐1

        
	
          EXHIBIT C

           

        	
          Form of Transferor Representation Letter

           

        	
          C‐1

        
	
          EXHIBIT D

           

        	
          Form of Notice of Repurchase Request

           

        	
          D‐1

        

  

  

  

  

  
    iv

    
      

  

  AMENDED AND RESTATED TRUST AGREEMENT, dated as of February 13, 2019, by and between TOYOTA AUTO FINANCE RECEIVABLES
      LLC, a Delaware limited liability company, as depositor, and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Owner Trustee, amending and restating in its entirety the Trust
      Agreement dated as of October 15, 2018 (the “Original Trust Agreement”), by and between TOYOTA AUTO FINANCE RECEIVABLES LLC, a Delaware limited liability company, as depositor and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking
      association, as owner trustee, and herein referred to as the “Trust Agreement” or this “Agreement.”

  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 1.01.     
      Definitions.  Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but not otherwise defined herein
      have the meanings ascribed thereto in the Sale and Servicing Agreement and the Indenture for all purposes of this Trust Agreement.  Except as otherwise provided in this Agreement, whenever used herein the following words and phrases, unless the
      context otherwise requires, shall have the following meanings:

  “Administration Agreement” means the
      Administration Agreement dated as of February 13, 2019, by and among the Trust, as issuer, the Administrator, and the Indenture Trustee, pursuant to which the Administrator undertakes to perform certain of the duties and obligations of the Trust and
      the Owner Trustee hereunder, under the Sale and Servicing Agreement, the Asset Representations Review Agreement and under the Indenture.

  “Administrator” means TMCC acting in its
      capacity as Administrator under the Administration Agreement.

  “Agreement” means this Amended and
      Restated Trust Agreement, as the same may be amended and supplemented from time to time.

  “Asset Representations Review Agreement”
      means the Asset Representations Review Agreement dated as of February 13, 2019, by and among the Asset Representations Reviewer, the Trust, the Servicer and the Administrator.

  “Asset Representations Reviewer” means
      Clayton Fixed Income Services LLC, as asset representations reviewer under the Asset Representations Review Agreement, and any successor thereto.

  “Basic Documents” means the Receivables
      Purchase Agreement, this Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the Indenture, the Administration Agreement, the Securities Account Control Agreement, the Note Depository Agreement, the

  
    
      

  

  
  

  

  Asset Representations Review Agreement and the other documents and certificates delivered in connection herewith and therewith.

  “Benefit Plan” means an “employee
      benefit plan” as defined in Section 3(3) of ERISA, which is subject to the provisions of Title I of ERISA, a “plan” described in and subject to Section 4975 of the Code, an entity whose underlying assets include “plan assets” by reason of an employee
      benefit plan’s or plan’s investment in the entity, or any other employee benefit plan that is subject to any law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code.

  “Certificate” means any of the
      Certificates executed by the Trust and authenticated by the Owner Trustee, evidencing a beneficial interest in the Trust, substantially in the form attached hereto as Exhibit A.

  “Certificate of Trust” means the
      Certificate of Trust filed with respect to the formation of the Trust pursuant to Section 3810(a) of the Statutory Trust Act, as amended, corrected or restated from time to time.

  “Certificate Register” means the
      register maintained pursuant to Section 3.03.

  “Certificate Registrar” means Wilmington
      Trust, National Association, unless and until a successor thereto is appointed pursuant to Section 3.03. The Certificate Registrar initially designates its offices at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890,
      Attention: Corporate Trust Administration, as its offices for purposes of Section 3.03.

  “Certificateholder” or “Holder” means a Person in whose name a Certificate is registered in the Certificate Register.

  “Code” means the Internal Revenue Code
      of 1986, as amended, and the Treasury Regulations promulgated thereunder.

  “Corporate Trust Office” means, with
      respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration; or at such other address as the
      Owner Trustee may designate by notice to the Certificateholder, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder).

  “Depositor” means TAFR LLC in its
      capacity as depositor hereunder.

  “ERISA” means the Employee Retirement
      Income Security Act of 1974, as amended.

  “Expenses” shall have the meaning
      assigned to such term in Section 8.02.

  “Indenture” means the Indenture, dated
      as of February 13, 2019, entered into between the Trust and U.S. Bank National Association, a national banking association, as Indenture Trustee, pursuant to which a series of Notes are issued.

  
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  “Non-U.S. Person” means any Person who
      is not (i) a citizen or resident of the United States who is a natural person, (ii) a corporation or partnership (or an entity treated as a corporation or partnership) created or organized in or under the laws of the United States or any state
      thereof, including the District of Columbia (unless, in the case of a partnership, Treasury Regulations are adopted that provide otherwise), (iii) an estate, the income of which is subject to United States federal income taxation, regardless of its
      source or (iv) a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons (as such term is defined in the Code and Treasury Regulations) have the
      authority to control all substantial decisions of the trust; except that, to the extent provided in Treasury Regulations, certain trusts in existence prior to August 20, 1996 which elected to be treated as United States Persons prior to such date
      also shall be U.S. Persons.

  “Notes” means the notes issued by the
      Trust pursuant to the Indenture, having the payment and other terms set forth in the Indenture.

  “Original Trust Agreement” shall have
      the meaning assigned to such term in the introductory paragraph to this Agreement.

  “Owner Trustee” means Wilmington Trust,
      National Association, a national banking association, not in its individual capacity but solely as Owner Trustee under this Agreement, and any successor Owner Trustee hereunder.

  “Paying Agent” means any paying agent or
      co-paying agent appointed pursuant to Section 3.06, and shall initially be the Owner Trustee.

  “Percentage Interest” shall mean, with
      respect to each Certificate, the percentage interest in the Trust represented by such Certificate.

  “Receivables Purchase Agreement” means
      that certain Receivables Purchase Agreement, dated as of February 13, 2019, between TMCC, as Seller, and TAFR LLC, as Purchaser of the Receivables.

  “Record Date” means, with respect to the
      Notes of any Class and each Payment Date, the calendar day immediately preceding such Payment Date or, if Definitive Notes representing any Class of Notes have been issued, the last day of the month immediately preceding the month in which such
      Payment Date occurs.  Any amount stated “as of a Record Date” or “on a Record Date” shall give effect to (i) all applications of collections, and (ii) all payments and distributions to any party under this Agreement, the Indenture and the Trust
      Agreement or to the related Obligor, as the case may be, in each case as determined as of the opening of business on the related Record Date.

  “Responsible Officer” means, with
      respect to the Owner Trustee, any vice president, assistant vice president, secretary, assistant secretary working in its corporate trust department and having direct responsibility for the administration of this Trust Agreement and with respect to a
      particular matter to whom such matter is referred because of such officer’s knowledge and familiarity with the particular subject.

  
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  “Sale and Servicing Agreement” means the
      Sale and Servicing Agreement, dated as of February 13, 2019, among the Trust, TAFR LLC, as seller, and TMCC, as servicer.

  “Secretary of State” means the Secretary
      of State of the State of Delaware.

  “Securities Account Control Agreement”
      shall have the meaning ascribed thereto in the Sale and Servicing Agreement.

  “Statutory Trust Act” means Chapter 38
      of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended from time to time.

  “TAFR LLC” means Toyota Auto Finance
      Receivables LLC, a Delaware limited liability company, its successors and assigns.

  “TMCC” means Toyota Motor Credit
      Corporation, a California corporation, its successors and assigns.

  “Treasury Regulations” means
      regulations, including proposed or temporary regulations, promulgated under the Code.  References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor
      Treasury Regulations.

  “Trust” means the Toyota Auto
      Receivables 2019-A Owner Trust, a Delaware statutory trust existing pursuant to this Agreement and the filing of the Certificate of Trust.

  “Trust Estate” shall have the meaning
      ascribed thereto in the Indenture.

  Section 1.02.     
      Usage of Terms.  With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any
      gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments,
      amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term
      “including” means “including without limitation.”

  ARTICLE II

      

      CREATION OF TRUST

  Section 2.01.     
      Creation of Trust.  A Delaware statutory trust known as “Toyota Auto Receivables 2019-A Owner Trust” was formed in accordance with the provisions
      of the Statutory Trust Act pursuant to the Original Trust Agreement.  The Owner Trustee is hereby authorized and vested with the power and authority to make and execute contracts, instruments, certificates, agreements and other writings on behalf of
      the Trust as set forth herein and to sue and be sued on behalf of the Trust.

  
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  The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its acceptance and agreement
      to hold in trust, for the benefit of the Certificateholders and such other Persons as may become beneficiaries hereunder from time to time, all of the Trust Estate conveyed or to be conveyed to the Trust and all monies and proceeds that may be
      received with respect thereto, subject to the terms of this Agreement.

  Section 2.02.     
      Office.  The principal place of business of the Trust for purposes of Delaware law shall be in care of the Owner Trustee at Rodney Square North,
      1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, or at such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Servicer. The Trust may
      establish additional offices located at such place or places inside or outside of the State of Delaware as the Owner Trustee may designate from time to time by written notice to the Certificateholders and the Servicer.

  Section 2.03.     
      Purposes and Powers.

  (a)      The purpose of the Trust is, and the Trust shall have the power and authority and is
      authorized, to engage in the following activities:

  (i)      to issue Notes pursuant to the Indenture and Certificates pursuant to
      this Agreement;

  (ii)      to acquire, hold and manage the Trust Estate (including the Receivables
      and related property) from the Depositor in exchange for the Notes and Certificates pursuant to the Sale and Servicing Agreement;

  (iii)      to assign, grant, transfer, pledge, mortgage and convey the Trust
      Estate pursuant to, and on the terms and conditions set forth in, the Indenture and to hold, manage and distribute to Certificateholders pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released from the Lien
      of, and remitted to the Trust pursuant to, the Indenture as set forth therein and in the Sale and Servicing Agreement;

  (iv)      to engage in those activities, including entering into and performing
      such agreements (including, without limitation, the Basic Documents) that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and

  (v)      subject to compliance with the Basic Documents, to engage in such other
      activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholders and the Noteholders and in respect of amounts to be released to the Depositor, the Servicer, the Administrator
      and third parties, if any.

  (b)      The Trust shall not engage in any activity other than in connection with the foregoing and
      as required or authorized by the terms of the Basic Documents.

  
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  Section 2.04.     
      Power of Attorney.  Pursuant to the Administration Agreement, the Trust has authorized the Administrator to perform certain of its administrative
      duties hereunder, including duties with respect to the management of the Trust Estate, and in connection therewith hereby grants the Administrator its revocable power of attorney.

