Document:

St. Jude Medical (Hong Kong) Limited Distributor Agreement

  
 [ * ] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  
 EXHIBIT 10.32 
  
 Korea Distribution Agreement 
  
 This Distributor Agreement (“Agreement”) is made effective as of this 19th day of
November, 2004 between Conor Medsystems Ireland, Ltd. (“Supplier”), an Irish corporation, having offices at 30 Herbert Street, Dublin 2, Ireland and St. Jude Medical (Hong Kong) Limited (“Distributor”), a Hong Kong,
SAR corporation, located at 2708 China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road, Central, Hong Kong, SAR, People’s Republic of China. 
  
 Intending to be legally bound, Supplier and Distributor agree as follows: 
  

	1.	Definitions: As used in this Agreement, 

  
 (a) “Technology” means Supplier’s proprietary ductile hinge technology and reservoirs for the delivery of pacliataxel, or paclitaxel with
additional drugs. 
  
 (b) “Products” means the BMS and
DES. 
  
 (c) “Territory” means Korea. 
  
 (d) “Affiliate” shall mean, with respect to a party, any company,
natural person, partnership or other business entity that controls, is controlled by, or is under common control with such party, where the term “controls” denotes the ownership, directly or indirectly, of more than fifty percent (50%) of
the voting securities or other ownership interest of an entity, or the possession, directly or indirectly, of the power to direct the management or policies of an entity, whether through the ownership of voting securities, by contract, or otherwise
(with correlative definitions for the terms “controlled by” and “common control”). 
  
 (e) “BMS” means Supplier’s bare metal stent for coronary or peripheral procedures (i.e. a stent with no drug associated with it.)

  
 (f) “DES” means Supplier’s drug eluting stent
for coronary or peripheral procedures that uses paclitaxel or paclitaxel and at least one other drug including, but not limited to, the COSTAR. DES excludes [ * ] stents of Supplier that use technology owned by and/or licensed from [ *
] or its Affiliates. 
  
 (g) “Initial BMS” means
the Supplier’s bare metal stent known as the UNISTAR. 
  

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 (h) “Initial DES” means Supplier’s drug-eluting stent known as the COSTAR. 
  

	2.	Appointment and Authority of Distributor: 

  
 (a) Appointment: Subject to the terms and conditions of this Agreement, Supplier hereby appoints Distributor, and Distributor accepts that
appointment, as (i) Supplier’s exclusive distributor of BMS in the Territory, and (ii) Supplier’s exclusive distributor of DES in the Territory. In the event Supplier provides BMS or DES products other than the Initial BMS products or
Initial DES products, such products shall be offered to Distributor. In the event such additional products require clinical testing, the Distributor shall have no duty to accept such additional products. In the event Distributor declines to carry
such additional products, the Supplier may directly sell such products in the Territory or sell such products in the Territory through another distributor. 
  
 (b) Loss of Exclusivity: 
  
 (i) Distributor shall not import or sell a bare metal stent or a drug-eluting stent product for coronary use from another manufacturer or supplier in the
Territory. In the event Supplier provides a BMS or DES for peripheral use to Distributor, then Distributor shall not import or sell a bare metal stent or a drug-eluting stent product for peripheral use from another manufacturer or supplier in the
Territory. In the event Distributor imports or sells a bare metal stent or a drug-eluting stent product for coronary use or peripheral use, if applicable, from another manufacturer or supplier in the Territory, then, notwithstanding Section 2(a),
Supplier shall have the right, in its sole discretion and in addition to any other remedies available to Supplier, to convert this Agreement with respect to BMS (in the case of a competing bare metal stent product), or DES (in the case of a
competing drug-eluting stent product) to co-exclusive in the Territory (i.e., Supplier could sell in the Territory directly, or through one other distributor) by written notice to Distributor.  
  
 (ii) In the event Supplier so elects to convert this Agreement to
co-exclusive, the Supplier shall pay Distributor a conversion fee equal to [ * ], and Distributor will transfer all import, regulatory, and reimbursement registrations and approvals relating to BMS or DES in the Territory to Supplier provided
that Supplier shall provide Distributor with all necessary licenses and permits for Distributor to distribute BMS or DES in the Territory in accordance with the terms of this Agreement. 
  
 (c) Independent Contractors: Distributor and Supplier are independent
contractors and are engaged in the operation of their own businesses. Neither party is to be considered the agent of the other party for any purpose whatsoever, and neither party has any authority to enter into any contracts or assume any 

  

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 obligations for the other party or make any warranties or representations on behalf or the other party
unless agreed to in writing by the other party. 
  
 (d) Rights
of the Parties with Respect to Products: Distributor shall have the exclusive right to sell Products in the Territory. Supplier shall have the right to sell all products other than Products directly or through a different distributor or
distributors in the Territory. 
  

	3.	Obligations of Distributor: 

  
 (a) Registration and Marketing of Products: Distributor agrees to use its reasonable efforts to promote and distribute the Products in the
Territory as soon as regulatory and reimbursement permits are obtained in the Territory, using generally the same channels and methods, exercising the same diligence and adhering to the same standards which it employs for other coronary intervention
products sold by Distributor. Distributor shall be responsible for obtaining all import, regulatory and reimbursement registrations and approvals that are necessary or advisable for sales of the Products in the Territory and for the performance of
its duties hereunder (collectively, “Regulatory Approvals”); provided, however, that Supplier shall be responsible for obtaining CE Mark and FDA approvals with respect to the Products. All data necessary to obtain CE Mark and FDA approvals
will be the responsibility of Supplier and Supplier shall make such data available to Distributor for use in obtaining regulatory approvals in the Territory at no charge. Distributor shall be responsible for paying all direct and Distributor’s
indirect costs required for or associated with obtaining Regulatory Approvals including clinical Products and the costs associated with clinical studies necessary for obtaining the Regulatory Approvals (collectively, the “Regulatory
Costs”), except that Supplier will provide material and information in accordance with Section 4(b) at Supplier’s cost. Distributor shall keep Supplier apprised of the progress of all Regulatory Approvals. All clinical trial protocols and
procedures required for or associated with obtaining Regulatory Approvals, and all data collection methods associated therewith, shall be subject to the advance written approval of Supplier, and all data obtained by or on behalf of Distributor under
this Agreement shall be made available to Supplier in a timely manner at no charge for any and all purposes. Distributor shall have no duty to provide translation into English. 
  
 (b) Diligence Obligations. Distributor shall use diligent efforts to obtain regulatory approval of the Product in the
Territory. In fulfilling this diligence obligation, Distributor shall use at least the same level of effort to obtain regulatory approval as Distributor uses to obtain regulatory approvals for other products Distributor distributes, including those
manufactured by its Affiliate. Supplier’s sole remedy for such a breach shall be to terminate this Agreement under Section 10(b). 
  

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 (c) Sales of Products. Distributor shall use its reasonable efforts to develop, promote and expand
sales of the Products in the Territory. Distributor shall provide to Supplier on a quarterly basis a forecast of orders on a [ * ] and [ * ] basis for the [ * ] month period commencing on the first day of such calendar quarter.
Such forecast shall be non-binding, except for the quantities indicated for the [ * ] of each [ * ] month forecast, which shall be a firm obligation to purchase such quantities of Products in such [ * ]. 
  
 (d) Ordering. Distributor shall order Products from Supplier by
submitting a written purchase order identifying the Products ordered, requested delivery date(s) and any export/import information required to enable Supplier to fill the order. All orders for Products are subject to acceptance by Supplier. Supplier
will not unreasonably reject any purchase order for Products that meets the requirements of this Section 3(d) and that does not request a quantity of Products greater than [ * ] of the most recently forecasted quantities. Supplier shall have
no liability to Distributor with respect to purchase orders which are not accepted. 
  
 (e) Minimum Purchase Requirements. Distributor shall make the minimum annual purchase of Products established in Exhibit B, unless the Agreement has become coexclusive. In the period within the fixed term and
extension, if applicable, of the Agreement under Section 10(a) subsequent to Year 2, the parties shall meet in San Francisco at least 90 days prior to the beginning of each of respective year to discuss market conditions and appropriate minimum
purchases for such year. In the event that the parties fail to agree on an appropriate minimum any year subsequent to Year 2, the minimum annual purchase requirement for such year shall be calculated increasing or decreasing (as the case may be) the
minimum purchase requirement for the preceding year in proportion to the increase or decrease in the [ * ] (based on data from mutually acceptable data provider) of the applicable product in the Territory. In the event Supplier is unable to
deliver Products ordered by Distributor in an amount consistent with the most recent forecast, then the minimum annual purchase requirement shall be reduced by the quantity of Products that Supplier is unable to deliver when requested. In the event
Distributor fails in any year (a “Shortfall Year”) to make the annual minimum purchase of Agreement Products required by Exhibit B, Supplier shall have the right to give Distributor written notice of default, and if such failure to make
the minimum purchase is not cured (through the purchase of an amount of Agreement Product equal to the entire shortfall in the Shortfall Year, which amount shall not be counted towards any minimum purchase requirements for the year of purchase)
within 120 days of receipt of the notice, then Supplier shall have the right, in Supplier’s sole discretion and as Supplier’s sole remedy for Distributor’s failure to meet the minimum purchase requirements hereunder, either to convert
the appointment of Distributor from exclusive to non-exclusive or to terminate this Agreement. In the event of either conversion to non-exclusive or termination of this Agreement pursuant to this Section 3(e), the Supplier shall pay Distributor a

  

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conversion fee equal to [ * ], and Distributor shall transfer all Regulatory Approvals relating to BMS or DES in the Territory to Supplier.

