Document:

Form of Servicing Agreement.

 Exhibit 10.3 

 
 SERVICING AGREEMENT 

among 
 BANK
OF AMERICA, NATIONAL ASSOCIATION, 
 as Servicer and as Custodian 

BANK OF AMERICA AUTO TRUST 20[__]-[_], 

as Issuer 
 and

[                      
                                  ], 

as Indenture Trustee 

Dated as of [                ] 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
	 ARTICLE I
	  	 DEFINITIONS AND USAGE
	  	1
			
	 Section 1.1.
	  	 Definitions
	  	1
			
	 ARTICLE II
	  	 SERVICER AS CUSTODIAN
	  	1
			
	 Section 2.1.
	  	 Custody of Receivable Files
	  	1
			
	 Section 2.2.
	  	 Effective Period, Termination, and Amendment; Interpretive and Additional Provisions
	  	2
			
	 ARTICLE III
	  	ADMINISTRATION AND SERVICING OF RECEIVABLES AND PURCHASED PROPERTY	  	3
			
	 Section 3.1.
	  	 Duties of Servicer
	  	3
			
	 Section 3.2.
	  	 Collection of Receivable Payments
	  	4
			
	 Section 3.3.
	  	 Realization Upon Receivables
	  	5
			
	 Section 3.4.
	  	 Allocations of Collections
	  	6
			
	 Section 3.5.
	  	 Maintenance of Security Interests in Financed Vehicles
	  	6
			
	 Section 3.6.
	  	 Covenants of Servicer
	  	6
			
	 Section 3.7.
	  	 Purchase of Receivables Upon Breach by the Servicer
	  	6
			
	 Section 3.8.
	  	 Servicing Fee and Supplemental Servicing Fee Payable to the Servicer
	  	7
			
	 Section 3.9.
	  	 Annual Statement as to Compliance; Notice of Servicer Termination Event
	  	7
			
	 Section 3.10.
	  	 Servicer Expenses
	  	8
			
	 Section 3.11.
	  	 Annual Registered Public Accounting Firm Attestation Report
	  	8
			
	 Section 3.12.
	  	 1934 Act Filings
	  	8
			
	 ARTICLE IV
	  	 DISTRIBUTIONS; STATEMENTS
	  	8
			
	 Section 4.1.
	  	 Deposits into Collection Account
	  	8
			
	 Section 4.2.
	  	 Net Remittances; Retention of Servicing Fees
	  	9
			
	 Section 4.3.
	  	 Statements to Issuer
	  	9
			
	 ARTICLE V
	  	 THE SERVICER
	  	9
			
	 Section 5.1.
	  	 Representations of Servicer
	  	9
			
	 Section 5.2.
	  	 Indemnities of Servicer
	  	10
			
	 Section 5.3.
	  	 Merger or Consolidation of, or Assumption of the Obligations of, Servicer
	  	11

  

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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Section 5.4.
	  	 Limitation on Liability of Servicer and Others
	  	11
			
	 Section 5.5.
	  	 Subservicer and Delegation of Duties
	  	12
			
	 Section 5.6.
	  	 Servicer Not to Resign as Servicer
	  	12
			
	 Section 5.7.
	  	 Servicer May Own Notes or Certificates
	  	12
			
	 Section 5.8.
	  	 Sarbanes-Oxley Act Requirements
	  	12
			
	 ARTICLE VI
	  	SERVICING TERMINATION	  	13
			
	 Section 6.1.
	  	 Servicer Termination Events
	  	13
			
	 Section 6.2.
	  	 Appointment of Successor Servicer
	  	14
			
	 Section 6.3.
	  	 Notification to Noteholders and Certificateholders
	  	15
			
	 Section 6.4.
	  	 Waiver of Past Servicer Termination Events
	  	15
			
	 Section 6.5.
	  	 Termination
	  	15
			
	 Section 6.6.
	  	 Optional Purchase of All Receivables
	  	16
			
	 ARTICLE VII
	  	MISCELLANEOUS PROVISIONS	  	16
			
	 Section 7.1.
	  	 Amendment
	  	16
			
	 Section 7.2.
	  	 Counterparts
	  	17
			
	 Section 7.3.
	  	 GOVERNING LAW
	  	17
			
	 Section 7.4.
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	17
			
	 Section 7.5.
	  	 Headings and Cross-References
	  	18
			
	 Section 7.6.
	  	 Notices
	  	18
			
	 Section 7.7.
	  	 Severability of Provisions
	  	18
			
	 Section 7.8.
	  	 Further Assurances
	  	18
			
	 Section 7.9.
	  	 Waivers
	  	18
			
	 Section 7.10.
	  	 Cumulative Remedies
	  	19
			
	 Section 7.11.
	  	 Third-Party Beneficiaries
	  	19
			
	 Section 7.12.
	  	 Nonpetition Covenant
	  	19
			
	 Section 7.13.
	  	 Limitation of Liability
	  	19
			
	 Section 7.14.
	  	 Regulation AB
	  	19
			
	 Section 7.15.
	  	 Information to Be Provided by the Indenture Trustee
	  	20
			
	 Section 7.16.
	  	 Form 8-K Filings
	  	21
			
	 Section 7.17.
	  	 Indemnification
	  	21

  

 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Section 7.18.
	  	 [Limitation of Rights]
	  	22

  

 
  
  

 

 iii 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 EXHIBIT A
	  	FORM OF MONTHLY SERVICER REPORT	  	
			
	 EXHIBIT B
	  	SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE	  	
			
	 EXHIBIT C
	  	FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION	  	

  
  

 
  
  

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 This SERVICING AGREEMENT, (as amended, modified or supplemented from time to time, this
“Agreement”), is made as of [                ], among Bank of America, National Association, a national banking association
(“BANA”), as servicer (in such capacity, the “Servicer”) and as custodian (in such capacity, the “Custodian”), Bank of America Auto Trust 20[__]-[_], a Delaware statutory trust, as issuer (the
“Issuer”), and
[                                         
   ], a [national banking association], as indenture trustee (the “Indenture Trustee” and together with the Servicer, the Custodian, the Indenture Trustee and the Issuer, the “Parties” and each a
“Party”). 
 1.        The Issuer purchased a specified portfolio of
receivables consisting of motor vehicle installment loans and retail installment sales contracts and related property from Bank of America Auto Receivables Securitization, LLC, a Delaware limited liability company (the “Depositor”).

 2.        The Servicer is willing to service, on behalf of the Issuer, the
Receivables. 
 3.        The Servicer is willing to act as the custodian, on behalf of
the Issuer, of the Receivables and related property. 
 In consideration of the foregoing, other good and valuable
consideration, and the mutual terms and covenants contained herein, the Parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND USAGE 

Section 1.1.    Definitions.  Certain capitalized terms used in the above recitals and in this
Agreement are defined in and shall have the respective meanings assigned to them in Appendix A to the Sale Agreement, dated as of the Closing Date, as amended, modified or supplemented from time to time, between the Depositor and the Issuer.
All references herein to “the Agreement” or “this Agreement” are to this Servicing Agreement as it may be amended, supplemented or modified from time to time, the exhibits and attachments hereto and the capitalized
terms used herein which are defined in such Appendix A, and all references herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement unless otherwise specified. The rules of construction and usage
set forth in such Appendix A shall be applicable to this Agreement. 
 ARTICLE II 

SERVICER AS CUSTODIAN 

Section 2.1.    Custody of Receivable Files.  To assure uniform quality in servicing the Receivables
and to reduce administrative costs, the Indenture Trustee, upon the execution and delivery of this Agreement, hereby revocably appoints BANA to act as Custodian, and BANA hereby accepts such appointment, to act solely as the agent for the Indenture
Trustee, as pledgee of the Issuer and as custodian of the following documents or instruments, which are hereby constructively delivered to the Indenture Trustee, as pledgee of the Issuer pursuant to the

 
Indenture (collectively, the “Receivable Files”) with respect to each Receivable (but only to the extent applicable to such Receivable and only to the extent held in tangible
paper form): 
 (a)        the fully executed original of the installment sale contract
or the promissory note and security agreement, as applicable, for such Receivable (with respect to tangible chattel paper) or an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of the Receivable (with respect
to electronic chattel paper) or, if no such original executed Receivable or authoritative copy exists, a copy thereof, including any written amendment or extensions thereto; provided, however, that an authoritative copy may be held by
a third party service provider; 
 (b)        the original credit application, an
electronic image thereof or a photocopy thereof to the extent held in paper form; 

(c)        the original Certificate of Title for the related Financed Vehicle (or evidence that
such certificate of title has been applied for) or such other documents (electronic or otherwise, as used in the applicable jurisdiction) that the Servicer will keep on file, in accordance with its normal policies and procedures, evidencing the
security interest of BANA, as first lienholder or secured party, in such Financed Vehicle; provided, however, that in lieu of being held in the Receivable File, the Certificate of Title may be held by a third party service provider engaged by
the servicer to obtain or to hold the Certificate of Title; and 
 (d)        any and
all other documents that the Servicer keeps on file in accordance with its Customary Servicing Practices relating to the individual Receivable, Obligor or Financed Vehicle. 

The Issuer and the Indenture Trustee shall have no responsibility to monitor the Servicer’s performance as custodian and shall have
no liability in connection with the Servicer’s performance of such duties hereunder. 
 The Custodian hereby acknowledges
receipt of the Receivable Files for each Receivable listed on the Schedule of Receivables. 
 Section
2.2.    Effective Period, Termination, and Amendment; Interpretive and Additional Provisions.  The Servicer’s appointment as Custodian has become effective as of the Cut-Off Date and will continue in full
force and effect until terminated as herein provided. The Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Custodian except upon the reasonable determination by the Servicer that the performance of its
duties herein is no longer permissible under applicable law. No such resignation shall become effective until a successor Custodian shall have assumed the responsibilities and obligations of the Custodian in accordance with Section 6.2.
If BANA resigns as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of the Servicer are terminated under Section 6.1, the appointment of the Servicer as Custodian hereunder will be
terminated. As soon as practicable after any termination under this Section 2.2 the Custodian at its expense will deliver to the Indenture Trustee or the Indenture Trustee’s designee, the Receivable Files and the related accounts
and Records maintained by the Custodian at such place or places as the Indenture Trustee may reasonably designate provided, however, that with respect 

 

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to authoritative copies of the Receivables constituting electronic chattel paper, the Servicer, as Custodian, in its sole discretion, shall either (i) continue to hold any such authoritative
copies on behalf of the Issuer and the Indenture Trustee or the Indenture Trustee’s agent or (ii) deliver copies of such authoritative copies and destroy the authoritative copies maintained by the Servicer prior to its termination such
that such copy delivered to the Indenture Trustee or the Indenture Trustee’s agent becomes the authoritative copy of the Receivable constituting electronic chattel paper. 

ARTICLE III 

ADMINISTRATION AND SERVICING OF 

RECEIVABLES AND PURCHASED PROPERTY 

Section 3.1.    Duties of Servicer.  Effective as of the Cut-Off Date, the Servicer is hereby
appointed and authorized to act as agent for the Issuer and in such capacity shall manage, service, administer, make collections on, and make remittances with respect to, the Receivables in accordance with its Customary Servicing Practices, using
that degree of skill and attention that the Servicer exercises with respect to comparable automotive receivables that it services for itself or others. The Servicer hereby accepts such appointment and authorization and agrees to perform the duties
of Servicer set forth herein. The Servicer’s duties shall include tracking the balances of outstanding Receivables, notifying Obligors of the amounts and due dates of their required payments, communicating with Obligors regarding their accounts
and seeking to collect overdue payments. The Servicer is not required under the Transaction Documents to make any disbursements via wire transfer or otherwise on behalf of an Obligor. There are no requirements under the Receivables or the
Transaction Documents for funds to be, and funds shall not be, held in trust for an Obligor. No payments or disbursements shall be made by the Servicer on behalf of an Obligor. Subject to the provisions of Section 3.2, the Servicer shall
follow its Customary Servicing Practices 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, pursuant to this Section 3.1, to execute and deliver, on behalf of itself or the Issuer, the Owner Trustee, the Indenture Trustee, the
Noteholders, the Certificateholder, or any of them, 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 the Financed Vehicles.
The Servicer is hereby authorized to commence, in its own name or in the name of the Issuer, a legal Proceeding to enforce a Receivable as contemplated by Section 3.3, to enforce all obligations or participate in a legal Proceeding
(including without limitation a bankruptcy Proceeding) relating to or involving a Receivable including a Defaulted Receivable. If the Servicer commences or participates in such a legal Proceeding in its own name, the Servicer is hereby authorized
and empowered by the Issuer pursuant to this Section 3.1 to obtain possession of the related Financed Vehicle and immediately and without further action on the part of the Issuer or the Servicer, the Issuer shall thereupon automatically
assign in trust such Receivable and the security interest in the related Financed Vehicle to the Servicer for the benefit of the Issuer for purposes of commencing or participating in any such Proceeding as a party or claimant. Upon such automatic
assignment, the Servicer will be, and will have all the rights and duties of, a secured party under the UCC and other applicable law with respect to such Receivable and the related Financed Vehicle. At the

  

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Servicer’s request from time to time, the Issuer shall provide the Servicer with evidence of the assignment in trust for the benefit of the Issuer, as applicable, as may be reasonably
necessary for the Servicer to take any of the actions set forth in the following sentence. The Servicer is hereby authorized and empowered by the Issuer and the Indenture Trustee to execute and deliver in the Servicer’s name any notices,
demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such Proceeding. If in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the
grounds that it shall not be a real party in interest or a holder entitled to enforce such Receivable, the Issuer shall, at the Servicer’s expense and direction, take steps to enforce such Receivable, including bringing suit in the name of the
Issuer. The Issuer shall furnish the Servicer with any powers of attorney and other documents and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its duties herein. Except to the extent
required by the preceding two sentences, the authority and rights granted to the Servicer in this Section 3.1 shall be nonexclusive and shall not be construed to be in derogation of the retention by the Issuer or the Indenture Trustee of
equivalent authority and rights. 
 Section 3.2.    Collection of Receivable
Payments.  (a) The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same become due in accordance with its Customary Servicing Practices.
Subject to Section 3.6, the Servicer may grant waivers, extensions, deferrals, alterations, amendments, modifications or adjustments with respect to any Receivable in accordance with its Customary Servicing Practices; provided,
however, that if the Servicer (i) extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period preceding the Final Scheduled Payment Date for the latest maturing Class of Notes (such
extension, a “Post-Maturity Term Extension”), or (ii) reduces the Annual Percentage Rate or the Amount Financed with respect to any Receivable (such reduction, a “Reduction Event”) other than as required by
applicable law (including, without limitation, by the Servicemembers Civil Relief Act) or by court order it will promptly purchase such Receivable in the manner provided in Section 3.7; provided, further, that the Servicer
shall not make any modification described in the preceding proviso that would trigger a purchase pursuant to the above provisions or pursuant to Section 3.7, in either case for the sole purpose of enabling the Servicer to purchase a
Receivable from the Issuer. The Servicer shall not be required to make any advances of funds or guarantees regarding collections, cash flows or distributions. Payments on the Receivables, including payoffs, made in accordance with the related
documentation for such Receivables, shall be posted to the Servicer’s records related to such Receivables in accordance with the its Customary Servicing Practices. Such payments shall be allocated to principal, interest or other items in
accordance with the related documentation for such Receivables. 
 (b)        The
Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer and its Affiliates may engage in any marketing practice or promotion or any sale of
any products, goods or services to Obligors with respect to the Receivables for the account of the Servicer and/or its Affiliates (but not the Issuer) so long as such practices, promotions or sales are offered to obligors of comparable motor vehicle
receivables serviced by the Servicer for itself and others, whether or not such practices, promotions or sales might indirectly result in a decrease in the aggregate amount of payments made (but not any related contractual obligation) on the

  

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Receivables, prepayments or faster or slower timing of the payment of the Receivables. The Servicer and its Affiliates may also sell insurance or debt cancellation products, including products
which result in the repayment of some or all of the amount of a Receivable owned by the Issuer upon the death or disability of the Obligor or any casualty with respect to the Financed Vehicle. 