  Section 2.05.     
      Declaration of Trust.  The Owner Trustee hereby declares that it shall hold the Trust Estate in trust upon and subject to the conditions set forth
      herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents.  It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act 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 Trust shall be treated as a division or branch of the Person holding the
      beneficial interests in the Trust for any period during which the beneficial interests in the Trust are held by one Person, and that it shall be treated as a partnership for any period during which the beneficial interests in the Trust are held by
      more than one Person, with the assets of the partnership being the Receivables and other assets held by the Trust, and the Notes being debt of the partnership. The parties agree that for any such period, unless otherwise required by appropriate tax
      authorities, the Trust will file or cause to be filed annual or other necessary returns, reports and other forms consistent with such characterization of the Trust for income and franchise tax purposes.  Effective as of the date hereof, the Owner
      Trustee and, solely to the extent set forth in the Administration Agreement, the Administrator shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust.  At the
      direction of the Depositor, the Owner Trustee caused to be filed a certificate of trust for the Trust pursuant to the Statutory Trust Act, and the Owner Trustee shall file or cause to be filed such amendments thereto as shall be necessary or
      appropriate to satisfy the purposes of this Agreement and as shall be consistent with the provisions hereof.

  Section 2.06.     
      Liability of the Certificateholders.  No Certificateholder shall have any personal liability for any liability or obligation of the Trust, solely
      by reason of it being a Certificateholder.

  Section 2.07.     
      Title to Trust Property.  Legal title to the Trust Estate shall be vested at all times in the Trust as a separate legal entity.

  Section 2.08.     
      Situs of Trust.  The Trust will be located in Delaware and administered in Delaware and California.  All bank accounts maintained by the Owner
      Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York.  The Trust shall not have any employees in any state other than Delaware; 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 Trust only in Delaware or New York, and payments will be made by the Trust only from Delaware or New York.

  Section 2.09.     
      Representations and Warranties of the Depositor.  The Depositor hereby represents and warrants to the Owner Trustee that as of the Closing Date:

  (a)      The Depositor is duly organized and validly existing as a limited liability company in good
      standing under the laws of the State of Delaware, with power and authority to

  
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  own its properties and to conduct its business as such properties are currently owned and such business is presently
      conducted, and had at all relevant times and has power, authority and legal right to acquire, own and sell the Receivables.

  (b)      The Depositor is duly qualified to do business as a foreign limited liability company in
      good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications and where the failure to so qualify will have a
      material adverse effect on the ability of the Depositor to conduct its business or perform its obligations under this Agreement.

  (c)      The Depositor has the power and authority to execute and deliver this Agreement and to carry
      out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to the Trust under the Sale and Servicing Agreement and deposited with the Owner Trustee, on behalf of the Trust, as part of the Trust
      Estate, and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all
      necessary action.

  (d)      This Agreement shall constitute a legal, valid and binding obligation of the Depositor
      enforceable in accordance with its terms, except as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other similar laws affecting the enforcement of
      creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or in law.

  (e)      The consummation of the transactions contemplated by this Agreement and the fulfillment of
      the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the limited liability company agreement of the Depositor or conflict with or
      breach any of the terms or provisions or constitute (with or without notice or lapse of time) a default under any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound, nor result in the creation or
      imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order,
      rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties which breach, default,
      conflict, Lien or violation would have a material adverse effect on the earnings, business affairs or business prospects of the Depositor.

  (f)      There is no action, suit or proceeding before or by any court or governmental agency or
      body, domestic or foreign, now pending, or to the best of the Depositor’s knowledge, threatened, against or affecting the Depositor: (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions
      contemplated by this Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this

  
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  Agreement or (iv) relating to the Depositor and which might adversely affect the federal income tax attributes of the
      Trust or the Certificate or the Notes.

  Section 2.10.     
      Federal Income Tax Allocations.  To the extent required for federal income tax purposes, net income or net losses of the Trust for any month as
      determined for federal income tax purposes (and each item of income, gain, loss and deduction entering into the computation thereof) shall be allocated to the Certificateholders in proportion to their interests (to the extent not previously allocated
      pursuant to this clause).  The Depositor is authorized to modify the allocations in this paragraph if necessary or appropriate, in its sole discretion for the allocations to fairly reflect the economic income, gain or loss to the Certificateholders,
      as otherwise required by the Code.

  Section 2.11.     
      Covenants of the Trust.  The Trust covenants and agrees to the following:

  (a)      to maintain books and records separate from any other person or entity;

  (b)      to maintain its accounts separate from those of any other person or entity, except as
      permitted by the Trust Agreement or any other Basic Document;

  (c)      not to commingle assets with those of any other entity, except as permitted by the Trust
      Agreement or any other Basic Document;

  (d)      to conduct its own functions in its own name;

  (e)      to maintain separate financial statements or records;

  (f)      to pay its own liabilities out of its own funds, except as permitted by the Trust Agreement
      or any other Basic Document;

  (g)      to maintain an arm’s-length relationship with its Affiliates;

  (h)      to pay the salaries of its own employees and maintain a sufficient number of employees or
      adequate service providers in light of its contemplated business operations;

  (i)      to allocate fairly and reasonably any overhead for shared office space;

  (j)      to hold itself out as a separate entity;

  (k)      to correct any known misunderstanding regarding its separate identity;

  (l)      not to guarantee or become obligated for the debts of any other affiliated or unaffiliated
      third party or hold out its credit as being available to satisfy the obligations of others (except as otherwise specified in the Basic Documents); and

  (m)      to take such actions as are necessary to ensure that any financial statements of TMCC or any
      Affiliate thereof that are consolidated to include the Trust will contain detailed notes clearly stating that (i) all of the Trust’s assets are owned by the Trust, and (ii) the Trust is a

  
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  separate entity with its own separate creditors that will be entitled to be satisfied out of the Trust’s assets prior to
      any value in the Trust becoming available to the Trust’s equity holders; and the accounting records and the published financial statements of TMCC will clearly show that, for accounting purposes, the Receivables and the other Collateral have been
      sold or contributed to the Trust.

  ARTICLE III

      

      CERTIFICATES AND TRANSFER OF INTERESTS

  Section 3.01.     
      The Certificates.  The Certificates, evidencing a beneficial interest in the Trust, shall be executed on behalf of the Trust by manual or facsimile
      signature of an Authorized Officer of the Owner Trustee and authenticated on behalf of the Owner Trustee by the manual or facsimile signature of an Authorized Officer of the Owner Trustee.  Certificates bearing the manual or facsimile signatures of
      individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be valid and binding obligations of the Trust, notwithstanding that such individuals or any of them shall have ceased to
      be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.

  The Certificates may be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
      denomination in the form of Exhibit A hereto.  The Certificates shall be issued in minimum denominations of a Percentage Interest of 5.00% and integral multiples of 5.00% in excess thereof.

  A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to
      the obligations of a Certificateholder hereunder, upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.03.

  Section 3.02.     
      Authentication of Certificates.  On the Closing Date, concurrently with the initial transfer of the Receivables to the Trust pursuant to the Sale
      and Servicing Agreement, the Owner Trustee shall cause to be executed, authenticated and delivered on behalf of the Trust to or upon the written order of the Depositor, Certificates evidencing the entire beneficial interest in the Trust.  No
      Certificate shall entitle its holder to any benefit under this Agreement or be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the
      Owner Trustee or the Owner Trustee’s authenticating agent, by manual or facsimile signature of an Authorized Officer, and such authentication shall constitute conclusive evidence, and the only evidence, that such Certificate shall have been duly
      authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication.  The Owner Trustee shall be the initial authenticating agent of the Trust hereunder.

  Section 3.03.     
      Registration of Transfer and Exchange of Certificates.

  (a)      The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained
      pursuant to Section 3.05, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of

  
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  Certificates and of transfers and exchanges of Certificates as herein provided.  Wilmington Trust, National Association,
      shall be the initial Certificate Registrar.  In the event that the Certificate Registrar shall for any reason become unable to act as Certificate Registrar, the Certificate Registrar shall promptly give written notice to such effect to the Depositor,
      the Owner Trustee and the Servicer.  Upon receipt of such notice, the Depositor or its designee shall appoint another bank or trust company to act as successor Certificate Registrar under this Agreement, which entity will agree to act in accordance
      with the provisions of this Agreement applicable to it as successor Certificate Registrar, and otherwise acceptable to the Owner Trustee.

  (b)      Upon surrender for registration of transfer of any Certificate at the office or agency
      maintained pursuant to Section 3.05, the Owner Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new
      Certificates dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Holder, Certificates may be exchanged for other Certificates upon surrender of the Certificates to be exchanged at the office or agency
      maintained pursuant to Section 3.05.  The preceding provisions of this Section notwithstanding, (i) the Owner Trustee shall not make, and the Certificate Registrar shall not register, transfer or exchanges of Certificates for a period of fifteen (15)
      days preceding the due date for any payment with respect to the Certificates and (ii) the Owner Trustee shall permit the registration, transfer and exchange of Certificates only in minimum denominations of a Percentage Interest of 5.00% and integral
      multiples of 5.00% in excess thereof.

  (c)      Every Certificate presented or surrendered for registration of transfer or exchange shall be
      accompanied by a written instrument of transfer or exchange in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Certificate surrendered for registration
      of transfer or exchange shall be cancelled and disposed of by the Owner Trustee in accordance with its customary practice.

  No transfer of a Certificate shall be made unless the Owner Trustee shall have received:

  (1)       a representation from the transferee of such Certificate substantially in the form of Exhibit B to the
      effect that:

        (i)       such transferee is not a Non-U.S. Person; and

        (ii)       such transferee is not a Benefit Plan;

  (2)       a representation from the transferor of such Certificate substantially in the form of Exhibit C; and

  (3)       an opinion of counsel to the Owner Trustee that the transfer of such Certificate is being made pursuant to
      an effective registration under the Securities Act or is exempt from the registration requirements of the Securities Act.

  Notwithstanding anything else to the contrary herein, any purported transfer of a Certificate to a Non-U.S. Person or
      to or on behalf of a Benefit Plan or utilizing the assets of a Benefit Plan shall be void and of no effect.

  
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  To the extent permitted under applicable law (including, but not limited to, ERISA), the Owner Trustee shall be under
      no liability to any Person for any registration of transfer of any Certificate that is in fact not permitted by this Section 3.03(c) or for making any payments due on such Certificate to the Certificateholder thereof or taking any other action with
      respect to such Holder under the provisions of this Trust Agreement or the Sale and Servicing Agreement so long as the transfer was registered by the Certificate Registrar or the Owner Trustee in accordance with the foregoing requirements.

  (d)      No service charge shall be made for any registration of transfer or exchange of
      Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

  (e)      No transfer of a Certificate or any interest therein shall be made unless (i) the holder of
      such Certificate shall have first surrendered such Certificate to the Certificate Registrar for registration of transfer, or (ii) in the case of any such Certificate which shall have been mutilated, destroyed, lost or stolen, the holder of such
      Certificate shall have first complied with the applicable provisions of Section 3.04.