  
 (f) Reports: Distributor agrees to submit regular
reports to Supplier on a quarterly basis, unless otherwise agreed. Such reports shall include sales reports, business trends, market forecasts and other reports reasonably requested by Supplier. Distributor shall have no obligation to provide
translations to Supplier, provided however that Distributor shall provide such reasonably requested reports which are also translated for an Affiliate of Distributor. 
  
 (g) Product Complaints. Distributor agrees to use its reasonable efforts to promptly report to Supplier all available
information concerning any product complaints not related to death or serious injury that it is aware of. This information will be reported to assist Supplier in monitoring the quality and safety of its Products, and to allow Supplier to meet its
reporting obligations under the United States Medical Device Reporting regulations (21 CFR 803.1 et seq.) and Medical Device Vigilance Guidelines, if applicable. Information concerning such product complaints may be reported to the Supplier
either verbally or in writing. A “product complaint’ is any written or oral expression of dissatisfaction as to the identity, quality, durability, reliability, safety, effectiveness, or performance of a Product. Product complaints
associated with a death or serious injury, or a malfunction that could reasonably be expected to result in a death or serious injury if the malfunction recurs, or any adverse event relating to a Product, will be reported to Supplier immediately upon
Distributor’s knowledge of that information. 
  
 (h)
Prohibited Sales: Distributor agrees not to, and agrees to use reasonable efforts to ensure that Distributor’s subdistributors, agents and customers do not sell or use any of the Products outside the Territory. If Distributor receives
any order from a prospective purchaser whose principal place of business is located outside the Territory, Distributor shall immediately refer that order to Supplier, and Distributor shall not accept any such orders. Distributor may not deliver or
tender (or cause to be delivered or tendered) any Product outside of the Territory. 
  
 (i) Product Presentation: Distributor agrees to present the Products fairly to potential customers, not to disparage the Products, any Product trademarks or Supplier, and to do all things reasonable to promote
the reputation of the Products and the value of any Product trademarks. 
  
 (j) Additional Distributor Covenants: Distributor hereby covenants that Distributor (a) shall store the Products in accordance with the storage specifications that Supplier will provide in writing, and in
accordance with all applicable laws, rules and regulations in the Territory, (b) shall distribute and ship the Products within the Territory in accordance with Supplier’s packaging, shipping and distribution specifications for the Products that
Supplier will provide 

  

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in writing, and in accordance with all laws, rules and regulations in the Territory, (c) shall not sell any Product with an expired shelf life, and shall
dispose of any such expired Product in the manner required by Supplier, and in accordance with all laws, rules and regulations in the Territory, (d) shall not adulterate or misbrand Products, or engage in any activity that could or does render
Products adulterated or misbranded, and (e) shall maintain all necessary records for compliance with all laws, rules and regulations in the Territory. 
  

	4.	Obligations of Supplier: 

  
 (a) Requirements of Distributor: Supplier agrees to supply Distributor’s requirements for the Products in the Territory consistent with
Distributor’s forecasts of its expected requirements for the Products (as described in Section 3 above). If Supplier believes it will not be able to satisfy Distributor’s requirements for the Products, it must promptly notify Distributor,
specifying the reasons for and duration of the expected delay and its duration at the time Product order is placed. Supplier may not discontinue any Product in the Territory; provided, however that Supplier may discontinue Product (i) as provided in
Section 8(b), (ii) as required by applicable law or regulation, (iii) as necessary to comply with an order of a court, regulatory body, or other government agency, or (iv) as the Parties may mutually agree. 
  
 (b) Registration and Marketing Support: To assist Distributor in
registering and marketing the Products in the Territory, Supplier agrees to: 
  
 (i) Provide Distributor, at no charge, with materials and information necessary to obtain import, regulatory and reimbursement registrations and approvals, including available pre-clinical and clinical data relating
to the Products from trials and marketing studies conducted by or on behalf of Supplier. 
  
 (ii) Provide Distributor with information on marketing and promotional plans of Supplier for the Products as well as copies of marketing advertising, sales, technical training manuals, and available audiovisual
teaching and marketing aides and promotional literature concerning the Products (collectively, the “Promotional Materials”). Distributor shall use the Promotional Materials solely for the purpose of marketing and selling Products in
accordance with the terms of this Agreement. 
  
 (iii) Provide
Distributor with certain certificates of analysis concerning the Products purchased by Distributor, certificates of free sale, trademark authorizations and any other documents which Distributor may require for registration purposes. 
  

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 (iv) Provide Distributor with demonstration and clinical Products at transfer prices equal to
Supplier’s standard manufacturing cost used for its financial reporting purposes. Distributor shall pay shipping cost of clinical units from Supplier’s facilities in Ireland. 
  
 (c) Recalls: If either Party believes that a recall of any Products in the Territory is desirable or required by law
in the Territory or elsewhere, it shall immediately notify the other Party. The Parties shall then discuss reasonably and in good faith whether such recall is appropriate or required and the manner in which such recall should be handled. Supplier
shall be solely responsible for the direct and indirect costs of any Product recall, whether required or recommended by any government or other authority or organization, or otherwise deemed appropriate by Supplier and Distributor, except to the
extent such recall arises out of Distributor’s breach of its obligations under this Agreement. 
  
 (d) Shelf Life: Supplier shall provide Products with a shelf life that will be the longer of: (i) [ * ] or (ii) [ * ]. 
  

	5.	Trademark License: Supplier grants to Distributor the right and license to use Supplier’s trademarks and any trademark registrations which Supplier obtains and
designates for the Products in the Territory, but only in connection with sales of the Products purchased from Supplier for sale in the Territory. This trademark license shall continue in effect in the Territory only while Distributor retains its
distribution rights. Distributor agrees not to remove, alter, or obscure any Product label affixed by Supplier, unless necessary to comply with local legal requirements relating to labeling. Distributor shall, upon Supplier’s request, cooperate
with Supplier in any action necessary or desirable to register with the appropriate governmental agencies any of the Supplier’s trademarks used or proposed to be used hereunder, and to protect any of the Supplier’s trademarks used or
proposed to be used. Distributor shall not at any time do or permit any act to be done which may in any way impair the rights of Supplier in the Supplier’s trademarks or the value of the Supplier’s trademarks. In addition, Distributor
shall: (i) use the Supplier’s trademarks in compliance with all relevant laws and regulations; (ii) accord Supplier the right to inspect during normal business hours, with reasonable advance notice, Distributor’s facilities used in
connection with efforts to store or sell the Products in order to confirm that Distributor’s use of the Supplier’s trademarks is in compliance with this provision; and (iii) not modify any of the Supplier’s trademarks in any way and
not use any of the Supplier’s trademarks on or in connection with any goods or services other than the Products. 

  

	6.	Terms and Conditions of Sale: 

  
 (a) Terms of Orders: All purchases of the Products by Distributor from Supplier during the term of this Agreement will be subject to the terms and
conditions of this Agreement. In the event of any inconsistency between the terms 

  

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 of this Agreement and the terms of any purchase order, the terms of this Agreement shall control. Any
terms of any purchase order in conflict with the terms of this Agreement are expressly rejected. 
  
 (b) Packaging: All quantities of the Products purchased from Supplier by Distributor will be in the form of labeled, standard unit packages and in
a form and formulation consistent with the Products sold by Supplier for use in Europe, unless otherwise agreed by Supplier and Distributor in writing. 
  
 (c) Price and Payment: The prices for the Products to Distributor are set forth in Exhibit A attached hereto. 
  
 (d) Resale Price: Distributor may resell Products at any price that
Distributor in its sole discretion determines. 
  
 (e)
Expenses: Except as provided for expressly in other provisions, all expenses for importation, promotion, sales and distribution, as well as Distributor’s administrative and overhead expenses, will be borne solely by Distributor.

  
 (f) Credit: Distributor assumes all credit and other
risks involved in its sales under this Agreement. All collection expenses on sales made by Distributor will be at Distributor’s expenses. 
  
 (g) Payment Terms: Payment terms are net 30 days. 
  
 (h) Shipping Terms: FCA (Incoterms 2000) Hong Kong, SAR, People’s Republic of China. Notwithstanding the foregoing, Distributor shall pay for
all shipping costs and transportation insurance expenses incurred in shipping Product from Supplier’s facility except as provided in Section 7 for replacement Products. 
  