(c)        The Servicer shall distribute to the applicable Obligor any rebates or refunds of
premiums with respect to the cancellation or termination of any insurance policy, extended warranty or service contract required by law or contract to be returned to such Obligor (but only to the extent such amounts are actually received by the
Servicer). 
 (d)        Records documenting collection efforts with respect to any
Receivable shall be maintained by the Servicer during the period a Receivable is delinquent in accordance with the Servicer’s Customary Servicing Practices. Such records shall be maintained on at least a periodic basis that is not less frequent
than the Servicer’s Customary Servicing Practices, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed
temporary (e.g., illness or unemployment) in accordance with the Servicer’s Customary Servicing Practices. 

(e)        The Servicer shall not be required to maintain a fidelity bond or errors and omissions
policy. 
 Section 3.3.    Realization Upon Receivables.  On behalf of the Issuer, the
Servicer shall use commercially reasonable efforts, consistent with its Customary Servicing Practices, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer has determined eventual
payment in full is unlikely unless it determines in its sole discretion that repossession will not increase the Liquidation Proceeds by an amount greater than the expense of such repossession or that the proceeds ultimately recoverable with respect
to such Receivable would be increased by forbearance. The Servicer is authorized to follow such Customary Servicing Practices as it follows in its servicing of comparable motor vehicle receivables, which practices, policies and procedures may
include selling the Financed Vehicles at public or private sale 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 be required to expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall reasonably 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. After repossession of a Financed Vehicle, the Servicer shall in accordance with its Customary Servicing Practices sell such
Financed Vehicle in a public or private sale as soon as is practicable after repossession, subject to any applicable laws. The Servicer is authorized to take any and all actions necessary or appropriate on behalf of the Issuer to evidence the sale
of the Financed Vehicle at public or private sale free from any Lien or other interest of the Issuer or the Indenture Trustee. The Servicer shall be entitled to receive Liquidation Expenses with respect to each Defaulted Receivable at such time as
the Receivable becomes a Defaulted Receivable from the related Liquidation Proceeds. 
  

 5 

 The Servicer, in its sole discretion, may in accordance with its Customary Servicing
Practices sell any Receivable’s Deficiency Balance. Net proceeds of any such sale allocable to the related Receivable will constitute Liquidation Proceeds, and the sole right of the Issuer and the Indenture Trustee with respect to any such
Receivable will be to receive such Liquidation Proceeds. Upon such sale, (i) the Indenture Trustee shall release the lien on any Deficiency Balance sold by the Servicer hereunder and (ii) the Servicer will mark its computer records
indicating that any such Receivable has been sold. 
 Section 3.4.    Allocations of
Collections.  If an Obligor is obligated under one or more Receivables and also under one or more other assets owned by the Servicer or assigned to a third party, then any payment on any such asset received from or on behalf of such
Obligor will, if identified as being made with respect to a particular item or asset, be applied to such item, and otherwise will be allocated by the Servicer in accordance with its Customary Servicing Practices. 

Section 3.5.    Maintenance of Security Interests in Financed Vehicles.  The Servicer shall, in
accordance with its Customary Servicing Practices and at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. It is understood that the Financed
Vehicles are the collateral and security for the Receivables, but that the Certificate of Title with respect to a Financed Vehicle does not constitute collateral and merely evidences such security interest. The Issuer hereby authorizes the Servicer
to re-perfect such security interest on behalf of the Issuer and the Indenture Trustee, as necessary because of the relocation of a Financed Vehicle, or for any other reason. 

Section 3.6.    Covenants of Servicer.  Unless required by law (including, without limitation, by
the Servicemembers Civil Relief Act) or court order, the Servicer will not release the Financed Vehicle securing each such Receivable from the security interest granted by such Receivable in whole or in part except (i) in the event of payment
in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would or would not attempt to collect in accordance with its Customary Servicing Practices, (ii) in connection with repossession or
(iii) except as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle. 

Section 3.7.    Purchase of Receivables Upon Breach by the Servicer.  Upon discovery by any party to
this Agreement of (i) a Post-Maturity Term Extension or a Reduction Event as contemplated by Section 3.2 or (ii) a breach of any of the covenants set forth in Sections 3.5 or 3.6 that materially and adversely
affects the interest of the Noteholders, the party discovering such event described in clause (i) or (ii) herein shall give prompt written notice thereof to the other party hereto; provided, that delivery of the
Monthly Servicer Report, which identifies Receivables that are being or have been purchased, shall be deemed to constitute prompt notice of such event; provided, further, the failure to give such notice shall not affect any obligation
of the Servicer hereunder. If (i) either a Post-Maturity Term Extension or Reduction Event occurs with respect to any Receivable or (ii) a breach of any of the covenants set forth in Sections 3.5 or 3.6 materially and
adversely affects the interests of the Noteholders, then the Servicer shall either (i) correct or cure such breach or (ii) purchase such Receivable from the holder thereof, in either case on or before the last day of the second Collection
Period (or, at the option of the Servicer, the last day of the first Collection Period) following the date the Servicer became aware of or 

 

 6 

 
was notified of such breach. Any such breach or failure of the covenants set forth in Sections 3.5 or 3.6 will be deemed to not have a material and adverse effect if such
breach or failure does not affect the ability of the Issuer (or its assignee) to collect, receive and retain timely payment in full on such Receivable, including Liquidation Proceeds. Any such purchase by the Servicer shall be at a price equal to
the related Repurchase Price. In consideration for such purchase, the Servicer shall make a payment to the Issuer equal to the Repurchase Price by depositing such amount into the Collection Account on the Business Day prior to the Payment Date
immediately following the date of such repurchase. Upon receipt by the Issuer of such Repurchase Price by the Servicer, the Issuer shall (and shall cause the Indenture Trustee to) release and execute and deliver such instruments of release, transfer
or assignment, in each case without recourse or representation, as may be reasonably requested by the Servicer to evidence such release, transfer or assignment or more effectively vest in the Servicer or its designee all of the Issuer’s rights
(and, if applicable, the Indenture Trustee’s rights and security interest) in any Receivable and related Purchased Assets repurchased pursuant to this Section 3.7. It is understood and agreed that the right to cause the Servicer to
purchase any Receivable as described above shall constitute the sole remedy (except as provided in Section 5.2 of this Agreement) against the Servicer for such breach available to the Issuer. 

Section 3.8.    Servicing Fee and Supplemental Servicing Fee Payable to the
Servicer.  (a) Servicing Fee.   To compensate the Servicer for services rendered under this Agreement and the other Transaction Documents, the Issuer will pay the Servicer the Servicing Fee from the Cut-Off Date
until the earliest to occur of: 
 (i)        resignation of the Servicer pursuant to
Section 5.6; 
 (ii)      termination of the Servicer pursuant to
Section 6.2; or 
 (iii)     the Termination Date (as defined in Section 6.5).

 Such Servicing Fee will be payable by the Issuer on each Payment Date in accordance with Sections 5.4(b) and
8.4(a) of the Indenture. 
 (b)        Supplemental Servicing
Fee.  In addition to the Servicing Fee, and as additional compensation for its services rendered under this Agreement, the Servicer will be entitled to retain any late fees, prepayment charges, extension fees and other administrative
fees and expenses or similar charges allowed by applicable law collected (from whatever source) on the Receivables during each Collection Period (such amounts, the “Supplemental Servicing Fee”). 

Section 3.9.        Annual Statement as to Compliance; Notice of Servicer Termination
Event.  (a) So long as the Depositor is filing any reports with respect to the Issuer under the Exchange Act, the Servicer will deliver to the Issuer, with a copy to the Indenture Trustee, on or before March 30 of each year
beginning March 30, 20[__], an Officer’s Certificate (with appropriate insertions), providing such information as is required under Item 1123 of Regulation AB. 

(b)        The Servicer will deliver to the Issuer, with a copy to the Indenture Trustee and the
Administrator promptly after having obtained knowledge thereof, notice of the occurrence of any Servicer Termination Event. Except to the extent set forth in this Sections 3.9(b), 6.3 and

  

 7 

 
7.16 of this Agreement and Sections 3.12 and 6.5 of the Indenture, the Transaction Documents do not require any policies or procedures to monitor any performance or other triggers and
Events of Default. 
 (c)        So long as the Depositor is filing any reports with
respect to the Issuer under the Exchange Act, the Servicer will deliver to the Issuer, on or before March 30 of each year, beginning on March 30, 20[__], a report regarding the Servicer’s assessment of compliance with the Servicing
Criteria during the immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and
Item 1122 of Regulation AB. 
 Section 3.10.        Servicer
Expenses.  Subject to any limitations on the Servicer’s liability herein, the Servicer will be required to pay all expenses incurred by it in connection with its activities hereunder, including fees, expenses and disbursements of
any independent accountants and taxes imposed on the Servicer, except expenses incurred in realizing upon Receivables under Section 3.3. 

Section 3.11.        Annual Registered Public Accounting Firm Attestation
Report.  So long as the Depositor is filing any reports with respect to the Issuer under the Exchange Act, on or before
March 30th of each year, beginning March, 30, 20[__],
the Servicer shall cause a registered public accounting firm, who may also render other services to the Servicer or to its Affiliates, to furnish to the Servicer and the Depositor, each attestation report on assessments of compliance with the
Servicing Criteria with respect to the Servicer or any Affiliate thereof during the related fiscal year delivered by such accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation
AB. The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets, or which otherwise comply with any
rule, regulation, “no action” letter or similar guidance promulgated by the Commission. 
 Section
3.12.        1934 Act Filings.  The Issuer hereby authorizes the Servicer and the Depositor, or either of them, to prepare, sign, certify and file any and all reports, statements and
information respecting the Issuer and/or the Notes required to be filed pursuant to the Exchange Act and the rules thereunder. 

ARTICLE IV 

DISTRIBUTIONS; STATEMENTS 

Section 4.1.        Deposits into Collection Account. 

(a)        If the Monthly Remittance Condition is satisfied with respect to the Servicer, then on
the Business Day prior to each Payment Date, the Servicer shall remit into the Collection Account an amount equal to all Collections on the Receivables received by the Servicer during the related Collection Period; provided, however,
that such remittance may be made net of Servicing Fees and unpaid Servicing Fees in accordance with Section 4.2(b). Pending deposit in 

 

 8 

 
the Collection Account, Collections may be used by the Servicer at its own risk and are not required to be segregated from its own funds. 

(b)        If the Monthly Remittance Condition is not satisfied with respect to the Servicer,
then the Servicer shall deposit an amount equal to all Collections on the Receivables received by the Servicer into the Collection Account within two Business Days of identification by the Servicer. 

Section 4.2.    Net Remittances; Retention of Servicing Fees.  (a) Supplemental Servicing Fees
may be retained by the Servicer, and need not be deposited into the Collection Account. 

(b)        The amount deposited in the Collection Account may be net of the Servicing Fee and any
unpaid Servicing Fee owed to the Servicer, provided, however, that such amounts will be listed separately on the Monthly Servicer Report as if such amounts were distributed to the Servicer separately. 

(c)        The Servicer may select Eligible Investments with respect to funds on deposit in the
Collection Account [, the Swap Termination Payment Account] and the Reserve Account in accordance with Section 8.3 of the Indenture. 

Section 4.3.    Statements to Issuer.  On or before each Determination Date, the Servicer will
deliver to the Issuer and the Indenture Trustee with respect to all of the Receivables on an aggregate basis a monthly servicer report substantially in the form attached hereto as Exhibit A (each, a “Monthly Servicer
Report”). The Indenture Trustee shall not be responsible for verifying or confirming the accuracy of the information provided to it by or at the direction of the Servicer. No disbursements shall be made directly by the Servicer to a
Noteholder, and the Servicer shall not be required to maintain any investor record relating to the posting of disbursements or otherwise. 

ARTICLE V 
 THE
SERVICER 
 Section 5.1.    Representations of Servicer.  The Servicer makes the following
representations as of the Cut-Off Date and as of the Closing Date: 

(a)        Existence and Power.  The Servicer is a national banking association
validly existing and in good standing under the laws of the United States and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, deliver and perform its
obligations under the Transaction Documents to which it is a party or affect the enforceability or collectibility of the Receivables or any other part of the Purchased Assets. The Servicer has obtained all necessary licenses and approvals in each
jurisdiction where the failure to do so would materially and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or any other part
of the Purchased Assets. 
 (b)        Authorization and No
Contravention.  The execution, delivery and performance by the Servicer of the Transaction Documents to which it is a party have been duly authorized by 

 

 9 

 
all necessary action on the part of the Servicer and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or
(iii) any material indenture or material agreement or instrument to which the Servicer is a party or by which its properties are bound (other than violations of such laws, rules, regulations, indentures or agreements which do not affect the
legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Servicer’s ability to perform its obligations under,
the Transaction Documents). 
 (c)        No Consent Required.  No
approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Servicer of any Transaction Document other than (i) UCC filings, (ii) approvals and
authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or
collectibility of the Receivables or any other part of the Purchased Assets or would not materially and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents. 

(d)        Binding Effect.  Each Transaction Document to which the Servicer is a
party constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of national banks from time to time in effect or by general principles of equity.

 (e)        No Proceedings.  There are no actions, orders, suits or
Proceedings pending or, to the knowledge of the Servicer, threatened against the Servicer before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents,
(ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and
adversely affect the performance by the Servicer of its obligations under this Agreement or any of the other Transaction Documents or have a material adverse effect on the Noteholders or (iv) relating to the Servicer that would materially and
adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes. 

Section 5.2.        Indemnities of Servicer.  The Servicer shall be liable in
accordance with this Agreement only to the extent of the obligations in this Agreement specifically undertaken by the Servicer. Such obligations shall include the following: 

(a)        The Servicer will compensate and indemnify the Indenture Trustee to the extent and
subject to the conditions set forth in Section 6.7 of the Indenture. The Servicer will compensate and indemnify the Owner Trustee to the extent and subject to the conditions set forth in Section 8.1 and 8.2 of the
Trust Agreement. The Servicer will compensate and indemnify the Administrator to the extent and subject to the conditions set forth in Section 3 of the Administration Agreement. 

 

 10 

 (b)        The Servicer shall defend, indemnify and
hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholder and the Depositor from and against any and all costs, expenses, losses, damages, claims and liabilities, arising out of or resulting from the
use, ownership or operation by the Servicer or any Affiliate thereof of a Financed Vehicle. 