  (f)      No transfer of a Certificate or any interest therein shall be made unless each prospective
      transferee represents and warrants, with respect to itself and each prospective beneficial owner of the Certificate, that it is not a member of an “expanded group” (within the meaning of the Treasury Regulations issued under Section 385 of the Code)
      that includes a domestic corporation (as determined for U.S. federal income tax purposes) or a “controlled partnership” (within the meaning of the Treasury Regulations issued under Section 385 of the Code) of such expanded group where any member of
      such “expanded group” directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts) owns Notes (other than Retained Notes).

  Section 3.04.     
      Mutilated, Destroyed, Lost or Stolen Certificate.  If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the
      Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by
      them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or the Owner Trustee’s
      authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination.  In connection with the issuance of any new Certificate
      under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.  Any duplicate Certificate issued pursuant to
      this Section shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

  Section 3.05.     
      Maintenance of Office or Agency.  The Owner Trustee shall maintain an office or offices or agency or agencies where notices and demands to or upon
      the Owner Trustee in respect of the Certificate and the Basic Documents may be served.  The Owner Trustee

  
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  initially designates the Corporate Trust Office, as its principal corporate trust office for such purposes.  The Owner
      Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of any such office or agency.

  Section 3.06.     
      Appointment of Paying Agent.  Except during any period when the Indenture Trustee is authorized and directed to do so under the Indenture (i.e.
      prior to the termination of the Indenture), the Paying Agent shall make distributions to the Certificateholders from the amounts distributable thereto under Section 5.06 of the Sale and Servicing Agreement pursuant to Section 5.02 and shall report
      the amounts of such distributions to the Owner Trustee.  Any Paying Agent shall have the revocable power to withdraw funds from the Collection Account for the purpose of making the distributions referred to above.  The Trust (or the Administrator on
      behalf of the Trust) may revoke such power and remove the Paying Agent if the Trust (or the Administrator on behalf of the Trust) determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this
      Agreement in any material respect.  The Paying Agent shall initially be Owner Trustee and any co-paying agent chosen by the Owner Trustee and acceptable to the Owner Trustee.  The Paying Agent shall be permitted to resign as Paying Agent upon thirty
      (30) days’ written notice to the Owner Trustee or, if the Paying Agent is also the Owner Trustee, to the Indenture Trustee.  In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act
      as Paying Agent (which shall be a bank or trust company).  By executing this Agreement, the Owner Trustee hereby agrees in its capacity as Paying Agent to hold all sums, if any, held by it for payment to the Certificateholders in trust for the
      benefit of the Certificateholders until such sums are paid to the Certificateholders.  The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee
      an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the
      Certificateholders in trust for the benefit of the Certificateholders until such sums shall be paid to such Certificateholder.  The Paying Agent shall return all unclaimed funds to the Owner Trustee (subject to applicable escheatment laws) and upon
      removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee.  The provisions of Sections 6.04, 7.01, 7.03, 7.04, 7.05, 7.06, 8.01 and 8.02 shall apply to the Owner Trustee also in its role as Paying
      Agent and Certificate Registrar, for so long as the Owner Trustee shall act as Paying Agent and Certificate Registrar and, to the extent applicable, to any other paying agent or certificate registrar appointed hereunder.  Any reference in this
      Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

  To the extent of any ambiguity in the interpretation of any definition, provision or term contained in this Agreement
      or to the extent more than one methodology can be used to make any of the determinations or calculations set forth herein or in the Sale and Servicing Agreement, the Paying Agent may request direction from the Depositor as to the interpretation
      and/or methodology to be used, and the Paying Agent shall follow such direction and shall be entitled to conclusively rely thereon without any responsibility therefor.  Upon receiving such request from the Paying Agent, the Depositor shall, prior to
      the date of distribution occurring immediately following such a request, deliver a written direction to the Paying Agent setting forth the interpretation and/or methodology to be used.

  
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  Section 3.07.     
      Persons Deemed Certificateholders.  Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Certificate
      Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever,
      and neither the Owner Trustee nor the Certificate Registrar shall be bound by any notice to the contrary.

  Section 3.08.     
      Access to List of Certificateholders’ Names and Addresses.  The Certificate Registrar shall furnish or cause to be furnished to the Owner Trustee,
      the Servicer or the Depositor, as the case may be, within fifteen (15) days after its receipt of a request therefor from the Owner Trustee, the Servicer or the Depositor in writing, a list, in such form as the Owner Trustee, the Servicer or the
      Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more Holders of Certificates evidencing, in the aggregate, not less than 25% of
      the Percentage Interest apply in writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such
      application is accompanied by a copy of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal
      business hours to the current list of Certificateholders. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Servicer, the Certificate Registrar or the Owner Trustee accountable
      by reason of the disclosure of its name and address, regardless of the source from which such information was derived.

  Section 3.09.     
      Regarding the Certificate(s).  Each Certificateholder, by its acceptance of a Certificate issued hereunder, represents that it has, independently
      and without reliance on the Owner Trustee or any other person, and based on such documents and information as it has deemed appropriate, made its own investment decision in respect of the Certificate.  Each Certificateholder also represents that it
      will, independently and without reliance on the Owner Trustee or any other person, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this
      Trust Agreement and in connection with the Certificate.  Except for notices, reports and other documents expressly required to be furnished to the Certificateholders by the Owner Trustee hereunder, the Owner Trustee shall not have any duty or
      responsibility to provide any Certificateholder with any other information concerning the transactions contemplated hereby, the Trust, the Depositor or any other parties hereto or to any related documents which may come into possession of the Owner
      Trustee or any of its officers, directors, employees, agents, representatives or attorneys-in-fact.

  ARTICLE IV

      

      ACTIONS BY OWNER TRUSTEE OR THE CERTIFICATEHOLDERS

  Section 4.01.     
      Prior Notice to the Certificateholders with Respect to Certain Matters.  With respect to the following matters, the Owner Trustee shall not take
      action unless at least thirty (30) days before the taking of such action (or such shorter period as shall be agreed to

  
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  in writing by all Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the
      proposed action and none of the Certificateholders shall have notified the Owner Trustee in writing prior to the 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have withheld consent or provided
      alternative direction:

  (a)      the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in
      connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Receivables);

  (b)      the election by the Trust to file an amendment to the Certificate of Trust (unless such
      amendment is required to be filed under the Statutory Trust Act);

  (c)      the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances
      where the consent of any Noteholder is required;

  (d)      the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances
      where the consent of any Noteholder is not required but such amendment materially adversely affects the interest of the Certificateholders;

  (e)      the amendment, change or modification of the Administration Agreement, other than to cure
      any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders;

  (f)      (i) the appointment pursuant to the Indenture of a successor Note Registrar or Paying Agent,
      (ii) the appointment pursuant to this Agreement of a successor Certificate Registrar or (iii) any consent by the Note Registrar, Paying Agent, Indenture Trustee or Certificate Registrar to the assignment of its respective obligations under the
      Indenture or this Agreement, as applicable; or

  (g)      the amendment of the Sale and Servicing Agreement in circumstances where the consent of any
      Noteholder is required.

  Section 4.02.     
      Action by the Certificateholders with Respect to Certain Matters.  The Owner Trustee shall not have the power, except upon the direction of the
      Certificateholders, to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 8.01
      of the Sale and Servicing Agreement or (d) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture.  The Owner Trustee shall take the actions referred to in the preceding sentence only upon
      written instructions signed by the authorized representative of 100% of the Certificateholders.

  Section 4.03.     
      Action with Respect to Bankruptcy.  The Trust shall not, without the prior written consent of the Owner Trustee and 100% of the Certificateholders,
      (i) institute any proceedings to adjudicate the Trust as bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition seeking or consenting to reorganization or relief under
      any applicable federal or state law relating to bankruptcy with

  
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  respect to the Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
      other similar official) of the Trust or a substantial part of its property (v) make any assignment for the benefit of the Trust’s creditors; (vi) cause the Trust to admit in writing its inability to pay its debts generally as they become due; or
      (vii) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a “Bankruptcy Action”).  In considering whether to give or withhold written consent to the Bankruptcy Action by the Trust, the Owner Trustee, with the
      consent of the Certificateholders, shall consider the interests of the Noteholders in addition to the interests of the Trust and whether the Trust is insolvent.  The Owner Trustee shall have no duty to give such written consent to Bankruptcy Action
      by the Trust if the Owner Trustee shall not have been furnished (at the expense of the Person that requested such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national reputation stating that in the
      opinion of such firm the Trust is then insolvent.  The Owner Trustee shall not be personally liable to any Noteholder or Certificateholder on account of the Owner Trustee’s good faith reliance on the provisions of this Section and no Noteholder or
      Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee for withholding or granting its consent to any such Bankruptcy Action.

  Section 4.04.     
      Restrictions on the Certificateholders’ Power.  The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action
      if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if
      given.

  Section 4.05.     
      Majority of the Certificates Control.  Except as otherwise expressly provided herein, any action that may be taken by the Certificateholders under
      this Agreement may be taken by the Holders of the Certificates evidencing not less than a majority of the Percentage Interest.  Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement
      shall be effective if signed by Holders of the Certificates evidencing not less than a majority of the Percentage Interest at the time of the delivery of such notice.

  ARTICLE V

      

      APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

  Section 5.01.     
      [Reserved].

  Section 5.02.     
      Application of Amounts in Trust Accounts.

  (a)      For so long as any Notes are outstanding, on each Payment Date, the Indenture Trustee will
      distribute to the Certificateholders, on a pro rata basis, based on the Percentage Interests thereof, the amounts distributable thereto pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of the Indenture.  From and after
      the date on which the Notes of all Classes have been paid in full, the Paying Agent shall distribute to the Certificateholders (i) amounts released to the Issuer pursuant to Sections 4.02 and 8.05(b) of the Indenture and Section 5.01(d) of the Sale
      and Servicing Agreement and (ii) amounts that are

  
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  distributable to the Certificateholders in accordance with the instructions of the Servicer pursuant to Section 5.06 of
      the Sale and Servicing Agreement.

  (b)      On each Payment Date, the Owner Trustee shall send to the Certificateholders the statement
      provided to the Owner Trustee by the Servicer pursuant to Section 5.09 of the Sale and Servicing Agreement with respect to such Payment Date.

  (c)      In the event that any withholding tax is imposed on the Trust’s distributions (or
      allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholders in accordance with this Section.  The Owner Trustee and Paying Agent (and the Indenture Trustee, to the extent the
      Indenture Trustee is then making distributions to Certificateholders) are hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the
      Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any
      withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority.  If there is a possibility that
      withholding tax is payable with respect to any distribution (such as any distribution to a Non-U.S. Person), in order to comply with applicable law, the Owner Trustee may, in its sole discretion and without liability, withhold such amounts in
      accordance with this paragraph (c).  In the event that a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such
      Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred in connection therewith.