 (i) Acceptance of Product: Distributor shall inspect each shipment of Products and give Supplier written
notice of any defects or damages to any Product or non-conformity with the product specifications or the purchase order within fifteen (15) business days following the day of receipt of the Products. Any claims relating to defects or damages or
non-conformity, that are discoverable without breaking the sterile seal and opening the package, that are not submitted to Supplier in writing within such period shall be deemed to be waived and released, subject to Article 8. If Supplier disagrees
with Distributor’s claim that Product delivered to Distributor is non-conforming, the Parties shall first use good faith efforts to settle such dispute within thirty (30) days following Supplier’s receipt of notice of non-conformity under
this Section 6(i). If they are unable to do so within such time period, the dispute will be resolved by a mutually acceptable independent thirty party laboratory, which will analyze the allegedly non-conforming Product and determine whether such
Product conforms with the product specifications and 

  

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the purchase order. The Parties agree that such laboratory’s determination regarding conformance with the product specification and the purchase order
will be final and binding. The Party against whom the third party laboratory finds shall bear all costs of this analysis. 
  

	7.	Product Warranty: Supplier warrants to Distributor that all Products, at the time of shipment: (a) will conform with all written specifications provided from time to time by
Supplier prior to or concurrently with the shipment of Products, (b) will be free of defects in material, workmanship, and design, and (c) will comply with all applicable laws and regulations. Supplier will have the right to exchange, or accept the
return by Distributor of existing inventory and issue credit at the price paid by Distributor, plus any shipping costs or transportation insurance incurred by Distributor in connection with the purchase of such Product, if Products do not meet
requirements (a) through (c). Distributor will use its best efforts to afford the Supplier the reasonable opportunity at Supplier’s cost to inspect the allegedly defective Product at the location of its use or storage. Distributor will, or will
cause, upon request and in accordance with Supplier’s instruction, return of any defective Product to Supplier at Supplier’s cost. Except as set forth in Section 8, Supplier’s sole liability, and Distributor’s sole remedy, for
any breach of the foregoing warranties is replacement of the allegedly defective Product at no cost to Distributor. Any replacement of Products may be made by substitution upon mutual agreement. 

  
 THE PROVISIONS OF THE FOREGOING WARRANTIES ARE IN LIEU OF ANY OTHER
WARRANTY, WHETHER EXPRESS OR IMPLIED, WRITTEN OR ORAL (INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE). 
  
 Supplier will maintain a product and general liability policy not less than [ * ] U.S. dollars per occurrence/aggregate. Distributor will maintain
a product and general liability policy not less than [ * ] U.S. dollars per occurrence/aggregate (or a program of self-insurance offering a substantially equivalent level of protection). 
  

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	8.	Indemnification: 

  
 (a) Supplier agrees to indemnify, defend, and hold Distributor, and its directors, officers, employees, agents, representatives, and subdistributors
harmless from and against, and to assume all direct and indirect costs and expenses (including attorney’s fees) for: 
  
 (i) claims or suits by third parties for bodily injury (including, but not limited to, death) or property damage arising out of the manufacture, testing,
design, qualifying, preparing for shipping, or packaging of any Product; 
  
 (ii) any recalls or replacements of a Product, whether required or recommended by any government authority or government body, or otherwise deemed appropriate by Supplier and Distributor; and 
  
 (iii) any damage caused by a breach of this Agreement by Supplier.

  
 except to the extent that such injury, damage, cost, or
expense falls into the categories set forth in Sections 8(c)(i)-(ii). 
  
 (b) Supplier agrees to further indemnify, defend, and hold Distributor, and its directors, officers, employees, agents, representatives, and subdistributors, harmless from and against, and shall assume all direct and
indirect costs and expenses (including attorney’s fees) for any claim that any Product infringes or violates any patent, copyright, trademark, trade name, trade secret, or other intellectual property right of a third party, except to the extent
that such claim arises from Distributor’s use of material or procedures not approved by Supplier in writing. If a Product becomes, or in the Supplier’s opinion is likely to become, the subject of such a claim, Supplier may, at its option
and expense, either (i) procure for Distributor a license under such third party intellectual property right; (ii) replace or modify such Product so that it no longer infringes or violates such third party intellectual property right; or (iii)
discontinue its supply of such Product and terminate this Agreement with respect to such Product, subject to Section 10; provided however, if Supplier discontinues its supply of such Product pursuant to (b)(iii) above after the date of a Change in
Control of Supplier (as defined in Section 10), Supplier shall pay [ * ]. 
  
 (c) Distributor agrees to indemnify, defend, and hold Supplier, and its directors, officers, employees, and agents harmless from and against, and to assume all direct and indirect costs and expenses (including
attorney’s fees) for: 
  
 (i) claims or suits by third
parties for bodily injury (including, but not limited to, death) or property damage arising out of Distributor’s 

  

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negligence, gross negligence, or willful misconduct in the performance of services under this Agreement; and 
  
 (ii) any damage caused by a breach of this Agreement by Distributor.

  
 except to the extent that such claim, suit, or damage falls
into the categories set forth in Sections 8(a)(i)-(iii). 
  

	9.	Confidential Information: Each party agrees to keep confidential and not to publish or otherwise divulge or use for its own benefit or for the benefit of any third party any
information of a proprietary or confidential nature that is furnished to it by the other party (“Confidential Information”), except as required by law or court order or as necessary for the marketing of the Products or as expressly
permitted by the other Party in writing prior to such disclosure. Confidential Information includes (but is not limited to) information concerning Products, proposed products, marketing plans, methods of manufacture, customers and any other
information or materials in whatever form. This obligation does not extend to information which: (i) is already known by recipient at the time of its disclosure to recipient, as evidenced by the recipient’s written records; (ii) is publicly
available or later becomes publicly available through no fault of the recipient; or (iii) is disclosed to recipient, without any restrictions on further disclosure, by a third party having no similar confidentiality obligation. This obligation shall
terminate five (5) years after termination of this Agreement. 

  

	10.	Term and Termination: 

  
 (a) Term and Renewal: This Agreement commences on the date first set forth above and will, unless terminated in accordance with this Agreement,
continue in force for a fixed term of four (4) years after the date that the necessary regulatory authorities approve reimbursement for the first DES in Japan, and following the end of such fixed term, this Agreement shall be automatically extended
for a period of three (3) years, provided that Distributor has met its obligations under Section 3(e). 
  
 (b) Termination for Breach: Either party may at its option, terminate this Agreement by giving to the other party not less than sixty (60) days
prior written notice, if the other party at any time commits a material breach of any of its obligations hereunder and fails to correct any breach during such 60-day notice period. 
  
 (c) Termination Due to Bankruptcy: This Agreement also may be
terminated by either party if the other party becomes insolvent, makes or seeks to make an arrangement with or an assignment for the benefit of creditors, or if proceedings in voluntary or involuntary bankruptcy are instituted by, on behalf of or
against such other party, or if a receiver or trustee of the other party’s property is appointed. 
  

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 (d) Effect of Termination: Upon termination except on account of Distributor’s breach of this
Agreement, Supplier may, in Supplier’s sole discretion, elect to either permit Distributor to sell all inventory on hand in the Territory in the normal course of business, or to re-purchase all inventory by paying Distributor the amount paid by
Distributor for all such inventory, plus any shipping costs or transportation insurance expenses incurred by Distributor in connection with the purchase of such inventory, within thirty (30) days upon receipt. In addition, Distributor agrees to
deliver to Supplier or destroy, upon request, all Product materials supplied by Supplier and all Product marketing materials of any kind. For all types of termination the obligations of Supplier and Distributor pursuant to Sections 7 (Product
Warranty), 8 (Indemnification), 9 (Confidential Information), 10 (Term and Termination) and 11 (General Provisions) of this Agreement will survive any termination of this Agreement. Nothing in this Section will limit any remedies which a party may
have for the other’s default, except as expressly provided in this Section or another Section of this Agreement. A party which properly terminates this Agreement under this Section 10 (without breaching the Agreement) shall not be liable to the
other party for damages as a result of such proper termination. 
  
 (e) Effect of a Change In Control of Supplier: Notwithstanding any other provision of this Agreement, in the event over fifty percent (50%) of the outstanding equity securities of the Supplier is, directly or indirectly, acquired by
one person or entity (a “Change In Control”), then Supplier shall have the right, in its sole discretion, to select either of the following courses of action, so long as that action is the same as that selected for Japan at the same time:

  
 (i) Supplier may convert Distributor’s rights under this
Agreement from exclusive to co-exclusive (permitting Supplier to sell either directly in the Territory or through one other distributor), which conversion shall be effective [ * ] months after Supplier notifies Distributor of its election to
make such conversion. Following such conversion, Distributor shall transfer all Regulatory Approvals to Supplier upon payment by Supplier of [ * ]. 
  
 (ii) Supplier may terminate this Agreement its entirety, which termination shall be effective upon payment to Distributor of [ * ] U.S. dollars.
Following such termination, Distributor shall transfer all Regulatory Approvals to Supplier upon payment by Supplier of an fee equal to [ * ]. 
  
 Neither the conversion to a co-exclusive appointment set forth in subsection (i) above nor the termination set forth in (ii) above shall be effective
prior to [ * ] after reimbursement approval in Japan. 
  

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 (f) Change in Control of Distributor: In the event Distributor is no longer owned by an affiliate
of St. Jude Medical, Inc., or St. Jude Medical, Inc., then within [ * ] of such a change, Supplier can terminate this Agreement by giving [ * ] written notice to Distributor of termination and paying to Distributor the same amount as
in Section 10(e)(ii). 
  
