Document:

Amended and Restated Trust Agreement

 EXHIBIT 4.1 
  

CAPITAL ONE AUTO FINANCE TRUST 2004-A 
  
 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 May 25, 2004 

 TABLE OF CONTENTS 
  

					
	 	  	Page

	 ARTICLE I DEFINITIONS
	  	 
			
	 SECTION 1.1.
	 	Capitalized Terms	  	1
	 SECTION 1.2.
	 	Other Interpretive Provisions	  	1
		
	 ARTICLE II ORGANIZATION
	  	 
			
	 SECTION 2.1.
	 	Name	  	2
	 SECTION 2.2.
	 	Office	  	2
	 SECTION 2.3.
	 	Purposes and Powers	  	2
	 SECTION 2.4.
	 	Appointment of the Owner Trustee	  	3
	 SECTION 2.5.
	 	Initial Capital Contribution of Trust Estate	  	3
	 SECTION 2.6.
	 	Declaration of Trust	  	3
	 SECTION 2.7.
	 	Organizational Expenses; Liabilities of the Holders	  	3
	 SECTION 2.8.
	 	Title to the Trust Estate	  	4
	 SECTION 2.9.
	 	Representations and Warranties of the Seller	  	4
	 SECTION 2.10.
	 	Situs of Issuer	  	5
		
	 ARTICLE III RESIDUAL INTEREST AND TRANSFER OF CERTIFICATE
	  	 
			
	 SECTION 3.1.
	 	Initial Ownership	  	5
	 SECTION 3.2.
	 	Authorization of the Certificates	  	5
	 SECTION 3.3.
	 	Form of the Certificate	  	5
	 SECTION 3.4.
	 	Registration of Certificates	  	5
	 SECTION 3.5.
	 	Transfer of Certificate	  	6
	 SECTION 3.6.
	 	Lost, Stolen, Mutilated or Destroyed Certificates	  	7
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 
			
	 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
	 SECTION 4.6.
	 	Rights of Note Insurer	  	9
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 
			
	 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

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 
			
	 SECTION 6.1.
	 	General Authority	  	10
	 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	  	12
	 SECTION 6.6.
	 	Restrictions	  	12
		
	 ARTICLE VII CONCERNING OWNER TRUSTEE
	  	 
			
	 SECTION 7.1.
	 	Acceptance of Trusts and Duties	  	12
	 SECTION 7.2.
	 	Furnishing of Documents	  	14
	 SECTION 7.3.
	 	Representations and Warranties	  	14
	 SECTION 7.4.
	 	Reliance; Advice of Counsel	  	15
	 SECTION 7.5.
	 	Not Acting in Individual Capacity	  	15
	 SECTION 7.6.
	 	The Owner Trustee May Own Notes	  	15
		
	 ARTICLE VIII COMPENSATION OF OWNER TRUSTEE
	  	 
			
	 SECTION 8.1.
	 	The Owner Trustee’s Compensation	  	15
	 SECTION 8.2.
	 	Indemnification	  	16
	 SECTION 8.3.
	 	Payments to the Owner Trustee	  	16
		
	 ARTICLE IX TERMINATION OF TRUST AGREEMENT
	  	 
			
	 SECTION 9.1.
	 	Termination of Trust Agreement	  	16
	 SECTION 9.2.
	 	Dissolution of the Issuer	  	17
	 SECTION 9.3.
	 	Limitations on Termination	  	17
		
	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 
			
	 SECTION 10.1.
	 	Eligibility Requirements for the Owner Trustee	  	17
	 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	  	19
	 SECTION 10.5.
	 	Appointment of Co-Trustee or Separate Trustee	  	19
		
	 ARTICLE XI MISCELLANEOUS
	  	 
			
	 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	  	22
	 SECTION 11.4.
	 	Notices	  	22
	 SECTION 11.5.
	 	Severability	  	22
	 SECTION 11.6.
	 	Separate Counterparts	  	22
	 SECTION 11.7.
	 	Successors and Assigns	  	22
	 SECTION 11.8.
	 	No Petition	  	23
	 SECTION 11.9.
	 	Headings	  	24
	 SECTION 11.10.
	 	GOVERNING LAW	  	24
	 SECTION 11.11.
	 	Limitation of Rights	  	24

  

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 This AMENDED AND RESTATED TRUST AGREEMENT is made as of May 25, 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 March 25, 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”) among the Issuer, the Seller, Capital One Auto Finance, Inc, as Servicer, and JPMorgan Chase Bank, as Indenture Trustee, as the same may be amended, modified or supplemented from time to time. 
  
 SECTION 1.2. Other Interpretive Provisions. All terms defined in this
Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context
otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under generally accepted accounting
principles; (b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and
“hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules
and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the
term “including” means “including without limitation”; (f) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and (g) references to any
Person include that Person’s successors and assigns. 

 ARTICLE II 
  
 ORGANIZATION 
  
 SECTION 2.1. Name. The trust created under the Original Trust Agreement shall be known as “Capital One Auto Finance Trust 2004-A” (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 Owner Trustee shall have the power and
authority, to engage in the following activities: 
  
 (a) to issue the Notes pursuant to the Indenture and, if so requested by the Residual Interestholder, to issue the Certificate(s), pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificate(s) and to pay
interest on and principal of the Notes and distributions to the Residual Interestholder; 
  
 (b) to enter into and perform its obligations under any interest rate protection agreement or agreements relating to the Notes between the
Issuer and one or more counterparties, including any confirmations, evidencing the transactions thereunder, each of which is an interest rate swap, an interest rate cap, an obligation to enter into any of the foregoing, or any combination of any of
the foregoing; 
  
 (c) to acquire the property
and assets set forth in the Sale and Servicing Agreement from the Seller pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account, the Principal Distribution Account, the Reserve Account and the Pre-Funding
Account and to pay the organizational, start-up and transactional expenses of the Issuer; 
  
 (d) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute
to the Residual Interestholder any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 
  
 (e) to enter into and perform its obligations under the Transaction Documents to which it is a party; 
  
 (f) to engage in those activities, including entering into
agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
  
 (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. 
  

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 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.

  

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 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 the Underwriting Agreement and each Transaction Document to which it is a party (i) have been duly authorized by all necessary action on the part of
the Seller and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any material indenture or material agreement or instrument to which the Seller is a party or by
which it its properties are bound (other than violations of such laws, rules, regulations, indenture or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate,
would not materially and adversely affect the transactions contemplated by, or the Seller’s ability to perform its obligations under, the Transaction Documents to which it is a party). 
  
 (c) No Consent Required. No approval, authorization
or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document other than UCC filings and other than (i) approvals and authorizations
that have previously been obtained and filings which have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Seller to perform its
obligations under the Underwriting Agreement or the Transaction Documents to which it is a party. 
  
 (d) Binding Effect. The Underwriting Agreement and each Transaction Document to which the Seller is a party constitutes the legal,
valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or
other similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or other similar laws of general application
relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 
  

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

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 SECTION 3.5. Transfer of Certificate. (a) The Certificateholder may assign, convey or otherwise
transfer all or any of its right, title and interest in the Certificate; provided, that (i) the Rating Agency Condition is satisfied, (ii) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of such
counsel, such transfer will not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes, and (iii) the Certificate is not acquired by or for the account of or with the assets of (A) an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to the provision of Title I of ERISA (B) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of a 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 entity”), that owns, directly or through other flow-through entities, an interest in the

  

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 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. 
  

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 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 all amounts owed to the Note Insurer and the Swap Counterparty under the Transaction Documents have been paid without the prior written approval of the Residual
Interestholder and the delivery to the Owner Trustee by the Residual Interestholder of a certificate certifying that the Residual Interestholder reasonably believes that the Issuer is insolvent. 
  
 SECTION 4.4. Restrictions on Residual Interestholder’s Power. The
Residual Interestholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction
Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
  

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 SECTION 4.5. Majority Control. To the extent that there is more than one Residual Interestholder,
any action which may be taken or consent or instructions which may be given by the Residual Interestholder under this Agreement may be taken by Residual Interestholders holding in the aggregate a percentage of the beneficial interest in the Issuer
equal to more than 50% of the beneficial interest in the Issuer at the time of such action. 
  
 SECTION 4.6. Rights of Note Insurer. Notwithstanding anything to the contrary in the Transaction Documents, without the prior written consent of the Note Insurer (unless a Note Insurer Default shall have
occurred and be continuing or the Notes are no longer outstanding), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or proceeding by the Issuer or compromise any claim, suit or proceeding brought by or against the
Issuer, other than with respect to the enforcement of any Receivable or any rights of the Issuer thereunder or (iii) authorize the merger or consolidation of the Issuer with or into any other statutory trust or other entity. 
  
 ARTICLE V 
  
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  
 SECTION 5.1. Application of Trust Funds. Distributions on the Residual
Interest shall be made in accordance with the provisions of the Indenture and the Sale and Servicing Agreement. Subject to the Lien of the Indenture, the Owner Trustee shall promptly distribute to the Residual Interestholder all other amounts (if
any) received by the Issuer or the Owner Trustee in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the Owner Trustee shall distribute all amounts received (if any) by the Issuer and the Owner
Trustee in respect of the Trust Estate at the direction of the Residual Interestholder. 
  
 SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Residual Interestholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any
other date that are payable to the Residual Interestholder pursuant to this Agreement or any other Transaction Document shall be made to the Residual Interestholder by wire transfer, in immediately available funds, to the account of the Residual
Interestholder designated by the Residual Interestholder to the Owner Trustee and Indenture Trustee in writing. 
  
 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. 
  

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 ARTICLE VI 
  
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
  
 SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and deliver (i) the
Transaction Documents to which the Issuer is named as a party, and (ii) each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any
amendment thereto, including, without limitation, the Fee Letter (as defined in the Insurance Agreement), in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and at the
written direction of the Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $155,000,000 Class A-2 Notes in the aggregate principal amount of $375,000,000 Class A-3 Notes in the
aggregate principal amount of $165,000,000 and Class A-4 Notes in the aggregate principal amount of $305,000,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer
pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Seller, the Administrator, the Residual Interestholder or the Note Insurer recommends or directs in writing with respect to
the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Residual Interestholder or the Note Insurer for such action. 
  
 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all
of its responsibilities pursuant to the terms of this Agreement and the other Transaction Documents and to administer the Issuer in the interest of the Residual Interestholder, subject to Transaction Documents, and in accordance with the provisions
of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no obligation to
administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. 
  
 SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in accordance with the Transaction Documents, the Note Insurer (unless
a Note Insurer Default has occurred and is continuing or the Notes are no longer outstanding) or the Residual Interestholder may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at
any time by written instruction of the Note Insurer or Residual Interestholder, as applicable, pursuant to Article IV. The Note Insurer shall provide prior notice to the Residual Interestholder of any instruction the Note Insurer provides to
the Owner Trustee as provided above. In the event that instructions given by the Note Insurer under this Section 6.3 conflict with instructions given by the Residual Interestholder under this Section 6.3, the instructions of the Note
Insurer shall govern. 
  

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 (b) Subject to Section 7.1, the Owner Trustee shall not be required to take any
action hereunder or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof
or of any Transaction Document or is otherwise contrary to law. 
  
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any
provision of this Agreement or any Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination
by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate
under the circumstances) to the Residual Interestholder requesting instruction as to the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance
with any written instruction of the Residual Interestholder received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of
such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this
Agreement or the Transaction Documents, as it shall deem to be in the best interests of the Residual Interestholder, and shall have no liability to any Person for such action or inaction. 
  
 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any
duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.3; and no
implied duties or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time
or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare or file any Commission filing (including any filings required under the Sarbanes-Oxley Act) for the Issuer or to record this
Agreement or any Transaction Document. Wilmington Trust Company nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Trust Estate that result from
actions by, or claims against, Wilmington Trust Company that are not related to the ownership or the administration of the Trust Estate. Notwithstanding anything contained herein to the contrary, with respect to the Note Insurer, the Owner Trustee
undertakes to perform or observe only such of the covenants and obligations of the Owner Trustee as are expressly set forth in this Agreement, and no implied covenants or obligations with respect to the Note Insurer shall be read into this Agreement
against the Owner Trustee. The Owner Trustee shall not be deemed to owe any fiduciary duty to the Note Insurer and shall not be liable to any such person other than as expressly set forth in the third sentence of Section 7.1 of this
Agreement. 
  

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 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. Neither the Residual Interestholder nor the Note Insurer shall direct the Owner Trustee to take action that would violate the provisions of this Section. 
  
 ARTICLE VII 
  
 CONCERNING OWNER TRUSTEE 
  
 SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the
Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances 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. 
  

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

 
 (h) Notwithstanding anything contained herein or in any
of the Transaction Documents to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization
or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other
governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal
jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. 
  
 (i) The Owner Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in accordance with the instructions of the Residual Interestholder, the Note Insurer, the Servicer or the Administrator. 
  