  Section 5.03.     
      Method of Payment.  Subject to Section 9.01(c), distributions required to be made to Certificateholders on any Payment Date shall be made to each
      Certificateholder of record on the related Record Date either by check mailed to such Certificateholder at the address of such holder appearing in the Certificate Register or by wire transfer, in immediately available funds, to the account of any
      Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five (5) Business Days prior to such Payment
      Date.

  Section 5.04.     
      Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others.  The Administrator will (a) maintain
      (or cause to be maintained) the books of the Trust on a fiscal year basis or a calendar year basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such
      information as may be required (including Schedule K-1s to an IRS Tax Form 1065, if the Trust is treated as a partnership) to enable each Certificateholder to prepare its federal and state income tax returns, including a copy of any applicable
      Servicer’s Certificates (as defined in the Sale and Servicing Agreement), (c) prepare (or cause to be prepared) and file any tax and information returns, and fulfill any other reporting requirements, relating to the Trust, as may be required by the
      Code and applicable Treasury Regulations (including Treasury Regulation Section 1.6049-7), including causing such tax and information returns to be signed in the manner required by law, (d) for any period during which the beneficial interests in the
      Trust are held by more than one person, make such elections as may from time to

  
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  time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to
      maintain the Trust’s characterization as a partnership for federal income tax purposes, and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to the
      Certificateholders.  The Administrator will make any elections as so directed by a majority of the Certificateholders; provided, however, that neither the Administrator nor any Certificateholder shall make any election to have the Trust treated as a corporation for federal, state or local income or franchise tax purposes.

  Section 5.05.     
      Signature on Returns; Partnership Representative.

  (a)      The Certificateholder shall sign the tax returns of the Trust on behalf of the Trust; provided, that if there is more than one Certificateholder, the tax returns of the Trust shall be signed by the Certificateholder that is the “partnership representative” of the
      Trust under Section 5.05(b).

  (b)      For any period during
      which the beneficial interests of the Trust are held by more than one Person and the Trust is treated as a partnership for purposes of U.S. federal, state and local income or franchise tax, or any other tax measured in whole or in part by income, the
      Certificateholder holding Certificates evidencing the largest portion of the Certificates shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code (as amended by P.L. 114-74, the Bipartisan Budget Act of
      2015) and the Trust will, to the extent practicable, make the election described in Section 6226 of the Code (as amended by P.L. 114-74, the Bipartisan Budget Act of 2015). 

  ARTICLE VI

      

      AUTHORITY AND DUTIES OF OWNER TRUSTEE

  Section 6.01.     
      General Authority.  The Owner Trustee is authorized and directed to execute and deliver, on behalf of the Trust, the Basic Documents to which the
      Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and any amendment thereto, and, on behalf of the Trust, to direct the Indenture Trustee
      to authenticate and deliver Class A‐1 Notes in the aggregate principal amount of $430,000,000, Class A‐2a Notes in the aggregate principal amount of $393,000,000, Class A‐2b Notes in the aggregate principal amount of $195,000,000, Class A‐3 Notes in
      the aggregate principal amount of $590,500,000, Class A‐4 Notes in the aggregate principal amount of $97,750,000 and Class B Notes in the aggregate principal amount of $43,750,000.  In addition to the foregoing, the Owner Trustee is authorized, but
      shall not be obligated, to take all actions required of the Trust, pursuant to the Basic Documents.

  Section 6.02.     
      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 Basic Documents to which the Trust is a party and to administer the Trust in accordance with the provisions hereof and of the Basic Documents and in the interest of the Certificateholders.  Notwithstanding the
      foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator

  
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  has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or
      under any Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out such obligations or fulfill such duties under the Administration Agreement.

  Section 6.03.     
      Duties of Owner Trustee.

  (a)      Subject to Article IV and in accordance with the terms of the Basic Documents, the
      Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust.  Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV.

  (b)      The Owner Trustee shall take such action or refrain from taking such action under this
      Agreement as it may be directed in writing by the Certificateholders from time to time; provided, however, that the Owner Trustee shall not be required to take or refrain from taking any such action if it shall have determined, or shall have been
      advised by counsel, that such performance is likely to involve the Owner Trustee in personal liability or is contrary to the terms of this Agreement or of any document contemplated hereby to which the Trust is a party or is otherwise contrary to
      law.  If at any time the Owner Trustee determines that it requires or desires guidance regarding the application of any provision of this Agreement or any other document, then the Owner Trustee may deliver a notice to the Certificateholders
      requesting written instructions as to the course of action desired by the Certificateholders and such instructions shall constitute full and complete authorization and protection for actions taken by the Owner Trustee in reliance thereon.  If the
      Owner Trustee does not receive such instructions within five (5) Business Days after it has delivered to the Certificateholders such notice requesting instructions, or such shorter period of time as may be set forth in such notice, it shall refrain
      from taking any action with respect to the matters described in such notice. Each instruction delivered by the Certificateholders to the Owner Trustee shall certify to the Owner Trustee that any actions to be taken pursuant to such instruction comply
      with the terms of this Agreement and the Owner Trustee may rely on such certification and instruction without inquiry except to the extent it has actual knowledge to the contrary.

  (c)      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.

  (d)      The Owner Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Owner Trustee that shall be specifically required to be furnished pursuant to Sections 3.03(c) or (f), shall examine them to determine whether they conform on their face to the
      requirements of Sections 3.03(c) or (f), as applicable, of this Agreement.

  (e)      No provision of this Agreement shall be construed to relieve the Owner Trustee from
      liability for its own grossly negligent action, its own grossly negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that:

  (i)      the duties and obligations of the Owner Trustee shall be determined
      solely by the express provisions of this Agreement, the Owner Trustee

  
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  shall not be liable except for the performance of such duties and obligations as are specifically set
      forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Owner Trustee, the permissive right of the Owner Trustee to do things enumerated in this Agreement and the Basic Documents shall not be
      construed as a duty and, in the absence of bad faith on the part of the Owner Trustee, the Owner Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Owner Trustee and conforming on their face to the requirements of this Agreement and the Basic Documents;

  (ii)      the Owner Trustee shall not be personally liable for an error of
      judgment made in good faith by a Responsible Officer, unless it shall be proved that the Owner Trustee was grossly negligent in performing its duties in accordance with the terms of this Agreement and the Basic Documents;

  (iii)      the Owner Trustee shall not be personally liable with respect to any
      action taken, suffered or omitted to be taken in good faith in accordance with the direction of the Holders of the Certificates representing at least a majority of the Percentage Interest (or such larger or smaller percentage of the Percentage
      Interest as may be required by any other provision of this Agreement or the other Basic Documents); and

  (iv)      in no event shall the Owner Trustee be personally liable for (x) special
      consequential, indirect or punitive damages, however styled, including, without limitation, lost profits, (y) the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Trust’s securities
      or assets or (z) any losses due to forces beyond the reasonable control of the Owner Trustee, including without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God
      and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services.

  (f)      The Owner Trustee shall not be required to expend or risk its own funds or otherwise incur
      financial liability in the performance of any of its duties under this Agreement, or in the exercise of any of its rights or powers.

  (g)      All information obtained by the Owner Trustee regarding the Obligors and the Receivables
      contained in the Trust, whether upon the exercise of its rights under this Agreement or otherwise, shall be maintained by the Owner Trustee in confidence and shall not be disclosed to any other Person, unless such disclosure is required by any
      applicable law or regulation or pursuant to subpoena.

  (h)      The Owner Trustee shall provide prompt notice to Toyota Motor Credit Corporation and Toyota
      Auto Finance Receivables LLC (each, a “TMCC Party,” and together, the “TMCC Parties”), in the form of Exhibit D, of all demands received by a Responsible Officer in the Corporate Trust Administration Department of the Owner Trustee for the repurchase
      or replacement of any Receivable for breach of the representations and warranties concerning such

  
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  Receivable (each, a “Demand”).  If any such Demand is made in non-written form, the Owner Trustee shall request that
      such Demand be put into writing and delivered to it; provided, however, that the Owner Trustee shall notify the TMCC Parties regardless of whether any such Demand is made in writing.  The obligations of the Owner Trustee under the first two sentences
      of this Section 6.03(h) to notify the TMCC Parties of any such Demand made in non-written form shall not be applicable during such time as the interpretations of the requirements of the Repurchase Rules and Regulations (as defined below) explicitly
      require reporting by TMCC Parties solely with respect to Demands in written form.  The Owner Trustee shall, upon written request of either TMCC Party, provide notification to the TMCC Parties with respect to any actions taken by the Owner Trustee
      with respect to any such Demand received by the Owner Trustee in respect of any Receivables, such notifications to be provided by the Owner Trustee promptly after receipt by the Owner Trustee of such request but not more than once each calendar month
      or such other time frame as may be mutually agreed to by the Owner Trustee and the applicable TMCC Party.  The Owner Trustee and the Depositor acknowledge and agree that the purpose of this Section 6.03(h) is to facilitate compliance by the TMCC
      Parties with Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”).  The Owner Trustee shall cooperate with reasonable written requests received by
      it from the TMCC Parties to deliver any and all records and any other information in the possession of the Owner Trustee that is necessary in the good faith determination of the TMCC Parties to permit the TMCC Parties to comply with the provisions of
      Repurchase Rules and Regulations.  Subject to its duties explicitly set forth herein, the Owner Trustee shall not have any responsibility or liability in connection with the compliance of either TMCC Party or a securitizer with the Securities
      Exchange Act of 1934, as amended, or Regulation AB or any filing required to be made by a TMCC Party or a securitizer under the Securities Exchange Act of 1934, as amended, or Regulation AB.

  (i)      The Owner Trustee hereby agrees to cooperate with the Administrator in connection with any
      regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or the conduct of its business.  In connection therewith, the Owner Trustee further agrees to comply with any
      reasonable request made by the Administrator for the delivery of information or documents in the Owner Trustee’s actual possession.

  (j)      For the avoidance of doubt, the Owner Trustee shall not have any duty or obligation to
      monitor or enforce the Sponsor’s compliance with any applicable risk retention rules or regulations.  The Owner Trustee shall not be charged with knowledge of any such rules or regulations, and it shall not be liable to any Noteholder or any other
      Person for any violation of any such rules or regulations.

