Document:

Sale and Servicing Agreement

 Exhibit 10.1 
  

 SALE AND SERVICING 
 AGREEMENT 
 among 
 UPFC AUTO RECEIVABLES TRUST 2006-A, 
 Trust, 
 UPFC AUTO RECEIVABLES CORP., 
 Seller, 
 UNITED AUTO CREDIT CORPORATION, 
 Servicer,

 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 Trust Collateral Agent, Custodian and Backup Servicer 
 and 
 CENTERONE FINANCIAL SERVICES LLC, 
 Designated Backup Subservicer 
 Dated as of June 1, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I Definitions
	  	1
	 SECTION 1.1.
	  	 Definitions
	  	1
	 SECTION 1.2.
	  	 Other Definitional Provisions
	  	18
		
	 ARTICLE II Conveyance of Receivables
	  	19
	 SECTION 2.1.
	  	 Conveyance of Receivables
	  	19
	 SECTION 2.2.
	  	 [Reserved]
	  	20
	 SECTION 2.3.
	  	 Further Encumbrance of Trust Property
	  	20
	 SECTION 2.4.
	  	 Repurchase of Receivables
	  	21
		
	 ARTICLE III The Receivables
	  	21
	 SECTION 3.1.
	  	 Representations and Warranties with Respect to the Receivables
	  	21
	 SECTION 3.2.
	  	 Repurchase Upon Breach
	  	21
	 SECTION 3.3.
	  	 Custodian Of Receivable Files
	  	22
	 SECTION 3.4.
	  	 Rights and Duties of the Custodian
	  	26
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	27
	 SECTION 4.1.
	  	 Duties of the Servicer and the Designated Backup Subservicer
	  	27
	 SECTION 4.2.
	  	 Collection of Receivable Payments; Modifications of Receivables
	  	29
	 SECTION 4.3.
	  	 Realization upon Receivables
	  	30
	 SECTION 4.4.
	  	 Insurance
	  	32
	 SECTION 4.5.
	  	 Maintenance of Security Interests in Vehicles
	  	33
	 SECTION 4.6.
	  	 Covenants, Representations, and Warranties of Servicer
	  	34
	 SECTION 4.7.
	  	 Purchase of Receivables Upon Breach of Covenant
	  	35
	 SECTION 4.8.
	  	 Total Servicing Fee; Payment of Certain Expenses by Servicer
	  	36
	 SECTION 4.9.
	  	 Servicer’s Certificate
	  	36
	 SECTION 4.10.
	  	 Annual Statement as to Compliance, Notice of Servicer Termination Event
	  	37
	 SECTION 4.11.
	  	 Annual Independent Accountants’ Report
	  	38
	 SECTION 4.12.
	  	 Access to Certain Documentation and Information Regarding Receivables
	  	39
	 SECTION 4.13.
	  	 Monthly Tape
	  	40
	 SECTION 4.14.
	  	 [Reserved]
	  	41
	 SECTION 4.15.
	  	 Fidelity Bond and Errors and Omissions Policy
	  	41
		
	 ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	  	41
	 SECTION 5.1.
	  	 Establishment of Trust Accounts
	  	41
	 SECTION 5.2.
	  	 [Reserved]
	  	44
	 SECTION 5.3.
	  	 Certain Reimbursements to the Servicer
	  	44
	 SECTION 5.4.
	  	 Application of Collections
	  	44
	 SECTION 5.5.
	  	 Withdrawals from Spread Account
	  	44
	 SECTION 5.6.
	  	 Additional Deposits
	  	45

  

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	 SECTION 5.7.
	  	 Distributions
	  	45
	 SECTION 5.8.
	  	 Note Distribution Account
	  	47
	 SECTION 5.9.
	  	 [Reserved]
	  	49
	 SECTION 5.10.
	  	 Statements to Noteholders
	  	49
	 SECTION 5.11.
	  	 Optional Deposits by the Insurer
	  	50
		
	 ARTICLE VI The Note Policy
	  	50
	 SECTION 6.1.
	  	 Claims Under Note Policy
	  	50
	 SECTION 6.2.
	  	 Preference Claims Under Note Policy
	  	51
	 SECTION 6.3.
	  	 Surrender of Note Policy
	  	52
		
	 ARTICLE VII The Seller
	  	52
	 SECTION 7.1.
	  	 Representations of Seller
	  	52
	 SECTION 7.2.
	  	 Corporate Existence
	  	54
	 SECTION 7.3.
	  	 Liability of UACC; Indemnities
	  	54
	 SECTION 7.4.
	  	 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	55
	 SECTION 7.5.
	  	 Limitation on Liability of Seller and Others
	  	56
	 SECTION 7.6.
	  	 Ownership of the Certificates or Notes
	  	56
		
	 ARTICLE VIII The Servicer
	  	56
	 SECTION 8.1.
	  	 Representations of Servicer
	  	56
	 SECTION 8.2.
	  	 Liability of Servicer, Backup Servicer and Designated Backup Subservicer; Indemnities
	  	58
	 SECTION 8.3.
	  	 Merger or Consolidation of, or Assumption of the Obligations of the Servicer, Designated Backup Subservicer or Backup
Servicer
	  	60
	 SECTION 8.4.
	  	 Limitation on Liability of Servicer, Designated Backup Subservicer, Backup Servicer and Others
	  	61
	 SECTION 8.5.
	  	 Delegation of Duties
	  	62
	 SECTION 8.6.
	  	 Servicer, the Designated Backup Subservicer and Backup Servicer Not to Resign
	  	64
		
	 ARTICLE IX Default
	  	65
	 SECTION 9.1.
	  	 Servicer Termination Event
	  	65
	 SECTION 9.2.
	  	 Consequences of a Servicer Termination Event
	  	67
	 SECTION 9.3.
	  	 Appointment of Successor
	  	67
	 SECTION 9.4.
	  	 Notification to Noteholders
	  	69
	 SECTION 9.5.
	  	 Waiver of Past Defaults
	  	69
		
	 ARTICLE X Termination
	  	69
	 SECTION 10.1.
	  	 Optional Purchase of All Receivables
	  	69
		
	 ARTICLE XI Administrative Duties of the Servicer
	  	70
	 SECTION 11.1.
	  	 Administrative Duties
	  	70
	 SECTION 11.2.
	  	 Records
	  	73
	 SECTION 11.3.
	  	 Additional Information to be Furnished to the Trust
	  	73
	 SECTION 11.4.
	  	 Reporting Requirements of the Commission and Indemnification
	  	73

  

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	 ARTICLE XII Miscellaneous Provisions
	  	74
	 SECTION 12.1.
	  	 Amendment
	  	74
	 SECTION 12.2.
	  	 Protection of Title to Trust
	  	75
	 SECTION 12.3.
	  	 Notices
	  	77
	 SECTION 12.4.
	  	 Assignment
	  	79
	 SECTION 12.5.
	  	 Limitations on Rights of Others
	  	79
	 SECTION 12.6.
	  	 Severability
	  	79
	 SECTION 12.7.
	  	 Separate Counterparts
	  	79
	 SECTION 12.8.
	  	 Headings
	  	79
	 SECTION 12.9.
	  	 Governing Law
	  	79
	 SECTION 12.10.
	  	 Assignment to Trustee
	  	79
	 SECTION 12.11.
	  	 Nonpetition Covenants
	  	80
	 SECTION 12.12.
	  	 Limitation of Liability of Owner Trustee and Trustee
	  	80
	 SECTION 12.13.
	  	 Independence of the Servicer
	  	81
	 SECTION 12.14.
	  	 No Joint Venture
	  	81
	 SECTION 12.15.
	  	 Benefits of Sale and Servicing Agreement
	  	81
	 SECTION 12.16.
	  	 State Business Licenses
	  	81
	 SECTION 12.17.
	  	 Additional Liability
	  	81
	 SECTION 12.18.
	  	 Intent of the Parties; Reasonableness
	  	82

  

			
	 SCHEDULES
	  	
	Schedule A	  	Schedule of Receivables
	Schedule B	  	Location of Receivables
	Schedule C	  	Schedule of Servicer’s Representations
	Schedule D	  	Terms and Conditions of Designated Backup Subservicer
		
	EXHIBITS	  	
	Exhibit A	  	[Reserved]
	Exhibit B	  	Form of Servicer’s Certificate
	Exhibit C	  	[Reserved]
	Exhibit D	  	Form of Request for Release
	Exhibit E	  	Form of Assessments of Compliance and Attestation Reports Servicing Criteria
	Exhibit F	  	Form of Annual Certification
	Exhibit G	  	Form of Servicing Criteria to be Addressed in Assessment of Compliance

  

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 SALE AND SERVICING AGREEMENT dated as of June 1, 2006, among UPFC AUTO RECEIVABLES TRUST 2006-A, a
Delaware statutory trust (the “Trust”), UPFC AUTO RECEIVABLES CORP., a California corporation (the “Seller”), UNITED AUTO CREDIT CORPORATION, a California corporation (the “Servicer”) DEUTSCHE BANK
TRUST COMPANY AMERICAS, a banking corporation organized under the laws of the State of New York, in its capacity as trust collateral agent (the “Trust Collateral Agent”, in its capacity as custodian, the “Custodian” and in its
capacity as backup servicer, the “Backup Servicer”) and CENTERONE FINANCIAL SERVICES LLC, a Delaware limited liability company (the “Designated Backup Subservicer”). 
 WHEREAS the Trust desires to purchase a portfolio of receivables arising in connection with motor vehicle retail installment sale contracts made by
United Auto Credit Corporation or acquired by United Auto Credit Corporation through motor vehicle dealers; 
 WHEREAS the Seller has
purchased such receivables from United Auto Credit Corporation and is willing to sell such receivables to the Trust; 
 WHEREAS the Servicer
is willing to service all such receivables; 
 WHEREAS the Backup Servicer is willing to provide backup servicing for all such receivables;
and 
 WHEREAS the Designated Backup Subservicer is willing to provide backup subservicing for all such receivables. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings: 
 “Accountants’ Report” means the report of a firm of nationally recognized independent accountants described in
Section 4.11. 
 “Accounting Date” means, with respect to any Collection Period the last day of such
Collection Period. 
 “Additional Funds Available” means, with respect to any Distribution Date, the sum of
(i) the Spread Account Claim Amount, if any, received by the Trust Collateral Agent with respect to such Distribution Date plus (ii) the Insurer Optional Deposit, if any, received by the Trust Collateral Agent with respect to such
Distribution Date. 

 “Affiliate” means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Aggregate Principal Balance” means, with respect to any date of determination, the sum of the Principal Balances for all
Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased Receivable prior to the end of the related Collection Period)
as of the date of determination. 
 “Agreement” means this Sale and Servicing Agreement, as the same may be
amended and supplemented from time to time. 
 “Amount Financed” means, with respect to a Receivable, the
aggregate amount advanced under such Receivable toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service and warranty contracts, other items
customarily financed as part of retail automobile installment sale contracts or promissory notes, and related costs. 
 “Annual Percentage Rate” or “APR” of a Receivable means the annual percentage rate of finance charges or service charges, as stated in the related Contract. 
 “Available Funds” means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related
Collection Period, (ii) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the
Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (iii) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof,
(iv) Investment Earnings with respect to the Trust Accounts for the related Collection Period and (v) excess amounts released from the Spread Account. 
 “Backup Servicer” means the Trust Collateral Agent in its capacity as backup servicer. 
 “Base Servicing Fee” means, with respect to any Collection Period, the fee payable to the Servicer for services rendered
during such Collection Period, which shall be equal to the product of the Servicing Fee Rate times the product of (i) the aggregate Principal Balance of the Receivables as of the opening of business on the first day of such Collection Period
multiplied by (ii) one twelfth. 
 “Basic Documents” means this Agreement, the Certificate of Trust, the
Trust Agreement, the Indenture, the Spread Account Agreement, the Insurance Agreement, the Sale Agreement, the P.O. Box Access Agreement and other documents and certificates delivered in connection therewith. 
  

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 “Business Day” means any day other than (a) a Saturday or a Sunday,
(b) a day on which the Insurer is closed or (c) a day on which banking institutions in New York City, Newport Beach, California, Wilmington, Delaware or in the city in which the corporate trust office of the Trustee under the Indenture or
the Owner Trustee under the Trust Agreement is located are authorized or obligated by law or executive order to be closed. 
 “CenterOne” mean CenterOne Financial Services LLC, a Delaware limited liability company. 
 “Certificate” means the trust certificate evidencing the beneficial interest of the Certificateholder in the Trust. 
 “Certificateholder” means the Person in whose name the Certificate is registered. 
 “Class” means the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes, as the context requires. 
 “Class A-1 Notes” has the meaning assigned to such term in the Indenture. 
 “Class A-2 Notes” has the meaning assigned to such term in the Indenture. 
 “Class A-3
Notes” has the meaning assigned to such term in the Indenture. 
 “Closing Date” means June 15,
2006. 
 “Collateral Agent” means Deutsche Bank Trust Company Americas, in its capacity as Collateral Agent
under the Spread Account Agreement. 
 “Collateral Insurance” shall have the meaning set forth in
Section 4.4(a). 
 “Collected Funds” means, with respect to any Collection Period, the amount of funds
in the Collection Account representing collections on the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period and any Purchase Amounts deposited in the Collection Account with
respect to such Collection Period. 
 “Collection Account” means the account designated as such, established
and maintained pursuant to Section 5.1. 
 “Collection Period” means, with respect to the first
Distribution Date, the period beginning on the close of business on May 31, 2006 and ending on the close of business on June 30, 2006. With respect to each subsequent Distribution Date, “Collection Period” means the immediately
preceding calendar month. 
 “Collection Records” means all manually prepared or computer generated records
relating to collection efforts or payment histories with respect to the Receivables. 
 “Commission” means
the United States Securities and Exchange Commission. 
  

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 “Computer Tape” means the computer tapes or other electronic media
furnished by the Servicer to the Trust and the Insurer and its assigns describing certain characteristics of the Receivables as of the Cutoff Date. 
 “Contract” means a motor vehicle retail installment sale contract or promissory note. 
 “Controlling Party” means the Insurer, so long as no Insurer Default shall have occurred and be continuing and the Trust Collateral Agent for the benefit of the Noteholders, in the event an Insurer
Default shall have occurred and be continuing. 
 “Corporate Trust Office” means (i) with respect to the
Owner Trustee, the principal corporate trust office of the Owner Trustee, which at the time of execution of this agreement is 919 Market Street, Suite 700, Wilmington, Delaware 19801, Attention: Corporate Trust Administration, (ii) with respect
to the Trustee, the Trust Collateral Agent and the Collateral Agent, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 60 Wall Street,
26th Floor, New York, New York 10005, Attention: Trust Securities Services/Structured Finance Services and
(iii) with respect to the Custodian, the principal office at which any particular time its custodial business shall be administered, which at the time of execution of this agreement is 1761 East St. Andrew Place, Santa Ana, California 92705,
Attention: Mortgage Custody UPFC5B. 
 “Cram Down Loss” means, with respect to a Receivable that has not
become a Liquidated Receivable, (i) if a court of appropriate jurisdiction in a proceeding related to an Insolvency Event shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or restructuring the Scheduled
Receivables Payments to be made on a Receivable in a manner that reduces the total principal payable by the obligor, an amount equal to the excess of the principal balance of such Receivable immediately prior to such order over the principal balance
of such Receivable as so reduced or (ii) if such court shall have issued an order reducing the effective rate of interest on such Receivable, the excess of the Principal Balance of such Receivable immediately prior to such order over the net
present value (using as the discount rate the higher of the APR on such Receivable or the rate of interest, if any, specified by the court in such order) of the Scheduled Receivables Payments as so modified or restructured. A “Cram Down
Loss” shall be deemed to have occurred on the date of issuance of such order. 
 “Credit and Collection
Policy” means the Credit and Collection Policy of UACC as outlined in the policies and procedures manual provided to Insurer on April 21, 2006, together with any amendments approved by Insurer. 
 “Custodian” means the Trust Collateral Agent in its capacity as custodian of the Receivable Files. 
 “Cutoff Date” means May 31, 2006. 
  

 4 

 “Dealer” means a dealer who sold a Financed Vehicle and who originated
and assigned the respective Receivable to UACC under a Dealer Agreement or pursuant to a Dealer Assignment. 
 “Dealer
Agreement” means any agreement between a Dealer and UACC relating to the acquisition of Receivables from a Dealer by UACC. 
 “Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer conveying such Receivable to UACC. 
 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any, of: (a) Scheduled
Payments over (b) the sum, without duplication, of (i) the amount actually deposited into or otherwise available in the Note Distribution Account on such Distribution Date (excluding amounts to be drawn under the Note Policy) and
(ii) Additional Funds Available, if any, for the Distribution Date. 
 “Deficiency Notice” shall have
the meaning set forth in Section 5.5. 
 “Delivery” when used with respect to Trust Account Property
means: 
 (a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other
obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Trust Collateral Agent or its nominee or custodian by physical delivery
to the Trust Collateral Agent or its nominee or custodian endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank, and, with respect to a certificated security (as defined in
Section 8-102 of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank to a financial intermediary
(as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Trust Collateral Agent or its nominee or custodian and the
sending by such financial intermediary of a confirmation of the purchase of such certificated security by the Trust Collateral Agent or its nominee or custodian, or (ii) by delivery thereof to a “clearing corporation” (as defined in
Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of a financial
intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the financial intermediary, the maintenance of such certificated securities
by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation’s exclusive control, the sending of a confirmation by the financial
intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such securities and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the
Trust Collateral Agent or its nominee or custodian (all of the foregoing, “Physical Property”), and, in any event, 
  

 5 

 
any such Physical Property in registered form shall be in the name of the Trust Collateral Agent or its nominee or custodian; and such additional or
alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with changes in applicable law or
regulations or the interpretation thereof; 
 (b) with respect to any security issued by the U.S. Treasury, the Federal Home
Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with applicable
law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a financial intermediary which is
also a “depository” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other written confirmation of such book-entry registration to the Trust Collateral Agent or its nominee or
custodian of the purchase by the Trust Collateral Agent or its nominee or custodian of such book-entry securities; the making by such financial intermediary of entries in its books and records identifying such book-entry security held through the
Federal Reserve System pursuant to Federal book-entry regulations as belonging to the Trust Collateral Agent or its nominee or custodian and indicating that such custodian holds such Trust Account Property solely as agent for the Trust Collateral
Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or
custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 
 (c) with respect to
any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the Trust thereof in the name of the financial intermediary,
the sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records
identifying such uncertificated certificates as belonging to the Trust Collateral Agent or its nominee or custodian. 
 “Depositor” shall mean the Seller in its capacity as Depositor under the Trust Agreement. 
 “Designated Backup Subservicer” means the designated backup subservicer appointed by the Backup Servicer pursuant to Section 8.5(c), initially CenterOne. 
 “Determination Date” means, with respect to any Collection Period the third Business Day preceding the Distribution Date
in the next calendar month and with respect to the first Distribution Date, July 12, 2006. 
 “Distribution
Date” means, with respect to each Collection Period, the 15th day of the following calendar month, or, if
such day is not a Business Day, the immediately following Business Day, commencing July 17, 2006. 
  

 6 

 “Draw Date” means, with respect to any Distribution Date, the second
Business Day immediately preceding such Distribution Date. 
 “Electronic Ledger” means the electronic master
record of the retail installment sales contracts or installment loans of the Servicer. 
 “Eligible Deposit
Account” means a segregated trust account with the corporate trust department of a depository institution acceptable to the Insurer organized under the laws of the United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as (i) any of the securities of such depository institution have a credit rating from each
Rating Agency in one of its generic rating categories which signifies investment grade and (ii) such depository institutions’ deposits are insured by the FDIC. 
 “Eligible Investments” mean book-entry securities, negotiable instruments or securities represented by instruments in
bearer or registered form which evidence: 
 (a) direct obligations of, and obligations fully guaranteed as to timely payment
by, the United States of America; 
 (b) demand deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state
banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation for the
benefit of the holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Distribution
Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such depository
institution or trust company shall have a credit rating from Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
 (c) commercial paper and demand notes investing solely in commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of A-1+
and from Moody’s of Prime-1; 
 (d) investments in money market funds (including funds for which the Trust Collateral
Agent or the Owner Trustee in each of their individual capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having a rating from Standard & Poor’s of AAA-m or AAAm-G and from
Moody’s of Aaa and having been approved by the Insurer, which approval shall not be unreasonably withheld; 
 (e)
bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; 
 (f)
repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or 

  

 7 

 
instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a
depository institution or trust company (acting as principal) referred to in clause (b) above; 
 (g) any other
investment which would satisfy the Rating Agency Condition and is consistent with the ratings of the Securities and which, so long as no Insurer Default shall have occurred and be continuing, has been approved by the Insurer, which approval shall
not be unreasonably withheld, or any other investment that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with respect thereto; 
 (h) cash denominated in United States dollars; and 
 (i) money market deposit accounts, time deposits or savings deposits, in each case as defined in Regulation D of the Board of Governors of
the Federal Reserve System and issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less
than $250,000,000 which are fully insured by FDIC under the Deposit Insurance Fund or secured at all times by collateral described in (a) above. Such collateral must be held by a third party and the Trustee must have a perfected security
interest in the collateral. 
 Any of the foregoing Eligible Investments may be purchased by or through the Owner Trustee or the Trust
Collateral Agent or any of their respective Affiliates. 
 “Eligible Servicer” means, UACC, Deutsche Bank
Trust Company Americas, as Backup Servicer, CenterOne Financial Services, LLC, as Designated Backup Subservicer, or another Person which at the time of its appointment as Servicer or Backup Servicer, (i) is servicing a portfolio of motor
vehicle retail installment sale contracts and/or motor vehicle installment loan contracts, (ii) is legally qualified and has the capacity to service the Receivables, (iii) has demonstrated the ability professionally and competently to
service a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle installment loan contracts similar to the Receivables with reasonable skill and care and (iv) is qualified and entitled to use, pursuant to a license or
other written agreement, and agrees to maintain the confidentiality of, the software which the Servicer uses in connection with performing its duties and responsibilities under this Agreement or otherwise has available software which is adequate to
perform its duties and responsibilities under this Agreement. 
 “Event of Default” has the meaning assigned
to such term in the Indenture. 
 “Exchange Act” means the Securities and Exchange Act of 1934, as amended.

 “FDIC” means the Federal Deposit Insurance Corporation. 
 “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the June 15, 2007
Distribution Date, (ii) the Class A-2 Notes, the June 15, 2009 Distribution Date and (iii) the Class A-3 Notes, the May 15, 2012 Distribution Date. 
  

 8 

 “Financed Vehicle” means an automobile or light-duty truck, van or
minivan, together with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable. 
 “Indenture” means the Indenture dated as of June 1, 2006, between the Trust and Deutsche Bank Trust Company Americas, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to
time. 
 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition
against such Person or the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering
the winding-up or liquidation or such Person’s affairs, and such petition, decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the
appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for
the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Insurance Agreement” means the Insurance Agreement, dated as of June 15, 2006, among the Insurer, the Trustee, the
Trust Collateral Agent, the Collateral Agent, the Trust, the Seller, UACC, individually, the Servicer and the Backup Servicer, as the same may be amended or supplemented from time to time. 
 “Insurance Agreement Event of Default” means an “Insurance Agreement Event of Default” as defined in the
Insurance Agreement. 
 “Insurance Policy” means, with respect to a Receivable, any insurance policy
(including the insurance policies described in Section 4.4 hereof) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the
Financed Vehicle or the Obligor. 
 “Insurance Proceeds” means proceeds paid pursuant to any Insurance Policy
and amounts (exclusive of any rebated insurance premiums) paid by any insurer under any other insurance policy related to a Financed Vehicle, a Receivable or an Obligor. 
 “Insurer” means MBIA Insurance Corporation, or any successor thereto, as issuer of the Note Policy. 
  

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 “Insurer Default” means the occurrence and continuance of any of the
following events: 
 (a) the Insurer shall have failed to make a payment required under the Note Policy in accordance with its
terms; 
 (b) the Insurer shall have (i) filed a petition or commenced any case or proceeding under any provision or
chapter of the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made a general assignment for the benefit of its creditors, or
(iii) had an order for relief entered against it under the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and
nonappealable; or 
 (c) a court of competent jurisdiction, the New York Department of Insurance or other competent regulatory
authority shall have entered a final and nonappealable order, judgment or decree (i) appointing a custodian, trustee, agent or receiver for the Insurer or for all or any material portion of its property or (ii) authorizing the taking of
possession by a custodian, trustee, agent or receiver of the Insurer (or the taking of possession of all or any material portion of the property of the Insurer). 
 “Insurer Optional Deposit” means, with respect to any Distribution Date, an amount delivered by the Insurer pursuant to
Section 5.11, at its sole option, other than amounts in respect of an Insured Payment (as defined in the Note Policy), to the Trust Collateral Agent for deposit into the Collection Account for any of the following purposes: (i) to provide
funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date; or (ii) to include such amount as part of the Additional Funds Available for such Distribution Date to the
extent that without such amount a draw would be required to be made on the Note Policy. 
 “Interest Period”
means with respect to any Distribution Date (i) for the Class A-1 Notes, from and including the prior Distribution Date (or in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the current
Distribution Date, and (ii) with respect to the Class A-2 Notes and the Class A-3 Notes, from and including the 15th day of the preceding calendar month (or, in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the 15th day of the month of the current Distribution Date. 
 “Interest Rate” means, with respect to (i) the Class A-1 Notes, 5.2728% per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable
Interest Period), (ii) the Class A-2 Notes, 5.46% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), and (iii) the Class A-3 Notes, 5.49% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months). 
 “Investment Earnings” means, with respect to any date of
determination and Trust Account, the investment earnings on amounts on deposit in such Trust Account on such date. 
 “Trust” means UPFC Auto Receivables Trust 2006-A. 
 “Lien” means a security
interest, lien, charge, pledge, equity, or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor.

  

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 “Lien Certificate” means, with respect to a Financed Vehicle, an
original certificate of title, certificate of lien or other notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the
original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party.

 “Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, as of the
last day of the Collection Period, (i) 90 days have elapsed since the Servicer repossessed the Financed Vehicle provided, however, that in no case shall 5% or more of a Scheduled Receivables Payment have become 210 or more days delinquent in
the case of a repossessed Financed Vehicle and which is not a Sold Receivable, (ii) the Servicer has determined in good faith that all amounts it expects to recover have been received and which is not a Sold Receivable, (iii) 5% or more of
a Scheduled Receivables Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle, and which is not a Sold Receivable or (iv) that is a Sold Receivable. 
 “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to such
Receivable (other than amounts withdrawn from the Spread Account and drawings under the Note Policy), and, with respect to a Sold Receivable, the related Sale Amount. 
 “Minimum Sale Price” means (i) with respect to a Receivable (x) that has become 60 to 210 days delinquent or
(y) that has become greater than 210 days delinquent and with respect to which the related Financed Vehicle has been repossessed by the Servicer and has not yet been sold at auction, the greater of (A) 55% multiplied by the Principal
Balance of such Receivable and (B) the product of the three month rolling average recovery rate (expressed as a percentage) for the Servicer in its liquidation of all receivables for which it acts as servicer, either pursuant to this Agreement
or otherwise, multiplied by the Principal Balance of such Receivable or (ii) with respect to a Receivable (x) with respect to which the related Financed Vehicle has been repossessed by the Servicer and has been sold at auction and the Net
Liquidation Proceeds for which have been deposited in the Collection Account, or (y) that has become greater than 210 days delinquent and with respect to which the related Financed Vehicle has not been repossessed by the Servicer despite the
Servicer’s diligent efforts, consistent with its servicing obligations, to repossess the Financed Vehicle, $1. 
 “Monthly Extension Rate” means, with respect to any Accounting Date, the fraction, expressed as a percentage, the numerator of which is the aggregate Principal Balance of Receivables whose payments are extended during the
related Collection Period and the denominator of which is the aggregate Principal Balance of Receivables as of the immediately preceding Accounting Date. 
 “Monthly Records” means all records and data maintained by the Servicer with respect to the Receivables, including the following with respect to each Receivable: the account number; the originating
Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original term; Annual Percentage Rate; current Principal Balance; current remaining term; origination date; first payment
date; 

  

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final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days currently delinquent;
number of contract extensions (months) to date; amount of Scheduled Receivables Payment; current Insurance Policy expiration date; and past due late charges. 
 “Moody’s” means Moody’s Investors Service, or its successor. 
 “Net Insurance Proceeds” means, with respect to any Receivable, Insurance Proceeds net of amounts applied to the repair
of the related Financed Vehicle, released to the related Obligor in accordance with the normal servicing procedures of the Servicer or representing expenses incurred by the Servicer and recoverable hereunder. 
 “Net Liquidation Proceeds” means, with respect to a Liquidated Receivable Liquidation Proceeds net of (i) reasonable
out-of-pocket expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such
Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 
 “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1. 
 “Note Majority” means a majority by principal amount of the Noteholders. 
 “Note Policy” means the note guaranty insurance policy issued by the Insurer to the Trustee, for the benefit of the
Noteholders. 
 “Note Pool Factor” for each Class of Notes as of the close of business on any date of
determination means a seven-digit decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 
 “Noteholders’ First Principal Distributable Amount” means, for any Distribution Date, an amount equal to the sum of:

 (1) the greater of (i) zero and (ii) (a) the outstanding principal balance of the Notes immediately
preceding such Distribution Date; less (b) the Aggregate Principal Balance as of the end of the preceding calendar month; and 
 (2) (a) in the case of the Final Scheduled Distribution Date for a Class of Notes, the excess of the outstanding principal balance of that Class of Notes, if any, over the amounts described in clause (1), and (b) in the case of
the acceleration of the Notes under the Indenture, the excess of the outstanding principal balance of all classes of the Notes then outstanding over the amount described in clause (1). 
 “Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination,
all or any portion of the Noteholders’ Interest Distributable Amount for that Class for the immediately preceding Distribution Date, any of which remains unpaid as of such date of determination, plus interest on such unpaid amount, to the
extent 

  

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permitted by law, at the respective Interest Rate borne by such Class of Notes from such immediately preceding Distribution Date to but excluding the related
Distribution Date. 
 “Noteholders’ Interest Distributable Amount” means, with respect to any
Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date and Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution Date and
such Class. 
 “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any
Distribution Date and any Class of Notes, interest accrued at the related Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the
case of the first Distribution Date, as of the Closing Date). 
 “Noteholders’ Second Principal Distributable
Amount” means for a Distribution Date, an amount equal to the lesser of: 
 (1) the excess, if any, of the amount of
Available Funds and Additional Funds Available on the Distribution Date over the amounts payable on the Distribution Date under Section 5.7(b)(i) through (vi); and 
 (2) the amount necessary to reduce the principal balance of the notes (after application of the Noteholders’ First Principal
Distributable Amount) to the Targeted Note Balance. 
 “Obligor” on a Receivable means the purchaser or
co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable. 
 “Officers’
Certificate” means a certificate signed by the chairman of the board, the president, any executive vice president, senior vice president or any vice president, any treasurer, assistant treasurer, secretary or assistant secretary of the
Seller or the Servicer, as appropriate. 
 “Opinion of Counsel” means a written opinion of counsel reasonably
acceptable to the Insurer, which opinion is satisfactory in form and substance to the Trust Collateral Agent and, if such opinion or a copy thereof is required by the provisions of this Agreement to be delivered to the Insurer, to the Insurer.

 “Original Pool Balance” means the Aggregate Principal Balance as of the Cutoff Date, which equaled
$260,215,063.57. 
 “Other Conveyed Property” means all property conveyed by the Seller to the Trust pursuant
to Section 2.1(b) through (j) of this Agreement. 
 “Owner Trust Estate” has the meaning assigned
to such term in the Trust Agreement. 
  

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 “Owner Trustee” means Wells Fargo Delaware Trust Company, not in its
individual capacity but solely as Owner Trustee, acting on behalf of the Trust, under the Trust Agreement, its successors in interest or any successor Owner Trustee under the Trust Agreement. 
 “Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust
(including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
 “Physical Property” has the meaning assigned to such term in the definition of “Delivery” above. 
 “Principal Balance” means, with respect to any Receivable, as of any date of determination, the Amount Financed minus (i) that portion of all amounts received on or prior to such date and allocable to principal in
accordance with the terms of the Receivable and (ii) any Cram Down Loss accounted for as of such date in respect of such Receivable. 
 “Purchase Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on the Purchased Receivable, after giving effect to the receipt of any moneys
collected (from whatever source) on such Purchased Receivable, if any as of the date of purchase. 
 “Purchased
Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2 or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or
Section 10.1(a). 
 “Rating Agency” means Moody’s and Standard & Poor’s. If no such
organization or successor maintains a rating on the Securities, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the Seller and acceptable to the Insurer (so
long as an Insurer Default shall not have occurred and be continuing), notice of which designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 
 “Rating Agency Condition” means, with respect to any action, that each Rating Agency shall have been given 10 days (or
such shorter period as shall be acceptable to each Rating Agency) prior notice thereof and that each Rating Agency shall have notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee and the Trust in writing that such action
will not result in a reduction or withdrawal of the then current rating of any Class of Notes without regard to the Note Policy. 
 “Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance of such Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to
principal. 
 “Receivables” means the contracts transferred to the Trust pursuant to this Agreement as listed
on Schedule A attached hereto (which Schedule may be in the form of microfiche or a disk). 
 “Receivable
Files” means the documents specified in Section 3.3. 
  

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 “Record Date” means, with respect to each Distribution Date, the
Business Day immediately preceding such Distribution Date, unless otherwise specified in the Agreement. 
 “Registrar
of Titles” means, with respect to any state, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 
 “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Requisite Amount” has the meaning specified in the Spread Account Agreement. 
 “Sale Agreement” means the means the Sale Agreement between UACC, as seller and the Seller, as purchaser dated as of
June 1, 2006, pursuant to which the Seller acquired the Receivables, as such Agreement may be amended from time to time. 
 “Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third-party purchaser as payment for such Sold Receivable. 
 “Schedule of Receivables” means the schedule of all Receivables originally held as part of the Trust, which schedule is
attached as Schedule A, (which Schedule may be in the form of microfiche or a disk). 
 “Schedule of
Representations” means the Schedule of Representations and Warranties attached hereto as Schedule C. 
 “Scheduled Payments” means, with respect to any Distribution Date, an amount equal to the sum of the Noteholders’ Interest Distributable Amount (net of interest shortfalls resulting from the application of the
Servicemembers Civil Relief Act, as amended, or any similar state regulation or legislation) and the Noteholders’ First Principal Distributable Amount (other than the amount specified in clause (2)(b) of the definition thereof) for the
related Distribution Date; provided that Scheduled Payments will not include (x) any portion of a Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest Carryover Amount due to Noteholders because the notice in
proper form was not timely received by the Insurer or (y) any portion of a Noteholders’ Interest Distributable Amount due to registered owners of notes representing interest on any Noteholders’ Monthly Interest Distributable Amount.

 “Scheduled Receivables Payment” means, with respect to any Collection Period for any Receivable, the
amount set forth in such Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Collection Period has been modified so as to differ
from the amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act, as amended, or (iii) modifications or
extensions of the Receivable permitted by Section 4.2(b), the Scheduled Receivables Payment 

  

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with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect to such Collection Period as so modified.