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 (j) The Owner Trustee shall be under no duty to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or written direction of the Residual
Interestholder or the Note Insurer, unless such Residual Interestholder or the Note Insurer has offered to provide to the Owner Trustee, to the extent requested by the Owner Trustee, security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction Document shall not be answerable for other than
its gross negligence, bad faith or willful misconduct in the performance of any such act. 
  
 (k) All funds deposited with the Owner Trustee hereunder may be held in a non-interest bearing account and the Owner Trustee shall not be
liable for any interest thereon or for any loss as a result of the investment thereof at the direction of the Residual Interestholder. 
  
 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Residual Interestholder promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 
  
 SECTION 7.3. Representations and Warranties. Wilmington Trust Company
hereby represents and warrants to the Seller for the benefit of the Residual Interestholder, that: 
  
 (a) It is a banking corporation duly incorporated and validly existing in good standing under the laws of Delaware and having an office
within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
  
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  
 (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. 
  

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 SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability
to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or
parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by
the treasurer, secretary or other Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon. 
  
 (b) In the exercise or
administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered
into with any of them, but the Owner Trustee shall not be personally liable for the conduct or misconduct of such agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected with reasonable care and (ii)
may consult with counsel, accountants and other skilled persons knowledgeable in the relevant area to be selected with reasonable care and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything
done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons. 
  
 SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington
Trust Company acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction Document shall
look only to the Trust Estate for payment or satisfaction thereof. 
  
 SECTION 7.6. The Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Notes. The Owner Trustee may deal with the Seller, the Indenture Trustee, the Administrator
and their respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Seller, the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial
banking relationships with the Owner Trustee and its Affiliates. 
  
 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 
  

 15 

 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, (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 
  

 16 

 (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. 
  
 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 Note Insurer, the Seller, the Administrator, the Servicer, the Indenture Trustee and the Residual Interestholder. Upon receiving such notice of resignation, the Seller and the
Administrator, acting jointly, shall promptly appoint a successor Owner Trustee reasonably acceptable to the Note Insurer (unless a Note Insurer Default has occurred and is continuing) which satisfies the eligibility requirements set forth in
Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and 
  

 17 

 one copy to the successor Owner Trustee (with a copy to the Note Insurer). If no successor Owner Trustee shall have been
so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee reasonably
acceptable to the Note Insurer (unless a Note Insurer Default has occurred and is continuing); provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning
Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign after
written request therefor by the Seller or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or
any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller or the Administrator with notice to the Note Insurer may remove the
Owner Trustee. If the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee reasonably
acceptable to the Note Insurer (unless a Note Insurer Default has occurred and is continuing) by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor
Owner Trustee (with a copy to the Note Insurer) and shall pay all fees owed to the outgoing Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Seller shall provide (or shall cause to be provided) notice
of such resignation or removal of the Owner Trustee to each of the Rating Agencies and the Note Insurer. 
  
 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver
to the Seller, the Administrator, the Note Insurer and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective
and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the
Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Seller and the predecessor Owner Trustee
shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  

 18 

 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of
such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Seller shall mail (or shall cause to be mailed) notice of the
successor of such Owner Trustee to the Residual Interestholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Seller shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of appointment
by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Seller. 
  
 SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided that
such corporation shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Seller, the Administrator and the Rating Agencies. 
  
 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Seller and the Owner Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any
part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Seller and the
Owner Trustee may consider necessary or desirable. If the Seller shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required
pursuant to Section 10.3. 
  
 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 
  

 19 

 event such rights, powers, duties and obligations (including the holding of title to the Issuer or any
portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any
other trustee under this Agreement; and 
  
 (iii)
the Seller and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies thereof given to the Seller and
the Administrator. 
  
 Any separate trustee or co-trustee may at
any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee. The Owner Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located. 
  
 ARTICLE XI 
  
 MISCELLANEOUS 
  
 SECTION 11.1. Amendments. 
  
 (a) Any term or provision of this Agreement may be amended
by the parties hereto, with the written consent of the Note Insurer (so long as the Note Insurer is the Controlling Party), but without the consent of any Noteholder, to cure any ambiguity, to correct or supplement any provisions in this Agreement,
to comply with changes in the Code, to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle, or to make any other provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with the provisions of this Agreement; provided that such amendment shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the
interests of any Noteholder; provided, further, that 
  

 20 

 such amendment shall be deemed not to materially and adversely affect the interests of any Noteholder,
and no Opinion of Counsel shall be required, if the Rating Agency Condition is satisfied with respect to such amendment; provided, further, that if the Note Insurer is not the Controlling Party, such amendment shall not materially and
adversely affect the interests of the Note Insurer without the prior written consent of the Note Insurer. 
  
 (b) This Agreement may also be amended from time to time by the parties hereto, with the consent of the Controlling Party, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Note Insurer; provided, that if the Note Insurer is not the
Controlling Party, no amendment pursuant to this Section 11.1(b) shall materially and adversely affect the interests of the Note Insurer without the prior written consent of the Note Insurer. It will not be necessary to obtain the consent of
Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in
this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note
Depository Agreement. 
  
 (c) Prior to the
execution of any such amendment, the Seller shall provide written notification of the substance of such amendment to each Rating Agency, the Note Insurer and the Owner Trustee; and promptly after the execution of any such amendment or consent, the
Seller shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture Trustee. 
  
 (d) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon
an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall
not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement. 
  
 (e) Notwithstanding the language set forth in this Section 11.1, the consent of the Note Insurer shall be required at all times
with respect to any amendment of Section 4.6 of this Agreement. 
  
 SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder. The Residual Interestholder shall not have legal title to any part of the Trust Estate. The Residual Interestholder shall be entitled to receive distributions
with respect to its undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Residual Interestholder to and in its ownership
interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
  

 21 

 SECTION 11.3. Limitations on Rights of Others. The provisions of this Agreement are solely for the
benefit of the Owner Trustee, the Seller, the Administrator, the Residual Interestholder and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  
 SECTION 11.4. Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed certified mail,
return receipt requested or via facsimile, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Seller, addressed to 1680 Capital One Drive, McLean, Virginia 22102 (Tel: (703) 720-1000; Fax: (703) 720-2121), Attention: Manager
of Securitization with a copy to 1680 Capital One Drive, McLean, Virginia 22102 (Tel: (703) 720-1000; Fax: (703) 720-2227), Attention: Legal; if to the Administrator, addressed to 3901 Dallas Parkway, Plano, Texas 79503 (Tel: (703) 720-1000; Fax:
(703) 720-2121), Attention: Manager of Securitization with a copy to 3901 Dallas Parkway, Plano, Texas 79503 (Tel: (703) 720-1000; Fax: (703) 720-2227), Attention: Legal; if to the Note Insurer, addressed to One State Street Plaza, New York, New
York 10004 (Fax: (212) 668-0340), Attn: Structured Finance Department ABS; 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.

  
 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. 
  

 22 

 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, 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 
  

 23 

 to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not
any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the
payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its
individual capacity and as the Owner Trustee), by entering into or accepting this agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this
Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the
third party benefit of those entitled to rely thereon and will survive the termination of this Agreement. 
  
 SECTION 11.9. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
  
 SECTION 11.10.
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 SECTION 11.11.
Limitation of Rights.  
  
 (a) All
of the rights of the Note Insurer in, to and under this Agreement (including, but not limited to, all of the Note Insurer’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall
terminate upon the termination of the Insurance Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Note Insurer. 
  
 (b) All of the rights of the Swap Counterparty in, to and under this Agreement (including, but not limited
to, all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms
thereof and the payment in full of all amounts owing to the Swap Counterparty. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 24 

 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/ Kathleen A. Pedelini

	 Name:
	 	 Kathleen A. Pedelini

	 Title:
	 	 Financial Services Officer

  

 S-1 

			
	 CAPITAL ONE AUTO RECEIVABLES, LLC

		
	 By:
	 	 /s/ Al Ciafre

	 Name:
	 	 Albert A. Ciafre

	 Title:
	 	 Assistant Vice President

  

	

  
  

 S-2 

 EXHIBIT A 
  
 FORM OF CERTIFICATE 
  

			
	 NUMBER
	  	100% BENEFICIAL INTEREST
	 R-1
	  	 

  
 CAPITAL ONE AUTO
FINANCE TRUST 2004-A 
  
 CERTIFICATE 
  
 Evidencing the 100% beneficial interest in all of the assets of the Issuer
(as defined below), which consist primarily of motor vehicle receivables, including motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used automobiles and light-duty trucks. 
  
 (This Certificate does not represent an interest in or obligation of
Capital One Auto Receivables, LLC, Capital One Auto Finance, Inc. or any of their respective Affiliates, except to the extent described below.) 
  
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER
JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 
  
 THIS
CERTIFIES THAT
                                        
                     is the registered owner of a 100% nonassessable, fully-paid, beneficial interest in the Trust Estate of CAPITAL ONE AUTO
FINANCE TRUST 2004-A, 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 March 25,
2004 (as amended and restated as of May 25, 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 May 25, 2004, among the Seller, the Issuer, JPMorgan Chase
Bank, as Indenture Trustee, and Capital One Auto Finance, Inc., as Servicer, as the same may be amended or supplemented from time to time. 
  
 This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of
this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 
  

 A-1 

 The holder of this Certificate acknowledges and agrees that its rights to receive distributions in
respect of this Certificate are subordinated to the rights of the Noteholders, the Note Insurer and the Swap Counterparty as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 
  
 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 By accepting this Certificate, the Certificateholder hereby covenants and
agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such Person shall not authorize such
Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
  
 This Certificate may not be acquired by or for the account of or with the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA)
that is subject to the provisions of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of a 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. 
  
 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-2 

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

					
	 	 	 CAPITAL ONE AUTO FINANCE TRUST 2004-A

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

			
	 Dated:
                                       
 
	 	 By:
	 	  

  

 A-3 

 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-4Indenture dated May 25, 2004

 EXHIBIT 4.2 
  

  
 CAPITAL ONE AUTO FINANCE TRUST 2004-A 
  
 Class
A-1 1.21% Auto Loan Asset Backed Notes 
 Class A-2 2.22% Auto Loan Asset Backed Notes 
 Class A-3 3.07% Auto Loan Asset Backed Notes 
 Class A-4 LIBOR + 0.10% Auto Loan Asset Backed Notes 
  

  
 INDENTURE 
  
 Dated as of May 25, 2004 
  

  
 JPMORGAN CHASE BANK, as
the Indenture Trustee 
  

 CROSS REFERENCE TABLE1 
  

							
	 TIA
 Section

	  	 	  	 	  	 Indenture
 Section

	 310
	  	 (a) (1)
	  	 	  	6.11
	 	  	 (a) (2)
	  	 	  	6.11
	 	  	 (a) (3)
	  	 	  	6.10; 6.11
	 	  	 (a) (4)
	  	 	  	N.A.2
	 	  	 (a) (5)
	  	 	  	6.11
	 	  	 (b)
	  	 	  	6.8; 6.11
	 	  	 (c)
	  	 	  	N.A.
	 311
	  	 (a)
	  	 	  	6.12
	 	  	 (b)
	  	 	  	6.12
	 	  	 (c)
	  	 	  	N.A.
	 312
	  	 (a)
	  	 	  	7.1
	 	  	 (b)
	  	 	  	7.2
	 	  	 (c)
	  	 	  	7.2
	 313
	  	 (a)
	  	 	  	7.3
	 	  	 (b) (1)
	  	 	  	7.3
	 	  	 (b) (2)
	  	 	  	7.3
	 	  	 (c)
	  	 	  	7.3
	 	  	 (d)
	  	 	  	7.3
	 314
	  	 (a)
	  	 	  	3.9
	 	  	 (b)
	  	 	  	11.15, 3.6
	 	  	 (c) (1)
	  	 	  	11.15
	 	  	 (c) (2)
	  	 	  	11.1
	 	  	 (c) (3)
	  	 	  	11.1
	 	  	 (d)
	  	 	  	11.1
	 	  	 (e)
	  	 	  	11.1
	 	  	 (f)
	  	 	  	N.A.
	 315
	  	 (a)
	  	 	  	6.1(b)
	 	  	 (b)
	  	 	  	6.5(b)
	 	  	 (c)
	  	 	  	6.1(a)
	 	  	 (d)
	  	 	  	6.1(c)
	 	  	 (e)
	  	 	  	5.13
	 316
	  	 (a) (1) (A)
	  	 	  	5.11
	 	  	 (a) (1) (B)
	  	 	  	5.12
	 	  	 (a) (2)
	  	 	  	N.A.
	 	  	 (b)
	  	 	  	5.7
	 	  	 (c)
	  	 	  	5.6(b)
	 317
	  	 (a) (1)
	  	 	  	5.3(b)
	 	  	 (a) (2)
	  	 	  	5.3(d)
	 	  	 (b)
	  	 	  	3.3
	 318
	  	 (a)
	  	 	  	11.7

