Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THIRD
AMENDMENT TO THE 
 RECEIVABLES FINANCING AGREEMENT 

This THIRD AMENDMENT TO THE RECEIVABLES FINANCING AGREEMENT (this “Amendment”), dated as of November 15, 2018, is
entered into by and among the following parties: 
  

	 	(i)	 NCR RECEIVABLES, LLC, a Delaware limited liability company, as Borrower (together with its successors and
assigns, the “Borrower”); 

  

	 	(ii)	 NCR CORPORATION, a Maryland corporation (the “Servicer”), as initial Servicer;

  

	 	(iii)	 MUFG BANK, LTD. (f/k/a The Bank of Tokyo Mitsubishi UFJ, Ltd., New York Branch), as a Committed Lender and as a
Group Agent; 

  

	 	(iv)	 VICTORY RECEIVABLES CORPORATION, as a Conduit Lender; and 

 

	 	(v)	 PNC BANK, NATIONAL ASSOCIATION, as a Committed Lender, as a Group Agent and as the Administrative Agent (in
such capacity, the “Administrative Agent”). 

 Capitalized terms used but not otherwise defined herein
(including such terms used above) have the respective meanings assigned thereto in the Receivables Financing Agreement described below. 

BACKGROUND 
 1. The
parties hereto have entered into a Receivables Financing Agreement, dated as of November 21, 2014 (as amended, amended and restated, supplemented or otherwise modified through the date hereof, the “Receivables Financing
Agreement”). 
 2. The parties hereto desire to amend the Receivables Financing Agreement as set forth herein. 

NOW, THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed
herein, each party to this Amendment hereby agrees as follows: 
 SECTION 1. Amendments to the Receivables Financing Agreement. The
Receivables Financing Agreement is hereby amended as shown on the marked pages set forth on Exhibit A attached hereto. 
  

 SECTION 2. Representations and Warranties of the Borrower and Servicer. The Borrower
and the Servicer hereby represent and warrant to each of the parties hereto as of the date hereof as follows: 
 (a)
Representations and Warranties. The representations and warranties made by it in Section 6.01 or Section 6.02, as applicable, of the Receivables Financing Agreement are true and correct on and as of the date hereof unless such
representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct on and as of such earlier date. 

(b) Power and Authority; Due Authorization. It (i) has all necessary power and authority to (A) execute and
deliver this Amendment, the Receivables Financing Agreement and the other Transaction Documents to which it is a party and (B) perform its obligations under this Amendment, the Receivables Financing Agreement and the other Transaction Documents
to which it is a party and (ii) the execution, delivery and performance of, and the consummation of the transactions provided for in, this Amendment, the Receivables Financing Agreement and the other Transaction Documents to which it is a party
have been duly authorized by it by all necessary limited liability company action or corporate action, as applicable. 
 (c)
Binding Obligations. This Amendment, the Receivables Financing Agreement and each of the other Transaction Documents to which it is a party constitutes its legal, valid and binding obligations, enforceable against it in accordance with their
respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such
enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(d) No Termination Event. No Termination Event or Unmatured Termination Event has occurred and is continuing, and no
Termination Event or Unmatured Termination Event would result from this Amendment. 
 SECTION 3. Effect of Amendment; Ratification.
All provisions of the Receivables Financing Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the
Receivables Financing Agreement (or in any other Transaction Document) to “this Receivables Financing Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables
Financing Agreement shall be deemed to be references to the Receivables Financing Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the
Receivables Financing Agreement other than as set forth herein. The Receivables Financing Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects. 

  
 2 

 SECTION 4. Conditions to Effectiveness. This Amendment shall become effective as of
the Third Amendment Closing Date upon the satisfaction of the following conditions precedent: 
 (a) Execution of Amendment. The
Administrative Agent shall have received counterparts hereto duly executed by each of the parties hereto. 
 (b) Execution of Second
Amended and Restated Fee Letter. The Administrative Agent shall have received counterparts of the Second Amended and Restated Fee Letter duly executed by each of the parties thereto. 

(c) Receipt of Fees. The Administrative Agent shall have received confirmation that the “Amendment Fee” under and as
defined in the Amended and Restated Fee Letter has been paid in full in accordance with the terms of the Amended and Restated Fee Letter. 

SECTION 5. Severability. Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 6. Transaction Document. This Amendment shall be a Transaction Document for
purposes of the Receivables Financing Agreement. 
 SECTION 7. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. Delivery of an executed
counterpart of a signature page to this Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 8. GOVERNING LAW AND JURISDICTION. 

(a) THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, 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 GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW
PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE AGENT OR ANY LENDER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).

 (b) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION,
AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY

  
 3 

 
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY
THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AMENDMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY
LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS SECTION 8 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN
THE COURTS OF OTHER JURISDICTIONS. EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES
HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 

SECTION 9. Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the meaning
or interpretation of this Amendment, the Receivables Financing Agreement or any provision hereof or thereof. 
 [Signature pages follow.]

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above. 
  

			
	 NCR RECEIVABLES LLC,
 as the
Borrower

		
	By:	 	 /s/ Russell Johnson

	Name: Russell Johnson
	Title: Vice President
	
	 NCR CORPORATION,
 as the
Servicer

		
	By:	 	 /s/ John Boudreau

	Name: John Boudreau
	Title: Treasurer

  
 S-1 

Third Amendment to 

Receivables Financing Agreement (NCR) 

 
			
	 PNC BANK, NATIONAL ASSOCIATION,
 as
Administrative Agent

		
	By:	 	 /s/ Eric Bruno

	Name: Eric Bruno
	Title: Senior Vice President
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Group Agent

		
	By:	 	 /s/ Eric Bruno

	Name: Eric Bruno
	Title: Senior Vice President
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Committed Lender

		
	By:	 	 /s/ Eric Bruno

	Name: Eric Bruno
	Title: Senior Vice President

  
 S-2 

Third Amendment to 

Receivables Financing Agreement (NCR) 

 
			
	 MUFG BANK, LTD.,
 as a Committed
Lender

		
	By:	 	 /s/ Akira Kawashima

	Name: Akira Kawashima
	Title: Managing Director
	
	 MUFG BANK, LTD.,
 as a Group
Agent

		
	By:	 	 /s/ Akira Kawashima

	Name: Akira Kawashima
	Title: Managing Director
	
	 VICTORY RECEIVABLES CORPORATION,
 as
a Conduit Lender

		
	By:	 	 /s/ Kevin J. Corrigan

	Name: Kevin J. Corrigan
	Title: Senior Vice President

  
 S-3 

Third Amendment to 

Receivables Financing Agreement (NCR) 

 As of the date first set forth above, NCR Corporation, in its capacity as Originator
under the Purchase and Sale Agreement, and NCR Receivables LLC, in its capacity as Buyer under the Purchase and Sale Agreement, hereby acknowledge this Amendment and agree to be bound by the terms of this Amendment to the extent such terms amend the
provisions of the Purchase and Sale Agreement. In furtherance of the foregoing, Originator agrees it shall sell and/or contribute, and Buyer agrees it shall purchase and/or receive, all existing and hereafter arising Digital Insight Receivables
pursuant to the Purchase and Sale Agreement. 
  