(c)        Indemnification under this Section 5.2 by Servicer (or any successor
thereto) pursuant to Sections 5.3 and 5.6, as Servicer, with respect to the period such Person was the Servicer, shall survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the
termination of this Agreement or the resignation or removal of the Owner Trustee or the Indenture Trustee and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer shall have made any indemnity payments
pursuant to this Section 5.2 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 the Servicer, without interest.

 Section 5.3.    Merger or Consolidation of, or Assumption of the Obligations of,
Servicer.  Any corporation or other entity (a) into which the Servicer may be merged or consolidated, (b) resulting from any merger, conversion or consolidation to which the Servicer shall be a party, (c) succeeding to
the business of the Servicer, or (d) more than 50% of the voting stock (or, if not a corporation, other voting interests) of which is owned directly or indirectly by BAC, which corporation or other entity in any of the foregoing cases executes
an agreement of assumption to perform every obligation of the Servicer under the Transaction Documents, shall be the successor to the Servicer under the Transaction Documents 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 the Transaction Documents to the contrary notwithstanding. The Servicer shall provide notice of any merger, consolidation or succession pursuant to this Section 5.3 to the Issuer
and the Indenture Trustee. 
 Section 5.4.    Limitation on Liability of Servicer and
Others.  (a) None of the Servicer, the Custodian or any of the directors, officers, employees or agents of the Servicer or the Custodian shall be under any liability to the Indenture Trustee, the Issuer, the Noteholders or any
other Person for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, unless the Servicer’s or Custodian’s conduct, as applicable, constitutes willful misconduct, negligence
or bad faith. The Servicer, the Custodian and any director, officer or employee or agent of the Servicer or the Custodian may reasonably 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 this Agreement or under the other Transaction Documents. 

(b)        Except as provided in this Agreement, neither the Servicer nor the Custodian shall be
under any obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service, or with respect to custody of, the Receivables in accordance with this Agreement and that in its opinion may involve it in any
expense or liability; provided, however, that the Servicer or the Custodian may undertake any reasonable action that it may deem necessary or desirable in respect of the Transaction Documents and the rights and duties of the Parties to
the Transaction Documents and the interests of the Issuer in the Transaction 
  

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Documents. In such event, the legal expenses and costs for such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Servicer except to the extent
otherwise provided herein. 
 Section 5.5.    Subservicer and Delegation of Duties.  The
Servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation, its duties as Custodian) under the Transaction Documents to any of its Affiliates or (b) specific duties (including,
without limitation, its duties as Custodian) to sub-contractors who are in the business of performing such duties; provided, that no such delegation or subcontracting will relieve the Servicer of its responsibilities with respect to such
duties as to which the Servicer will remain primarily responsible with respect thereto and the Servicer will be solely responsible for the fees of any such sub-contractors. For any servicing activities delegated to third parties in accordance with
this Section 5.5, the Servicer shall follow such policies and procedures to monitor the performance of such third parties and compliance with such servicing activities as the Servicer follows with respect to comparable motor vehicle
receivables serviced by the Servicer for its own account. 
 Section 5.6.    Servicer Not to Resign as
Servicer.  Subject to the provisions of Section 5.3, the Servicer shall not resign from its obligations and duties under this Agreement except upon the mutual consent of the Servicer, the Indenture Trustee and the Issuer or
upon its determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law. Notice of any such determination permitting the resignation of the Servicer shall be communicated to the Owner
Trustee and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel
to such effect delivered to the Issuer, and the Indenture Trustee concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Servicer shall have (i) taken the actions
required by Section 6.2, (ii) assumed the responsibilities and obligations of the Servicer and (iii) provided in writing the information reasonably requested by the Depositor to comply with its reporting obligation under the
Exchange Act with respect to any replacement Servicer. 
 Section 5.7.    Servicer May Own Notes or
Certificates.  The Servicer, and any Affiliate of the Servicer, may, in its individual or any other capacity, become the owner or pledgee of Notes or Certificates with the same rights as it would have if it were not the Servicer or an
Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes and Certificates so owned by or pledged to the Servicer or such Affiliate
shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority or distinction as among all of the Notes and Certificates, except as specifically provided for in the Transaction Documents.

 Section 5.8.    Sarbanes-Oxley Act Requirements.  To the extent any documents are
required to be filed or any certification is required to be made with respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Servicer and the Depositor, or either of them, to prepare, sign, certify
and file any such documents or certifications on behalf of the Issuer. 
  

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 ARTICLE VI 

SERVICING TERMINATION 

Section 6.1.    Servicer Termination Events.  (a) If any one or more of the following events
(“Servicer Termination Event”) shall occur and be continuing: 

(i)        any failure by the Servicer to deliver to the Indenture Trustee any payment required
to be so delivered by the Servicer under the terms of this Agreement that shall continue unremedied for a period of ten (10) Business Days after written notice of such failure is received by the Servicer from the Issuer or the Indenture
Trustee; or 
 (ii)        failure on the part of the Servicer duly to observe or to
perform in any material respect any other covenants or agreements, as the case may be, set forth in this Agreement, which failure shall (A) materially and adversely affect the rights of Noteholders or Certificateholders and (B) continue
unremedied for a period of ninety (90) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (1) to the Servicer by the Issuer or the Indenture Trustee or (2) to the
Issuer, the Indenture Trustee and the Servicer by the Noteholders of Notes evidencing not less than a majority of the Note Balance amount of the Outstanding Notes or, if no Notes are Outstanding, by holders of Certificates evidencing a majority of
the beneficial interest in the Issuer; or 
 (iii)        the Servicer suffers a
Bankruptcy Event; 
 provided, however, that if a delay in or failure of performance referred to under clauses
(i) or (ii) above was caused by force majeure or similar occurrence the grace period in the applicable clause will be extended for an additional thirty days; 

provided, further, the existence or occurrence of any “material instance of noncompliance” (within the meaning of
Item 1122 of Regulation AB) shall not create any presumption that any event in clauses (i), (ii) or (iii) above has occurred; 

then the Indenture Trustee (provided, that a Responsible Officer of the Indenture Trustee shall have received written notice
thereof) shall promptly notify each Rating Agency, and in each and every case, so long as a Servicer Termination Event shall not have been remedied, either the Indenture Trustee or the holders of Notes evidencing not less than a majority of the
principal amount of the Notes Outstanding (or, if no Notes are Outstanding, Holders of Certificates evidencing at least a majority of the beneficial interest in the Issuer), by notice then given in writing to the Servicer (and to the Indenture
Trustee and the Issuer if given by the Noteholders and to the Issuer if given by the Certificateholders and in each case with a copy to the Rating Agencies) 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, all authority and power of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Trust Estate or otherwise, shall pass to and be vested in the
Indenture Trustee or such successor Servicer as may be appointed under Section 6.2; and, without limitation, the Indenture Trustee and the Issuer are hereby authorized and empowered to execute and deliver, on behalf of the predecessor
Servicer, as attorney-in-fact or otherwise, any and all documents and other 
  

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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 related documents, or otherwise. 
 (b)        Upon termination of
the Servicer under Section 6.1(a), the predecessor Servicer shall cooperate with the Indenture Trustee, the Issuer and such successor Servicer in effecting the termination of the responsibilities and rights of the predecessor Servicer
under this Agreement, including the transfer to the Indenture Trustee or such successor Servicer for administration of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received with
respect to a Receivable and the delivery of the Receivable Files and the related accounts and Records to the extent maintained by the Servicer. All reasonable costs and expenses (including attorneys’ fees) incurred in connection with
transferring the Receivable Files to the successor Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this Section 6.1 shall be paid by the predecessor Servicer upon presentation of reasonable
documentation of such costs and expenses. 
 Section 6.2.    Appointment of Successor
Servicer.  (a) Upon the Servicer’s receipt of notice of termination pursuant to Section 6.1 or the Servicer’s resignation in accordance with the terms of this Agreement, the predecessor Servicer shall
continue to perform its functions as Servicer under this Agreement, in the case of termination, only until the date specified in such termination notice or, if no such date is specified in a notice of termination, until receipt of such notice and,
in the case of resignation, until the later of (x) the date 45 days from the delivery to the Indenture Trustee and the Issuer of written notice of such resignation (or written confirmation of such notice) in accordance with the terms of this
Agreement and (y) the date upon which the predecessor Servicer shall become unable to act as Servicer, as specified in the notice of resignation and accompanying Opinion of Counsel. In the event of the Servicer’s resignation or termination
hereunder, the Indenture Trustee shall appoint a successor Servicer, and the successor Servicer shall accept its appointment by a written assumption in form acceptable to the Issuer and the Indenture Trustee (with a copy to each Rating Agency). In
the event that a successor Servicer has not been appointed at the time when the predecessor Servicer has ceased to act as Servicer in accordance with this Section 6.2, the Indenture Trustee without further action shall automatically be
appointed the successor Servicer. The Indenture Trustee may resign as the Servicer by giving written notice of such resignation to the Issuer and in such event shall be released from such duties and obligations, such release not to be effective
until the date a successor Servicer enters into a written assumption as provided in this Section 6.2. Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new servicer as the successor Servicer in accordance with
this Section 6.2. Notwithstanding the above, if the Indenture Trustee shall be legally unable so to act or if, within 30 days after the delivery of its notice of resignation, the Issuer shall not have obtained a successor Servicer, the
Indenture Trustee shall appoint, or petition a court of competent jurisdiction to appoint, any established institution, having a net worth of not less than $100,000,000 and whose regular business shall include the servicing of automotive
receivables, as the successor to the Servicer under this Agreement; provided that the Rating Agency Condition shall be satisfied in connection with such appointment. 

(b)        Upon appointment, the successor Servicer shall be the successor in all respects to the
predecessor Servicer and shall be subject to all the responsibilities, duties, and liabilities 
  

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arising thereafter relating thereto placed on the predecessor Servicer, by the terms and provisions of this Agreement; provided, that (i) any failure of such successor Servicer to
perform such responsibilities or duties that are caused by the predecessor Servicer’s failure to provide information or monies required hereunder shall not be considered a default by such successor Servicer, (ii) such successor Servicer
shall have no liability for actions, inactions or representations of the predecessor Servicer, (iii) the successor Servicer shall have no obligation to pay any taxes required to be paid by the predecessor Servicer, (iv) the successor
Servicer shall have no obligation to pay any of the fees and expenses of any other party involved in this transaction and (v) the successor Servicer shall have no liability or obligation with respect to any indemnification obligations of any
predecessor Servicer. The indemnification obligations of the successor Servicer are expressly limited to those instances in which liability would otherwise be imposed by reason of willful misconduct, negligence or bad faith. 

(c)        In connection with such appointment, the Indenture Trustee may make such arrangements
for the compensation of such successor Servicer out of payments on Receivables as it and such successor Servicer shall agree; provided, however, that no such compensation shall be in excess of the compensation permitted for the
predecessor Servicer under this Agreement. The Indenture Trustee and such successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. 

(d)        Notwithstanding anything herein or in the other Transaction Documents to the contrary,
in no event shall any successor Servicer be required to purchase any Receivable pursuant to Section 3.7 herein. 

Section 6.3.    Notification to Noteholders and Certificateholders.  Upon any termination of, or
appointment of a successor to, the Servicer pursuant to this Article VI, the Indenture Trustee shall give prompt written notice thereof to Noteholders, and the Issuer shall give prompt written notice thereof to Certificateholders at their
respective addresses of record and to each Rating Agency. 
 Section 6.4.    Waiver of Past Servicer
Termination Events.  The holders of the Notes evidencing not less than a majority of the principal amount of the Outstanding Notes of the Controlling Class (or, if no Notes are Outstanding, holders of Certificates evidencing a majority
of the beneficial interest in the Issuer) may, on behalf of all Noteholders and Certificateholders, waive any Servicer Termination Event hereunder and its consequences, except an event resulting from the failure by the Servicer to make any required
payments in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Notes and Certificates. Upon any such waiver of a past Servicer Termination Event, such Servicer Termination Event shall cease to exist,
and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any right consequent thereon. The Indenture Trustee shall provide written
notice of any such waiver to the Rating Agencies. 
 Section 6.5.    Termination.  Unless
earlier terminated, this Agreement will terminate on the Payment Date in the month following the final payment or liquidation of all the Receivables (the “Termination Date”). 

 

 15 

 Section 6.6.    Optional Purchase of All
Receivables.  The Servicer, may purchase the outstanding Receivables (such purchase, the “Optional Purchase”) and the other assets in the Trust Estate (other than the Reserve Account) on any Payment Date if both of the
following conditions are satisfied: (i) as of the last day of the related Collection Period, the Pool Balance has declined to 10% or less of the Pool Balance as of the Cut-Off Date and (ii) the sum of the Optional Purchase Price and the
Available Collections for such Payment Date would be sufficient to pay (A) the Servicing Fee for such Payment Date and all unpaid Servicing Fees with respect to prior periods, (B) interest then due on the Notes, (C) the aggregate
Outstanding Note Balance of all of the Notes, as determined by the Indenture Trustee and (D) expenses (including indemnification amounts) due to the Owner Trustee, the Indenture Trustee, the Administrator and the Servicer, which have not been
previously paid. To exercise such option, the Servicer shall deposit the Optional Purchase Price into the Collection Account on the Business Day prior to such Payment Date. The Servicer shall furnish written notice of such election to the Indenture
Trustee and the Owner Trustee not later than twenty (20) days (or such longer period as may be required by the Clearing Agency in connection with the Note Depository Agreement for notice in connection with a redemption of the Notes) prior to
the Redemption Date. Following its receipt of such notice, (i) the Indenture Trustee will promptly (but not later than 3 Business Days after it has received such notice) provide notice of such purchase [to the Swap Counterparty and] to the
Noteholders of record on such date and (ii) the Issuer will promptly (but not later than 3 Business Days after it has received such notice) provide notice of such purchase to the Certificateholders of record on such date. The purchase price for
the Trust Estate (other than the Reserve Account) under this Section 6.6 shall be equal to the Optional Purchase Price. If the Servicer exercises its option to purchase the Trust Estate (other than the Reserve Account), the Notes shall
be redeemed and in each case in whole but not in part on the Redemption Date for the Redemption Price. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1.    Amendment.  (a) Any term or provision of this Agreement may be amended by the
Servicer or the Issuer with prior written notice to each Rating Agency but without the consent of the Indenture Trustee any Noteholder, the Owner Trustee or any other Person subject to subsection (d) of this Section 7.1;
provided that (i) such amendment shall not, as evidenced by an Officer’s Certificate of the Servicer or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of
the Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment; provided further, that in the case of any amendment pursuant to this Section 7.1(a), such amendment shall not, as
evidenced by an Opinion of Counsel, (i) affect the treatment of the Notes as indebtedness for federal income tax purposes, (ii) be deemed to cause, for federal income tax purposes, a taxable exchange of the Notes or (iii) cause the
Issuer (or any part thereof) to be treated as an association or publicly traded partnership taxable as a corporation for federal income tax purposes. 

(b)        Subject to subsection (d) of this Section 7.1, this Agreement
may also be amended from time to time by the Servicer or the Issuer with the consent of the Holders evidencing not less than a majority of the Outstanding Note Balance for the purpose of adding any provisions to

  

 16 

 
or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary to obtain the consent of
Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in
this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note
Depository Agreement. 
 (c)        Prior to the execution of any amendment to this
Agreement, the Servicer or the Issuer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Servicer or the Issuer shall furnish a copy of
such amendment or consent to each Rating Agency and the Indenture Trustee. 