  Section 6.04.     
      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 Basic Document to which the Owner Trustee is a party,
      except as expressly provided by the terms of this Agreement.  No implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee, it being understood that, to the fullest extent permitted by law, any
      implied duties (including fiduciary duties) or liabilities otherwise existing at law or in

  
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  equity with respect to the Trust are hereby eliminated and replaced with the express duties and obligations set forth in
      this Agreement.  The Owner Trustee shall have no responsibility or liability for the preparation, correctness, accuracy or filing of any financing or continuation statement (or similar filing) in any public office at any time or for the existence,
      validity or perfection or maintenance of perfection of any security interest or lien granted to it hereunder or to prepare or file any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Basic Document. 
      Notwithstanding anything to the contrary herein or in any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Trust or any other Person any filings, certificates, affidavits or other instruments
      required under the Sarbanes-Oxley Act of 2002, to the extent permitted by applicable law.  The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any
      part of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Trust Estate.

  Section 6.05.     
      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 Basic Documents and (iii) in accordance with any document
      or written instruction delivered to the Owner Trustee pursuant to Section 6.03.

  Section 6.06.     
      Restrictions.  The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03,
      (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, (x) would result in the Trust’s becoming taxable as a corporation for federal income tax purposes or (y) affect the treatment of the Notes as indebtedness for federal or
      state income tax purposes or (c) is not in accordance with applicable law.  The Certificateholders shall not have the authority to and, by acceptance of a beneficial interest in any Certificate shall thereby be deemed to have covenanted not to,
      direct the Owner Trustee to take any action that would violate the provisions of this Section.

  ARTICLE VII

      

      CONCERNING THE OWNER TRUSTEE

  Section 7.01.     
      Rights of the Owner Trustee.  Except as otherwise provided in Article VI:

  (a)      in accordance with Section 7.04, the Owner Trustee may rely and shall be protected in acting
      or refraining from acting upon any resolution, Officer’s Certificate, certificate of an authorized signatory, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

  (b)      the Owner Trustee shall not be liable with respect to any action taken or omitted to be
      taken by it in accordance with the direction or instructions of the Administrator, as provided in the Administration Agreement or the Certificateholders, as provided herein;

  
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  (c)      the Owner Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Agreement or the other Basic Documents, or to institute, conduct or defend any litigation under this Agreement, or in relation to this Agreement or the other Basic Documents, at the request, order or direction of any of the
      Securityholders or any other Person, unless such Person shall have offered to the Owner Trustee security or indemnity reasonably satisfactory to the Owner Trustee against the costs, expenses and liabilities that may be incurred therein or thereby.
      The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for such act other than its gross negligence or
      willful misconduct in the performance of any such act;

  (d)      under no circumstances shall the Owner Trustee be liable for any representation, warranty,
      covenant or obligation of the Trust, or for any indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes;

  (e)      the recitals contained herein and in the Certificates (other than the signature of the Owner
      Trustee and the certificate of authentication on the Certificates) shall be taken as statements of the Depositor, and the Owner Trustee shall have no responsibility for the correctness thereof;

  (f)      the Owner Trustee shall not be bound to recalculate, reverify, or make any investigation
      into the facts, content or accuracy of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Holders
      of Certificates representing not less than 25% of the Percentage Interest; provided, however, that if the payment within a reasonable time to the Owner Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Owner Trustee, not reasonably assured to the Owner Trustee by the security afforded to it by the terms of this Agreement, the Owner Trustee may require indemnity reasonably satisfactory to the Owner Trustee
      against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Administrator or, if paid by the Owner Trustee shall be reimbursed by the Administrator upon demand; and
      nothing in this clause shall derogate from the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors;

  (g)      the Owner Trustee shall not be liable for, and shall have no duty to supervise or monitor,
      the action or inaction,  default, misconduct or negligence of the Administrator, the Servicer, the Depositor or the Indenture Trustee or any agent appointed by it under any of the Basic Documents or otherwise, and the Owner Trustee may assume
      performance by each of such parties absent written notice or actual knowledge by a Responsible Officer to the contrary, and the Owner Trustee shall have no obligation or liability to supervise or perform the obligations of the Trust under the Basic
      Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the Sale and Servicing Agreement;

  (h)      the Owner Trustee shall not be required to investigate any claims for the breach by any
      Person of a representation or warranty under any of the Basic Documents.  The Owner

  
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  Trustee shall not be required to monitor, initiate or conduct any proceedings to enforce the obligations of the Trust,
      the Depositor, the Servicer or any other person with respect to any breach of representation or warranty under any Basic Document and the Owner Trustee shall not have any duty to conduct any investigation as to the occurrence of any condition
      requiring the repurchase or substitution of any Receivable by any person pursuant to any Basic Document. For the avoidance of doubt, the Owner Trustee shall not be responsible for evaluating the qualifications of any mediator or arbitrator, or be
      personally liable for paying the fees or expenses of any mediation or arbitration initiated by a Requesting Party, and under no circumstances shall the Owner Trustee be personally liable for any expenses allocated to the Requesting Party in any
      dispute resolution proceeding;

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

  (j)      the Owner Trustee’s receipt of delivery of any reports, information or other documents
      hereunder and any publically available information is for informational purposes only and shall not constitute actual or constructive knowledge of any information contained therein or determinable from information contained therein, including the
      Depositor’s, the Indenture Trustee’s, Administrator’s, Servicer’s or the Paying Agent’s compliance with any of their covenants and obligations hereunder; the Owner Trustee shall be entitled to rely exclusively on Officers’ Certificates provided by
      the Depositor, the Indenture Trustee, Administrator, Servicer or the Paying Agent, as the case may be, to confirm compliance with such covenants and obligations, but shall have no duty to request or otherwise monitor the delivery of such Officers’
      Certificates.

  Section 7.02.     
      Furnishing of Documents.  The Owner Trustee shall furnish (a) to the Certificateholders promptly upon receipt of a written request therefor,
      duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents and (b) to Noteholders promptly upon written request therefor,
      copies of the Sale and Servicing Agreement, the Administration Agreement and the Trust Agreement.

  Section 7.03.     
      Representations and Warranties.  The Owner Trustee hereby represents and warrants to the Depositor and for the benefit of the Certificateholders,
      that:

  
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            	i.	
              It is a national banking association duly organized and validly existing and in good standing under the laws of the United States.  It has full power,
                  authority and right to execute, deliver and perform its obligations under this Agreement and each other Basic Document.

            

    

  

  
    
      	

            	ii.	
              It has taken all corporate action necessary to authorize the execution and delivery of this Agreement and each other Basic Document, and this Agreement and
                  each other Basic Document has been executed and delivered by one of its officers duly authorized to execute and deliver this Agreement and each other Basic Document on its behalf.

            

    

  

  
    
      	

            	iii.	
              This Agreement constitutes the legal, valid and binding obligation of the Owner Trustee, enforceable against it in accordance with its terms except as the
                  enforceability thereof may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

            

    

  

  
    
      	

            	iv.	
              It is authorized to exercise trust powers in the State of Delaware as and to the extent contemplated herein and it has a principal place of business in the
                  State of Delaware.

            

    

  

  
    
      	

            	v.	
              Neither the execution nor the delivery by it of this Agreement nor the consummation by the Owner Trustee of the transactions contemplated hereby or thereby
                  nor compliance by it with any of the terms or provisions hereof or thereof 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 or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

            

    

  

  
    
      	

            	vi.	
              There are no proceedings or investigations pending or, to the Owner Trustee’s actual knowledge, threatened, before any court, regulatory body, administrative
                  agency or other governmental instrumentality having jurisdiction over the Owner Trustee or its properties: (a) asserting the invalidity of this Agreement or (b) seeking any determination or ruling that might materially and adversely
                  affect the performance by the Owner Trustee of its obligations under, or the validity or enforceability of, this Agreement and each other Basic Document to which it is a party.

            

    

  

  Section 7.04.     
      Reliance; Advice of Counsel.

  (a)      The Owner Trustee shall incur no liability to anyone in acting upon any signature,
      instrument, direction, 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
      request and conclusively rely (and shall be fully protected in relying) upon an opinion of counsel.  The Owner Trustee may accept a

  
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  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 request and rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers or agents 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.  The Owner Trustee need not investigate or re-calculate, evaluate, verify or independently determine the accuracy of any report,
      certificate, information, statement, representation or warranty or any fact of matter stated in any such document and may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.  The costs of any
      opinion of counsel or certificate requested by the Owner Trustee under this Section shall be paid by the party requesting the Owner Trustee to act or refrain from acting.

  (b)      In the exercise or administration of the trusts hereunder and in the performance of its
      duties and obligations under the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the action, inaction,
      conduct, misconduct or negligence of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee in good faith, and (ii) may consult with counsel, accountants and other skilled persons to be selected in good
      faith and employed by it.  The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such persons and not contrary to this
      Agreement or any Basic Document.

  Section 7.05.     
      Not Acting in Individual Capacity.  In accepting the trusts hereby created, Wilmington Trust, National Association, acts solely as Owner Trustee
      hereunder and not in its individual capacity.  Except with respect to a claim based on the failure of the Owner Trustee to perform its duties under this Agreement or based on the Owner Trustee’s willful misconduct, bad faith or gross negligence, no
      recourse shall be had for any claim based on any provision of this Agreement, the Notes or the Certificates, or based on rights obtained through the assignment of any of the foregoing, against the institution serving as the Owner Trustee in its
      individual capacity.  The Owner Trustee shall not have any personal obligation, liability or duty whatsoever to any Securityholder or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust or
      any indemnitor who shall furnish indemnity as provided in this Indenture.

  Section 7.06.     
      Owner Trustee Not Liable for the Certificates or Receivables.  The Owner Trustee makes no representations as to the validity or sufficiency of this
      Agreement or of the Certificates or of the Notes (other than the execution by the Owner Trustee on behalf of the Trust of, and the certificate of authentication on, the Certificates).  The Owner Trustee shall have no obligation to perform any of the
      duties of or to monitor the performance by the Trust, the Servicer, the Indenture Trustee, the Administrator or any other Person.

  The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity
      and enforceability of the Certificates, the Notes, or any Receivable, any

  
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  ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with respect to the efficacy of
      the Trust or its ability to generate the payments to be distributed to Securityholders under this Agreement and the Indenture, including without limitation the validity of the assignment of the Receivables to the Trust or of any intervening
      assignment; the existence, condition, location and ownership of any Receivable or Financed Vehicle; the existence and enforceability of any Insurance Policy; the existence and contents of any retail installment sales contract or any computer or other
      record thereof; the completeness of any retail installment sales contract; the performance or enforcement of any retail installment sales contract; the compliance by the Trust with any covenant or the breach by the Trust of any warranty or
      representation made under this Agreement or in any related document and the accuracy of any such warranty or representation prior to the Owner Trustee’s receipt of notice or other discovery of any noncompliance therewith or any breach thereof; the
      acts or omissions of the Trust or the Servicer; or any action or inaction by the Owner Trustee taken at the instruction of the Certificateholders; provided, however, that the foregoing shall not relieve the Owner Trustee of its obligation to perform
      its duties under this Agreement.