			
	 NCR CORPORATION,
 as
Originator

		
	By:	 	 /s/ John Boudreau

	Name: John Boudreau
	Title: Treasurer
	
	 NCR RECEIVABLES LLC,
 as
Buyer

		
	By:	 	 /s/ Russell Johnson

	Name: Russell Johnson
	Title: Vice President

  
 S-4 

Third Amendment to 

Receivables Financing Agreement (NCR) 

Exhibit A to Amendment #3
dated November 15, 2018 
 Conformed to Amendment #1 dated
November 21, 2016 
 Conformed to Amendment #2 dated September 29, 2017 

Conformed to Amendment #3
dated November 15, 2018 
 RECEIVABLES FINANCING AGREEMENT 

Dated as of November 21, 2014 

by and among 
 NCR RECEIVABLES
LLC, 
 as Borrower, 
 THE
PERSONS FROM TIME TO TIME PARTY HERETO, 
 as Lenders and as Group Agents, 

PNC BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, 
 PNC
CAPITAL MARKETS LLC, 
 as Structuring Agent, 

and 
 NCR CORPORATION, 

as initial Servicer 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01.
	 	Certain Defined Terms	  	 	1	 
	 SECTION 1.02.
	 	Other Interpretative Matters	  	 	29	 
		
	 ARTICLE II TERMS OF THE LOANS
	  	 	30	 
			
	 SECTION 2.01.
	 	Loan Facility	  	 	30	 
	 SECTION 2.02.
	 	Making Loans; Repayment of Loans	  	 	30	 
	 SECTION 2.03.
	 	Interest and Fees	  	 	3132	 
	 SECTION 2.04.
	 	Records of Loans	  	 	32	 
	 SECTION 2.05.
	 	RFA Notes	  	 	32	 
		
	 ARTICLE III SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS
	  	 	3233	 
			
	 SECTION 3.01.
	 	Settlement Procedures	  	 	3233	 
	 SECTION 3.02.
	 	Payments and Computations, Etc.	  	 	3536	 
		
	 ARTICLE IV INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY
INTEREST
	  	 	36	 
			
	 SECTION 4.01.
	 	Increased Costs	  	 	36	 
	 SECTION 4.02.
	 	Funding Losses	  	 	3738	 
	 SECTION 4.03.
	 	Taxes	  	 	38	 
	 SECTION 4.04.
	 	Inability to Determine LMIR; Change in Legality	  	 	42	 
	 SECTION 4.05.
	 	Security Interest	  	 	4243	 
	 SECTION 4.06.
	 	Mitigation Obligations; Replacement of Affected Persons	  	 	4344	 
	 SECTION
4.07.
	 	Successor LIBOR Rate or LMIR Index	  	 	45	 
		
	 ARTICLE V CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS
	  	 	4446	 
			
	 SECTION 5.01.
	 	Conditions Precedent to Effectiveness and the Initial Credit Extension	  	 	4446	 
	 SECTION 5.02.
	 	Conditions Precedent to All Credit Extensions	  	 	4546	 
	 SECTION 5.03.
	 	Conditions Precedent to All Reinvestments	  	 	4547	 
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	4647	 
			
	 SECTION 6.01.
	 	Representations and Warranties of the Borrower	  	 	4647	 
	 SECTION 6.02.
	 	Representations and Warranties of the Servicer	  	 	5153	 
		
	 ARTICLE VII COVENANTS
	  	 	5557	 
			
	 SECTION 7.01.
	 	Covenants of the Borrower	  	 	5557	 
	 SECTION 7.02.
	 	Covenants of the Servicer	  	 	6365	 
	 SECTION 7.03.
	 	Separate Existence of the Borrower	  	 	6869	 
		
	 ARTICLE VIII ADMINISTRATION AND COLLECTION OF RECEIVABLES
	  	 	6971	 
			
	 SECTION 8.01.
	 	Appointment of the Servicer	  	 	6971	 
	 SECTION 8.02.
	 	Duties of the Servicer	  	 	7072	 
	 SECTION 8.03.
	 	Lock-Box Account Arrangements	  	 	7173	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 8.04.
	 	Enforcement Rights	  	 	7173	 
	 SECTION 8.05.
	 	Responsibilities of the Borrower	  	 	7274	 
	 SECTION 8.06.
	 	Servicing Fee	  	 	7375	 
		
	 ARTICLE IX TERMINATION EVENTS
	  	 	7375	 
			
	 SECTION 9.01.
	 	Termination Events	  	 	7375	 
		
	 ARTICLE X THE ADMINISTRATIVE AGENT
	  	 	7678	 
			
	 SECTION 10.01.
	 	Authorization and Action	  	 	7678	 
	 SECTION 10.02.
	 	Administrative Agent’s Reliance, Etc.	  	 	7779	 
	 SECTION 10.03.
	 	Administrative Agent and Affiliates	  	 	7779	 
	 SECTION 10.04.
	 	Indemnification of Administrative Agent	  	 	7779	 
	 SECTION 10.05.
	 	Delegation of Duties	  	 	7880	 
	 SECTION 10.06.
	 	Action or Inaction by Administrative Agent	  	 	7880	 
	 SECTION 10.07.
	 	Notice of Termination Events; Action by Administrative Agent	  	 	7880	 
	 SECTION 10.08.
	 	Non-Reliance on Administrative Agent and Other Parties	  	 	7880	 
	 SECTION 10.09.
	 	Successor Administrative Agent	  	 	7981	 
		
	 ARTICLE XI THE GROUP AGENTS
	  	 	7981	 
			
	 SECTION 11.01.
	 	Authorization and Action	  	 	7981	 
	 SECTION 11.02.
	 	Group Agent’s Reliance, Etc.	  	 	8082	 
	 SECTION 11.03.
	 	Group Agent and Affiliates	  	 	8082	 
	 SECTION 11.04.
	 	Indemnification of Group Agents	  	 	8082	 
	 SECTION 11.05.
	 	Delegation of Duties	  	 	8183	 
	 SECTION 11.06.
	 	Notice of Termination Events	  	 	8183	 
	 SECTION 11.07.
	 	Non-Reliance on Group Agent and Other Parties	  	 	8183	 
	 SECTION 11.08.
	 	Successor Group Agent	  	 	8284	 
	 SECTION 11.09.
	 	Reliance on Group Agent	  	 	8284	 
		
	 ARTICLE XII INDEMNIFICATION
	  	 	8284	 
			
	 SECTION 12.01.
	 	Indemnities by the Borrower	  	 	8284	 
	 SECTION 12.02.
	 	Indemnification by the Servicer	  	 	8486	 
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	8587	 
			
	 SECTION 13.01.
	 	Amendments, Etc.	  	 	8587	 
	 SECTION 13.02.
	 	Notices, Etc.	  	 	8688	 
	 SECTION 13.03.
	 	Assignability; Addition of Lenders	  	 	8688	 
	 SECTION 13.04.
	 	Costs and Expenses	  	 	8991	 
	 SECTION 13.05.
	 	No Proceedings; Limitation on Payments	  	 	9092	 
	 SECTION 13.06.
	 	Confidentiality	  	 	9092	 
	 SECTION 13.07.
	 	GOVERNING LAW	  	 	9294	 
	 SECTION 13.08.
	 	Execution in Counterparts	  	 	9294	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 13.09.
	 	Integration; Binding Effect; Third-Party Beneficiaries; Survival of Termination	  	 	9294	 
	 SECTION 13.10.
	 	CONSENT TO JURISDICTION	  	 	9294	 
	 SECTION 13.11.
	 	WAIVER OF JURY TRIAL	  	 	9395	 
	 SECTION 13.12.
	 	Ratable Payments	  	 	9395	 
	 SECTION 13.13.
	 	Limitation of Liability	  	 	9395	 
	 SECTION 13.14.
	 	Intent of the Parties	  	 	9496	 
	 SECTION 13.15.
	 	USA Patriot Act	  	 	9496	 
	 SECTION 13.16.
	 	Right of Setoff	  	 	9496	 
	 SECTION 13.17.
	 	Severability	  	 	9496	 
	 SECTION 13.18.
	 	Mutual Negotiations	  	 	9597	 
	 SECTION
13.19.
	 	Structuring Agent	  	 	97	 