(d)        Prior to the execution of any amendment to this Agreement, the Depositor, the Owner
Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the
execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s, Indenture Trustee’s,
as applicable, own rights, duties or immunities under this Agreement. Furthermore, notwithstanding anything to the contrary herein, this Agreement may not be amended in any way that would materially and adversely affect the Owner Trustee’s,
Indenture Trustee’s, [the Swap Counterparty’s] or Administrator’s rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise without the prior written consent of such party.

 Section 7.2.    Counterparts.  For the purpose of facilitating the execution of this
Agreement and for other purposes, this Agreement may be executed in any number of counterparts, each of which counterparts will be deemed to be an original, and all of which counterparts will constitute but one and the same instrument. 

Section 7.3.    GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING TO THE MAXIMUM EXTENT PERMITTED BY LAW ALL OTHER CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section
7.4.    Submission to Jurisdiction; Waiver of Jury Trial.  Each of the Parties hereto hereby irrevocably and unconditionally: 

(a)        submits for itself and its property in any legal action or Proceeding relating to this
Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of 

 

 17 

 
the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

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

(c)        agrees that service of process in any such action or Proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 7.6 of this Agreement; 

(d)        agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e)        to the extent permitted by applicable law, each Party hereto irrevocably waives all
right of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 7.5.    Headings and Cross-References.  The various headings in this Agreement are included
for convenience only and will not affect the meaning or interpretation of any provision of this Agreement. 
 Section
7.6.    Notices.  All communications and notices pursuant hereto to any Party must be in writing or by fax and addressed or delivered to it at its address as shown in Schedule I to the Sale Agreement or at
such other address as may be designated by it by notice to the other Parties and, if mailed or sent by fax, will be deemed given upon receipt at the address or fax number for each Party as set forth on Schedule I to the Sale Agreement.

 Section 7.7.    Severability of Provisions.  If any one or more of the covenants,
agreements, provisions, or terms of this Agreement will be for any reason whatsoever held invalid, then such covenants, agreements, provisions, or terms will be deemed severable from the remaining covenants, agreements, provisions, or terms of this
Agreement and will in no way affect the validity or enforceability of the other provisions of this Agreement. 
 Section
7.8.    Further Assurances.  The Servicer agrees to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the Issuer more fully to
effect the purposes of this Agreement, including, without limitation, the execution of any financing statements or continuation statements relating to the Receivables for filing under the provisions of the UCC of any applicable jurisdiction.

 Section 7.9.    Waivers.  No failure or delay on the part of the Servicer, the Issuer or
the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other
or further exercise thereof or the exercise of any other power or right. No notice to or demand on any Party hereto in any case shall entitle 

 

 18 

 
it to any notice or demand in similar or other circumstances. No waiver or approval by any Party hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval,
be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

Section 7.10.    Cumulative Remedies.  The remedies herein provided are cumulative and not exclusive
of any remedies provided by law. 
 Section 7.11.    Third-Party Beneficiaries.  This
Agreement shall inure to the benefit of and be binding upon the Parties hereto, the Noteholders [, the Swap Counterparty] and the Certificateholders and their respective successors and permitted assigns and the Owner Trustee shall be an express
third party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder. 

Section 7.12.    Nonpetition Covenant.  Each Party hereto agrees that, prior to the date which is
one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such Party shall not authorize any Bankruptcy Remote Party to commence a
voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any
such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally,
any Party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the Parties hereto shall commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 

Section 7.13.    Limitation of Liability.  Notwithstanding anything contained herein to the
contrary, this Agreement has been executed and delivered by
[                                    ], not in its individual
capacity but solely as Owner Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or under the Notes or any of the other Transaction Documents or
in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the Owner Trustee be personally liable for the payment of any
indebtedness or expense of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of this Agreement, in the
performance of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 

Section 7.14.    Regulation AB.  The Servicer shall cooperate fully with the Depositor and the
Issuer to deliver to the Depositor and the Issuer (including any of its assignees or designees) 
  

 19 

 
any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Depositor or the Issuer to permit the Depositor to comply with
the provisions of Regulation AB, together with such disclosures relating to the Servicer and the Receivables, or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance. 

Section 7.15.    Information to Be Provided by the Indenture Trustee. 

(a)        So long as the Depositor is filing reports under the Exchange Act with respect to the
Issuer, the Indenture Trustee shall (i) on or before the fifth Business Day of each month, notify the Depositor, in writing, of any Form 10-D Disclosure Item with respect to the Indenture Trustee, together with a description of any such Form
10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor; provided, however, that the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information
previously provided by the Indenture Trustee to Depositor, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Depositor, in
writing, such updated information. 
 (b)        As soon as available but no later than
March 15 of each calendar year for so long as the Issuer is filing reports under the Exchange Act, commencing in [                ], the Indenture Trustee
shall: 
 (i)        deliver to the Depositor a report regarding the
Indenture Trustee’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB.
Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in Exhibit B or such other criteria as mutually agreed upon by the Depositor and the Indenture Trustee;

 (ii)        cause a firm of registered public accountants that is
qualified and independent with the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver a report for inclusion in the Issuer’s filing of Exchange Act Form 10-K that attests to, and reports on, the assessment of compliance
made by the Indenture Trustee and delivered to the Depositor 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)        deliver to the Depositor 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) on behalf of the Issuer or the Depositor
substantially in the form attached hereto as Exhibit C or such form as mutually agreed upon by the Depositor and the Indenture Trustee; and 
  

 20 

 (iv)        notify the Depositor in
writing of any affiliations or relationships (as described in Item 1119 of Regulation AB) between the Indenture Trustee and any Item 1119 Party, provided, that no such notification need be made if the affiliations or relationships
are unchanged from those provided in the notification in the prior calendar year. 
 The Indenture Trustee acknowledges that the parties
identified in clause (iii) above may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

Section 7.16.    Form 8-K Filings.  So long as the Depositor is filing Exchange Act Reports with
respect to the Issuer, the Indenture Trustee shall promptly notify the Depositor, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event of which a Responsible Officer of the Indenture Trustee has actual
knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which the Depositor or the Servicer has actual knowledge). The Indenture Trustee shall be deemed to have actual knowledge of any
such event to the extent that it relates to the Indenture Trustee or any action or failure to act by the Indenture Trustee. 

Section
7.17.    Indemnification.  [                    ] shall indemnify the Depositor, each Affiliate of the
Depositor and each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each
of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain
arising out of or based upon: 
 (a)        (A) any untrue statement of a material fact
contained or alleged to be contained in the Servicing Criteria assessment and any other information required to be provided by
[                    ] to the Depositor or its affiliates under Sections 7.15 (excluding clause (b)(ii) of Section 7.15) or
7.16 (such information, the “Provided Information”), or (B) the omission or alleged omission to state in the Provided Information a material fact required to be stated in the Provided Information, or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the
related information and not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Provided Information or any portion thereof is presented together with or separately from such other
information; or 
 (b)        any failure by
[                    ] to deliver any Servicing Criteria assessment, information, report, certification, accountants’ letter or other
material when and as required under Sections 7.15 and 7.16; provided, however, for the avoidance of doubt, this provision shall exclude the accountants’ report described in clause (b)(ii) of
Section 7.15. 
 (c)        In the case of any failure of performance
described in clause (a)(ii) of this Section,
[                                ] shall promptly reimburse the Depositor for all
costs reasonably 
  

 21 

 
incurred in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by
[                                        
]. 
 Notwithstanding anything to the contrary contained herein, in no event shall
[                                    ] be liable for special,
indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if
[                                    ] has been advised of the
likelihood of such loss or damage and regardless of the form of action. 
 Section 7.18.    [Limitation
of Rights].  [All of the rights of the Swap Counterparty in, to and under this Agreement (including, but not limited to all of the Swap Counterparty’s rights as a third party beneficiary of this Agreement and all of the Swap
Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the
payment in full of all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement.] 
  

 
  
  

 22 

 The Parties have caused this Servicing Agreement to be executed by their respective duly
authorized officers as of the date and year first above written. 
  

					
	 BANK OF AMERICA,

NATIONAL ASSOCIATION,

    as Servicer and Custodian

		
	By:	 	  

		 	Name:
		 	Title:
	
	 BANK OF AMERICA AUTO TRUST 20[_]-[_],

    as Issuer

		
	By:	 	[                    ], not in its individual capacity but
solely as Owner Trustee
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
  

 
  

					
		  	S-1	  	Servicing Agreement

			
	
[                         
                           ],

as Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  

 
  
  

 

					
		  	S-2	  	Servicing Agreement

 EXHIBIT A 

FORM OF MONTHLY SERVICER REPORT 

Attached 

 EXHIBIT B 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as
“Applicable Servicing Criteria”: 
  

					
	Servicing Criteria
	  	Applicable    
  
Servicing Criteria      
	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 pool assets 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 pool assets 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.	  	 
	
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.	  	 

					
	Servicing Criteria
	  	Applicable    
  
Servicing Criteria      
	Reference	 	Criteria	  	  
	 	 	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 pool assets 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 pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	 
	 1122(d)(4)(ii)  
	 	Pool assets 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 pool assets, including any payoffs, made in accordance with the related pool asset 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 asset
pool documents.	  	 
	 1122(d)(4)(v)  
	 	The Servicer’s records regarding the accounts and the accounts 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 account (e.g., loan modifications or re-agings) are made, reviewed and approved
by authorized personnel in accordance with the transaction agreements and related pool asset documents.	  	 
	 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 the timeframes or other requirements established by the transaction agreements.	  	 
	 1122(d)(4)(viii)  
	 	Records documenting collection efforts are maintained during the period a pool asset 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 pool assets 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 pool assets with variable rates are computed based on the
related pool asset documents.	  	 

 

 B-2 

					
	Servicing Criteria
	  	Applicable    
  
Servicing Criteria      
	Reference	 	Criteria	  	  
	 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
Account 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 Account documents and state laws; and (C) such
funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, 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.	  	 

 

 B-3 

 EXHIBIT C 

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION 
  

	 	Re:	BANK OF AMERICA AUTO TRUST 20[ ]-[ ] 

[    ], not in its individual capacity but solely as indenture trustee (the “Indenture Trustee”), certifies
to Bank of America Auto Receivables Securitization, LLC (the “Depositor”), and its officers, with the knowledge and intent that they will rely upon this certification, that: 

(1)        It has reviewed the report on assessment of the Indenture
Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended, and Item 1122 of Regulation AB (the “Servicing Assessment”) that was delivered by the Indenture
Trustee to the Depositor pursuant to the Servicing Agreement (the “Agreement”), dated as of [ ], by and between the Issuer, the Indenture Trustee and Bank of America, National Association (collectively, the “Indenture Trustee
Information”); 
 (2)        To the best of its knowledge, the
Servicing Assessment, 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 Servicing Assessment; and 

(3)        To the best of its knowledge, all of the Provided Information (as
defined in Section 7.17 of the Agreement) required to be provided by the Indenture Trustee under the Agreement has been provided to the Depositor. 

 

			
	[    ], not in its individual capacity but solely as Indenture Trustee
		
	Date:Form of Interest Rate Swap Agreement.

 Exhibit 10.4 

(Multicurrency—Cross Border) 

ISDA
® 

International Swap Dealers Association, Inc. 

MASTER AGREEMENT 

dated as of [                ] 

[            ]          
                                         
                             
and            BANK OF AMERICA AUTO TRUST 

20[    ]-[    ]             
                                    

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master
Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions. 

Accordingly, the parties agree as follows:— 

1.        Interpretation 

(a)        Definitions. The terms defined in Section 14 and in the Schedule will have the
meanings therein specified for the purpose of this Master Agreement. 

(b)        Inconsistency. In the event of any inconsistency between the provisions of the Schedule
and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the
purpose of the relevant Transaction. 
 (c)        Single Agreement. All Transactions are
entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any
Transactions. 
 2.        Obligations 

(a)        General Conditions. 

(i)        Each party will make each payment or delivery specified in each Confirmation to be
made by it, subject to the other provisions of this Agreement. 
 (ii)        Payments
under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for
payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the
relevant Confirmation or elsewhere in this Agreement. 
 (iii)        Each obligation of
each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no
Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other applicable condition precedent specified in this Agreement. 

Copyright © 1992 by International Swap
Dealers Association, Inc. 

 (b)        Change of Account. Either party may change
its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of
a reasonable objection to such change. 
 (c)        Netting. If on any date amounts would
otherwise be payable:— 
 (i)        in the same currency; and 

(ii)        in respect of the same Transaction, 

by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and
discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The
parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in
respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting
date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices
through which the parties make and receive payments or deliveries. 
 (d)        Deduction or
Withholding for Tax. 
 (i)        Gross-Up. All payments under
this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in
effect. If a party is so required to deduct or withhold, then that party (“X”) will:— 
 (1) promptly notify the
other party (“Y”) of such requirement; 
 (2) pay to the relevant authorities the full amount required to be deducted
or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving
notice that such amount has been assessed against Y; 
 (3) promptly forward to Y an official receipt (or a certified copy), or
other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
 (4) if such Tax is an
lndemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes,
whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be
paid but for:— 
 (A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i),
4(a)(iii) or 4(d); or 
 (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true
unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is
taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 

(ii)        Liability. If:— 

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any
deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
  

					
		  	2	  	ISDA ®
1992

 (2) X does not so deduct or withhold; and 

(3) a liability resulting from such Tax is assessed directly against X, 

then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount
of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 

(e)        Default Interest; Other Amounts. Prior to the occurrence or effective designation of an
Early Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as
after judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate.
Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in
the performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 

3.        Representations 

Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is
entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that:— 

(a)        Basic Representations. 

(i)        Status. It is duly organised and validly existing under the laws of the
jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 

(ii)        Powers. It has the power to execute this Agreement and any other
documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement
and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

(iii)        No Violation or Conflict. Such execution, delivery and performance do
not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or
affecting it or any of its assets; 
 (iv)        Consents. All
governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such
consents have been complied with; and 
 (v)        Obligations Binding.
Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation,
insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

 (b)        Absence of Certain Events. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support
Document to which it is a party. 
 (c)        Absence of Litigation. There is not pending
or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality,
validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 

 

					
		  	3	  	ISDA ®
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 (d)        Accuracy of Specified Information. All
applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every
material respect. 
 (e)        Payer Tax Representation. Each representation specified in
the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true. 

(f)        Payee Tax Representations. Each representation specified in the Schedule as being made
by it for the purpose of this Section 3(f) is accurate and true. 
 4.        Agreements 

 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit
Support Document to which it is a party:— 
 (a)        Furnish Specified
Information. It will deliver to the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:— 

(i)        any forms, documents or certificates relating to taxation specified in the Schedule or
any Confirmation; 
 (ii)        any other documents specified in the Schedule or any
Confirmation; and 
 (iii)        upon reasonable demand by such other party, any form
or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or
withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the
party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 

in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 

(b)        Maintain Authorisations. It will use all reasonable efforts to maintain in full force
and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may
become necessary in the future. 
 (c)        Comply with Laws. It will comply in all
material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party.