  The Owner Trustee shall not be accountable for:  (i) the use or application by the Depositor of the proceeds of the
      sale of the Notes; (ii) the use or application by the Certificateholders of the Certificates or the proceeds of the Certificates; (iii) the use or application by the holder of any Notes of any of the Notes or of the proceeds of such Notes; or
      (iv) the use or application of any funds paid to the Servicer in accordance with the Sale and Servicing Agreement.

  Section 7.07.     
      Owner Trustee May Own Certificates and Notes.  The Owner Trustee in its individual or any other capacity (but not in its fiduciary capacity), may
      become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Company, the Administrator, the Indenture Trustee and the Servicer in banking or other transactions with the same rights as it would have if it were not Owner
      Trustee.

  Section 7.08.     
      Trust Licenses.  Pursuant to Section 1(b) of the Administration Agreement, the Administrator will cause the Trust to use its best efforts to
      maintain the effectiveness of all licenses, if any, required to be held by the Trust under the laws of any jurisdiction in connection with ownership of the Receivables or the terms set forth in this Agreement and the Basic Documents and the
      transactions contemplated hereby and thereby until such time as the Trust shall terminate in accordance with the terms hereof.

  ARTICLE VIII

      

      COMPENSATION OF OWNER TRUSTEE

  Section 8.01.     
      Owner Trustee’s Fees and Expenses.  The Trust shall pay or shall cause the Servicer to pay to the Owner Trustee from time to time compensation for
      its services as have been separately agreed upon before the date hereof, and the Owner Trustee shall be entitled to be reimbursed by the Servicer or the Administrator, as the case may be, for its other reasonable expenses hereunder, including the
      reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder.

  
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  Section 8.02.     
      Indemnification.  The Trust shall reimburse the Owner Trustee and its agents (including the Certificate Registrar and the Paying Agent), counsel,
      accountants and experts directly related to its services hereunder (the “Indemnified Parties”) for, and the Trust will indemnify such Indemnified Parties against, any and all costs, damages, loss, liability or expense (including but not limited to,
      all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services, including the Indemnified Parties’ reasonable compensation and expenses, disbursements and advances), any
      and all costs related to amendments, supplements and petitioning any court, and any reasonable attorneys’ fees and expenses (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and
      expenses incurred in connection with (i) any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Trust) or (ii) a successful defense of any claim that the Owner
      Trustee breached its standard of care) of any kind or nature whatsoever (collectively, “Expenses”), which may at any time be imposed on, incurred by or asserted against the Owner Trustee or any other Indemnified Party in connection with the
      administration of the Trust and the performance of its duties hereunder.  An Indemnified Party shall notify the Administrator and the Trust promptly of any claim for which it may seek indemnity.  Failure by an Indemnified Party to so notify the
      Administrator and the Trust shall not relieve the Trust of its obligations hereunder, except to the extent such failure shall adversely affect the Trust’s defenses in respect thereof.  In case any action is brought against an Indemnified Party under
      this Section 8.02 and it notifies the Administrator of the commencement thereof, the Administrator will assume the defense thereof, with counsel reasonably satisfactory to the Indemnified Party (who may, unless there is, as evidenced by an opinion of
      counsel to the Indemnified Party stating that there is an unwaivable conflict of interest, be counsel to the Administrator), and the Administrator will not be liable to the Indemnified Party under this Section for any legal or other Expenses
      subsequently incurred by the Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation.  The Trust need not reimburse any Expense or indemnify against any costs, damages, loss, liability or expense
      incurred by the Owner Trustee through the Owner Trustee’s own willful misconduct, gross negligence or bad faith to the extent such matters have been determined definitively by a court of competent jurisdiction pursuant to a final order or verdict not
      subject to appeal, and until such determination, an Indemnified Party shall be entitled to indemnification hereunder.  The provisions of this Section 8.02 shall survive the termination or assignment of this Agreement and the resignation or removal of
      the Owner Trustee.  Pursuant to the Administration Agreement, the Administrator has agreed to make prompt payment of any unpaid amounts due to the Owner Trustee in respect of fees, expenses and indemnification amounts not otherwise paid by the Trust
      on a Payment Date in accordance with the terms of Section 1(a)(ii) of the Administration Agreement.

  Section 8.03.     
      Payments to the Owner Trustee.  Any amounts paid to the Owner Trustee pursuant to this Article VIII from assets in the Trust Estate shall be deemed
      not to be a part of the Trust Estate immediately after such payment.

  ARTICLE IX

      

      TERMINATION OF TRUST AGREEMENT

  Section 9.01.     
      Termination of Trust Agreement.

  
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  (a)      The Trust shall dissolve and be wound up in accordance with Section 3808 of the Statutory
      Trust Act, upon the earliest of (i) the maturity or other liquidation of the last Receivable (or other asset) in the Trust Estate and the final distribution by the Paying Agent of all moneys or other property or proceeds of the Trust Estate held by
      it in accordance with the terms of this Agreement, the Indenture and the Sale and Servicing Agreement (including, but not limited to, any property and proceeds to be deposited in the Collection Account pursuant to the terms of the Sale and Servicing
      Agreement or to be released by the Indenture Trustee from the Lien of the Indenture pursuant to the terms of the Indenture) or (ii) the payment or distribution to all Securityholders of all amounts required to be paid to them under the Sale and
      Servicing Agreement and the Indenture.  The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust Estate, nor (z) otherwise affect the rights, obligations and liabilities of the parties
      hereto.

  (b)      Except as provided in Section 9.01(a), the Certificateholder shall not be entitled to revoke
      or terminate the Trust.

  (c)      Notice of any dissolution of the Trust, specifying the Payment Date upon which the
      Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distributions and cancellation, shall be given by the Owner Trustee to the Certificateholders mailed within five (5) Business Days of receipt of notice
      of such termination from the Servicer given pursuant to Section 10.03 of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of
      the Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that payment to be made on such Payment Date will be made only upon presentation and surrender of the Certificates at the
      office of the Paying Agent therein specified.  The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the time such notice is given to the
      Certificateholders.  Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to the Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02.

  In the event that one or more of the Certificateholders shall not surrender their Certificates for cancellation
      within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final
      distribution with respect thereto.  If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to
      contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement.  Any funds remaining in the Trust after exhaustion
      of such remedies shall be distributed by the Owner Trustee to the Depositor (subject to applicable escheatment laws).

  (d)      Upon the completion of the winding up of the Trust, including the payment or reasonable
      provision for payment of all claims and obligations in accordance with Section 3808

  
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  of the Statutory Trust Act by the Administrator, the Owner Trustee shall, at the direction and expense of the
      Administrator, file a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act.

  ARTICLE X

      

      SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

  Section 10.01.     
      Eligibility Requirements for Owner Trustee.  The Owner Trustee shall at all times be an entity having a combined capital and surplus of at least
      $50,000,000, be subject to supervision or examination by federal or state authorities and be authorized to exercise trust powers in the State of Delaware.  If such entity 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 10.01, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
      report of condition so published.  In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section
      10.02.

  Section 10.02.     
      Resignation or Removal of Owner Trustee.  The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving
      written notice thereof to the Depositor, the Servicer and the Indenture Trustee.  Upon receiving such notice of resignation, the Servicer will promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which shall be
      delivered to each of the resigning Owner Trustee and the successor Owner Trustee.  If no successor Owner Trustee shall have been so appointed or shall not have accepted such appointment within thirty (30) days after the giving of such notice of
      resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee at the Administrator’s expense, which shall include payment of all reasonable fees, costs and expenses
      (including reasonable attorneys’ fees and expenses) incurred by the Owner Trustee in connection therewith.

  If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and
      shall fail to resign promptly, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take
      charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee by written instrument to such effect delivered to the Owner
      Trustee, the Depositor and the Indenture Trustee. If the Administrator removes the Owner Trustee under the authority of the immediately preceding sentence, the Servicer will promptly appoint a successor Owner Trustee by written instrument in
      duplicate, one copy of which instrument shall be delivered to each of the outgoing Owner Trustee so removed and the successor Owner Trustee and shall pay or cause to be paid all fees, expenses and other compensation then 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 10.03 and

  
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  payment of all fees and expenses owed to the outgoing Owner Trustee.  The Administrator will provide notice of such resignation or
      removal of the Owner Trustee to each of the Rating Agencies.

  Section 10.03.     
      Successor Owner Trustee.  Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the
      Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee
      without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee.  The predecessor Owner
      Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver such
      instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties, and obligations.

  No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance
      such successor Owner Trustee shall meet the criteria for eligibility set forth in Section 10.01.

  Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator will mail
      notice of the successor of such Owner Trustee to the Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies.  If the Administrator fails to mail such notice within ten (10) days after acceptance of appointment by the
      successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator.

  Section 10.04.     
      Merger or Consolidation of Owner Trustee.  Any corporation into which the Owner Trustee may be merged or converted or with which it may be
      consolidated or any corporation resulting 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
      be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 10.01, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to
      the contrary notwithstanding; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Depositor and the Administrator.  The Administrator will provide notice of such merger or consolidation to the Rating
      Agencies.

  Section 10.05.     
      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 or any Financed Vehicle may at the time be located, or for enforcement actions or conflict of interest matters, the Administrator and the Owner Trustee acting jointly shall
      have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust
      Estate, and to vest in such Person, in such capacity, such title to the Trust, or

  
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  any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and
      trusts as the Administrator and the Owner Trustee may consider necessary or desirable.  If the Administrator shall not have joined in such appointment within twenty-five (25) 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 trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or
      separate trustee shall be required pursuant to Section 10.03.  A co-trustee or separate trustee appointed hereunder is not an agent of the Owner Trustee.

  Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the
      following provision and conditions:

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

  (ii)      no trustee under this Agreement shall be personally liable by reason of
      the appointment or any act or omission of any other trustee under this Agreement; and

  (iii)      the Administrator and the Owner Trustee acting jointly may at any time
      accept the resignation of or remove any separate trustee or co-trustee.

  Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the
      then separate trustees and co-trustees, as if given to each of them.  Each separate trustee and co-trustee, upon its acceptance of the powers and duties conferred thereto under this Agreement, shall (i) 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, and (ii) agree to indemnify the Owner Trustee for its acts or omissions pursuant to its appointment hereto.  Each such instrument shall be filed with the Owner
      Trustee and a copy thereof given to the Administrator.

  Section 10.06.     
      Power of Attorney for Co-Trustee or Separate Trustee.  Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or
      attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.  If any separate trustee or co-trustee

  
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  shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts
      shall vest in and may be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

  ARTICLE XI

      

      MISCELLANEOUS

  Section 11.01.     
      Supplements and Amendments.  This Agreement may be amended by the Depositor and the Owner Trustee, with prior written notice to the Rating
      Agencies, and without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or
      eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate shall have been delivered by the Servicer to the Owner
      Trustee and the Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or (ii) the Rating Agency Condition has been satisfied in respect
      of such proposed amendment.