	1	Note: This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

	2	N.A. means Not Applicable. 

 TABLE OF CONTENTS 
  

					
	 	  	Page

	 ARTICLE I      DEFINITIONS AND INCORPORATION BY REFERENCE
	  	2
			
	 Section 1.1
	  	 Definitions
	  	2
			
	 Section 1.2
	  	 Incorporation by Reference of Trust Indenture Act
	  	2
			
	 Section 1.3
	  	 Other Interpretive Provisions
	  	2
		
	 ARTICLE II    THE NOTES
	  	3
			
	 Section 2.1
	  	 Form
	  	3
			
	 Section 2.2
	  	 Execution, Authentication and Delivery
	  	3
			
	 Section 2.3
	  	 Temporary Notes
	  	4
			
	 Section 2.4
	  	 Registration of Transfer and Exchange
	  	4
			
	 Section 2.5
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	5
			
	 Section 2.6
	  	 Persons Deemed Owners
	  	6
			
	 Section 2.7
	  	 Payment of Principal and Interest; Defaulted Interest
	  	6
			
	 Section 2.8
	  	 Cancellation
	  	7
			
	 Section 2.9
	  	 Release of Collateral
	  	7
			
	 Section 2.10
	  	 Book-Entry Notes
	  	8
			
	 Section 2.11
	  	 Notices to Clearing Agency
	  	8
			
	 Section 2.12
	  	 Definitive Notes
	  	9
			
	 Section 2.13
	  	 Authenticating Agents
	  	9
			
	 Section 2.14
	  	 Tax Treatment
	  	10
		
	 ARTICLE III    COVENANTS
	  	10
			
	 Section 3.1
	  	 Payment of Principal and Interest
	  	10
			
	 Section 3.2
	  	 Maintenance of Office or Agency
	  	10
			
	 Section 3.3
	  	 Money for Payments To Be Held in Trust
	  	10
			
	 Section 3.4
	  	 Existence
	  	12
			
	 Section 3.5
	  	 Protection of Collateral
	  	12
			
	 Section 3.6
	  	 Opinions as to Collateral
	  	13
			
	 Section 3.7
	  	 Performance of Obligations; Servicing of Receivables
	  	13
			
	 Section 3.8
	  	 Negative Covenants
	  	14
			
	 Section 3.9
	  	 Annual Compliance Statement
	  	15
			
	 Section 3.10
	  	 Servicer’s Obligations
	  	16

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	 Section 3.11
	  	 Restrictions on Certain Other Activities
	  	16
			
	 Section 3.12
	  	 Restricted Payments
	  	16
			
	 Section 3.13
	  	 Notice of Events of Default
	  	16
			
	 Section 3.14
	  	 Further Instruments and Acts
	  	16
			
	 Section 3.15
	  	 Compliance with Laws
	  	17
			
	 Section 3.16
	  	 Removal of Administrator
	  	17
			
	 Section 3.17
	  	 Perfection Representations, Warranties and Covenants
	  	17
			
	 Section 3.18
	  	 Investment Company Act Representation
	  	17
		
	 ARTICLE IV    SATISFACTION AND DISCHARGE
	  	17
			
	 Section 4.1
	  	 Satisfaction and Discharge of Indenture
	  	17
			
	 Section 4.2
	  	 Application of Trust Money
	  	18
			
	 Section 4.3
	  	 Repayment of Monies Held by Paying Agent
	  	18
		
	 ARTICLE V    REMEDIES
	  	19
			
	 Section 5.1
	  	 Events of Default
	  	19
			
	 Section 5.2
	  	 Acceleration of Maturity; Waiver of Event of Default
	  	20
			
	 Section 5.3
	  	 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee
	  	21
			
	 Section 5.4
	  	 Remedies; Priorities
	  	23
			
	 Section 5.5
	  	 Optional Preservation of the Collateral
	  	25
			
	 Section 5.6
	  	 Limitation of Suits
	  	25
			
	 Section 5.7
	  	 Unconditional Rights of Noteholders To Receive Principal and Interest
	  	26
			
	 Section 5.8
	  	 Restoration of Rights and Remedies
	  	26
			
	 Section 5.9
	  	 Rights and Remedies Cumulative
	  	26
			
	 Section 5.10
	  	 Delay or Omission Not a Waiver
	  	27
			
	 Section 5.11
	  	 Control by Noteholders
	  	27
			
	 Section 5.12
	  	 Waiver of Past Defaults
	  	27
			
	 Section 5.13
	  	 Undertaking for Costs
	  	28
			
	 Section 5.14
	  	 Waiver of Stay or Extension Laws
	  	28
			
	 Section 5.15
	  	 Action on Notes
	  	28
			
	 Section 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	29

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	 Section 5.17
	  	 Sale of Collateral
	  	29
		
	 ARTICLE VI    THE INDENTURE TRUSTEE
	  	30
			
	 Section 6.1
	  	 Duties of the Indenture Trustee
	  	30
			
	 Section 6.2
	  	 Rights of the Indenture Trustee
	  	31
			
	 Section 6.3
	  	 Individual Rights of the Indenture Trustee
	  	32
			
	 Section 6.4
	  	 The Indenture Trustee’s Disclaimer
	  	32
			
	 Section 6.5
	  	 Notice of Defaults
	  	32
			
	 Section 6.6
	  	 Reports by the Indenture Trustee to Noteholders
	  	33
			
	 Section 6.7
	  	 Compensation and Indemnity
	  	33
			
	 Section 6.8
	  	 Removal, Resignation and Replacement of the Indenture Trustee
	  	34
			
	 Section 6.9
	  	 Successor Indenture Trustee by Merger
	  	35
			
	 Section 6.10
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	36
			
	 Section 6.11
	  	 Eligibility; Disqualification
	  	37
			
	 Section 6.12
	  	 Preferential Collection of Claims Against the Issuer
	  	37
		
	 ARTICLE VII    NOTEHOLDERS’ LISTS AND REPORTS
	  	37
			
	 Section 7.1
	  	 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders
	  	37
			
	 Section 7.2
	  	 Preservation of Information; Communications to Noteholders
	  	37
			
	 Section 7.3
	  	 Reports by the Indenture Trustee
	  	38
		
	 ARTICLE VIII    ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	38
			
	 Section 8.1
	  	 Collection of Money
	  	38
			
	 Section 8.2
	  	 Trust Accounts
	  	38
			
	 Section 8.3
	  	 General Provisions Regarding Accounts
	  	39
			
	 Section 8.4
	  	 Release of Collateral
	  	40
			
	 Section 8.5
	  	 Opinion of Counsel
	  	41
		
	 ARTICLE IX    SUPPLEMENTAL INDENTURES
	  	41
			
	 Section 9.1
	  	 Supplemental Indentures Without Consent of Noteholders
	  	41
			
	 Section 9.2
	  	 Supplemental Indentures With Consent of Noteholders
	  	43
			
	 Section 9.3
	  	 Execution of Supplemental Indentures
	  	44

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	 Section 9.4
	  	 Effect of Supplemental Indenture
	  	45
			
	 Section 9.5
	  	 Conformity With Trust Indenture Act
	  	45
			
	 Section 9.6
	  	 Reference in Notes to Supplemental Indentures
	  	45
		
	 ARTICLE X    REDEMPTION OF NOTES
	  	45
			
	 Section 10.1
	  	 Redemption
	  	45
			
	 Section 10.2
	  	 Form of Redemption Notice
	  	46
			
	 Section 10.3
	  	 Notes Payable on Redemption Date
	  	46
		
	 ARTICLE XI    MISCELLANEOUS
	  	47
			
	 Section 11.1
	  	 Compliance Certificates and Opinions, etc
	  	47
			
	 Section 11.2
	  	 Form of Documents Delivered to the Indenture Trustee
	  	48
			
	 Section 11.3
	  	 Acts of Noteholders
	  	49
			
	 Section 11.4
	  	 Notices
	  	49
			
	 Section 11.5
	  	 Notices to Noteholders; Waiver
	  	50
			
	 Section 11.6
	  	 Alternate Payment and Notice Provisions
	  	50
			
	 Section 11.7
	  	 Conflict with Trust Indenture Act
	  	50
			
	 Section 11.8
	  	 Effect of Headings and Table of Contents
	  	51
			
	 Section 11.9
	  	 Successors and Assigns
	  	51
			
	 Section 11.10
	  	 Separability
	  	51
			
	 Section 11.11
	  	 Benefits of Indenture
	  	51
			
	 Section 11.12
	  	 Legal Holidays
	  	51
			
	 Section 11.13
	  	 GOVERNING LAW
	  	51
			
	 Section 11.14
	  	 Counterparts
	  	51
			
	 Section 11.15
	  	 Recording of Indenture
	  	51
			
	 Section 11.16
	  	 Trust Obligation
	  	52
			
	 Section 11.17
	  	 No Petition
	  	52
			
	 Section 11.18
	  	 Intent
	  	52
			
	 Section 11.19
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	53
			
	 Section 11.20
	  	 Subordination of Claims
	  	53
			
	 Section 11.21
	  	 Limitation of Liability of Owner Trustee
	  	54
			
	 Section 11.22
	  	 Limitation of Rights
	  	54

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Schedule I
	  	 Notice Addresses
	  	I-1
	 Schedule II
	  	 Perfection Representations, Warranties and Covenants
	  	II-1
	 Exhibit A
	  	 Form of Notes
	  	A-1

  

 -v- 

 This INDENTURE, dated as of May 25, 2004 (as amended, modified or supplemented from time to time, this
“Indenture”), is between CAPITAL ONE AUTO FINANCE TRUST 2004-A, a Delaware statutory trust (the “Issuer”), and JPMORGAN CHASE BANK, a New York banking corporation, solely as trustee and not in its individual
capacity (the “Indenture Trustee”). 
  
 Each
party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 1.21% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2 2.22% Auto Loan Asset
Backed Notes (the “Class A-2 Notes”), Class A-3 3.07% Auto Loan Asset Backed Notes (the “Class A-3 Notes”), Class A-4 LIBOR + 0.10% Auto Loan Asset Backed Notes, the “Class A-4 Notes”; together with
the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”). 
  
 GRANTING CLAUSE 
  
 The Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein, to
secure the obligations of the Issuer to the Indenture Secured Parties and to secure compliance with the provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date and on each Funding Date, as trustee for the
benefit of the Indenture Secured Parties, all of its right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect of any or
all of the Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and
receivables, instruments, securities, financial assets and other property which at any time constitute all or part of or are included in the proceeds of any of the Trust Estate (collectively, the “Collateral”). 
  
 The Indenture Trustee, on behalf of the Indenture Secured Parties,
acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 
  
 The foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing
in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein, (ii) the payment of all amounts payable by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement, (iii) the
payment by the Issuer of all other sums payable in accordance with the provisions of this Indenture, including, but not limited to, Reimbursement Obligations and reimbursements to the Note Insurer for Swap Termination Payments paid under the Swap
Policy and (iv) compliance with the provisions of this Indenture, all as provided in this Indenture. 
  
 Without limiting the foregoing Grant, any Receivable purchased by the Seller or the Servicer pursuant to Section 2.3, Section 2.6 or
Section 3.6, respectively, of the Sale and Servicing Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being taken by the Indenture Trustee upon payment by the Seller or the Servicer, as
applicable, of the related Repurchase Price for such Repurchased Receivable. 

 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in Appendix A to the Sale and Servicing Agreement dated as of May 25, 2004 (as amended, modified or supplemented from time
to time, the “Sale and Servicing Agreement”), among Capital One Auto Receivables LLC, as seller, the Issuer, Capital One Auto Finance, Inc., as servicer, and the Indenture Trustee. 
  
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission.

  
 “indenture securities” means the Notes.

  
 “indenture security holder” means a
Noteholder. 
  
 “indenture to be qualified” means
this Indenture. 
  
 “indenture trustee” or
“institutional trustee” means the Indenture Trustee. 
  
 “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 
  
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the
meaning assigned to them by such definitions. 
  
 SECTION 1.3
Other Interpretive Provisions. All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and
all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the
respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture shall control); (b) the words “hereof,” “herein” and
“hereunder” and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture; (c) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules
and Exhibits in or to this Indenture 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; (d) the
term “including” and all variations thereof means “including without limitation”; (e) except as otherwise expressly provided herein, 
  

 2 

 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; (f) references to any Person include that Person’s successors and assigns; and (g) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

  
 ARTICLE II 
 THE NOTES 
  
 SECTION 2.1 Form. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, in each case together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
  
 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part of the terms of this
Indenture. 
  
 SECTION 2.2 Execution, Authentication and
Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
  
 Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall
bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
  
 The Indenture Trustee shall, upon receipt of the Note Insurance Policy and
the Swap Policy and upon Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an Initial Note Balance of $155,000,000, Class A-2 Notes for original issue in an Initial Note Balance of $375,000,000, Class A-3 Notes for issue
in an Initial Note Balance of $165,000,000, and Class A-4 Notes for original issue in an Initial Note Balance of $305,000,000. The Note Balance of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes Outstanding at any time may not
exceed such amounts except as provided in Section 2.5. 
  
 Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof. 
  
 No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such
certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
  

 3 

 SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute,
and upon receipt of an the Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which
they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 
  
 If temporary Notes are issued, the Issuer shall cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided
in Section 3.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like
principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
  
 SECTION 2.4 Registration of Transfer and Exchange. The Issuer shall
cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture
Trustee shall initially be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Note Registrar. 
  
 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in
the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a
certificate executed on behalf of Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes. 
  
 Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided
in Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of
the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like aggregate outstanding principal amount. 
  
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same
Class and a like Note Balance, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon
Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 
  

 4 

 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of
the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
  
 Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be
accompanied by a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing, with such signature guaranteed by
an “eligible grantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in a Securities Transfer Agents Medallion Program (“Stamp”) or such other
“signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may
require. 
  
 No service charge shall be made to a Noteholder for
any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other
than exchanges pursuant to Section 2.3 or Section 9.6 not involving any transfer. 
  
 By acquiring a Note, each purchaser and transferee shall be deemed to represent and warrant that either (a) it is not acquiring such Note with the plan
assets of an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the Code, or an entity deemed to hold the plan assets of any of the foregoing
by reason of investment by an employee benefit plan or plan in such entity or (b) the acquisition and holding of such Note will not give rise to a non-exempt prohibited transaction under Section 406(a) of ERISA of Section 4975 of the Code.

  
 The preceding provisions of this Section notwithstanding, the
Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to such Note.

  
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes.
If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee and the Note
Insurer (unless a Note Insurer Default shall have occurred and be continuing) such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar
or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and
upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided that if any such destroyed, lost or stolen Note, but
not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay
such destroyed, lost or stolen Note when so due or 
  

 5 

 payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment
of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer, the Indenture Trustee and the Note Insurer shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such
Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor
to the extent of any loss, damage, cost or expense incurred by the Issuer, the Note Insurer or the Indenture Trustee in connection therewith. 
  
 Upon the issuance of any replacement Note under this Section 2.5, the Issuer or the Indenture Trustee may require the payment by the Noteholder of
a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith.

  
 Every replacement Note issued pursuant to this Section
2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer and shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Notes duly issued hereunder. 
  
 The provisions of this
Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  
 SECTION 2.6 Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, the Note Insurer and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee, the Note Insurer nor any
agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 
  
 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. 
  
 (a) Each of the Notes shall accrue interest at its respective Interest Rate, and such interest shall be due and payable on each Payment Date as specified
therein, subject to Sections 3.1 and 8.2. Any installment of interest or principal, if any, due and payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the
Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that,
unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), 
  

 6 

 payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except
for the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such Class (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1)
which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 
  
 (b) The principal of each Note shall be payable in installments on each Payment Date as provided in Section 8.2. Notwithstanding the foregoing, the
entire unpaid Note Balance and all accrued interest thereon shall be due and payable, if not previously paid, on the earlier of (i) the date on which an Event of Default shall have occurred and is continuing, if the Controlling Party has declared
the Notes to be immediately due and payable in the manner provided in Section 5.2 and (ii) with respect to any Class of Notes, on the Final Scheduled Payment Date for that Class. All principal payments on each Class of Notes shall be made pro
rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which Indenture Trustee expects that
the final installment of principal of and interest on such Note will be paid. Such notice shall be transmitted prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of
such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 
  
 (c) If the Issuer defaults in a payment of interest on any Class of Notes,
the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer
shall pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date. 
  
 SECTION 2.8 Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person
other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee; provided that no Note shall be cancelled if amounts paid in respect of such Note were
made from funds paid by the Note Insurer under the Note Insurance Policy until the Note Insurer has received all amounts owed thereunder. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an
Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee. 
  
 SECTION 2.9 Release of Collateral. Subject to Section 11.1, the Indenture Trustee shall release property from
the lien of this Indenture only upon receipt of an Issuer 
  

 7 

 Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance
with TIA §§ 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA
Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture
in accordance with the conditions and procedures set forth in such exemptive order. 
  
 SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC,
the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Note shall be issued with respect to each $500 million in principal amount of each Class of Notes and any such lesser amount. Such Notes shall initially be registered
on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12.
Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12: 
  

(a) the provisions of this Section shall be in full force and effect; 
  
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this
Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholders, and shall have no obligation to the Note Owners; 
  
 (c) to the extent that the provisions of this Section conflict with any other
provisions of this Indenture, the provisions of this Section shall control; 
  
 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency and/or the
Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and 
  
 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders
evidencing a specified percentage of the aggregate outstanding principal amount of the Outstanding Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note
Owners and/or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the
Indenture Trustee. 
  
 SECTION 2.11 Notices to Clearing
Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive 
  

 8 

 Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such
notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 
  
 SECTION 2.12 Definitive Notes. If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a qualified successor, (b) the Administrator at its option advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the aggregate outstanding principal amount of
the Outstanding Notes, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book entry system through the Clearing Agency or its successor is no longer in
the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender
to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes
in accordance with the instructions of the Clearing Agency. None of the Issuer, Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
  
 The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
  
 SECTION 2.13 Authenticating Agents. 
  
 (a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture Trustee may appoint one or more
Persons (each, an “Authenticating Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2, 2.3,
2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof.

  
 (b) Any corporation into which any Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor
corporation. 
  

 9 

 (c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation
or upon such termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 
  
 (d) The provisions of Section 6.4 shall be applicable to any Authenticating Agent. 
  
 SECTION 2.14 Tax Treatment. The Issuer has entered into this
Indenture, and the Notes shall be issued, with the intention that, solely for federal, state and local income and franchise tax purposes, the Notes shall qualify as indebtedness secured by the Collateral. The Issuer, by entering into this Indenture,
and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes for federal, state and local income and franchise tax purposes as
indebtedness. 
  
 ARTICLE III 
 COVENANTS 
  
 SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance
with the terms of the Notes and this Indenture. Without limiting the foregoing and subject to Section 8.2, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the Collection Account which represent Collections
received by the Servicer during the preceding Collection Period in accordance with the Sale and Servicing Agreement. Amounts properly withheld under the Internal Revenue Code by any Person from a payment to any Noteholder of interest and/or
principal shall be considered to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each Class of Notes is
due on the earlier of (a) the Payment Date (including any Redemption Date) on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Notes. 
  
 SECTION 3.2 Maintenance of Office or Agency. The Issuer shall maintain
in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such
office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
  
 SECTION 3.3 Money for Payments To Be Held in Trust. As provided in Section 8.2 and 5.4, all payments of amounts due and payable with
respect to any Notes that are to be 
  

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 made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by
another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and Section 4.4 of the Sale and Servicing Agreement. 
  
 On or prior to each Payment Date and Redemption Date, the Issuer shall
deposit or cause to be deposited into the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes and other Persons entitled to payment on each Payment Date, and the Paying Agent shall hold such sum to be
held in trust for the benefit of the Persons entitled thereto pursuant to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act.

  
 The Issuer shall cause each Paying Agent other than the
Indenture Trustee to execute and deliver to the Indenture Trustee and the Note Insurer an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to the
extent relevant), subject to the provisions of this Section, that such Paying Agent will: 
  
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as provided in the Transaction Documents; 
  
 (ii) give the Indenture Trustee written notice of any default by the Issuer (or any other obligor upon the
Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 
  
 (iii) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the
Indenture Trustee all sums so held in trust by such Paying Agent; 
  
 (iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying
Agent at the time of its appointment; and 
  
 (v)
comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

  
 The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same
trusts as those upon which such sums were held by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  

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 Subject to applicable laws with respect to the escheat of funds, any money held by the Indenture Trustee
or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and distributed by the Indenture Trustee
to the Issuer on Issuer Request with the consent of the Note Insurer (unless a Note Insurer Default shall have occurred and is continuing) and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that if such money or any portion thereof had been previously deposited by the Note
Insurer with the Indenture Trustee for the payment of principal or interest of the Notes, to the extent any amounts are owing to the Note Insurer, such amounts shall be paid promptly to the Note Insurer upon the Indenture Trustee’s receipt of a
written request by the Note Insurer to such effect; and provided, further, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the reasonable expense of the Issuer cause to be
published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the City of New York, notice that such money remains unclaimed and that, after a date specified therein, which
date shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of
the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or
interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Noteholder). 
  
 SECTION 3.4 Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the State of Delaware. 
  
 SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Indenture Secured Parties to be prior to all
other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Indenture Secured Parties, a first Lien on and a first priority, perfected
security interest in the Collateral. The Issuer shall from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other
instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to: 
  
 (a) Grant more effectively all or any portion of the Collateral; 
  

(b) maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the purposes
hereof; 
  
 (c) perfect, publish notice of or protect the validity
of any Grant made or to be made by this Indenture; 
  

 12 

 (d) enforce any of the Collateral; or 
  
 (e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the
Collateral against the claims of all Persons. 
  
 The Issuer
hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be executed (if any) pursuant to this
Section. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any insurer with respect to any Insurance Policy about any aspect of the transactions
contemplated by the Transaction Documents. 
  
 SECTION 3.6
Opinions as to Collateral. 
  
 (a) On the Closing Date,
the Issuer shall furnish to the Indenture Trustee and the Note Insurer an Opinion of Counsel either stating (i) that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any
indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and
security interest of this Indenture and reciting the details of such action, or (ii) that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 
  
 (b) Within 120 days after the beginning of each calendar year, beginning with
April 30, 2005, the Issuer shall furnish to the Indenture Trustee and the Note Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the
recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 
  
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 
  
 (a) The Issuer shall not take any action and shall use its best efforts not to permit any action to be taken by others,
including the Administrator, that would release any Person from any of such Person’s covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination,
termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Transaction Documents or such other
instrument or agreement. 
  

 13 

 (b) The Issuer may contract with other Persons acceptable to the Note Insurer (unless a Note Insurer
Default shall have occurred and is continuing) to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee and the Note Insurer in an Officer’s Certificate of
the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. The Note Insurer hereby
consents to such contract. 
  
 (c) The Issuer shall, and shall
cause the Administrator and the Servicer to, punctually perform and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral,
including but not limited to preparing (or causing to prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in
accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other
than in accordance with the amendment provisions set forth in such Transaction Document. 
  
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 
  
 (a) engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other Collateral as contemplated by
this Indenture and the other Transaction Documents; 
  
 (b) except
as expressly permitted by this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 
  
 (c) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than
amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 

 
 (d) dissolve or liquidate in whole or in part; 
  
 (e) (i) permit the validity or effectiveness of this Indenture to be
impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be
expressly permitted hereby, (ii) permit any Lien on or to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof and (iii) permit the lien of this
Indenture not to constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Collateral (it being understood that (A) either each Receivable constituting part of the Collateral is secured by a first
priority validly perfected security interest 
  

 14 

 in the Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions with respect to
the Receivable have been taken or will be taken to perfect a first priority security interest in the Financed Vehicle in favor of the applicable Originator, as secured party and (B) the Issuer shall not be required to notify any insurer with respect
to any Insurance Policy obtained by an Obligor about any aspect of the transactions contemplated by the Transaction Documents); 
  
 (f) incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction Documents; or 
  
 (g) merge or consolidate with, or transfer substantially all of its assets
to, any other Person. 
  
 SECTION 3.9 Annual Compliance
Statement. 
  
 (a) The Issuer shall deliver to the Indenture
Trustee, the Swap Counterparty, the Note Insurer and each Rating Agency, within 120 days after the end of each calendar year (commencing with the year ending December 31, 2004), an Officer’s Certificate stating, as to the Responsible Officer
signing such Officer’s Certificate, that: 
  
 (i) a review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 
  
 (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied
with all conditions and covenants under this Indenture throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status
thereof. 
  
 (b) The Issuer shall: 
  
 (i) file with the Indenture Trustee, within 15 days after
the Issuer is required (if at all) to file the same with the Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) as the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1); 
  
 (ii) file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by the Commission such other information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from
time to time by such rules and regulations; and 
  
 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders as required by TIA Section 313(c)) such summaries of 
  

 15 

 any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and
(ii) of this Section 3.9(b) as may be required pursuant to rules and regulations prescribed from time to time by the Commission. 
  
 (c) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer. 
  
 SECTION 3.10 Servicer’s Obligations. The Issuer shall cause the
Servicer to comply with the Sale and Servicing Agreement. 
  
 SECTION 3.11 Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any activities other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner
contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or
indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with
the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv)
make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
  
 SECTION 3.12 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the
Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided
that the Issuer may cause to be made, (i) distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders, the Note Insurer, the Swap Counterparty and the Residual Interestholders as permitted by, and to
the extent funds are available for such purpose under this Indenture, the Sale and Servicing Agreement or the Trust Agreement and (ii) distributions to the Indenture Trustee pursuant to Section 2(a)(ii) of the Administration Agreement. Other
than as set forth in the preceding sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts. 
  