 (d)        Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 

(e)        Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or
imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have its seat, or in which a branch or office through which it is
acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance
of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 

5.        Events of Default and Termination Events 

(a)        Events of Default. The occurrence at any time with respect to a party or, if applicable,
any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party:— 

(i)        Failure to Pay or Deliver. Failure by the party to make, when due, any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 

 

					
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 (ii)        Breach of Agreement.
Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the
party; 
 (iii)        Credit Support Default. 

(1)        Failure by the party or any Credit Support Provider of such party to comply with or
perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

(2)        the expiration or termination of such Credit Support Document or the failing or
ceasing of such Credit Support Document to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to
which such Credit Support Document relates without the written consent of the other party; or 

(3)        the party or such Credit Support Provider disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 

(iv)        Misrepresentation. A representation (other than a representation under
Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material
respect when made or repeated or deemed to have been made or repeated; 

(v)        Default under Specified Transaction. The party, any Credit Support
Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange
date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or
rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(vi)        Cross Default. If “Cross Default” is specified in the
Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable
Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the
Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default
by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements
or instruments (after giving effect to any applicable notice requirement or grace period); 

(vii)        Bankruptcy. The party, any Credit Support Provider of such party or
any applicable Specified Entity of such party:— 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation
or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit
of its creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a
petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of
an order for relief or the making of an order for its winding-up or liquidation or (B) is not 
  

					
		  	5	  	ISDA ®
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dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for
it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against
all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect
to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval
of, or acquiescence in, any of the foregoing acts; or 
 (viii)        Merger
Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation,
amalgamation, merger or transfer:— 
 (1) the resulting, surviving or transferee entity fails to assume all the
obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to
this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party)
to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 

(b)        Termination Events. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is specified in (ii) below
or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if the event is
specified pursuant to (v) below:— 
 (i)        Illegality. Due
to the adoption of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent
jurisdiction of any applicable law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 

(1) to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of
such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
 (2) to
perform, or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 

(ii)        Tax Event. Due to (x) any action taken by a taxing authority, or
brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party
(which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under
Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest
under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

 

					
		  	6	  	ISDA ®
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 (iii)        Tax Event Upon Merger.
The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest
under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount
(other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the
Affected Party) where such action does not constitute an event described in Section 5(a)(viii); 

(iv)        Credit Event Upon Merger. If “Credit Event Upon Merger” is
specified in the Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all
its assets to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support
Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 

(v)        Additional Termination Event. If any “Additional Termination
Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such
Confirmation). 
 (c)        Event of Default and Illegality. If an event or circumstance
which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 

6.        Early Termination 

(a)        Right to Terminate Following Event of Default. If at any time an Event of Default with
respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default,
designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then
an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous
thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in
Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
 (b)        Right to
Terminate Following Termination Event. 
 (i)        Notice. If a
Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that
Termination Event as the other party may reasonably require. 

(ii)        Transfer to Avoid Termination Event. If either an Illegality under
Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early
Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all
its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 

If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day
period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 

Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the
other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 

 

					
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 (iii)        Two Affected Parties. If
an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to
avoid that Termination Event, 
 (iv)        Right to Terminate. If:—

 (1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been
effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 

(2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event
Upon Merger occurs and the Burdened Party is not the Affected Party, 
 either party in the case of an Illegality, the Burdened
Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon
Merger or an Additional Termination Event if there is only one Affected Party may, by not more than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such
notice is effective as an Early Termination Date in respect of all Affected Transactions. 

(c)        Effect of Designation. 

(i)        If notice designating an Early Termination Date is given under Section 6(a) or
(h), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 

(ii)        Upon the occurrence or effective designation of an Early Termination Date, no further
payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early
Termination Date shall be determined pursuant to Section 6(e). 

(d)        Calculations. 

(i)        Statement. On or as soon as reasonably practicable following the
occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations
(including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source
of a quotation obtained in determining a Market Quotation. the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation. 

(ii)        Payment Date. An amount calculated as being due in respect of any Early
Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is
two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent
permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such
interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 

(e)        Payments on Early Termination. If an Early Termination Date occurs, the following
provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If
the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in respect of an
Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 
  

					
		  	8	  	ISDA ®
1992

 (i)        Events of Default. If the
Early Termination Date results from an Event of Default:— 
 (1) First Method and Market Quotation. If the First
Method and Market Quotation apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated
Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. 

(2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a
positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 
 (3) Second Method and Market
Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination
Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it
to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be payable equal to the Non-defaulting
Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the
Defaulting Party. 
 (ii)        Termination Events. If the Early
Termination Date results from a Termination Event:— 
 (1) One Affected Party. If there is one Affected Party, the
amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party
will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated
Transactions. 
 (2) Two Affected Parties. If there are two Affected Parties:— 

(A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount
will be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount
(“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 

(B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being
terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss
(“Y”). 
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the
absolute value of that amount to Y. 
 (iii)      Adjustment for Bankruptcy. In
circumstances where an Early Termination Date occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and
permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under
Section 6(d)(ii). 
  

					
		  	9	  	ISDA ®
1992

 (iv)        Pre-Estimate. The parties
agree that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and
except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 

7.        Transfer 

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the other party, except that:— 

(a)        a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with,
or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 

(b)        a party may make such a transfer of all or any part of its interest in any amount payable to it from a
Defaulting Party under Section 6(e). 
 Any purported transfer that is not in compliance with this Section will be void. 

8.        Contractual Currency 

(a)        Payment in the Contractual Currency. Each payment under this Agreement will be made in
the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be
discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in
converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short
of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly
the amount of such excess. 
 (b)        Judgments. To the extent permitted by applicable
law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early
termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate
amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in
such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation
between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and
in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange”
includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 

(c)        Separate Indemnities. To the extent permitted by applicable law, these indemnities
constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is
owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 

(d)        Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a
party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 
  

					
		  	10	  	ISDA ®
1992

 9.        Miscellaneous 

(a)        Entire Agreement. This Agreement constitutes the entire agreement and understanding of
the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto. 

(b)        Amendments. No amendment, modification or waiver in respect of this Agreement will be
effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system. 

(c)        Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the
obligations of the parties under this Agreement will survive the termination of any Transaction. 

(d)        Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies
and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 

(e)        Counterparts and Confirmations. 

(i)        This Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 

(ii)        The parties intend that they are legally bound by the terms of each Transaction from
the moment they agree to those terms (whether orally or otherwise). A Confirmation shall he entered into as soon as practicable and may he executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of
telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another
effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 

(f)        No Waiver of Rights. A failure or delay in exercising any right, power or privilege in
respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the
exercise of any other right, power or privilege. 
 (g)        Headings. The headings used
in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 

10.        Offices; Multibranch Parties 

(a)        If Section 10(a) is specified in the Schedule as applying, each party that enters into a
Transaction through an Office other than its head or home office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the
same as if it had entered into the Transaction through its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 

(b)        Neither party may change the Office through which it makes and receives payments or deliveries for the
purpose of a Transaction without the prior written consent of the other party. 
 (c)        If a party
is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or
deliveries with respect to a Transaction will be specified in the relevant Confirmation. 

11.        Expenses 

A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal
fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any
Transaction, including, but not limited to, costs of collection. 
  

					
		  	11	  	ISDA ®
1992

 12.        Notices 

(a)        Effectiveness. Any notice or other communication in respect of this Agreement may be
given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic
messaging system details provided (see the Schedule) and will be deemed effective as indicated:— 

(i)        if in writing and delivered in person or by courier, on the date it is delivered;

 (ii)        if sent by telex, on the date the recipient’s answerback is
received; 
 (iii)        if sent by facsimile transmission, on the date that
transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile
machine); 
 (iv)        if sent by certified or registered mail (airmail, if overseas)
or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or 

(v)        if sent by electronic messaging system, on the date that electronic message is
received, 
 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that
communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day.

 (b)        Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at which notices or other communications are to be given to it. 

13.        Governing Law and Jurisdiction 

(a)        Governing Law. This Agreement will be governed by and construed in accordance with the
law specified in the Schedule. 
 (b)        Jurisdiction. With respect to any suit,
action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:— 

(i)        submits to the jurisdiction of the English courts, if this Agreement is expressed to
be governed by English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the
laws of the State of New York; and 
 (ii)        waives any objection which it may have
at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such
court does not have any jurisdiction over such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other
jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for
the time being in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

(c)        Service of Process. Each party irrevocably appoints the Process Agent (if any) specified
opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30
days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party
to serve process in any other manner permitted by law. 
 (d)        Waiver of Immunities.
Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds
from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution
or enforcement of any judgment to which it or its revenues or assets might 
  

					
		  	12	  	ISDA ®
1992

 
otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any
Proceedings. 
 14. Definitions 

As used in this Agreement:— 

“Additional Termination Event” has the meaning specified in Section 5(b). 

“Affected Party” has the meaning specified in Section 5(b). 

“Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Tax Event
or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or
indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a
majority of the voting power of the entity or person. 
 “Applicable Rate” means:— 

(a)        in respect of obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
 (b)        in respect of an
obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the Default Rate; 

(c)        in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 
 (d)        in all other
cases, the Termination Rate. 
 “Burdened Party” has the meaning specified in Section 5(b).

 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in
or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange
control consent. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement.
“Credit Support Provider” has the meaning specified in the Schedule. 
 “Default Rate” means a
rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 

“Defaulting Party” has the meaning specified in Section 6(a). 

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(h)(iv). 

“Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 

“Illegality” has the meaning specified in Section 5(b). 

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this
Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection
arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document). 
  

					
		  	13	  	ISDA ®
1992

 “law” includes any treaty, law, rule or regulation (as modified, in
the case of tax matters, by the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business
(including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the
parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient
and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such
Specified Transaction. 
 “Loss” means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection
with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result
of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made
(assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include
a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is
reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 

“Market Quotation” means, with respect to one or more Terminated Transactions and a party making the determination,
an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in
consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement
Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition
precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date. For
this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required
(assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith,
agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e), and, if each
party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If exactly
three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 

“Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the
Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 
 “Non-defaulting
Party” has the meaning specified in Section 6(a). 
  

					
		  	14	  	ISDA ®
1992

 “Office” means a branch or office of a party, which may be such
party’s head or home office. 
 “Potential Event of Default” means any event which, with the giving
of notice or the lapse of time or both, would constitute an Event of Default. 
 “Reference Market-makers”
means four leading dealers in the relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the
time in deciding whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is
incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in
relation to any payment, from or through which such payment is made. 
 “Scheduled Payment Date” means a
date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 

“Set-off” means set-off, offset, combination of accounts, right of retention or withholding or similar right or
requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer. 

“Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of:— 

(a)        the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each
Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 

(b)        such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for
each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result. 

“Specified Entity” has the meanings specified in the Schedule. 

“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or
otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable
Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as
a Specified Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp,
registration, documentation or similar tax. 
 “Tax” means any present or future tax, levy, impost, duty,
charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation
or similar tax. 
 “Tax Event” has the meaning specified in Section 5(b). 

“Tax Event Upon Merger” has the meaning specified in Section 5(b). 

 “Terminated Transactions” means with
respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of
the notice designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date). 

“Termination Currency” has the meaning specified in the Schedule. 

 

					
		  	15	  	ISDA ®
1992

 “Termination Currency Equivalent” means, in respect of any amount
denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined
by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later
date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m.
(in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The
foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 

“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable,
a Credit Event Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per
annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as
at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on
or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date
for delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or
performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties. 
 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified
below with effect from the date specified on the first page of this document. 
  

											
	[            ]	 		 	BANK OF AMERICA AUTO TRUST 20[    ]-[    ]
				
		 		 	By:	 	 [                ], not in its individual

 capacity but solely as Owner Trustee

					
	By:	 	 	 		 		 	
		 	Name:	 		 		 		 	
		 	Title:	 		 		 		 	
					
		 		 		 	By:	 	 
		 		 		 		 		 	Name:
		 		 		 		 		 	Title:

  

					
		  	16	  	ISDA ®
1992

  
 SCHEDULE 

to the 
 MASTER
AGREEMENT 
 (Multicurrency-Cross Border) 

dated as of [            ] 

between 

[            ] 

a [            ] 

(“Party A”) 

and 
 BANK OF
AMERICA AUTO TRUST 20[    ]-[    ] 
 a Delaware statutory trust 

(“Party B”) 
  

 
  

 Definitions 

The 2006 ISDA Definitions as published by the International Swaps and Derivatives Association, Inc. (the “Definitions”)
are incorporated into this Agreement and shall form part of this Agreement. In the event of any inconsistency among or between any of the following documents, the relevant document first listed below shall govern: (i) a Confirmation and any
relevant definitions incorporated into such Confirmation; (ii) this Schedule and any relevant definitions incorporated herein; and (iii) Sections 1 to 14 of this Agreement. 

Capitalized terms used herein but not defined in this Agreement or the Definitions shall have the meanings specified in the Indenture
dated as of [                            ] between Party B, as the Issuer, and
[                ], as the Indenture Trustee, as such Indenture may be amended, modified or supplemented from time to time (the “Indenture”).

 For the avoidance of doubt, references herein to a particular “Section” of this Agreement are references to the
corresponding sections of the ISDA Master Agreement (Multicurrency—Cross Border) to which this Schedule is attached. 
 Part
1.            Termination Provisions 
 In this Agreement: 

(a)        “Specified Entity” means in relation to Party A for the purpose
of: 
  

			
	Section 5(a)(v),	  	Not Applicable
	Section 5(a)(vi),	  	Not Applicable
	Section 5(a)(vii),	  	Not Applicable
	Section 5(b)(iv),	  	Not Applicable

 in relation to
Party B for the purpose of: 
  

			
	Section 5(a)(v),	  	Not Applicable
	Section 5(a)(vi),	  	Not Applicable
	Section 5(a)(vii),	  	Not Applicable
	Section 5(b)(iv),	  	Not Applicable

(b)        “Specified Transaction” will have the meaning specified in
Section 14 of this Agreement. 
 (c)        Application of Events of
Default. The provisions of Section 5(a) of this Agreement will apply to Party A and Party B as follows: 
  

					
	 Section 5(a)
	  	 Party A
	  	 Party B

			
	(i)        “Failure to Pay or Deliver”	  	Applicable (except as provided below in Part 1(d)(ii)).	  	Applicable.
	(ii)        “Breach of Agreement”	  	Applicable.	  	Not Applicable.
	(iii)        “Credit Support Default”	  	Applicable (except as provided below in Part 1(d)(ii)).	  	Applicable (but only to the extent described below in Part 1(d)(i)).

 

 2 

							
	 Section 5(a)
	  	 Party A
	  	 Party B

				
	(iv)	 	“Misrepresentation”	  	Applicable.	  	Not Applicable.
	 (v)
	 	 “Default Under Specified

  Transaction”
	  	Applicable.	  	Not Applicable.
	(vi)	 	“Cross-Default”	  	Applicable.	  	Not Applicable.
	(vii)	 	“Bankruptcy”	  	Applicable.	  	Applicable (but only to the extent described below in Part 1(f)).
	(viii)	 	“Merger Without
  Assumption”	  	Applicable.	  	Applicable.

(d)        Modification of “Credit Support Default” Event of Default.