  

					
	EXHIBITS	  		  	
			
	EXHIBIT A	  	–	  	Form of Loan Request
	EXHIBIT B	  	–	  	Form of Assignment and Acceptance Agreement
	EXHIBIT C	  	–	  	Form of Assumption Agreement
	EXHIBIT D	  	–	  	Credit and Collection Policy
	EXHIBIT E	  	–	  	Form of Information Package
	EXHIBIT F	  	–	  	Form of Compliance Certificate
	EXHIBIT G	  	–	  	Closing Memorandum
	EXHIBIT H	  	–	  	Form of RFA Note
			
	SCHEDULES	  		  	
			
	SCHEDULE I	  	–	  	Commitments
	SCHEDULE II	  	–	  	Lock-Boxes, Lock-Box Accounts and Lock-Box Banks
	SCHEDULE III	  	–	  	Notice Addresses
	SCHEDULE IV	  	–	  	Locations for Chattel Paper and Records

  
 -iii- 

 This RECEIVABLES FINANCING AGREEMENT (as amended, restated, supplemented or otherwise
modified from time to time, this “Agreement”) is entered into as of November 21, 2014 by and among the following parties: 

(i) NCR RECEIVABLES LLC, a Delaware limited liability company, as Borrower (together with its successors and assigns, the
“Borrower”); 
 (ii) the Persons from time to time party hereto as Lenders and as Group Agents; 

(iii) PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent; 

(iv) NCR CORPORATION, a Maryland corporation (“NCR”), as initial Servicer (in such capacity, together with its
successors and assigns in such capacity, the “Servicer”); and 
 (v) PNC CAPITAL MARKETS LLC, a Pennsylvania
limited liability company, as Structuring Agent. 
 PRELIMINARY STATEMENTS 

The Borrower has acquired, and will acquire from time to time, Receivables from the Originators pursuant to the Purchase and Sale Agreement.
The Borrower has requested that the Lenders make Loans from time to time to the Borrower, on the terms, and subject to the conditions set forth herein, secured by, among other things, the Pool Receivables. 

In consideration of the mutual agreements, provisions and covenants contained herein, the sufficiency of which is hereby acknowledged, the
parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION
1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Adjusted Net Receivables Pool Balance” means, at any time, the excess of (i) the Net Receivables Pool Balance,
over (ii) the Specifically Reserved Maintenance Revenue Amount; provided, however, that so long as the Level 1 Ratings Trigger is not in effect, the Specifically Reserved Maintenance Revenue Amount shall be deemed to be
zero for purposes of this definition. 
 “Administrative Agent” means PNC, in its capacity as contractual representative
for the Credit Parties, and any successor thereto in such capacity appointed pursuant to Article X. 

 on such day; provided, however, that the “Bank Rate” for any day while a Termination
Event has occurred and is continuing shall be an interest rate per annum equal to the sum of 2.00% per annum plus the greater of (i) the Base Rate for such Lender on such day and (ii) the LIBOR Rate for such Lender on such day. 

“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time
to time. 
 “Base Rate” means, for any day and any Lender, a fluctuating interest rate per annum as shall be in effect from
time to time, which rate shall be at all times equal to the greater of: 
 (a) the rate of interest in effect for such day as
publicly announced from time to time by the applicable Group Agent or its Affiliate as its “reference rate” or “prime rate”, as applicable. Such “reference rate” or “prime rate” is set by the applicable Group
Agent or its Affiliate based upon various factors, including such Person’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below
such announced rate, and is not necessarily the lowest rate charged to any customer; and 
 (b) 0.50% per annum above
the latest Federal Funds Rate. 

“Beneficial Ownership
Rule” means 31 C.F.R. § 1010.230. 
 “Borrower” has the meaning set forth in the preamble to this
Agreement. 
 “Borrower Indemnified Amounts” has the meaning set forth in Section 12.01(a). 

“Borrower Indemnified Party” has the meaning set forth in Section 12.01(a). 

“Borrower Obligations” means all present and future indebtedness, reimbursement obligations and other liabilities and
obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to any Credit Party, Borrower Indemnified Party and/or any Affected Person, arising under this
Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all Capital and Interest on the Loans, all Fees and all other amounts due or to become due under the Transaction
Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation, interest, fees and other obligations that accrue after the commencement of any Insolvency Proceeding with respect to the Borrower
(in each case whether or not allowed as a claim in such proceeding). 
 “Borrower’s Limited Liability Company
Agreement” means the Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of November 21, 2014, between NCR, as sole initial member, and Michelle Dreyer, as independent manager and special member. 

“Borrower’s Net Worth” means, at any time of determination, an amount equal to (i) the sum of (A) the
Outstanding Balance of all Pool Receivables at such time, plus (B) cash Collections held by the Borrower, minus (ii) the sum of (A) the Aggregate Capital at such time, 

  
 3 

 
plus (B) the Aggregate Interest at such time, plus (C) the aggregate accrued and unpaid Fees at such time, plus (D) the aggregate outstanding principal balance
of all Subordinated Notes at such time, plus (E) the aggregate accrued and unpaid interest on all Subordinated Notes at such time, plus (F) without duplication, the aggregate accrued and unpaid other Borrower Obligations at
such time. 
 “Borrowing Base” means, at any time of determination, the amount equal to (a) the sum of (i) the
Adjusted Net Receivables Pool Balance at such time plus (ii) the amount of Collections then set aside and being held in trust by the Servicer or segregated in a separate account approved by the Administrative Agent, in either case,
pursuant to and in accordance with Section 3.01(a), minus (b) the Total Reserves at such time; provided, however, that for purposes of reporting the Borrowing Base on any Information Package or Loan Request, the
Borrowing Base shall be calculated assuming the amount set forth in clause (a)(ii) above is zero. 
 “Borrowing Base
Deficit” means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the lesser of (i) the Borrowing Base at such time and (ii) the Facility Limit at such
time. 
 “Breakage Fee” means (i) for any Interest Period for which Interest is computed by reference to the CP Rate
or the Euro Rate and a reduction of Capital is made for any reason on any day other than a Settlement Date or pursuant to Section 2.02(d), the amount, if any, by which (A) the additional Interest (calculated without taking into account
any Breakage Fee) which would have accrued by the next Settlement Date (or, if earlier, the maturity of the underlying Note) on the portion of Capital so reduced exceeds (B) the income, if any, received by the applicable Lender from the
investment of the proceeds of such reduction of Capital for a comparable time period or (ii) to the extent that the Borrower shall fail to borrow on the date specified by the Borrower in connection with any request for funding pursuant to
Article II of this Agreement due to a cancellation by the Borrower, any failure by the Borrower to accept the related Loan or any failure by the Borrower to satisfy any of the conditions set forth in Section 5.02, the amount, if
any, by which (A) the additional Interest (calculated without taking into account any Breakage Fee) which would have accrued by the next Settlement Date (or, if earlier, the maturity of the underlying Note) on the amounts so failed to be
borrowed or accepted in connection with any such request for funding by the Borrower exceeds (B) the income, if any, received by the applicable Lender from the investment of the proceeds of such unborrowed amounts for a comparable time period.
A certificate as to the amount of any Breakage Fee (including the computation of such amount) shall be submitted by the affected Lender (or applicable Group Agent on its behalf) to the Borrower and shall be conclusive and binding for all purposes,
absent manifest error. 
 “BTMU” means The Bank of
Tokyo-Mitsubishi UFJ, Ltd., New York Branch. 
 “Business
Day” means any day (other than a Saturday or Sunday) on which: (a) banks are not authorized or required to close in Pittsburgh, Pennsylvania, or New York City, New York and (b) if this definition of “Business Day” is utilized
in connection with calculating the LMIR or the Euro Rate, dealings are carried out in the London interbank market. 