 In the event of a Change in Control of
St. Jude Medical, Inc., then within [ * ] of such an acquisition Supplier can terminate this Agreement by giving [ * ] written notice to Distributor of termination and paying to Distributor the same amount as in Section 10(e)(ii).

  
 (g) Termination: In the event that the Distribution
Agreement of November 19, 2004 between Supplier and Distributor’s Affiliate Getz Bros. Co., Ltd., for Japan is terminated for any reason other than for Supplier’s breach, this Agreement shall also terminate, provided Supplier repurchase
inventory from Distributor in the manner provided in Section 4(c) and provided further that Supplier reimburse Distributor [ * ]. 
  

	11.	General Provisions: 

  
 (a) Governing Law: This Agreement is to be governed by and interpreted in accordance with the laws of the state of New York, without regard to its
rules on conflicts of laws, and excluding the United Nations Convention on Contracts for the International Sale of Goods. 
  
 (b) Entire Agreement: This Agreement represents the entire agreement and understanding of Supplier and Distributor with respect to distribution of
the Products, and supersedes all previous agreements and understandings related thereto including the Non-Disclosure Agreement dated [ * ]. All information protected from unauthorized use and/or disclosure under this Non-Disclosure Agreement
as of the Effective Date shall be deemed to be “Confidential Information” hereunder and the obligations of Article 9 of this Agreement shall apply to such information in accordance with its terms. 
  
 (c) Amendments: This Agreement may only be amended or modified in a
writing signed by authorized representatives of Distributor and Supplier. 
  
 (d) Severability: In the event that any provision of this Agreement is held to be unenforceable, this Agreement will continue in full force and effect without said provision and will be interpreted to reflect
the original intent of the parties. 
  
 (e) Construction
Against Waiver: Waiver by either party of a breach of any provision of this Agreement or the failure by either party to exercise any right hereunder will not operate or be construed as a waiver of any subsequent breach of that right or as a
waiver of any other right. 
  

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 (f) Counterparts: This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original and all of which together shall constitute one instrument. 
  
 (g) English Language: This Agreement is in the English language only, which language shall be controlling in all respects, and all versions hereof in any other language shall not be binding on the parties. All
communications and notices to be made or give pursuant to this Agreement shall be in the English language. 
  
 (h) Assignment: Distributor shall have the right to assign this Agreement only with the prior written consent of Supplier, which consent shall not
be unreasonably withheld. Supplier shall have the right to assign this Agreement to an Affiliate of Supplier. In addition, Supplier shall have the right to assign this Agreement to Supplier’s successor in interest in connection with a merger,
consolidation, acquisition, or sale of all or substantially all of Supplier’s assets relating to the Products; provided that any such assignee agrees to by bound by all of Supplier’s obligations and duties under this Agreement. Any
prohibited assignment shall be null and void. 
  

 - 14 - 

 (i) Notices: All notices under this Agreement must be in writing and will be deemed given
if sent by facsimile (except for legal process), certified or registered mail or commercial courier (return receipt or confirmation or delivery requested), or by personal delivery to the party to receive the notice or other communications called for
by this Agreement at the following addresses (or at another address for a party as specified by a party by like notice): 
  

			
	 Supplier

	 	 Distributor

	 Conor Medsystems Ireland, Ltd.
 30 Herbert Street
 Dublin 2
 Ireland
 Facsimile: {353} 906-420-747
 Attn: President
	 	 St. Jude Medical
 (Hong Kong) Limited
 2708 China Merchants Tower
 Shun Tak Center
 168-200 Connaught Road
 Central, Hong Kong, SAR
 People’s Republic of China
 Facsimile: {852} 2956-0622
 Attn: Managing Director

		
	And	 	And
	 Conor Medsystems, Inc.
 1003 Hamilton Court
 Menlo Park, CA 94025
 U.S.A
 Facsimile: {1}650-614-4125
 Attn: Chief Executive Officer
	 	 St. Jude Medical, Inc.
 One Lillehei Plaza
 St. Paul, MN 55117
 U.S.A.
 Facsimile: {1}651-481-7690
 Attn: General Counsel

  
 (j) Non-Hire:
Without the prior written consent of the other Party, neither Party shall, during the term of this agreement or for twelve (12) months thereafter, either directly or indirectly, hire or otherwise engage in the Territory, or cause, aid or assist any
other person or entity (including its subsidiaries, parents or other affiliates) to hire or otherwise engage in the Territory, any current or former employee of the other Party for a period of (12) twelve months after the termination of such
individual’s employment relationship with such other Party. 
  
 (k) Limitations on Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR ANY OTHER PERSON OR ENTITY FOR SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS, LOSS OF DATA OR
LOSS OF USE DAMAGES) ARISING OUT OF THE MANUFACTURE, SALE OR SUPPLY OF THE PRODUCTS, EVEN IF SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. THIS PROVISION SHALL NOT LIMIT DAMAGES AVAILABLE FOR BREACH OF SECTION 9 OR EITHER
PARTY’S INDEMNIFICATION OBLIGATIONS UNDER SECTION 8. 
  
 (l)
Force Majeure: Each of the parties hereto will be excused from its performance of its obligations hereunder if the performance is prevented by force majeure, and that excuse will continue so long as the condition constituting that force
majeure continues plus thirty (30) days after the termination of the condition. For the purposes of this Agreement, “force majeure” is defined to include causes beyond 

  

 - 15 - 

 
the control of Distributor or Supplier, including without limitation acts of God, acts, regulations or laws of any government, war, civil commotion,
destruction of production facilities or materials by fire, flood, earthquake or storm, labor disturbances, or medical epidemics. 
  
 (m) Currency: All payments required under this Agreement shall be due in lawful currency of the United States of America. 
  
 (n) Performance by Affiliates: The Parties recognize that Supplier
may perform some or all of its obligations, or exercise some of all of its rights, under this Agreement through one or more of its Affiliates. Any reference to Supplier in this Agreement shall be deemed to include any such Affiliates of Supplier so
engaged by Supplier as it deems appropriate in light of the particular facts and circumstances. 
  

									
	CONOR MEDSYSTEMS IRELAND, LTD.	 	 	 	ST JUDE MEDICAL (HONG KONG) LIMITED
					
	By:	 	 /s/ Jeff Tillack
	 	 	 	By:	 	 /s/ Paul J. Gam

	 	 	 Jeff Tillack
	 	 	 	 	 	 Paul J. Gam

	 Title:
	 	 President
	 	 	 	 Title:
	 	 Chairman

  
 Agreed as to Section 8 only

  

			
	CONOR MEDSYSTEMS, INC.
		
	By:	 	 /s/ Michael Boennighausen

	 	 	 Michael Boennighausen

	 Title:
	 	 Chief Financial Officer

  

 - 16 - 

  
 EXHIBIT A 
  
 Initial Products 
  

					
	 1.
	 	 BMS
	 	 Initial Price
 See Section A below.

			
	 	 	 	 	 Transfer Price
 See Section B below.

			
	 2.
	 	 DES
	 	 Initial Price
 See Section A below.

			
	 	 	 	 	 Transfer Price
 See Section B below.

  
 A. Unit Price for Period through the
[ * ] after [ * ] in Korea (“Initial Price”) 
  
 The
Initial Price shall be [ * ] for BMS. 
 The Initial Price shall be [ * ] for DES. 
  
 B. Unit Price for Period Beginning after [ * ] after [ * ] in Korea (“Transfer Price”) 
  
 Transfer Price of each Product supplied by Supplier to Distributor hereunder and accepted by
shall be equal to [ * ] times the average Net Sales per unit of Product for the immediately previous calendar quarter in which such Product is supplied to Distributor, which average shall be calculated by dividing the Net Sales of such
Product for such calendar quarter by the number of units of such Product actually sold by Distributor during such calendar quarter and included in such Net Sales 
  
 No later than [ * ] after to the end of each calendar quarter, the parties shall agree on the Transfer Price per unit for each
Product for the following calendar quarter. Said Transfer Price shall be retroactively adjusted to the beginning of the same calendar quarter referred to above as “the following calendar quarter” in the event it is found to be in error
when compared to the written report described in the following paragraph. 
  
 Within [ * ] following the end of each calendar quarter, Distributor shall provide Supplier with a written report setting forth on a Product-by-Product basis: (i) the Net Sales of Product during such period; (ii) the number of units
of Product sold during such period; 
  

 - 17 - 

 (iii) a calculation of the Transfer Price per unit of Product for such period in accordance with this section. Net Sales
shall first be calculated in local currency and then converted to U.S. dollars on the basis of the exchange rate used by Distributor for financial reporting. 
  
 For purposes of this section, the term “Net Sales” shall mean the gross amount invoiced by Distributor or by any of its Affiliates to third parties for sales of
a Product, less the following items, as allocable to such Product: (i) discounts, rebates, credits or allowances, if not previously deducted from the amount invoiced; (ii) freight, shipping and insurance charges, provided such amounts are included
in the gross amount invoiced above; and (iii) taxes, duties or other governmental tariffs (other than income taxes), provided such amounts are included in the gross amount invoiced above. Net Sales shall be calculated on a country-by-country and
Product-by-Product basis. 
  