 “Seller” means UPFC Auto Receivables Corp., a California corporation, and its successors in interest to
the extent permitted hereunder. 
 “Service Contract” means, with respect to a Financed Vehicle, the
agreement, if any, financed under the related Receivable that provides for the repair of such Financed Vehicle. 
 “Servicer” means United Auto Credit Corporation, as the servicer of the Receivables, and each replacement Servicer pursuant to Section 9.3. 
 “Servicer Termination Event” means an event specified in Section 9.1. 
 “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to
Section 4.9(b), substantially in the form of Exhibit B. 
 “Servicing Fee” has the meaning specified in
Section 4.8. 
 “Servicing Criteria” means the “servicing criteria” set forth in
Item 1122(d) of Regulation AB, as such may be amended from time to time. 
 “Servicing Fee Rate” means
3.00% per annum. 
 “Sold Receivable” means a Receivable that was more than 60 days delinquent and was
sold to an unaffiliated third party by the Trust, at the Servicer’s direction, as of the close of business on the last day of a Collection Period and in accordance with the provisions of Section 4.3(c) hereof. 
 “Spread Account” means the account designated as such, established and maintained pursuant to the Spread Account
Agreement. 
 “Spread Account Agreement” means the Spread Account Agreement dated as of June 15, 2006,
among the Insurer, the Trust, the Trustee, the Trust Collateral Agent and the Collateral Agent, as the same may be modified, supplemented or otherwise amended in accordance with the terms thereof. 
 “Spread Account Claim Amount” means with respect to any Determination Date, after taking into account the application on
the related Distribution Date of the Available Funds for the related Collection Period, an amount equal to any shortfall in the payment of the full amounts described in clauses (i) through (v) of Section 5.7(b) herein. 
 “Spread Account Claim Date” means, with respect to any Distribution Date, the third Business Day immediately preceding
such Distribution Date. 
 “Spread Account Initial Deposit” means an amount equal to $5,204,301.08.

  

 16 

 “Standard & Poor’s” means Standard & Poor’s,
a Division of The McGraw-Hill Companies, Inc., or its successor. 
 “Subcontractor” means any vendor,
subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the asset-backed securities market) of the Receivables but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to the Receivables under the direction or authority of the Servicer or a Subservicer. 
 “Subservicer” means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or
Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB. 
 “Supplemental Servicing Fee” means, with respect to any Collection Period, all administrative fees, expenses and charges
paid by or on behalf of Obligors, including late fees, prepayment fees and liquidation fees collected on the Receivables during such Collection Period but excluding any fees or expenses related to extensions. 
 “Targeted Note Balance” means, for any Distribution Date, the product of 86% and the Aggregate Principal Balance as of
the last day of the preceding calendar month. The Insurer may, in its discretion, permit the Targeted Note Balance to increase. 
 “Trigger Event” has the meaning assigned thereto in the Spread Account Agreement. 
 “Trust” means UPFC Auto Receivables Trust 2006-A. 
 “Trust Account Property” means
the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the
foregoing. 
 “Trust Accounts” has the meaning assigned thereto in Section 5.1. 
 “Trust Agreement” means the Trust Agreement dated as of May 11, 2006, between the Seller and the Owner Trustee, as
amended and restated as of June 15, 2006, as the same may be amended and supplemented from time to time. 
 “Trust Collateral Agent” means Deutsche Bank Trust Company Americas or its successors in interest and any successor Trust Collateral Agent hereunder. 
 “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the chairman or vice-chairman of the board of
directors, any managing director, the chairman or vice-chairman of the executive committee of the board of directors, the president, any vice president, assistant vice president, the secretary, any assistant secretary, the treasurer, any assistant
treasurer, the cashier, any assistant cashier, any trust officer or assistant trust officer or any other officer of the 

  

 17 

 
Trust Collateral Agent customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the case of the Owner Trustee, any officer in the
corporate trust office of the Owner Trustee or any agent of the Owner Trustee under a power of attorney (including the Servicer) with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner
Trustee. 
 “Trust Property” means the property and proceeds conveyed pursuant to Section 2.1, together
with certain monies paid on or after the Cutoff Date, the Collection Account , the Note Distribution Account, the Spread Account (including all Eligible Investments in each such account and all proceeds therefrom) and certain other rights under this
Agreement. 
 “Trustee” means the Person acting as Trustee under the Indenture, its successors in interest
and any successor trustee under the Indenture. 
 “UACC” means United Auto Credit Corporation, the initial
servicer hereunder. 
 “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction on
the date of the Agreement. 
 SECTION 1.2. Other Definitional Provisions. 
 (a) Capitalized terms used herein and not otherwise defined herein have meanings assigned to them in the Indenture, or, if not
defined therein, in the Trust Agreement. 
 (b) All terms defined in this Agreement shall have the defined meanings when used
in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this Agreement, in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such
instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally
accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument,
certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control.

 (d) The words “hereof,” “herein,” “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and
Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 
  

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 (e) The definitions contained in this Agreement are applicable to the singular as well as
the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 (f) Any
agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in
the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
 ARTICLE II 
 Conveyance of Receivables 
 SECTION 2.1. Conveyance of Receivables. In consideration of the Trust’s delivery to or upon the order of the Seller on the Closing Date of
the Notes and Certificates and the amounts to be distributed from time to time to the Seller in accordance with the terms of this Agreement, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Trust, without recourse
(subject to the obligations set forth herein), all right, title and interest of the Seller in and to: 
 (a) the Receivables
and all moneys received thereon after the Cutoff Date; 
 (b) the security interests in the Financed Vehicles granted by
Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles; 
 (c) any proceeds and
the right to receive proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables;

 (d) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement as a result of a breach of
representation or warranty in the related Dealer Agreement; 
 (e) all rights under any Service Contracts on the related
Financed Vehicles; 
 (f) the related Receivable Files; 
 (g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Sale
Agreement, including the Seller’s rights with respect to delivery requirements, representations and warranties and the repurchase obligations of UACC under the Sale Agreement; 
 (h) all of the Seller’s (a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments and (e) General
Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); 
  

 19 

 (i) all proceeds and investments with respect to items (a) through (h); and

 (j) all of Seller’s right, title and interest in its rights and benefits but none of its obligations or burdens under
the Dealer Agreements. 
 It is the intention of the Seller that the transfer and assignment contemplated by this Agreement
shall constitute a sale of the Receivables and Other Conveyed Property from the Seller to the Trust and the beneficial interest in and title to the Receivables and the Other Conveyed Property shall not be part of the Seller’s estate in the
event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. In the event that, notwithstanding the intent of the Seller, the transfer and assignment contemplated hereby is held by a court of competent jurisdiction
not to be a sale, this Agreement shall constitute a grant of a security interest by the Seller to the Trust in the property referred to in this Section for the benefit of the Noteholders and the Insurer. 
 SECTION 2.2. [Reserved] 
 SECTION
2.3. Further Encumbrance of Trust Property. 
 (a) Immediately upon the conveyance to the Trust by the Seller of any
item of the Trust Property pursuant to Section 2.1, all right, title and interest of the Seller in and to such item of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with the Trust
Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the Trust Agreement). 
 (b) Immediately
upon the vesting of the Trust Property in the Trust, the Trust shall have the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust
Collateral Agent securing the repayment of the Notes and the Trust’s obligations to the Insurer. The Certificates shall represent the beneficial ownership interest in the Trust Property, and the Certificateholders shall be entitled to receive
distributions with respect thereto as set forth herein. 
 (c) Following the payment in full of the Notes and the release and
discharge of the Indenture, all covenants of the Trust under Article III of the Indenture shall, until payment in full of the Certificates, remain as covenants of the Trust for the benefit of the Certificateholders, enforceable by the
Certificateholders to the same extent as such covenants were enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest
in Certificateholders. 
 (d) The Trust Collateral Agent shall, at such time as there are no Notes or Certificates outstanding
and all sums due to (i) the Trustee pursuant to the Indenture, (ii) the Insurer pursuant to the Insurance Agreement and (iii) the Trust Collateral Agent pursuant to this Agreement, have been paid, release any remaining portion of the
Trust Property to the Certificateholder. 
  

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 SECTION 2.4. Repurchase of Receivables. The Seller may repurchase Receivables, effective as of the
first day of each Collection Period, by giving notice of its exercise of that right to the Indenture Trustee and Owner Trustee no later than the last Business Day of the immediately preceding Collection Period. The aggregate Principal Balance of
Receivables that the Seller may repurchase shall not exceed, when aggregated with all other Receivables previously repurchased under this Section 2.4, 2% of the Original Pool Balance, provided, however, that Receivables repurchased pursuant to
this Section 2.4 shall not include any Receivables repurchased pursuant to Section 3.4. Each repurchase of Receivables shall close on the Distribution Date in the Collection Period in which each such repurchase is effective. The repurchase
price to be paid by the Seller shall equal the aggregate Principal Balance of the repurchased Receivables as of the last day of the immediately preceding Collection Period and shall be deposited into the Collection Account not later than the
Business Day prior to the applicable Distribution Date. Upon receipt of a Request for Release in the form of Exhibit D hereto, the Custodian shall release the related Receivable File held for the benefit of the Trust to such Person as directed by
the Servicer.Any Collections received by the Servicer as to those repurchased Receivables on or after the effective date of their repurchase shall be delivered to the Seller on the Distribution Date related to that repurchase. 
 ARTICLE III 
 The Receivables

 SECTION 3.1. Representations and Warranties with Respect to the Receivables. UACC has made the representations and warranties
set forth in Section 3.3 of the Sale Agreement, and has consented to the assignment by Seller to Trust of Seller’s rights with respect thereto. Pursuant to Section 2.1 of this Agreement, Seller has transferred to Trust all of
Seller’s right, title and interest, but none of its obligations or burdens in, to and under the Sale Agreement, including Seller’s rights with respect to delivery requirements, representations and warranties and the cure or repurchase
obligations of UACC thereunder, upon which Trust relies in accepting the Receivables. Seller hereby represents and warrants to the Trust that such assignment is or will be valid, enforceable and effective to permit the Trust to enforce such
obligations of UACC under the Sale Agreement. Any purchase by UACC pursuant to the Sale Agreement shall be deemed a purchase by Seller pursuant to Section 3.2 of this Agreement and the definition of Purchased Receivable. In addition, pursuant
to Section 2.1 of this Agreement, Seller has transferred to Trust all of UACC’s right, title and interest, but none of its obligations or burdens, in, to and under each Dealer Agreement, including the representations and warranties of the
obligors therein, upon which the Trust relies in accepting the Receivables. 
 SECTION 3.2. Repurchase Upon Breach. 
 (a) Seller, Servicer, Insurer, Backup Servicer, the Designated Backup Subservicer or Trust Collateral Agent, as the case may be, shall
inform the other parties to this Agreement promptly, in writing, upon actual knowledge of any breach or failure to be true of the representations or warranties made by UACC in Section 3.3 of the Sale Agreement, which materially and adversely
affects the interests of Trust, the Noteholders or the Insurer in any 

  

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Receivable; provided that the failure to give such notice shall not affect any obligation of UACC; and, provided, further, that the
Designated Backup Subservicer, so long as it has not been appointed Servicer or subservicer, shall have no liability for a failure to give such notice. In consideration of the repurchase of a Receivable hereunder by UACC under Section 3.4 of
the Sale Agreement, UACC shall remit the Purchase Amount of such Receivable, no later than the close of business on the next Determination Date, in the manner specified in Section 5.6. 
 (b) With respect to all Receivables repurchased pursuant to this Section 3.2, Trust shall assign to the Seller without recourse, all
of Trust’s right, title and interest in and to such Receivables and all other Trust Property, security and documents, relating solely to such Receivable. 
 (c) In addition to the foregoing and notwithstanding whether the related Receivable shall have been purchased by UACC, UACC shall
indemnify the Trust, the Trustee, the Seller, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent, Collateral Agent and the officers, directors, agents and employees thereof, the Insurer, and the Noteholders against
all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving
rise to such breach. 
 SECTION 3.3. Custodian Of Receivable Files. 
 (a) CUSTODY. To assure uniform quality in servicing the Receivables and to reduce administrative costs, Trust, upon the execution and delivery of
this Agreement, revocably appoints the Custodian, as agent, and the Custodian accepts such appointment, to act as agent on behalf of the Trustee (or if no Notes are outstanding, Trust) to maintain custody of the following documents or instruments,
which are hereby constructively delivered to Trust with respect to each Receivable (with respect to each Receivable, a “Receivable File”): 
 (i) copies of (A) the original certificate of title, lien card or application of title, as used in the applicable jurisdiction and/or (B) if the security interest of the applicable Obligor is evidenced with
respect to a Financed Vehicle under the Uniform Commercial Code of a state and the Custodian is given notice of such security interest, the UCC-1 financing statements evidencing the applicable Obligor’s security interest; 
 (ii) the fully executed original counterpart of the (a) installment sale contract or (b) note and the security agreement, as
applicable relating to each Receivable and, in the case of promissory notes, endorsements of such notes in blank; 
 (iii) a
copy of the credit application of the Obligor; and 
 (iv) such other documents that the Servicer causes to be delivered to
the Custodian. 
 The Custodian makes no representations as to and shall not be responsible to verify (A) the validity, legality, enforceability, due
authorization, recordability, sufficiency or genuineness of any of the documents contained in each Receivable File or (B) the collectability, insurability, effectiveness, perfection, priority or suitability of any such Receivable. 

 

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 On the Closing Date, UACC shall deliver to the Custodian a delivery certification certifying that the
Receivable Files have been delivered to the Custodian as of the Closing Date, with any exceptions as noted thereon, which certification shall be agreed to and acknowledged by the Custodian. Within fifteen (15) days following the Closing Date,
the Custodian will deliver to the Trust, the Insurer and UACC a final certification of the Custodian certifying that the Custodian has received all of the Receivable Files, with any exceptions as noted thereon. 
 (b) SAFEKEEPING. The Custodian shall hold the applicable Receivable Files as agent on behalf of Trust and maintain accurate and
complete records and computer systems pertaining to each Receivable in accordance with the terms of this Agreement. In performing its duties as Custodian hereunder, Custodian shall act with reasonable care, exercising the degree of skill, attention
and care that Custodian exercises with respect to receivable files relating to other similar motor vehicle loans which are held by Custodian and that is consistent with industry standards. In accordance with its customary practice with respect to
its custody files, Custodian shall maintain the Receivable Files in such a manner as shall enable the Trust, the Insurer, the Trust Collateral Agent and the Trustee to verify, if the Trust, the Insurer, the Trust Collateral Agent or Trustee so
elects, the accuracy of the record keeping of Custodian. Custodian shall promptly report to the Trust and the Insurer any failure on its part to hold the Receivable Files and maintain its records and computer systems as herein provided, and promptly
take appropriate action to remedy any such failure. Custodian hereby acknowledges receipt of the Receivable File for each Receivable listed on the Schedule of Receivables, except as it may report to the Trust in writing. Nothing herein shall be
deemed to require Trust, Owner Trustee or Trustee to verify the accuracy of the record keeping of the Custodian. 
 (c)
MAINTENANCE OF AND ACCESS TO RECORDS. Custodian shall maintain each Receivable File at the locations specified in Schedule B to this Agreement, or at such other offices of Custodian or its Affiliates within the United States (or, in the case
of any successor Custodian, within the state in which its principal place of business is located) as shall be specified to the Trust by 30 days’ prior written notice. Custodian shall make available to the Trust, the Trust Collateral Agent,
Trustee, Insurer and their respective agents (or, when requested in writing by the Trust or Trustee, their respective attorneys or auditors) the Receivable Files and the related records maintained by Custodian at such times as the Trust, Trustee or
Insurer shall instruct for purposes of inspecting, auditing or making copies of abstracts of the same, but only upon two (2) Business Days prior notice and during the normal business hours at the respective offices of Custodian. 
 (d) RELEASE OF DOCUMENTS. Upon written instructions from Servicer (or, if no Notes are then Outstanding, the Trust), and receipt
from the Servicer of a request for release (substantially in the form of Exhibit D), Custodian shall release any document in the Receivable Files to Servicer or the Trust or its respective agent or designee, as the case may be, at such place or
places as Servicer or the Trust may designate, as soon thereafter as is practicable and at the cost of the Trust. Any document so released shall be handled by Servicer or the Trust with due care and returned to Custodian for safekeeping as soon as
Servicer or the Trust or its respective agent or designee, as the case may be, shall have no further need therefor. 
  

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 Upon becoming aware of the payment in full of any Receivable, the Servicer shall promptly notify the
Custodian, in writing, that such Receivable has been paid in full and upon such written notice from the Servicer, Custodian shall release the related Receivable File to the Servicer or the Trust or its respective agent or designee, as the case may
be, at such place or places as the Servicer or the Trust may designate, as soon thereafter as is practicable. Upon such release of the Receivable File, the Custodian shall have no further responsibility with regard to such Receivable File.

 (e) TITLE TO RECEIVABLES. Custodian agrees that, in respect of any Receivable File held by Custodian hereunder,
Custodian shall not at any time have or in any way attempt to assert any interest in such Receivable File or the related Receivable, other than solely as Trust Collateral Agent for the purpose of collecting or enforcing the Receivable for the
benefit of Trust and that the entire equitable interest in such Receivable and the related Receivable File shall at all times be vested in Trust. 
 (f) INSTRUCTIONS; AUTHORITY TO ACT. Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by an Authorized Officer
of the Trust Collateral Agent or the Trust, as applicable, a copy of which shall be provided to the Insurer. A certified copy of excerpts of certain resolutions of the Board of Directors of the Trust Collateral Agent shall constitute conclusive
evidence of the authority of any such Trust Officer to act and shall be considered in full force and effect until receipt by Custodian of written notice to the contrary given by the Trust or the Trust Collateral Agent, as applicable. 
 (g) CUSTODIAN’S INDEMNIFICATION. In the event that the Custodian fails to produce an original note or installment contract
that was in its possession pursuant to Section 3.3 within five (5) Business Days after required or requested by the Trustee or Trust under Section 3.3(e), and provided that (i) the Custodian previously notified the Trust that it
was in possession of such document; (ii) such document is not outstanding pursuant to a request for release of documents under Section 3.3(d); and (iii) such document was held by the Custodian on behalf of the Trust (a
“Custodian Delivery Failure”), then the Custodian shall indemnify the Trust, Insurer and Trustee in accordance with the succeeding sentence of this Section 3.3(g). The Custodian shall indemnify and hold harmless Trust, Insurer
and Trustee (individually and in its capacity as such), and each of their respective officers, directors, employees and agents from and against any and all direct liabilities, obligations, losses, payments, costs or expenses (including reasonable
legal fees and expenses, if any) of any kind whatsoever that may be imposed on, incurred or asserted against Trust, Trustee, Insurer or the Holders as the result of such Custodian Delivery Failure. Indemnification under this Subsection
(g) shall survive termination of this Agreement and the resignation or removal of the Trustee, as the case may be. If Custodian shall have made any indemnity payments to Trustee or Insurer pursuant to this Section and Trustee or Insurer
thereafter shall collect any of such amounts from Persons other than Custodian, Trust, Trustee or Insurer, as the case may be, shall, as soon as practicable following such receipt thereof, repay such amounts to Custodian, without interest.

 (h) EFFECTIVE PERIOD AND TERMINATION. Trust Collateral Agent’s appointment as Custodian shall become
effective as of the date of delivery of the Receivable Files (which shall be a date on or before the Closing Date) and shall continue in full force and 

  

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effect until terminated pursuant to this Subsection (h). If Backup Servicer shall resign as Backup Servicer in accordance with Section 8.6, the
Custodian hereunder may be terminated by the Insurer (so long as an Insurer Default has not occurred and is continuing), the Owner Trustee, Trustee or by the Holders of Notes evidencing greater than 25% of the aggregate outstanding principal amount
of the Notes (or, if no Notes are then Outstanding, the Holders of Certificates representing greater than 50% of the outstanding percentage interest of the Certificates), upon the prior written consent of the Insurer (so long as no Insurer Default
shall have occurred and be continuing) in each case in the same manner as the Trust, Trustee or such Holders may terminate the rights and obligations of Backup Servicer under Section 9.1. The Trustee, or, if no Notes are then outstanding, the
Owner Trustee at the direction of Holders of Certificates evidencing greater than 50% of the outstanding principal interest of the Certificates, may terminate Trust Collateral Agent’s appointment as Custodian hereunder at any time with cause.
Any successor Custodian must be approved in writing by the Controlling Party. As soon as practicable after any termination of such appointment, Trust Collateral Agent shall deliver, or cause to be delivered, the Receivable Files to Trustee or Owner
Trustee, as applicable, or its respective agent or designee at such place or places as Trustee or Owner Trustee, as applicable, may reasonably designate. Notwithstanding any termination of Trust Collateral Agent as Custodian hereunder, from and
after the date of such termination, and for so long as Trust Collateral Agent is acting as such pursuant to this Agreement, Trustee shall provide, or cause the successor Custodian to provide, access to the Receivable Files to Trust Collateral Agent,
at such times as Trust Collateral Agent shall reasonably request, for the purpose of carrying out its duties and responsibilities with respect to the servicing of the Receivables hereunder. 
 In addition, the obligations of the Custodian under this Agreement shall terminate upon the final payment or other liquidation (or advance
with respect thereto) of the last Receivable, and the final remittance of all funds due the Owner Trustee under the Trust Agreement and the Indenture Trustee under the Indenture. In such event, all documents remaining in the Receivable Files shall
be released in accordance with the written instructions of the Trustee or the Trust, as applicable. 
 (i) DELEGATION. Custodian may, at any time without notice or consent, delegate any or all of its duties under this Agreement to any Affiliate which is legally qualified and has the capacity to perform such delegated duties
hereunder; provided that no such delegation shall relieve Custodian of its responsibility with respect to such duties and Custodian shall remain obligated and liable to Trust, Insurer and the Holders for its duties hereunder as if Custodian alone
were performing such duties. 
 (j) LEVEL 2 TRIGGER EVENT. Upon the occurrence of a Level 2 Trigger Event or a Level 3
Trigger Event (as defined in the Spread Account Agreement), the Servicer shall within 5 Business Days, provide to the Insurer a list of the locations of all original certificates of title not held at UACC headquarters. The Servicer shall within 30
days transfer custody of the original certificates of title to the Custodian. The Custodian shall confirm receipt of each original certificate of title (for up to 25,000 Receivable Files) in writing to the Trust Collateral Agent and the Insurer
within fifteen (15) Business Days of receiving each certificate of title; provided, however, that the Custodian will have an additional five (5) Business Days to confirm receipt for each additional 5,000 Receivable Files transferred in
excess of 25,000 

  

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Receivable Files. On and after such transfer, the original certificates of title will constitute part of the Receivable File, and will be held by the
Custodian in the manner described hereunder. 
 SECTION 3.4. Rights and Duties of the Custodian. 
 (a) The Custodian shall have no duties or responsibilities with respect to the contents of the Receivables Files except as
specifically set forth herein. 
 (b) The Custodian shall neither be responsible for or under, nor chargeable with
knowledge of the terms and conditions of, any other agreement, instrument or document in connection herewith. 
 (c) The
Custodian may conclusively rely upon, and shall be fully protected from all liability, loss, cost, damage or expense in acting or omitting to act pursuant to any written notice, instrument, request, consent, certificate, document, letter, telegram,
opinion, order resolution or other writing hereunder which it reasonably believes to be authentic without being required to determine the authenticity of such document, the correctness of any fact stated therein, the propriety of the service thereof
of the capacity, identity or authority of any party purporting to sign or deliver such document. 
 (d) This Agreement
expressly sets forth all the duties and obligations of the Custodian with respect to any and all matters pertinent thereto. No implied duties or obligations of the Custodian shall be read into this Agreement. 
 (e) No provision of this Agreement shall require the Custodian to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (f) In order to
comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the
Custodian is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with Custodian. Accordingly, each of the parties agrees to provide to Custodian upon its request from
time to time such identifying information and documentation as may be available for such party in order to enable Custodian to comply with Applicable Law. 
 (g) On or before March 15th of each calendar year beginning with March 15, 2007 until and unless a Form 15 suspension notification has been filed with respect to the Trust, the Custodian shall, at its
own expense, cause a firm of independent public accountants (who may also render other services to Custodian), which is a member of the American Institute of Certified Public Accountants, to furnish to the Depositor a report to the effect that such
firm 

  

 26 

 
attests to and reports on, the assessment made by such asserting party pursuant to the following paragraph, which report shall be made in accordance with
Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Exchange Act. 
 On or before March 15th of each calendar year, beginning with
March 15, 2007, the Custodian shall deliver to the Depositor, until such time as a Form 15 suspension notification is filed after which the Custodian shall not be required to so deliver, a report regarding its assessment of compliance with the
servicing criteria applicable to it identified in Exhibit E attached hereto, as of and for the fiscal year ending no later than December 31 of the year prior to the year of delivery of the report, as required under Rules 13a-18 and 15d-18 of
the Exchange Act and Item 1122 of Regulation AB. Each such report shall include (a) a statement of the party’s responsibility for assessing compliance with the servicing criteria applicable to such party, (b) a statement that
such party used the criteria applicable to it identified in Item 1122(d) of Regulation AB (§ 229.1122(d)) to assess compliance with the applicable servicing criteria, (c) disclosure of any material instance of noncompliance identified
by such party, and (d) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the applicable servicing criteria, which report shall be delivered by the Custodian
as provided in this Section 3.4(g). 
 The Depositor shall indemnify the Custodian for any material misstatement or omissions in any
Form 10D or 10K filing, or failure to timely file, required under the Exchange Act other than any information, reports, or exhibits in such filing that are provided by the Custodian pursuant to this Section 3.4(g). 
 ARTICLE IV 
 Administration and Servicing
of Receivables 
 SECTION 4.1. Duties of the Servicer and the Designated Backup Subservicer 
 (a) The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer and make
collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of
institutions which service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables
that it services for itself or others. In performing such duties, so long as UACC is the Servicer, it shall substantially comply with the Credit and Collection Policy. The Servicer’s duties shall include, without limitation, collection and
posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting any required tax information to Obligors, monitoring the collateral, accounting for
collections and furnishing monthly and annual statements to the Trust Collateral Agent, the Trustee and the Insurer with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and performing the
other duties specified herein. 
  

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 The Servicer shall deposit in or credit to the Collection Account within two Business
Days of receipt all collections of monthly principal and interest (including any prepayments thereof) received after the Cut-Off Date by it on or in respect of the Receivables together with Liquidation Proceeds and any accompanying interest. The
Servicer shall likewise deposit in the Collection Account within two Business Days of receipt all Net Liquidation Proceeds and Net Insurance Proceeds. 
 In addition, annually, the Servicer will engage an accounting firm to complete an operational audit of 15 branches over any immediately preceding consecutive 12 month period. The results of such audits will
be delivered to the Insurer upon completion of each such annual audit. 
 In addition, annually, the results of up
to15 other internal or third party audits will be delivered to the Insurer at the Insurer’s reasonable request. 
 In addition, annually, upon request of the Insurer, the Backup Servicer or the Designated Backup Subservicer, the Servicer will provide to the Insurer, the Backup Servicer and the Designated Backup Subservicer a list of
the addresses of all active branch offices. 
 The Servicer, or if UACC is no longer the Servicer, UACC at the request of the
Servicer, shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for in the Dealer Agreements (and shall maintain possession of the Dealer Agreements, to the extent it is necessary to do so), the
Dealer Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Dealer Assignments and Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards,
policies and procedures otherwise required hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing,
servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any and
all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided, however, that
notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of
any Receivable from the Obligor except in accordance with the Servicer’s customary practices and the Credit and Collection Policy. 
 The Servicer is hereby authorized, but not required, to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or participate in
any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the
Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the
Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or 

  

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instruments in connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of
attorney and other documents which the Servicer may reasonably request and which the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties under this Agreement. 
 (b) The duties of the Designated Backup Subservicer are described
in Schedule D hereto. 
 SECTION 4.2. Collection of Receivable Payments; Modifications of Receivables. 
 (a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to
collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that it services
for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer,
maximize the amount to be received by the Trust with respect thereto, including directing the Trust to sell the Receivables pursuant to Section 4.3(c) hereof. The Servicer is authorized in its discretion to waive any prepayment charge, late
payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 
 (b) The Servicer may (A) at any time agree to a modification or amendment of a Receivable in order to (i) change on one or more occasions the Obligor’s regular monthly due date to a date that shall in no event be later
than 30 days in total after the original monthly due date of that Receivable or (ii) re-amortize the Scheduled Receivables Payments on the Receivable following a partial prepayment of principal, in accordance with its customary procedures or
(iii) increase the Principal Balance and re-amortize the Scheduled Receivables Payments on the Receivable following a mechanical re-write; provided, that the number of Receivables that are subject to a mechanical re-write shall not exceed, in
the aggregate, 2% of the number of Receivables as of the Closing Date, or (B) may direct the Trust to sell the Receivables pursuant to Section 4.3 hereof if the Servicer believes in good faith that such extension, modification, amendment
or sale is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust. 
 (c) The Servicer may grant payment extensions on, or other modifications or amendments to, a Receivable (in addition to those
modifications permitted by Section 4.2(b) hereof), in accordance with its customary procedures if the Servicer believes in good faith that such extension, modification or amendment is necessary to avoid a default on such Receivable, will
maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust; provided, however, that: 
 (i) The aggregate period of all extensions on a Receivable shall not exceed eight months; 
  

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 (ii) a Receivable may be extended no more than twice within a twelve month period
unless the regional manager approves and in no event may a Receivable be extended more than four times within its lifetime; 
 (iii) In no event may a Receivable be extended beyond the Collection Period immediately preceding the latest Final Scheduled Distribution Date; 
 (iv) The average Monthly Extension Rate for (A) any three consecutive calendar months, other than the months of December,
January and February, shall not exceed 3.0% and (B) for the calendar months of December, January and February, shall not exceed 3.5%; and 
 (v) So long as an Insurer Default shall not have occurred and be continuing, the Servicer shall not amend or modify a Receivable (except as provided in Section 4.2(b) and this Section 4.2(c)) without
the consent of the Insurer or a Note Majority (if an Insurer Default shall have occurred and be continuing). 
 With respect
to clause (iv) of this Section 4.2(c), in the event the average of the Monthly Extension Rates calculated with respect to (A) three consecutive calendar months, other than the months of December, January and February, exceeds 3.0% and
(B) for the calendar months of December, January and February, exceeds 3.5% (in each case, which information shall be set forth in the related Servicer’s Certificate), the Servicer shall, on the third such Accounting Date, purchase from
the Trust the Receivables with respect to which payment had been extended (starting with the Receivables most recently so extended) in an aggregate Principal Balance equal to the product of (i) the difference between such average of Monthly
Extension Rates and 3.0% and (ii) the Aggregate Principal Balance, and pay the related Purchase Amount on the related Determination Date; provided, however, that in the event the Backup Servicer shall be acting as Servicer
hereunder, the foregoing sentence shall apply only in respect of Receivables as to which payments had been extended by such Backup Servicer. 
 SECTION 4.3. Realization upon Receivables. 
 (a) In addition to the Servicer’s ability to
direct the Trust to sell Receivables pursuant to Section 4.3(c) hereof, and consistent with the standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably convert
the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable after default on such Receivable but in no
event later than the date on which all or any portion of a Scheduled Receivables Payment has become 91 days delinquent; provided, however, that the Servicer may elect not to repossess a Financed Vehicle within such time period if in
its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or if it instead elects to direct the Trust to sell the Receivables pursuant to Section 4.3(c). The
Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include reasonable efforts to
realize upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private sale, the submission of 

  

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claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is subject to the provision
that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such
repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the
Servicer to the Collection Account pursuant to Section 4.1(a). The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds, including costs
to repair the Financed Vehicle, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer, which amounts in reimbursement may be retained by the Servicer (and
shall not be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be
entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 
 (b) If the
Servicer, or if UACC is no longer the Servicer, UACC at the request of the Servicer, elects to commence a legal proceeding to enforce a Dealer Agreement or Dealer Assignment, the act of commencement shall be deemed to be an automatic assignment from
the Trust to the Servicer, or to UACC at the request of the Servicer, of the rights under such Dealer Agreement or Dealer Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the
Servicer or UACC, as appropriate, may not enforce a Dealer Agreement or Dealer Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement or Dealer Assignment, the Owner Trustee, at
UACC’s expense or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement or Dealer Assignment , including bringing suit in its name or the name of the Seller or
of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. All amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(e). 
 (c) Consistent with the standards, policies and procedures required by this Agreement, the Servicer may use its best efforts to
locate a third party purchaser that is not affiliated with the Servicer, the Seller or the Trust to purchase from the Trust any Receivable that has become more than 60 days delinquent, and shall have the right to direct the Trust to sell any such
Receivable to the third-party purchaser; provided, that no more than 20% of the number of Receivables in the pool as of the Closing Date may be sold by the Trust pursuant to this Section 4.3(c) in the aggregate; provided,
further, that the Servicer may elect to not direct the Trust to sell a Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer determines that the proceeds ultimately recoverable with respect to such
Receivable would be increased by forbearance. In selecting Receivables to be sold to a third party purchaser pursuant to this Section 4.3(c), the Servicer shall use commercially reasonable efforts to locate purchasers for the most delinquent
Receivables first. In any event, the Servicer shall not use any procedure in selecting Receivables to be sold to third party purchasers which is materially adverse to the interest of the Noteholders or the Insurer. The Trust shall sell each Sold
Receivable for the greatest market price possible; provided, however, that aggregate Sale Amounts received by the Trust for all Receivables sold to a single third-party purchaser on a 

  

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single date must be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party
purchaser to remit all sale proceeds from the sale of Receivables directly to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. 

(d) Upon the occurrence of a Level 2 Trigger Event or a Level 3 Trigger Event, the Servicer shall, within 30 Business Days,
provide payment instructions and coupon books to the Obligors as required by the P.O. Box Access Agreement, provide an updated list of Obligors a list of active branch offices to the Backup Servicer and the Designated Backup Subservicer and post
payment instruction signage at each branch directing payments to be made to the appropriate post office box. 
 (e) Upon
the occurrence of a Level 3 Trigger Event (as defined in the Spread Account Agreement), the Servicer shall (i) within 21 Business Days, send notice to the Obligors that payments must be mailed to the Servicer’s service provider,
(ii) within 5 Business Days, send written notice to the Backup Servicer and the Designated Backup Subservicer of the occurrence of such Trigger Event and request that the Designated Backup Subservicer provide the Servicer with revised payment
instructions and (iii) post any payment instruction signage provided by the Backup Servicer or the Designated Backup Subservicer in plain view at each branch. 
 SECTION 4.4. Insurance. 
 (a) The Servicer shall require, in accordance with
its customary servicing policies and procedures, that each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to in Paragraph (cc) of Section 3.3 to the Sale Agreement and shall monitor the status of such
physical loss and damage insurance coverage thereafter, in accordance with its customary servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming UACC and its successors and assigns as
additional insureds, and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to
obtain or maintain a physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in clause (i)(a) of such Paragraph (cc) of Section 3.3 to the Sale Agreement (including, without
limitation, during the repossession of such Financed Vehicle) the Servicer may, but is not required to, enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance
in accordance with its customary servicing policies and procedures. The Servicer may, but is not required to, maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles
(“Collateral Insurance”) which policy shall by its terms insure against physical loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. All
policies of Collateral Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 
 (b) [Reserved]. 
  