  
 4 

 III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (as amended,
supplemented or otherwise modified or replaced from time to time), shall in each case, to the extent requiring any change to the compliance policies and practices (including relating to capital, liquidity or leverage requirements) of any Affected
Person after the date hereof, be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 

“Charged-Off Receivable” means a Receivable which, consistent with the Credit and Collection Policy, has been or should be
written off the applicable Originator’s or the Borrower’s books as uncollectible. 
 “Closing Date” means
November 21, 2014. 
 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from
time to time. 
 “Collateral” has the meaning set forth in Section 4.05(a). 

“Collections” means, with respect to any Pool Receivable: (a) all funds that are received by any Originator, the
Borrower, the Servicer or any other Person on their behalf in payment of any amounts owed in respect of such Pool Receivable (including purchase price, finance charges, interest and all other charges), or applied to amounts owed in respect of such
Pool Receivable (including insurance payments and net proceeds of the sale or other disposition of repossessed goods or other collateral or property of the related Pool Obligor or any other Person directly or indirectly liable for the payment of
such Pool Receivable and available to be applied thereon), (b) all Deemed Collections, (c) all proceeds of all Related Security with respect to such Pool Receivable and (d) all other proceeds of such Pool Receivable. 

“Commitment” means, with respect to any Committed Lender (including a Related Committed Lender), the maximum aggregate amount
which such Person is obligated to lend or pay hereunder on account of all Loans, on a combined basis, as set forth on Schedule I or in the Assumption Agreement or other agreement pursuant to which it became a Lender, as such amount may be
modified in connection with any subsequent assignment pursuant to Section 13.03 or in connection with a reduction in the Facility Limit pursuant to Section 2.02(e). If the context so requires, “Commitment” also
refers to a Committed Lender’s obligation to make Loans hereunder in accordance with this Agreement. 
 “Committed
Lenders” means PNC, BTMUMUFG and each other Person that is or becomes a party to this Agreement in the capacity of a “Committed Lender”. 

“Concentration Percentage” means (i) for any Group A Obligor, 25.00%, (ii) for any Group B Obligor, 12.50%,
(iii) for any Group C Obligor, 8.33% and (iv) for any Group D Obligor, 5.00%. 
 “Concentration Reserve
Percentage” means, at any time of determination, the largest of: (a) the sum of the five largest Obligor Percentages of the Group D Obligors, (b) the sum of the three largest Obligor Percentages of the Group C Obligors, (c) the
sum of the two largest Obligor Percentages of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors; provided, that for purposes of calculating the foregoing each Pool Obligor that is

  
 6 

 
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Affected Person (or such Governmental Authority) to reject, repudiate, disavow or
disaffirm any contracts or agreements made with such Affected Person. 
 “Delinquency Ratio” means the ratio (expressed as
a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent
Receivables on such day, by (b) the aggregate Outstanding Balance of all Pool Receivables on such day. 
 “Delinquent
Receivable” means a Pool Receivable as to which any payment, or part thereof, remains unpaid for more than 180 days from the original invoice date for such payment. 

“Digital Insight
Receivable” means any Receivable originated by NCR that is identified in the Servicer’s accounting system with ORG
code “201100037, FIN RF DIG INSIGHT SALES”. 
 “Digital Insight Receivables Eligibility Date” has the meaning set forth in clause (p) of the definition of “Eligible
Receivables.” 

“Dilution Amount” means, with respect to any Fiscal Month, an amount equal to the aggregate reduction in the Outstanding Balance of all Pool Receivables in such Fiscal Month (without giving effect to
the receipt of any Deemed Collections) resulting from: (i) defective, rejected or returned goods or services, (ii) revisions, cancellations, allowances, rebates, credit memos, discounts, warranty payments or other voluntary reductions in
the amounts actually owed by the applicable Pool Obligor made by the Borrower, any Originator, the Servicer or any of their respective Affiliates (other than as a result of the receipt of Collections), (iii) setoffs, counterclaims or disputes
between any Pool Obligor and the Borrower, any Originator, the Servicer or their respective Affiliates (whether arising from the transaction giving rise to a Pool Receivable or any unrelated transaction) or (iv) corrections to the reported
Outstanding Balance of any Pool Receivable previously included in the Net Receivables Pool Balance in excess of its actual Outstanding Balance as of the date of such inclusion. 

“Dilution Horizon Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th
of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of such Fiscal Month by dividing: (a) the aggregate initial Outstanding Balance of all Pool Receivables originated by the Originators during the most recent Fiscal
Month, by (b) at any time (x) prior to the Digital Insight Receivables Eligibility Date, the sum of (A) the Net
Receivables Pool Balance as of the last day of such Fiscal Month and (B) the Outstanding Balance of Digital Insight Receivables as of the last day of such Fiscal Month
and (y)
at any time thereafter, the Net Receivables Pool Balance as of the last
day of such Fiscal Month. 
 “Dilution Ratio” means the ratio (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward), computed as of the last day of each Fiscal Month by dividing: (a) the product of (i) 25.00% (or such other percentage reasonably determined by the Administrative Agent, based upon
the results of its periodic audits and 

  
 10 

 (l) that constitutes an “account,” “general intangible”
or “chattel paper” and that is not evidenced by an “instrument,” each as defined in the UCC; 
 (m) that
is neither a Defaulted Receivable nor a Delinquent Receivable; 
 (n) that represents amounts earned and payable by the Pool
Obligor that are not subject to the performance of additional services or delivery of additional goods by the Originator thereof; provided, however, that if such Receivable is subject to the performance of additional services or
delivery of additional goods by the Originator thereof, only the portion of such Receivable attributable to such additional services or goods shall be excluded from Eligible Receivables;
and 

(o) which Receivable has been or will be billed or invoiced to the Obligor thereon within the next thirty days (or such longer
period consented to by the
AdministratorAdministrative Agent and the Group
Agents).; and 

(p)
 that is not a Digital Insight Receivable, unless and until such time, if any, that
the Administrative Agent and each Group Agent has (i) received such information and reports with respect to the Digital Insight Receivables, in form and substance satisfactory to the Administrative Agent and each Group Agent, as the
Administrative Agent and any Group Agent has requested from the Borrower or the Servicer, (ii) completed, and are satisfied with the results, of any due diligence requested by the Administrative Agent and any Group Agent, (iii) obtained
any necessary final credit approvals, (iv) either (1) evidence reasonably satisfactory to the Administrative Agent and each Group Agent that Borrower (or Servicer on its behalf) has instructed all Obligors of Digital Insight Receivables to
deliver payments on such Receivables to an existing Lock-Box Account or (2) a duly executed Lock-Box Agreement (or amendment thereto) satisfactory to the Administrative Agent and each Group Agent relating to each account to which Borrower (or
Servicer on its behalf) has instructed Obligors of Digital Insight Receivables to make payments along with a corresponding update to Schedule II to this Agreement and (v) provided to the Borrower or Servicer written confirmation of satisfaction
of the conditions set forth in the preceding clauses (i) through (iv) identifying the date upon which Digital Insight Receivables will constitute (subject to the satisfaction of each other clause of this definition of “Eligible
Receivable”) Eligible Receivables (such date, the “Digital Insight Receivables Eligibility Date”). 