 [ * ] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 - 18 - 

 EXHIBIT B 
  
 MINIMUM PURCHASE REQUIREMENT TO RETAIN EXCLUSIVITY 
  

			
	 Year 1
	  	[ * ] DES units
	 Year 2
	  	[ * ] DES units

  
 Year 1 shall commence
on the date of reimbursement approval of the first DES in Korea. 
  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 - 19 -Amended and Restated Trust Agreement

  
 Exhibit 4.1

  
 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2004-3

  
 AMENDED AND RESTATED 
 TRUST AGREEMENT 
  
 between 
  
 CAPITAL ONE AUTO RECEIVABLES, LLC, 
 as the Depositor 
  
 and 
  
 WILMINGTON TRUST COMPANY, 
 as the
Owner Trustee 
  
 Dated as of December 9, 2004

  
 TABLE OF CONTENTS

  

					
	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
			
	 SECTION 1.1.
	  	 Capitalized Terms
	  	1
			
	 SECTION 1.2.
	  	 Other Interpretive Provisions
	  	1
		
	 ARTICLE II ORGANIZATION
	  	2
			
	 SECTION 2.1.
	  	 Name
	  	2
			
	 SECTION 2.2.
	  	 Office
	  	2
			
	 SECTION 2.3.
	  	 Purposes and Powers
	  	2
			
	 SECTION 2.4.
	  	 Appointment of the Owner Trustee
	  	3
			
	 SECTION 2.5.
	  	 Initial Capital Contribution of Trust Estate
	  	3
			
	 SECTION 2.6.
	  	 Declaration of Trust
	  	3
			
	 SECTION 2.7.
	  	 Organizational Expenses; Liabilities of the Holders
	  	3
			
	 SECTION 2.8.
	  	 Title to the Trust Estate
	  	4
			
	 SECTION 2.9.
	  	 Representations and Warranties of the Seller
	  	4
			
	 SECTION 2.10.
	  	 Situs of Issuer
	  	5
		
	 ARTICLE III RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES
	  	5
			
	 SECTION 3.1.
	  	 Initial Ownership
	  	5
			
	 SECTION 3.2.
	  	 Authorization of the Certificates
	  	5
			
	 SECTION 3.3.
	  	 Form of the Certificate
	  	5
			
	 SECTION 3.4.
	  	 Registration of the Certificates
	  	5
			
	 SECTION 3.5.
	  	 Transfer of the Certificate
	  	6
			
	 SECTION 3.6.
	  	 Lost, Stolen, Mutilated or Destroyed Certificates
	  	7
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	8
			
	 SECTION 4.1.
	  	 Prior Notice to Residual Interestholder with Respect to Certain Matters
	  	8
			
	 SECTION 4.2.
	  	 Action by Residual Interestholder with Respect to Certain Matters
	  	8
			
	 SECTION 4.3.
	  	 Action by Residual Interestholder with Respect to Bankruptcy
	  	8
			
	 SECTION 4.4.
	  	 Restrictions on Residual Interestholder’s Power
	  	8
			
	 SECTION 4.5.
	  	 Majority Control
	  	9

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	9
			
	 SECTION 5.1.
	  	 Application of Trust Funds
	  	9
			
	 SECTION 5.2.
	  	 Method of Payment
	  	9
			
	 SECTION 5.3.
	  	 Sarbanes-Oxley Act
	  	9
			
	 SECTION 5.4.
	  	 Signature on Returns
	  	9
		
	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	9
			
	 SECTION 6.1.
	  	 General Authority
	  	9
			
	 SECTION 6.2.
	  	 General Duties
	  	10
			
	 SECTION 6.3.
	  	 Action upon Instruction
	  	10
			
	 SECTION 6.4.
	  	 No Duties Except as Specified in this Agreement or in Instructions
	  	11
			
	 SECTION 6.5.
	  	 No Action Except under Specified Documents or Instructions
	  	11
			
	 SECTION 6.6.
	  	 Restrictions
	  	11
		
	 ARTICLE VII CONCERNING OWNER TRUSTEE
	  	12
			
	 SECTION 7.1.
	  	 Acceptance of Trusts and Duties
	  	12
			
	 SECTION 7.2.
	  	 Furnishing of Documents
	  	13
			
	 SECTION 7.3.
	  	 Representations and Warranties
	  	13
			
	 SECTION 7.4.
	  	 Reliance; Advice of Counsel
	  	14
			
	 SECTION 7.5.
	  	 Not Acting in Individual Capacity
	  	15
			
	 SECTION 7.6.
	  	 The Owner Trustee May Own Notes
	  	15
		
	 ARTICLE VIII COMPENSATION OF OWNER TRUSTEE
	  	15
			
	 SECTION 8.1.
	  	 The Owner Trustee’s Compensation
	  	15
			
	 SECTION 8.2.
	  	 Indemnification
	  	15
			
	 SECTION 8.3.
	  	 Payments to the Owner Trustee
	  	16
		
	 ARTICLE IX TERMINATION OF TRUST AGREEMENT
	  	16
			
	 SECTION 9.1.
	  	 Termination of Trust Agreement
	  	16
			
	 SECTION 9.2.
	  	 Dissolution of the Issuer
	  	16
			
	 SECTION 9.3.
	  	 Limitations on Termination
	  	16
		
	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	17
			
	 SECTION 10.1.
	  	 Eligibility Requirements for the Owner Trustee
	  	17

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	 SECTION 10.2.
	  	 Resignation or Removal of the Owner Trustee
	  	17
			
	 SECTION 10.3.
	  	 Successor Owner Trustee
	  	18
			
	 SECTION 10.4.
	  	 Merger or Consolidation of the Owner Trustee
	  	18
			
	 SECTION 10.5.
	  	 Appointment of Co-Trustee or Separate Trustee
	  	18
		
	 ARTICLE XI MISCELLANEOUS
	  	20
			
	 SECTION 11.1.
	  	 Amendments
	  	20
			
	 SECTION 11.2.
	  	 No Legal Title to Trust Estate in Residual Interestholder
	  	21
			
	 SECTION 11.3.
	  	 Limitations on Rights of Others
	  	21
			
	 SECTION 11.4.
	  	 Notices
	  	21
			
	 SECTION 11.5.
	  	 Severability
	  	21
			
	 SECTION 11.6.
	  	 Separate Counterparts
	  	21
			
	 SECTION 11.7.
	  	 Successors and Assigns
	  	22
			
	 SECTION 11.8.
	  	 No Petition
	  	22
			
	 SECTION 11.9.
	  	 Information Request
	  	23
			
	 SECTION 11.10.
	  	 Headings
	  	23
			
	 SECTION 11.11.
	  	 GOVERNING LAW
	  	23
			
	 SECTION 11.12.
	  	 Limitation of Rights
	  	23

  

 -iii- 

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of December 9, 2004 (as from time to time
amended, supplemented or otherwise modified and in effect, this “Agreement”) between CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability company, as the depositor (the “Seller”), and WILMINGTON
TRUST COMPANY, a Delaware banking corporation, as the owner trustee (the “Owner Trustee”). 
  
 RECITALS 
  
 WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as of November 12, 2004 (the “Original Trust Agreement”), pursuant to which the Issuer (as defined below) was created; and

  
 WHEREAS, in connection with the issuance of the Notes, the
parties have agreed to amend and restate the Original Trust Agreement; 
  
 NOW THEREFORE, IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Sale and
Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) between the Issuer, the Seller, Capital One Auto Finance, Inc, as
Servicer, and JPMorgan Chase Bank, N.A., as Indenture Trustee, as the same may be amended, modified or supplemented from time to time. 
  
 SECTION 1.2. Other Interpretive Provisions. All terms defined in this Agreement shall have the defined meanings when used in any certificate or
other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this
Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles; (b) terms defined in Article 9 of the UCC as in effect in
the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and
not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause
or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” means “including without limitation”; (f) references
to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and (g) references to any Person include that Person’s successors and assigns. 
  

 ARTICLE II 
  

ORGANIZATION 
  
 SECTION 2.1. Name. The trust created under the Original Trust Agreement shall be known as “Capital One Prime Auto Receivables Trust
2004-3” (the “Issuer”), in which name the Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 
  
 SECTION 2.2. Office. The office of the Issuer shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Residual Interestholder, the Seller and the Administrator. 
  
 SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to
engage in the following activities: 
  
 (a) to
issue the Notes pursuant to the Indenture and, if so requested by the Residual Interestholder, to issue the Certificates, pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificates and to pay interest on and
principal of the Notes and distributions to the Residual Interestholder; 
  
 (b) to enter into and perform its obligations under any interest rate protection agreement or agreements relating to the Notes between the Issuer and one or more counterparties, including any confirmations, evidencing
the transactions thereunder, each of which is an interest rate swap, an interest rate cap, an obligation to enter into any of the foregoing, or any combination of any of the foregoing; 
  
 (c) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Seller
pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account, the Principal Distribution Account, the Reserve Account and the Pre-Funding Account and to pay the organizational, start-up and transactional expenses of
the Issuer; 
  
 (d) to assign, grant, transfer,
pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Residual Interestholder any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the
Indenture; 
  
 (e) to enter into and perform its
obligations under the Transaction Documents to which it is a party; 
  
 (f) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
  
 (g) subject to compliance with the Transaction Documents, to
engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Residual Interestholder and the Noteholders. 
  