 (i)        Section 5(a)(iii)(1) will apply to Party B in
respect of Party B’s obligations under Paragraphs 3(b) and 8(d) of that certain Credit Support Annex, dated as of the date hereof, attached hereto and made a part hereof between Party A and Party B (as from time to time amended,
supplemented, replaced or modified, the “Credit Support Annex”). 

(ii)        Notwithstanding Sections 5(a)(i) and 5(a)(iii), any failure by
Party A to comply with or perform any obligation to be complied with or performed by Party A under the Credit Support Annex shall not be an Event of Default unless [(A)(i) a Moody’s Second Trigger Event has occurred and has
continued for at least thirty (30) consecutive Local Business Days, (ii) Party A has failed to Transfer sufficient Eligible Credit Support to ensure that the Delivery Amount calculated pursuant to clause (2) of the definition of
“Delivery Amount” in Paragraph 13 of the Credit Support Annex is zero (unless, in any such instance, the applicable Delivery Amount is less than the Minimum Transfer Amount) and (iii) such failure is not remedied on or before the
third Local Business Day after notice of such failure is given to Party A][, or (B)(i) an S&P Substitution Event has occurred and continued for at least sixty (60) consecutive calendar days, (ii) Party A has failed to
Transfer sufficient Eligible Credit Support to ensure that the amount calculated pursuant to clause (1) of the definition of “Delivery Amount” in Paragraph 13 of the Credit Support Annex is zero (unless, in any such instance, the
applicable Delivery Amount is less than the Minimum Transfer Amount) and (iii) such failure is not remedied on or before the third Local Business Day after notice of such failure is given to
Party A].1 

(e)        Modification of “Cross Default” Event of Default. With respect to
Section 5(a)(vi): 
 “Specified Indebtedness” will have the meaning specified in Section 14,
provided that Specified Indebtedness shall not include deposits received in the course of a party’s ordinary banking business. 

“Threshold Amount” means, with respect to Party A, 3% of the Shareholders’ Equity of the applicable Relevant
Entity, provided that if the Relevant Entity is Party A, then “Threshold Amount” means [    ]% of the Shareholders’ Equity of [Party A]. 

 
  

1
 Note that requirements from other NRSROs may also be added. Note also that references to Moody’s and/or S&P may be deleted and replaced with any other NRSRO. 

 

 3 

 “Shareholders’ Equity” means, with respect to an entity, at any time,
(1) if the Relevant Entity is a national banking association, the “Total Equity Capital” of the Relevant Entity (as shown in the most recently filed FFIEC Consolidated Report of Condition for Insured Commercial and State-Chartered
Savings Banks (“Call Report”) Schedule RC- Balance Sheet of such entity) or (2) for any other entity, the sum (as shown in the most recent annual audited financial statements of such entity) of (i) its capital stock
(including preferred stock) outstanding, taken at par value, (ii) its capital surplus and (iii) its retained earnings, minus (iv) treasury stock, each to be determined in accordance with generally accepted accounting principles.

 (f)        Modification of “Bankruptcy” Event of Default. With
respect to Party B only (and the related Confirmations only), clause (2) of Section 5(a)(vii) will be revised to provide in its entirety, “(2) is or becomes unable to pay any portion of the principal of or interest accruing (or
scheduled to accrue) on the [Class A-4-B Notes] (as defined in the Indenture) or any payment obligation senior in right of payment to such principal or interest under the Indenture or fails or admits in writing its inability generally to make any
such payment or pay any such obligation as it becomes due”; clause (7) of Section 5(a)(vii) will not apply to the extent that the secured party referred to therein is the Indenture Trustee or any successor thereto appointed pursuant
to the Indenture; clause (9) of Section 5(a)(vii) will not be applicable as an Event of Default; clause (3) will not apply to Party B to the extent it refers to any assignment, arrangement or composition that is effected by or
pursuant to the Transaction Documents; clause (4) will not apply to Party B to the extent that it refers to proceedings or petitions instituted or presented by Party A or any of its Affiliates; clause (6) will not apply to
Party B to the extent that it refers to (i) any appointment that is contemplated or effected by the Transaction Documents or (ii) any appointment that Party B has not become subject to; and clause (8) will not apply to
Party B to the extent that it applies to Section 5(a)(vii)(2), (3), (4), (6) and (7) except to the extent that such provisions are not disapplied with respect to Party B. 

(g)        Application of Termination Events. The provisions of Section 5(b) of this
Agreement will apply to Party A and Party B as follows: 
  

							
	 Section 5(b)
	  	 Party A
	  	 Party B

	(i)	 	“Illegality”	  	Applicable.	  	Applicable.
	(ii)	 	“Tax Event”	  	Applicable.	  	Applicable.
	(iii)	 	“Tax Event Upon Merger”	  	Applicable.	  	Applicable.
	 (iv)
	 	 “Credit Event Upon

  Merger”
	  	Not Applicable.	  	Not Applicable.

(h)        Section 5(b)(ii) will apply, provided that the words “(x) any
action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or
(y)” shall be deleted. 
 (i)        Notwithstanding Section 5(b)(iii),
Party A shall not be entitled to designate an Early Termination Date by reason of a Tax Event Upon Merger in respect of which it is the Affected Party. 

(j)        Section 6(b)(ii) will apply, provided that the words “or if a Tax
Event Upon Merger occurs and the Burdened Party is the Affected Party,” shall be deleted. 

(k)        The “Automatic Early Termination” provision of Section 6(a) will
not apply to either Party A or to Party B. 
  

 4 

 (l)        Payments on Early
Termination.  For the purpose of Section 6(e) of this Agreement, Market Quotation will apply and the Second Method will apply; provided, however, if an Early Termination Date is designated in respect of (A) an
Event of Default with respect to which Party A is a Defaulting Party or (B) an Additional Termination Event with respect to which Party A is the sole Affected Party, notwithstanding Section 6 of this Agreement, the following
amendments to the Agreement set forth in paragraphs (i) to (vi) below shall apply: 

(i)        The definition of “Market Quotation” shall be deleted in its
entirety and replaced with the following: 
 “Market Quotation” means, with respect to one or more
Terminated Transactions, a Firm Offer which is (1) made by an Eligible Replacement, (2) for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive number) in consideration
of an agreement between Party B and such Eligible Replacement to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for Party B the economic equivalent of any payment
or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of
Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date, (3) made on the basis that Unpaid Amounts in respect of the Terminated Transaction or group of Terminated
Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination
Date is to be included and (4) made in respect of a Replacement Transaction with terms that are, in all material respects, no less beneficial for Party B than those of this Agreement (save for the exclusion of provisions relating to
Transactions that are not Terminated Transactions), as determined by Party B. In determining whether or not a Firm Offer satisfies the conditions set forth in the immediately preceding sentence, Party B shall act in good faith and in a
commercially reasonable manner. 
 (ii)        The definition of
Settlement Amount shall be deleted in its entirety and replaced with the following: 
 “Settlement
Amount” means, with respect to any Early Termination Date, an amount (as determined by Party B in good faith and in a commercially reasonable manner) equal to the Termination Currency Equivalent of the amount (whether positive or
negative) of any Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions that is accepted by Party B so as to become legally binding, provided that: 

(A)        If, on or before the Early Termination Date, no Market Quotation for the relevant
Terminated Transaction or group of Terminated Transactions has been accepted by Party B so as to become legally binding and one or more Market Quotations have been made and remain capable of becoming legally binding upon acceptance, the
Settlement Amount shall equal the Termination Currency Equivalent of the amount (whether positive or negative) of the lowest of such Market Quotations (for the avoidance of doubt, (i) a Market Quotation expressed as a negative number is lower
than a Market Quotation expressed as a positive number, and (ii) the lower of two Market Quotations expressed as negative numbers is the one with the larger absolute value); and 

 

 5 

 (B)        If, on the Early Termination Date, no
Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to become legally binding on or before the Early Termination Date, and no Market Quotations have been made and remain
capable of becoming legally binding upon acceptance, the Settlement Amount shall equal Party B’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated
Transactions. 
 (iii)        At any time on or before the Early
Termination Date at which two or more Market Quotations remain capable of becoming legally binding upon acceptance, Party B shall be entitled to accept only the lowest of such Market Quotations (for the avoidance of doubt, (i) a Market
Quotation expressed as a negative number is lower than a Market Quotation expressed as a positive number, and (ii) the lower of two Market Quotations expressed as negative numbers is the one with the larger absolute value). 

(iv)        Party B will be deemed to have discharged its obligations to
obtain Market Quotations above if it requests Party A to obtain Market Quotations, where such request is made in writing within two Local Business Days after the day on which the Early Termination Date is designated. 

(v)        If Party B requests Party A in writing to obtain Market
Quotations, Party A shall use its reasonable efforts to do so before the Early Termination Date. 

(vi)        If the Settlement Amount is a negative number,
Section 6(e)(i)(3) of this Agreement shall be deleted in its entirety and replaced with the following: 

“Second Method and Market Quotation. If Second Method and Market Quotation apply, (1) Party B shall pay to
Party A an amount equal to the absolute value of the Settlement Amount in respect of the Terminated Transactions, (2) Party B shall pay to Party A the Termination Currency Equivalent of the Unpaid Amounts owing to Party A
and (3) Party A shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing to Party B; provided that, (i) the amounts payable under (2) and (3) shall be subject to netting in
accordance with Section 2(c) of this Agreement and (ii) notwithstanding any other provision of this Agreement, any amount payable by Party A under (3) shall not be netted-off against any amount payable by Party B under
(1).” 
 (m)        “Termination Currency” means United States
Dollars. 
 (n)        Additional Termination Event will apply. Each of the
following events shall constitute an Additional Termination Event hereunder: 

(i)        Amendment Without Consent. An amendment and/or supplement to
any Transaction Document is made without the prior written consent of Party A if such consent is required under one or more of the Transaction Documents and such amendment and/or supplement would materially and adversely affect Party A.
For purposes of Section 6 of this Agreement, Party B shall be the sole Affected Party with respect to the foregoing Additional Termination Event. 

(ii)        Early Redemption. Any early redemption or in full prepayment
of the Notes, acceleration of the Notes and/or liquidation of Collateral in accordance with the Indenture 
  

 6 

 
following an Event of Default thereunder, or upon the redemption or in full prepayment of the Notes for any other reason. For purposes of Section 6 of this Agreement, Party B shall be the
sole Affected Party with respect to the foregoing Additional Termination Event, and the Early Termination Date shall occur not earlier than the third Local Business Day prior to the applicable redemption or in full prepayment date. 

(iii)        [S&P Collateralization Event. Following an S&P
Collateralization Event, the Relevant Entity shall fail to take action that satisfies Part 5(l)(A) hereof (provided that the occurrence of any such Additional Termination Event shall have no effect on Party A’s duty to perform its obligations
hereunder prior to actual termination of this Agreement), in which event Party A shall be the sole Affected Party.] 

(iv)        [S&P Substitution Event. Following an S&P Substitution
Event, the Relevant Entity shall fail to take action that satisfies Part 5(l)(B) hereof within the time period specified in Part 5(l)(B) (provided that the occurrence of any such Additional Termination Event shall have no effect on Party A’s
duty to perform its obligations hereunder prior to actual termination of this Agreement), in which event Party A shall be the sole Affected Party.] 

(v)        Credit Support Annex Obligation. Party A fails to comply with
or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Annex [and either (x) the Moody’s Second Trigger Event has not occurred or (y) the Moody’s Second Trigger Event has
occurred but has been continuing for less than 30 Local Business Days.] For purposes of Section 6 of this Agreement, Party A shall be the sole Affected Party. 

(vi)        [Moody’s Second Trigger Event. A Moody’s Second
Trigger Event has occurred and has been continuing for at least 30 Local Business Days, and (i) at least one Eligible Replacement has made a Firm Offer to be the Transferee under Part 5(k)(ii) below (but only if such Firm Offer then remains
capable of becoming legally binding upon acceptance) and/or (ii) at least one Eligible Replacement has made a Firm Offer that would, assuming the occurrence of an Early Termination Date, qualify as a Market Quotation (on the basis that
paragraphs (i) and (ii) in Part 1(l) above apply) and that remains capable of becoming legally binding upon acceptance. For purposes of Section 6 of this Agreement, Party A shall be the sole Affected Party.] 

(o)        Party A shall be responsible for any costs reasonably incurred by Party B in
connection with any assignment of this Agreement made by Party A by reason of [any S&P Collateralization Event, S&P Substitution Event, Moody’s First Trigger Event or Moody’s Second Trigger Event having occurred]. 

Part 2.        Tax Representations. 

(a)        Payer Tax Representations. For the purpose of Section 3(e) of this
Agreement, Party A and Party B make the following representation: 
 It is not required by any applicable law, as
modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii), or 6(e)
of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement, and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
Agreement, and (iii) the 
  

 7 

 
satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement; provided that it shall not be a breach of this representation where reliance is placed on
clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 

(b)        Payee Tax Representations. For the purposes of Section 3(f) of this
Agreement, Party A and Party B make the following representations: 

(A)        The following representation applies to Party A: Party A is
a [            ] organized under the laws of [            ]and its United States federal taxpayer identification number is
[            ]. 

(B)        The following representation applies to Party B: Party B is
a disregarded entity the beneficial owner of which is a “U.S. person” (within the meaning of Section 1.1441-4(a)(3(ii) of the United States Treasury regulations) or a partnership that is a “U.S. person” (within the meaning
of Section 1.1441-4(a)(3)(ii) of United States Treasury regulations) for United States federal income tax purposes and its United States federal taxpayer identification number is
[            ]. 
 Part
3.        Agreement to Deliver Documents. 
 For the purpose of
Section 4(a)(i) and (ii) of this Agreement, each Party agrees to deliver the following documents as applicable: 

(a)        Tax forms, documents or certificates to be delivered are: 

Party B agrees to complete, execute, and deliver to Party A a complete, valid and accurate United States Internal Revenue
Service Form W-9 , or any successor to such form, and any required attachments thereto (i) upon execution and delivery of this Agreement, (ii) promptly upon reasonable demand by Party A, and (iii) promptly upon learning that
any such form(s) previously provided by Party B has become obsolete or is incorrect. 

(b)        Other documents to be delivered are: 

 

							
	 Party required

to deliver

document
	  	 Form/Document/Certificate
	  	 Date by which
to be delivered
	  	 Covered
by
Section 3(d)
Representation

				
	Party A/Party B	  	Credit Support Document, if any, specified in Part 4 hereof, such Credit Support Document being duly executed if required.	  	Upon execution and delivery of this Agreement.	  	Yes
				
	Party A	  	Incumbency certificate or other documents evidencing the authority of the persons executing this Agreement and the related Confirmations on Party A’s behalf.	  	Upon execution and delivery of this Agreement.	  	Yes
				
	Party B	  	Indenture Trustee’s Certificate provided by the Indenture Trustee setting forth the information	  	On each Payment Date (as defined in the Indenture).	  	Yes

  

 8 

							
	 Party required

to deliver

document
	  	 Form/Document/Certificate
	  	 Date by which
to be delivered
	  	 Covered
by
Section 3(d)
Representation

				
		  	specified in Section 7.4 of the Indenture, an electronic copy of such report to be made available by the Indenture Trustee on its website,
[            ].	  		  	
				