 SECTION 3.13 Notice of Events of Default. The Issuer shall promptly deliver to the Indenture Trustee, the Note Insurer and each Rating Agency
written notice in the form of an Officer’s Certificate of any event which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect
thereto. 
  
 SECTION 3.14 Further Instruments and Acts.
Upon request of the Indenture Trustee or the Note Insurer, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

  

 16 

 SECTION 3.15 Compliance with Laws. The Issuer shall comply with the requirements of all applicable
laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document. 
  
 SECTION 3.16 Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith and the Note Insurer consents in writing. 
  
 SECTION 3.17 Perfection Representations, Warranties and Covenants. The
perfection representations, warranties and covenants attached hereto as Schedule II shall be deemed to be part of this Indenture for all purposes. 
  
 SECTION 3.18 Investment Company Act Representation. The Issuer hereby represents and warrants to the Indenture Trustee and the Note Insurer that it
is not an “investment company” that is registered or required to be registered under, or otherwise subject to the restrictions of, the Investment Company Act of 1940, as amended. 
  
 ARTICLE IV 
 SATISFACTION AND DISCHARGE 
  
 SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights of registration of transfer and exchange, (b)
substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.11, 3.12,
(e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and (f) the rights of
Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 
  
 (a) either (i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for
which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture
Trustee for cancellation and the Note Insurance Policy has expired and been returned to the Note Insurer for cancellation or (ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will
become due and payable at the Final Scheduled Payment Date within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the 
  

 17 

 Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1),
(2) or (3), has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such
amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the Final Scheduled Payment Date or
Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; 
  
 (b) the Issuer has paid or caused to be paid all other sums payable under the Transaction Documents by the Issuer, including, without limitation, all
amounts owed to the Note Insurer and the Swap Counterparty, including all Swap Termination Payments; and 
  
 (c) the Issuer has delivered to the Indenture Trustee, the Note Insurer and the Swap Counterparty an Officer’s Certificate, an Opinion of Counsel and
(if required by the TIA, the Indenture Trustee, the Note Insurer (unless a Note Insurer Default has occurred and is continuing), or the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap
Counterparty have been paid) a certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and, subject to Section 11.2, and each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with (and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition has been satisfied). 
  
 SECTION 4.2 Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement. Such monies need not be segregated from
other funds except to the extent required herein, in the Sale and Servicing Agreement or by law. 
  
 SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the
Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to
Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 
  

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 ARTICLE V 
 REMEDIES 
  
 SECTION 5.1 Events
of Default. The occurrence and continuation of any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a default under this Indenture (each, an “Event of Default”): 
  
 (a) default in the payment of any interest on any Note when
the same becomes due and payable, and such default shall continue for a period of five days or more; 
  
 (b) default in the payment of principal of or any installment of the principal of any Note when the same becomes due and payable;

  
 (c) any failure by the Issuer to duly observe
or perform in any material respect any of its material covenants or agreements made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with),
which failure materially and adversely affects the rights of the Noteholders, and such failure shall continue unremedied for a period of 60 days (or for such longer period not in excess of 90 days, as may be reasonably necessary to remedy such
failure; provided that (i) such failure is capable of remedy within 90 days or less and (ii) the Controlling Party consents to such longer cure period) after there shall have been given, by registered or certified mail, to the Issuer by the
Indenture Trustee by Noteholders evidencing at least 25% of the Note Balance of the Outstanding Notes or by the Note Insurer, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; 
  
 (d) any
representation or warranty of the Issuer made in this Indenture proves to have been incorrect in any material respect when made, which failure materially and adversely affects the rights of the Noteholders, and which failure continues unremedied for
60 days (or for such longer period not in excess of 90 days, as may be reasonably necessary to remedy such failure; provided that (i) such failure is capable of remedy within 90 days or less and (ii) the Controlling Party consents to such
longer cure period) after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee, by Noteholders evidencing at least 25% of the Note Balance of the Outstanding Notes or by the Note Insurer, a written
notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
  
 (e) a Bankruptcy Event with respect to the Issuer; or 
  
 (f) a draw is made on the Note Insurance Policy. 
  

 19 

 SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. 
  
 (a) Unless a Note Insurer Default has occurred and is continuing, if an
Event of Default shall have occurred and is continuing, then the Note Insurer shall have the right, but not the obligation, upon prior written notice to each Rating Agency, to declare by written notice to the Issuer and the Indenture Trustee that
the Notes are immediately due and payable, and upon any such declaration, the Note Balance, together with accrued and unpaid interest thereon, shall become immediately due and payable. The Indenture Trustee will have no discretion with respect to
the acceleration of the Notes under the foregoing circumstances. In the event of any such acceleration of the Notes, the Indenture Trustee shall continue to make claims under the Note Insurance Policy with respect to the Notes. 
  
 (b) If a Note Insurer Default shall have occurred and is continuing and an
Event of Default shall have occurred and is continuing, the Indenture Trustee shall, if so requested in writing by the Holders of not less than the majority of the Note Balance, and upon written notice to each Rating Agency, declare that the Notes
are immediately due and payable, and upon any such declaration the Note Balance, together with accrued and unpaid interest thereon, shall become immediately due and payable. 
  
 (c) In the event any Notes are accelerated due to an Event of Default, the Note Insurer shall have the right (in addition to
its obligation to pay Insured Payments as defined in and in accordance with the Note Insurance Policy on the Notes), but not the obligation, to make payments under the Note Insurance Policy or otherwise of interest and principal due on such Notes,
in whole or in part on any date or dates following such acceleration as the Note Insurer, in its sole discretion, shall elect. 
  
 (d) At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Note Insurer in its sole discretion or if a Note Insurer Default has occurred and is continuing, the Noteholders representing a majority of the Note Balance,
by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 
  
 (i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on
all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred, (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and (C) any Net Swap Payments and any Swap Termination Payments then due and payable to the Swap Counterparty under the Interest Rate Swap
Agreement; and 
  
 (ii) all Events of Default,
other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 
  
 No such rescission shall affect any subsequent default or impair any right consequent thereto. 
  

 20 

 If the Notes have been declared due and payable, the Indenture Trustee may institute proceedings to
collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral and continue to apply the proceeds from the Collateral as if there had been no declaration of
acceleration. Any sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of Section 5.4. 
  
 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. 
  
 (a) The Issuer covenants that if (i) default is made in the payment of any
interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due
and payable, the Issuer will, upon demand of the Indenture Trustee in writing as directed by the Controlling Party, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for
principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
  
 (b) In case the Issuer shall fail forthwith to pay the amounts described in
clause (a) above upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, shall, if so directed by the Controlling Party, institute a proceeding for the collection of the sums so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes,
wherever situated, the monies adjudged or decreed to be payable. 
  
 (c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4, in its discretion but with the consent of the Controlling Party, and shall at the direction of
the Controlling Party, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate proceedings as the Indenture Trustee or the Controlling Party shall deem most effective to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this
Indenture or by law. 
  
 (d) In case there shall be pending,
relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or
in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any
Notes shall then be due and payable as therein expressed or by 
  

 21 

 declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the
provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 
  
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful
misconduct) and of the Noteholders allowed in such proceedings; 
  
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings;

  
 (iii) to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
  
 (iv) to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 
  
 and any trustee, receiver, liquidator, custodian or other similar official in any such
proceeding is hereby authorized by each Noteholder to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made,
by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the Indenture Trustee under Section 6.7. 
  
 (e) Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture
Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
  
 (f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the
Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such 
  

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 action or proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Indenture Secured Parties, to the extent set forth in Section 5.4(b). 
  
 (g) In any proceedings brought by the Indenture Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee
shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such proceedings. 
  
 SECTION 5.4 Remedies; Priorities. 
  
 (a) If an Event of Default shall have occurred and is continuing, the Indenture Trustee shall, at the direction of the Controlling Party, do one or more
of the following (subject to Sections 5.2 and 5.5): 
  
 (i) institute proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or
otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes monies adjudged due; 
  
 (ii) institute proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Collateral;

  
 (iii) exercise any other remedies of a
secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
  
 (iv) subject to Section 5.17, after an acceleration of the maturity of the Notes pursuant to
Section 5.2, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 
  
 provided, however, that the Indenture Trustee may not exercise the remedy described in clause (ii) above following an Event of
Default unless (A) the holders of 100% of the Note Balance of the Outstanding Notes and the Note Insurer (so long as the Note Insurer is the Controlling Party) have consented to such liquidation, (B) the proceeds of such sale or liquidation are
sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes and all amounts due to the Note Insurer and the Swap Counterparty under the Transaction Documents; (C)(I) the Note Insurer is the Controlling Party and so
directs, (II) the Event of Default relates to the failure to pay interest or principal when due and payable (a “Payment Default”) and (III) the Indenture Trustee determines (after consultation with the Note Insurer) (but shall have
no obligation to make such determination unless directed by the Controlling Party) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would become due if the Notes had not
been declared due and payable or (D)(I) the Note Insurer is not the Controlling Party, (II) the Holders of 66 2/3% of the Note Balance of the Outstanding Notes have consented to such liquidation, (III) the related Event of Default relates to a Payment 
  

 23 

 Default and (IV) the Indenture Trustee determines (but shall have no obligation to make such determination) that the
Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would become due if the Notes had not been declared due and payable. In determining such sufficiency or insufficiency with respect to
clauses (C) and (D) of the preceding sentence, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and
as to the sufficiency of the Trust Estate for such purpose. 
  
 (b) Notwithstanding the provisions of Section 8.2 hereof or Section 4.4 of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or property pursuant to this Article V and the Notes have been
accelerated, it shall pay out such money or property (and other amounts, including all amounts held on deposit in the Trust Accounts) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the
Trust Estate) in the following order of priority: 
  
 (i) first, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees (including any unpaid Indenture Trustee fees or Owner Trustee fees with respect to prior periods) and any reasonable expenses (including
indemnification amounts) not previously paid by the Servicer; provided that, unless the Controlling Party shall consent otherwise, aggregate expenses payable to the Indenture Trustee and the Owner Trustee pursuant to this clause (i)
and Section 4.4(a)(1) of the Sale and Servicing Agreement shall be limited to $150,000 per annum in the aggregate; 
  
 (ii) second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior periods; 
  
 (iii) third, to the Swap Counterparty, the Net Swap
Payment; 
  
 (iv) fourth, to the Holders
of the Class A Notes, on a pro rata basis the Accrued Note Interest; 
  
 (v) fifth, to the Note Insurer, the Premium; 
  
 (vi) sixth, to the Holders of the Class A-1 Notes in respect of principal thereof until the Class A-1 Notes have been paid in full;

  
 (vii) seventh, to the Holders of the
Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, in respect of principal thereof, on a pro rata basis (based on the Note Balance of the Outstanding Notes of each such Class on such Payment Date), until all such Classes of the Notes have been
paid in full; 
  
 (viii) eighth, to the
Note Insurer, the Reimbursement Obligations, Premium and any other amounts owing to the Note Insurer not previously paid; 
  
 (ix) ninth, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees, reasonable expenses and indemnity payments
which have not previously been paid; 
  

 24 

 (x) tenth, to the Swap Counterparty, all Swap Termination Payments and any other
amounts owing to the Swap Counterparty not previously paid; and 
  
 (xi) eleventh, any remaining funds shall be distributed to or at the direction of the Residual Interestholder. 
  
 The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record
date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 
  
 Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money or property pursuant to this Article
V, such amounts shall be deposited into the Collection Account and distributed in accordance with Section 4.4 of the Sale and Servicing Agreement and Section 8.2 hereof. 
  
 SECTION 5.5 Optional Preservation of the Collateral. If a Note Insurer Default shall have occurred and is continuing
and the Notes have been declared due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not,
elect to maintain possession of the Trust Estate and continue to apply the proceeds thereof in accordance with Sections 5.4(b). It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the
payment of principal of and interest on the Notes and amounts due to the Note Insurer and the Swap Counterparty under the Transaction Documents, and the Indenture Trustee shall take such intent into account when determining whether or not to
maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
  
 SECTION 5.6 Limitation of Suits. 
  
 (a) No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless: 
  
 (i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 
  
 (ii) the Holders of not less than 25% of the Note Balance, have made written request to the Indenture Trustee to institute such proceeding
in respect of such Event of Default in its own name as the Indenture Trustee hereunder; 
  
 (iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in complying with such request; 
  

 25 

 (iv) the Indenture Trustee for 60 days after its receipt of such notice, request and
offer of indemnity has failed to institute such proceedings; 
  
 (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Note Balance of the Outstanding Notes; and 
  
 (vi) a Note Insurer Default shall have occurred and is
continuing or no Notes shall be Outstanding and all amounts owing to the Note Insurer have been paid in full. 
  
 No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or
to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein provided. 
  
 In the event the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Note Balance, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 
  
 (b) No Noteholder shall have any
right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to
vote or consent under this Indenture and the Notes, the Issuer may set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 
  
 SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and
Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, on such Note on or after the respective due
dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such
Noteholder. 
  