 2 

 The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the Issuer. Neither the Issuer
nor the Owner Trustee on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents. 
  
 SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby
appoints the Owner Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
  
 SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Seller sold, assigned, transferred,
conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited
in the Collection Account. 
  
 SECTION 2.6. Declaration of
Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Residual Interestholder, subject to the obligations of the Issuer under the
Transaction Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust 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 Issuer will be disregarded as an entity separate from the Seller, the Seller will be disregarded as an entity separate from COAF and the Notes will be characterized as debt.
The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an
entity separate from its owner. In the event that the Issuer is deemed to have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer
as a partnership, and this Agreement shall be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date hereof, the Owner Trustee shall have all rights, powers
and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by Section 3810(a)
of the Statutory Trust Act. Notwithstanding anything herein or in the Statutory Trust Act to the contrary, it is the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of Section 101(9)(A)(v)
of the Bankruptcy Code. 
  
 SECTION 2.7. Organizational
Expenses; Liabilities of the Holders. 
  
 (a)
The Servicer shall pay organizational expenses of the Issuer as they may arise. 
  
 (b) No Residual Interestholder (including the Seller) shall have any personal liability for any liability or obligation of the Issuer.

  

 3 

 SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate shall be vested at all
times in the Issuer as a separate legal entity. 
  
 SECTION 2.9.
Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Owner Trustee that: 
  
 (a) Existence and Power. The Seller is a Delaware limited liability company validly existing and in good standing under the laws of
the State of Delaware and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, deliver and perform its obligations under the Transaction Documents to which
it is a party. The Seller has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents
and the Underwriting Agreement. 
  
 (b)
Authorization and No Contravention. The execution, delivery and performance by the Seller of each Transaction Document and the Underwriting Agreement to which it is a party (i) have been duly authorized by all necessary action on the part of
the Seller and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any material indenture or material agreement or instrument to which the Seller is a party or by
which it its properties are bound (other than violations of such laws, rules, regulations, indenture or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate,
would not materially and adversely affect the transactions contemplated by, or the Seller’s ability to perform its obligations under, the Transaction Documents to which it is a party). 
  
 (c) No Consent Required. No approval, authorization
or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document other than UCC filings and other than (i) approvals and authorizations
that have previously been obtained and filings which have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Seller to perform its
obligations under the Underwriting Agreement or the Transaction Documents to which it is a party. 
  
 (d) Binding Effect. Each Transaction Document and the Underwriting Agreement to which the Seller is a party constitutes the legal,
valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or
other similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or other similar laws of general application
relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 
  

 4 

 (e) No Proceedings. There are no actions, orders, suits or proceedings pending or,
to the knowledge of the Seller, threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance
of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents or (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller
of its obligations under this Agreement or any of the other Transaction Documents. 
  
 SECTION 2.10. Situs of Issuer. The Issuer shall be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the State of
Delaware or the State of New York. The Issuer shall not have any employees in any state; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware.
Payments will be received by the Issuer only in Delaware or New York and payments will be made by the Issuer only from Delaware or New York. 
  
 ARTICLE III 
  
 RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES 
  
 SECTION 3.1. Initial Ownership. As of the Closing Date, the Residual Interest shall be an uncertificated interest. Until the issuance of one or
more Certificates pursuant to Section 3.2, the Seller as the initial Residual Interestholder shall be the sole beneficiary of the Issuer. On the Closing Date, the Owner Trustee shall record on the books and records of the Trust that the Seller is
owner of the Residual Interest. The Seller shall only sell, assign, pledge, or otherwise transfer the Residual Interest if the Residual Interest is in certificated form. 
  
 SECTION 3.2. Authorization of the Certificates. The Seller, in its sole discretion, may request the Owner Trustee to
issue a Certificate or Certificates to represent the Residual Interest. Upon request by the Seller pursuant to this Section 3.2, the Owner Trustee shall cause the Certificates to be executed on behalf of the Issuer, authenticated and delivered to or
upon the written order of the Seller, signed by its chairman of the board, its president, its chief financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant
treasurer, without further corporate action by the Seller. The Certificates shall represent 100% of the beneficial interest in the Issuer and shall be fully paid and nonassessable. 
  
 SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance, will be issued in the form of a typewritten
Certificate representing a definitive Certificate and shall be registered in the name of “Capital One Auto Receivables, LLC” as the initial registered owner thereof. 
  
 SECTION 3.4. Registration of the Certificates. The Owner Trustee shall maintain at its office referred to in Section
2.2, or at the office of any agent appointed by it and approved in writing by the Residual Interestholder at the time of such appointment, a register for the registration and transfer of any Certificate. 
  

 5 

 SECTION 3.5. Transfer of the Certificate. (a) The Certificateholder may assign, convey or
otherwise transfer all or any of its right, title and interest in the Certificate; provided, that (i) the Rating Agency Condition is satisfied, (ii) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion
of such counsel, such transfer will not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes, and (iii) the Certificate may not be acquired by or for the account of or with the assets of (a) an employee
benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provision of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of an employee
benefit plan’s or other plan’s investment in the entity. Subject to the transfer restrictions contained herein and in the Certificate, the Certificateholder may transfer all or any portion of the beneficial interest in the Issuer evidenced
by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by the registered Certificateholder in person or by his attorney duly authorized in writing upon
surrender of the Certificate to the Owner Trustee accompanied by a written instrument of transfer and with such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably
require. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor’s Certificate, the Owner Trustee shall record the name of such transferee as a Certificateholder and its percentage of beneficial interest
in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder a Certificate evidencing such beneficial interest in the Issuer. In the event a transferor transfers only a portion of its beneficial interest in the
Issuer, the Owner Trustee shall register and issue, to such transferor a new Certificate evidencing such transferor’s new percentage of beneficial interest in the issuer. Subsequent to a transfer and upon the issuance of the new Certificate or
Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat the Person in whose name any Certificate is registered as the sole owner of the beneficial
interest in the Issuer evidenced by such Certificate. 
  
 (b) As a condition precedent to any registration of transfer under this Section 3.5, the Owner Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in
connection with such transfer. 
  
 (c) The Owner
Trustee shall not be obligated to register any transfer of a Certificate unless each of the transferor and the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein. The
Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 
  
 (d) Notwithstanding anything to the contrary in this Agreement, no transfer (or purported transfer) of any Certificate (or any economic
interest therein, including any contract described in Treasury Regulation section 1.7704-1(a)(2)(i)(B)) shall be effective, and any such transfer (or purported transfer) shall be void ab initio, if after such transfer (or purported transfer) there
would be more than 50 Certificateholders (where, for purposes of determining the number of Certificateholders, a person (beneficial owner) owning an interest in a partnership, grantor trust, or S corporation (“flow-through 

  

 6 

 
entity”), that owns, directly or through other flow-through entities, an interest in the Issuer, is treated as a Certificateholder if more than 50
percent of the value of such beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer) or such transfer would otherwise cause the Issuer to become a
publicly traded partnership for U.S. federal income tax purposes; 
  
 (e) No transfer (or purported transfer) of a Certificate (or economic interest therein), whether to another Certificateholder or to a person who is not a Certificateholder, shall be effective, and any such transfer
(or purported transfer) shall be void ab initio, and no person shall otherwise become a Certificateholder, and none of the Issuer, the Owner Trustee or any of the Certificateholders will recognize such transfer (or purported transfer), unless the
transferee has first represented and warranted in writing to the Issuer and the Certificateholders that: 
  
 (i) it is acquiring the Certificates for its own account and is the sole beneficial owner of such Certificates; 
  
 (ii) the transfer is not being effected on or through (x) an
“established securities market” within the meaning of Section 7704(a)(1) of the Code, including without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations or
(y) a “secondary market” or “substantial equivalent thereof” within the meaning of Section 7704(a)(2) of the Code and any proposed, temporary or final Treasury regulations thereunder; and 
  
 (iii) such transfer will not cause the Issuer to be
classified as a publicly traded partnership for U.S. federal income tax purposes, and such purchaser or transferee will not take any action, including any subsequent disposition of such Certificates or economic interest therein, that would cause the
Issuer to be treated as a publicly traded partnership for U.S. federal income tax purposes. 
  
 SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any
Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee together with such security or indemnity as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and
deliver a new Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee
shall determine. Upon the issuance of any new Certificate under this Section 3.6, the Issuer or Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6
shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
  

 7 

 ARTICLE IV 
  

ACTIONS BY OWNER TRUSTEE 
  
 SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee
shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Residual Interestholder in writing of the proposed action and the Residual Interestholder shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that the Residual Interestholder has withheld consent or provided alternative direction: 
  
 (a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

  
 (b) the amendment of the Indenture by a
supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Residual Interestholder; 
  
 (c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration
Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Residual Interestholder; or 
  
 (d) the appointment pursuant to the Indenture of a successor
Indenture Trustee or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
  
 SECTION 4.2. Action by Residual Interestholder with Respect to Certain Matters. The Owner Trustee shall
not have the power, except upon the direction of the Residual Interestholder, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the
Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by the Residual Interestholder. 
  