“Equity Interest” means shares of capital stock, partnership interests, membership interests, beneficial interests or other
ownership interests, whether voting or nonvoting, in, or interests in the income or profits of, a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation
issued thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the
Borrower, is treated as a single employer under Section 414(b) or 414(c) of the 

  
 13 

 
product of (x) 10.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus 

(d) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables as to which any payment, or
part thereof, remains unpaid for more than 150 days from the original invoice date for such payment over (ii) the product of (x) 5.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible
Receivables then in the Receivables Pool; plus 
 (e) the excess (if any) of (i) the aggregate Outstanding
Balance of all Eligible Receivables, the Obligor of which is a Governmental Authority, over (ii) the product of (x) 5.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivables Pool; 
 provided, however, that for the avoidance of doubt, the aggregate amount included in the Excess Concentration Amount at
any time with respect to any Pool Obligor’s Eligible Receivables shall not exceed the aggregate Outstanding Balance of all such Pool Obligor’s Eligible Receivables at such time. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time. 

“Excluded Digital Insight Receivable” means any Receivable (as
defined without giving effect to the proviso in the definition thereof) originated by NCR that is identified in the Servicer’s accounting system with ORG
code “201100037, FIN RF DIG INSIGHT SALES”. 
 “Excluded
Obligor” has the meaning set forth in the Purchase and Sale Agreement. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to an Affected Person or required to be withheld or deducted from a payment to an Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits
Taxes, in each case, (i) imposed as a result of such Affected Person being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable
interest in the Loans or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 4.06)
or (ii) such Lender changes its lending office, except in each case to the extent that amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 4.03(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Facility Limit” means, at any time of determination, the aggregate Commitment of all Committed Lenders, which as of the
Closing Date is equal to $200,000,000, as reduced from 

  
 15 

 “Intercreditor Agreement” means the Intercreditor Agreement, dated as of
November 21, 2014 by and among JPMorgan Chase Bank, N.A., as administrative agent and collateral agent under the NCR Credit Agreement and the “Guarantee and Collateral Agreement” as defined therein, PNC, as Administrative Agent, NCR
and the Borrower, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Interest”
means, for each Loan for any Interest Period (or portion thereof), the amount of interest accrued on the Capital of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b). 

“Interest Period” means: (a) before the Termination Date: (i) initially the period commencing on the date of the
initial Loan pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing Date) and ending on (but not including) the next Monthly Settlement Date and (ii) thereafter, each period commencing on
such Monthly Settlement Date and ending on (but not including) the next Monthly Settlement Date and (b) on and after the Termination Date, such period (including a period of one day) as shall be selected from time to time by the Administrative
Agent (with the consent or at the direction of the Majority Group Agents) or, in the absence of any such selection, each period of 30 days from the last day of the preceding Interest Period. 

“Interest Rate” means, for any day in any Interest Period for any Loan (or any portion of Capital thereof): 

(a) if both (x) such Loan (or such portion of Capital thereof) is being funded by a Conduit Lender on such day through the issuance of Notes and
(y) such day is after November 20, 2017, then the applicable CP Rate; provided, however, that the Interest Rate for any Loan (or any portion of Capital
thereof) being funded by a Conduit Lender at any time (including through the issuance of Notes) may instead be determined by reference to the applicable Bank Rate pursuant to clause (b) below if so mutually agreed in writing between such
Conduit Lender and the Borrower (each in their sole discretion) with respect to one or more Interest Periods, the
applicable CP Rate; or 
 (b) if any of (x) such Loan (or such portion of
Capital thereof) is being funded by any Lender on such day other than through the issuance of Notes (including, without limitation, if a Conduit Lender is then funding such Loan (or such portion or Capital thereof) under a Program Support
Agreement) or if the applicable Conduit Lender and the Borrower have so agreed in writing pursuant to the proviso to clause (a) above with respect to such Interest
Period, (y) such day is on or prior to November 20, 2017 or (z), or if a Committed Lender is then funding such Loan (or such portion or Capital thereof)), then the applicable Bank Rate; 
 provided, however, that no provision of this Agreement or the RFA
Notes shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law; and provided, further, that Interest for any Loan shall not be considered paid by any distribution to the extent
that at any time all or a portion of such distribution is rescinded or must otherwise be returned for any reason. 

  
 20 

 “Investment Company Act” means the Investment Company Act of 1940, as
amended or otherwise modified from time to time. 
 “IRS” means the United States Internal Revenue Service. 

“LCR Restricted Interest” means any commercial paper or security (other than equity securities issued to NCR or any
Originator that is a consolidated subsidiary of NCR under generally accepted accounting principles) within the meaning of Paragraph __.32(e)(viii) of the final rules titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg.
197, 61440 et seq. (October 10, 2014), other than any interest that would not be a LCR Restricted Interest but for the act or omission of any Affected Person or any participant or assignee thereof. 

“Lenders” means the Conduit Lenders and the Committed Lenders. 

“Level 1 Ratings Trigger” shall be deemed to be in effect at any time when (i) NCR has a long-term “corporate
family rating” of less than “Ba3” by Moody’s or does not have a long-term “corporate family rating” from Moody’s or (ii) NCR has a long-term “corporate credit rating” of less than “BB-” by
S&P or does not have a long-term “corporate credit rating” from S&P. 
 “LIBOR Discontinuance Date” means any of the following: 

(a)
 the date set in a public statement or publication of information by or on behalf of
the administrator of the LIBOR Rate announcing that it has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided, that, at that time, there is no successor administrator that will continue to provide the LIBOR
Rate; 

(b)
 the date set in a public statement or publication of information by the regulatory
supervisor for the administrator of the LIBOR Rate, a central bank with jurisdiction over the LIBOR Rate or the applicable currency thereof, an insolvency official with jurisdiction over the administrator for the LIBOR Rate, a resolution authority
with jurisdiction over the administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will
cease to provide the LIBOR Rate permanently or indefinitely, provided that, at that time, there is no successor administrator that will continue to provide the LIBOR Rate; 

(c)
 the fifth (5th) consecutive business day on which the LIBOR Rate is not
published by the administrator of the LIBOR Rate and such failure is not a result of a temporary moratorium, embargo or disruption declared by the administrator of the LIBOR Rate or any regulator or relevant regulatory supervisor; or 

(d)
 the date which is five (5) business days after the date of a published statement
by the administrator of the LIBOR Rate, or the regulatory supervisor for the administrator of the LIBOR Rate that has the effect that such LIBOR Rate is no longer representative or may no longer be used as a benchmark reference rate in new
transactions. 

  
 21 

 “LIBOR Rate” means (i) for any Lender (including, as of
November 21, 2016, PNC) with which the Borrower has agreed in writing that its LIBOR Rate shall be LMIR, LMIR, or (ii) for any other Lender (including, as of November 21, 2016,
BTMUMUFG), the Euro Rate. 
 “LMIR” means for any day during any Interest Period, the
greater of (a) 0.00% and (b) the interest rate per annum determined by the applicable Group Agent (which determination shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for U.S. dollar deposits
as reported by Bloomberg Finance L.P. and shown on US0001M Screen or any other service or page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in United States
dollars, as of 11:00 a.m. (London time) on such day, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source for
interbank quotation), in each case, changing when and as such rate changes, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage on such day. The calculation of LMIR may also be expressed by the following formula: 

 

					
		  		  	
			
	LMIR    =    	  	 One-month Eurodollar rate for U.S. Dollars

shown on Bloomberg US0001M Screen
 or
appropriate successor
  
	  	
			
		  	1.00 - Euro-Rate Reserve Percentage.	  	