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 (c) [Reserved]. 
 (d) The Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if possible, or as agent of the Trust. If the
Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such Insurance Policy to the Servicer for purposes of collection
only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Trust
and/or the Trust Collateral Agent, at the Servicer’s expense shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Trust and/or the Trust Collateral Agent
for the benefit of the Noteholders. 
 (e) The Servicer will cause itself and may cause the Trust Collateral Agent to be
named as named insured under all policies of Collateral Insurance. 
 SECTION 4.5. Maintenance of Security Interests in Vehicles.

 (a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps on
behalf of the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering,
filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Trust
Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other
reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of
the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the Seller’s designation as the secured party on the Lien Certificate is
in its capacity as Servicer as agent of the Trust. 
 (b) Upon the occurrence of an Insurance Agreement Event of Default,
the Insurer may (so long as an Insurer Default shall not have occurred and be continuing) instruct the Trust Collateral Agent and the Servicer to take or cause to be taken, or, if an Insurer Default shall have occurred, upon the occurrence of a
Servicer Termination Event, the Trust Collateral Agent and the Servicer shall take or cause to be taken such action as may, in the opinion of counsel to the Controlling Party, be necessary to perfect or re-perfect the security interests in the
Financed Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the Controlling Party, be necessary or prudent.

 UACC hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary
therefor. In addition, prior to the occurrence of an Insurance Agreement Event of Default, the Controlling Party may instruct the Trust Collateral Agent and 

  

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the Servicer to take or cause to be taken such action as may, in the opinion of counsel to the Controlling Party, be necessary to perfect or re-perfect the
security interest in the Financed Vehicles underlying the Receivables in the name of the Trust, including by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the
Controlling Party, be necessary or prudent; provided, however, that if the Controlling Party requests that the title documents be amended prior to the occurrence of an Insurance Agreement Event of Default, the out-of-pocket expenses of
the Trust Collateral Agent and the Servicer in connection with such action shall be reimbursed to the Trust Collateral Agent and the Servicer by the Controlling Party. The Seller hereby appoints the Trust Collateral Agent and the Servicer as its
attorney-in-fact to take any and all steps required to be performed by the Seller pursuant to this Section 4.5(b) (it being understood that and agreed that the Trust Collateral Agent and the Servicer shall have no obligation to take such steps
with respect to all perfection or reperfection, except as pursuant to the Basic Documents to which it is a party and to which UACC or the Seller has paid all expenses), including execution of the Lien Certificates or any other documents in the name
and stead of the Seller and the Trust Collateral Agent hereby accepts such appointment. 
 SECTION 4.6. Covenants, Representations,
and Warranties of Servicer. By its execution and delivery of this Agreement, the Servicer makes the following representations, warranties and covenants on which the Trust Collateral Agent relies in accepting the Receivables, on which the Trustee
relies in authenticating the Notes and on which the Insurer relies in issuing the Note Policy. 
 (a) The Servicer
covenants as follows: 
 (i) Liens in Force. The Financed Vehicle securing each Receivable shall not be released
in whole or in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein; 
 (ii) No Impairment. The Servicer shall do nothing to impair the rights of the Trust or the Noteholders in the Receivables,
the Dealer Agreements, the Dealer Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein; 
 (iii) No Amendments. The Servicer shall not extend or otherwise amend the terms of any Receivable, except in accordance with Section 4.2; and 
 (iv) Restrictions on Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or
suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of
the Trust Collateral Agent for the benefit of the Noteholders and Insurer, the Lien imposed by the Spread Account Agreement in favor of the Collateral Agent for the benefit of the Trust Collateral Agent and Insurer, and the restrictions on
transferability imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names the the 

  

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Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the
Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit of the Noteholders and the Insurer. 
 (b) UACC represents, warrants and covenants as of the Closing Date as to itself that the representations and warranties set forth on
the Schedule of Representations attached hereto as Schedule C are true and correct. 
 SECTION 4.7. Purchase of Receivables Upon
Breach of Covenant. Upon discovery by any of the Servicer, the Insurer, a Responsible Officer of the Trust Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup Servicer, a Responsible Officer of the Designated Backup
Subservicer or a Responsible Officer of the Trustee of a breach of any of the covenants set forth in Subsections (a), (b), (c), (d) and (j) of Section 3.3 or in Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall
give prompt written notice to the others; provided, however, that the failure to give any such notice shall not affect any obligation of UACC as Servicer under this Section; provided, further, that the Designated Backup
Subservicer, so long as it has not been appointed Servicer or subservicer, shall have no liability for a failure to give such notice. As of the second Accounting Date following its discovery or receipt of notice of any breach of any covenant set
forth in Sections 4.5(a) or 4.6(a) which materially and adversely affects the interests of the Noteholders or the Insurer in any Receivable (including any Liquidated Receivable) (or, at UACC’s election, the first Accounting Date so following)
or the related Financed Vehicle, UACC shall, unless such breach shall have been cured in all material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, UACC shall pay the related
Purchase Amount. It is understood and agreed that the obligation of UACC to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled,
constitute the sole remedy against UACC for such breach available to the Insurer, the Noteholders, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer or the Trust Collateral Agent; provided, however, that UACC
shall indemnify the Trust, the Backup Servicer, the Designated Backup Subservicer, the Collateral Agent, the Custodian, the Insurer, the Owner Trustee, the Trust Collateral Agent, the Trustee and the Noteholders from and against all costs, expenses,
losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such breach.
Notwithstanding anything to the contrary contained herein, UACC will not be required to repurchase Receivables due solely to the Servicer’s not having received Lien Certificates that have been properly applied for from the Registrar of Titles
in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with respect to Receivables with Principal Balances which total more than 0.25% of the Aggregate Principal Balance as of the
180th day after the Closing Date, in which case UACC shall be required to repurchase a sufficient number of such
Receivables to cause the aggregate Principal Balances of the remaining Receivables for which no such Lien Certificate shall have been received to be no greater than 0.25% of the Aggregate Principal Balance as of such date or (ii) such Lien
Certificates shall not have been received as of the 240th day after the Closing Date. This section shall survive the
termination of this Agreement and the earlier removal or resignation of the Trustee and/or the Trust Collateral Agent and/or the Backup Servicer and/or the Collateral Agent 

  

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and/or the Custodian and/or the Designated Backup Subservicer. On each such date, UACC shall deliver to the Insurer a written report specifying which
Receivables do and do not have Lien Certificates (after giving effect to such repurchases). 
 SECTION 4.8. Total Servicing Fee;
Payment of Certain Expenses by Servicer. On each Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together,
the “Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred
in connection with distributions and reports made by the Servicer to Noteholders or the Insurer and all other fees and expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral
Agent, the Custodian or the Trustee, except taxes levied or assessed against the Trust, and claims against the Trust in respect of indemnification, which taxes and claims in respect of indemnification against the Trust are expressly stated to be for
the account of UACC). The Servicer shall be liable for the fees and expenses of the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent, the Trustee, the Custodian, the Collateral Agent and the
Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be UACC, a successor to UACC as Servicer including the Backup Servicer or the Designated Backup Subservicer permitted by Section 9.3 shall not be liable for taxes
levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above. 
 SECTION 4.9. Servicer’s Certificate. No later than 10:00 a.m. Eastern time on the 3rd Business Day prior to each Distribution Date, the Servicer shall deliver (facsimile delivery being acceptable) to the Trustee, the Owner
Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer and each Rating Agency a Servicer’s Certificate executed by a Responsible Officer of the Servicer containing among
other things, (i) all information necessary to enable the Trust Collateral Agent to make any withdrawal and deposit required by Section 5.5 and to make the distributions required by Section 5.7(b), (ii) a listing of all Purchased
Receivables and Sold Receivables purchased by the Servicer or sold by the Trust as of the related Accounting Date, identifying the Receivables so purchased by the Servicer or sold by the Trust, (iii) all information necessary to enable the
Backup Servicer (or the Designated Backup Subservicer, as the case may be) to verify the items specified in Section 4.13(a)(iii), (iv) all information necessary to enable the Trust Collateral Agent to send the statements to Noteholders and
the Insurer required by Section 5.10, and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate cash flows, the Collection Account for the related Collection Period and Distribution Date, including
the accounting required by Section 5.10. Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or which was paid in full during the related Collection
Period shall be identified by account number (as set forth in the Schedule of Receivables). In addition to the information set forth in the preceding sentence, the Servicer’s Certificate shall also contain the following information:
(a) the Delinquency Ratio, Monthly Extension Rate and Cumulative Net Loss Ratio (as such terms are defined herein or in the Spread Account Agreement) and the number of Receivables that have been subject to mechanical re-writes for the related
Collection Period; (b) whether any Trigger Event has occurred as of such Determination Date; (c) whether any Trigger 

  

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Event that may have occurred as of a prior Determination Date is deemed cured as of such Determination Date; (d) whether to the knowledge of the
Servicer an Insurance Agreement Event of Default has occurred; and (e) if any branches have been closed, specifying the closed branches. 
 SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event. 
 (a) On or
before 60 days after the end of each fiscal year, commencing with the fiscal year ended December 31, 2006 until and unless a Form 15 suspension notification has been filed with respect to the Trust, the Servicer shall: 
 (i) deliver to the Depositor, acting on behalf of the Trust, a report (in the form of Exhibit F) regarding the Servicer’s
assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Trust and
signed by an authorized officer of the Servicer, and shall address each of the Servicing Criteria applicable to it specified on a certification substantially in the form of Exhibit G hereto; 
 (ii) deliver to the Depositor, acting on behalf of the Trust, a report of a registered public accounting firm that attests to, and
reports on, the assessment of compliance made by the Servicer and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange
Act; 
 (iii) cause each Subservicer and each Subcontractor determined by UACC to be “participating in the servicing
function” within the meaning of Item 1122 of Regulation AB, to deliver to the Depositor, acting on behalf of the Trust, an assessment of compliance and accountants’ attestation as and when provided in paragraphs (i) and
(ii) of this Section; and 
 (iv) if requested by the Depositor, acting on behalf of the Trust, deliver to the
Depositor, acting on behalf of the Trust, and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer with respect to a securitization transaction a certification in the form attached hereto as Exhibit F. 
 (b) The Servicer acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the
Servicer pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. However, in no event shall any certificate provided in the form attached hereto as Exhibit F and supplied under clause (a)(iv) be filed with
the SEC. The Depositor, acting on behalf of the Trust, will not request delivery of a certification under clause (a)(iv) above unless the Depositor is required under the Exchange Act to file an annual report on Form 10-K with respect to an issuer
whose asset pool includes the Receivables. 
  

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 (c) Each assessment of compliance provided by a Subservicer pursuant to
Section 4.10(a)(iii) shall address each of the Servicing Criteria applicable to it specified on a certification to be delivered to the Servicer and the Depositor, acting on behalf of the Trust, on or prior to the date of such appointment. An
assessment of compliance provided by a Subcontractor pursuant to Section 4.10(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Servicer and the Depositor, acting on behalf of the Trust, on the
date of such appointment. 
 (d) The Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer, the Collateral Agent, the Seller and each Rating Agency, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter,
written notice in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under Section 9.1. 
 SECTION 4.11. Annual Independent Accountants’ Report. The Servicer shall cause a firm of nationally recognized independent certified
public accountants (the “Independent Accountants”), who may also render other services to the Servicer or to the Seller, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated
Backup Subservicer, the Insurer and each Rating Agency, on or before February 28 of each year, beginning on February 28, 2007, with respect to the twelve months ended the immediately preceding December 31 (or other applicable date)
(or such other period as shall have elapsed from the Closing Date to the date of such certificate), an attestation report (the “Accountants’ Report”) in compliance with Item 1122(b) of Regulation AB (17 CFR 229.1122(b)),
addressed to the Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and to the Insurer, providing information as required by Item 1122(b) of
Regulation AB (17 CFR 229.1122(b)), and a statement to the effect that such firm has audited the books and records of the Servicer and that (1) such audit was made in accordance with generally accepted auditing standards, and accordingly
included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the firm is independent of the Seller and the Servicer within the meaning of the Code of Professional
Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures to three randomly selected Servicer’s Certificates including the delinquency, default and loss
statistics required to be specified therein noting whether any exceptions or errors in the Servicer’s Certificates were found. 
 In the
event such independent public accountants require the Trust Collateral Agent, Trustee, the Servicer, Backup Servicer or Designated Backup Subservicer to agree to the procedures to be performed by such firm in any of the reports required to be
prepared pursuant to this Section 4.11, the Servicer shall direct the Trust Collateral Agent, Trustee, the Backup Servicer and Designated Backup Subservicer in writing to so agree; it being understood and agreed that the Trust Collateral Agent,
Trustee, Backup Servicer and Designated Backup Subservicer will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Trust Collateral Agent, Trustee, Backup Servicer and Designated Backup 

  

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Subservicer have not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity
or correctness of such procedures. 
 SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables.

 (a) The Servicer shall provide to representatives of the Trustee, the Owner Trustee, the Trust Collateral Agent, the
Backup Servicer, the Designated Backup Subservicer and the Insurer reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but only upon reasonable request and during normal
business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as provided in this
Section as a result of such obligation shall not constitute a breach of this Section. 
 (b) At the request of the
Depositor, acting on behalf of the Trust, for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Servicer shall (or shall cause each Subservicer to) (i) notify the
Depositor, acting on behalf of the Trust, in writing of any material litigation or governmental proceedings pending against the Servicer or any Subservicer and (ii) provide to the Depositor, acting on behalf of the Trust, a description of such
proceedings. 
 (c) As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under
this Agreement by any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or any Subservicer, the Servicer or such Subservicer shall provide to
the Trust and the Depositor, at least 10 Business Days prior to the effective date of such succession or appointment, (x) written notice to the Trust of such succession or appointment and (y) in writing and in form and substance reasonably
satisfactory to the Trust, all information reasonably requested by the Trust or the Indenture Trustee, acting on behalf of the Trust, in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of
asset-backed securities. 
 (d) In addition to such information as the Servicer, as servicer, is obligated to provide
pursuant to other provisions of this Agreement, if so requested by the Trust or the Depositor, acting on behalf of the Trust, the Servicer shall provide such information regarding the performance or servicing of the Receivables as is reasonably
required to facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB. Such information shall be provided concurrently with the monthly reports otherwise required to be delivered by the Servicer under this
Agreement, commencing with the first such report due not less than ten Business Days following such request. 
 (e) UACC
shall be liable to the Trust and the Depositor for any monetary damages incurred as a result of the failure by any Subservicer or any Subcontractor or any person performing a servicing function under the direction or control of UACC to deliver,
including any person UACC is obligated to cause to deliver any information, report, certification, attestation, accountants’ letter or other material when and as required under this Article IV, including any failure by UACC to identify any
Subcontractor “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, and shall reimburse the 

  

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applicable party for all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants’ letter or
other material not delivered as required by the Servicer, any Subservicer, or any Subcontractor. 
 SECTION 4.13. Monthly Tape.

 (a) On or before the seventh calendar day, of each month, the Servicer will deliver to the Trust Collateral Agent, the
Insurer, the Backup Servicer and the Designated Backup Subservicer a computer tape and a diskette (or any other electronic transmission acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer) in a format acceptable to the
Trust Collateral Agent, the Insurer and the Backup Servicer containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of the Servicer’s Certificate relating to the immediately
preceding Determination Date and necessary to review the application of collections as provided in Section 5.4 (the “Monthly Tape”). The Backup Servicer shall cause the Designated Backup Subservicer to use such tape or diskette
(or other electronic transmission acceptable to the Trust Collateral Agent and the Backup Servicer) to (i) confirm that the Servicer’s Certificate is complete on its face or note discrepancies, (ii) confirm or note discrepancies that
such tape, diskette or other electronic transmission is in readable form, (iii) calculate and confirm or note discrepancies regarding (A) the aggregate amount distributable as principal on the related Distribution Date to each Class of
Notes; (B) the aggregate amount distributable as interest on the related Distribution Date to each Class of Notes; (C) any amounts distributable on the related Distribution Date which are to be paid with funds (y) withdrawn from the
Spread Account, or (z) drawn under the Note Policy; (D) the outstanding principal amount of each Class of Notes after giving effect to all distributions made pursuant to clause (A), above; (E) the Note Pool Factor for each Class of
Notes after giving effect to all distributions made pursuant to clause (A), above; (F) the aggregate Noteholders’ Interest Carryover Amount on such Distribution Date after giving effect to all distributions made pursuant to clause
(B) above; (G) the Monthly Extension Rate; (H) the Delinquency Ratio; and (I) the Cumulative Net Loss Ratio. The Backup Servicer shall cause the Designated Backup Subservicer to provide a letter to the Controlling Party and to
the Trustee that it has verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Controlling Party of any discrepancies, in each case, on or before the fifth Business Day following the
Distribution Date. In the event that the Designated Backup Subservicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution Date, but in the absence
of a reconciliation, the Servicer’s Certificate shall control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date. In the event that the Designated Backup Subservicer and the Servicer are
unable to reconcile discrepancies with respect to a Servicer’s Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate
and, prior to the last day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the Servicer’s Certificate for such
next succeeding Determination Date. In addition, upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party, deliver to the Backup Servicer or any replacement Servicer its Collection Records and
its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the 

  

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Servicer in computer format in connection with servicing the Receivables. Other than the duties specifically set forth in this Agreement, the Backup Servicer
shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no liability for any actions taken or omitted by the Servicer.

 (b) The Designated Backup Subservicer shall have no liability for the failure to perform any duty if such failure results
from its failure to receive in a timely manner the Monthly Tape or any other information reasonably required by it to perform its obligations, and the Designated Backup Subservicer shall have no liability for any error or omission in the
Servicer’s Certificate or any other data confirmed by it, such certificates and data being the sole responsibility of the Servicer or the other Person supplying such data. 
 (c) The Servicer shall deliver to the Designated Backup Subservicer the Monthly Tape on or before the seventh calendar day of each month.
The Backup Servicer shall cause such Designated Backup Subservicer to load such Monthly Tapes into its computer system in the format in which they were received (it being understood that such loading shall not include boarding or other manipulation
of the data) and to certify to the Trust Collateral Agent that (i) it can access and read the data and (ii) the summary totals for each category of information provided in such computer tapes conform with the summary totals for such
categories of information as reflected in the books and records of the Servicer. Other than the duties specifically set forth in this Agreement, the Designated Backup Subservicer shall have no obligations hereunder, including, without limitation, to
supervise, verify, monitor or administer the performance of the Servicer. The Designated Backup Subservicer shall have no liability for any actions taken or omitted by the Servicer. 
 SECTION 4.14. [Reserved]. 
 SECTION
4.15. Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is customary for
servicers engaged in the business of servicing automobile receivables. 
 ARTICLE V 
 Trust Accounts; Distributions; 
 Statements to Noteholders 
 SECTION 5.1. Establishment of Trust Accounts. 
 (a) (i) The Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Deposit Account (the “Collection Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent, in trust, on behalf of the Noteholders and the Insurer. The Collection Account shall initially be established with the Trust
Collateral Agent. 
  

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 (ii) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and
maintain in its own name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent, in trust, on
behalf of the Noteholders and the Insurer. The Note Distribution Account shall initially be established with the Trust Collateral Agent. 
 (b) Funds on deposit in the Collection Account and the Note Distribution Account (collectively, the “Trust Accounts”) shall be invested by the Trust Collateral Agent (or any custodian with respect to
funds on deposit in any such account) in Eligible Investments selected in writing by the Servicer (pursuant to standing instructions or otherwise). All such Eligible Investments shall be held by or on behalf of the Trust Collateral Agent for the
benefit of the Noteholders and the Insurer, as applicable. Other than as permitted by the Rating Agencies and the Insurer, funds on deposit in any Trust Account shall be invested in Eligible Investments that will mature so that such funds will be
available at the close of business on the Business Day immediately preceding the following Distribution Date. Funds deposited in a Trust Account on the day immediately preceding a Distribution Date upon the maturity of any Eligible Investments are
required to be invested overnight. All Eligible Investments will be held to maturity. 
 (c) All investment earnings of moneys
deposited in the Trust Accounts shall be deposited (or caused to be deposited), pursuant to the monthly Servicer’s Certificate, on each Distribution Date by the Trust Collateral Agent in the Collection Account, and any loss resulting from such
investments shall be charged to such account. The Servicer will not direct the Trust Collateral Agent to make any investment of any funds 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, in either case without any further action by any Person, and, in connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the
Servicer shall deliver to the Trust Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such effect. 
 (d) The Trust Collateral Agent 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 Trust Collateral Agent’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Trust Collateral Agent, in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms. 
 (e) If (i) the Servicer shall have failed to give investment directions in writing for
any funds on deposit in the Trust Accounts to the Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the Trust and Trust Collateral Agent) on any Business Day; or (ii) a Default or Event of Default shall
have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or receivable from the
Trust Property are being applied as if there 

  

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had not been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in
the investment described in clause (d) of the definition of Eligible Investments; provided that the Trust Collateral Agent shall not be liable for any loss or absence of income resulting from such investments. 
 (f) (i) The Trust Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust
Accounts and in all proceeds thereof for the benefit of the Noteholders and the Insurer and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be
under the sole dominion and control of the Trust Collateral Agent for the benefit of the Noteholders, as the case may be, and the Insurer. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Trust Collateral
Agent (or the Servicer on its behalf) shall within five Business Days (or such longer period as to which each Rating Agency and the Insurer may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or
any investments to such new Trust Account. In connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Trust Collateral Agent, the Servicer shall notify the Trust Collateral Agent
in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account. 
 (ii) With respect to the
Trust Account Property: 
 (A) any Trust Account Property that is held in deposit accounts shall be held solely in the
Eligible Deposit Accounts; and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Trust Collateral Agent, and the Trust Collateral Agent shall have sole signature
authority with respect thereto; 
 (B) any Trust Account Property that constitutes Physical Property shall be delivered to
the Trust Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Trust Collateral Agent or a financial intermediary (as such term is
defined in Section 8-313(4) of the UCC) acting solely for the Trust Collateral Agent; 
 (C) any Trust Account Property
that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the
Trust Collateral Agent, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph; and 
 (D) any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed
by clause (C) above shall be delivered to the Trust Collateral Agent in accordance 

  

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with paragraph (c) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or
disposition, through continued registration of the Trust Collateral Agent’s (or its nominee’s) ownership of such security. 
 SECTION 5.2. [Reserved] 
 SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be entitled to be
reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or
checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of
such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within
12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an
Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount
pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding
Distribution Date. 
 SECTION 5.4. Application of Collections. All collections for the Collection Period shall be applied by the
Servicer as follows: 
 With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by
or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the method applicable to the Receivable. 
 All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection
Account and paid to the Servicer in accordance with Section 5.7(b). 
 SECTION 5.5. Withdrawals from Spread Account. 

(a) In the event that the Servicer’s Certificate with respect to any Determination Date shall state that there is a Spread Account
Claim Amount then on the Spread Account Claim Date immediately preceding the related Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Owner Trustee, the Trustee, the Insurer and the Servicer, by hand delivery
or facsimile transmission, a written notice (a “Deficiency Notice”) specifying the Spread Account Claim Amount for such Distribution Date and the Deficiency Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to
remit such Spread Account Claim Amount (to the extent of the funds available to be distributed pursuant to the 

  

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Spread Account Agreement) to the Trust Collateral Agent for deposit in the Collection Account on the related Distribution Date. 
 Any Deficiency Notice shall be delivered by 10:00 am, Eastern time, on the second Business Day preceding such Distribution Date.

 (b) [Reserved]. 
 (c) The amounts distributed by the Collateral Agent to the Trust Collateral Agent pursuant to a Deficiency Notice shall be deposited by the Trust Collateral Agent into the Collection Account pursuant to
Section 5.6. 
 SECTION 5.6. Additional Deposits. 
 (a) The Servicer or the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date
on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. On the Business Day prior to each Distribution Date, the Trust Collateral Agent
shall remit to the Collection Account any amounts delivered to the Trust Collateral Agent by the Collateral Agent. 
 (b) The
proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof shall be deposited in the Collection Account. 
 SECTION 5.7. Distributions. 
 (a) [Reserved]. 
 (b) On each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in the Servicer’s
Certificate delivered with respect to the related Determination Date) distribute the following amounts from the Collection Account unless otherwise specified, to the extent of the sources of funds stated to be available therefor, and in the
following order of priority: 
 (i) from the Available Funds, to the Servicer (or, if the Designated Backup Subservicer shall
be appointed successor servicer or subservicer to the Servicer, to such Person), the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period and, to any successor Servicer (or, if the Designated Backup Subservicer
shall be appointed successor servicer or subservicer to the Servicer, to such Person), transition fees not to exceed $500,000 (including boarding fees) in the aggregate; 
 (ii) from the Available Funds, to each of the Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer,
the Custodian and the Owner Trustee, their respective accrued and unpaid fees and out-of-pocket expenses and any accrued and unpaid fees and out-of-pocket expenses of the Trust Collateral Agent, including the fees and expenses of its counsel (in
each case, to the extent such fees or expenses have not been previously paid by the Servicer and provided 

  

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that such fees and expenses shall not exceed (w) $100,000 in the aggregate in any calendar year to the Owner Trustee, (x) $175,000 in the aggregate
in any calendar year to the Trust Collateral Agent, the Backup Servicer, the Custodian and the Trustee, collectively and (y) $75,000 in the aggregate in any calendar year to the Designated Backup Subservicer); 
 (iii) from the Available Funds to the Note Distribution Account, the Noteholders’ Interest Distributable Amount; 
 (iv) from the Available Funds to the Note Distribution Account, the Noteholders’ First Principal Distributable Amount; 
 (v) from the Available Funds, to the Insurer, the Premium (as defined in the Insurance Agreement) and, so long as no Insurer Default has
occurred and is continuing, any amounts owing to the Insurer under the Insurance Agreement and not paid; 
 (vi) from the
Available Funds, to the Spread Account, an amount, if necessary, required to increase the amount therein to the Spread Account Initial Deposit; 
 (vii) from the Available Funds to the Note Distribution Account, the Noteholders’ Second Principal Distributable Amount; 
 (viii) from Available Funds, to the Insurer, so long as an Insurer Default has occurred and is continuing, the amounts described in clause
(v) above, excluding the Premium, as defined in the Insurance Agreement; 
 (ix) from the Available Funds, to the Spread
Account, an amount, if necessary, required to increase the amount therein to the Requisite Amount; 
 (x) from the Available
Funds, to each of the Servicer, the Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and the Owner Trustee, their respective accrued and unpaid fees and expenses and any accrued and unpaid fees and expenses
of the Trust Collateral Agent (in each case, to the extent such fees or expenses have not been previously paid pursuant to clauses (i) and (ii) above) and any additional fees of a successor servicer; 
 (xi) to the Class A-3 Notes, additional amounts as described in Section 10.1 herein; and 
 (xii) from Available Funds, any remaining Available Funds to the Collateral Agent for distribution in accordance with Section 3.03(b)
of the Spread Account Agreement; 
 provided, however, that, (A) following an acceleration of the Notes pursuant to the
Indenture or, (B) if an Insurer Default shall have occurred and be continuing and an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of the Indenture shall have occurred and be continuing, or (C) the
receipt of Insolvency Proceeds pursuant to Section 10.1(b), amounts 

  

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deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall be paid to the Noteholders, pursuant to Section 5.6 of the
Indenture. 
 (c) On each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in
the Servicer’s Certificate delivered with respect to the related Determination Date, unless the Insurer shall have notified the Trust Collateral Agent in writing of any errors or deficiencies with respect thereto) distribute from the Collection
Account the Additional Funds Available in accordance with the priorities set forth in Section 5.7(b) or as may be directed by the Insurer in writing on the Business Day prior to such Distribution Date with respect to that portion of the
Additional Funds Available constituting Insurer Optional Deposits and the Trustee shall deposit in the Note Distribution Account any Insured Payments (as defined in the Note Policy) due on such Distribution Date, which amount shall be applied solely
to the payment of amounts then due and unpaid on the Notes in accordance with the priorities set forth in Section 5.8(a) hereof or Section 5.6 of the Indenture, as applicable. 
 (d) In the event that the Collection Account is not able to be held with the Trust Collateral Agent, the Servicer or the Trust Collateral
Agent shall instruct and cause such institution to make all deposits and distributions pursuant to Sections 5.7(b) and 5.7(c) on the related Distribution Date. 
 SECTION 5.8. Note Distribution Account. 
 (a) On each Distribution Date (based solely
on the information contained in the Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on
the Notes for principal and interest in the following amounts and in the following order of priority: 
 (i) accrued and
unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution
Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes; 
 (ii) The Noteholders’ First Principal Distributable Amount and the Noteholders’ Second Principal Distributable Amount shall be
distributed as follows: 
 (1) If an Event of Default has not occurred: 
 (A) to the Holders of the Class A-1 Notes with the total amount paid out on each Distribution Date until the outstanding principal
amount of the Class A-1 Notes has been reduced to zero; 
 (B) to the Holders of the Class A-2 Notes with the total
amount paid out on each Distribution Date until the outstanding principal amount of the Class A-2 Notes has been reduced to zero; 
  

 47 

 (C) to the Holders of the Class A-3 Notes, with the total amount paid out on each
Distribution Date until the outstanding principal amount of the Class A-3 Notes has been reduced to zero; 
 (2) After
the occurrence of an Event of Default: 
 (A) to the Holders of the Class A-1 Notes until the outstanding principal
amount of the Class A-1 Notes has been reduced to zero; 
 (B) to the Holders of the Class A-2 Notes and the
Holders of the Class A-3 Notes, on a pro rata basis, based upon their respective outstanding principal amounts, until the Class A-2 Notes and Class A-3 Notes have been paid in full; 
 (b) On each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust Collateral
Agent by the Servicer pursuant to Section 5.10 hereof on such Distribution Date. 
 (c) In the event that any withholding
tax is imposed on the Trust’s payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and
directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in
appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such
Noteholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Trust
Collateral Agent may in its sole discretion withhold such amounts in accordance with this clause (c). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall reasonably cooperate with
such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses (including legal fees and expenses) incurred. 
 (d) Distributions required to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding
Record Date either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate
written instructions at least five Business Days prior to such Distribution Date and such Holder’s Notes in the aggregate evidence a denomination of not less than $1,000,000 or (ii) by check mailed to such Noteholder at the address of such
holder appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such Note at
the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 
  

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 (e) Subject to Section 5.1 and this section, monies received by the Trust Collateral
Agent hereunder need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent shall not be liable for any interest thereon.

 SECTION 5.9. [Reserved] 
 SECTION 5.10. Statements to Noteholders. 
 (a) On or prior to each Distribution Date, the Trust Collateral
Agent shall provide each Noteholder of record (with a copy to the Insurer and the Rating Agencies) a copy of the Servicer’s Certificate which shall contain the following information as to the Notes to the extent applicable: 
 (i) the amount of such distribution allocable to principal of each Class of Notes; 
 (ii) the amount of such distribution allocable to interest on or with respect to each Class of Notes; 
 (iii) the amount of such distribution payable out of amounts withdrawn from the Spread Account or pursuant to a claim on the Note Policy;

 (iv) the Aggregate Principal Balance as of the close of business on the last day of the preceding Collection Period;

 (v) the aggregate outstanding principal amount of each Class of the Notes and the Note Pool Factor for each such Class
after giving effect to payments allocated to principal reported under (i) above; 
 (vi) the amount of the Servicing Fee
paid to the Servicer with respect to the related Collection Period and/or due but unpaid with respect to such Collection Period or prior Collection Periods, as the case may be; 
 (vii) the Noteholders’ Interest Carryover Amount; 
 (viii) the amount of the aggregate Realized Losses, if any, for the second preceding Collection Period; 
 (ix) the aggregate Purchase Amounts for Receivables, if any, that were repurchased by the Servicer in such period; and 
 (x) the aggregate Sale Amounts for Sold Receivables, if any, that were sold by the Trust in such period. 
 Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii) above shall be expressed as a dollar amount per $1,000 of the
initial principal balance of the Notes (or Class thereof). 
  

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 (b)The Trust Collateral Agent will make available each month to each Noteholder the
statements referred to in Section 5.10(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Trust Collateral Agent’s internet website with the use of a
password provided by the Trust Collateral Agent. The Trust Collateral Agent’s internet website will be located at www.tss.db.com/invr or at such other address as the Trust Collateral Agent shall notify the Noteholders from time to time. For
assistance with regard to this service, Noteholders can call the Trust Collateral Agent’s Corporate Trust Office at (800) 735-7777. The Trust Collateral Agent shall have the right to change the way the statements referred to in
Section 5.10(a) above are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements. The Trust Collateral Agent shall provide notification of any such change to all
parties entitled to receive such statements in the manner described in Section 12.3 hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate. 
 SECTION 5.11.Optional Deposits by the Insurer. The Insurer shall at any time, and from time to time, with respect to a Distribution Date, have the
option (but shall not be required, except in accordance with the terms of the Note Policy) to deliver amounts no later than 12:00 noon Eastern time on such Distribution Date to the Trust Collateral Agent for deposit into the Collection Account for
any of the following purposes: (i) to provide funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date, or (ii) to include such amount to the extent that without
such amount a draw would be required to be made on the Note Policy. 
 ARTICLE VI 
 The Note Policy 
 SECTION 6.1. Claims Under Note Policy. 
 (a) In the event that the Trust Collateral Agent has delivered a Deficiency Notice with respect to any Determination Date pursuant to
Section 5.5 hereof, the Trust Collateral Agent shall on the related Draw Date determine the Deficiency Amount for the related Distribution Date. If the Deficiency Amount for such Distribution Date is greater than zero, the Trustee shall, to the
extent it has received sufficient information to make such determinations, furnish to the Insurer no later than 10:00 am Eastern time on the related Draw Date a completed Notice (as defined in (b) below) in the amount of the Deficiency Amount.
Amounts paid by the Insurer pursuant to a claim submitted under this Section shall be deposited by the Trustee into the Note Distribution Account for payment to Noteholders on the related Distribution Date. 
 (b) Any notice delivered by the Trustee to the Insurer in the form attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a)
shall specify the Deficiency Amount claimed under the Note Policy and shall constitute a “Notice” under the Note Policy. In accordance with the provisions of the Note Policy, the Insurer is required to pay to the Trustee the
Deficiency Amount properly claimed thereunder by 12:00 noon., New York time, on the 

  

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later of (i) the second Business Day following receipt on a Business Day of the Notice, and (ii) the applicable Distribution Date. Any payment made
by the Insurer under the Note Policy shall be applied solely to the payment of the Notes, and for no other purpose. 
 (c) The
Trustee shall (i) receive as attorney-in-fact of each Noteholder any Deficiency Amount from the Insurer and (ii) deposit the same in the Note Distribution Account for distribution to Noteholders. Any and all Deficiency Amounts disbursed by
the Trustee or the Trust Collateral Agent from claims made under the Note Policy shall not be considered payment by the Trust or from the Spread Account with respect to such Notes, and shall not discharge the obligations of the Trust with respect
thereto. The Insurer shall, to the extent it makes any payment with respect to the Notes, become subrogated to the rights of the recipients of such payments to the extent of such payments. Subject to and conditioned upon any payment with respect to
the Notes by or on behalf of the Insurer, the Trustee shall assign to the Insurer all rights to the payment of interest or principal with respect to the Notes which are then due for payment to the extent of all payments made by the Insurer, and the
Insurer may exercise any option, vote, right, power or the like with respect to the Notes to the extent that it has made payment pursuant to the Note Policy. To evidence such subrogation, the Note Registrar shall note the Insurer’s rights as
subrogee upon the register of Noteholders. The foregoing subrogation shall in all cases be subject to the rights of the Noteholders to receive all Insured Payments (as defined in the Note Policy) in respect of the Notes. 
 (d) The Trustee and the Trust Collateral Agent shall keep a complete and accurate record of all funds deposited by the Trustee on behalf
of the Insurer into the Note Distribution Account with respect to the Note Policy and the allocation of such funds to payment of interest on and principal paid in respect of any Note. The Insurer shall have the right to inspect such records at
reasonable times upon seven Business Day’s prior notice to the Trust Collateral Agent or the Trustee. 
 (e) The Trustee
shall be entitled to enforce on behalf of the Noteholders the obligations of the Insurer under the Note Policy. Notwithstanding any other provision of this Agreement or any Basic Document, the Noteholders are not entitled to institute proceedings
directly against the Insurer. 
 SECTION 6.2. Preference Claims Under Note Policy. 
 (a) In the event that the Trustee has received a certified copy of a final, non-appealable order of the appropriate court that any payment
paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law pursuant to a final nonappealable order of a court having competent jurisdiction, the Trustee shall so notify the Insurer, shall comply with
the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder’s payment is so
recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent and the Trustee shall furnish to the Insurer its records evidencing the payments of principal of and interest on Notes, if
any, which have been made by the Trust Collateral Agent or the Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such 
  

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payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the order and not to the Trust
Collateral Agent, the Trustee or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the
Trustee for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer). 
 (b) The
Trust Collateral Agent or the Trustee shall promptly notify the Insurer of any proceeding or the institution of any action (of which a Responsible Officer of the Trust Collateral Agent has actual knowledge) seeking the avoidance as a preferential
transfer under applicable bankruptcy, insolvency, receivership, rehabilitation or similar law of any distribution made with respect to the Notes (a “Note Preference Claim”). Each Noteholder, by its purchase of Notes, the Trustee and
the Trust Collateral Agent hereby agree that so long as an Insurer Default shall not have occurred and be continuing, the Insurer may at any time during the continuation of any proceeding relating to a Note Preference Claim direct all matters
relating to such Note Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating to any Note Preference Claim and (ii) the posting of any surety, supersedeas or performance bond pending any such
appeal at the expense of the Insurer, but subject to reimbursement as provided in the Insurance Agreement. In addition, and without limitation of the foregoing, as set forth in Section 6.1(c), the Insurer shall be subrogated to, and each
Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and assign, to the fullest extent permitted by law, the rights of the Trustee and each Noteholder in the conduct of any proceeding with respect to a Note Preference Claim,
including, without limitation, all rights of any party to an adversary proceeding action with respect to any court order issued in connection with any such Note Preference Claim. 
 SECTION 6.3. Surrender of Note Policy. The Trustee shall surrender the Note Policy to the Insurer for cancellation upon payment in full of the
Notes. 
 ARTICLE VII 
 The
Seller 
 SECTION 7.1. Representations of Seller. The Seller makes the following representations on which the Insurer shall be
deemed to have relied in executing and delivering the Note Policy and on which the Trust is deemed to have relied in acquiring the Receivables and on which the Trustee, Collateral Agent, Trust Collateral Agent, Backup Servicer and the Designated
Backup Subservicer may rely. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of Receivables, and shall survive the sale of the Receivables to the Trust and the pledge thereof to
the Trust Collateral Agent pursuant to the Indenture. 
 (a) [Reserved]. 
 (b) Organization and Good Standing. The Seller has been duly organized and is validly existing as a corporation in good standing
under the laws of the State of 

  

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California, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently
conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 
 (c) Due Qualification. The Seller is duly qualified to do business as a foreign corporation in good standing and has obtained all
necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement, or the
validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Seller’s Basic Documents. 
 (d) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and its Basic Documents and
to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with the Trust by it and has duly authorized
such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been duly authorized by the Seller by all necessary corporate action.