	Party B	  	Each of (i) a copy of the Indenture and the other Transaction Documents, executed and delivered by the parties thereto and (ii) an incumbency certificate or other
documents evidencing the authority of the persons executing this Agreement and the related Confirmations on Party B’s behalf.	  	Upon execution and delivery of this Agreement.	  	Yes
				
	Party A/Party B	  	(i) In the case of Party A, an opinion of counsel to Party A (which may include in-house counsel), in form and substance reasonably satisfactory to Party B, and
(ii) in the case of Party B, an opinion of counsel to Party B, in form and substance reasonably satisfactory to Party A.	  	Upon execution and delivery of this Agreement.	  	No
				
	Party A/Party B	  	Certified copies of all corporate, partnership or membership authorizations, as the case may be, and any other documents with respect to the execution, delivery and performance of
this Agreement and any Credit Support Document.	  	Upon execution and delivery of this Agreement.	  	Yes
				
	Party A	  	Call Report of Party A.	  	[To be made available on http://www2.fdic.gov/Call_TFR_Rpts after the end of each fiscal quarter of Party A.]	  	Yes

 Part
4.        Miscellaneous. 

(a)        Addresses for Notices: For the purpose of Section 12(a) of this Agreement:
Address for notices or communications to Party A: 
 Address for notice or communications to Party A: 

 

 9 

			
	    [                ]	  	 
	    [Address]	  	
	    Attention:	  	[                ]
	    Telephone No.:	  	[                ]
	    Facsimile No.:	  	[                ]

        with a copy to: 
  

			
	    [                ]	  	 
	    [Address]	  	
	    Attention:	  	[                ]
	    Facsimile No.:	  	[                ]

Address for financial statements to Party A: 
  

			
	    [                ]	  	 
	    [Address]	  	
	    Attention:	  	[                ]

Address for notices or communications to Party B (for all purposes): 

 

			
	    [Address]	  	 
	    Attention:	  	[                ]
	    Facsimile No.:	  	[                ]
	    Telephone No.:	  	[                ]

        with a copy to Standard & Poor’s: 

    Standard & Poor’s, A Division of The McGraw-Hill Companies, Inc. 

    55 Water Street, 41st Floor 

    New York, New York 10041 

    Facsimile No.:          (212) 438-2655 

    Attention:
                Asset-Backed Surveillance Group 

(b)        Process Agent. For the purpose of Section 13(c): 

            Party A appoints as its Process
Agent:      Not Applicable. 

            Party B appoints as its Process
Agent:      [                ], [Address]. 

(c)        Offices. The provisions of Section 10(a) will apply to this Agreement.

 (d)        Multibranch Party. For the purpose of Section 10(c) of this
Agreement: 
 (i)        Party A is a Multibranch Party and may act
through its Charlotte, North Carolina, Chicago, Illinois, San Francisco, California, New York, New York, Boston, Massachusetts or London, England Office, or such other Office as may be agreed to by the parties in connection with a Transaction.

 (ii)        Party B is not a Multibranch Party. 

(e)        Calculation Agent. The Calculation Agent is Party A. 

 

 10 

 (f)        Credit Support Document. Details
of any Credit Support Document: 
 Each of the following, as amended, extended, supplemented or otherwise modified in writing
from time to time, is a “Credit Support Document”: 
 Party A: (i) The Credit Support Annex and
(ii) any guarantee (including any Eligible Guarantee) of Party A’s obligations hereunder procured by Party A in compliance with this Agreement. 

Party B: The Credit Support Annex. 

Party B acknowledges and agrees that its obligations to Party A under this Agreement constitute secured obligations as part of a Grant of
the Collateral under the Indenture. 
 (g)        Credit Support Provider.

 Credit Support Provider means in relation to Party A, the guarantor under any guarantee (including any Eligible
Guarantee) of Party A’s obligations hereunder procured by Party A in compliance with this Agreement. 
 Credit Support
Provider means in relation to Party B, Not Applicable. 
 (h)        Governing
Law. This Agreement and any and all controversies arising out of or in relation to this Agreement will be governed by and construed in accordance with the laws of the State of New York (without reference to its conflict of laws doctrine other
than Section 5-1401 (“Choice of law”) of the New York General Obligations Law). 

(i)        Netting of Payments. Subject to any particular Confirmation executed in
connection with this Agreement, Section 2(c)(ii) of this Agreement will apply to all Transactions under the Agreement from the date hereof. 

(j)        “Affiliate” will have the meaning specified in Section 14 of
this Agreement. 
 Part 5.        Other Provisions. 

(a)        Representations. Section 3(a)(iii) is hereby amended by inserting the
words “or investment policies, or guidelines, procedures, or restrictions, as applicable,” immediately following the word “documents,”. 

(b)        Financial Statements. Section 3(d) is hereby amended by adding in the
third line thereof after the word “respect” and before the period: 
 “or, in the case of financial statements, a
fair presentation of the financial condition of the relevant party”. 

(c)        Additional Representations. Section 3 is hereby amended by adding the
following additional subsections: 
 “(g)        Eligible Contract
Participant. (a) It is an “eligible contract participant” as defined in Section 1a(12) of the Commodity Exchange Act, as amended (the “CEA”), (b) this Agreement and each Transaction is subject to
individual negotiation by each party and (c) neither this Agreement nor any Transaction will be executed or traded on a “trading facility” within the meaning of Section 1a(33) of the CEA. 

 

 11 

 (h)        Line of Business. It has
entered into this Agreement (including each Transaction evidenced hereby) in conjunction with its line of business (including financial intermediation services) or the financing of its business. 

(i)        No Agency. It is entering into this Agreement, any Credit Support
Document to which it is a party, each Transaction and any other documentation relating to this Agreement or any Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise).” 

In addition, the parties each represent that: 

No Reliance. Each party represents to the other party (which representation will be deemed to be repeated by each party on each
date on which a Transaction is entered into or amended, extended or otherwise modified) that: (1) it is acting for its own account and has made its own independent decisions to enter into this Agreement and any Transaction hereunder and as to
whether this Agreement and any Transaction hereunder is appropriate or proper for it based on its own judgment and upon advice from such advisors as it has deemed necessary; (2) it is not relying on any communication (written or oral) of the
other party as investment advice or as a recommendation to enter into this Agreement or any Transaction hereunder, it being understood that information and explanations related to the terms and conditions of this Agreement and any Transaction
hereunder shall not be considered investment advice or a recommendation to enter into this Agreement or any Transaction hereunder; (3) no communication (written or oral) received from the other party shall be deemed to be an assurance or
guarantee as to the expected results of any Transaction hereunder; and (4) it is capable of evaluating and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and
risks of that Transaction; and (5) it is capable of assuming, and assumes, the financial and other risks of that Transaction. 

In addition, Party B represents that (which representations will be deemed to be repeated at all times until the termination of this
Agreement): 
 (A) The purchase, holding and transfer of an Investment Grade Note (or interest therein) will, throughout the
term of this Agreement, be prohibited to any person who cannot make the following deemed representation: Either (i) such person is not (and will not be), and such person is not (and will not be) purchasing or holding such Note or any interest
therein on behalf of, or with the assets of, any “employee benefit plan” (as defined in section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to Title I of ERISA, any “plan”
(as defined in section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)), which is subject to section 4975 of the Code, any entity whose underlying assets include “plan assets” by reason of such employee
benefit plan’s or plan’s investment in the entity (each of the foregoing a “Benefit Plan”), or any governmental, non-U.S. or church plan that is subject to any federal, state or local law substantially similar to Title I of ERISA
or Section 4975 of the Code (“Similar Law”) or (ii) such person’s purchase, holding and disposition of such Note or interest therein will not result in a nonexempt prohibited transaction under section 406 of ERISA or section
4975 of the Code or a nonexempt violation of any substantially similar applicable law. 
 (B) The purchase, holding and
transfer of a Non-Investment Grade Note (or interest therein) will, throughout the term of this Agreement, be prohibited to any person who 

 

 12 

 
cannot make the following deemed representation: (i) such person is not (and will not be) and is not (and will not be) acquiring or holding such Note (or any interest therein) on behalf of
or with the assets of any Benefit plan and (ii) either (a) such person is not (and will not be) acquiring or holding such Note (or any interest therein) on behalf of or with the assets of a governmental plan, non-U.S. plan, or church plan
that are subject to any Similar Law or (b) the acquisition, holding and disposition of such Note or any interest therein will not give rise to a non-exempt violation of any Similar Law. 

(d)        Method of Notice. Section 12(a)(ii) of this Agreement is deleted in its
entirety. 
 (e)        Set-off. 

(i)        All payments under this Agreement shall be made without set-off or
counterclaim, except as expressly provided for in Section 2(c), Section 6 (subject to Part 5(e)(ii) below) or Paragraph 8 of the Credit Support Annex. 

(ii)        Section 6(e) shall be amended by the deletion of the following
sentence: “The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off.” 

(f)        Consent to Recording. The parties agree that each party may electronically
record all telephonic conversations between marketing and trading personnel in connection with this Agreement. Each party agrees to obtain any necessary consent of, and give any necessary notice of such recording, to, its relevant personnel.

 (g)        Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL
RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY CREDIT SUPPORT DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

(h)        Additional Acknowledgments and Agreements of the Parties. 

(i)        No Amendment without Prior Confirmation by Rating Agencies.
Section 9(b) of this Agreement is hereby amended by adding the following immediately before the period at the end thereof: “, and unless each Rating Agency confirms in writing that such amendment will not cause the reduction, suspension or
withdrawal of the then-current rating of any of the Notes, unless such amendment clarifies any term or provision, corrects any inconsistency, cures any ambiguity, or corrects any typographical error in this Agreement (in which case written copies of
such proposed amendment will be provided to the Rating Agencies prior to the effectiveness of such amendment)”. 

(ii)        Consent by Party A to Amendments to Certain Documents.
Before any amendment or supplement is made to the Indenture and/or any other Transaction Document that would materially and adversely affect any of Party A’s rights or obligations under this Agreement, the Indenture or such Transaction
Document, or materially and adversely impair the ability of Party B to fully perform any of Party B’s obligations under this Agreement, the Indenture or such Transaction Document, Party B shall (x) provide Party A with
a copy of the proposed amendment or supplement and shall obtain the written consent of Party A (which consent shall not be unreasonably withheld) to such amendment or supplement prior to its adoption, (y) obtain Rating Agency Confirmation
(if otherwise required under the Indenture or other applicable Transaction Document), and (z) if applicable, provide to Party A a copy of each 

 

 13 

 
such Rating Agency Confirmation promptly after receipt thereof from the relevant Rating Agency. For the avoidance of doubt, any Transaction Document may be amended, supplemented or otherwise
modified in accordance with the terms thereof without the consent of Party A to cure any typographical error or ambiguity, provided that such actions shall not adversely affect in any respects the interests of Party A. 

(i)        Notices to Noteholders. Party B shall provide Party A with copies of
all notices and reports given to the holders of the Notes, and upon request, shall provide Party A with any other notices or reports which could be requested by the holders of any Notes. 

(j)        Incorporation by Reference of Terms of Indenture. The covenants, terms and
provisions of the Indenture, including all representations and warranties of Party B contained in the Indenture, as in effect as of the date of this Agreement, are hereby incorporated by reference in, and made part of, this Agreement to the
same extent as if such covenants, terms, and provisions were set forth in full herein. Party A hereby consents to the provisions of the Indenture applicable to it as if Party A were a party thereto, and Party B hereby agrees that
Party A shall be entitled to the benefits of the Indenture to the extent set forth therein as if Party A were a party thereto. 

(k)        Transfers. 

(i)        Except as provided in Section 6(b)(ii) and Part 5(k)(ii) below,
and except for transfers authorized by Section 7(b), Party A may not transfer (whether by way of security or otherwise) any interest or obligation in or under this Agreement without the prior written consent of Party B. Party A
shall provide prior written notice to each Rating Agency of any transfer made by it pursuant to Section 6(b)(ii) or Section 7(b). 

(ii)        Subject to giving prior written notification to Party B [and
Moody’s and receipt of Rating Agency Confirmation from S&P], Party A may (at its own expense) transfer its rights and obligations with respect to this Agreement to any other entity (a “Transferee”) that is an Eligible
Replacement, provided that (A) the Transferee contracts with Party B on terms that (I) are identical to the terms of this Agreement in respect of any obligation (whether absolute or contingent) to make payment or delivery after
the effective date of such transfer; and (II) insofar as they do not relate to payment or delivery obligations, are, in all material respects, no less beneficial for Party B than the terms of this Agreement immediately before such transfer
and (B) [unless such transfer is effected at a time when an S&P Collateralization Event, an S&P Substitution Event or a Moody’s First Trigger Event has occurred and is continuing, Party B has determined that the condition in
sub-paragraph (A)(II) above is satisfied]. 
 (iii)        In
making any determination for the purpose of sub-paragraph (ii)(B) above, Party B shall act in a commercially reasonable manner. 

(iv)        If an entity has made a Firm Offer (which remains capable of becoming
legally binding upon acceptance) to be the transferee of a transfer to be made in accordance with clause (ii) above, Party B shall (at Party A’s expense) at Party A’s written request, take any reasonable steps required
to be taken by it to effect such transfer. 
 (v)        Following a
transfer in accordance with Part 5(k)(ii), all references to Party A shall be deemed to be references to the Transferee. 

(l)        Downgrades of Party A. 

 

 14 

 (A)        [S&P Collateralization
Events. If an S&P Collateralization Event occurs with respect to each Relevant Entity, Party A shall at its sole expense post Eligible Collateral for the benefit of Party B in the amount, at the times and on the terms then
applicable under the Credit Support Annex. At any time following an S&P Collateralization Event, if Party A elects, Party A may assign its rights and obligations under all Transactions to an Eligible Replacement in accordance with Part
5(k)(ii) above; provided that (A) no termination payments or other settlement amounts are payable by Party B to either Party A or the Transferee at the time of or as a result of such assignment by Party A and (B) any
termination payments or other settlement amounts are to be settled directly between Party A and the Transferee. Alternatively, Party A may elect to obtain for the benefit of Party B an Eligible Guarantee of all of Party A’s
obligations under this Agreement; provided that the guarantor must satisfy the Hedge Counterparty Ratings Requirement. Upon the successful consummation of any assignment to a Transferee or the delivery of an Eligible Guarantee as contemplated
in this Part 5(l)(A), any obligation of Party A to post and maintain collateral under the Credit Support Annex in respect of such S&P Collateralization Event shall terminate and (except to the extent that Party A then remains
obligated to post collateral under the Credit Support Annex other than in respect of such S&P Collateralization Event) Party B shall release its security interest in, and return to Party A, any then-posted collateral (it being
understood that until such time, if any, as Party A completes the assignment of its rights and obligations hereunder to an Eligible Replacement or procures an Eligible Guarantee of such obligations, Party A shall remain obligated to post
Eligible Collateral in respect of such S&P Collateralization Event to the extent, at the times and on the terms required by the Credit Support Annex).] 