 LMIR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such
effective date. 
 “Loan” means any loan made by a Lender pursuant to Section 2.02. 

“Loan Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the
Administrative Agent and the Group Agents pursuant to Section 2.02(a). 
 “Lock-Box” means each locked postal
box with respect to which a Lock-Box Bank who has executed a Lock-Box Agreement pursuant to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Pool Receivables and which is linked to a
Lock-Box Account listed on Schedule II (as such schedule may be modified from time to time in connection with the addition or removal of any Lock-Box in accordance with the terms hereof). 

“Lock-Box Account” means each account listed on Schedule II to this Agreement (as such schedule may be modified from
time to time in connection with the closing or opening of any Lock-Box Account in accordance with the terms hereof) (in each case, in the name of the Borrower) and maintained at a bank or other financial institution acting as a Lock-Box Bank
pursuant to a Lock-Box Agreement for the purpose of receiving Collections. 
 “Lock-Box Agreement” means each agreement, in
form and substance satisfactory to the Administrative Agent, among the Borrower, the Servicer (if applicable), the Administrative 

  
 22 

 
Agent and a Lock-Box Bank, governing the terms of the related Lock-Box Accounts, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Lock-Box Bank” means any of the banks or other financial institutions holding one or more Lock-Box Accounts. 

“Loss Horizon Eight Months Ratio” means, at any time of determination, the ratio (expressed as a percentage and rounded to
the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed by dividing: (a) the aggregate initial Outstanding Balance of all Pool Receivables originated by the Originators during the eight most recent Fiscal Months, by
(b) at any time (x) prior to the Digital Insight Receivables Eligibility Date, the sum of (A) the Net Receivables Pool
Balance as of such date and (B) the Outstanding Balance of Digital Insight Receivables as of such date and (y) at any time thereafter, the Net Receivables Pool Balance as of such date.

 “Loss Horizon Five Months Ratio” means, at any time of determination, the ratio (expressed as a percentage and
rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed by dividing: (a) the aggregate initial Outstanding Balance of all Pool Receivables originated by the Originators during the five most recent Fiscal Months,
by (b) at any time (x) prior to the Digital Insight Receivables Eligibility Date, the sum of (A) the Net
Receivables Pool Balance as of such date and (B) the Outstanding Balance of Digital Insight Receivables as of such date and (y) at any time thereafter, the Net Receivables Pool Balance
as of such date. 
 “Loss Reserve Percentage” means, at any time of determination, the sum of (a) 85.00% times
the product of (i) 2.25, times (ii) the highest average of the Default Ratios for any three consecutive Fiscal Months during the twelve most recent Fiscal Months, times (iii) the Loss Horizon Five Months Ratio,
plus (b) 15.00% times the product of (i) 2.25, times (ii) the highest average of the Default Ratios for any three consecutive Fiscal Months during the twelve most recent Fiscal Months, times (iii) the Loss
Horizon Eight Months Ratio. 
 “Majority Group Agents” means one or more Group Agents which in its Group, or their combined
Groups, as the case may be, have Committed Lenders representing more than 50% of the aggregate Commitments of all Committed Lenders in all Groups (or, if the Commitments have been terminated, have Lenders representing more than 50% of the Aggregate
Capital); provided, however, that so long as there are two or more Groups party hereto, no less than two Group Agents shall constitute the Majority Group Agents. 

“Majority-Owned
Subsidiary of a Listed Entity” means an entity whose common stock or analogous equity interests are at least 51% owned by a company (i) listed on the New York Stock Exchange or the American Stock Exchange or (ii) whose common stock or
analogous equity interests have been designated as a NASDAQ National Market Security listed on the NASDAQ Stock Market. 

“Material Adverse Effect” means, with respect to any event or circumstance and with respect to any Person (or if no Person is specified, with respect to the Borrower, the Originators and the Servicer),
a material adverse effect on: 

  
 23 

 (a) the assets, operations, business or financial condition of such Person;

 (b) the ability of any such Person to perform its obligations under this Agreement or any other Transaction Document to
which it is a party; 
 (c) the validity or enforceability of this Agreement or any other Transaction Document, or the
validity, enforceability, value or collectibility of any material portion of the Pool Receivables; or 
 (d) the status,
perfection, enforceability or priority of the interest of the Administrative Agent (for the benefit of the Secured Parties) in the Pool Receivables. 

“Material Indebtedness” means Debt (other than Debt under the Transaction Documents), or obligations in respect of one or
more Hedging Agreements, of any one or more of the Borrower, the Servicer or an Originator in an aggregate principal amount of (i) $50,000,000 or more, in the case of Debt or Hedging Agreements of or guaranteed by the Servicer or an Originator
and (ii) $15,325 or more, in the case of Debt or Hedging Agreements of the Borrower. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower, the Servicer or an Originator in
respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if such Hedging Agreement were terminated at such time. 

“Maturity Date” means the earlier to occur of (a) the date occurring 365 days following the Scheduled Termination Date
and (b) the date on which the “Termination Date” is declared or deemed to have occurred under Section 9.01. 

“Minimum Dilution Reserve Percentage” means, on any day, the product of (a) the average of the Dilution Ratios for the
twelve most recent Fiscal Months, multiplied by (b) the Dilution Horizon Ratio. 
 “Monthly Settlement Date” means the
26th day of each calendar month (or if such day is not a Business Day, the next occurring Business Day). 
 “Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization. 

“MUFG” means MUFG
Bank, Ltd. (f/k/a The Bank of Tokyo Mitsubishi UFJ, Ltd., New York Branch). 
 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA to which the Borrower or any of its ERISA Affiliates is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.

 “NCR” has the meaning set forth in the preamble to this Agreement. 

“NCR Credit Agreement” means the Credit Agreement, dated as of August 22, 2011, as amended and restated as of
July 25, 2013, among NCR, as borrower, the lenders from time to 

  
 24 

 
time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the various financial institutions party thereto as joint lead arrangers, joint bookrunners,
co-documentation agents, joint syndication agents and joint senior managing agents, as amended, supplemented or otherwise modified from time to time. 

“Net Receivables Pool Balance” means, at any time of determination: (a) the aggregate Outstanding Balance of all
Eligible Receivables then in the Receivables Pool, minus (b) the Excess Concentration Amount. 
 “Non-Consenting Affected
Person” has the meaning set forth in Section 4.06(b). 

“Notes” means short-term promissory notes issued, or to be issued, by any Conduit Lender to fund its investments in accounts receivable or other financial assets. 

“Obligor” means, with respect to any Receivable, the Person obligated to make payments under such Receivable pursuant to the
Contract relating to such Receivable. 
 “Obligor Percentage” means, at any time of determination, for each Pool Obligor, a
fraction, expressed as a percentage, (a) the numerator of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included in the calculation of clause (a) of the Excess
Concentration Amount with respect to such Obligor and (b) the denominator of which is the aggregate Outstanding Balance of all Eligible Receivables at such time. 