 (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer and assignment of the Receivables
and the Other Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding
obligations of the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally
and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the Basic Documents and the fulfillment
of the terms of this Agreement and the Basic Documents shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice, lapse of time or both) a default under the certificate of incorporation
or by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties. 
 (g) No Proceedings. There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over the Seller or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the 

  

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transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely
affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or local tax
attributes of the Notes. 
 (h) No Consents. The Seller is not required to obtain the consent of any other party or any
consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not
already been obtained. 
 (i) True Sale. The Receivables are being transferred with the intention of removing them from
the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
 (j) Chief Executive Office. The chief executive office of the Seller is at 3990 Westerly Place, Newport Beach, California 92660. 
 SECTION 7.2. Corporate Existence. During the term of this Agreement, the Seller will (i) keep in full force and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its incorporation
and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the Basic Documents and each other instrument or
agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby and (ii) take all actions reasonably necessary to maintain its separate corporate entity distinct and separate from its
Affiliates. 
 SECTION 7.3. Liability of UACC; Indemnities. UACC shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by UACC under this Agreement. 
 (a) UACC shall indemnify, defend and hold harmless the
Trust, the Owner Trustee, Trustee, Seller, Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, Collateral Agent, Insurer, Custodian and Trust Collateral Agent and the
officers, directors, employees and agents thereof from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated in this Agreement and any of the Basic Documents (except any income
taxes arising out of fees paid to the Owner Trustee, the Trust Collateral Agent, the Trustee and the Insurer and except any taxes to which the Owner Trustee, the Trust Collateral Agent or the Trustee may otherwise be subject to, without regard to
the transactions contemplated hereby), including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but in the case of the Trust, not including any taxes asserted with respect to federal or other
income taxes arising out of distributions on the Notes) and costs and expenses in defending against the same. 
 (b) UACC
shall indemnify, defend and hold harmless the Trust, the Owner Trustee, Trustee, Seller, Backup Servicer, Designated Backup Subservicer, including in its 

  

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capacity as successor Servicer or as subservicer to the Servicer, Collateral Agent, Insurer, Custodian and Trust Collateral Agent and the officers,
directors, employees and agents thereof and the Noteholders from and against any loss, liability or expense incurred by reason of (i) UACC’s willful misfeasance, bad faith or negligence in the performance of its duties under this
Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) UACC’s or the Trust’s violation of federal or state securities laws in connection with the offering and sale of the Notes.

 (c) UACC shall indemnify, defend and hold harmless the Owner Trustee, Trustee, Seller, Trust Collateral Agent, Collateral
Agent, Custodian, Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, and the officers, directors, employees and agents thereof from and against any and all costs,
expenses, losses, claims, damages and liabilities arising out of, or incurred in connection with the acceptance or performance of the trusts and duties set forth herein and in the Basic Documents except to the extent that such cost, expense, loss,
claim, damage or liability shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Owner Trustee, Trustee, Trust Collateral Agent, Collateral Agent, Custodian, Backup Servicer and Designated Backup
Subservicer, respectively. 
 Indemnification under this Section shall survive the resignation or removal of the Owner Trustee, the Trustee,
the Seller, the Custodian, the Backup Servicer, the Designated Backup Subservicer, the Collateral Agent or the Trust Collateral Agent and the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall include
reasonable fees and expenses of counsel and other expenses of litigation. If UACC shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such
amounts from others, such Person shall promptly repay such amounts to UACC, without interest. 
 SECTION 7.4. Merger or Consolidation of,
or Assumption of the Obligations of, Seller. Any Person (a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed
to the properties and assets of the Seller substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller
hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that (i) the Seller shall have received the written consent of the Insurer prior to entering
into any such transaction, (ii) immediately after giving effect to such transaction, no Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a Servicer Termination Event, shall have happened and
be continuing, (iii) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer an Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iv) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (v) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer an Opinion of Counsel stating that,
in the opinion of such counsel, either (A) all financing statements and continuation 

  

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statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Trust Collateral Agent,
the Owner Trustee and the Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the
execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c) above.

 SECTION 7.5. Limitation on Liability of Seller and Others. The Seller and any director, officer or employee or agent of the Seller
may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under any Basic Document. The Seller shall not be under any obligation to appear
in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
 SECTION 7.6. Ownership of the Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or such
Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificates; provided, however, that any Notes or
Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents and will not be entitled to the benefits of the
Note Policy. The Seller shall notify the Owner Trustee, the Trustee, the Trust Collateral Agent and the Insurer with respect to any other transfer of any Certificate. 
 ARTICLE VIII 
 The Servicer 
 SECTION 8.1. Representations of Servicer. The Servicer makes the following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Trust is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of the
Receivables, and shall survive the sale of the Receivables to the Trust and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
 (a) [Reserved]; 
 (b) Organization and Good Standing. The Servicer has been
duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such
business is currently conducted, and had at all relevant 

  

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times, and now has, power, authority and legal right to enter into and perform its obligations under this Agreement; 
 (c) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such
qualification; 
 (d) Power and Authority. The Servicer has the power and authority to execute and deliver this
Agreement and its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Servicer’s Basic Documents have been duly authorized by the Servicer by all
necessary corporate action; 
 (e) Binding Obligation. This Agreement and the Servicer’s Basic Documents shall
constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement
of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the Servicer’s Basic Documents, and
the fulfillment of the terms of this Agreement and the Servicer’s Basic Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the
articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of
its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Servicer of any court or of any federal or
state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties; 
 (g) No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other
tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations
under, or the validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 
  

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 (h) No Consents. The Servicer is not required to obtain the consent of any other
party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which
has not already been obtained. 
 SECTION 8.2. Liability of Servicer, Backup Servicer and Designated Backup Subservicer; Indemnities.

 (a) The Servicer (in its capacity as such) shall be liable hereunder only to the extent of the obligations in this
Agreement specifically undertaken by the Servicer and the representations made by the Servicer. 
 (b) The Servicer shall
defend, indemnify and hold harmless the Trust, the Trustee, the Seller, the Trust Collateral Agent, the Owner Trustee, the Custodian, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as
subservicer to the Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees, and the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle; 
 (c) The Servicer (when the Servicer is UACC) shall indemnify, defend and hold harmless the Trust, the Trustee, the Seller, the Trust
Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective
officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any
sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables
and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same; 
 UACC (when the Servicer is not UACC) shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup
Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any taxes with respect
to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts,
tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed
Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same; and 
  

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 (d) The Servicer shall indemnify, defend and hold harmless the Trust, the Trustee, the
Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective
officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities (including reasonable fees and expenses of counsel and expenses of litigation, if any) to the extent
that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Trustee, the Owner Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer, the Designated Backup Subservicer, the Collateral
Agent, the Insurer or the Noteholders by reason of the breach of this Agreement by the Servicer, the negligence, willful misfeasance, or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless
disregard of its obligations and duties under this Agreement. 
 (e) UACC shall indemnify, defend and hold harmless the Trust,
the Trustee, the Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer,
their respective officers, directors, agents and employees and the Noteholders from and against any loss, liability or expense incurred by reason of the violation by Servicer, Seller or Trust of federal or state securities laws in connection with
the registration or the sale of the Notes, including for any material misstatement or omissions in any 10-D or 10-K filing, or failure to timely file, required under the Exchange Act other than any information, report or exhibits in such filing that
are provided by the Custodian pursuant to Section 3.4(g); provided, that UACC shall not indemnify the Insurer for the disclosure under the captions “The Insurer” and “The Policy” in the Prospectus Supplement. This
section shall survive the termination of this Agreement, or the earlier removal or resignation of the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer, the Designated Backup Subservicer or the Collateral Agent. 
 (f) UACC shall indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer, the Designated
Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, and the Collateral Agent, and the respective officers, directors, agents and employees thereof against any and all loss, liability or expense,
(other than overhead and expenses incurred in the normal course of business) incurred by each of them in connection with the acceptance or administration of the Trust and the performance of their duties under the Basic Documents other than if such
loss, liability or expense was incurred by the Trustee, the Owner Trustee, the Custodian, the Backup Servicer or the Trust Collateral Agent or the Designated Backup Subservicer as a result of any such entity’s willful misfeasance, bad faith or
negligence. 
 (g) Indemnification under this Article shall include, without limitation, reasonable fees and expenses of
counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the
Servicer, without interest. Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the Backup Servicer or the Designated Backup 

  

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Subservicer, to the extent not paid by the Servicer, shall be paid solely from the Spread Account in accordance with the terms of the Spread Account
Agreement. 
 (h) When the Trustee, the Trust Collateral Agent, the Custodian, the Collateral Agent, the Designated Backup
Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, or the Backup Servicer incurs expenses after the occurrence of a Servicer Termination Event specified in Section 9.1(d) or (e) with respect to
the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
 The provisions of this Section 8.2 shall survive the resignation of the Trustee, Trust Collateral Agent, Collateral Agent, Custodian,
Owner Trustee, Backup Servicer and Designated Backup Subservicer and the termination of this Agreement. 
 SECTION 8.3. Merger or
Consolidation of, or Assumption of the Obligations of the Servicer, Designated Backup Subservicer or Backup Servicer. 
 (a) UACC shall not merge or consolidate with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to UACC’s business unless, after
the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of UACC contained in this Agreement and shall be consented to by the Controlling Party in writing, and,
if an Insurer Default shall have occurred and be continuing, shall be an Eligible Servicer. Any corporation (i) into which UACC may be merged or consolidated, (ii) resulting from any merger or consolidation to which UACC shall be a party,
(iii) which acquires by conveyance, transfer, or lease substantially all of the assets of UACC, or (iv) succeeding to the business of UACC, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation
of UACC under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to UACC under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this
Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release UACC from any obligation. UACC shall provide notice of any merger, consolidation or
succession pursuant to this Section to the Owner Trustee, the Trust Collateral Agent, the Noteholders, the Insurer and each Rating Agency. Notwithstanding the foregoing, UACC shall not merge or consolidate with any other Person or permit any other
Person to become a successor to UACC’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such
representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an Insurance Agreement Event of Default shall have occurred and be continuing,
(y) UACC shall have delivered to the Owner Trustee, the Trust Collateral Agent, Trustee, Backup Servicer, the Designated Backup Subservicer and Collateral Agent, the Rating Agencies and the Insurer an Officer’s Certificate and an Opinion
of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been 

  

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complied with, and (z) UACC shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Trustee, the Collateral Agent, the Rating
Agencies and the Insurer an Opinion of Counsel, stating in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and
protect the interest of the Trust in the Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 
 (b) Any corporation or other entity (i) into which the Backup Servicer or the Designated Backup Subservicer, as the case may be, may
be merged or consolidated, (ii) resulting from any merger or consolidation to which the Backup Servicer or the Designated Backup Subservicer respectively shall be a party, (iii) which acquires by conveyance, transfer or lease substantially
all of the assets of the Backup Servicer or the Designated Backup Subservicer, respectively, or (iv) succeeding to the business of the Backup Servicer or the Designated Backup Subservicer, respectively, in any of the foregoing cases shall
execute an agreement of assumption to perform every obligation of the Backup Servicer or the Designated Backup Subservicer, as the case may be, under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to
the Backup Servicer or the Designated Backup Subservicer, respectively, under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the
contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release the Backup Servicer or the Designated Backup Subservicer from any obligation. 
 SECTION 8.4. Limitation on Liability of Servicer, Designated Backup Subservicer, Backup Servicer and Others. 
 (a) None of UACC, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer,
the Backup Servicer nor any of the directors or officers or employees or agents of UACC, the Designated Backup Subservicer, the Backup Servicer, The Trust Collateral Agent, the Collateral Agent or the Custodian shall be under any liability to the
Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect UACC, the
Designated Backup Subservicer, the Backup Servicer or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the
performance of duties; provided further that this provision shall not affect any liability to indemnify the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian, and the Owner Trustee for costs, taxes, expenses, claims,
liabilities, losses or damages paid by the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian and the Owner Trustee, in their individual capacities. UACC, the Designated Backup Subservicer, the Backup Servicer and any director,
officer, employee or agent of UACC, the Designated Backup Subservicer or Backup Servicer may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising under this Agreement. 
  

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 (b) Unless acting as Servicer hereunder, the Backup Servicer shall not be liable for any
obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer must rely in
order to perform its obligations hereunder, and the Owner Trustee, the Trustee, the Trust Collateral Agent, the Custodian, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Seller and the Insurer and the Noteholders
shall look only to the Servicer to perform such obligations. Unless acting as Servicer hereunder, the Designated Backup Subservicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any error of the Servicer
contained in any computer tape, certificate or other data or document delivered in connection with the Basic Documents, and the Owner Trustee, the Trustee, the Trust Collateral Agent, the Custodian, the Collateral Agent, the Backup Servicer, the
Seller, the Insurer and the Noteholders shall look only to the Servicer to perform such obligations. The Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, Trust
Collateral Agent, the Collateral Agent, the Trustee, the Owner Trustee and the Custodian shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any
of their respective duties under this Agreement if such failure or delay results from the Backup Servicer or the Designated Backup Subservicer acting in accordance with information prepared or supplied by a Person other than itself (or contractual
agents) or the failure of any such other Person to prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party
(other than its contractual agents), including the Servicer or the Controlling Party, (ii) any inaccuracy or omission in a notice or communication received by the Backup Servicer from any third party (other than its contractual agents),
(iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable, or (v) the acts or omissions of any successor Backup
Servicer. The Designated Backup Subservicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer
(other than when CenterOne is the Servicer), the Backup Servicer, or the Controlling Party, (ii) any inaccuracy or omission in a notice, certificate or communication received by the Designated Backup Subservicer from any third party (whether or
not the Designated Backup Subservicer has confirmed, verified or otherwise reviewed such data), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or
warranty made with respect to any Receivable or the Servicer (other than when CenterOne is the Servicer), or (v) the acts or omissions of any other Designated Backup Subservicer. 
 SECTION 8.5. Delegation of Duties. 
 (a) The Servicer, including the Designated Backup Subservicer as successor Servicer or as Subservicer to the Servicer, may delegate duties under this Agreement to an Affiliate with the prior written consent of the
Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent, the Trust, the Designated Backup Subservicer and the Backup Servicer. The Servicer, including the Designated Backup Subservicer as successor
Servicer or as Subservicer to the Servicer, also may at any time 

  

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perform through Subcontractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed Vehicles’ insurance and
(iii) pursuing the collection of deficiency balances on certain Liquidated Receivables, in each case, without the consent of the Insurer and may perform other specific duties through such Subcontractors in accordance with Servicer’s
customary servicing policies and procedures, with the prior consent of the Insurer; provided, however, that no such delegation or sub-contracting of duties by the Servicer shall relieve the Servicer of its responsibility with respect
to such duties. So long as no Insurer Default shall have occurred and be continuing neither UACC or any party acting as Servicer hereunder shall appoint any Subservicer hereunder without the prior written consent of the Insurer, the Trustee, the
Designated Backup Subservicer and the Backup Servicer. 
 (b) If UACC is not the Servicer, such Servicer may delegate any of
its duties and obligations hereunder to the Designated Backup Subservicer or one or more other Subservicers pursuant to a sub-servicing agreement in form and substance approved by the Insurer (unless an Insurer Default shall have occurred and be
continuing), the Trust Collateral Agent, the Trust and the Backup Servicer. Notwithstanding the foregoing, the Servicer shall be liable for the fees and expenses of its delegates (other than the fees and expenses of the Designated Backup Subservicer
which are paid under Section 5.7(b)(ii)) and remain primarily liable for the performance of the duties and obligations so delegated and each of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral
Agent, the Trust and the Backup Servicer shall have the right to look solely to the Servicer for performance. 
 (c) The
Backup Servicer may delegate duties under this Agreement to one or more Designated Backup Subservicers with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent and
the Trust. The Backup Servicer hereby appoints CenterOne as the initial Designated Backup Subservicer. CenterOne hereby accepts such appointment and each of Insurer, the Trust Collateral Agent, the Trust and the Backup Servicer hereby consents to
such appointment. Each of the Backup Servicer, the Designated Backup Subservicer, the Insurer, the Trust Collateral Agent and the Trust acknowledge that in the event that the Backup Servicer becomes the Servicer hereunder, the Backup Servicer may
appoint the Designated Backup Subservicer as its Subservicer under this Agreement to service the Receivables and the Designated Backup Subservicer shall service the Receivables, subject to the terms, conditions and modifications contained in
Schedule D, and in that event, the rights, duties, obligations and liabilities of the Designated Backup Subservicer as Subservicer or Servicer under this Agreement shall be modified as provided in Schedule D. The Backup Servicer may terminate the
appointment of any Designated Backup Subservicer only upon the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent and the Trust. 
 (d) The Servicer shall cause any Subservicer retained by the Servicer (or by any Subservicer) to perform its servicing duties under this
Agreement to comply with the reporting and compliance provisions of this Agreement to the same extent as if such Subservicer were the Servicer, and to provide the information required with respect to such Subservicer as is required to file all
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be responsible for obtaining from each Subservicer and delivering to the Trust any servicer compliance statement required to be delivered by such Subservicer
under Section 4.10, any assessment of compliance and attestation required to be delivered by such Subservicer under Section 4.10 and any certification required to be delivered to the Person that will be responsible for signing the Sarbanes
Certification under Section 4.10(a)(iv) as and when required to be delivered. 
 (e) The Servicer shall promptly upon
request provide to the Depositor, acting on behalf of the Trust, a written description (in form and substance satisfactory to the Depositor) of the role and function of each Subcontractor retained by the Servicer or any Subservicer to perform its
servicing duties under this Agreement, specifying (i) the identity of each such Subcontractor, (ii) which, if any, of such Subcontractors are “participating in the servicing function” within the meaning of Item 1122 of
Regulation AB, and (iii) which, if any, elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of this paragraph. 
 (f) As a condition to the utilization of any Subcontractor determined to be “participating in the servicing function” within the
meaning of Item 1122 of Regulation AB, the Servicer shall cause any such Subcontractor retained by the Servicer (or by any Subservicer) to perform its servicing duties under this Agreement to comply with the reporting and compliance provisions
of this Agreement to the same extent as if such Subcontractor were the Servicer. The Servicer shall be responsible for obtaining from each Subcontractor and delivering to the Depositor, acting on behalf of the Trust, and the Owner Trustee any
assessment of compliance and attestation required to be delivered by such Subcontractor, in each case as and when required to be delivered. 
 SECTION 8.6. Servicer, the Designated Backup Subservicer and Backup Servicer Not to Resign. Subject to the provisions of Section 8.3, none of the Servicer, the Designated Backup Subservicer nor the Backup Servicer shall resign
from the obligations and duties imposed on it by this Agreement as Servicer, the Designated Backup Subservicer or Backup Servicer except upon a determination that by reason of a change in legal requirements the performance of its duties under this
Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer, the Designated Backup Subservicer or the Backup Servicer, as the case may be, and the Insurer (so long as
an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an Insurer Default shall have occurred and be continuing) does not elect to waive the obligations of the Servicer, the Designated Backup Subservicer or the Backup
Servicer, as the case may be, to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer, the Designated Backup Subservicer or Backup
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Trust Collateral Agent, the Owner Trustee and the Insurer (unless an Insurer Default shall have occurred and be continuing). No resignation of the
Servicer shall become effective until, so long as no Insurer Default shall have occurred and be continuing, the Backup Servicer or an entity acceptable to the Insurer shall have assumed the responsibilities and obligations of the Servicer or, if an
Insurer Default shall have occurred and be continuing, the Backup Servicer or a replacement Servicer that is an Eligible Servicer shall have assumed the 

  

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responsibilities and obligations of the Servicer. No resignation of the Backup Servicer or the Designated Backup Subservicer shall become effective until, so
long as no Insurer Default shall have occurred and be continuing, an entity acceptable to the Insurer shall have assumed the responsibilities and obligations of the Backup Servicer or the Designated Backup Subservicer or, if an Insurer Default shall
have occurred and be continuing, a Person that is an Eligible Servicer shall have assumed the responsibilities and obligations of the Backup Servicer or the Designated Backup Subservicer; provided, however, that (i) in the event a
successor Backup Servicer or Designated Backup Subservicer as the case may be is not appointed within 60 days after the Backup Servicer or the Designated Backup Subservicer has given notice of its resignation and has provided the Opinion of Counsel
required by this Section, the Backup Servicer or the Designated Backup Subservicer as the case may be may petition a court for its removal, and (ii) the Backup Servicer or the Designated Backup Subservicer may resign with the written consent of
the Insurer; provided further, however, that, with regard to clause (i) above, the Designated Backup Subservicer, acting solely in its capacity as Designated Backup Subservicer under this Agreement and prior to its being
appointed subservicer or Servicer under this Agreement, may resign as Designated Backup Subservicer rather than petitioning the court for its removal. 
 ARTICLE IX 
 Default 
 SECTION 9.1. Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination Event”: 
 (a) Any failure by the Servicer to deposit to the Collection Account any amount required to be deposited therein or to purchase any
Receivable required to be purchased by it. 
 (b) Failure by the Servicer to deliver to the Trust Collateral Agent and (so
long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer’s Certificate by the Determination Date; 
 (c) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement or under any other Basic Documents to which it is a party, which failure
(i) materially and adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and
(ii) continues unremedied for a period of 30 days after the earlier of (x) knowledge thereof by the Servicer, or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, by any Noteholder); 
 (d) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer or United Pan Am Financial Corp. in an involuntary case under the federal bankruptcy
laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, 

  

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liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or United Pan Am Financial Corp. or of any substantial part
of its property or ordering the winding up or liquidation of the affairs of the Servicer or United Pan Am Financial Corp. and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement
of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or 
 (e) The commencement by the Servicer or United Pan Am Financial Corp. of a voluntary case under the federal bankruptcy laws, as now or
hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer or United Pan Am Financial Corp. to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or the making by the Servicer or United Pan Am Financial Corp. of an assignment for the benefit of creditors or the
failure by the Servicer or United Pan Am Financial Corp. generally to pay its debts as such debts become due or the taking of corporate action by the Servicer or United Pan Am Financial Corp. in furtherance of any of the foregoing; or 
 (f) Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered
pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust, the Insurer or the
Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be
continuing, a Noteholder), the circumstances or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; or 
 (g) So long as an Insurer Default shall not have occurred and be continuing, an Insurance Agreement Event of Default occurs; 

(h) A claim is made under the Note Policy; 
 (i) Any failure by the Servicer to deliver to the Trustee for distribution to Noteholders any proceeds or payment required to be so
delivered that continues unremedied for a period of two Business Days (or one Business Day with respect to Purchase Amounts) after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trustee
or the Insurer; 
 (j) an Event of Default under the Indenture shall have occurred; or 
 (k) a material change is made to the Servicer’s servicing practices or Credit and Collection Policy without the consent of the
Insurer. 
  

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 SECTION 9.2. Consequences of a Servicer Termination Event. If a Servicer Termination Event shall
occur and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing either the Trust Collateral Agent (to the extent it has knowledge thereof) or a Note Majority), by notice given in writing to the Servicer (and to
the Trust Collateral Agent if given by the Insurer or the Noteholders) may terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice or upon termination of the
term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be
vested in and become obligations and responsibilities of the Backup Servicer, which shall cause the Designated Backup Subservicer to assume the duties pursuant to Section 8.5(c), (or such other replacement Servicer appointed by the Controlling
Party); provided, however, that the replacement Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the replacement Servicer becomes the
Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The replacement Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and
endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the Controlling
Party and the replacement Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the replacement Servicer for administration by it of
all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the
replacement Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the replacement Servicer or a replacement
Servicer to service the Receivables and the Other Conveyed Property. The terminated Servicer shall grant the Trust Collateral Agent, the replacement Servicer and the Controlling Party reasonable access to the terminated Servicer’s premises at
the terminated Servicer’s expense. 
 SECTION 9.3. Appointment of Successor. 
 (a) On and after the time the Servicer receives a notice of termination pursuant to Section 9.2 or upon the resignation of the
Servicer pursuant to Section 8.6; (i) the Backup Servicer (unless the Controlling Party shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate replacement Servicer) shall be the successor in all respects to
the Servicer, in its capacity as servicer under this Agreement and the Insurance Agreement and the transactions set forth or provided for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities
and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement or the Insurance Agreement except as otherwise stated herein. The Trust Collateral Agent and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such succession. If a replacement Servicer is acting as Servicer hereunder, it 

  

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shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. 
 (b) The Controlling Party may exercise at any time its right to appoint as Backup Servicer or Designated Backup Subservicer or as
successor to the Servicer a Person other than the Person serving as Backup Servicer or the Designated Backup Subservicer at the time, and (without limiting its obligations under the Note Policy) shall have no liability to the Trust Collateral Agent,
the Servicer, the Seller, the Person then serving as Backup Servicer, the Designated Backup Subservicer, any Noteholders or any other Person if it does so; provided, however, that at the time of such transfer, the outstanding fees, expenses and
indemnities of the current Backup Servicer and the Designated Backup Subservicer shall be paid in full. Notwithstanding the above, if the Backup Servicer or the Designated Backup Subservicer shall be legally unable or unwilling to act as Servicer,
and an Insurer Default shall have occurred and be continuing, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent or a Note Majority may petition a court of competent jurisdiction to appoint any Eligible Servicer as
the successor to the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as replacement Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer
until a successor has been appointed and accepted such appointment. Subject to Section 8.6, no provision of this Agreement shall be construed as relieving the Backup Servicer of its obligation to succeed as replacement Servicer upon the
termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6. If upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to
Section 8.6, the Controlling Party appoints a replacement Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. 
 (c) Any replacement Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the
Servicer would have been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation as agreed to by the Insurer in writing. If any replacement Servicer is appointed as a result of the
Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as Servicer although it is legally able to do so, the Insurer and such replacement Servicer may agree on reasonable additional compensation to be paid to such
replacement Servicer; provided, however, it being understood and agreed that the Insurer shall give prior notice to the Backup Servicer with respect to the appointment of such successor and the payment of additional compensation, if
any. If, any replacement Servicer is appointed for any reason other than the Backup Servicer’s refusal to act as Servicer although legally able to do so, the Backup Servicer shall not be liable for any Servicing Fee, additional compensation or
other amounts to be paid to such replacement Servicer in connection with its assumption and performance of the servicing duties described herein. 
 (d) Notwithstanding anything contained in this Agreement to the contrary, the Backup Servicer is authorized to accept and rely on all of the accounting records (including computer records) and work of the prior
Servicer relating to the Receivables (collectively, the “Predecessor Servicer Work Product”) without any audit or other examination thereof, and the Backup Servicer shall have no duty, responsibility, obligation or liability for the acts
and omissions of the prior Servicer. If any error, inaccuracy, omission or incorrect or non-standard 

  

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practice or procedure (collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to
service or should cause or materially contribute to the Backup Servicer making or continuing any Errors (collectively, “Continuing Errors”), the Backup Servicer shall have no duty, responsibility, obligation or liability for such
Continuing Errors; provided, however, that the Backup Servicer agrees to use its best efforts to prevent further Continuing Errors. In the event that the Backup Servicer becomes aware of Errors or Continuing Errors, it shall, with the
prior consent of the Controlling Party use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continuing Errors and to prevent future Continuing Errors. The Backup Servicer shall be
entitled to recover its costs thereby expended in accordance with Section 3.03 of the Spread Account Agreement. 
 SECTION 9.4.
Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer, the Designated Backup Subservicer or the Backup Servicer, the Trust Collateral Agent shall give prompt written notice thereof to each
Noteholder and to the Rating Agencies. 
 SECTION 9.5. Waiver of Past Defaults. So long as no Insurer Default shall have occurred and
be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing, the Note Majority) may, on behalf of all Noteholders, waive any default by the Servicer, the Designated Backup Subservicer or the Backup Servicer in the
performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement and the Basic Documents. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
 ARTICLE X 
 Termination 
 SECTION 10.1. Optional Purchase of All Receivables. 
 (a) On the last day of any Collection Period as of
which the Aggregate Principal Balance shall be less than or equal to 10% of the Original Pool Balance, the Servicer shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts (with the consent of the Insurer if such
purchase would result in a claim on the Note Policy or would result in any amount owing to the Insurer under the Insurance Agreement remaining unpaid); provided, however, that the amount to be paid for such purchase (as set forth in
the following sentence) shall be sufficient to pay the full amount of principal and interest then due and payable on the Class A-3 Notes then outstanding, and amounts due and unpaid to the Insurer under the Insurance Agreement and amounts due
to the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Custodian, the Designated Backup Subservicer and the Owner Trustee hereunder or under the Trust Agreement. To exercise such option, the Servicer shall deposit
pursuant to Section 5.6 in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the 

  

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appraised value of any other property held by the Trust, such value to be determined by an appraiser mutually agreed upon by the Servicer, the Insurer (as
the Controlling Party) and the Trust Collateral Agent or such amount as the Servicer, Insurer and Trust Collateral Agent may mutually agree, and shall succeed to all interests in and to the Trust. 
 If the Servicer does not exercise its rights with respect to the optional purchase on the first Distribution Date that the optional
purchase is permitted, the Class A-3 Notes will be paid additional amounts on future Distribution Dates, equal to the product of (i) one twelfth, (ii) 0.50% and (iii) the outstanding principal balance on the Class A-3 Notes
as of such Distribution Date pursuant to clause (xi) under Section 5.7 herein. Such additional amounts shall not be included in the calculation of Noteholders’ Monthly Interest Distributable Amount or in any other calculations derived
therefrom. The Policy does not guarantee payment of any additional amounts that become due to the Class A-3 Notes pursuant to the immediately preceding sentence. 
 (b) Upon any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement, the Servicer shall instruct the Trust
Collateral Agent to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency Proceeds”) in the Collection Account. 
 (c) Notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee, the Trustee, the Backup Servicer, the
Designated Backup Subservicer, the Trust Collateral Agent, the Collateral Agent, the Custodian, the Insurer and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
 (d) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder. 
 ARTICLE XI 
 Administrative Duties of the Servicer 
 SECTION 11.1. Administrative Duties. 
 (a) Duties with Respect to the Indenture. The Servicer shall
perform all its duties and the duties of the Trust under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Trust under the Indenture. The Servicer shall
monitor the performance of the Trust and shall advise the Owner Trustee when action is necessary to comply with the Trust’s duties under the Indenture. The Servicer shall prepare for execution by the Trust or shall cause the preparation by
other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall
take all necessary action that is the duty of the Trust to take pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3, 9.2, 9.3, 11.1 and 11.15 of the Indenture.

  

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 (b) Duties with Respect to the Trust. 
 (i) In addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such
calculations and shall prepare for execution or shall cause the timely preparation by other appropriate Persons and it shall execute all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or
the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or
regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Trust to take pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant
to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the Trust or the Owner Trustee, the Servicer shall administer, perform or supervise the performance of such other activities in connection with the Collateral
(including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Trust or the Owner Trustee and are reasonably within the capability of the Servicer. UACC shall monitor the activities of the
Trust to ensure the Trust’s compliance with Section 4.6 of the Trust Agreement and shall take all action necessary to ensure that the Trust is operated in accordance with the provisions of such section. 
 (ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for
promptly notifying the Owner Trustee and the Trust Collateral Agent in the event that any withholding tax is imposed on the Trust’s payments (or allocations of income) to an Owner (as defined in the Trust Agreement) as contemplated by this
Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust Collateral Agent pursuant to such provision. 
 (iii) Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for performance
of the duties of the Trust set forth in Section 5.1(a) and (b) of the Trust Agreement with respect to, among other things, accounting and reports to Owners (as defined in the Trust Agreement); provided, however, that once
prepared by the Servicer the Owner Trustee shall retain responsibility for the distribution of the Schedule K-1s necessary to enable the Certificateholder to prepare its federal and state income tax returns. 
 (iv) The Servicer shall perform the duties of the Servicer specified in Section 9.2 of the Trust Agreement required to be performed
in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Servicer under this Agreement or any of the Basic Documents. 
  