 SECTION 5.8 Restoration of Rights and
Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the
Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
  

SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee, the Note Insurer, the
Swap Counterparty or 
  

 26 

 to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee, the Note Insurer or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of
Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee, the Note Insurer or to
the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee, the Note Insurer or by the Noteholders, as the case may be. 
  
 SECTION 5.11 Control by Noteholders. If a Note Insurer Default shall have occurred and is continuing, and subject to
the provisions of Sections 5.4, 5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a majority of the Note Balance, shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided that 
  
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; 
  
 (b) any such direction to the Indenture Trustee to sell or liquidate the
Collateral shall be subject to the terms of Section 5.4(a); 
  
 (c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing
less than 100% of the Note Balance of the Outstanding Notes to sell or liquidate the Trust Estate shall be of no force and effect; 
  
 (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction, applicable law
and the terms of this Indenture; and 
  
 (e) such direction shall
be in writing; 
  
 provided, further, that, subject to Section 6.1,
the Indenture Trustee need not take any action that it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 
  
 SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.2, the Note Insurer or, if a Note Insurer Default shall have occurred and is continuing, the Holders of Notes of not less than a majority of the Note Balance may waive any
past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the 
  

 27 

 consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In the case of any such
waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

  
 Upon any such waiver, such Event of Default shall cease to
exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any
prior, subsequent or other Default or Event of Default or impair any right consequent thereto. 
  
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case
holding in the aggregate more than 10% of the Note Balance of the Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates
expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 
  
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted. 
  
 SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other
relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer
or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b), if
the maturity of the Notes has been accelerated pursuant to Section 5.2, or Section 4.4 of the Sale and Servicing Agreement and Section 8.2 of this Indenture, if the maturity of the Notes has not been accelerated. 
  

 28 

 SECTION 5.16 Performance and Enforcement of Certain Obligations. 
  
 (a) Promptly following a request from the Indenture Trustee or the Note
Insurer (unless a Note Insurer Default has occurred and is continuing) to do so, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance (i) by the Seller and the Servicer,
as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement, (ii) or by the Seller or COAF, as applicable, of each of their obligations under or in connection with the Purchase Agreement,
(iii) by COAF or the Originator, as applicable, of each of their obligations under or in connection with the Sale Agreement, in each case, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement and the Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of
default on the part of the Seller, the Servicer or COAF thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale and
Servicing Agreement or by the Seller or COAF, as applicable, of each of their obligations under or in connection with the Purchase Agreement. 
  
 (b) If a Note Insurer Default has occurred and is continuing and an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at
the direction (which direction shall be in writing) of the Holders of a majority of the Note Balance shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the
Sale and Servicing Agreement, against the Seller or COAF under the Purchase Agreement or against COAF or the Originator under the Sale Agreement, including the right or power to take any action to compel or secure performance or observance by the
Seller, the Servicer, COAF or the Originator of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, the Purchase Agreement or
the Sale Agreement, as applicable, and any right of the Issuer to take such action shall be suspended. 
  
 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to Section 5.4(a), the
Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of
competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and on such terms as provided above to the highest
bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give notice to the Seller and the Servicer of any proposed
sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer
that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as
to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts payable on the Notes shall have been paid. 
  

 29 

 ARTICLE VI 
 THE INDENTURE TRUSTEE 
  
 SECTION
6.1 Duties of the Indenture Trustee. 
  
 (a) If an Event
of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and shall use the same degree of care and skill in their exercise as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs. 
  
 (b) Prior to the occurrence of an Event of Default: 
  
 (i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the other Transaction Documents to which it is a party and no implied covenants or
obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 
  
 (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; provided however, the Indenture Trustee shall examine the certificates and
opinions to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
  
 (i) this paragraph does not limit the effect of paragraph
(b) of this Section; 
  
 (ii) the Indenture
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 
  
 (iii) the Indenture Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 
  
 (d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and (c). 
  
 (e) The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the Issuer. 
  

 30 

 (f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the
extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
  
 (g) No provision of this Indenture or any other Transaction Document shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties
hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

  
 (h) Every provision of this Indenture and each other
Transaction Document relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
  
 (i) The Indenture Trustee shall take all actions required to be taken by the
Indenture Trustee under the Sale and Servicing Agreement. 
  
 (j)
The Indenture Trustee, upon two Business Days’ prior notice to the Indenture Trustee, shall permit any representative of the Note Insurer at the expense of the Issuer, during the Indenture Trustee’s normal business hours, to examine all
books of account, records, reports and other papers of the Indenture Trustee relating to the Notes, to make copies and extracts there from and to discuss the Indenture Trustee’s affairs and actions, as such affairs and actions related to the
Indenture Trustee’s duties with respect to the Notes, with the Indenture Trustee’s officers and employees responsible for carrying out the Indenture Trustee’s duties with respect to the Notes. 
  
 (k) The Indenture Trustee shall, and hereby agrees that it will, hold the
Note Insurance Policy in trust, and will hold any proceeds of any claim on the Note Insurance Policy in trust solely for the use and benefit of the Noteholders. 
  

SECTION 6.2 Rights of the Indenture Trustee. 
  
 (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.
The Indenture Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes,
suffers or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
  
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrator, any co-trustee or separate trustee appointed in accordance with
the provisions of Section 6.10, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 
  

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 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
  
 (e) The Indenture Trustee may consult with counsel, and the advice or opinion
of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel. 
  
 (f) The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or
direction of any of the Noteholders or the Note Insurer pursuant to this Indenture unless such Noteholders or the Note Insurer, as applicable, shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture
Trustee against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction. 
  
 SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to
Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective Affiliates with the same
rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee
and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 
  
 SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any
statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of
authentication. 
  
 SECTION 6.5 Notice of Defaults. If a
Default occurs and is continuing and if it is either actually known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder and the Rating
Agencies notice of the Default within 90 days after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such
Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 
  

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 SECTION 6.6 Reports by the Indenture Trustee to Noteholders. The Indenture Trustee, at the expense
of the Issuer, shall deliver to each Noteholder, not later than the latest date permitted by law, such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 
  
 SECTION 6.7 Compensation and Indemnity. 
  
 (a) The Issuer shall cause the Servicer to pay to JPMorgan Chase Bank
pursuant to the Sale and Servicing Agreement from time to time compensation for all services rendered by JPMorgan Chase Bank pursuant to the Transaction Documents pursuant to a fee letter between the Servicer and JPMorgan Chase Bank (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee to an express trust). 
  
 (b) The Issuer jointly and severally with the Seller, COAF, the Administrator and the Servicer, except as otherwise expressly provided herein, agrees to
reimburse the Indenture Trustee any expense incurred by the Indenture Trustee in pursuing remedies pursuant to Section 5.4 (including, but not limited to, the reasonable compensation, expenses and disbursements of its agents and counsel and
allocable costs of in-house counsel); provided, however, in no event shall the Issuer, the Seller, the Administrator, COAF or the Servicer pay or reimburse the Indenture Trustee or the agents or counsel, including in-house counsel of
either, for any expenses, disbursements and advances incurred or made by the Indenture Trustee in connection with any action or inaction on the part of the Indenture Trustee for which a court of competent jurisdiction has found the Indenture Trustee
to be grossly negligent. 
  
 (c) The Issuer jointly and severally
with the Seller, COAF, the Administrator and the Servicer, agrees to indemnify the Indenture Trustee and its officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or expense incurred without gross
negligence or bad faith on the part of the Indenture Trustee arising out of, or in connection with, the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim in connection with the
exercise or performance of any of its powers or duties hereunder; provided, however, that: 
  
 (i) with respect to any such claim the Indenture Trustee shall have given the Issuer, the Seller, COAF, the Administrator, the Servicer
and the Note Insurer written notice thereof promptly after the Indenture Trustee shall have actual knowledge thereof; provided that failure to notify shall not relieve the parties of their obligations hereunder; 
  
 (ii) while maintaining absolute control over its own
defense, the Indenture Trustee shall cooperate and consult fully with the Owner Trustee, the Seller, COAF, the Administrator, the Servicer and the Note Insurer in preparing such defense; provided that the interests of the Indenture Trustee
are not adverse to those of such parties; 
  
 (iii) notwithstanding anything to the contrary in this Section, none of the Issuer, the Seller, COAF, the Administrator or the Servicer shall be liable for settlement of any such claim by the Indenture Trustee entered into without the prior
consent of the such parties, which consent shall not be unreasonably withheld or delayed; and 
  

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 (iv) the Indenture Trustee, its officers, directors, employees and agents, as a group,
shall be entitled to counsel separate from the Issuer, the Seller, COAF, the Administrator and the Servicer; to the extent such parties’ interests are not adverse to the interests of the Indenture Trustee, its officers, directors, employees or
agents, the Indenture Trustee may agree to be represented by the same counsel as the Issuer, the Seller, COAF or the Servicer. 
  
 (d) The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or the Indenture
Trustee’s earlier resignation or removal. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(d) or 5.1(e) with respect to the Issuer, the expenses are intended to constitute
expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
  
 (e) The Seller agrees to assume and to pay, and to indemnify, defend and hold harmless the Indenture Trustee, the Note Insurer and the Noteholders from
any taxes which may at any time be asserted with respect to, and as of the date of, the Grant of the Trust Estate to the Indenture Trustee, including, without limitation, any sales, gross receipts, general corporation, personal property, privilege
or license taxes (but with respect to the Noteholders only, not including any federal, state or other taxes arising out of the creation of the issuance of the Notes or payments with respect thereto) and costs, expenses and reasonable counsel fees in
defending against the same. 
  
 SECTION 6.8 Removal,
Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign at any time by so notifying the Issuer, the Note Insurer, the Swap Counterparty, the Administrator, the Servicer and each Rating Agency. The Controlling Party
may remove the Indenture Trustee without cause by so notifying the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 
  
 (a) the Indenture Trustee fails to comply with Section
6.11; 
  
 (b) a Bankruptcy Event occurs with
respect to the Indenture Trustee; 
  
 (c) a
receiver or other public officer takes charge of the Indenture Trustee or its property; or 
  
 (d) the Indenture Trustee otherwise becomes incapable of acting. 
  
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason
(the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee acceptable to the Note Insurer (unless a Note Insurer Default shall have occurred and
is continuing). If the Issuer fails to appoint such a successor Indenture Trustee, the Note Insurer may appoint a successor Indenture Trustee. 
  

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 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring
Indenture Trustee, the Note Insurer (unless a Note Insurer Default shall have occurred and is continuing), the Swap Counterparty and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and
the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture Trustee under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Indenture
Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture Trustee to the successor Indenture Trustee. 
  
 If a successor Indenture Trustee does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer, the Note Insurer or the Holders of a majority of the Note Balance may petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee. 
  
 If the Indenture Trustee fails to comply
with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
  
 Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees and expenses owed to the outgoing Indenture Trustee. 
  
 Notwithstanding the resignation or removal of the Indenture Trustee pursuant
to this Section, the Issuer’s and Administrator’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 
  
 The Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee. 
  
 SECTION 6.9 Successor Indenture Trustee by Merger. Subject to
Section 6.11, if the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or
transferee corporation without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall
provide each Rating Agency, the Note Insurer and the Administrator prior written notice of any such transaction. 
  
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case
at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee. 

 

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 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
  
 (a) Notwithstanding any other provisions of this Indenture, at any time,
after delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee and the Administrator acting jointly,
with the consent of the Note Insurer (unless a Note Insurer Default shall have occurred and be continuing), shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or
separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms
of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 
  
 (b) Every 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 Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or
co-trustee jointly (it being intended that such separate trustee or co-trustee is not authorized to act separately without the Indenture 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 Indenture 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 Collateral 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 Indenture Trustee; 
  
 (ii) no separate trustee or co-trustee hereunder shall be personally liable by reason of any act or omission
of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 
  
 (iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, remove any separate
trustee or co-trustee. 
  
 (c) Any notice, request or other
writing given to the Indenture Trustee shall be deemed to have been given to each of 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 Indenture and the conditions of this Article VI. 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 Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator. 
  

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 (d) Any separate trustee or co-trustee may at any time constitute the Indenture 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 Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding
anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 
  
 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA § 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt
rating of investment grade or better by each Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall provide copies of such reports to the Note Insurer upon request. The Indenture Trustee shall also satisfy
the requirements of TIA § 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee. 
  
 SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall comply with TIA § 311(a), excluding any
creditor relationship listed in TIA § 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
  
 ARTICLE VII 
 NOTEHOLDERS’ LISTS AND REPORTS 
  
 SECTION 7.1
The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to the Indenture Trustee (a) not more than five days after each Record Date, a list, in such form as the
Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished; provided, however, that so long as (i) the Indenture Trustee is the Note Registrar, or (ii) the Notes are issued
as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. The Indenture Trustee or, if the Indenture Trustee is not the Note Registrar, the Issuer shall furnish such list to the Note Insurer in writing at such
times as the Note Insurer may reasonably request. 
  