  This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with
      prior written notice to the Rating Agencies, and with the consent of the Indenture Trustee and, if the interests of the Noteholders are materially and adversely affected, with the consent of the Holders of the Notes evidencing at least a majority of
      the outstanding principal amount of the Controlling Class of Notes, acting together as a single Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any
      manner the rights of the Noteholders or Certificateholders under this Agreement.

  No amendment otherwise permitted under this Section 11.01 (except as described in the last sentence of this
      paragraph) may (x) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions required to be made for the benefit of any Noteholders or Certificateholders without
      the consent of all Noteholders and Certificateholders adversely affected thereby, or (y) reduce the percentage of the Notes or Certificates which are required to consent to any such amendment without the consent of the Noteholders and
      Certificateholders adversely affected thereby; provided, that any amendment referred to in clause (x) or (y) above shall be deemed to not adversely affect any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed
      amendment.  No amendment referred to in clause (x) in the immediately preceding sentence shall be permitted unless an Officer’s Certificate shall have been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such
      officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder whose consent was not obtained.  Notwithstanding the immediately preceding two sentences, this
      Agreement may also be amended by the parties hereto, without the consent of the Noteholders or the Certificateholders, for the purpose of conforming the provisions in this Agreement to the descriptions thereof contained in the prospectus, dated
      February 5, 2019, related to the offering of the Notes.

  
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  Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification
      of the substance of such amendment or consent to the Certificateholder, the Indenture Trustee and the Administrator and the Administrator shall provide such notification to each of the Rating Agencies.

  It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee
      pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents (and any other consents of
      Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may
      prescribe.

  Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing
      of such amendment with the Secretary of State.

  Prior to the execution of any amendment to this Agreement or any amendment to the Certificate of Trust, the Owner
      Trustee shall be entitled to receive and rely upon an Officer’s Certificate of the Administrator and an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement.  The Owner Trustee shall not be
      obligated to enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise.  The fees and expenses of the Owner Trustee in connection with any amendment or supplement hereto shall
      be paid by the Depositor.

  Section 11.02.     
      No Legal Title to Trust Estate in the Certificateholders.  The Certificateholders shall not have legal title to any part of the Trust Estate.  The
      Certificateholders shall be entitled to receive distributions with respect to their fractional 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 Certificateholders to and in their 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 11.03.     
      Limitations on Rights of Others.  Except for Section 2.06, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the
      Depositor, TMCC (as Servicer), the Certificateholders, the Administrator and, to the extent expressly provided herein the Indenture Trustee and the Noteholders, and nothing in this Agreement, (other than Section 2.06), 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 11.04.     
      Notices.

  (a)      Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be
      in writing and shall be deemed given upon receipt by the intended recipient or three (3) Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner Trustee shall be deemed given only upon actual receipt
      by the Owner Trustee), if to the

  
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  Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to Toyota Auto Finance
      Receivables LLC, 6565 Headquarters Drive, W2-3D, Plano, Texas 75024-5965, Attention: President; if, to the Trust, addressed to Toyota Auto Receivables 2019-A Owner Trust, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North
      Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, with a copy to Toyota Motor Credit Corporation, 6565 Headquarters Drive, W2-5A, Plano, Texas 75024-5965, Attention: General Counsel; 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 a Certificateholder shall be given by
      first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register.  Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the
      Certificateholder receives such notice.

  Section 11.05.     
      Severability.  If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held
      invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
      enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

  Section 11.06.     
      Counterparts.  This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and
      all of which shall constitute but one and the same instrument.

  Section 11.07.     
      Successors and Assigns.  All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner
      Trustee, and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided.  Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors
      and assigns of such Certificateholder.

  Section 11.08.     
      No Petition.  To the fullest extent permitted  by law, each of the parties hereto, by entering into this Agreement hereby covenants and agrees, and
      the Indenture Trustee and each Certificateholder and Noteholder by accepting a Certificate or accepting the benefits of this Agreement, as the case may be, are each deemed to covenant and agree, that it shall not at any time acquiesce, petition or
      otherwise invoke or cause the Issuer or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust or the Depositor under any federal or state bankruptcy, insolvency
      or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or the Depositor, as the case may be, or any substantial part of its property, or, except as expressly set forth
      herein, ordering the winding up or liquidation of the affairs of the Trust or the Depositor, in connection with any obligations relating to the Notes, the Certificates, this Agreement or any of the Basic Documents prior to the date that is one year
      and one day after the date on which the Indenture is terminated.  This Section 11.08 shall survive the termination of this Agreement.

  
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  Section 11.09.     
      No Recourse.  Each Certificateholder by accepting an interest in a Certificate acknowledges that such Certificates represent beneficial interests
      in the Trust only and do not represent interests in or obligations of the Depositor, TMCC (in any capacity), the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their
      assets, except as may be expressly set forth or contemplated in the Certificates or the Basic Documents.

  Section 11.10.     
      Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the
      terms or provisions hereof.

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

  Section 11.12.     
      Exclusive Jurisdiction.  Each party to this Agreement and each person beneficially owning a beneficial interest in the Trust, to the fullest extent
      permitted by law, including Section 3804(e) of the Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Trust or its business and affairs, the Statutory Trust Act or
      this Agreement, including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce the provisions of this Agreement, will be exclusively brought in the courts of the State of Delaware or the State of New York and
      (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding.

  Section 11.13.     
      WAIVER OF JURY TRIAL.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY
          WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  Section 11.14.     
      USA PATRIOT Act Compliance.  Pursuant to applicable law,
      including the Customer Identification Program requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law
      October 26, 2001) and its implementing regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from
      time to time applicable to banking institutions (“Applicable Law”), the Owner Trustee is required to obtain on or before closing, and from time to time thereafter, documentation to verify and record information that identifies each person who opens
      an account.  For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Owner Trustee will ask for documentation to verify the entity’s formation and existence, its financial statements, licenses, tax
      identification documents, identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities).  To the

  
    35

    
      

  

  

  

  fullest extent permitted by Applicable Law, the Owner Trustee may conclusively rely on, and shall be fully protected and
      indemnified in relying on, any such information received.  Failure to provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder, which, at the sole option of the Owner Trustee, may result in the
      Owner Trustee’s resignation in accordance with Section 10.02 of this Agreement.  In the event of any change in beneficial ownership in the Trust (or any beneficial interest in that interest, regardless of form), such change shall be accompanied by
      IRS Form W-8 BEN, W-8 ECI or W-9, as applicable, and such other documentation as may be required by the Owner Trustee in order to comply with Applicable Law.

  ARTICLE XII

      

      COMPLIANCE WITH REGULATION AB

  Section 12.01.     
      Intent of the Parties; Reasonableness.  The Depositor and the Owner Trustee acknowledge and agree that the purpose of Article XII of this Agreement
      is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.

  Neither the Depositor nor the Owner Trustee shall exercise its right to request delivery of information or other
      performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of
      disclosure comparable to that required under the Securities Act).  The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its
      staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions on the basis of
      evolving interpretations of Regulation AB.  In connection therewith, the Owner Trustee shall cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements, reports,
      certifications, records, attestations, and any other information necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner
      Trustee or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance.

  
    36

    
      

  

  
  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.

  TOYOTA AUTO FINANCE RECEIVABLES LLC, as Depositor

  

  

  

  

  By:                ____________________________________

  Name:

  Title:

  

  

  

  

  WILMINGTON TRUST, NATIONAL ASSOCIATION, as Owner Trustee

  

  

  

  

  By:                ____________________________________

  Name:

  Title:

  

  

  

  

  

  

  

  

  

  

  
    S-1

    
      

  

  Acknowledged by:

  

  

  TOYOTA MOTOR CREDIT CORPORATION,

  as Servicer and Administrator

  

  

  

  

  By:                          ____________________________________

  Name:

  Title:

  
    S-2

    
      

  

  
  EXHIBIT A

  

  

  FORM OF ASSET-BACKED CERTIFICATE

  THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE
      SERVICER, THE ADMINISTRATOR, TOYOTA MOTOR CREDIT CORPORATION, TOYOTA AUTO FINANCE RECEIVABLES LLC OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

  THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”),
      OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.  THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT.

  EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT
      ACQUIRING THE CERTIFICATE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN”
      DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER
      EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

  NUMBER R‐1

  TOYOTA AUTO RECEIVABLES 2019-A OWNER TRUST

  ASSET-BACKED CERTIFICATE

  THIS CERTIFIES THAT TOYOTA AUTO FINANCE RECEIVABLES LLC is the registered owner of 100% of the nonassessable,
      fully-paid, fractional undivided beneficial interest in Toyota Auto Receivables 2019-A Owner Trust (the “Trust”) formed by Toyota Auto Finance Receivables LLC.

  The Trust was created pursuant to a Trust Agreement, dated as of October 15, 2018 (as amended and restated by the
      Amended and Restated Trust Agreement dated as of February 13, 2019, the “Trust Agreement”), between Toyota Auto Finance Receivables LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as
      Owner Trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below.  Capitalized terms used herein and not otherwise defined have the meanings ascribed thereto in the Trust Agreement, the Sale and
      Servicing Agreement, dated as of February

  
    A-1

    
      

  

  

  

  13, 2019 (the “Sale and Servicing Agreement”), among the Trust, the Depositor and Toyota Motor Credit Corporation, as servicer (the
      “Servicer”), or the Indenture, dated as of February 13, 2019 (the “Indenture”), among the Trust and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as the case may be.

  This Certificate is one of the duly authorized Certificates designated as “Asset Backed Certificates” (the
      “Certificates”) issued pursuant to the Trust Agreement.  Certain debt instruments evidencing obligations of the Trust have been issued under the Indenture, consisting of Notes designated as “2.70000% Asset Backed Notes, Class A‐1,” “2.83% Asset
      Backed Notes, Class A‐2a,” “LIBOR plus 0.16% Asset Backed Notes, Class A‐2b,” “2.91% Asset Backed Notes, Class A‐3,” “3.00% Asset Backed Notes, Class A‐4” and “0.00% Asset Backed Notes, Class B” (collectively, the “Notes”).  This Certificate is
      issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The holder of this Certificate, by virtue of its acceptance hereof, assents to and is bound by all of the provisions of the Trust Agreement.

  The property of the Trust includes a pool of retail installment sales contracts secured by new and used cars,
      minivans, light-duty trucks and sport utility vehicles (the “Receivables”), all monies due thereunder and received after the Cutoff Date, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds
      from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement and all proceeds of the foregoing.