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 (v) In carrying out the foregoing duties or any of its other obligations under this
Agreement, the Servicer may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the
Trust and shall be, in the Servicer’s opinion, no less favorable to the Trust in any material respect. 
 (c) Tax
Matters. The Servicer shall prepare and file, on behalf of the Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by the Trust as are necessary for preparation
of tax reports, including without limitation forms 1099. All tax returns will be signed by the Seller. 
 (d)
Non-Ministerial Matters. With respect to matters that in the reasonable judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to this Article unless within a reasonable time before the taking of such
action, the Servicer shall have notified the Owner Trustee, the Trustee and the Insurer of the proposed action and the Owner Trustee and, with respect to items (A), (B), (C) and (D) below, the Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include: 
 (A) the amendment of or any supplement to the Indenture; 
 (B) the initiation of any claim or lawsuit by the Trust
and the compromise of any action, claim or lawsuit brought by or against the Trust (other than in connection with the collection of the Receivables); 
 (C) the amendment, change or modification of this Agreement or any of the Basic Documents; 
 (D) the appointment of successor Note Registrars, successor Paying Agents and successor Trustees pursuant to the Indenture or the appointment of replacement Servicers or the consent to the assignment by the Note Registrar, Paying Agent or
Trustee of its obligations under the Indenture; and 
 (E) the removal of the Trustee or the Trust Collateral Agent.

 (e) Exceptions. Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or
in the other Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (1) make any payments to the Noteholders or Certificateholders under the Basic Documents, (2) sell the Trust Estate pursuant
to Section 5.5 of the Indenture, (3) take any other action that the Trust directs the Servicer not to take on its behalf or (4) in connection with its duties hereunder assume any indemnification obligation of any other Person.
Notwithstanding that UACC may no longer be the Servicer hereunder, UACC shall continue to perform the duties and obligations of the Servicer under this Section 11.1. 
  

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 (f) The Backup Servicer, the Designated Backup Subservicer (including in its capacity as
successor Servicer or subservicer) or any replacement Servicer shall not be responsible for any obligations or duties of the servicer under this Section 11.1. 
 SECTION 11.2. Records. The Servicer shall maintain appropriate books of account and records relating to services performed under this Agreement, which books of account and records shall be accessible for
inspection by the Trust and the Insurer at any time during normal business hours. 
 SECTION 11.3. Additional Information to be Furnished
to the Trust. The Servicer shall furnish to the Trust and the Insurer from time to time such additional information regarding the Collateral as the Trust and the Insurer shall reasonably request. 
 SECTION 11.4. Reporting Requirements of the Commission and Indemnification. 
 (a) In order to comply with any rules adopted by the Securities and Exchange Commission, notwithstanding any other provision of this
Agreement, the Servicer shall (i) agree to such modifications and enter into such amendments to this Agreement as may be necessary, in the judgment of the Seller and its counsel, to comply with any rules promulgated by the Commission and any
interpretations thereof by the staff of the Commission (collectively, “SEC Rules”) and (ii) promptly upon request provide to the Seller for inclusion in any periodic report required to be filed under the Securities Exchange Act of
1934, as amended (the “Exchange Act”) such items of information regarding this Agreement and matters related to the Servicer, including as applicable (by way of example and not limitation), a description of any material litigation or
governmental action or proceeding involving the Servicer or its affiliates (collectively, the “Servicer Information”), provided, that such information shall be required to be provided by the Servicer only to the extent that such shall be
determined by the Seller and its counsel to be necessary to comply with any SEC Rules. 
 (b) The Servicer hereby agrees to
indemnify and hold harmless the Seller, its respective officers and directors and each person, if any, who controls the Seller within the meaning of Section 15 of the Securities Act of 1933, as amended (the “Act”), or Section 20
of the Exchange Act, from and against any and all losses, claims, expenses, damages or liabilities to which the Seller, its respective officers or directors and any such controlling person may become subject under the Act or otherwise, as and when
such losses, claims, expenses, damages or liabilities are incurred, insofar as such losses, claims, expenses, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of
any material fact contained in the Servicer Information or arise out of, or are based upon, the omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, and will reimburse the Seller, its respective officers and directors and any such controlling person for any legal or other expenses reasonably incurred by it or any of them in connection
with investigating or defending any such loss, claim, expense, damage, liability or action, as and when incurred; provided, however, that the Servicer shall be liable only insofar as such untrue statement or alleged untrue statement or omission or
alleged omission relates solely to the information in the Servicer Information furnished to the Seller by or on behalf of the Servicer specifically in connection with this Agreement. 
  

 73 

 (c) The Servicer (for so long as UACC is the Servicer) shall, at its expense, timely
execute and cause to be prepared and filed with the Commission all periodic reports required to be filed with respect to the Trust under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. The Seller shall
cooperate in any reasonable request made by the Servicer in connection with such filings. 
 ARTICLE XII 
 Miscellaneous Provisions 
 SECTION
12.1. Amendment. 
 (a) This Agreement may be amended from time to time by the parties hereto, with the consent of the
Trustee (which consent may not be unreasonably withheld), with the prior written consent of the Insurer (so long as no Insurer Default has occurred and is continuing) but without the consent of any of the Noteholders, to cure any ambiguity, to
correct or supplement any provisions in this Agreement, to comply with any changes in the Code, 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 or the Insurance Agreement; provided, however, that if an Insurer Default has occurred and is continuing, such action shall not materially adversely affect the interests of the Insurer. 
 This Agreement may also be amended from time to time by the parties hereto, with the consent of the Insurer, the consent of the Trustee,
and, if an Insurer Default has occurred and is continuing, with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the Notes 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; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the outstanding principal amount of the
Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each class affected thereby; provided, further, that if an Insurer Default has not occurred
and is continuing, such action shall not materially adversely affect the interest of the Insurer. 
 In order to comply with
any rules adopted by the Commission, this Agreement may be amended from time to time by the parties hereto, with the consent of the Trustee and the Insurer, so long as an Insurer Default has not occurred and is occurring (which consent may not be
unreasonably withheld), without the consent of any of the Noteholders, as may be necessary, in the judgment of the Seller and its counsel, pursuant to Section 11.4, to comply with any rules promulgated by the Commission and any interpretations
thereof by the staff of the Commission. 
 Promptly after the execution of any such amendment or consent, the Trust Collateral
Agent shall furnish written notification of the substance of such amendment or consent to each Noteholder and the Rating Agencies. No such amendment will be permitted if, as a result, any Rating Agency would lower its publicly issued rating on any
class of the Notes then outstanding. 
  

 74 

 It shall not be necessary for the consent of Noteholders pursuant to this Section to
approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this
Agreement) and of evidencing the authorization of any action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Owner Trustee, as applicable, may prescribe. 
 Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Trustee, Trust Collateral Agent, Collateral Agent,
Designated Backup Subservicer and Backup Servicer 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 the Opinion of Counsel
referred to in Section 12.2(h)(1) has been delivered. The Owner Trustee, the Trust Collateral Agent, the Designated Backup Subservicer, the Backup Servicer and the Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Trust’s, the Owner Trustee’s, the Trust Collateral Agent’s, the Designated Backup Subservicer’s, the Backup Servicer’s or the Trustee’s, as applicable, own rights, duties or immunities under this Agreement
or otherwise. 
 (b) Notwithstanding anything to the contrary contained in Section 12.1(a) above, the provisions of the
Agreement relating to (i) the Spread Account Agreement, the Spread Account, the Requisite Amount, a Trigger Event or any component definition of a Trigger Event and (ii) any additional sources of funds which may be added to the Spread
Account or uses of funds on deposit in the Spread Account may be amended in any respect by the Servicer, the Insurer and the Collateral Agent (the consent of which shall not be withheld or delayed with respect to any amendment that does not
adversely affect the Collateral Agent) without the consent of, or notice to, the Noteholders. 
 SECTION 12.2. Protection of Title to
Trust. 
 (a) The Seller shall execute and file such financing statements and cause to be executed and filed such
continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Trust and the interests of the Trust Collateral Agent in the Receivables and in the proceeds
thereof. The Seller shall deliver (or cause to be delivered) to the Insurer, the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such
filing. 
 (b) Neither the Seller nor the Servicer shall change its name, identity or corporate structure in any manner that
would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given the Insurer, the Owner Trustee,
the Trust Collateral Agent, the Backup Servicer and the Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements.
Promptly upon such filing, the Seller or 

  

 75 

 
the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably satisfactory to the Insurer, stating either
(A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
 (c) Each of the Seller and the Servicer shall have an obligation to give the Insurer, the Owner Trustee, the Trust Collateral Agent and
the Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any
amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall at all times maintain (i) each office from which
it shall service Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America. 
 (d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the
reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable
and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
 (e) The Servicer shall
maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables to the Trust, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate
clearly the interest of the Trust in such Receivable and that such Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only
when, the related Receivable shall have been paid in full or repurchased. 
 (f) If at any time the Seller or the Servicer
shall propose to sell, grant a security interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other
transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Trust.

 (g) Upon request, the Servicer shall furnish to the Insurer, the Owner Trustee or to the Trustee, within five Business
Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such
request indicating removal of Receivables from the Trust. 
  

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 (h) UACC shall deliver to the Insurer, the Backup Servicer, the Owner Trustee and the
Trustee: 
 (1) promptly after the execution and delivery of this Agreement and, if required pursuant to Section 12.1, of
each amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, in form and substance reasonably satisfactory to the Insurer, either (A) all financing statements and continuation statements have been executed and filed that
are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action
shall be necessary to preserve and protect such interest; and 
 (2) within 90 days after the beginning of each calendar year
beginning with the first calendar year beginning more than three months after the Cutoff Date, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (A) all financing
statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
 Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest.

 SECTION 12.3. Notices. All demands, notices and communications upon or to the Seller, the Servicer, the Owner Trustee, the Trustee
or the Rating Agencies under this Agreement shall be in writing, personally delivered, or mailed by certified mail, return receipt requested, federal express or similar overnight courier service, and shall be deemed to have been duly given upon
receipt 
  

	 	(a)	in the case of the Seller to UPFC Auto Receivables Corp., 3990 Westerly Place, Suite 200, Newort Beach, California 92660, Attention: Arash Khazei; 

  

	 	(b)	in the case of the Servicer to United Auto Credit Corporation, 3990 Westerly Place, Suite 200, Newport Beach, California 92660, Attention: Garland Koch; 

  

	 	(c)	in the case of the Trust or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee; 

  

	 	(d)	in the case of the Trustee, the Backup Servicer, the Collateral Agent or the Trust Collateral Agent, at the Corporate Trust Office; 

  

	 	(e)	in the case of the Designated Backup Subservicer, to CentreOne Financial Services LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Attention: President;

  

	 	(f)	 in the case of the Insurer, MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504, Attention: IPM-SF (UPFC Auto Receivables Trust 2006-A) (in each
case in which notice or other communication to the Insurer refers to a claim on the Note Policy, a Deficiency Notice pursuant to Section 5.5 of this Agreement or with respect to which failure on the part of the Insurer to respond shall be
deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the 

  

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attention of the General Counsel and shall be marked to indicate “URGENT MATERIAL ENCLOSED”); 

  

	 	(g)	in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; and 

  

	 	(h)	in the case of Standard & Poor’s, to Standard & Poor’s Ratings Group, 55 Water Street, New York, New York 10041, Attention: Asset Backed Transaction
Oversight Department, servicer_reports@sandp.com 

 Any notice required or permitted to be mailed to a Noteholder shall be given by first class
mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive
such notice. 
  

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 SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and 8.4 and as provided in the provisions of this Agreement concerning the
resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Trustee and
the Insurer (or if an Insurer Default shall have occurred and be continuing the Holders of Notes evidencing not less than 66-2/3% of the principal amount of the outstanding Notes). 
 SECTION 12.5. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the parties hereto, the Trustee, the
Insurer and the Noteholders, as third-party beneficiaries. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Agreement, and shall be entitled to rely upon and directly enforce such provisions of
this Agreement so long as no Insurer Default shall have occurred and be continuing. Except as expressly stated otherwise herein, any right of the Insurer to direct, appoint, consent to, approve of, or take any action under this Agreement, shall be a
right exercised by the Insurer in its sole and absolute discretion. The Insurer may disclaim any of its rights and powers under this Agreement (but not its duties and obligations under the Note Policy) upon delivery of a written notice to the Owner
Trustee. 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 Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein. 
 SECTION 12.6. 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 12.7. 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 12.8. 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 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 SECTION 12.10. Assignment to Trustee. The Seller hereby acknowledges and
consents to any mortgage, pledge, assignment and grant of a security interest by the Trust to the 

  

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Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Trust in, to and under the
Receivables listed in Schedule A hereto and/or the assignment of any or all of the Trust’s rights and obligations hereunder to the Trust Collateral Agent. 
 SECTION 12.11. Nonpetition Covenants. 
 (a) Notwithstanding any prior termination of
this Agreement, the Servicer, Backup Servicer, Designated Backup Subservicer and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Trust, acquiesce, petition or
otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 
 (b) Notwithstanding any prior termination of this Agreement, the Servicer, Backup Servicer, Designated Backup Subservicer shall not, prior
to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Seller or any
substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 
 SECTION 12.12. Limitation of
Liability of Owner Trustee and Trustee. 
 (a) Notwithstanding anything contained herein to the contrary, this Agreement
has been countersigned by Wells Fargo Delaware Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Trust and in no event shall Wells Fargo Delaware Trust Company in its individual capacity or, except as
expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Trust hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets of the Trust. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the
Trust hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement. 
 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Deutsche Bank Trust
Company Americas, not in its individual capacity but solely as Trust Collateral Agent, Custodian and Backup Servicer and in no event shall Deutsche Bank Trust Company Americas, have any liability for the representations, warranties, covenants,
agreements or other obligations of the Trust hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Trust. 
  

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 (c) In no event shall Deutsche Bank Trust Company Americas, in any of its capacities
hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
 SECTION 12.13. Independence of the Servicer. For all purposes of this Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the Trust, the Trust Collateral
Agent, Designated Backup Subservicer and Backup Servicer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by this Agreement or the Trust Agreement, the
Servicer shall have no authority to act for or represent the Trust or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Trust or the Owner Trustee. 
 SECTION 12.14. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Servicer and either of the Trust or the Owner
Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on
any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
 SECTION 12.15.
Benefits of Sale and Servicing Agreement. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Sale and Servicing Agreement, and shall be entitled to rely upon and directly enforce such
provisions of this Sale and Servicing Agreement so long as no Insurer Default shall have occurred and be continuing. 
 SECTION 12.16.
State Business Licenses. The Servicer or the Certificateholder shall prepare and instruct the Trust to file each state business license (and any renewal thereof) required to be filed under applicable state law without further consent or
instruction from the Instructing Party (as defined in the Trust Agreement), including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation
Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation. 
 SECTION 12.17. Additional
Liability. In no event shall the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer and the Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, be liable for any
indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer and the Designated Backup
Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, have been advised of the likelihood of such loss or damage and regardless of the form of action. 
 In no event shall the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian, the Backup Servicer and the Designated
Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, 

  

 81 

 
but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws,
ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Agreement. 
 SECTION 12.18. Intent of the Parties; Reasonableness. The Seller, Servicer and the Trust acknowledge and agree that the purpose of Article Four of this Agreement is to facilitate compliance by the Trust and the
Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. 
 Neither the Servicer nor the Trust
shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the
Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due
to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Trust in good faith for delivery
of information under these provisions on the basis of evolving interpretations of Regulation AB. In connection with this transaction, the Servicer shall cooperate fully with the Trust to deliver to the Trust any and all statements, reports,
certifications, records and any other information necessary in the good faith determination of the Trust to permit the Trust to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer, any Subservicer and
the Receivables, or the servicing of the Receivables, reasonably believed by the Trust to be necessary in order to effect such compliance. 
 The Trust shall cooperate with the Servicer by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment of the Trust to comply
with Regulation AB. 
 [Remainder of page intentionally left blank.] 
  

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

			
	UPFC AUTO RECEIVABLES TRUST 2006-A
		
	 By:
	 	WELLS FARGO DELAWARE TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	 By:
	 	  
		 	Name:
		 	Title:
	
	UPFC AUTO RECEIVABLES CORP., Seller
		
	 By:
	 	  
		 	Name:
		 	Title:
	
	UNITED AUTO CREDIT CORPORATION, Servicer
		
	 By:
	 	  
		 	Name:
		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	
	not in its individual capacity but solely as Trust Collateral Agent, Custodian and Backup Servicer
		
	 By:
	 	  
		 	Name:
		 	Title:

 [Signature Page to Sale and Servicing Agreement] 

			
	CENTERONE FINANCIAL SERVICES LLC, Designated Backup Subservicer
		
	 By:
	 	  
		 	 Name:

		 	 Title:

 [Sale and Servicing Agreement] 

 SCHEDULE A 
 SCHEDULE OF RECEIVABLES 
  

 Sch-A-1 

 SCHEDULE B 
 Location of Receivables Files 
  

 The Receivables are located at the offices of the Custodian listed below. 
 1761 East
St. Andrew Place 
 Santa Ana, California 92705 
  

 Sch-B-1 

 SCHEDULE C 
 Schedule of Servicer’s Representations 
 Representations and Warranties Regarding the Receivables: 

1. Security Interest in Financed Vehicle. To the extent that the transfer under this Agreement is deemed to be other than a sale, this
Agreement, and all filings under this Agreement, creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Trust, which security interest (as pledged by the Trust to the Trust Collateral
Agent pursuant to the Indenture) is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. The Trust owns and has good and marketable title to the Receivables free and clear of any Lien (other
than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person. 
 2. All Filings Made. The Trust has taken
all steps necessary to perfect the Trust Collateral Agent’s security interest in the property securing the Receivables, provided that, if not done as of the Closing Date, the Trust will cause, within ten days of the Closing Date, the filing of
all appropriate financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent under the Indenture. 
 3. No Impairment. The Trust has not done anything to convey any right to any Person that would result in such Person having a right to payments due
under the Receivable or otherwise to impair the rights of the Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the Trust Collateral Agent
pursuant to the Indenture, the Trust has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Trust has not authorized the filing of and is not aware of any financing statements against the
Trust that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that has been terminated. The Trust is not aware of any
judgment or tax lien filings against it. The Receivables do not have any marks or notations indicating that they have been pledged by the Seller to any person other than the Trust. 
 4. Chattel Paper. The Receivables constitute tangible chattel paper within the meaning of the applicable UCC as in effect in the States of
California, Florida, New York, Delaware, Nevada and Minnesota. 
 5. Good Title. Immediately prior to the pledge of the Receivables to
the Trust Collateral Agent pursuant to the Indenture, the Trust was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of 

  

 Sch-C-1 

 
this Agreement, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No Dealer or
Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Trust has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the
related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 
 6. Possession of Original Copies. The Servicer, as custodian on behalf of the Trust, has in its possession all original copies of the contracts
that constitute or evidence the Receivable. 
  

 Sch-C-2 

 SCHEDULE D 
 TERMS AND CONDITIONS OF 
 DESIGNATED BACKUP SUBSERVICER 
 In the event that the Backup Servicer shall be appointed the successor Servicer or CenterOne shall be appointed the successor Servicer or as subservicer of the Servicer,
the following terms, conditions, and modifications to the Sale and Servicing Agreement shall apply; provided, that all modifications made to the Sale and Servicing Agreement on behalf of CenterOne shall apply to the Backup Servicer unless
otherwise noted: 
 Upon the notice to CenterOne that it shall be appointed as Servicer or subservicer, CenterOne shall develop a reasonable
transition plan and shall be granted a reasonable period of time, which shall not exceed 90 days, to implement such plan and assume the obligations of the Servicer and the servicing of the Receivables in accordance with its customary servicing
procedures, including a reasonable period of time to hire required personnel, load and configure the necessary information onto its computer systems, establish necessary cash management procedures, locate and contact the obligors to redirect
payments, and any other transition related item required or reasonably necessary to perform its obligations as Servicer or subservicer. 
 CenterOne shall service the Receivables in its own name from centralized locations using its own personnel and properties and shall have no liability arising from or responsibility for the personnel or properties of any other or predecessor
Servicer. All powers, rights and authorities granted to the Servicer are hereby granted to CenterOne and each of its Affiliates and agents as are necessary, appropriate or convenient to perform its functions as Servicer or subservicer. If CenterOne
shall be a subservicer, the Servicer shall deliver to CenterOne copies of all information delivered to or by it in its capacity as Servicer, and CenterOne’s obligations and liabilities shall be solely to the Servicer and not to any other party
or Person. Any provision requiring CenterOne to use best efforts shall require only reasonable efforts with respect thereto. 
 The level of
servicing performance provided by CenterOne is based on and subject to CenterOne maintaining an average of not greater than 375 collection accounts per dedicated full-time equivalent collection associate, together with attendant supervisory
personnel ratios in accordance with CenterOne’s customary servicing policies. In the event that the Controlling Party desires to decrease the minimum average number of accounts per dedicated full-time equivalent servicing associate, the Base
Servicing Fee and Supplemental Servicing Fee or other compensation to CenterOne will be adjusted by the mutual agreement of CenterOne and the Controlling Party. In the event that CenterOne is appointed Servicer or subservicer to the Servicer, its
obligations under the Agreement as Designated Backup Subservicer shall terminate and CenterOne shall be under no obligation to appoint a successor Designated Backup Subservicer. 
 “Base Servicing Fee” means, with respect to CenterOne as Servicer or subservicer, with respect to any Collection Period, the sum of
(1) the aggregate for each Receivable of the greater of (a) the Servicing Fee Rate times the Principal Balance of that Receivable as of the opening of 

 
business on the first day of such Collection Period times one twelfth and (b) $15.00 and (2) the expenses of CenterOne incurred in that Collection
Period. 
 “Additional Base Servicing Fee” means, the excess, if any, of the Base Servicing Fee calculated using $20.00 in clause
(b) of the definition thereof over the Base Servicing Fee calculated using $15.00 in clause (b) thereof. The Additional Base Servicing Fee will be paid pursuant to clause (x) of Section 5.7(b) of the Agreement. 
 Notwithstanding anything to the contrary in this Agreement, CenterOne shall not be required to service the Receivables in accordance with the second
sentence of Section 4.1 or the Credit and Collection Policy, but rather CenterOne shall service the Receivables with reasonable care, using that degree of skill and attention that CenterOne exercises with respect to all comparable automobile
receivables that it services for itself and others. CenterOne shall have no obligation to monitor the status of any Insurance Policy. 
 Notwithstanding Section 4.1(a), CenterOne shall not be required to engage an accounting firm to complete an operational audit or to deliver other internal or third party audits to the Insurer or any other Person. 
 Notwithstanding Section 4.2(a) or any other provision of the Basic Documents, CenterOne shall have no responsibility or obligation with respect to
any Dealer Agreement or Dealer Assignment, and shall have no obligation to enforce any provisions of those agreements. 
 CenterOne shall
have no obligation or purchase any Receivables pursuant to Section 4.2(c) or any other provision of the Basic Documents; provided, however, that CenterOne shall indemnify the Trust in an amount equal to the outstanding principal
balance of the applicable Receivable or Receivables plus accrued and unpaid interest thereon which would have otherwise been repurchased pursuant to Section 4.2(c); provided, further, that any future payments made on such
Receivable or Receivables and any proceeds with respect to such Receivables, including any Liquidation Proceeds with respect to the related Financed Vehicles, shall be used to reimburse CenterOne for any such indemnities paid pursuant to this
clause. 
 Notwithstanding Section 4.3(a) or any other provision of the Basic Documents, CenterOne shall have no obligation to pursue
any Dealer to realize upon a Receivable, and the reimbursement of CenterOne’s fees and expenses incurred in repossessing, liquidating or repairing a Financed Vehicle will not be limited to the cash proceeds of such Financed Vehicle and shall be
reimbursed on a monthly basis similar to other expenses of CenterOne. In the event that CenterOne shall pay any personal property taxes assessed on repossessed Financed Vehicles, it shall be entitled to reimbursement of such amount on a monthly
basis similar to other expenses of CenterOne. Notwithstanding the foregoing, reimbursements under this paragraph shall be limited to Liquidation Proceeds received in the aggregate. 
 Section 4.3(b), (c), (d) and (e) shall not apply to CenterOne. 
 Annually and upon the occurrence of a Level 2 Trigger Event, the Designated Backup Subservicer shall be required to: (1) conduct a site visit at
UACC’s main office and (2) refresh its data mapping of the servicing system. 

 Within 5 Business Days after receiving notice from the Servicer of the occurrence of a Level 3 Trigger
Event, the Designated Backup Subservicer shall provide to UACC revised payment instructions. 
 Section 4.4(a) and (e) shall not
apply to CenterOne. Notwithstanding Section 4.4(d), in the event that CenterOne shall sue to enforce or collect upon any Insurance Policy and it is held that CenterOne may not enforce an Insurance Policy on the grounds that it is not a real
party in interest or a holder entitled to enforce the Insurance Policy, any action taken by the Owner Trustee, the Trust Collateral Agent or any other person to enforce such Insurance Policy shall be the expense of the Trust and not the expense of
CenterOne, CenterOne being entitled to reimbursement for any such expenses. 
 Section 4.5(b) shall not apply to CenterOne. 

Section 4.6(b) shall not apply to CenterOne. 
 Notwithstanding Section 4.8 or any other provision of the Basic Documents, CenterOne shall be entitled to reimbursement for the expense incurred by it in connection with its activities under the Sale and
Servicing Agreement, including taxes (other than taxes on its own income) and expenses incurred in connection with distributions and reports made by the Servicer as described in Exhibit A to this Schedule D. CenterOne shall not be liable for any of
the fees and expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent, the Trustee, the Custodian, the Collateral Agent, any Independent Accountant or any other Person
other than its personnel. 
 Notwithstanding Sections 4.10, 4.11, 4.12, 8.5, 12.18 or any other provisions of the Agreement, CenterOne shall
have no obligation or liability with respect to or have any obligation to cause any Person other than CenterOne and the Subservicers and Subcontractors retained by it to perform its servicing duties under the Agreement to deliver any information,
report, certification, accountant’s letter or attestation or other material specified in Sections 4.10, 4.11, 4.12, 8.5, 12.18 or any other provisions of the Agreement requiring such compliance with Regulation AB, and in connection with any
remaining obligation of CenterOne in connection therewith, CenterOne shall only be required to use reasonable efforts to obtain or supply such material and shall be entitled to additional reasonable compensation therefore, including reimbursement of
its out-of-pocket expenses in connection therewith. 
 With respect to the annual independent accountants report pursuant to
Section 4.11, the report (A) shall relate only to the Receivables and CenterOne’s servicing of those Receivables, (B) the fees and expenses related thereto shall be reimbursable expenses of CenterOne, and (C) the
independence of the accountants will be with respect to only CenterOne and its affiliates, not the Seller or UACC. 
 Notwithstanding
Section 5.1 or any other provision of the Basic Documents, CenterOne shall have no obligation or liability for failure to direct the form of investment in any account, establish any new Trust Account or notify any party if a Trust Account shall
not be an Eligible Trust Account. 

 Section 5.7(d) shall not apply to CenterOne. 
 CenterOne hereby makes the representation and warranty in Section 8.1(b); provided, that such representation and warranty in Section 8.1(b)
shall be limited to those licenses and approvals the failure of which to maintain would have a material adverse effect on the ability of CenterOne to perform its obligations under the Agreement, and the representation and warranty contained in
Section 8.1(g)(D) shall not apply to CenterOne. 
 CenterOne shall have no obligation or liability under Section 8.2(c).

 Notwithstanding Section 8.6, in the event that (a) CenterOne is removed as Servicer or subservicer of the Servicer unless a
Servicer Termination Event with respect to CenterOne has occurred and is continuing or (b) all or substantially all of the Receivables are sold by the trust in connection with an Event of Default, CenterOne shall be entitled to a termination
fee, immediately payable in cash as part of the Base Servicing Fee, in an amount equal to six times the average monthly fee of CenterOne over the preceding four Collection Periods. 
 Notwithstanding Section 9.1, in the event that CenterOne shall be appointed the successor Servicer or subservicer of the Servicer, each of, and
solely, the following shall constitute a “Servicer Termination Event” with respect to CenterOne: 
  

	 	1.	Any failure by CenterOne to deposit to the Collection Account any amount required to be deposited therein that continues unremedied for a period of two Business Days after written
notice thereof shall have been given to CenterOne by the Trustee or the Insurer. 

  

	 	2.	Failure by CenterOne to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer’s
Certificate by the Determination Date that continues unremedied for a period of two Business Days; 

  

	 	3.	Failure on the part of CenterOne duly to observe or perform any other covenants or agreements of CenterOne set forth in this Agreement which failure (i) materially and
adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and (ii) continues unremedied for a
period of 30 days after the earlier of (x) knowledge thereof by CenterOne, or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to CenterOne by the Trust Collateral Agent or the
Insurer (or, if an Insurer Default shall have occurred and be continuing, by any Noteholder); 

  

	 	4.	 The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of CenterOne in an involuntary case under the federal
bankruptcy laws, as now or hereafter in effect, 

	 	 
or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of CenterOne or of any substantial part of its property or ordering the winding up or liquidation of the affairs of CenterOne and the continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within
60 days; 

  

	 	5.	The commencement by CenterOne of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy,
insolvency or similar law, or the consent by CenterOne to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of CenterOne or of any substantial part of its property
or the making by CenterOne of an assignment for the benefit of creditors or the failure by CenterOne generally to pay its debts as such debts become due or the taking of corporate action by CenterOne in furtherance of any of the foregoing; or

  

	 	6.	Any representation, warranty or statement of CenterOne made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in
any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust, the Insurer or the Noteholders and, within 30 days after
knowledge thereof by CenterOne or after written notice thereof shall have been given to CenterOne by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or
condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured in all material respects. 

 Article X shall not apply to CenterOne. 
 Section 11.4(a) shall not apply to CenterOne; provided, however, that CenterOne shall provide any information or certificates to the Seller regarding CenterOne which the Seller is required to provide to the Commission. 

 EXHIBIT A TO SCHEDULE D 
 FEE SCHEDULE OF THE 
 DESIGNATED BACKUP SUBSERVICER 
  

					
	Fees	  		  	
			
	 Back-up Servicing
	  		  	
			
	 Set-Up Fee:
	  		  	$3,000
			
	 Monthly Fee:
	  	the greater of	  	2.0 bsp or
		  		  	$1,000
	 Successor Servicing
	  		  	
			
	 Boarding Fee/Expense
	  		  	$5.00 per contract
			
	 Monthly Fee:
	  	the greater of	  	300 bsp or
		  		  	$20.00 per contract
			
	 Monthly Servicing Fee:
	  		  	$5,000

 PASS THRU EXPENSES: 
 Pass through expenses listed include but, are not limited to the following items: 
 Back-up Servicing 
  

	 	•	 	Costs associated with due-diligence effort, including travel 

  

	 	•	 	Legal fees 

 Transition Period Servicing – (items related to
the transfer of servicing from the branch offices to CenterOne’s centralized approach) 
  

	 	•	 	Travel 

  

	 	•	 	Document packaging and shipments 

  

	 	•	 	Obligor letters (welcome and good-bye) and mailing costs 

 Successor
Servicing 
  

	 	•	 	Third party insurance or insurance tracking 

  

	 	•	 	Third-party audit fees 

  

	 	•	 	Legal fees 

  

	 	•	 	Statement and mailing costs 

  

	 	•	 	Costs related to repossession and liquidation processes (including the replevin process) 

  

	 	•	 	Costs related to the collection or preservation of active accounts (including third-party skip tracing and field calls) 

  

	 	•	 	Bankruptcy fees 

  

	 	•	 	Lockbox fees and bank charges 

  

	 	•	 	Boarding fee/expense 

 ASSUMPTIONS: 
  

	 	•	 	After the transition period, all administrative fees including but, not limited to late fees, NSF and Phone Pay fee income will be retained by CenterOne. 

 

	 	•	 	Monthly duties are limited to receiving a month-end file from UPFC and comparing the summarized results to the month-end servicer statement/certificate. 

  

	 	•	 	The Successor Servicing fee assumes a 375 to one collection account to collection associate ratio. Any additional presence required would need to be addressed through a different
fee arrangement. 

  

	 	•	 	CenterOne also recognizes that $5 of the $20 minimum servicing fee may be paid in a later spot in waterfall. 

 EXHIBIT A 
 [RESERVED] 

 EXHIBIT B 
 SERVICER’S CERTIFICATE 

 EXHIBIT C 
 [Reserved] 

 EXHIBIT D 
 FORM OF REQUEST FOR RELEASE 
 DATE: 
 TO: 
  

	RE:	REQUEST FOR RELEASE OF DOCUMENTS 

 In
connection with your administration of the Receivables, we request the release of the Receivable File(s) described below. 
 Agreement Dated: 
 Series #: 
 Loan #: 
 Borrower Name(s): 

			
	Reason for Document Request:	 	  

	
	  
	  

  

			
	PLEASE DELIVER THE RECEIVABLE FILE(S) TO	 	  

			
	  

 “We hereby certify that all amounts received or to be received in connection with such payments which are
required to be deposited have been deposited as provided in the Sale and Servicing Agreement.” 
  

	
	   
	 [Name of Servicer]

	 Authorized Signature

 *********************************************************************************************************** 
 TO CUSTODIAN: Please acknowledge this
request, and check off documents being enclosed with a copy of this form. You should retain this form for your files in accordance with the terms of the Sale and Servicing Agreement. 
 Enclosed Documents: 
  

	
	 Name

	   

	
	 Title

	   

 Date 

 EXHIBIT E 
 ASSESSMENTS OF COMPLIANCE AND ATTESTATION REPORTS SERVICING 
 CRITERIA1 
  

					
	Reg. AB Item 1122(d) Servicing Criteria	  	Custodian
	(1)	 	 General Servicing Considerations
	  	
	    (i)	 	monitoring performance or other triggers and events of default	  	
	    (ii)	 	monitoring performance of vendors of activities outsourced	  	
	    (ii)	 	maintenance of back-up servicer for pool assets	  	
	    (iv)	 	fidelity bond and E&O policies in effect	  	
	(2)	 	 Cash Collection and Administration
	  	
	    (i)	 	timing of deposits to custodial account	  	
	    (ii)	 	wire transfers to investors by authorized personnel	  	
	    (iii)	 	advances or guarantees made, reviewed and approved as required	  	
	    (iv)	 	accounts maintained as required	  	
	    (v)	 	accounts at federally insured depository institutions	  	
	    (vi)	 	unissued checks safeguarded	  	
	    (vii)	 	monthly reconciliations of accounts	  	
	(3)	 	 Investor Remittances and Reporting
	  	
	    (i)	 	investor reports	  	
	    (ii)	 	remittances	  	
	    (iii)	 	proper posting of distributions	  	
	    (iv)	 	reconciliation of remittances and payment statements	  	
	(4)	 	 Pool Asset Administration
	  	
	    (i)	 	maintenance of pool collateral	  	X
	    (ii)	 	safeguarding of pool assets/documents	  	X
	    (iii)	 	additions, removals and substitutions of pool assets	  	
	    (iv)	 	posting and allocation of pool asset payments to pool assets	  	

	*	The descriptions of the Item 1122(d) servicing criteria use key words and phrases and are not verbatim recitations of the servicing criteria. Refer to Regulation AB,
Item 1122 for a full description of servicing criteria. 