 SECTION 7.2
Preservation of Information; Communications to Noteholders. 
  
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1
and the names and addresses of 
  

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 Noteholders received by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee may destroy
any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no
such list shall be required to be preserved or maintained. 
  
 (b)
The Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or
more Noteholders evidencing not less than 25% of the Note Balance to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA § 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by
providing to the Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto. 
  
 (c) The Issuer, the Indenture Trustee and Note Registrar shall have the protection of TIA § 312(c). 
  
 SECTION 7.3 Reports by the Indenture Trustee. If required by TIA
§ 313(a), within 60 days after each March 31, beginning with March 31, 2005, the Indenture Trustee shall mail to each Noteholder as required by TIA §§ 313(c), a brief report dated as of such date that complies with TIA § 313(a).
The Indenture Trustee also shall comply with TIA § 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are
listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 
  
 ARTICLE VIII 
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
  
 SECTION 8.1 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable
by the Indenture Trustee pursuant to this Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce
such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V. 
  
 SECTION 8.2
Trust Accounts. 
  
 (a) [Reserved]. 
  
 (b) On or before each Payment Date, the Issuer shall cause the Servicer to
deposit all Available Collections with respect to the Collection Period preceding such Payment 
  

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 Date in the Collection Account as provided in Sections 4.2 and 4.3 of the Sale and Servicing Agreement. On
or before each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to Section 4.3 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee from
the Reserve Account and deposited to the Collection Account. 
  
 (c) Prior to the acceleration of the Notes pursuant to Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute all amounts on deposit in the Principal Distribution Account
sequentially to the Class A-1 Noteholders until the Class A-1 Notes are paid in full, to the Class A-2 Noteholders until the Class A-2 Notes are paid in full, to the Class A-3 Noteholders until the Class A-3 Notes are paid in full and to the Class
A-4 Noteholders until the Class A-4 Notes are paid in full; provided, however, that if a Triggering Event has occurred and is continuing as of such Payment Date or Redemption Date, the Indenture Trustee shall distribute all amounts on deposit
in the Principal Distribution Account first to the Class A-1 Noteholders, until the aggregate outstanding principal balance of the Class A-1 Notes has been reduced to zero and second, pro rata, to the Class A-2 Noteholders, Class A-3 Noteholders and
Class A-4 Noteholders until the Note Balance of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes has been reduced to zero. 
  
 (d) On the first Payment Date following the termination of the Funding Period, the Indenture Trustee shall, based on the information set forth in the
related Servicer’s Certificate, withdraw any remaining funds on deposit in the Pre-Funding Account (including investment earnings or income) and pay to the Noteholders an amount equal to the amount of such funds as follows: 
  
 (i) if the aggregate amount of such funds is greater than
$100,000, to the Noteholders, their pro rata portion of such funds (based on the Initial Note Balance of each Class of Notes as a fraction of the Initial Note Balance of all Classes of Notes); or 
  
 (ii) if the aggregate amount of such funds is less than or
equal to $100,000, to the Noteholders, the portion of such funds in sequential order of priority beginning with the Class A-1 Notes. 
  
 (e) The Indenture Trustee shall make claims under the Note Insurance Policy pursuant to Section 9.1 of the Sale and Servicing Agreement and in accordance
with the Note Insurance Policy. In making such claim, the Indenture Trustee shall comply with all terms and conditions of the Note Insurance Policy. Upon receipt of the Policy Claim Amount, the Indenture Trustee shall distribute the Policy Claim
Amount pursuant to the Sale and Servicing Agreement. 
  
 SECTION
8.3 General Provisions Regarding Accounts. 
  
 (a) The
funds in the Trust Accounts shall be invested in Eligible Investments in accordance with and subject to Section 4.1(b) of the Sale and Servicing Agreement and all interest and investment income (net of losses and investment expenses) on funds
on deposit in the Trust Accounts shall constitute Available Funds and shall be distributed in accordance with 
  

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 the provisions of Section 4.4 of the Sale and Servicing Agreement. The Indenture Trustee shall not be directed to
make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either
case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of
Counsel, acceptable to the Indenture Trustee, to such effect. 
  
 (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein, except for
losses attributable to the Indenture Trustee’s failure to make payments on any such Eligible Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

  
 (c) If (i) investment directions shall not have been given in
writing by the Servicer in accordance with Section 4.1(b) of the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by
the Servicer and the Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section
5.2 or (iii) if the Notes shall have been declared due and payable following a Default and amounts collected or received from the Trust Estate are being applied in accordance with Section 5.4 as if there had not been such a declaration,
then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Eligible Investments in accordance with the standing instructions most recently given by the Servicer. 
  
 SECTION 8.4 Release of Collateral. 
  
 (a) Subject to the payment of its fees and expenses pursuant to Section
6.7, the Indenture Trustee may if permitted and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture
Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
  
 (a) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee
pursuant to Section 6.7 and all amounts due to the Note Insurer and the Swap Counterparty under the Transaction Documents have been paid, release any remaining portion of the Collateral from the lien of this Indenture and release to the
Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include release of the lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Issuer or its designee.
The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 
  

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 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial
interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Seller in accordance with Sections 2.3 and 2.6 of the Sale and Servicing
Agreement, (ii) to the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement and (iii) to COAF in accordance with Section 3.3 of the Purchase Agreement. 
  
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at
least seven days’ notice when requested by Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such action, an Opinion of
Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been
complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided that such Opinion of Counsel shall not be required to
express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in
connection with any such action. 
  
 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
  
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 
  
 (a) Without the consent of the Noteholders but with the consent of the Note Insurer (unless a Note Insurer Default shall
have occurred and is continuing) and with prior notice to each Rating Agency, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (i) to correct or amplify the description of any property at
any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject additional property to the lien of this
Indenture; 
  
 (ii) to evidence the succession,
in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer contained herein and in the Notes; 
  
 (iii) to add to the covenants of the Issuer, for the benefit
of the Indenture Secured Parties, or to surrender any right or power herein conferred upon the Issuer; 
  

 41 

 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee; 
  
 (v) to cure any ambiguity,
to correct or to supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising
under this Indenture or in any supplemental indenture; provided that such action shall not materially and adversely affect the interests of the Noteholders or the Note Insurer; 
  
 (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with
respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI;

  
 (vii) to modify, eliminate or add to the
provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be
expressly required by the TIA; or 
  
 (viii) to
add, modify or eliminate such provisions as may be necessary or advisable in order to enable (a) the transfer to the Issuer of all or any portion of the Receivables to be derecognized under GAAP by the Seller to the Issuer, (b) the Issuer to avoid
becoming a member of the Seller’s consolidated group under GAAP or (c) the Seller or any of its Affiliates to otherwise 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 under this Section 9.1(viii) that the Rating Agency Condition be satisfied. 
  
 The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained. 
  
 (b) The Issuer and
the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any Noteholder but with the prior written consent of the Note Insurer (unless a Note Insurer Default shall have occurred and is continuing), enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner (other than the modifications set forth in
Section 9.2, which require consent of each Noteholder affected thereby) the rights of the Noteholders under this Indenture; provided (i) that the Rating Agency Condition shall have been satisfied with respect to such action, and (ii) that
such action shall not, as evidenced by an Opinion of Counsel, (A) materially and adversely affect the interests of any Noteholder, (B) affect the treatment of the Notes as debt for federal income tax purposes, or (C) be deemed to cause a taxable
exchange of the Notes for federal income tax purposes. 
  

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 (c) Notwithstanding the foregoing, if a Note Insurer Default shall have occurred and is continuing, no
amendment under this Section 9.1 shall materially adversely affect the Note Insurer without the Note Insurer’s prior consent. 
  
 (d) Notwithstanding the foregoing, no amendment under this Section 9.1 shall materially and adversely affect the rights or obligations of the Swap
Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such action (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days
after confirmed verbal receipt of a written request for such consent). 
  
 SECTION 9.2 Supplemental Indentures With Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with the consent of the Note Insurer (unless a Note Insurer Default shall have
occurred and is continuing) and with prior notice to the Rating Agencies and with the consent of the Holders of not less than a majority of the Note Balance, voting together as a single Class, by Act of such Holders delivered to the Issuer and the
Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Noteholders under this Indenture; provided that that no such supplemental indenture shall materially and adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless (A) the Swap Counterparty shall have
consented in writing to such supplemental indenture (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent) and (B)
the Rating Agency Condition has been satisfied with respect to such supplemental indenture; provided, further, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

  
 (i) change the date of payment of any
installment of principal (including, without limitation, the Final Scheduled Payment Date) of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the
provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which,
any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any
such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
  
 (ii) reduce the percentage of the Note Balance, the consent of the Holders of which is required for any such supplemental indenture, or
the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 
  

 43 

 (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
  
 (iv) reduce
the percentage of the Note Balance required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note Balance plus
accrued but unpaid interest on the Notes; 
  
 (v) modify any provision of this Section in any respect adverse to the interests of the Noteholders except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Transaction
Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
  
 (vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest
or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the
Notes contained herein; 
  
 (vii) permit the
creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this
Indenture on any property at any time subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or 
  
 (viii) impair the right to institute suit for the enforcement of payment as provided in Section 5.7. 
  
 Any such supplemental indenture shall be executed only upon delivery of an
Opinion of Counsel to the same effect as in Section 9.1(b)(ii). 
  
 It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuer and at the Issuer’s expense) setting forth in
general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.
Notwithstanding the foregoing, if a Note Insurer Default has occurred and is continuing, no amendment under Section 9.2 shall materially adversely affect the Note Insurer without the Note Insurer’s prior consent. 
  
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture permitted by this Article IX 
  

 44 

 or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive,
and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
  
 SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture
executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 
  
 SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided
for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and
executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  
 ARTICLE X 
 REDEMPTION OF NOTES 
  
 SECTION 10.1 Redemption. 
  
 (a) Each of the Notes is subject to redemption in whole, but not in part, at
the direction of the Servicer pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate pursuant to said Section 8.1, for a purchase price
equal to the Optional Purchase Price, which amount shall be deposited by the Servicer into the Collection Account on the Redemption Date. 
  
 (b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment Date occurring after the end of the Funding Period on which the
sum of the amounts in the Reserve Account and the remaining Available Funds after the payments under clauses first through eighth and tenth of Section 4.4(a) of the Sale and Servicing Agreement would be sufficient to pay
in full the Note Balance of all of the Outstanding Notes as determined by the Servicer. On such Payment Date, (i) the Indenture Trustee upon written direction from the Servicer shall transfer all amounts on deposit in the Reserve Account to the
Collection Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in part. 
  

 45 

 (c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or 10.1(b), the
Administrator or the Issuer shall provide at least 20 days’ prior notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee, and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the
applicable Redemption Date) notice thereof to the Noteholders, the Swap Counterparty and the Note Insurer. 
  
 SECTION 10.2 Form of Redemption Notice. Notice of redemption under Section 10.1 shall be given by the Indenture Trustee by facsimile or by
first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing
in the Note Register. 
  
 All notices of redemption shall state:

  
 (i) the Redemption Date; 
  
 (ii) the Redemption Price; 
  
 (iii) that the Record Date otherwise applicable to such
Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes, and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of
the Issuer to be maintained as provided in Section 3.2); and 
  
 (iv) that interest on the Notes shall cease to accrue on the Redemption Date. 
  
 Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the Issuer shall
notify each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any Note. 
  
 SECTION 10.3 Notes Payable on Redemption Date. The Notes to be
redeemed shall, following notice of redemption as required by Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default
in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
  

 46 

 ARTICLE XI 
 MISCELLANEOUS 
  
 SECTION 11.1
Compliance Certificates and Opinions, etc. 
  
 (a) Upon
any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee and the Note Insurer (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the case of condition precedent compliance with which is subject to verification by accountants, a certificate or opinion of an
accountant that satisfies TIA Section 314(c)(3), except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or
opinion need be furnished. 
  
 Every certificate or opinion in
accordance with TIA Section 314(e) with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the
definitions herein relating thereto; 
  
 (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or
investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been
complied with. 
  
 (b) (i) Prior to the deposit of any Collateral
or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section
11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee and the Note Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value in accordance with TIA
Section 314(d) (within 90 days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 
  
 (ii) Whenever the Issuer is required to furnish to each of the Indenture Trustee and the Note Insurer an Officer’s Certificate certifying or stating
the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to each of the Indenture Trustee and the Note Insurer an Independent Certificate as to the same matters, if the fair value in
accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer,
as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Note 
  

 47 

 Balance, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value
thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Note Balance. 
  
 (iii) Other than as contemplated by Section 11.1(b)(v), whenever any property or securities are to be released from the lien of this Indenture, the
Issuer shall also furnish to each of the Indenture Trustee and the Note Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the
property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
  
 (iv) Whenever the Issuer is required to furnish to each of the Indenture
Trustee and the Note Insurer an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to each of the Indenture Trustee and the Note
Insurer an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, or securities released from the lien of this Indenture since the commencement of
the then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Note Balance, but such certificate need not be furnished in the case of any release of
property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Note Balance. 
  