“Originator” and “Originators” have the meaning set forth in the Purchase and Sale Agreement, as the same
may be modified from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the Administrative Agent. 

“Other Connection Taxes” means, with respect to any Affected Person, Taxes imposed as a result of a present or former
connection between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person having executed, delivered, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Loan or Transaction Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document or RFA Note except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 4.06). 

“Outstanding Balance” means, at any time of determination, with respect to any Receivable, the then outstanding principal
amount of such Receivable; provided, that the Outstanding Balance of a Charged-Off Receivable shall be zero. 

“Participant” has the meaning set forth in Section 13.03(e). 

  
 25 

 “Purchase and Sale Agreement” means the Purchase and Sale Agreement, dated
as of the Closing Date, among NCR, as an Originator, the other Originators from time to time part thereto, and the Borrower, as such agreement may be amended, supplemented or otherwise modified from time to time. 

“Purchase and Sale Termination Event” has the meaning set forth in the Purchase and Sale Agreement. 

“Rating Agency” means each of S&P, Fitch and Moody’s, to the extent then rating the Notes of any Conduit Lender
(and/or each other rating agency then rating the Notes of any Conduit Lender). 
 “Receivable” means any right to payment
of a monetary obligation owed to any Originator or the Borrower (as assignee of an Originator), whether constituting an account, chattel paper, payment intangible, instrument or general intangible, in each instance arising in connection with the
sale of goods, for services rendered or the license of software, and includes, without limitation, the obligation to pay any finance charges, fees and other charges with respect
thereto; provided, however, that “Receivable” does not include any Excluded Digital Insight Receivable. Any such
right to payment arising from any one transaction, including, without limitation, any such right to payment represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting of any such right to
payment arising from any other transaction. 
 “Receivables Pool” means, at any time of determination, all of the
then outstanding Receivables transferred (or purported to be transferred) to the Borrower pursuant to the Purchase and Sale Agreement prior to the Termination Date. 

“Register” has the meaning set forth in Section 13.03(c). 

“Reinvestment” has the meaning set forth in Section 3.01(a). 

“Related Committed Lender” means with respect to any Conduit Lender, each Committed Lender listed as such for each Conduit
Lender as set forth on the signature pages of this Agreement or in any Assumption Agreement. 
 “Related Conduit Lender”
means, with respect to any Committed Lender, each Conduit Lender which is, or pursuant to any Assignment and Acceptance Agreement or Assumption Agreement or otherwise pursuant to this Agreement becomes, included as a Conduit Lender in such Committed
Lender’s Group, as designated on its signature page hereto or in such Assignment and Acceptance Agreement, Assumption Agreement or other agreement executed by such Committed Lender, as the case may be. 

“Related Indemnified Party” means, with respect to any Person, such Person’s Related Parties and any other Person
through which such first Person may claim reimbursement, compensation, contribution or indemnity hereunder by virtue of its relationship with such other Person. 

  
 27 

 “Sanctioned Country” means a country subject to a sanctions program
identified by the U.S. Department of Treasury’s Office of Foreign Assets Control. 
 “Sanctioned Person” means any
Person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order. 

“Scheduled Termination Date” means November 19,
2018.13, 2020. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Secured Parties” means each Credit Party, each Borrower Indemnified Party and each Affected Person. 

“Securities Act” means the Securities Act of 1933, as amended or otherwise modified from time to time. 

“Servicer” has the meaning set forth in the preamble to this Agreement. 

“Servicer Indemnified Amounts” has the meaning set forth in Section 12.02(a). 

“Servicer Indemnified Party” has the meaning set forth in Section 12.02(a). 

“Servicing Fee” means the fee referred to in Section 8.06(a) of this Agreement. 

“Servicing Fee Rate” means the rate referred to in Section 8.06(a) of this Agreement. 

“Settlement Date” means with respect to any Portion of Capital for any Interest Period or any Fees, (i) prior to the
Termination Date, the Monthly Settlement Date and (ii) on and after the Termination Date, each day selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Group Agents) (it being understood
that the Administrative Agent (with the consent or at the direction of the Majority Group Agents) may select such Settlement Date to occur as frequently as daily) or, in the absence of such selection, the Monthly Settlement Date. 

“Solvent” means, with respect to any Person and as of any particular date, (i) the present fair value of the assets of
such Person exceeds the liabilities of such Person, (ii) the fair value of the assets of such Person exceeds the probable liability on such Person’s debts as such debts become absolute and matured, (iii) such Person is able to pay its
debts as they mature and (iv) such Person’s capital is not unreasonably small for the business in which it is engaged. 

“Specifically Reserved Maintenance Revenue Amount” means the lesser of (i) the amount then included in the deferred
revenue liability reported on the Originators’ books and records in respect of payments made by Persons that are Obligors on Eligible Receivables for goods or services that have not yet been delivered or performed by the Originators (and, for
the avoidance of doubt, excluding any portion of such deferred revenue liability in respect of outstanding Receivables, rather than payments, that remain subject to the performance of 

  
 29 

 
additional services or delivery of additional goods by Originators) and (ii) the aggregate Outstanding Balance of the Eligible Receivables then owing by such Obligors. 

“Structuring Agent” means PNC Capital Markets LLC, a Pennsylvania limited liability company. 

“Subordinated Note” has the meaning set forth in the Purchase and Sale Agreement. 

“Sub-Servicer” has the meaning set forth in Section 8.01(d). 

“Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares
of stock of each class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such
entity are at the time owned, or management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such Person or (c) by such Person and one or more Subsidiaries of such Person. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Termination Date” means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the
“Termination Date” is declared or deemed to have occurred under Section 9.01, (c) the Purchase and Sale Termination Date (as defined in the Purchase and Sale Agreement) with respect to all remaining Originators, and
(d) the date selected by the Borrower on which all Commitments have been reduced to zero pursuant to Section 2.02(e). 

“Termination Event” has the meaning set forth in Section 9.01. For the avoidance of doubt, a Termination Event
shall occur only after applicable cure periods, if any, specified in Section 9.01 have expired, and any Termination Event that occurs shall be deemed to be continuing at all times thereafter unless and until waived in accordance with
Section 13.01. 

“Third Amendment
Closing Date” means November 15, 2018. 
 “Total Reserves” means, at any time of determination, the product of
(a) the sum of: (i) the Yield Reserve Percentage, plus (ii) the greater of (x) the sum of the Concentration Reserve Percentage plus the Minimum Dilution Reserve Percentage and (y) the sum of the Loss Reserve
Percentage plus the Dilution Reserve Percentage, times (b) the Adjusted Net Receivables Pool Balance on such day. 

“Transaction Documents” means this Agreement, the RFA Notes, the Purchase and Sale Agreement, the Lock-Box Agreements, the
Fee Letter, the Intercreditor Agreement, each Subordinated Note, any Performance Guaranty, the Borrower’s Limited Liability Company Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in
accordance with this Agreement. 