					
	Reg. AB Item 1122(d) Servicing Criteria	  	Custodian
	    (v)	 	reconciliation of servicer records	  	
	    (vi)	 	modifications or other changes to terms of pool assets	  	
	    (vii)	 	loss mitigation and recovery actions	  	
	    (viii)	 	records regarding collection efforts	  	
	    (ix)	 	adjustments to variable interest rates on pool assets	  	
	    (x)	 	matters relating to funds held in trust for obligors	  	
	    (xi)	 	payments made on behalf of obligors (such as for taxes or insurance)	  	
	    (xii)	 	late payment penalties with respect to payments made on behalf of obligors	  	
	    (xiii)	 	records with respect to payments made on behalf of obligors	  	
	    (xiv)	 	recognition and recording of delinquencies, charge-offs and uncollectible accounts	  	
	    (xv)	 	maintenance of external credit enhancement or other support	  	

 EXHIBIT F 
 FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	The Sale and Servicing Agreement dated as of [            ], 200[  ] (the “Agreement”), among
                         (the “Seller”),
                     (the “Servicer”) and             
20[    ]-[    ] (the “Issuer”). 

 I,
                                        ,
the
                                        
     of [NAME OF COMPANY] (the “Company”), certify to the Issuer and the Depositor, and their officers, with the knowledge and intent that they will rely upon this certification, that: 
 (1) I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of Regulation AB (the
“Compliance Statement”), the report on assessment of the Company’s compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance with Rules 13a-18
and 15d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), the registered public accounting firm’s attestation report provided in
accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing reports, officer’s certificates and other information relating to the servicing of
the Receivables by the Company during 200[ ] that were delivered by the Company to the Issuer and the Depositor pursuant to the Agreement (collectively, the “Company Servicing Information”); 
 (2) Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;

 (3) Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the
Agreement has been provided to the Issuer and the Depositor; 
 (4) I am responsible for reviewing the activities performed by
the Company as servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report,
the Company has fulfilled its obligations under the Agreement in all material respects; and 
 (5) The Compliance Statement
required to be delivered by the Company pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor pursuant to the 

 
Agreement, have been provided to the Issuer, the Depositor and the Trustees. Any material instances of noncompliance described in such reports have been
disclosed to the Issuer and the Depositor. Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports. 
  

			
		
	 Date:
	 	  
		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

 EXHIBIT G 
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
 The assessment of compliance to be
delivered by the Servicer, shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria” applicable to the Servicer: 
  

					
	 Reference
	  	 Criteria
	  	 
			
		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing
activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the receivables are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction agreements.	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on receivables are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of
days specified in the transaction agreements.	  	
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in
the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to
commingling of cash) as set forth in the transaction agreements.	  	
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured
depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	

					
	 Reference
	  	 Criteria
	  	 
			
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations
are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared
the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	
			
		  	Investor Remittances and Reporting	  	
			
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such
reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of receivables serviced by the Servicer.	  	
			
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	
			
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction
agreements.	  	
			
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	
			
		  	Pool Asset Administration	  	
			
	 1122(d)(4)(i)
	  	Collateral or security on receivables is maintained as required by the transaction agreements or related receivables documents.	  	
			
	 1122(d)(4)(ii)
	  	Receivables and related documents are safeguarded as required by the transaction agreements	  	
			
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	 1122(d)(4)(iv)
	  	Payments on receivables, including any payoffs, made in accordance with the related receivables documents are posted to the Servicer’s obligor records maintained no more than two
business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related receivables documents.	  	
			
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the receivables agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s receivables (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with
usual customary procedures.	  	
			
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with usual customary procedures.	  	

					
	 Reference
	  	 Criteria
	  	 
			
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period a receivable is delinquent in accordance with the transaction agreements. Such records are maintained on at least a
monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent receivables including, for example, phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or unemployment).	  	
			
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for receivables with variable rates are computed based on the related receivables documents.	  	
			
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s receivables documents, on at least an annual
basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable receivables documents and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related receivables, or such other number of days specified in the transaction agreements.	  	
			
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for
such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment
was due to the obligor’s error or omission.	  	
			
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the
transaction agreements.	  	
			
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  

			
		
	 By:
	 	  
		 	 Name:

		 	 Title:Insurance Agreement

 Exhibit 10.2 
 EXECUTION COPY 

 MBIA INSURANCE CORPORATION, 
 as Insurer 
 UPFC AUTO RECEIVABLES TRUST
2006-A, 
 as Issuer 
 UNITED AUTO
CREDIT CORPORATION, 
 Individually and as Servicer 
 UPFC AUTO RECEIVABLES CORP., 
 as Seller 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Trustee, as Trust Collateral Agent, as Collateral Agent, and as Backup Servicer 
 INSURANCE AGREEMENT 
 UPFC Auto Receivables Trust 2006-A 
 Class A-1 Notes, Class A-2 Notes and Class A-3 Notes 
 Dated as of June 15, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE I	  	
		
	 DEFINITIONS
	  	1
			
		  	ARTICLE II	  	
		  	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	
			
	 Section 2.01.
	  	Representation and Warranties of UACC, the Servicer and the Seller	  	6
			
	 Section 2.02.
	  	Affirmative Covenants of the Servicer, UACC and the Seller	  	10
			
	 Section 2.03.
	  	Negative Covenants of UACC, the Servicer and the Seller	  	16
			
	 Section 2.04.
	  	Representations and Warranties of the Issuer.	  	17
			
	 Section 2.05.
	  	Affirmative Covenants of the Issuer.	  	20
			
	 Section 2.06.
	  	Negative Covenants of the Issuer.	  	22
			
	 Section 2.07.
	  	[Reserved]	  	23
			
		  	ARTICLE III	  	
		  	THE POLICY; REIMBURSEMENT	  	
			
	 Section 3.01.
	  	Issuance of the Policy	  	23
			
	 Section 3.02.
	  	Payment of Fees and Premium	  	26
			
	 Section 3.03.
	  	Reimbursement and Additional Payment Obligation	  	26
			
	 Section 3.04.
	  	Indemnification; Limitation of Liability	  	28
			
	 Section 3.05.
	  	Payment Procedure	  	30
		  	ARTICLE IV	  	
		  	FURTHER AGREEMENTS	  	
			
	 Section 4.01.
	  	Effective Date; Term of the Insurance Agreement	  	30
			
	 Section 4.02.
	  	Further Assurances and Corrective Instruments	  	31
			
	 Section 4.03.
	  	Obligations Absolute	  	31
			
	 Section 4.04.
	  	Assignments; Reinsurance; Third-party Rights	  	33
			
	 Section 4.05.
	  	Liability of the Insurer	  	33
			
	 Section 4.06.
	  	Parties Will Not Institute Insolvency Proceedings	  	34
			
	 Section 4.07.
	  	UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust
Collateral Agent, the Collateral Agent, and the Backup Servicer To Join in Enforcement Action	  	34
			
	 Section 4.08.
	  	Subrogation	  	34
			
	 Section 4.09.
	  	Insurer’s Rights Regarding Actions, Proceedings or Investigations	  	34

  

 ii 

					
	 Section 4.10.
	  	Specified Impaired Amount Report	  	36
			
	 Section 4.11.
	  	Insurer Financial Statements	  	36
		  	ARTICLE V	  	
		  	DEFAULTS; REMEDIES	  	
			
	 Section 5.01.
	  	Defaults	  	36
			
	 Section 5.02.
	  	Remedies; No Remedy Exclusive	  	39
			
	 Section 5.03.
	  	Waivers	  	39
		  	ARTICLE VI	  	
		  	MISCELLANEOUS	  	
			
	 Section 6.01.
	  	Amendments, Etc	  	40
			
	 Section 6.02.
	  	Notices	  	40
			
	 Section 6.03.
	  	Severability	  	41
			
	 Section 6.04.
	  	Governing Law	  	41
			
	 Section 6.05.
	  	Consent to Jurisdiction	  	42
			
	 Section 6.06.
	  	Consent of the Insurer	  	42
			
	 Section 6.07.
	  	Counterparts	  	42
			
	 Section 6.08.
	  	Headings	  	42
			
	 Section 6.09.
	  	Trial by Jury Waived	  	42
			
	 Section 6.10.
	  	Limited Liability	  	43
			
	 Section 6.11.
	  	Entire Agreement	  	44
		
	[Remainder of page intentionally blank; signature page follows]	  	44

  

 ii 

 INSURANCE AGREEMENT 
 INSURANCE AGREEMENT (this “Insurance Agreement”), dated as of June 15, 2006 by and among UPFC AUTO RECEIVABLES TRUST 2006-A, as Issuer (the “Issuer”), UPFC AUTO RECEIVABLES
CORP., as Seller (the “Seller”), UNITED AUTO CREDIT CORPORATION, individually (“UACC”) and in its capacity as Servicer under the Sale and Servicing Agreement described below (together with its permitted successors and
assigns, the “Servicer”), MBIA INSURANCE CORPORATION, as Insurer (the “Insurer”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee (the “Trustee”), as Trust Collateral Agent (the “Trust Collateral
Agent”), as Collateral Agent (the “Collateral Agent”), and as Backup Servicer (the “Backup Servicer”). 
 WHEREAS,
the Indenture dated as of May 31, 2006 relating to UPFC Auto Receivables Trust 2006-A Class A-1 Notes, Class A-2 Notes and Class A-3 Notes, (the “Obligations”), between the Issuer, the Trustee and the Trust Collateral
Agent (the “Indenture”) provides for, among other things, the issuance of asset backed notes representing debt obligations secured by the collateral pledged thereunder and the Insurer has agreed to issue its Note Guaranty Insurance Policy
(the “Policy”) that guarantees certain payments on the Obligations; and 
 WHEREAS, the Insurer shall be paid an insurance premium
pursuant to the Sale and Servicing Agreement and the details of such premium are set forth herein; and 
 WHEREAS, UACC, the Servicer, the
Backup Servicer, the Trustee, the Collateral Agent, the Trust Collateral Agent, the Seller and the Issuer have undertaken certain obligations in consideration of the Insurer’s issuance of the Policy; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS

 The terms defined in this Article I shall have the meanings provided herein for all purposes of this Insurance Agreement, unless
the context clearly requires otherwise, in both singular and plural form, as appropriate. Unless the context clearly requires otherwise, all capitalized terms used herein and not otherwise defined in this Article I shall have the meanings
assigned to them in the Sale and Servicing Agreement or the Indenture, as applicable. All words used herein shall be construed to be of such gender or number as the circumstances require. This “Insurance Agreement” shall mean this
Insurance Agreement as a whole and as the same may, from time to time hereafter, be amended, supplemented or modified. The words “herein,” “hereby,” “hereof,” “hereto,” “hereinabove” and
“hereinbelow,” and words of similar import, refer to this Insurance Agreement as a whole and not to any particular paragraph, clause or other subdivision hereof, unless otherwise specifically noted. 
 “Bankruptcy Code” means 11 U.S.C. §§ 101, et seq., as amended. 

 “Business Day” means any day other than (a) a Saturday or a Sunday or (b) a
day on which banking institutions in the states of California, Delaware or New York are authorized or obligated by law or executive order to be closed. 
 “Capitalized Lease” means all monetary obligations of a Person under any lease or similar arrangement of such Person which, in accordance with GAAP, should be capitalized or classified as capitalized
leases on the balance sheet of such Person and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Change of Control” means (i) a transfer of ownership or grant by UPFC or any of its Affiliates of any membership or ownership
interest in UPFC or any of its Affiliates or amendment or change in the organizational documents or operating agreements of UPFC or any of its Affiliates as a result of which Guillermo Bron ceases to own, hold or Control more than 25 percent of the
voting interests in UPFC or any of its Affiliates or (ii) United PanAm Financial Corp. ceases to be a publicly traded company. 
 “Code” means the Internal Revenue Code of 1986, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
 “Collateral Agent” means Deutsche Bank Trust Company Americas, a national banking association, as collateral agent under the Spread
Account Agreement, and any successor to the Collateral Agent under the Spread Account Agreement. 
 “Commission” means the
Securities and Exchange Commission. 
 “Control” or “Controlled By” shall mean the possession, direct or indirect,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or membership interest, by contract or otherwise, and, without limiting the generality of the foregoing, any
Person who, individually or with his immediate family or any other Affiliate, directly or indirectly owns or holds 25 percent or more of the voting interest or equity interest in any other Person shall be deemed to Control such other Person.

 “Date of Issuance” means the date on which the Policy is issued as specified therein. 
 “Default” means any event which results, or which with the giving of notice or the lapse of time or both would result, in an Insurance
Agreement Event of Default. 
 “EBITDA” for a twelve month period of determination shall mean the sum of UPFC’s pretax
earnings from continuing operations, Interest Expense and depreciation, depletion, and amortization of tangible and intangible assets, before extraordinary gains, minority interests, and miscellaneous gains and losses, in each case for such period,
computed, calculated and determined on a consolidated basis for UPFC in accordance with GAAP. 
 “Financial Statements”
means, with respect to UPFC, the consolidated balance sheets and the statements of income, retained earnings and cash flows and the notes thereto which have been provided to the Insurer. 
  

 2 

 “Fiscal Agent” means the Fiscal Agent, if any, designated pursuant to the terms of the
Policy. 
 “GAAP” means generally accepted accounting principles, including principles of consolidation, applied on a
consistent basis. 
 “Indebtedness” means at any time and with respect to any Person (and without duplication) all items of
indebtedness, obligation or liability of such Person, whether matured or unmatured, liquidated or unliquidated, direct or contingent, joint or several, including, without limitation or duplication: (a) all obligations of such Person for
borrowed money, (b) all indebtedness secured by Liens on property owned by such Person, whether or not the Indebtedness secured thereby should have been assumed or guaranteed by such Person, (c) guaranties and endorsements (other than for
purposes of collection in the ordinary course of business) by such Person and other contingent obligations of such Person in respect of, or to purchase or otherwise acquire, indebtedness or obligations of others,(d) all Capitalized Leases of such
Person, (e) all indebtedness and obligations of others guaranteed by such Person, (f) all obligations of such Person to pay a specified purchase price for goods or services, whether or not delivered or accepted (i.e., take-or-pay and
similar obligations), (g) all obligations of such Person under any interest rate swap program or any similar agreement, arrangement or undertaking relating to fluctuations in interest rate, (h) all obligations of such Person in respect to
letters of credit, under acceptance facilities, in respect of unfunded vested benefits under any Plan, in respect of foreign currency exchange agreements and in respect of deferred compensation agreements or arrangements, (i) all obligations of
such Person to pay the deferred purchase price of property or services and (j) all obligations of such Person to advance funds to, or purchase or lease assets, property or services from, any other Person in order to maintain the financial
condition of such Person. 
 “Indemnification Agreement” means the Indemnification Agreement dated as of June 6, 2006
among the Insurer, UACC and Deutsche Bank Securities. 
 “Indenture” means the Indenture dated as of June 1, 2006 among
the Issuer, the Trust Collateral Agent and the Trustee as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
 “Insurance Agreement Event of Default” means any event of default specified in Section 5.01 hereof. 
 “Interest Expense” for a twelve month period of determination shall mean UPFC’s total gross interest expense during such period (excluding interest income), and shall in any event include,
without limitation, (i) interest expensed (whether or not paid) on all Indebtedness of each of the Servicer and UPFC, (ii) the amortization of debt discounts, (iii) the amortization of all fees payable in connection with the
incurrence of Indebtedness of either of the Servicer or UPFC to the extent included in interest expense, and (iv) the portion of any Capitalized Lease obligation allocable to interest expense, in each case for such period, computed, calculated
and determined on a consolidated basis for UPFC in accordance with GAAP. . 
  

 3 

 “Investment Company Act” means the Investment Company Act of 1940, including, unless the
context otherwise requires, the rules and regulations thereunder, as amended. 
 “Late Payment Rate” means, for any date of
determination, the rate of interest as it is publicly announced by Citibank, N.A. at its principal office in New York, New York as its prime rate (any change in such prime rate of interest to be effective on the date such change is
announced by Citibank, N.A.) plus 2%. The Late Payment Rate shall be computed on the basis of a year of 365 days, calculating the actual number of days elapsed. In no event shall the Late Payment Rate exceed the maximum rate permissible under
any applicable law limiting interest rates. 
 “Liabilities” shall have the meaning ascribed to such term in Section
3.04(a) hereof. 
 “Losses” means (a) any actual out-of-pocket loss paid by the Insurer or its respective parents,
subsidiaries and affiliates or any shareholder, director, officer, employee, agent or any “controlling person” (as such term is used in the Securities Act) of any of the foregoing and (b) any actual out-of-pocket costs and expenses
paid by such party, including reasonable fees and expenses of its counsel, to the extent not paid, satisfied or reimbursed from funds provided by any other Person (provided that the foregoing shall not create or imply any obligation to pursue
recourse against any such other Person). 
 “Material Adverse Change” means, in respect of any Person, a material adverse
change in (a) the business, financial condition, results of operations or properties of such Person or (b) the ability of such Person to perform its obligations under any of the Transaction Documents. 
 “Moody’s” means Moody’s Investors Service, Inc., a Delaware corporation, and any successor thereto, and, if such corporation
shall for any reason no longer perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized rating agency designated by the Insurer. 
 “Obligor” means the original obligor under each Receivable, including any guarantor of such obligor and their respective successors.

 “Offering Document” means the Prospectus dated June 5, 2006 and the Prospectus Supplement thereto dated June 6,
2006 of the Issuer in respect of the Obligations (and any amendment or supplement thereto) and any other offering document in respect of the Obligations prepared by UACC, the Servicer, the Seller or the Issuer that makes reference to the Policy.

 “Opinion Facts and Assumptions” means the facts and assumptions contained in the insolvency opinion dated June 15,
2006 by Mitchell Silberberg & Knupp LLP and the officer’s certificates attached as exhibits thereto insofar as they relate to the Seller, the Issuer and UACC. 
 “Owner” shall have the meaning set forth in the Policy. 
 “Person” means an individual, joint stock company, trust, unincorporated association, joint venture, corporation, business or owner trust, limited liability company, partnership or other organization
or entity (whether governmental or private). 
  

 4 

 “Plan” means any employee pension benefit plan or welfare benefit plan subject to ERISA
or Section 401(a) of the Code, and in respect of which UPFC or any of its Affiliates is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA

 “Premium” means the premium payable in accordance with Section 3.02 hereof. 
 “Premium Letter” means the Premium Letter from the Insurer to UACC, the Issuer, the Trustee and the Trust Collateral Agent dated
June 15, 2006. 
 “Premium Percentage” shall have the meaning ascribed to such term in Section 3.02 hereof.

 “Sale Agreement” means the Sale Agreement dated as of June 1, 2006, between the Seller and UACC, as the same may be
amended or supplemented from time to time in accordance with the terms thereof. 
 “Sale and Servicing Agreement” means the
Sale and Servicing Agreement dated as of June 1, 2006 among the Issuer, the Seller, the Servicer, the Backup Servicer, the Custodian, the Trust Collateral Agent and the Designated Backup Subservicer, as the same may be amended or supplemented
from time to time in accordance with the terms thereof. 
 “Securities Act” means the Securities Act of 1933, including,
unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
 “Securities Exchange
Act” means the Securities Exchange Act of 1934, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
 “Specified Impaired Amount” means the aggregate Principal Balance of the Receivables subject to a Chapter 7 or Chapter 13 proceeding
under the Bankruptcy Code that are more than 120 days past due. 
 “S&P” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a securities rating agency, “S&P” shall be deemed to refer to any
other nationally recognized rating agency designated by the Insurer. 
 “Tangible Stockholders’ Equity” means
shareholders’ equity less goodwill. 
 “Tangible Net Worth” means, with respect to any Person, the net worth of such
Person calculated in accordance with GAAP, after subtracting therefrom the aggregate amount of such Person’s intangible assets, including, without limitation, goodwill, franchises, licenses, patents, trademarks, copyrights and service marks.

 “Term of the Insurance Agreement” shall be determined as provided in Section 4.01 hereof. 
  

 5 

 “Transaction” means the transactions contemplated by the Transaction Documents,
including the transactions described in the Transaction Documents. 
 “Transaction Documents” means this Insurance
Agreement, the Indemnification Agreement, the Indenture, the Trust Agreement, the Sale and Servicing Agreement, the Sale Agreement, the Underwriting Agreement, the P.O. Box Access Agreement, the Premium Letter, the Spread Account Agreement and the
Obligations. 
 “Trust Agreement” means the Amended and Restated Trust Agreement dated as of June 15, 2006 between the
Seller and Wells Fargo Delaware Trust Company, as Owner Trustee, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
 “Trust Collateral Agent” means Deutsche Bank Trust Company Americas, a New York banking corporation, as trust collateral agent under the Indenture, and any successor to the Trust Collateral Agent
under the Indenture. 
 “Trustee” means Deutsche Bank Trust Company Americas, as Trustee under the Indenture, and any
successor Trustee under the Indenture. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, including, unless the
context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
 “Underwriter” means
Deutsche Bank Securities. 
 “Underwriting Agreement” means the Underwriting Agreement between the Underwriter and the
Seller with respect to the offer and sale of the Obligations, as the same may be amended from time to time. 
 “UPFC” means
United Pan Am Financial Corp. 
 ARTICLE II 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 2.01. Representation and
Warranties of UACC, the Servicer and the Seller. UACC, the Servicer and the Seller represent, warrant and covenant as of the Date of Issuance, each as to those matters relating to itself, as follows: 
 (a) Due Organization and Qualification. UACC, the Servicer and the Seller are each a corporation, duly organized, validly
existing and in good standing under the laws of its respective jurisdiction of organization. Each of UACC, the Servicer and the Seller is duly qualified to do business, is in good standing and has obtained all licenses, permits, charters,
registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and as described in the Offering Document and the performance of its obligations under the Transaction Documents in each
jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Transaction Document unenforceable in any respect or would have a material adverse effect upon the Transaction, the Owners or the Insurer. 

 

 6 

 (b) Power and Authority. Each of the Servicer and the Seller has all
necessary power and authority to conduct its business as currently conducted and, as described in the Offering Document, to execute, deliver and perform its obligations under the Transaction Documents and to consummate the Transaction. 

(c) Due Authorization. The execution, delivery and performance of the Transaction Documents by UACC, the Servicer and the
Seller have been duly authorized by all necessary action and do not require any additional approvals or consents of, or other action by or any notice to or filing with, any Person, including, without limitation, any governmental entity or the
Servicer’s, UACC’s, or the Seller’s stockholders, which have not previously been obtained or given by the Servicer, UACC or the Seller. 
 (d) Noncontravention. None of the execution and delivery of the Transaction Documents by UACC, the Servicer or the Seller, the consummation of the transactions contemplated thereby or by the Offering
Document or the satisfaction of the terms and conditions of the Transaction Documents: 
 (i) conflicts with or results in any
breach or violation of any provision of the organizational documents of the Servicer, UACC or the Seller or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to the
Servicer, UACC or the Seller or any of their material properties, including regulations issued by an administrative agency or other governmental authority having supervisory powers over the Servicer, UACC or the Seller; 
 (ii) constitutes a default by the Servicer, UACC or the Seller under or a breach of any provision of any loan agreement, mortgage,
indenture or other agreement or instrument to which the Servicer, UACC or the Seller is a party or by which any of its or their respective properties, which are individually or in the aggregate material to the Servicer, UACC or the Seller, is or may
be bound or affected; or 
 (iii) results in or requires the creation of any lien upon or in respect of any assets of the
Servicer, UACC or the Seller, except as contemplated by the Transaction Documents. 
 (e) Legal Proceedings.
There is no action, proceeding or investigation by or before any court, governmental or administrative agency or arbitrator against or affecting the Servicer, UACC or the Seller, or any of its or their subsidiaries, or any properties or rights of
the Servicer, UACC or the Seller or any of its or their subsidiaries, pending or, to the Servicer’s, UACC’s or the Seller’s knowledge after reasonable inquiry, threatened, which in any case could reasonably be expected to result in a
Material Adverse Change with respect to UACC, the Servicer or the Seller. 
 (f) Valid and Binding Obligations.
The Obligations, when executed, authenticated and issued in accordance with the Indenture, and the Transaction Documents (other than the Obligations), when executed and delivered by the Servicer, the Seller and 

  

 7 

 
UACC, will constitute the legal, valid and binding obligations of the Servicer, UACC, the Seller, and the Trust, as applicable, enforceable in accordance
with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles and public policy
considerations as to rights of indemnification for violations of federal securities laws. None of the Servicer, UACC or the Seller will at any time in the future deny that the Transaction Documents constitute the legal, valid and binding obligations
of the Servicer, UACC, the Seller or the Trust, as applicable. 
 (g) Financial Statements. The Financial
Statements of UPFC, copies of which have been furnished to the Insurer by UACC, (i) are, as of the dates and for the periods referred to therein, complete and correct in all material respects, (ii) present fairly the financial condition
and results of operations of UPFC, as of the dates and for the periods indicated and (iii) have been prepared in accordance with generally accepted accounting principles consistently applied, except as noted therein (subject as to interim
statements to normal year-end adjustments). Since the date of the most recent Financial Statements, there has been no Material Adverse Change in respect of UPFC, UACC, the Seller or the Servicer. Except as disclosed in the Financial Statements,
UPFC, UACC, the Seller and the Servicer are not subject to any contingent liabilities or commitments that, individually or in the aggregate, have a material possibility of causing a Material Adverse Change in respect of UPFC, UACC, the Seller or the
Servicer. 
 (h) Compliance With Law, Etc. No practice, procedure or policy employed, or proposed to be
employed, by the Servicer, UACC or the Seller in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to any of them that, if enforced, could reasonably be expected to result in a Material Adverse
Change with respect to the Servicer, UACC or the Seller. The Servicer, UACC and the Seller are not in breach of or in default under any applicable law or administrative regulation of its respective jurisdiction of organization, or any department,
division, agency or instrumentality thereof or of the United States or any applicable judgment or decree or any loan agreement, note, resolution, certificate, agreement or other instrument to which the Servicer, UACC or the Seller is a party or
is otherwise subject which, if enforced, would have a material adverse effect on the ability of the Servicer, UACC or the Seller, as the case may be, to perform its respective obligations under the Transaction Documents. 
 (i) Taxes. The Servicer, UACC and the Seller and the Servicer’s, UACC’s and the Seller’s parent company or
companies have filed prior to the date hereof all federal and state tax returns that are required to be filed and paid all taxes, including any assessments received by them that are not being contested in good faith, to the extent that such taxes
have become due, except for any failures to file or pay that, individually or in the aggregate, would not result in a Material Adverse Change with respect to the Servicer, UACC or the Seller. 
 (j) Accuracy of Information. Neither the Transaction Documents nor other information relating to the Receivables, the
operations of the Servicer, UACC or the Seller (including servicing or origination of loans) or the financial condition of the Servicer, 

  

 8 

 
UACC or the Seller (collectively, the “Documents”), as amended, supplemented or superseded, furnished to the Insurer by the Servicer, UACC or the
Seller contains any statement of a material fact by the Servicer, UACC or the Seller which was untrue or misleading in any material adverse respect when made. None of the Servicer, UACC or the Seller has any knowledge of circumstances that could
reasonably be expected to cause a Material Adverse Change with respect to the Servicer, UACC or the Seller. Since the furnishing of the Documents, there has been no change or any development or event involving a prospective change known to the
Servicer, UACC or the Seller that would render any of the Documents untrue or misleading in any material respect. 
 (k)
Compliance With Securities Laws. The offer and sale of the Obligations comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws. Without limitation of the
foregoing, the Offering Document does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not
misleading; provided, however, that no representation is made with respect to the information in the Offering Document set forth under the headings “The Policy” and “The Insurer” or the consolidated financial statements of the
Insurer incorporated by reference in the Offering Document. Neither the offer nor the sale of the Obligations has been or will be in violation of the Securities Act or any other federal or state securities laws. The Trust is not required to be
registered as an “investment company” under the Investment Company Act. 
 (l) Transaction Documents.
Each of the representations and warranties of the Servicer, UACC and the Seller contained in the Transaction Documents is true and correct in all material respects, and the Servicer, UACC and the Seller hereby make each such representation and
warranty to, and for the benefit of, the Insurer as if the same were set forth in full herein. 
 (m) Solvency;
Fraudulent Conveyance. The Servicer, UACC and the Seller are solvent and will not be rendered insolvent by the Transaction and, after giving effect to the Transaction, none of the Servicer, UACC or the Seller will be left with an
unreasonably small amount of capital with which to engage in its business, nor does the Servicer, UACC or the Seller intend to incur, or believe that it has incurred, debts beyond its ability to pay as they mature. None of the Servicer, UACC or the
Seller contemplates the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of the Servicer, UACC or the Seller or any of
their assets. The amount of consideration being received by the Issuer upon the sale of the Obligations to the Underwriter constitutes reasonably equivalent value and fair consideration for the interest in the Receivables securing the Obligations.
UACC is not transferring the Receivables to the Seller, the Seller is not transferring the Receivables to the Issuer, the Issuer is not pledging the Receivables to the Trustee and the Issuer is not selling the Obligations to the Underwriter, as
provided in the Transaction Documents, with any intent to hinder, delay or defraud any of the Seller’s or UACC’s creditors. 
  

 9 

 (n) Principal Place of Business. 
 (i) The principal place of business of UACC and the Servicer is located in Newport Beach, California and UACC and the Servicer are a
corporation organized under the laws of the State of California. “United Auto Credit Corporation” is the correct legal name of UACC and the Servicer indicated on the public records of UACC’s and the Servicer’s jurisdiction of
organization which shows UACC and the Servicer to be organized. 
 (ii) The principal place of business of the Seller is
located in Newport Beach, California and the Seller is a corporation organized under the laws of the State of California. “UPFC Auto Receivables Corp.” is the correct legal name of the Seller indicated on the public records of the
Seller’s jurisdiction of organization which shows the Seller to be organized. 
 (o) Opinion Facts and
Assumptions. The Opinion Facts and Assumptions insofar as they relate to the Seller and UACC are true and correct as of the Date of Issuance. 
 Section 2.02. Affirmative Covenants of the Servicer, UACC and the Seller. The Servicer, UACC and the Seller hereby agree that during the Term of the Insurance Agreement, unless the Insurer
shall otherwise expressly consent in writing: 
 (a) Compliance With Agreements and Applicable Laws. The
Servicer, UACC and the Seller shall not be in default under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to it. None of the Servicer, UACC or the Seller shall agree to any
amendment to or modification of the terms of any Transaction Documents unless the Insurer shall have given its prior written consent. 
 (b) Corporate Existence. The Servicer, its successors and assigns, UACC, its successors and assigns, the Seller, its successors and assigns shall maintain their corporate or business trust existence and
shall at all times continue to be duly organized under the laws of their respective jurisdictions of organization and duly qualified and duly authorized (as described in section 2.01(a), (b) and (c) hereof) and shall conduct its business
in accordance with the terms of its certificate or articles of incorporation, bylaws and organizational documents. 
 (c)
Financial Statements; Accountants’ Reports; Other Information. The Servicer, UACC and the Seller shall keep or cause to be kept in reasonable detail books and records of account of their assets and business, including, but not
limited to, books and records relating to the Transaction. The Servicer and the Seller shall furnish or cause to be furnished to the Insurer: 
 (i) Annual Financial Statements. As soon as available, and in any event within 120 days after the close of each fiscal year of UPFC, the audited consolidated balance sheets of UPFC, and its subsidiaries as
of the end of such fiscal year and the related audited consolidated statements of income, changes in shareholders’ equity and cash flows for such fiscal year, all in reasonable detail 

  

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and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with
generally accepted accounting principles, consistently applied, and accompanied by the audit opinion of UPFC’s independent accountants (which shall be nationally recognized independent public accounting firms) and by the certificate specified
in Section 2.02(e) hereof. 
 (ii) Quarterly Financial Statements. As soon as available, and in any event within
90 days after each of the first three fiscal quarters of each fiscal year of UPFC, the unaudited consolidated balance sheets of UPFC and its subsidiaries as of the end of such fiscal quarter and the related unaudited consolidated statements of
income, changes in shareholders’ equity and cash flows for such fiscal quarter, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in
accordance with generally accepted accounting principles consistently applied and accompanied by the certificate specified in Section 2.02(e) hereof. 
 (iii) Initial and Continuing Reports. On or before the Closing Date, the Servicer will provide the Insurer a copy of the magnetic tape to be delivered to the Trustee, the Trust Collateral Agent and the Backup
Servicer on the Closing Date, setting forth, as to each Receivable, the information (as of the close of business on the prior day) required under the definition of “Schedule of Receivables” at Section 1.1 of the Sale and Servicing
Agreement. Thereafter, the Servicer shall deliver to the Insurer the reports required by Section 4.9 of the Sale and Servicing Agreement pursuant to the terms of Section 4.9 of the Sale and Servicing Agreement. 
 (iv) Computer Diskette. Upon request of the Insurer, the Servicer will deliver to the Insurer on a quarterly basis a computer
diskette containing a summary of the information provided to the Insurer pursuant to clause (iii) of this Section 2.02(c) and also containing information similar to the information provided in the Schedule of Receivables and any
supplements delivered to the Trust Collateral Agent and the Backup Servicer pursuant to the Sale and Servicing Agreement and described in Schedule A of the Sale and Servicing Agreement. 
 (v) Certain Information. Upon the reasonable request of the Insurer, the Servicer and the Seller shall promptly provide copies of
any requested proxy statements, financial statements, reports and registration statements which the Servicer or the Seller files with, or delivers to, the Commission or any national securities exchange. 
 (vi) Other Information. Promptly upon receipt thereof, copies of all schedules, financial statements or other similar reports
delivered to or by the Servicer or the Seller pursuant to the terms of the Transaction Documents and, promptly upon request, such other data as the Insurer may reasonably request. 
  