  It is the intent of the Depositor, Toyota Motor Credit Corporation and the Certificateholders that, for purposes of
      federal income tax, state and local income tax, any state single business tax and any other income taxes, the Trust will be treated as a division or branch of the Person holding the beneficial interests in the Trust for any period during which the
      beneficial interests in the Trust are held by one person, and will be treated as a partnership, and the Certificateholders will be treated as partners in that partnership, for any period during which the beneficial interests in the Trust are held by
      more than one person.  For any such period during which the beneficial interests in the Trust are held by more than one person, each Certificateholder, by acceptance of a Certificate or any beneficial interest on a Certificate, agrees to treat, and
      to take no action inconsistent with the treatment of, the Certificates as partnership interests in the Trust for such tax purposes.

  Under the Trust Agreement, there will be distributed to the Holder hereof on the 15th day of each month or, if such
      15th day is not a Business Day, the next Business Day, (each, a “Payment Date”), commencing in March 2019, the amounts to be distributed to Certificateholder on such Payment Date in respect of amounts distributable to the Certificateholder pursuant
      to Section 5.06 of the Sale and Servicing Agreement.

  The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this
      Certificate are subordinated to the rights of the Noteholders, as described in the Sale and Servicing Agreement and the Indenture.

  Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire
      transfer or check mailed to the Certificateholder without the presentation

  
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  or surrender of this Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and
      notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the
      Paying Agent designated in such notice.

  Each Certificateholder, by its acceptance of a Certificate or any beneficial interest in a Certificate, covenants and
      agrees that such Certificateholder will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings, or other proceedings under any United States, federal or state bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

  Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further
      provisions shall for all purposes have the same effect as if set forth at this place.

  Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner
      Trustee or an authenticating agent, by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

  THIS CERTIFICATE SHALL BE GOVERNED BY AND 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.

  
    A-3

    
      

  

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

  TOYOTA AUTO RECEIVABLES 2019-A

  OWNER TRUST

  
     

      

     

      

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

    

    

     

      

     

      

    By:                  _________________________________

    Authorized Signatory

    

    

  

  

  

  

  Dated:  February 13, 2019

  
    A-4

    
      

  

  OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

  WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

  

  

  By:                          _________________________________

  Authorized Signatory

  

  

  
    A-5

    
      

  

  (REVERSE OF CERTIFICATE)

  The holder of this Certificate, by accepting an interest in this Certificate, acknowledges that this Certificate
      represents a beneficial interest in the Trust only and does not represent any interest in or obligation of the Depositor, Toyota Motor Credit Corporation (in any capacity), the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate
      thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Certificate or the Basic Documents.  In addition, this Certificate is not guaranteed by any governmental agency or
      instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Sale and Servicing Agreement.  A copy of each of the Sale and
      Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by the Certificateholder upon written request.

  As provided in the Trust Agreement, and subject to certain limitations therein set forth, the transfer of this
      Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee, accompanied by a written instrument of
      transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations
      evidencing the same aggregate interest in the Trust will be issued to the designated transferee or transferees. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust, National Association.

  The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may
      treat the person in whose name this Certificate is registered as the owner hereof for all purposes and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

  The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof by the Depositor and the
      Owner Trustee, with prior written notice to the Rating Agencies, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in the Trust Agreement or for the purpose of
      adding any provisions to or changing in any manner or eliminating any of the provisions in the Trust Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided, that either (i) an Officer’s Certificate has been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that any such amendment will not
      materially and adversely affect the interest of any Noteholder or Certificateholder or (ii) the Rating Agency Condition has been satisfied in respect of any such amendment.

  The Trust Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written
      notice to the Rating Agencies and with the consent of the Indenture Trustee and with the consent of:

  
    A-6

    
      

  

  

  

  (i)            if the interests of the Noteholders are materially and adversely affected, the Holders of Notes evidencing at least a majority of the outstanding principal amount of the
      Controlling Class of Notes, acting together as a single; and

  (ii)            if the interests of the Certificateholders are materially and adversely affected, the Holders of the Certificates evidencing not
      less than a majority of the Percentage Interest;

  for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust Agreement or of
      modifying in any manner the rights of the Noteholders or Certificateholders under the Trust Agreement.

  No amendment otherwise permitted under Section 11.01 of the Trust Agreement may (x) increase or reduce in any manner
      the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions required to be made for the benefit of any Noteholders or Certificateholders without the consent of all Noteholders and
      Certificateholders adversely affected thereby, or (y) reduce the percentage of the Notes or Certificates which are required to consent to any such amendment without the consent of the Noteholders and Certificateholders adversely affected thereby;
      provided, that any amendment referred to in clause (x) or (y) above will be deemed to not adversely affect any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed amendment.  No amendment referred to in clause (x)
      in the immediately preceding sentence will be permitted unless an Officer’s Certificate has been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that such amendment will not
      materially and adversely affect the interest of any Noteholder or Certificateholder whose consent was not obtained.

  The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate
      upon the payment to the Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Trust Estate.  Toyota Motor Credit
      Corporation, as servicer of the Receivables under the Sale and Servicing Agreement, or any successor servicer, may at its option purchase the Trust Estate at a price specified in the Sale and Servicing Agreement, and any such purchase of the
      Receivables and other property of the Trust will effect early retirement of the Certificate; however, such right of purchase is exercisable only after the last day of the Collection Period as of which the Pool Balance is less than or equal to 5% of
      the Original Pool Balance.

  
    A-7

    
      

  

  ASSIGNMENT

  Social Security or taxpayer I.D.  or other identifying number of assignee:__________________

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

  

  

  ____________________________________________________________________________

                                                       (name and address of assignee)

  the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

  ______________________, attorney, to transfer said Certificate on the books of the Certificate 

  Registrar, with full power of substitution in the premises.

  

  

  Dated:                                                      */

  Signature Guaranteed:

      __________________*/

  

  

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

  
    A-8

    
      

  

  
  EXHIBIT B

  FORM OF TRANSFEREE REPRESENTATION LETTER

  Toyota Auto Receivables 2019-A Owner Trust

  c/o Wilmington Trust, N.A.,

  not in its individual capacity but solely as Owner Trustee

  Rodney Square North

  1100 North Market Street

  Wilmington, Delaware 19890

  Attention: Corporate Trust Administration

  

  

  Wilmington Trust, National Association,

  as Certificate Registrar

  Rodney Square North

  1100 North Market Street

  Wilmington, Delaware 19890

  Attention: Corporate Trust Administration

  

  

  Re:  Transfer of Toyota Auto Receivables 2019-A Owner
          Trust Certificates, (the “Certificates”)

  

  

  Ladies and Gentlemen:

  This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement, dated as of February
      13, 2019 (the “Trust Agreement”), between Toyota Auto Finance Receivables LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by ________________ (the “Seller”) to the
      undersigned (the “Purchaser”) of the Certificates, a copy of which are attached hereto. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Trust Agreement.

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

  1.                  I am not a Non-U.S. Person as defined in the Trust Agreement; and

  2.                  I am not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of
      ERISA, (ii) a “plan” described in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment in
      the entity, or (iv) any other employee benefit plan that is subject to any law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code.

  Signature appears on next page.

  
    B-1

    
      

  

  IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the ___ day of 
      ___________.

  Very truly yours,

  

  

  

  

  

  

  The Purchaser

  
    B-2

    
      

  

  
  EXHIBIT C

  FORM OF TRANSFEROR REPRESENTATION LETTER

  

  

  Toyota Auto Receivables 2019-A Owner Trust

  c/o Wilmington Trust, National Association,

  not in its individual capacity but solely as Owner Trustee

  Rodney Square North

  1100 North Market Street

  Wilmington, Delaware 19890

  Attention: Corporate Trust Administration

  

  

  Wilmington Trust, National Association,

  as Certificate Registrar

  Rodney Square North

  1100 North Market Street

  Wilmington, Delaware 19890

  Attention: Corporate Trust Administration

  

  

  Re:  Transfer of Toyota Auto Receivables 2019-A Owner Trust Certificates, (the
          “Certificates”)

  

  

  Ladies and Gentlemen:

  This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement, dated as of February
      13, 2019 (the “Trust Agreement”), between Toyota Auto Finance Receivables LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by ______________________ (the
      “Purchaser”) to the undersigned (the “Seller”) of the Certificates, a copy of which are attached hereto. Capitalized terms used and not otherwise defined herein have the meanings ascribed thereto in the Trust Agreement. The Transferor hereby
      certifies, represents and warrants to you, as Certificate Registrar, that:

  1. The Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such
      Certificates free from any and all claims and encumbrances whatsoever.

  2. Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise
      disposed of any Transferred Certificate, any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition of any Transferred
      Certificate, any interest in any Transferred Certificate or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred Certificate, any interest in any Transferred Certificate or
      any other similar security with any person in any manner, (d) made any general solicitation by means of general advertising or in any other manner, or (e) taken any other action, which (in the case of any of the acts described in clauses (a) through
      (e) hereof) would constitute a distribution of any Transferred Certificate under the

  
    C-1

    
      

  

  

  

  Securities Act of 1933, as amended (the “Securities Act”), or would render the disposition of any Transferred Certificate a violation of
      Section 5 of the Securities Act or any state securities laws, or would require registration or qualification of any Transferred Certificate pursuant to the Securities Act or any state securities laws.

  Very truly yours,

  (Transferor)

  By:

  
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  EXHIBIT D

  

  

  FORM OF NOTICE OF REPURCHASE REQUEST

  

  

  [ ], 20[ ]

  

  

  Toyota Motor Credit Corporation

      Toyota Auto Finance Receivables LLC

  6565 Headquarters Drive

  W2-3D, Plano, Texas 75024-5965

  Attention: President

  

  

  

  

  Re:   TOYOTA AUTO RECEIVABLES 2019-A OWNER TRUST (the “Issuer”)

                                    Notice of Requests to Repurchase Receivables

    

  

  

  

  Reference is hereby made to the Amended and Restated Trust Agreement of the Issuer, dated as of February 13, 2019 (the “Trust Agreement”),
      between Toyota Auto Finance Receivables LLC, a Delaware limited liability company, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as owner trustee (in such capacity, the “Owner Trustee”).
      Capitalized terms used but not defined herein shall have the meanings given to them in the Trust Agreement. This notice is being delivered pursuant to Section 6.03(h) of the Trust Agreement.

  

  

  During the period from and including [ ], 20[ ] to but excluding [ ], 20[ ], the Owner Trustee received one or more demands for the repurchase or replacement
      of a Receivable for breach of representations and warranties concerning such Receivable. Copies of any such requests received in writing are attached.

  

  

  WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its
      individual capacity but solely as Owner Trustee

  

  

  

  

  By: _________________

  Name:

  Title:

  

  

  D-1

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