 (v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate, sell
or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction
Documents. 
  
 SECTION 11.2 Form of Documents Delivered to the
Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents. 
  
 Any
certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters
is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are
erroneous. 
  

 48 

 Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI.

  
 SECTION 11.3 Acts of Noteholders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing;
and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any person of any such instrument
or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
  
 (c) The ownership of Notes shall be proved by the Note Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder shall bind the Holder of every Note issued
upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon
such Note. 
  
 SECTION 11.4 Notices. All demands, notices
and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States or international mail, postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in
each case as set forth in Schedule I or at such other address as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an
officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 
  

 49 

 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid or via Electronic Transmission to each Noteholder affected by such event, at his
address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such
notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to
have been duly given. 
  
 Where this Indenture provides for notice
in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
  
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient
giving of such notice. 
  
 Where this Indenture provides for
notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 
  
 SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is
different from the methods provided for in this Indenture for such payments or notices, provided that such methods are reasonable and consented to by the Indenture Trustee (which consent shall not be unreasonably withheld). The Issuer will furnish
to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
  
 SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another
provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
  

The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
  

 50 

 SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 SECTION 11.9 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the
Indenture Trustee in this Indenture shall bind its successors. 
  
 SECTION 11.10 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 
  
 SECTION 11.11 Benefits of
Indenture. The Note Insurer and its successors and assigns shall be third-party beneficiaries to the provisions of this Indenture, and shall be entitled to rely upon and directly enforce such provisions of this Indenture unless a Note Insurer
Default shall have occurred and is continuing. The Swap Counterparty shall be a third-party beneficiary to the provisions of this Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, the Note Insurer, the Swap Counterparty and the Noteholders, and any other party secured hereunder, and any other Person with any ownership interest in any part of the Trust Estate or any legal or
equitable right, remedy or claim under this Indenture. 
  
 SECTION
11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the
next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
  
 SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING TO THE MAXIMUM EXTENT PERMITTED BY LAW ALL OTHER CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one
and the same instrument. 
  
 SECTION 11.15 Recording of
Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture
Trustee or any other counsel reasonably acceptable to each of the Indenture Trustee and the Note Insurer) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the
enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
  

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 SECTION 11.16 Trust Obligation. Each Noteholder or Note Owner, by acceptance of a Note, or, in the
case of a Note Owner or a beneficial interest in a Note, by accepting the benefits of this Agreement, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any
Residual Interestholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person
described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

  
 SECTION 11.17 No Petition. Each of the Indenture
Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, 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) none of the parties hereto shall 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. 
  
 SECTION 11.18 Intent. 
  
 (a) It is the intent of the Issuer that the Notes constitute indebtedness for all financial accounting purposes and the Issuer agrees and each purchaser
of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all financial accounting purposes. 
  
 (b) It is the intent of the Issuer that the Notes constitute indebtedness of the Issuer for all tax purposes and the Issuer
agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all federal, state and local income and franchise tax purposes. 

 

 52 

 SECTION 11.19 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby
irrevocably and unconditionally: 
  
 (a) submits for itself and
its property in any legal action or proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction
of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
  

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue
of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Agreement; 
  
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in
any other jurisdiction; and 
  
 (e) to the extent permitted by
applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder.

  
 SECTION 11.20 Subordination of Claims. The
Issuer’s obligations under this Indenture are obligations solely of the Issuer and will not constitute a claim against the Seller to the extent that the Issuer 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 accepting the benefits of this agreement, a Certificateholder, by accepting a Certificate, and Indenture Trustee (in its
individual capacity and as Indenture Trustee), by entering into this Indenture, and each Noteholder and each Note Owner, by accepting the benefits of this Indenture, 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 any Certificateholder
either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of
insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim
or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or 
  

 53 

 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
Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this agreement, a Certificateholder, by accepting a Certificate, and the Owner Trustee, the Note Insurer, and each Noteholder or Note Owner,
by accepting the benefits of this Indenture, 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 Indenture. 
  
 SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by and between the parties hereto that (i) this
Indenture is executed and delivered by Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement in the exercise of the power and authority conferred and vested in it as such Owner Trustee, (ii)
each of the representations, undertakings and agreements made herein by the Issuer are not personal representations, undertakings and agreements of Wilmington Trust Company, but are binding only on the trust estate created pursuant to the Trust
Agreement, (iii) nothing contained herein shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability,
if any, being expressly waived by the parties hereto and by any person claiming by, through or under any such party, and (iv) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expense
of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture. 
  
 SECTION 11.22 Limitation of Rights. 
  
 (a) All of the rights of the Note Insurer in, to and under this Indenture (including, but not limited to, all of the Note
Insurer’s rights as a third-party beneficiary of this Indenture and as an Indenture Secured Party under this Indenture and all of the Note Insurer’s rights to receive notice of any action hereunder and to give or withhold consent to any
action hereunder) shall terminate upon the termination of the Insurance Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Note Insurer. 
  
 (b) All of the rights of the Swap Counterparty in, to and under this Indenture (including, but not limited to, all of the
Swap Counterparty’s rights as a third-party beneficiary of this Agreement and as an Indenture Secured Party under this Indenture and all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold
consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 54 

 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly executed
by their respective officers, thereunto duly authorized, all as of the day and year first above written. 
  

			
	CAPITAL ONE AUTO FINANCE TRUST 2004-A
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Kathleen A. Pedelini

	Name:	 	Kathleen A. Pedelini
	Title:	 	Financial Services Officer
	
	JPMORGAN CHASE BANK, a New York banking corporation, not in its individual capacity but solely as the Indenture Trustee
		
	By:	 	 /s/ Joshua M. Goldberg

	Name:	 	Joshua M. Goldberg
	Title:	 	Assistant Treasurer

  
  

 S-1 

 SCHEDULE I 
  

NOTICE ADDRESSES 
  
 If to the Issuer: 
  
 Capital One Auto Finance Trust 2004-A 
 c/o Wilmington Trust Company 
 1100 North Market Street 
 Rodney Square North, Wilmington, Delaware
19890-0001 
 Facsimile: (302) 636-4140 
 Attention: Corporate
Trust Department 
  
 with copies to the Administrator and the Indenture Trustee

  
 If to COAF, the Servicer or the Administrator: 
  
 Capital One Auto Finance, Inc. 
 1680 Capital One Drive 
 McLean, Virginia 22102 
 Facsimile: (703) 720-2121 
 Attention: Manager of Securitization 
  
 with a copies to: 
  
 Capital One Auto Finance, Inc. 
 1680 Capital
One Drive 
 McLean, Virginia 22102 
 Facsimile: (703) 720-2227

 Attention: Funding Counsel 
  
 Capital One Auto Finance, Inc. 
 3901 N. Dallas Parkway 
 Plano, Texas 75093 
 Facsimile: (888) 722-8255 
 Attention: Chief Financial Officer 
  
 Capital One Auto Finance, Inc. 
 3901 N. Dallas Parkway 
 Plano, Texas 75093 
 Facsimile: (866) 722-6341 
 Attention: Legal 
  
 If to the Seller: 
  
 Capital One Auto
Receivables, LLC 
 1680 Capital One Drive 
 McLean, Virginia
22102 
 Facsimile: (703) 720-2121 
 Attention: Capital Markets

  

 I-1 

 with a copy to: 
  
 Capital One Auto Finance, Inc. 
 1680 Capital One Drive 
 McLean, Virginia 22102 
 (Facsimile No. (703) 720-2227 
 Attention: Funding Counsel 
  
 If to the Indenture Trustee: 
  
 JPMorgan
Chase Bank 
 4 New York Plaza, 6th Floor 
 New York, New York 10004-2477 
 Facsimile: (212) 623-5932 
 Attention: Structured Finance Administration – Capital One Auto Finance Trust 2004-A 
  
 If to the Owner Trustee: 
  
 Wilmington Trust Company 
 1100 North Market Street 
 Rodney Square North, Wilmington, Delaware 19890-0001 
 Facsimile: (302) 636-4140 
 Attention: Corporate Trust Department 

 
 If to Moody’s: 
  
 Moody’s Investors Service, Inc. 
 99 Church
Street 
 New York, New York 10007 
 Facsimile: (212) 298-7139)

 Attention: ABS Monitoring Group, 4th Floor 
  
 If to S&P: 
  
 Standard & Poor’s Ratings Services 
 55 Water Street 
 New York, New York 10041 
 Facsimile: (212) 438-2664 
 Attention: Asset Backed Surveillance Group

  
 If to Fitch: 
  
 Fitch, Inc. 
 One State Street Plaza, 32nd Floor 
 New York, New York 10004 
 Facsimile: (212) 480-4438 
 Attention: Asset Backed Securities Group 
  

 I-2 

 If to the Note Insurer: 
  

Ambac Assurance Corporation 
 One State Street Plaza 
 New York, New York 10004 
 Facsimile: (212) 668-0340 
 Attention: Structured Finance Department ABS 
  
 If to the Initial Swap Counterparty: 
  
 Credit Suisse First Boston International 
 One Cabot Square 
 London, England E144QJ 

			
	 Attention:
	 	 (1) Head of Credit Risk Management

	 	 	 (2) Managing Director, Operations Department

	 	 	 (3) Managing Director, Legal and Compliance Department

  
  

 I-3 

 SCHEDULE II 
  

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants, and covenants to the
Indenture Trustee as follows on the Closing Date and on each Funding Date: 
  
 General 
  
 1. This Indenture
creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such as
against creditors of and purchasers from the Issuer. 
  
 2. The Receivables
constitute “chattel paper” (including “electronic chattel paper” or “tangible chattel paper”, “accounts,” “instruments” or “general intangibles” within the meaning of the UCC. 

 
 3. Each Receivable is secured by a first priority validly perfected security interest in
the related Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed
Vehicle in favor of the applicable Originator, as secured party. 
  
 4. Each Trust
Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC. 
  
 Creation 
  
 5. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and marketable title to
such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of any Lien.

  
 Perfection 
  
 6. The Issuer has caused or will have caused, within ten days after the effective date of
this Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee
hereunder; and the Servicer has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that:
“A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party”. 
  
 7. With respect to Receivables that constitute instruments or tangible chattel paper, either: 
  
 (i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture
Trustee; or 
  

 II-1 

 (ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture
Trustee has received a written acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or 
  
 (iii) The Servicer received possession of such instruments or tangible
chattel paper after the Indenture Trustee received a written acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee. 
  
 8. With respect to the Trust Accounts that constitutes deposit accounts, either: 
  
 (i) the Issuer has delivered to the Indenture Trustee a fully executed
agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the Issuer; or

  
 (ii) the Issuer has taken all steps necessary to cause the
Indenture Trustee to become the account holder of such Trust Accounts. 
  
 9. With
respect to the Trust Accounts that constitute securities accounts or securities entitlements, either: 
  
 (i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with
all instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or 
  
 (ii) the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the person having a
security entitlement against the securities intermediary in each of such Trust Accounts. 
  
 Priority 
  
 10. The Issuer has not
authorized the filing of, or is aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by COAF to
the Seller under the Purchase Agreement, (ii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iii) relating to the security interest granted to the Indenture Trustee hereunder or
(iv) that has been terminated. 
  
 11. The Issuer is not aware of any material
judgment, ERISA or tax lien filings against the Issuer. 
  

 II-2 

 12. Neither the Issuer nor a custodian holding any Receivable that is electronic chattel paper has communicated an
authoritative copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 
  
 13. None of the instruments, tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables has any marks or notations indicating that
they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer or the Indenture Trustee. 
  
 14. No Trust Account that constitutes a securities account or securities entitlement is in the name of any person other than the Issuer or the Indenture Trustee. The
Issuer has not consented to the securities intermediary of any such Trust Account to comply with entitlement orders of any person other than the Indenture Trustee. 
  
 15. No Trust Account that constitutes a deposit account is in the name of any person other than the Issuer or the Secured Party. The Issuer
has not consented to the bank maintaining such Trust Account to comply with instructions of any person other than the Indenture Trustee. 
  
 16. Survival of Perfection Representations. Notwithstanding any other provision of this Indenture or any other Transaction Document, the perfection
representations, warranties and covenants contained in this Schedule II shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed. 
  
 17. No Waiver. The parties to this Indenture shall provide the Rating Agencies with
prompt written notice of any breach of the perfection representations, warranties and covenants contained in this Schedule II, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations,
warranties or covenants. 
  
 18. Issuer to Maintain Perfection and
Priority. The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture, the Issuer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including,
without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee’s security interest in the Receivables. The Issuer shall, from time to time and within the
time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other
filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as a first-priority interest (each a “Filing”). 
  

 II-3 

 EXHIBIT A 
  

FORM OF NOTES 
  
 [Attached] 
  

 A-1

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