(B)        [S&P Substitution Events. If an S&P Substitution Event occurs with
respect to each Relevant Entity, Party A shall at its sole expense (a) not later than the tenth Local Business Day after the occurrence of such S&P Substitution Event, post Eligible Collateral for the benefit of Party B in the
amount and on the terms then applicable under the Credit Support Annex, and (b) use commercially reasonable efforts to, within 60 calendar days of the occurrence of such S&P Substitution Event, either (1) assign its rights and
obligations under all Transactions to an Eligible Replacement in accordance with Part 5(k)(ii) above, provided that (A) no termination payments or other settlement amounts are payable by Party B to either Party A or the
Transferee at the time of or as a result of such assignment by Party A and (B) any termination payments or other settlement amounts are to be settled directly between Party A and the Transferee; or (2) procure an Eligible
Guarantee of Party A’s obligations hereunder by a guarantor that satisfies the Hedge Counterparty Ratings Requirement. Upon the successful consummation of any assignment to a Transferee or the delivery of any Eligible Guarantee as
contemplated in this Part 5(l)(B), any obligation of Party A to post and maintain collateral under the Credit Support Annex in respect of such S&P Substitution Event shall terminate and (except to the extent that Party A then
remains obligated to post collateral under the Credit Support Annex other than in respect of such S&P Substitution Event) Party B shall release its security interest in, and return to Party A, any then-posted collateral.] 

(C)        [Moody’s Second Trigger Events. If a Moody’s Second Trigger Event
has occurred and is continuing, Party A shall at its own cost use commercially reasonable efforts to, as soon as reasonably practicable, either (x) procure an Eligible Guarantee in respect of all of Party A’s present and future
obligations under this Agreement from a guarantor that has the Moody’s Required Hedge Ratings, or (y) effect a transfer of its 

 

 15 

 
rights and obligations under this Agreement to an Eligible Replacement in accordance with Part 5(k)(ii) above.] 

(m)        USA PATRIOT Act Notice. Party A hereby notifies Party B that pursuant
to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, the “Act”), it is required to obtain, verify and record information that identifies Party B, which
information includes the name and address of Party B and other information that will allow Party A to identify Party B in accordance with the Act. 

(n)        Non-Petition. Party A agrees that it will not, prior to at least one year
and one day (or if longer, the applicable preference period then in effect plus one day) following the payment in full of all the Notes issued pursuant to the Indenture and the expiration of all applicable preference periods under the laws of the
United States relating to any such payment, acquiesce, petition or otherwise invoke or cause Party B to invoke the process of any governmental authority for the purpose of commencing or sustaining a case (whether voluntary or involuntary)
against Party B under any bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of Party B or any substantial part of its property or ordering the
winding-up or liquidation of the affairs of Party B; provided that this provision shall not restrict or prohibit Party A from joining any other person, including, without limitation, the Indenture Trustee, or from asserting or
exercising its rights, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings commenced by any Person, other than Party A or its affiliates, or other analogous proceedings already commenced under any
applicable law. This Part 5(n) shall survive any termination of this Agreement. 

(o)        Limited Recourse. Notwithstanding anything to the contrary contained herein,
the obligations of Party B under this Agreement are limited recourse obligations of Party B, payable solely from the Collateral (as such term is defined in the Indenture), subject to and in accordance with the terms of the Indenture, and,
following realization of the Collateral, any claims of Party A against Party B shall be extinguished and shall not thereafter revive. None of the directors, shareholders, officers or administrators of Party B shall be liable for any
amount due from Party B under this Agreement. It is understood that the foregoing provisions shall not (i) prevent recourse to the Collateral for the sums due or to become due to Party A under this Agreement (subject to the priority
of payments set forth in the Indenture) or (ii) constitute a waiver, release or discharge of any obligation of Party B arising under this Agreement until the Collateral has been realized and the proceeds applied in accordance with the
Indenture, whereupon any outstanding obligation of Party B under this Agreement shall be extinguished and shall not thereafter revive. Notwithstanding the foregoing (or anything to the contrary in this Agreement), Party B shall be liable
for its own fraud, willful misconduct and bad faith. This Part 5(o) shall survive any termination of this Agreement. 

(p)        Jurisdiction. Section 13(b) of this Agreement is hereby amended by:
(i) deleting the word “non-” in the second line of subparagraph (i) thereof; and (ii) adding the words “except as necessary to pursue enforcement of the judgment of any such court in other jurisdictions” to the
last line of subparagraph (i) thereof immediately prior to “; and”. 

(q)        Delivery of Confirmations. For each Transaction entered into hereunder,
Party A shall promptly send to Party B a Confirmation (which may be via facsimile transmission). Party B agrees to respond to such Confirmation within two Local Business Days, either confirming agreement thereto or requesting a
correction of any error(s) contained therein. Failure by Party A to send a Confirmation or of Party B to respond within such period shall not affect the validity or enforceability of such Transaction. Absent manifest error, there shall be
a presumption that the terms contained in such Confirmation are the terms of the Transaction. 
  

 16 

 (r)        Certain Definitions. 

“Eligible Guarantee” means an unconditional and irrevocable guarantee that is satisfactory to [S&P (as evidenced by
receipt of Rating Agency Confirmation from S&P)] and is provided by a guarantor as principal debtor rather than surety and is directly enforceable by Party B, where either (A) a law firm has given a legal opinion confirming that none
of the guarantor’s payments to Party B under such guarantee will be subject to withholding for Tax and such opinion has been disclosed to [Moody’s], (B) such guarantee provides that, in the event that any of such guarantor’s
payments to Party B are subject to withholding for Tax, such guarantor is required to pay such additional amount as is necessary to ensure that the net amount actually received by Party B (free and clear of any withholding tax) will equal
the full amount Party B would have received had no such withholding been required, or (C) in the event that any payment under such guarantee is made net of deduction or withholding for Tax, Party A is required, under
Section 2(a)(i), to make such additional payment as is necessary to ensure that the net amount actually received by Party B from the guarantor will equal the full amount Party B would have received had no such deduction or withholding
been required. 
 “Eligible Replacement” means an entity that could lawfully perform the obligations owing to
Party B under this Agreement (i) that (A) has the [Moody’s Required Hedge Ratings] and (B) satisfies the Hedge Counterparty Ratings Requirement, or (ii) whose present and future obligations owing to Party B are
guaranteed pursuant to an Eligible Guarantee provided by a guarantor that (A) has the [Moody’s Required Hedge Ratings] and (B) satisfies the Hedge Counterparty Ratings Requirement. 

“Financial Institution” means any bank, broker-dealer, insurance company, derivative products company or structured
investment vehicle; provided that if any transferee of Party A’s obligations hereunder is an unrated subsidiary of a rated bank, broker-dealer or insurance company[, which subsidiary is deemed by S&P (as evidenced by receipt of
Rating Agency Confirmation from S&P) to be core or strategically important to the business of such rated bank, broker-dealer or insurance company, then, notwithstanding any provision of this Agreement to the contrary, the group parent of such
transferee shall be deemed to be a “Relevant Entity” for purposes of the definitions of “Hedge Counterparty Ratings Requirement”, “S&P Collateralization Event” and “S&P Substitution Event”.]

 “Firm Offer” means an offer which, when made, was capable of becoming legally binding upon acceptance.

 “Hedge Counterparty Ratings Requirement” is satisfied by a Relevant Entity (i) if such entity is not a
Financial Institution, it has a short-term rating from [S&P of at least “A-1” or, if such entity does not have a short-term rating from S&P, a long-term rating from S&P of at least “A+”] or (ii) if such entity is
a Financial Institution, it has a short-term rating from [S&P of at least “A-2” (or, if such entity does not have a short-term rating from S&P, a long-term rating from S&P of at least “BBB+”) (it being understood that
any Relevant Entity that is a Financial Institution, and whose short-term rating from S&P is “A-2” or, if it does not have a short-term rating from S&P, whose long-term rating from S&P is “BBB+”, “A-” or
“A”, shall be deemed to be subject to an S&P Collateralization Event)]. 
  

 17 

 [“Moody’s First Trigger Event” means, at any time when Notes are
outstanding and rated by Moody’s but a Moody’s Second Trigger Event has not occurred, that no Relevant Entity satisfies the Moody’s First Trigger Required Ratings.] 

[“Moody’s First Trigger Required Ratings” are satisfied by an entity (x) where such entity is the subject of
a Moody’s Short-Term Rating, if such rating is “Prime-1” and its long-term, unsecured and unsubordinated debt obligations are rated “A2” or above by Moody’s, and (y) where such entity is not the subject of a
Moody’s Short-Term Rating, if its long-term, unsecured and unsubordinated debt obligations are rated “A1” or above by Moody’s.] 

[“Moody’s Required Hedge Ratings” means the Moody’s First Trigger Required Ratings or the Moody’s Second
Trigger Required Ratings.] 
 [“Moody’s Second Trigger Event” means, at any time when Notes are
outstanding and rated by Moody’s, that no Relevant Entity satisfies the Moody’s Second Trigger Required Ratings.] 

[“Moody’s Second Trigger Required Ratings” are satisfied by the entity (x) where such entity is the subject
of a Moody’s Short-Term Rating, if such rating is “Prime-2” or above and its long-term, unsecured and unsubordinated debt obligations are rated “A3” or above by Moody’s, and (y) where such entity is not the subject
of a Moody’s Short-Term Rating, if its long-term, unsecured and unsubordinated debt obligations are rated “A3” or above by Moody’s.] 

[“Moody’s Short-Term Rating” means a rating assigned by Moody’s under its short-term rating scale in respect
of an entity’s short-term, unsecured and unsubordinated debt obligations.] 
 “Rating Agency
Confirmation” means with respect to any specified action or determination, receipt by Party B of written confirmation from each Rating Agency, for so long as any Notes are outstanding and rated by either Rating Agency, that such
specified action or determination will not cause such Rating Agency to reduce or withdraw its rating of any such Notes. 

“Relevant Entity” or “Relevant Entities” means, at any time, Party A and (if applicable) any guarantor
under an Eligible Guarantee in respect of all of Party A’s then-existing and future obligations under this Agreement. 

[An “S&P Collateralization Event” is deemed to occur with respect to a Relevant Entity if (i) no S&P
Substitution Event has occurred with respect to each Relevant Entity, (ii) such Relevant Entity is a Financial Institution, (iii) any of the Notes are Outstanding and rated by S&P, and (iv) the short-term rating of such Relevant
Entity from S&P is below “A-1” or, if such Relevant Entity does not have a short-term rating from S&P, the long-term rating of such Relevant Entity from S&P is below “A+”.] 

[An “S&P Substitution Event” is deemed to occur if, at any time in respect of a Relevant Entity when any of the
Notes are Outstanding and rated by S&P, the short-term rating of such Relevant Entity from S&P is withdrawn, suspended or downgraded below “A-1” (if such Relevant Entity is not a Financial Institution) or below “A-2” (if
such Relevant Entity is a Financial Institution) or, if no such short-term rating exists, if the 
  

 18 

 
long-term rating of such Relevant Entity from S&P is withdrawn, suspended or downgraded below “A+” (if such Relevant Entity is not a Financial Institution) or below “BBB+”
(if such Relevant Entity is a Financial Institution).] 
 “Transaction Documents” shall have the meaning
assigned to such term in the Indenture, and shall in each case include the Indenture, the Notes, the Note Depository Agreement, the Sale Agreement, the Servicing Agreement, the Receivables Servicing Agreement, the Purchase Agreement[s], [the Interim
Purchase Agreement[s]], the Interest Rate Swap Agreement and the Trust Agreement, as each may be amended or modified from time to time, and any security agreement, account control agreement or other agreement assigning, granting or perfecting an
interest in Collateral for the benefit of Party A and/or the Indenture Trustee for the benefit of the Noteholders and Party A under the Indenture. 

(s)        Safe Harbors. Each party to this Agreement acknowledges that: 

 

	 	(i)	This Agreement, including any Credit Support Document, is a “master netting agreement” and a “swap agreement” as defined in the U.S. Bankruptcy
Code, as amended (the “Code”), a “netting contract” as defined in Section 402 of the Federal Deposit Insurance Corporation Improvement Act of 1991, as amended (“FDICIA”), and a “swap
agreement” as defined in Section 11(e)(8)(D) of the Federal Deposit Insurance Act, as amended (“FDIA”); 

  

	 	(ii)	Party A is a “master netting agreement participant,” a “financial institution,” a “financial participant” and a “swap
participant” as defined in the Code, and a “financial institution” as defined in Section 402 of FDICIA; 

  

	 	(iii)	The rights provided to Party A herein, and in any Credit Support Document, are rights protected by Section 560, Section 561, Sections 362(b)(17) and
(27), and Section 362(o) of the Code, Sections 403 through 405 of FDICIA and Section 11(e)(8)(A) of FDIA; 

  

	 	(iv)	All transfers of cash, securities or other property under or in connection with this Agreement, any Credit Support Document or any Transaction hereunder are transfers
protected by Sections 546(e), (f), (g) and (j) of the Code, Section 11(e)(8)(C) of FDIA, and Sections 403(f) and 404(h) of FDICIA; and 

  

	 	(v)	All obligations under or in connection with this Agreement, any Credit Support Document or any Transaction hereunder represent obligations in respect of
“termination values”, “payment amounts” or “transfer obligations” within the meaning of the Code and FDIA. 

(t)        Tax. Notwithstanding the definition of “Indemnifiable
Tax” in Section 14 of this Agreement, in relation to payments by Party A, any Tax shall be an Indemnifiable Tax and, in relation to payments by Party B, no Tax shall be an Indemnifiable Tax. 

(u)        Rating Agency Notifications. Notwithstanding any other provision of this
Agreement, this Agreement shall not be amended, no Early Termination Date shall be effectively designated by Party B, and no transfer of any rights or obligations under this Agreement shall be made, unless [Moody’s and S&P] have been
given prior written notice of such amendment, designation or transfer. 
  

 19 

 (v)        Severability. If any term,
provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants, and
conditions hereof shall continue in full force and effect as if this Agreement had been executed with the invalid or unenforceable portion eliminated, so long as this Agreement as so modified continues to express, without material change, the
original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the respective benefits or expectations of the parties to the Agreement; provided,
however, that this severability provision shall not be applicable if any provision of Section 2, 5, 6 or 13 (or any definition or provision in Section 14 to the extent it relates to, or is used in or in connection with, any such
Section) shall be so held to be invalid or unenforceable. 

(w)        Acknowledgement of Assignment. Party A hereby acknowledges and consents to
Party B’s assignment to the Indenture Trustee, for the benefit of the Indenture Trustee for the benefit of the Noteholders and Party A under the Indenture, of Party B’s rights hereunder, including the right to enforce
Party A’s obligations hereunder. 
 (x)        Limitation of Liability for
Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by [            ], not individually or personally but
solely as Owner Trustee of Bank of America Auto Trust 20[    ]-[    ], 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 Trust is made and intended not as personal representations, undertakings and agreements by [            ] but is made and intended
for the purpose of binding only the trust estate pursuant to the Trust Agreement, (c) nothing herein contained shall be construed as creating any liability on [            ],
individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, and
(d) under no circumstances shall [            ] be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or the other related documents. 

[Signature Page Follows] 
  

 20 

 IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized
officers as of the date hereof. 
  

					
	[            ]	 		 	 BANK OF AMERICA AUTO TRUST 20[    ]-[    ]

By: [            ], not in its individual capacity but

        solely as Owner Trustee

			
	  	 		 	  
	Name:	 		 	Name:
	Title:	 		 	Title:

  

 21

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