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 (vii) Information Regarding Warehouse Agreement. Promptly upon receipt thereof,
copies of (a) all requests for waiver or consent relating to the warehouse facility or agreement with Deutsche Bank AG, New York Branch (the “Deutsche Bank Warehouse Facility”) and (b) any notice of nonrenewal of the Deutsche
Bank Warehouse Facility. 
 All financial statements specified in clause (i) of this Section 2.02(c) shall be
furnished in consolidated form for UPFC and all its subsidiaries in the event UPFC shall consolidate its financial statements with its subsidiaries. 
 The Insurer agrees that it and its agents, accountants and attorneys shall keep confidential all financial statements, reports and other information delivered by the Servicer pursuant to this Section 2.02(c) to
the extent provided in Section 2.02(f) hereof. 
 (d) Monthly Compliance Certificate. The Servicer shall
deliver to the Insurer, on the 25th day of each month and if such day is not a Business Day then on the next Business Day a certificate signed by an officer of UACC: 
 (i) stating the most recent Tangible Net Worth for UPFC; 
 (ii) stating the amount of committed and in good standing warehouse facilities maintained by UACC; and 
 (iii) listing each Insurance Agreement Event of Default that has occurred. 
 (e) Compliance Certificate. UACC, the Servicer and the Seller shall deliver to the Insurer, concurrently with the delivery
of the financial statements required pursuant to Section 2.02(c)(i) and (ii) hereof, one or more certificates signed by an officer of UACC, an officer of the Servicer and an officer of the applicable Seller authorized to execute such
certificates on behalf of UACC, the Servicer and the Seller stating that: 
 (i) a review of the Servicer’s performance
under the Transaction Documents during such period has been made under such officer’s supervision; 
 (ii) to the best of
such individual’s knowledge following reasonable inquiry, no Default or Insurance Agreement Event of Default has occurred or, if a Default or Insurance Agreement Event of Default has occurred, specifying the nature thereof and, if the Servicer
has a right to cure, stating in reasonable detail (including, if applicable, any supporting calculations) the steps, if any, being taken by the Servicer to cure such Default or Insurance Agreement Event of Default or to otherwise comply with the
terms of the agreement to which such Default or Insurance Agreement Event of Default relates; 
 (iii) the attached financial
statements submitted in accordance with Section 2.02(c)(i) or (ii) hereof, as the case may be, are complete and correct in all material respects and present fairly the financial condition and results of operations of UACC, the Seller and
the Servicer as of the dates and for the periods indicated, in accordance with generally accepted accounting principles consistently applied; and 
  

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 (f) Access to Records; Discussions With Officers and Accountants. On an
annual basis, or upon the occurrence of a Material Adverse Change, a Default or an Insurance Agreement Event of Default UACC, the Servicer and the Seller shall, upon the reasonable request of the Insurer, permit the Insurer or its authorized agents
and the Backup Servicer: 
 (i) to inspect the books and records of UACC, the Servicer and the Seller as they may relate to
the Obligations, the obligations of UACC, the Servicer, or the obligations of the Seller under the Transaction Documents, and the Transaction; 
 (ii) to discuss the affairs, finances and accounts of UACC, the Servicer or the Seller with the applicable chief operating officer and chief financial officer; and 
 (iii) with UACC’s, the Servicer’s or the Seller’s consent, as applicable, which consent shall not be unreasonably withheld,
to discuss the affairs, finances and accounts of UACC, the Servicer or the Seller with UACC’s, the Servicer’s or the Seller’s independent accountants, provided that an officer of UACC, the Servicer or the Seller shall have the right
to be present during such discussions. 
 Such inspections and discussions shall be conducted during normal business hours and
shall not unreasonably disrupt the business of UACC, the Servicer or the Seller. The books and records of UACC shall be maintained at the address of UACC designated herein for receipt of notices, unless UACC shall otherwise advise the parties hereto
in writing. The books and records of the Seller shall be maintained at the address of the Seller designated herein for receipt of notices, unless the Seller shall otherwise advise the parties hereto in writing. The books and records of the Servicer
shall be maintained at the address of the Servicer designated herein for receipt of notices, unless the Servicer shall otherwise advise the parties hereto in writing. 
 The Insurer agrees that it and its shareholders, directors, agents, accountants and attorneys shall keep confidential any matter of which
it becomes aware through such inspections or discussions (unless readily available from public sources), except as may be otherwise required by regulation, law or court order or requested by appropriate governmental authorities or as necessary to
preserve its rights or security under or to enforce the Transaction Documents, provided that the foregoing shall not limit the right of the Insurer to make such information available to its regulators, securities rating agencies, reinsurers, credit
and liquidity providers, counsel and accountants. 
 (g) Notice of Material Events. UACC, the Servicer and the
Seller shall be obligated (which obligation shall be satisfied as to each if performed by UACC, the Servicer or the Seller) promptly to inform the Insurer in writing of the occurrence of any of the following to the extent any of the following relate
to it: 
  

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 (i) the submission of any claim or the initiation or threat of any legal process,
litigation or administrative or judicial investigation or rule making or disciplinary proceeding in any federal, state or local court or before any arbitration board, or any such proceeding threatened by any government agency, that has a reasonable
likelihood of being adversely determined and (A) if so determined, could have a material adverse effect on the Servicer, the Seller, the Owners or the Insurer, (B) would be required to be disclosed to the Commission or to the UACC’s,
the Servicer’s or the Seller’s shareholders or (C) would result in a Material Adverse Change with respect to UACC, the Servicer or the Seller; 
 (ii) any change in the location of the Servicer’s or the Seller’s principal office or any change in the location of
Servicer’s or the Seller’s books and records; 
 (iii) the occurrence of any Default or Insurance Agreement Event of
Default or of any Material Adverse Change; 
 (iv) the commencement of any proceedings by or against UACC, the Servicer or the
Seller under any applicable bankruptcy, reorganization, liquidation, rehabilitation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, conservator, trustee or similar official shall have
been, or may be, appointed or requested for UACC, the Servicer or the Seller or any of its or their assets; or 
 (v) the
receipt of notice that (A) UACC, the Servicer or the Seller is being placed under regulatory supervision, (B) any license, permit, charter, registration or approval necessary for the conduct of UACC’s, the Servicer’s or the
Seller’s business is to be or may be suspended or revoked, or (C) UACC, the Servicer or the Seller is to cease and desist any practice, procedure or policy employed by UACC, the Servicer or the Seller in the conduct of its business, which,
in any such case, may result in a Material Adverse Change with respect to UACC, the Servicer or the Seller or would have a material adverse effect on the Owners or the Insurer. 
 (h) Financing Statements and Further Assurances. The Servicer shall, at its own expense, promptly take, or cause to be
taken, such actions as may be necessary to (or as may be requested by the Insurer and, in the reasonable judgment of the Insurer, are necessary or desirable) (i) create and maintain the Indenture as a valid and perfected Lien covering the
Collateral and (ii) fully preserve and protect the perfected first priority security interest of the Trust Collateral Agent for the benefit of the Trust Secured Parties in, and all rights of the Trust Collateral Agent for the benefit of the
Trust Secured Parties with respect to, the Collateral, including, without limitation, the execution and filing of all necessary financing statements or other instruments, and any amendments or continuation statements relating thereto, necessary to
be kept and filed in such manner and in such places as may be required by law to preserve and protect fully the interest of the Trust Collateral Agent in the Collateral. In addition, each of the Servicer and the Seller agrees to cooperate with
S&P and Moody’s in connection with any review of the Transaction that 

  

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may be undertaken by S&P or Moody’s after the date hereof and to provide all information reasonably requested by S&P or Moody’s. In the
event that a successor servicer is appointed pursuant to the Sale and Servicing Agreement, the transition costs and expenses incurred by such successor servicer shall be paid in accordance with Section 5.7 of the Sale and Servicing Agreement.

 (i) Maintenance of Licenses. UACC, the Servicer and the Seller, respectively, or any successors thereof shall
maintain or cause to be maintained all licenses, permits, charters and registrations which are material to the conduct of its business. 
 (j) Redemption of Obligations. UACC, the Servicer and the Seller shall instruct the Trustee, upon redemption or payment in full of the Obligations pursuant to the Indenture or otherwise, to furnish to
the Insurer a notice of such redemption and, upon a redemption or payment in full of the Obligations, to surrender the Policy to the Insurer for cancellation. 
 (k) Disclosure Document. Each Offering Document delivered with respect to the Obligations shall clearly disclose that the
Policy is not covered by the property/casualty insurance security fund specified in Article 76 of the New York Insurance Law. 
 (l) Servicing of Receivables. The Servicer shall perform such actions with respect to the Receivables as are required by or provided in the Sale and Servicing Agreement. The Servicer will provide the Insurer with written
notice of any change or amendment to any Transaction Document as currently in effect. 
 (m) Maintenance of Security
Interest. On or before each February 28, beginning in 2007, so long as any of the Obligations are outstanding, the Servicer shall furnish to the Insurer and the Trust Collateral Agent an officers’ certificate either stating
that such action has been taken with respect to the recording, filing, rerecording and refiling of any financing statements and continuation statements as is necessary to maintain the interest of the Trust Collateral Agent created by the Indenture
with respect to the Collateral and reciting the details of such action or stating that no such action is necessary to maintain such interests. Such officers’ certificate shall also describe the recording, filing, rerecording and refiling of any
financing statements and continuation statements that will be required to maintain the interest of the Trust Collateral Agent in the Collateral until the date such next officers’ certificate is due. The Servicer will use its best efforts to
cause any necessary recordings or filings to be made with respect to the Collateral. 
 (n) Closing Documents.
The Servicer shall provide or cause to be provided to the Insurer a loose transcript of the Transaction Documents and the Offering Document and an executed original copy of each document executed in connection with the Transaction within
60 days after the date of closing. Upon the request of the Insurer, the Servicer shall provide or cause to be provided to the Insurer a copy of each of the Transaction Documents on computer diskette, in a format acceptable to the Insurer.

  

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 (o) Preference Payments. With respect to any Preference Amount (as defined
in the Policy), the Servicer shall provide to the Insurer upon the request of the Insurer: 
 (i) a certified copy of the
final nonappealable order of a court having competent jurisdiction ordering the recovery by a trustee in bankruptcy as voidable preference amounts included in previous distributions under Section 5.7 of the Sale and Servicing Agreement to any
Owner pursuant to the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended (the “Bankruptcy Code”); 
 (ii) an opinion of counsel satisfactory to the Insurer, and upon which the Insurer shall be entitled to rely, stating that such order is final and is not subject to appeal; 
 (iii) an assignment in such form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of
the Servicer, the Trustee and any Owner relating to or arising under the Receivable against the debtor which made such preference payment or otherwise with respect to such preference amount; and 
 (iv) appropriate instruments to effect (when executed by the affected party) the appointment of the Insurer as agent for the Trustee and
any Owner in any legal proceeding relating to such preference payment being in a form satisfactory to the Insurer. 
 Section 2.03. Negative Covenants of UACC, the Servicer and the Seller. UACC, the Servicer and the Seller hereby agree that during the Term of the Insurance Agreement, unless the Insurer shall otherwise
expressly consent in writing: 
 (a) Impairment of Rights. None of UACC, the Servicer or the Seller shall take
any action, or fail to take any action, if such action or failure to take action may result in a material adverse change as described in clause (b) of the definition of Material Adverse Change with respect to UACC, the Servicer or the Seller,
or may interfere with the enforcement of any rights of the Insurer under or with respect to the Transaction Documents. UACC, the Servicer or the Seller, as the case may be, shall give the Insurer written notice of any such action or failure to act
on the earlier of (i) the date upon which any publicly available filing or release is made with respect to such action or failure to act or (ii) promptly prior to the date of consummation of such action or failure to act. UACC, the
Servicer and the Seller shall furnish to the Insurer all information requested by it that is reasonably necessary to determine compliance with this Section (a). 
 (b) Adverse Selection Procedure. UACC, the Servicer and the Seller shall not use any adverse selection procedure in
selecting Receivables to be transferred to the Trust Collateral Agent from the outstanding Receivables that qualify under the Indenture or the Sale and Servicing Agreement for inclusion in the Collateral. 
 (c) Waiver, Amendments, Etc. None of UACC, the Servicer or the Seller shall waive, modify or amend, or consent to any
waiver, modification or amendment of, any of the terms, provisions or conditions of any of the Transaction Documents without the prior written consent of the Insurer. 
  

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 (d) Receivables; Charge off Policy. Except as otherwise permitted in the
Indenture or Sale and Servicing Agreement, the Servicer and the Seller shall not materially alter or amend any Receivable, their respective collection policies or their respective charge-off policies in a manner that materially adversely affects the
Insurer unless the Insurer shall have previously given its consent, which consent shall not be withheld unreasonably. 
 Section 2.04. Representations and Warranties of the Issuer. As of the Date of Issuance, the Issuer represents, warrants and covenants as follows: 
 (a) Due Organization and Qualification. The Issuer is a statutory trust and is duly organized and validly existing under the
laws of its jurisdiction of organization. The Issuer is duly qualified to do business and has obtained all licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as
currently conducted and as described in the Offering Document and the performance of its obligations under the Transaction Documents to which it is a party, in each jurisdiction in which the failure to be so qualified or to obtain such approvals
would render any Transaction Document to which it is a party unenforceable in any respect or would have a material adverse effect upon the Transaction, the Owner or the Insurer. 
 (b) Power and Authority. The Issuer has all necessary power and authority to conduct its business as currently conducted
and, as described in the Offering Document, to execute, deliver and perform its obligations under the Transaction Documents to which it is a party and to consummate the Transaction. 
 (c) Due Authorization. The execution, delivery and performance of the Transaction Documents by the Issuer have been duly
authorized by all necessary action and do not require any additional approvals or consents, or other action by or any notice to or filing with any Person, including, without limitation, any governmental entity or the Issuer’s
certificateholders, which have not previously been obtained or given by the Issuer. 
 (d) Noncontravention.
Neither the execution and delivery of the Transaction Documents by the Issuer, the consummation of the Transaction contemplated thereby or by the Offering Document nor the satisfaction of the terms and conditions of the Transaction Documents:

 (i) conflicts with or results in any breach or violation of any provision of the Trust Agreement or any law, rule,
regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to the Issuer or any of its material properties, including regulations issued by an administrative agency or other governmental
authority having supervisory powers over the Issuer; 
  

 17 

 (ii) constitutes a default by the Issuer under or a breach of any provision of any loan
agreement, mortgage, indenture or other agreement or instrument to which the Issuer is a party or by which any of its properties, which are individually or in the aggregate material to the Issuer, is or may be bound or affected; or 
 (iii) results in or requires the creation of any lien upon or in respect of any assets of the Issuer except as contemplated by the
Transaction Documents. 
 (e) Legal Proceedings. There is no action, proceeding or investigation by or before
any court, governmental or administrative agency or arbitrator against or affecting the Issuer or any properties or rights of the Issuer pending or, to the Issuer’s knowledge after reasonable inquiry, threatened, which, in any case, could
reasonably be expected to result in a Material Adverse Change with respect to the Issuer. 
 (f) Valid and Binding
Obligations. The Obligations, when executed, authenticated and issued in accordance with the Indenture and the Transaction Documents (other than the Obligations), when executed and delivered by the Issuer, will constitute the legal, valid
and binding obligations of the Issuer enforceable in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and general equitable principles and public policy considerations as to rights of indemnification for violations of federal securities laws. The Issuer will not at any time in the future deny that the Transaction Documents constitute the
legal, valid and binding obligations of the Issuer. 
 (g) Compliance With Law, Etc. No practice, procedure or
policy employed, or proposed to be employed, by the Issuer in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to it that, if enforced, could reasonably be expected to result in a Material
Adverse Change with respect to the Issuer. The Issuer is not in breach of or default under any applicable law or administrative regulation of its jurisdiction of organization, or any department, division, agency or instrumentality thereof or of the
United States or any applicable judgment or decree or any loan agreement, note, resolution, certificate, agreement or other instrument to which the Issuer is a party or is otherwise subject which, if enforced, would have a material adverse
effect on the ability of the Issuer, to perform its obligations under the Transaction Documents. 
 (h) Compliance With
Securities Laws. The offer and sale of the Obligations comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws. Without limitation of the foregoing, the Offering
Document does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading; provided, however,
that no representation is made with respect to the information in the Offering Document set forth under the heading “The Policy” and “The Insurer” or the consolidated financial statements of the Insurer incorporated by reference
in the Offering Document. Neither the offer nor the sale of the Obligations has been or will be in violation of the Securities Act or any other federal or state securities laws. 
  

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 (i) Taxes. The Issuer has filed prior to the date hereof all federal and
state tax returns that are required to be filed and paid all taxes, including any assessments received by them that are not being contested in good faith, to the extent that such taxes have become due, except for any failures to file or pay that,
individually or in the aggregate, would not result in a Material Adverse Change with respect to the Issuer. 
 (j)
Transaction Documents. Each of the representations and warranties of the Issuer contained in the Transaction Documents is true and correct in all material respects, and the Issuer hereby makes each such representation and warranty to,
and for the benefit of, the Insurer as if the same were set forth in full herein; provided that the remedy for any breach of this paragraph shall be limited to the remedies specified in the related Transaction Document or in this Insurance
Agreement. 
 (k) Solvency. The Issuer is solvent and will not be rendered insolvent by the Transaction and,
after giving effect to the Transaction, the Issuer will not be left with an unreasonably small amount of capital with which to engage in its respective business, nor does the Issuer intend to incur, or believe that it has incurred, debts beyond its
ability to pay as they mature. The Issuer does not contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of
the Issuer or any of its assets. 
 (l) Principal Place of Business. The principal place of business of the
Issuer is located in Wilmington, Delaware and the Issuer is a statutory trust organized under the laws of the State of Delaware. “UPFC Auto Receivables Trust 2006-A” is the correct legal name of the Issuer indicated on the public records
of the Issuer’s jurisdiction of organization which shows the Issuer to be organized. 
 (m) Investment Company
Act. The Issuer is not an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the
Investment Company Act. The Issuer is not required to be registered as an “investment company” under the Investment Company Act. 
 (n) No Consents. No authorization or approval or other action by, and no notice to or filing with, any Person, including, without limitation, any governmental entity or regulatory body, is required for
the due execution, delivery and performance by the Issuer of the Transaction Documents or any other material document or instrument to be delivered thereunder, except (in each case) such as have been obtained or the failure of which to be obtained
would not be reasonably likely to have a material adverse effect on the Transaction. 
 (o) No Material Event of
Default. There is no material event of default on the part of the Issuer under any agreement involving financial obligations which would materially adversely impact the financial condition or operations of the Issuer or its obligations under
any document associated with this Transaction. 
  

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 (p) Opinion Facts and Assumptions. The Opinion Facts and Assumptions
insofar as they relate to the Issuer are true and correct as of the Date of Issuance. 
 Section 2.05. Affirmative Covenants of the
Issuer. The Issuer hereby agrees that during the Term of the Insurance Agreement, unless the Insurer shall otherwise expressly consent in writing: 
 (a) Compliance With Agreements and Applicable Laws. The Issuer shall not be in default under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation
applicable to it. The Issuer shall not agree to any material amendment to or modification of the terms of any Transaction Documents unless the Insurer shall have given its prior written consent. 
 (b) Maintain Existence. The Issuer and its successors and assigns shall maintain its existence and shall at all times
continue to be duly organized under the laws of its jurisdiction and duly qualified and duly authorized and shall conduct its business in accordance with the terms of its organizational documents. 
 (c) Notice of Material Events. The Issuer shall be obligated promptly to inform the Insurer in writing of the occurrence of
any of the following to the extent any of the following relate to it and to the extent that it receives actual notice of the occurrence of any of the following events: 
 (i) the submission of any claim or the initiation or threat of any legal process, litigation or administrative or judicial investigation,
or rule making or disciplinary proceeding by or against the Issuer that (A) could be required to be disclosed to the Commission or to the Issuer’s owners or (B) could result in a Material Adverse Change with respect to the Issuer or
the promulgation of any proceeding or any proposed or final rule which would result in a Material Adverse Change with respect to the Issuer; 
 (ii) any change in the location of the Issuer’s principal office, jurisdiction of organization, legal name as indicated on the public records of the Issuer’s jurisdiction of organization which shows the
Issuer’s to be organized, or any change in the location of the Issuer’s books and records; 
 (iii) the occurrence
of any Default or Insurance Agreement Event of Default or of any Material Adverse Change; 
 (iv) the commencement of any
proceedings by or against the Issuer under any applicable bankruptcy, reorganization, liquidation, rehabilitation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, conservator, trustee
or similar official shall have been, or may be, appointed or requested for the Issuer or any of its assets; or 
  

 20 

 (v) the receipt of notice that (A) the Issuer is being placed under regulatory
supervision, (B) any license, permit, charter, registration or approval necessary for the conduct of the Issuer’s business is to be, or may be suspended or revoked, or (C) the Issuer is to cease and desist any practice, procedure or
policy employed by the Issuer in the conduct of its business, and such cessation may result in a Material Adverse Change with respect to the Issuer. 
 (d) Financing Statements and Further Assurances. To the extent provided in the Indenture, the Issuer will cause to be filed all necessary financing statements or other instruments, and any amendments or
continuation statements relating thereto, necessary to be kept and filed in such manner and in such places as may be required by law to preserve and protect fully the interest of the Trustee. The Issuer shall, upon the request of the Insurer, from
time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within 30 days of such request, such amendments hereto and such further instruments and take such further action as may be reasonably necessary
to effectuate the intention, performance and provisions of the Transaction Documents to which it is a party. In addition, the Issuer agrees to cooperate with S&P and Moody’s in connection with any review of the Transaction that may be
undertaken by S&P and Moody’s after the date hereof. 
 (e) Maintenance of Licenses. The Issuer, or any
successors thereof, shall maintain all licenses, permits, charters and registrations which are material to the conduct of its business. 
 (f) Third-Party Beneficiary. The Issuer agrees that the Insurer shall have all rights of a third-party beneficiary in respect of each Transaction Document and hereby incorporates and restates its
representations, warranties and covenants as set forth therein for the benefit of the Insurer. 
 (g) Tax
Matters. The Issuer will take all actions necessary to ensure that the Issuer is treated as a disregarded entity for federal income tax purposes and not as an association (or publicly traded partnership), taxable as a corporation.

 (h) Financial Statements; Accountants’ Reports; Other Information. The Issuer shall keep or cause to be
kept in reasonable detail books and records of account of its assets and business, including, but not limited to, books and records relating to the Transaction. The Issuer shall furnish or cause to be furnished to the Insurer promptly upon receipt
thereof, copies of all schedules, financial statements or other similar reports delivered to or by the Issuer pursuant to the terms of the Transaction Documents and, promptly upon request, such other data as the Insurer may reasonably request.

 (i) Access to Records; Discussions With Officers and Accountants. On an annual basis, or upon the occurrence
of a Material Adverse Change, the Issuer shall, upon the reasonable request of the Insurer, at its expense, permit the Insurer or its authorized agents: 
 (i) to inspect the books and records of the Issuer as they may relate to the Obligations, the obligations of the Issuer under the Transaction Documents, and the Transaction; 
  

 21 

 (ii) to discuss the affairs, finances and accounts of the Issuer; and 
 (iii) with the Issuer’s consent, as the case may be, which consent shall not be unreasonably withheld, to discuss the affairs,
finances and accounts of the Issuer with the Issuer’s independent accountants, provided that a representative of the Seller or the Issuer shall have the right to be present during such discussions. 
 Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the business of the
Issuer. The books and records of the Issuer will be maintained at the address of the Issuer designated herein for receipt of notices, unless the Issuer shall otherwise advise the parties hereto in writing. 
 The Insurer agrees that it and its shareholders, directors, agents, accountants and attorneys shall keep confidential any matter of which
it becomes aware through such inspections or discussions (unless readily available from public sources), except as may be otherwise required by regulation, law or court order or requested by appropriate governmental authorities or as necessary to
preserve its rights or security under or to enforce the Transaction Documents, provided that the foregoing shall not limit the right of the Insurer to make such information available to its regulators, securities rating agencies, reinsurers, credit
and liquidity providers, counsel and accountants. 
 Section 2.06. Negative Covenants of the Issuer. The Issuer hereby
agrees that during the Term of the Insurance Agreement, unless the Insurer shall otherwise expressly consent in writing: 
 (a) Impairment of Rights. The Issuer shall not take any action, or fail to take any action, if such action or failure to take action may result in a material adverse change as described in clause (b) of the definition of
Material Adverse Change with respect to the Issuer, or may interfere with the enforcement of any rights of the Insurer under or with respect to the Transaction Documents. The Issuer shall give the Insurer written notice of any such action or failure
to act on the earlier of: (i) the date upon which any publicly available filing or release is made with respect to such action or failure to act or (ii) promptly prior to the date of consummation of such action or failure to act. The
Issuer shall furnish to the Insurer all information requested by it that is reasonably necessary to determine compliance with this paragraph. 
 (b) Waiver, Amendments, Etc. Except in accordance with the Transaction Documents, the Issuer shall not waive, modify or amend, or consent to any waiver, modification or amendment of, any of the material
terms, provisions or conditions of the Transaction Documents without the consent of the Insurer. Except upon the prior written consent of the Insurer, the Issuer shall not allow the modification or amendment, nor consent to any modification or
amendment of the Certificate of Trust issued pursuant to the Trust Agreement. 
  

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 (c) Restrictions on Liens. The Issuer shall not, except as
contemplated by the Transaction Documents, (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation,
incurrence or existence of any lien or restriction on transferability of the Receivables or (ii) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names the Issuer as a debtor, or sign any security
agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables. 
 (d)
Successors. The Issuer shall not remove or replace, or cause to be removed or replaced, the Servicer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Owner Trustee without the prior written
consent of the Insurer. 
 (e) Subsidiaries. The Issuer shall not form, or cause to be formed, any
subsidiaries. 
 (f) No Mergers. The Issuer shall not consolidate with or merge into any Person or transfer all
or any material amount of its assets to any Person, liquidate or dissolve except as permitted by the Trust Agreement and as contemplated by the Transaction Documents. 
 (g) Other Activities. The Issuer shall not (i) sell, pledge, transfer, exchange or otherwise dispose of any of its
assets except as permitted under the Transaction Documents; or (ii) engage in any business or activity except as contemplated by the Transaction Documents and as permitted by the Trust Agreement. 
 (h) Trust Agreement. The Issuer shall not amend the Trust Agreement without the prior written consent of the Insurer.

 Section 2.07. [Reserved]. 
 ARTICLE III 
 THE POLICY; REIMBURSEMENT 
 Section 3.01. Issuance of the Policy. The Insurer agrees to issue the Policy on the Closing Date subject to satisfaction of the
conditions precedent set forth below: 
 (a) Payment of Expenses. UACC shall have agreed to reimburse or pay
directly other fees and expenses identified in Section 3.02 hereof as payable. 
 (b) Transaction
Documents. The Insurer shall have received a fully executed copy of the Premium Letter and a copy of each of the Transaction Documents and the Offering Document, in form and substance satisfactory to the Insurer, duly authorized, executed
and delivered by each party thereto. 
 (c) Certified Documents and Resolutions. The Insurer shall have received
a copy of (i) the certificate or articles of incorporation and bylaws or other organizational 

  

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documents of the Servicer and the Seller (ii) the resolutions of the Seller’s board of directors authorizing the sale of the Receivables and
(iii) a certificate of the appropriate officers of the Servicer and the Seller stating that such certificate or articles of incorporation, bylaws, resolutions or other organizational documents are in full force and effect without modification
on the Date of Issuance. 
 (d) Incumbency Certificate. The Insurer shall have received a certificate of the
Secretary or an Assistant Secretary of the Servicer and the Seller certifying the names and signatures of the officers of the Servicer and the Seller authorized to execute and deliver the Transaction Documents and that shareholder consent to the
execution and delivery of such documents is not necessary. 
 (e) Representations and Warranties; Certificate.
The representations and warranties of the Servicer and the Seller set forth or incorporated by reference in this Insurance Agreement shall be true and correct as of the Date of Issuance as if made on the Date of Issuance, and the Insurer shall have
received a certificate of appropriate officers of the Servicer and the Seller to that effect. 
 (f) Opinions of
Counsel. 
 (i) Mitchell Silberberg & Knupp LLP shall have issued its favorable opinion, in form and
substance acceptable to the Insurer and its counsel, regarding the corporate existence and authority of UACC, the Servicer and the Seller. 
 (ii) Mitchell Silberberg & Knupp LLP shall have issued its favorable opinion, in form and substance acceptable to the Insurer and its counsel, regarding the enforceability and validity of the Transaction
Documents against UACC, the Servicer and the Seller. 
 (iii) Richards, Layton & Finger shall have issued its
favorable opinion, in form and substance acceptable to the Insurer and its counsel, regarding the business trust existence and authority of the Issuer and the validity and the enforceability of the Transaction Documents against the Issuer.

 (iv) White & Case LLP shall have issued its favorable opinion, in form and substance acceptable to the Insurer and
its counsel, regarding the corporate existence and authority of the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian and the Backup Servicer and the validity and the enforceability of the Transaction Documents against the
Trustee. 
 (v) Mitchell Silberberg & Knupp LLP shall have furnished its opinions, in form and substance acceptable
to the Insurer and its counsel, regarding the sale of the Receivables, certain matters with respect to perfection issues, and the tax treatment of payments on the Obligations under federal and state tax laws. 
 (vi) The Insurer shall have received such other opinions of counsel, in form and substance acceptable to the Insurer and its counsel,
addressing such other matters as the Insurer may reasonably request. Each opinion of counsel delivered in connection with the Transaction shall be addressed to and delivered to the Insurer. 
  

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 (g) Approvals, Etc. The Insurer shall have received true and correct copies
of all approvals, licenses and consents, if any, including, without limitation, any required approval of the shareholders of UACC, the Servicer and the Seller, required in connection with the Transaction. 
 (h) No Litigation, Etc. No suit, action or other proceeding, investigation or injunction, or final judgment relating
thereto, shall be pending or threatened before any court or governmental agency in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with the Transaction Documents or the consummation of the Transaction.

 (i) Legality. No statute, rule, regulation or order shall have been enacted, entered or deemed applicable by
any government or governmental or administrative agency or court that would make the transactions contemplated by any of the Transaction Documents illegal or otherwise prevent the consummation thereof. 
 (j) Issuance of Ratings. The Insurer shall have received confirmation that the rating on the Obligations without regard to
the Policy will have a shadow rating from S&P and Moody’s at a level required by the Insurer. 
 (k) No
Default. No Default or Insurance Agreement Event of Default shall have occurred. 
 (l) Additional
Items. The Insurer shall have received such other documents, instruments, approvals or opinions requested by the Insurer or its counsel as may be reasonably necessary to effect the Transaction, including, but not limited to, evidence
satisfactory to the Insurer and its counsel that the conditions precedent, if any, in the Transaction Documents have been satisfied. 
 (m) Conform to Documents. The Insurer and its counsel shall have determined that all documents, certificates and opinions to be delivered in connection with the Obligations conform to the terms of the Transaction Documents.

 (n) Compliance With Premium Letter. All other terms, conditions and requirements of the Premium Letter
shall have been satisfied. 
 (o) Satisfaction of Conditions of the Underwriting Agreement. All conditions in
the Underwriting Agreement relating to the Underwriter’s obligation to purchase the Obligations shall have been satisfied. 
 (p) Underwriting Agreement. The Insurer shall have received copies of each of the documents, and shall be entitled to rely on each of the documents, required to be delivered to the Underwriter pursuant to the Underwriting
Agreement. 
  

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 Section 3.02. Payment of Fees and Premium. 
 (a) Legal and Accounting Fees. UACC shall pay or cause to be paid, on the Date of Issuance, legal fees and disbursements
incurred by the Insurer in connection with the issuance of the Policy and any fees of the Insurer’s auditors, in each case in accordance with the terms of the Premium Letter. Any fees of the Insurer’s auditors payable in respect of any
amendment or supplement to the Offering Document or any other Offering Document incurred after the Date of Issuance shall be paid by UACC on demand. 
 (b) Premium. In consideration of the issuance by the Insurer of the Policy, the Insurer shall be entitled to receive the Premium as and when due in accordance with the terms of the Premium Letter
(i) in the case of Premium due on or before the Date of Issuance, directly from UACC and (ii) in the case of Premium due after the Date of Issuance, from the Issuer pursuant to the Sale and Servicing Agreement. For purposes of the Sale and
Servicing Agreement, the term “Premium Percentage” shall have the meaning set forth in paragraph 2 of the Premium Letter. The Premium shall be calculated according to the Premium Letter for the amount due on or before the Date of
Issuance, if any, and paragraph 2 of the Premium Letter for the amount due on each Distribution Date. The Premium paid hereunder or under the Sale and Servicing Agreement shall be nonrefundable without regard to whether the Insurer makes any
payment under the Policy or any other circumstances relating to the Obligations or provision being made for payment of the Obligations prior to maturity. The Servicer and the Issuer shall make all payments of Premium to be made by them by wire
transfer to an account designated from time to time by the Insurer by written notice to the Servicer, the Issuer, and the Trustee. 
  
 Section 3.03. Reimbursement and Additional Payment Obligation. 
 (a) In accordance with the priorities established in Section 5.7 of the Sale and Servicing Agreement, the Insurer shall be entitled
to (i) reimbursement for any payment made by the Insurer under the Policy, which reimbursement shall be due and payable on the date that any amount is to be paid pursuant to a Notice (as defined in the Policy) in an amount equal to the amount
to be so paid and all amounts previously paid that remain unreimbursed, together with interest on any and all amounts remaining unreimbursed (to the extent permitted by law, if in respect of any unreimbursed amounts representing interest) from the
date such amounts became due until paid in full (after as well as before judgment), at a rate of interest equal to the Late Payment Rate, (ii) payment or reimbursement of any other amounts owed to the Insurer hereunder together with interest
thereon at a rate equal to the Late Payment Rate, (iii) reimbursement for any payments made by the Insurer with respect to the fees and expenses of a replacement servicer or with respect to any transition costs relating to the transfer of
servicing from the Servicer to the replacement servicer together with interest thereon at a rate equal to the Late Payment Rate, (iv) all costs and expenses of the Insurer in connection with any action, proceeding or investigation affecting the
Issuer, or the Collateral or the rights or obligations of the Insurer hereunder or under the Policy or the Transaction Documents, including (without limitation) any judgment or settlement entered into affecting the Insurer or the Insurer’s
interests, together with interest thereon at a rate equal to the Late Payment Rate and (v) reimbursement for any payments made by the Insurer on behalf of, or advanced to the Collateral Agent, the Trust Collateral Agent or the Trustee.

  

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 (b) Notwithstanding anything in Section 3.03(a) to the contrary, UACC, the Servicer
and the Seller agree to reimburse the Insurer as follows: (i) for payments made under the Policy arising as a result of UACC’s failure to repurchase any Receivable required to be repurchased pursuant to Section 3.2 of the Sale and
Servicing Agreement, together with interest on any and all amounts remaining unreimbursed (to the extent permitted by law, if in respect of any unreimbursed amounts representing interest) from the date such amounts became due until paid in full
(after as well as before judgment), at a rate of interest equal to the Late Payment Rate, and (ii) for payments made under the Policy, arising as a result of (A) the Servicer’s failure to deposit into the Collection Account any amount
required to be so deposited pursuant to the Indenture, the Sale and Servicing Agreement or any other Transaction Document, (B) UACC’s failure to repurchase any Receivable required to be repurchased pursuant to Section 4.7 of the Sale
and Servicing Agreement or (C) the Seller’s failure to repurchase any Receivable required to be repurchased pursuant to Section 3.4 of the Sale Agreement, in each case together with interest on any and all amounts remaining
unreimbursed (to the extent permitted by law, if in respect to any unreimbursed amounts representing interest) from the date such amounts became due until paid in full (after, as well as, before judgment), at a rate of interest equal to the Late
Payment Rate. 
 (c) UACC, the Servicer and the Seller agree to pay to the Insurer as follows: any and all charges, fees,
costs and expenses that the Insurer may reasonably pay or incur, including, but not limited to, attorneys’ and accountants’ fees and expenses, in connection with (i) any accounts established to facilitate payments under the Policy to
the extent the Insurer has not been immediately reimbursed on the date that any amount is paid by the Insurer under the Policy, (ii) the enforcement, defense or preservation of any rights in respect of any of the Transaction Documents,
including defending, monitoring or participating in any litigation or proceeding (including any insolvency or bankruptcy proceeding in respect of any Transaction participant or any affiliate thereof) relating to any of the Transaction Documents, any
party to any of the Transaction Documents, in its capacity as such a party, or the Transaction, (iii) any amendment, consent, waiver or other action with respect to, or related to, any Transaction Document, whether or not executed or completed,
(iv) payments made by MBIA relating to the P.O. Box Access Agreement or (v) preparation of bound volumes of the Transaction documents; costs and expenses shall include a reasonable allocation of compensation and overhead attributable to
the time of employees of the Insurer spent in connection with the actions described in clause (ii) above, and the Insurer reserves the right to charge a reasonable fee as a condition to executing any waiver or consent proposed in respect
of any of the Transaction Documents. Such amounts shall be payable within 60 days of the receipt by UACC, the Servicer or the Seller of an invoice therefore. 
 (d) UACC, the Servicer and the Seller agree to pay to the Insurer as follows: interest on any and all amounts described in
subsections (b), (c), (e) and (f) of this Section 3.03 from the date payable or paid by such party until payment thereof in full, and interest on any and all amounts described in Section 3.02 hereof from the date due until
payment thereof in full, in each case payable to the Insurer at the Late Payment Rate per annum. 
  