 SECTION 4.3. Action by Residual Interestholder with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Issuer until
one year and one day after the Outstanding Amount of all the Notes has been reduced to zero, and without the prior written approval of the Residual Interestholder and the delivery to the Owner Trustee by the Residual Interestholder of a certificate
certifying that the Residual Interestholder reasonably believes that the Issuer is insolvent. 
  
 SECTION 4.4. Restrictions on Residual Interestholder’s Power. The Residual Interestholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or
inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such
direction, if given. 
  

 8 

 SECTION 4.5. Majority Control. To the extent that there is more than one Residual Interestholder,
any action which may be taken or consent or instructions which may be given by the Residual Interestholder under this Agreement may be taken by Residual Interestholders holding in the aggregate a percentage of the beneficial interest in the Issuer
equal to more than 50% of the beneficial interest in the Issuer at the time of such action. 
  
 ARTICLE V 
  
 APPLICATION
OF TRUST FUNDS; CERTAIN DUTIES 
  
 SECTION 5.1. Application
of Trust Funds. Distributions on the Residual Interest shall be made in accordance with the provisions of the Indenture and the Sale and Servicing Agreement. Subject to the Lien of the Indenture, the Owner Trustee shall promptly distribute to
the Residual Interestholder all other amounts (if any) received by the Issuer or the Owner Trustee in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the Owner Trustee shall distribute all amounts
received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the direction of the Residual Interestholder. 
  
 SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Residual Interestholder on any Payment Date and
all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Residual Interestholder pursuant to this Agreement or any other Transaction Document shall be made to the Residual Interestholder by wire transfer, in
immediately available funds, to the account of the Residual Interestholder designated by the Residual Interestholder to the Owner Trustee and Indenture Trustee in writing. 
  
 SECTION 5.3. Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein or in any Transaction Document, the
Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the Exchange Act, or any other
documents pursuant to the Sarbanes-Oxley Act. 
  
 SECTION 5.4.
Signature on Returns. Subject to Section 2.6, the Residual Interestholder shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such
documents shall be signed by the Owner Trustee at the written direction of the Residual Interestholder. 
  
 ARTICLE VI 
  
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
  
 SECTION
6.1. General Authority. The Owner Trustee is authorized and directed to execute and deliver (i) the Transaction Documents to which the Issuer is named as a party and (ii) each certificate or other document attached as an exhibit to or
contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution
thereof, and at the written direction of the Seller, 

  

 9 

 
to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $150,000,000, Class A-2 Notes in the
aggregate principal amount of $174,000,000, Class A-3 Notes in the aggregate principal amount of $194,000,000, Class A-4 Notes in the aggregate principal amount of $114,125,000 and Class B Notes in the aggregate principal amount of $17,875,000. In
addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action
as the Seller, the Administrator or the Residual Interestholder recommends or directs in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Residual Interestholder for
such action. 
  
 SECTION 6.2. General Duties. It shall be
the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Transaction Documents and to administer the Issuer in the interest of the Residual
Interestholder, subject to Transaction Documents, and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the
Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall
not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration
Agreement or any other document. The Owner Trustee shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. 

 
 SECTION 6.3. Action upon Instruction. (a) Subject to Article
IV, and in accordance with the Transaction Documents, the Residual Interestholder may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the
Residual Interestholder pursuant to Article IV. 
  
 (b) Subject to Section 7.1, the Owner Trustee shall not be required to take any action hereunder or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is
likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Transaction Document or is otherwise contrary to law. 
  
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or
required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Residual Interestholder requesting instruction as to the course of action to be adopted or application of
such provision, and 

  

 10 

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

 11 

 ARTICLE VII 
  
 CONCERNING OWNER TRUSTEE 
  
 SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The
Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its own willful
misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by Wilmington Trust Company in its individual capacity, (iii) for liabilities arising from
the failure of Wilmington Trust Company to perform obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received
by the Owner Trustee. In particular, but not by way of limitation (and subject to the exemptions set forth in the preceding sentence): 
  
 (a) The Owner Trustee shall not be liable for any error of judgment made in good faith by any officer of the Owner Trustee. 
  
 (b) Under no circumstances shall the Owner Trustee be
personally liable hereunder for any indebtedness of the Issuer. 
  
 (c) The Owner Trustee shall not be personally liable for the payment of any tax imposed on the Issuer or amounts that are includable in the federal gross income of the Residual Interestholder. 
  
 (d) No provision of this Agreement shall require the Owner
Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of the Owner Trustee’s duties or powers hereunder, if the Owner Trustee believes or is advised by its legal counsel that repayment of such
funds or adequate indemnity against such risk or liability is not assured or provided to its reasonable satisfaction. 
  
 (e) Under no circumstance shall the Owner Trustee be liable for any representation, warranty, covenant, or obligation or indebtedness of
the Issuer hereunder or under the Transaction Documents or any other agreement, document or certificate contemplated by the foregoing. 
  
 (f) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by the Administrator, the Indenture
Trustee or the Servicer and the Owner Trustee shall not be liable for performing or supervising the performance of any obligations or duties under this Agreement, the Administration Agreement, the Sale and Servicing Agreement or the Indenture, or
under any other document contemplated hereby or thereby, which are to be performed by the Administrator, the Indenture Trustee or the Servicer or any other Person under such documents. 
  

 12 

 (g) The Owner Trustee shall not be responsible for or in respect of the recitals herein,
the validity or sufficiency of this Agreement, or for the due execution hereof by the Seller or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of
the Transaction Documents or any other document contemplated thereby to which the Owner Trustee is not a party. 
  
 (h) Notwithstanding anything contained herein or in any of the Transaction Documents to the contrary, the Owner Trustee shall not be
required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or taking of
any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political
subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes
of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. 
  
 (i) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the
instructions of the Residual Interestholder, the Servicer or the Administrator. 
  
 (j) The Owner Trustee shall be under no duty to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or written direction of the Residual Interestholder, unless such Residual Interestholder has
offered to provide to the Owner Trustee, to the extent requested by the Owner Trustee, security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of
the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction Document shall not be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of any such act.

  
 (k) All funds deposited with the Owner
Trustee hereunder may be held in a non-interest bearing account and the Owner Trustee shall not be liable for any interest thereon or for any loss as a result of the investment thereof at the direction of the Residual Interestholder. 
  
 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish
to the Residual Interestholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under
the Transaction Documents. 
  
 SECTION 7.3. Representations and
Warranties. Wilmington Trust Company hereby represents and warrants to the Seller for the benefit of the Residual Interestholder, that: 
  
 (a) It is a banking corporation duly incorporated and validly existing in good standing under the laws of Delaware and having an office
within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
  

 13 

 (b) It has taken all corporate action necessary to authorize the execution and delivery
by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  
 (c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable
against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of
creditors of banks generally and to equitable limitations on the availability of specific remedies. 
  
 (d) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute
any default under its charter documents or by-laws. 
  
 SECTION
7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or
paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection
to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
  
 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or
the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or misconduct of such
agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected with reasonable care and (ii) may consult with counsel, accountants and other skilled persons knowledgeable in the relevant area to be selected
with reasonable care and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for 

  

 14 

 
anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such
persons. 
  
 SECTION 7.5. Not Acting in Individual
Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington Trust Company acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the
Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 
  
 SECTION 7.6. The Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become
the owner or pledgee of Notes. The Owner Trustee may deal with the Seller, the Indenture Trustee, the Administrator and their respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and
the Seller, the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates. 
  
 ARTICLE VIII 
  
 COMPENSATION OF OWNER TRUSTEE 
  
 SECTION 8.1. The Owner Trustee’s Compensation. The Issuer shall cause the Servicer to pay to Wilmington Trust Company pursuant to Section
3.11 of the Sale and Servicing Agreement from time to time compensation for all services rendered by Wilmington Trust Company under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which compensation shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer and the Owner Trustee,
shall reimburse Wilmington Trust Company upon its request for all reasonable expenses, disbursements and advances incurred or made by Wilmington Trust Company in accordance with any provision of this Agreement (including the reasonable compensation,
expenses and disbursements of such agents, experts and counsel as Wilmington Trust Company may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense may be attributable to its willful
misconduct, gross negligence (other than an error in judgment) or bad faith. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid in accordance with Section 4.4 of the Sale and Servicing Agreement.

  
 SECTION 8.2. Indemnification. The Seller shall cause
the Servicer to indemnify Wilmington Trust Company in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss,
liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against Wilmington Trust Company in its individual capacity and
as trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of Wilmington Trust Company hereunder;
provided, however, that neither the Seller nor the Servicer shall be liable for or required to indemnify Wilmington Trust Company from and against any of the foregoing expenses arising or resulting from (i) its own willful misconduct,
bad faith or gross negligence, 

  

 15 

 
(ii) the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by Wilmington Trust Company in its individual capacity,
(iii) liabilities arising from the failure of Wilmington Trust Company to perform obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any fees,
commissions or compensation received by the Owner Trustee. To the extent not paid by the Servicer, such indemnification shall be paid in accordance with Section 4.4 of the Sale and Servicing Agreement. 
  
 SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article VIII and the Sale and Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 
  
 ARTICLE IX 
  
 TERMINATION OF TRUST AGREEMENT 
  
 SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this Agreement (other than Article VIII) shall terminate,
upon the later of (a) the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V and (b) the
discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Residual Interestholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y)
entitle the Residual Interestholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect
the rights, obligations and liabilities of the parties hereto. 
  
 SECTION 9.2. Dissolution of the Issuer. Upon dissolution of the Issuer, the Owner Trustee shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and
discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and
the Notes, the Owner Trustee, in the absence of actual knowledge of any other claim against the Issuer and at the written direction of the Residual Interestholder, shall be deemed to have made reasonable provision to pay all claims and obligations
(including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act and shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of
State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect. 
  
 SECTION 9.3. Limitations on Termination. Except as provided in
Section 9.1, neither the Seller nor the Residual Interestholder shall be entitled to revoke or terminate the Issuer. 
  

 16 

 ARTICLE X 
  

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 
  
 SECTION 10.1. Eligibility
Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized to exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or
examination by Federal or state authorities. If such bank shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an institution satisfying the
provisions of Section 3807(a) of the Statutory Trust Act. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the
effect specified in Section 10.2. 
  
 SECTION 10.2.
Resignation or Removal of the Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Seller, the Administrator, the Servicer, the Indenture Trustee and
the Residual Interestholder. Upon receiving such notice of resignation, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1
by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint
or to petition for the appointment of any such successor shall in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment.

  
 If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.1 and shall fail to resign after written request therefor by the Seller or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Seller or the Administrator may remove the Owner Trustee. If the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator, acting
jointly, shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all
fees owed to the outgoing Owner Trustee. 
  
 Any resignation or
removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until 

  

 17 

 
acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner
Trustee. The Seller shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
  
 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver
to the Seller, the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor
Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner Trustee. The
predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Seller and the predecessor Owner Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  
 No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Seller shall mail (or shall cause to be mailed) notice of the
successor of such Owner Trustee to the Residual Interestholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Seller shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of appointment
by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Seller. 
  
 SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided that
such corporation shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Seller, the Administrator and the Rating Agencies. 
  
 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Seller and the Owner Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any

  

 18 

 
part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Seller and the Owner Trustee may consider necessary or desirable. If the Seller shall not have joined in such appointment within 15 days after the receipt by it of a request
so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.1 and no
notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 
  
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

  
 (i) all rights, powers, duties and
obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not
authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 
  
 (iii) the Seller and the Owner Trustee acting jointly may at any time accept the resignation of or remove
any separate trustee or co-trustee. 
  
 Any notice, request or
other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer
to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the
Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to,
the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies thereof given to the Seller and the Administrator. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights,
remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. The Owner 

  

 19 

 
Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust
Estate may be located. 
  
 ARTICLE XI 
  
 MISCELLANEOUS 
  
 SECTION 11.1. Amendments. 
  
 (a) Any term or provision of this Agreement may be amended
by the Seller and the Owner Trustee without the consent of the Indenture Trustee, any Noteholder or the Issuer; provided that such amendment shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee materially and
adversely affect the interests of the Noteholders; provided, further, that such amendment shall be deemed not to materially and adversely affect the interests of any Noteholder, and no Opinion of Counsel shall be required, if the
Rating Agency Condition is satisfied with respect to such amendment. 
  
 (b) Any term or provision of this Agreement may be amended by the Seller and the Owner Trustee, without the consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person to add, modify or eliminate
any provisions as may be necessary or advisable in order to enable the Seller, the Servicer or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle, it being a
condition to any such amendment that the Rating Agency Condition shall have been satisfied. 
  
 (c) This Agreement may also be amended from time to time by the Seller and the Owner Trustee, with the consent of the Holders of Notes
evidencing not less than a majority of the aggregate principal amount of the Outstanding Notes, voting 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. It will not be necessary to obtain the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the
substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable
requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
  
 (d) Prior to the execution of any such amendment, the Seller shall provide written notification of the substance of such amendment to each
Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Seller shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture Trustee. 
  
 (e) Prior to the execution of any amendment to this
Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this 

  

 20 

 
Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement. 
  
 SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder. The Residual Interestholder shall not have legal title to any part of the
Trust Estate. The Residual Interestholder shall be entitled to receive distributions with respect to its undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of
any right, title or interest of the Residual Interestholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of
legal title to any part of the Trust Estate. 
  
 SECTION 11.3.
Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Seller, the Administrator, the Residual Interestholder and, to the extent expressly provided herein, the Indenture Trustee
and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein. 
  
 SECTION
11.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally
delivered, delivered by overnight courier or mailed certified mail, return receipt requested or via Electronic Transmission, if to the Owner Trustee, addressed as specified on Schedule II to the Sale and Servicing Agreement; or, as to each
party, at such other address as shall be designated by such party in a written notice to each other party. 
  
 (b) Any notice required or permitted to be given to a Residual Interestholder shall be given by first-class mail, postage prepaid, at the
address of such Residual Interestholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether
or not the Residual Interestholder receives such notice. 
  
 SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 11.6. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 21 

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

  

 22 

 
pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision
having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which,
under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition
interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as the
Owner Trustee), by entering into or accepting this agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges
and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled
to rely thereon and will survive the termination of this Agreement. 
  
 SECTION 11.9. Information Request. Owner Trustee shall provide any information reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under
any current or future law, rule, regulation, accounting rule or principle. 
  
 SECTION 11.10. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 23 

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

			
	WILMINGTON TRUST COMPANY
		
	By:	 	/s/    DONALD G.
MACKELCAN        
	 Name:
	 	Donald G. MacKelcan
	 Title:
	 	Senior Vice President

  

					
	 	  	S-1	  	Trust Agreement

			
	CAPITAL ONE AUTO RECEIVABLES, LLC
		
	By:	 	/s/    ALBERT A. CIAFRE        
	 Name:
	 	Albert A. Ciafre
	 Title:
	 	Assistant Vice President

  

					
	 	  	S-2	  	Trust Agreement

  
 EXHIBIT A 
  
 FORM OF CERTIFICATE 
  

			
	NUMBER	  	100% BENEFICIAL INTEREST
	R-            	  	 

  
 CAPITAL ONE PRIME AUTO
RECEIVABLES TRUST 2004-3 
  
 CERTIFICATE 
  
 Evidencing the 100% beneficial interest in all of the assets of the Issuer
(as defined below), which consist primarily of motor vehicle receivables, including motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and motorcycles.

  
 (This Certificate does not represent an interest in or
obligation of Capital One Auto Receivables, LLC, Capital One Auto Finance, Inc. or any of their respective Affiliates, except to the extent described below.) 
  
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY”
LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS,
PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 
  
 THIS CERTIFIES THAT
                                        
     is the registered owner of a 100% nonassessable, fully-paid, beneficial interest in the Trust Estate of CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2004-3, a Delaware statutory trust (the “Issuer”) formed by
Capital One Auto Receivables, LLC, a Delaware limited liability company, as depositor (the “Seller”). 
  
 The Issuer was created pursuant to a Trust Agreement dated as of November 12, 2004 (as amended and restated as of December 9, 2004, the “Trust
Agreement”), between the Seller and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein,
the capitalized terms used herein have the meanings assigned to them in the Sale and Servicing Agreement, dated as of December 9, 2004, between the Seller, the Issuer, JPMorgan Chase Bank, N.A., as Indenture Trustee, and Capital One Auto Finance,
Inc., as Servicer, as the same may be amended or supplemented from time to time. 
  
 This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by
which such holder is bound. The provisions and conditions of 

  

 A-1 

 
the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 
  
 The holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 
  
 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 By accepting this Certificate, the Certificateholder hereby covenants and
agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such Person shall not authorize such
Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
  
 This Certificate may not be acquired by or for the account of or with the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA)
that is subject to the provisions of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or other plan’s investment
in the entity (each, a “Benefit Plan”). By accepting and holding this Certificate, the holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan and is not purchasing on behalf of a Benefit Plan.

  
 It is the intention of the parties to the Trust Agreement
that, solely for income and franchise tax purposes, (i) so long as there is a single Certificateholder, the Issuer will be disregarded as an entity separate from such Certificateholder, and if there is more than one Certificateholder, the Issuer
will be treated as a partnership; (ii) the Seller will be disregarded as an entity separate from COAF; and (iii) the Notes will be characterized as debt. By accepting this Certificate, the Certificateholder agrees to take no action inconsistent with
the foregoing intended tax treatment. 
  

 A-2 

 By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents a
beneficial interest in the Issuer only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had
against such parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 
  

 A-3 

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

									
	 	 	 	 	 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2004-3

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

  

 A-4 

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

  

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

		
	By:	 	 
	 	 	 Authorized Signatory

  

 A-5

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