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 (e) UACC, and, as applicable, the Servicer, the Seller, and the Issuer agree to pay to
the Insurer as follows: any payments made by the Insurer on behalf of, or advanced to the Servicer, the Seller, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian, or the Issuer, respectively, including, without limitation,
any amounts payable by the Servicer, the Seller or the Issuer or otherwise pursuant to the Obligations or any other Transaction Documents, including, without limitation, payments, if any, made by the Insurer with respect to retitling of the title
documents relating to the Financed Vehicles pursuant to Section 4.5 of the Sale and Servicing Agreement. 
 (f) Following
termination of the Indenture pursuant to Section 4.1 thereof, the Servicer agrees to reimburse the Insurer for any Insured Payments required to be made pursuant to the Policy subsequent to the date of such termination. 
 All such amounts are to be immediately due and payable without demand, except as otherwise provided herein. 
  
 Section 3.04. Indemnification; Limitation of
Liability.  
 (a) In addition to any and all rights of indemnification or any other rights of the Insurer
pursuant hereto or under law or equity, UACC, the Seller and the Servicer and any successors thereto agree to pay, and to protect, indemnify and save harmless, the Insurer and its officers, directors, shareholders, employees, agents and each person,
if any, who controls the Insurer within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from and against any and all claims, Losses, liabilities (including penalties), actions, suits,
judgments, demands, damages, costs or reasonable expenses (including, without limitation, reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) or obligations whatsoever paid by the Insurer
(herein collectively referred to as “Liabilities”) of any nature arising out of or relating to the transactions contemplated by the Transaction Documents by reason of: 
 (i) any untrue statement or alleged untrue statement of a material fact contained in the Offering Document or in any amendment or
supplement thereto or in any preliminary offering document, or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as such Liabilities arise out of or are based upon any such untrue statement or omission or allegation thereof based upon information set forth in the Offering Document under the captions “The Policy” and “The
Insurer” or in the financial statements of the Insurer, including any information in any amendment or supplement to the Offering Document furnished by the Insurer in writing expressly for use therein that amends or supplements such information
(all such information being referred to herein as “Insurer Information”); 
  

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 (ii) to the extent not covered by clause (i) above, any act or omission of UACC, the
Seller or the Servicer, or the allegation thereof, in connection with the offering, issuance, sale or delivery of the Obligations; 
 (iii) the misfeasance or malfeasance of, or negligence or theft committed by, any director, officer, employee or agent of UACC, the Servicer, the Seller or the Issuer; 
 (iv) the violation by UACC, the Issuer, the Seller or the Servicer of any federal or state securities, banking or antitrust laws, rules or
regulations in connection with the issuance, offer and sale of the Obligations or the transactions contemplated by the Transaction Documents; 
 (v) the violation by UACC, the Issuer, the Seller or the Servicer of any federal or state laws, rules or regulations relating to the Transaction or the origination of the Receivables, including, without limitation,
any consumer protection, lending and disclosure laws and any laws with respect to the maximum amount of interest permitted to be received on account of any loan of money or with respect to the Receivables; 
 (vi) the breach by UACC, the Seller or the Servicer of any of its obligations under this Insurance Agreement or any of the other
Transaction Documents; and 
 (vii) the breach by UACC, the Servicer or the Seller of any representation or warranty on the
part of UACC, the Servicer or the Seller contained in the Transaction Documents or in any certificate or report furnished or delivered to the Insurer thereunder. 
 This indemnity provision shall survive the termination of this Insurance Agreement and shall survive until the statute of limitations has
run on any causes of action which arise from one of these reasons and until all suits filed as a result thereof have been finally concluded. 
 (b) UACC and the Seller agree to indemnify the Issuer and the Insurer for any and all Liabilities that have been incurred due to any claim, counterclaim, rescission, setoff or defense asserted by an Obligor under any
Receivable subject to the Federal Trade Commission regulations provided in 16 C.F.R. Part 433. 
 (c) UACC, the Servicer and
the Seller agree to indemnify and hold harmless the Issuer and the Insurer for any and all Liabilities incurred due to (i) any agreement or acquiescence by the Servicer and the Seller to any reduction, rebate, rescheduling or delay of any
payments due and owing by any Obligor under any Receivable based upon an agreement on the part of the Servicer and the Seller to make or rebate any future payments on such Receivable, (ii) any agreement on the part of the Servicer and the
Seller to make or rebate any future payments on any Receivable or (iii) any settlement of any judicial proceeding or any claim, action or proceeding of any regulatory body. 
  

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 (d) Any party which proposes to assert the right to be indemnified under this
Section 3.04 will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against UACC, the Servicer or the Seller under this Section 3.04, notify
UACC, the Servicer or the Seller of the commencement of such action, suit or proceeding, enclosing a copy of all papers served. In case any action, suit or proceeding shall be brought against any indemnified party and it shall notify UACC, the
Servicer or the Seller of the commencement thereof, UACC, the Servicer or the Seller shall be entitled to participate in, and, to the extent that it shall wish, to assume the defense thereof, with counsel satisfactory to such indemnified party, and
after notice from UACC, the Servicer or the Seller to such indemnified party of its election so to assume the defense thereof, UACC, the Servicer or the Seller shall not be liable to such indemnified party for any legal or other expenses other than
reasonable costs of investigation subsequently incurred by such indemnified party in connection with the defense thereof. The indemnified party shall have the right to employ its counsel in any such action the defense of which is assumed by UACC,
the Servicer or the Seller in accordance with the terms of this subsection (d), but the fees and expenses of such counsel shall be at the expense of such indemnified party unless the employment of counsel by such indemnified party has been
authorized by UACC, the Servicer or the Seller. UACC, the Servicer or the Seller shall not be liable for any settlement of any action or claim effected without its consent. 
 Section 3.05. Payment Procedure. In the event of any payment by the Insurer, the Trustee, the Trust Collateral Agent, the
Collateral Agent, the Backup Servicer, UACC, the Seller and the Servicer agree to accept the voucher or other evidence of payment as prima facie evidence of the propriety thereof and the liability therefor to the Insurer. All payments to be made to
the Insurer under this Insurance Agreement shall be made to the Insurer in lawful currency of the United States of America in immediately available funds at the notice address for the Insurer as specified in Section 6.02 hereof on the date
when due or as the Insurer shall otherwise direct by written notice to the other parties hereto. In the event that the date of any payment to the Insurer or the expiration of any time period hereunder occurs on a day which is not a Business Day,
then such payment or expiration of time period shall be made or occur on the next succeeding Business Day with the same force and effect as if such payment was made or time period expired on the scheduled date of payment or expiration date. Payments
to be made to the Insurer under this Insurance Agreement shall bear interest at the Late Payment Rate from the date when due to the date paid. 
  
 ARTICLE IV 
 FURTHER AGREEMENTS

 Section 4.01. Effective Date; Term of the Insurance Agreement. This Insurance Agreement shall take effect on
the Date of Issuance and shall remain in effect until the later of (a) such time as the Insurer is no longer subject to a claim under the Policy and the Policy shall have been surrendered to the Insurer for cancellation and (b) all amounts
payable to the Insurer by UACC, the Servicer, the Seller, or from any other source under the Transaction Documents and all amounts payable under the Obligations have been paid in full; provided, however, that the provisions of Sections 3.02,
3.03, 3.04 and 4.06 hereof shall survive any termination of this Insurance Agreement. 
  

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 Section 4.02. Further Assurances and Corrective Instruments. 
 (a) Excepting at such times as an Insurer Default shall exist and be continuing, none of UACC, the Servicer, the Seller, the Issuer, the
Trustee, the Trust Collateral Agent, the Collateral Agent, or the Backup Servicer shall grant any waiver of rights under any of the Transaction Documents to which any of them is a party without the prior written consent of the Insurer, and any such
waiver without the prior written consent of the Insurer shall be null and void and of no force or effect. 
 (b) To the extent
permitted by law, UACC, the Servicer, the Seller, the Trustee, the Trust Collateral Agent, the Collateral Agent and the Backup Servicer agree that they will, upon the request of the Insurer, from time to time, execute, acknowledge and deliver, or
cause to be executed, acknowledged and delivered within 10 days of such request, such amendments hereto and such further instruments and take such further action as may be required in the Insurer’s reasonable judgment to effectuate the
intention of or facilitate the performance of this Insurance Agreement or the other Transaction Documents. 
  
 Section 4.03. Obligations Absolute. 
 (a) The obligations of UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, and the
Backup Servicer hereunder shall be absolute and unconditional and shall be paid or performed strictly in accordance with this Insurance Agreement under all circumstances irrespective of: 
 (i) any lack of validity or enforceability of, or any amendment or other modifications of, or waiver with respect to any of the
Transaction Documents, the Obligations or the Policy; 
 (ii) any exchange or release of any other obligations hereunder;

 (iii) the existence of any claim, setoff, defense, reduction, abatement or other right that UACC, the Servicer, the Seller,
the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer may have at any time against the Insurer or any other Person; 
 (iv) any document presented in connection with the Policy proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; 
 (v) any payment by the Insurer under the Policy against
presentation of a certificate or other document that does not strictly comply with terms of the Policy; 
  

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 (vi) any failure of UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer to receive the proceeds from the sale of the Obligations; or 
 (vii) any breach by UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian and the Backup Servicer of any representation, warranty or covenant
contained in any of the Transaction Documents. 
 (b) UACC, the Servicer, the Trustee, the Trust Collateral Agent, the
Collateral Agent, and the Backup Servicer and any and all others who are now or may become liable for all or part of the obligations of the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, or the
Backup Servicer, under this Insurance Agreement agree to be bound by this Insurance Agreement and (i) to the extent permitted by law, waive and renounce any and all redemption and exemption rights and the benefit of all valuation and
appraisement privileges against the indebtedness and obligations evidenced by any Transaction Document or by any extension or renewal thereof; (ii) waive presentment and demand for payment, notices of nonpayment and of dishonor, protest of
dishonor and notice of protest; (iii) waive all notices in connection with the delivery and acceptance hereof and all other notices in connection with the performance, default or enforcement of any payment hereunder, except as required by the
Transaction Documents; (iv) waive all rights of abatement, diminution, postponement or deduction, or any defense other than payment, or any right of setoff or recoupment arising out of any breach under any of the Transaction Documents by any
party thereto or any beneficiary thereof, or out of any obligation at any time owing to UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, or the Backup Servicer; (v) agree that its
liabilities hereunder shall, except as otherwise expressly provided in this Section 4.03, be unconditional and without regard to any setoff, counterclaim or the liability of any other Person for the payment hereof; (vi) agree that any
consent, waiver or forbearance hereunder with respect to an event shall operate only for such event and not for any subsequent event; (vii) consent to any and all extensions of time that may be granted by the Insurer with respect to any payment
hereunder or other provisions hereof and to the release of any security at any time given for any payment hereunder, or any part thereof, with or without substitution, and to the release of any Person or entity liable for any such payment; and
(viii) consent to the addition of any and all other makers, endorsers, guarantors and other obligors for any payment hereunder, and to the acceptance of any and all other security for any payment hereunder, and agree that the addition of any
such obligors or security shall not affect the liability of the parties hereto for any payment hereunder. 
 (c) Nothing
herein shall be construed as prohibiting UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, and the Backup Servicer from pursuing any rights or remedies it may have against any other Person in
a separate legal proceeding. 
  

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 Section 4.04. Assignments; Reinsurance; Third-party Rights. 
 (a) This Insurance Agreement shall be a continuing obligation of the parties hereto and shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. None of UACC, the Servicer, the Seller or the Issuer may assign its rights under this Insurance Agreement, or delegate any of its duties hereunder, without the prior written
consent of the Insurer. None of the Trustee, the Trust Collateral Agent, the Collateral Agent, or the Backup Servicer may assign its rights under this Insurance Agreement, or delegate any of its duties hereunder, without the prior written consent of
the Insurer, which consent shall not be unreasonably withheld or delayed, except to a successor or assign that is permitted by the Indenture. Any assignment made in violation of this Insurance Agreement shall be null and void. 
 (b) The Insurer shall have the right to give participations in its rights under this Insurance Agreement and to enter into contracts of
reinsurance with respect to the Policy upon such terms and conditions as the Insurer may in its discretion determine; provided, however, that no such participation or reinsurance agreement or arrangement shall relieve the Insurer of any of its
obligations hereunder or under the Policy. 
 (c) In addition, the Insurer shall be entitled to assign or pledge to any bank
or other lender providing liquidity or credit with respect to the Transaction or the obligations of the Insurer in connection therewith any rights of the Insurer under the Transaction Documents or with respect to any real or personal property or
other interests pledged to the Insurer, or in which the Insurer has a security interest, in connection with the Transaction. 
 (d) Except as provided herein with respect to participants and reinsurers, nothing in this Insurance Agreement shall confer any right, remedy or claim, express or implied, upon any Person, including, particularly, any Owner, other than the
Insurer against UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, or the Backup Servicer, and all the terms, covenants, conditions, promises and agreements contained herein shall be for the
sole and exclusive benefit of the parties hereto and their successors and permitted assigns. Neither the Trustee nor any Owner shall have any right to payment from any Premiums paid or payable hereunder or under the Sale and Servicing Agreement or
from any other amounts paid by the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, or the Backup Servicer pursuant to Section 3.02, 3.03 or 3.04 hereof. 
 (e) UACC, the Servicer, the Trustee, the Trust Collateral Agent, the Collateral Agent, and the Backup Servicer agree that the Insurer
shall have all rights of a third-party beneficiary in respect of the Indenture and each other Transaction Document to which it is not a signing party and hereby incorporate and restate their representations, warranties and covenants as set forth
therein for the benefit of the Insurer. 
 Section 4.05. Liability of the Insurer. Neither the Insurer nor any of
its officers, directors or employees shall be liable or responsible for (a) the use that may be made of the Policy by the Trustee or the Trust Collateral Agent or for any acts or omissions of the Trustee or the Trust Collateral Agent in
connection therewith or (b) the validity, sufficiency, accuracy or genuineness of documents delivered to the Insurer (or its Fiscal Agent) in connection with any 

  

 33 

 
claim under the Policy, or of any signatures thereon, even if such documents or signatures should in fact prove to be in any or all respects invalid,
insufficient, fraudulent or forged (unless the Insurer shall have actual knowledge thereof). In furtherance and not in limitation of the foregoing, the Insurer (or its Fiscal Agent) may accept documents that appear on their face to be in order,
without responsibility for further investigation. 
 Section 4.06. Parties Will Not Institute Insolvency
Proceedings. So long as this Agreement is in effect, and for one year following its termination, none of the parties hereto will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law against the Issuer or the Seller. 
 Section 4.07. UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, and the Backup Servicer To Join in Enforcement Action. To the extent necessary to
enforce any right of the Insurer in or remedy of the Insurer under any Receivable, UACC, the Servicer, the Seller, the Issuer, the Trustee, the Trust Collateral Agent, the Collateral Agent, and the Backup Servicer, agree to join in any action
initiated by the Trust or the Insurer (in the case of the Trustee, the Trust Collateral Agent, the Collateral Agent, and the Backup Servicer, at the expense of the Issuer or the Servicer, subject to the terms and conditions of the Transaction
Documents) for the protection of such right or exercise of such remedy. 
 Section 4.08. Subrogation. To the
extent of any payments under the Policy, the Insurer shall be fully subrogated to any remedies against UACC, the Servicer or the Seller or in respect of the Receivables available to the Trustee or the Trust Collateral Agent under the Indenture and
the Sale and Servicing Agreement. The Trustee and the Trust Collateral Agent acknowledge such subrogation and, further, agree to execute such instruments prepared by the Insurer and to take such reasonable actions as, in the sole judgment of the
Insurer, are necessary to evidence such subrogation and to perfect the rights of the Insurer to receive any moneys paid or payable under the Indenture or the Sale and Servicing Agreement. 
 Section 4.09. Insurer’s Rights Regarding Actions, Proceedings or Investigations. Until the Obligations have been paid in full, all
amounts owed to the Insurer have been paid in full, this Insurance Agreement has terminated and the Policy has been returned to the Insurer for cancellation, the following provisions shall apply, it being expressly understood that none of the
following costs shall be borne by the Trustee: 
 (a) Notwithstanding anything contained herein or in the other Transaction
Documents to the contrary, the Insurer shall have the right to participate in, to direct the enforcement or defense of, and, at the Insurer’s sole option, to institute or assume the defense of, any action, proceeding or investigation that could
adversely affect the Issuer or the Collateral or the rights or obligations of the Insurer hereunder or under the Policy or the Transaction Documents, including (without limitation) any insolvency or bankruptcy proceeding in respect of UPFC, UACC,
the Servicer, the Seller, the Issuer or any affiliate thereof. Following notice to the Trustee, the Trust Collateral Agent and the Owner Trustee, the Insurer shall have exclusive right to determine, in its sole discretion, the actions necessary to
preserve and protect the Collateral. All costs and expenses of the 

  

 34 

 
Insurer in connection with such action, proceeding or investigation, including (without limitation) any judgment or settlement entered into affecting the
Insurer or the Insurer’s interests, shall be included in amounts reimbursable to the Insurer under Section 5.7 of the Sale and Servicing Agreement. 
 (b) In connection with any action, proceeding or investigation that could adversely affect the Collateral or the Issuer or the rights or
obligations of the Insurer hereunder or under the Policy or the Transaction Documents, including (without limitation) any insolvency or bankruptcy proceeding in respect of UPFC, UACC, the Servicer, the Seller, the Issuer or any affiliate thereof,
the Trustee, the Trust Collateral Agent and the Issuer hereby agree to cooperate with, and to take such action as directed by, the Insurer, including (without limitation) entering into such agreements and settlements as the Insurer shall direct, in
its sole discretion without the consent of the Owners. Notwithstanding any other provision herein or in any of the other Transaction Documents, neither the Trustee nor the Trust Collateral Agent shall be liable to the Insurer or the Owners for any
such action that conforms to the direction of the Insurer. The Trustee’s and the Trust’s reasonable out-of-pocket costs and expenses (including attorneys’ fees and expenses) with respect to any such action shall be reimbursed pursuant
to Section 5.7 of the Sale and Servicing Agreement. 
 (c) The Trustee, the Trust Collateral Agent, the Owner Trustee and
the Issuer hereby agree to provide to the Insurer prompt written notice of any action, proceeding or investigation (of which a Responsible Officer has actual knowledge) that names the Trustee, the Trust Collateral Agent, the Issuer or the Owner
Trustee on behalf of the Trust Secured Parties as a party or that involves the Issuer or the Collateral or the rights or obligations of the Insurer hereunder or under the Policy or the Transaction Documents, including (without limitation) any
insolvency or bankruptcy proceeding in respect of UPFC, UACC, the Servicer, the Seller, the Issuer or any affiliate thereof. 
 (d) So long as an Insurer Default shall not have occurred and be continuing, none of the Trustee, the Trust Collateral Agent or the Issuer shall, without the Insurer’s prior written consent, which such consent not to be unreasonably
withheld, or unless directed by the Insurer, undertake or join any litigation or agree to any settlement of any action, proceeding or investigation affecting the Collateral or the Issuer or the rights or obligations of the Insurer hereunder or under
the Policy or the other Transaction Documents. 
 (e) The Trustee agrees that the Insurer shall have such rights as set forth
in this Section, which are in addition to any rights of the Insurer pursuant to the other provisions of the Transaction Documents, that the rights set forth in this Section may be exercised by the Insurer, in its sole discretion, without the need
for the consent or approval of the Trustee, the Trust Collateral Agent or the Issuer, notwithstanding any other provision contained herein or in any of the other Transaction Documents, and that nothing contained in this Section shall be deemed to be
an obligation of the Insurer to exercise any of the rights provided for herein. 
  

 35 

 Section 4.10.Specified Impaired Amount Report. Not later than the seventh day next succeeding
each Distribution Date, UACC shall deliver a report to the Insurer stating the Specified Impaired Amount as of the end of the Collection Period relating to such Distribution Date. 
 Section 4.11.Insurer Financial Statements. The Insurer agrees, at the written request of the Issuer, to use the Insurer’s commercially
reasonable efforts to provide audited financial statements of the Insurer prepared in accordance with accounting principles generally accepted in the United States of America, to the extent that such audited financial statements are available.

  
 ARTICLE V 
 DEFAULTS; REMEDIES 
 Section 5.01. Defaults. The occurrence of any of the following events shall constitute an Insurance Agreement Event of Default hereunder: 
 (a) any representation or warranty made by UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer hereunder or under any of the other Transaction Documents, or in any certificate or report furnished hereunder or under the Transaction Documents, shall prove to be untrue,
misleading, incorrect or incomplete in any material respect and such untrue, misleading, incorrect or incomplete representation or warranty is not cured within any applicable grace period contained in the applicable Transaction Document; 

(b) any failure by the Servicer to deliver to the Trustee for distribution to the Owners any proceeds or payment required to be
delivered under the terms of the Transaction Documents that continues unremedied for a period of two Business Days after written notice is received by the Servicer from the Trustee, the Trust Collateral Agent or the Insurer or after the discovery of
such failure by an officer of the Servicer; 
 (c) (i) UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the
Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer shall fail to pay or deposit when due any amount payable by UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer hereunder or under any other Transaction Document and such failure continues for a period of at least two Business Days or, if so specified in the applicable Transaction
Document, the applicable cure period set forth therein, or (ii) a legislative body has enacted any law that declares or a court of competent jurisdiction shall find or rule that this Insurance Agreement or any other Transaction Document is not
valid and binding on UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer. 
  

 36 

 (d) the occurrence and continuance of a “Event of Default” under the Indenture
(as defined therein) or the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement; 
 (e) any
failure on the part of UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer duly to observe or perform in any material respect any other of
the covenants or agreements on the part of UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer contained in this Insurance Agreement or in
any other Transaction Document which continues unremedied for a period of 10 days with respect to this Insurance Agreement, or, with respect to any other Transaction Document, beyond any cure period provided for therein, after the earlier of
(i) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the
Custodian or the Backup Servicer. as applicable, by the Insurer (with a copy to the Trustee) or by the Trustee, the Trust Collateral Agent or the Collateral Agent (with a copy to the Insurer), or (ii) an officer of UACC, the Servicer, the
Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer, as applicable, has actual notice of any such failure; 
 (f) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any
present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver or liquidator or other similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings, or for the winding-up or liquidation of its respective affairs, shall have been entered against UPFC, UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the
Collateral Agent, the Custodian or the Backup Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of 30 consecutive days; 
 (g) UPFC, UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent,
the Custodian or the Backup Servicer shall consent to the appointment of a conservator or receiver or liquidator or other similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar
proceedings of or relating to UPFC, UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer or of or relating to all or substantially all of
its respective property; 
 (h) UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of or otherwise voluntarily commence a case or
proceeding under any applicable bankruptcy, insolvency, reorganization or other similar statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; 
  

 37 

 (i) the cessation of the Trust Collateral Agent’s valid perfected first priority
security interest in the Collateral for the benefit of the Trust Secured Parties; 
 (j) Default (as defined in the Indenture)
in the payment of principal of or interest on the Notes when due; 
 (k) a claim is made of the Policy; 
 (l) the failure of UACC, the Seller or the Issuer to comply with, or maintain the accuracy of, the Opinion Facts and Assumptions;

 (m) the occurrence of a Level 3 Trigger Event (as defined in the Spread Account Agreement); 
 (n) a Change of Control occurs with respect to UPFC or any of its Affiliates; 
 (o) failure by UACC to maintain, in good standing, a committed warehouse facility of at least $250 million; 
 (p) the entry of final rulings against any of UPFC, its consolidated subsidiaries or Affiliates by a court of competent jurisdiction
assessing monetary damages in excess of $10 million or settlements resulting in the payment by the Seller or its Affiliates of amounts in excess of $10 million; 
 (q) Ray Thousand is no longer acting in his current capacities at UPFC, its consolidated subsidiaries and Affiliates and a replacement for
Ray Thousand, acceptable to the Insurer, is not made within 90 days of (i) the departure of Ray Thousand from UPFC, its consolidated subsidiaries or Affiliates or (ii) a change in any such capacity; 
 (r) UPFC fails to maintain minimum Tangible Stockholders’ Equity of $120 million plus 50 percent of positive net income less amounts
used for stock repurchase subsequent to the reporting period ended March 31, 2006 and each subsequent quarter; 
 (s)
UPFC fails to maintain a minimum EBITDA to Interest Expense coverage of 1.2 to 1.0, the test to be made on a quarterly basis (coinciding with UPFC’s quarterly fiscal reporting) on a rolling six month basis; 
 (t) the Servicer fails to purchase Receivables within 30 days after the occurrence of any of the events described in Section 4.2(c)
of the Sale and Servicing Agreement in accordance with Section 4.2(c) of the Sale and Servicing Agreement; and 
 (u)
UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer assert that any of the Transaction Documents to which it is a party is not valid and
binding on the parties thereto, or any finding or ruling made by any court, governmental authority 

  

 38 

 
or agency having jurisdiction over any of the parties to any other of the Transaction Documents or any property thereof that any material provision of any of
the Transaction Documents is not valid and binding on the parties thereto. 
  
 Section 5.02. Remedies; No Remedy Exclusive. 
 (a) Upon the occurrence of an Insurance
Agreement Event of Default, the Insurer may exercise any one or more of the rights and remedies set forth below: 
 (i)
exercise any rights and remedies under the Transaction Documents in accordance with the terms of the Transaction Documents or direct the Trustee or the Trust Collateral Agent to exercise such remedies in accordance with the terms of the Transaction
Documents; or 
 (ii) take whatever action at law or in equity as may appear necessary or desirable in its judgment to collect
the amounts then due under the Transaction Documents or to enforce performance and observance of any obligation, agreement or covenant of UACC, the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the
Collateral Agent, the Custodian or the Backup Servicer under the Transaction Documents. 
 (b) Unless otherwise expressly
provided, no remedy herein conferred upon or reserved is intended to be exclusive of any other available remedy, but each remedy shall be cumulative and shall be in addition to other remedies given under the Transaction Documents or existing at law
or in equity. No delay or omission to exercise any right or power accruing under the Transaction Documents upon the happening of any event set forth in Section 5.01 hereof shall impair any such right or power or shall be construed to be a
waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Insurer to exercise any remedy reserved to the Insurer in this Article, it shall not be necessary to
give any notice other than such notice as may be required in this Article V. 
  
 Section 5.03. Waivers. 
 (a) No failure by the Insurer to exercise,
and no delay by the Insurer in exercising, any right hereunder shall operate as a waiver thereof. The exercise by the Insurer of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein to the Insurer
are declared in every case to be cumulative and not exclusive of any remedies provided by law or equity. 
 (b) The Insurer
shall have the right, to be exercised in its complete discretion, to waive any Insurance Agreement Event of Default hereunder, by a writing setting forth the terms, conditions and extent of such waiver signed by the Insurer and delivered to UACC,
the Servicer, the Seller, the Issuer, the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian or the Backup Servicer. Unless such writing expressly provides to the contrary, any waiver so granted shall extend
only to the specific event or occurrence which gave rise to the Insurance Agreement Event of Default so waived and not to any other similar event or occurrence which occurs subsequent to the date of such waiver. 
  

 39 

 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.01. Amendments, Etc. This Insurance Agreement may
be amended, modified or terminated only by written instrument or written instruments signed by the parties hereto. The Servicer agrees to promptly provide a copy of any amendment to this Insurance Agreement to the Collateral Agent, S&P and
Moody’s. No act or course of dealing shall be deemed to constitute an amendment, modification or termination hereof. 
 Section 6.02. Notices. All demands, notices and other communications to be given hereunder shall be in writing (except as otherwise specifically provided herein) and shall be mailed by registered mail or personally
delivered or telecopied to the recipient as follows: 
  

			
	(a)	  	To the Insurer:
		
		  	MBIA Insurance Corporation
		  	113 King Street
		  	Armonk, NY 10504
		  	 Attention:    Insured Portfolio Management-Structured Finance (IPM-SF)
                     (UPFC Auto Receivables Trust
2006-A)

		  	Facsimile: (914) 765-3810
		  	Confirmation: (914) 765-3781
		
		  	(in each case in which notice or other communication to the Insurer refers to an Insurance Agreement Event of Default, a claim on the Policy or with respect to which failure on the part of
the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of each of the general counsel and the Insurer and shall be marked to indicate
“URGENT MATERIAL ENCLOSED.”)
		
	(b)	  	To the Seller:
		
		  	UPFC Auto Receivables Corp.
		  	3990 Westerly Place, Suite 200
		  	Newport Beach, CA 92660
		  	Attention: Arash A. Khazei

  

 40 

			
	(c)	  	To UACC and the Servicer:
		
		  	United Auto Credit Corporation
		  	3990 Westerly Place, Suite 200
		  	Newport Beach, CA 92660
		  	Attention: Arash A. Khazei
		  	Facsimile:
		  	Confirmation:
		
	(d)	  	To the Trustee, the Trust Collateral Agent, the Collateral Agent, and the Backup Servicer:
		
		  	Deutsche Bank Trust Company Americas
		  	60 Wall Street, 26th Floor
		  	New York, NY 10005
		  	Attention: Structured Finance Services
		  	Facsimile: (212) 797-8606
		  	Confirmation:
		
	(e)	  	To the Issuer:
		
		  	UPFC Auto Receivables Trust 2006-A
		  	c/o Wells Fargo Delaware Trust Company
		  	919 Market Street, Suite 700
		  	Wilmington, DE 19801
		  	Attention: Corporate Trust Administration
		
		  	With a copy to the Servicer at the address set forth above.

 A party may specify an additional or different address or addresses by writing mailed or delivered
to the other parties as aforesaid. All such notices and other communications shall be effective upon receipt. 
 Section 6.03.
Severability. In the event that any provision of this Insurance Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that such holding shall not invalidate or render
unenforceable any other provision hereof. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by any party hereto is unavailable or unenforceable shall not affect in any way the ability of
such party to pursue any other remedy available to it. 
 Section 6.04. Governing Law. THIS INSURANCE AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW PROVISIONS. 
  

 41 

 Section 6.05. Consent to Jurisdiction. 
 (a) The parties hereto hereby irrevocably submit to the jurisdiction of the United States District Court for the Southern District of
New York and any court in the State of New York located in the City and County of New York, and any appellate court from any thereof, in any action, suit or proceeding brought against it and to or in connection with any of the
Transaction Documents or the transactions contemplated thereunder or for recognition or enforcement of any judgment, and the parties hereto hereby irrevocably and unconditionally agree that all claims in respect of any such action or proceeding may
be heard or determined in such New York state court or, to the extent permitted by law, in such federal court. The parties hereto agree that a final judgment in any such action, suit or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. To the extent permitted by applicable law, the parties hereto hereby waive and agree not to assert by way of motion, as a defense or otherwise in any such suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the
related documents or the subject matter thereof may not be litigated in or by such courts. 
 (b) To the extent permitted by
applicable law, the parties hereto shall not seek and hereby waive the right to any review of the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment.

 (c) Except as provided in Section 4.06 herein, nothing contained in this Insurance Agreement shall limit or affect the
Insurer’s right to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Transaction Documents against any party hereto or its or their property in the courts of any jurisdiction. 
 Section 6.06. Consent of the Insurer. In the event that the consent of the Insurer is required under any of the Transaction
Documents, the determination whether to grant or withhold such consent shall be made by the Insurer in its sole discretion without any implied duty towards any other Person. 
 Section 6.07. Counterparts. This Insurance Agreement may be executed in counterparts by the parties hereto, and all such
counterparts shall constitute one and the same instrument. 
 Section 6.08. Headings. The headings of Articles and
Sections and the Table of Contents contained in this Insurance Agreement are provided for convenience only. They form no part of this Insurance Agreement and shall not affect its construction or interpretation. Unless otherwise indicated, all
references to Articles and Sections in this Insurance Agreement refer to the corresponding Articles and Sections of this Insurance Agreement. 
 Section 6.09. Trial by Jury Waived. Each party hereto hereby waives, to the fullest extent permitted by law, any right to a trial by jury in respect of any litigation arising directly or indirectly out of, under or
in connection with any of the Transaction Documents or any of the 

  

 42 

 
transactions contemplated thereunder. Each party hereto (a) certifies that no representative, agent or attorney of any party hereto has represented,
expressly or otherwise, that it would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it has been induced to enter into the Transaction Documents to which it is a party by, among other things,
this waiver. 
  
 Section 6.10. Limited
Liability. 
 (a) No recourse under any Transaction Document shall be had against, and no personal liability shall attach
to, any officer, employee, director, affiliate, trustee or shareholder of any party hereto, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise in respect of any of the
Transaction Documents, the Obligations or the Policy, it being expressly agreed and understood that each Transaction Document is solely a corporate obligation of each party hereto, and that any and all personal liability, either at common law or in
equity, or by statute or constitution, of every such officer, employee, director, affiliate or shareholder for breaches by any party hereto of any obligations under any Transaction Document is hereby expressly waived as a condition of and in
consideration for the execution and delivery of this Insurance Agreement. 
 (b) In no event shall the Trustee, Trust
Collateral Agent, the Backup Servicer or the Collateral Agent be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee, Trust Collateral
Agent, the Backup Servicer or the Collateral Agent have been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (c) In no event shall the Trustee, Trust Collateral Agent, the Backup Servicer or the Collateral Agent be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond
their control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay,
restrict or prohibit the providing of the services contemplated by this Agreement. 
 (d) It is expressly understood and
agreed by the parties hereto that (a) this Insurance Agreement is executed and delivered by Wells Fargo Delaware Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority
conferred and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wells
Fargo Delaware Trust Company but is made and intended for the purpose for binding only the Issuer and (c) under no circumstances shall Wells Fargo Delaware Trust Company be personally liable for the payment of any indebtedness or expenses 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 Insurance Agreement. 
  

 43 

 Section 6.11. Entire Agreement. The Transaction Documents and the Policy set
forth the entire agreement between the parties with respect to the subject matter thereof, and this Insurance Agreement supersedes and replaces any agreement or understanding that may have existed between the parties prior to the date hereof in
respect of such subject matter. 
 [Remainder of page intentionally blank; signature page follows] 
  

 44 

 IN WITNESS WHEREOF, the parties hereto have executed this Insurance Agreement, all as of the day and year
first above mentioned. 
  

			
	MBIA INSURANCE CORPORATION
		
	By:	 	  

	Title:	 	Assistant Secretary
	
	UPFC AUTO RECEIVABLES TRUST 2006-A, as Issuer
	
	By: Wells Fargo Delaware Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Title:	 	  

	
	UPFC AUTO RECEIVABLES CORP., as Seller
		
	By:	 	  

	Title:	 	  

	
	 UNITED AUTO CREDIT CORPORATION, Individually
 and as Servicer

		
	By :	 	  

	Title:	 	  

	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee, as Trust Collateral Agent, as Collateral Agent, and as Backup Servicer
		
	By:	 	  

	Title:	 	  

 UACC Automobile Receivables Trust 2006-A 
 Insurance Agreement Signature Page

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