  
 30 

 (e) Except as otherwise required by Applicable Law or the relevant Contract and subject to
the provisions of the Intercreditor Agreement, all Collections received from a Pool Obligor in payment of any Pool Receivable shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest
such Receivable, unless such Obligor designates in writing its payment for application to specific Receivables. 
 SECTION 3.02. Payments
and Computations, Etc. (a) All amounts to be paid by the Borrower or the Servicer to the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party hereunder shall be initiated by wire transfer no later
than 11:00 a.m. (New York City time) on the day when due in same day funds to the applicable Group Agent’s Account. 
 (b) Each of the
Borrower and the Servicer shall, to the extent permitted by Applicable Law, pay interest on any amount not paid by it when due hereunder, at an interest rate per annum equal to 2.00% per annum above the Base Rate, payable on demand and
compounded monthly on each Monthly Settlement Date. 
 (c) All computations of interest under subsection (b) above and all
computations of Interest, Fees and other amounts hereunder shall be made on the basis of a year of 360 days (or, in the case of amounts determined by reference to the Base Rate, 365 or 366 days, as applicable) for the actual number of days
(including the first but excluding the last day) elapsed. Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and such
extension of time shall be included in the computation of such payment or deposit. 
 (d) Solely for purposes of reporting information
regarding the Pool Receivables, the Net Receivables Pool Balance and the Borrowing Base in any Information Package, Loan Request or similar report or certification, the portion of the Pool Receivables’ aggregate Outstanding Balance that
(x) is subject to potential set-off or a similar right of offset or that remains subject to the performance of additional services or delivery of additional goods by the Originators or (y) will be billed or invoiced to the Obligor thereon
within the next thirty days (or such longer period consented to by the
AdministratorAdministrative Agent and the Group Agents) as contemplated by clause (o) of the definition of “Eligible Receivable,” the Seller and the Servicer shall either (i) report the actual amount thereof or
(ii) report an estimate of such amount calculated in manner and using assumptions approved by the Administrative Agent in consultation with the Servicer, and reporting such an estimate shall not be deemed to constitute a default under or breach
of this Agreement or any other Transaction Document. For the avoidance of doubt, the reporting and use of such an estimated amount pursuant to this paragraph shall not derogate from (x) any obligation of the Seller to ensure that no Borrowing
Base Deficit exists based upon the actual portion of the Pool Receivables’ aggregate Outstanding Balance that is subject to potential set-off or a similar right of offset or that remains subject to the performance of additional services or
delivery of additional goods by the Originators or (y) any obligation of the Seller or the Servicer to notify the other parties hereto that a Borrowing Base Deficit exists based upon such actual amounts. 

ARTICLE IV 

  
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 obligations (other than those expressly stated to survive such termination) of the Administrative Agent, the
Lenders and the other Credit Parties hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Borrower; provided, however, that
(i) in connection with any such Final Payout Date, the Administrative Agent shall promptly send notice thereof to each Lock-Box Bank for the purposes of terminating the related Lock-Box Agreements and (ii) promptly following written
request therefor by the Borrower delivered to the Administrative Agent following any such termination, and at the sole expense of the Borrower, the Administrative Agent shall execute and deliver to the Borrower UCC-3 termination statements and such
other documents as the Borrower shall reasonably request to evidence such termination. 
 SECTION 4.06. Mitigation Obligations;
Replacement of Affected Persons. 
 (a) If any Affected Person requests compensation under Section 4.01, or if the Borrower
is required to pay any additional amount to any Affected Person or to any Governmental Authority for the account of any Affected Person pursuant to Section 4.03, then such Affected Person shall (at the request of the Borrower) use
commercially reasonable efforts to designate a different lending office for funding or booking the related Loans hereunder or to assign and delegate (or cause to be assigned and delegated) such Affected Person’s rights and obligations hereunder
to another office, branch or Affiliate of such Affected Person if, in the judgment of such Affected Person, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.01 or 4.03, as the
case may be, in the future and (ii) would not subject such Affected Person to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Affected Person. The Borrower hereby agrees to pay all reasonable out of pocket
costs and expenses incurred by any Affected Person in connection with any such designation or assignment and delegation. 
 (b) If
(i) any Affected Person requests compensation under Section 4.01, (ii) the Borrower is required to pay any additional amount to any Affected Person or any Governmental Authority for the account of any Affected Person pursuant
to Section 4.03, (iii) any Affected Person has become a Defaulting Credit
Party, or (iv) any Affected Person has failed to consent to a proposed amendment, waiver, discharge or termination that requires the consent of each Group Agent (or the Group Agent of each affected Group) and with
respect to which the Majority Group Agents shall have or would have granted their consent or
(v) the Borrower has requested in writing that a Conduit Lender agree to an Interest Rate determined by reference to the applicable Bank Rate pursuant to the proviso in clause (a) of the definition of “Interest Rate” and
such Conduit Lender (in its sole discretion) has not agreed in writing to do so by the date that is 15-days following such request; provided that the Borrower shall not be entitled to make such a request until October 1, 2017 (any such Affected Person identified in clause (iv) and any such Conduit Lender identified in clause (v), a “Non-Consenting Affected Person;” provided, however, that no Conduit Lender shall be deemed to constitute a
Non-Consenting Affected Person under clause (v) until November 20,
2017”), then the Borrower may, at its sole expense and
effort, upon notice to the related Group Agent and the Administrative Agent, require such Group Agent to cause the related Affected Person to assign and delegate, without recourse (in accordance with and subject to all applicable transfer
restrictions), all its interests, rights and obligations under this Agreement and the other Transaction Documents to another appropriate Person (which, in the case of a Lender, shall be an Eligible Assignee) that shall acquire such 

  
 46 

 interest or, in the case of a Committed Lender, assume such Committed Lender’s obligations (which
assignee may, in each case, be an existing Lender); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent and the Majority Group Agents, which consent shall not unreasonably be withheld
(provided that no such consent from a Non-Consenting Affected Person or its Affiliates shall be required, and any Non-Consenting Affected Person and its Affiliates shall be excluded from any determination of the Majority Group Agents for such
purpose), (B) such Affected Person, if a Lender, shall have received payment of an amount equal to its outstanding Capital and, if applicable, accrued Interest and Fees thereon and all other amounts then owing to it hereunder from the assignee
or the Borrower, (C) in the case of any such assignment and delegation resulting from a claim for compensation under Section 4.01 or payments required to be made pursuant to Section 4.03, such assignment is expected to result in a
reduction in such compensation or payments for future periods and (D) in the case of any such assignment and delegation resulting from the failure of an Affected Person to provide a consent, the assignee shall have given such consent and, as a
result of such assignment and delegation and any contemporaneous assignments and delegations and consents, the applicable amendment, waiver, discharge or termination can be effected. An Affected Person shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver or consent by such Affected Person or otherwise, the circumstances entitling the Borrower to require such assignment and delegation have ceased to apply. 

SECTION 4.07. Successor
LIBOR Rate. 

(a) If (x) the Administrative Agent determines in its commercially reasonable discretion
that either (i) (A) the circumstances set forth in Section 4.04 have arisen and are unlikely to be temporary (such date, a “LIBOR Termination Date”) or (B) the applicable supervisor or administrator (if any) of the
LIBOR Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying the specific date after which the LIBOR Rate shall no longer be used for determining interest rates for loans or
(ii) a rate other than the LIBOR Rate has become a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market or (y) a LIBOR Discontinuance Date has occurred, then in each case, the Administrative Agent shall
notify the Borrower, and the Administrative Agent and the Borrower shall endeavor to promptly choose a replacement index for the LIBOR Rate and make adjustments to applicable margins and related amendments to this Agreement as referred to in clauses
(b) and (c) below such that, to the extent practicable, the all-in Interest Rate based on the replacement index will be as comparable as practicable, under the circumstances, to the all-in Interest Rate based on the LIBOR Rate in effect
prior to its replacement (or if applicable, as in effect immediately prior to the conditions that gave rise to the need for its replacement). 

(b) The Administrative Agent and the Borrower shall enter into an amendment to this Agreement
to reflect the replacement index, the adjusted margins and such other related amendments as may be appropriate, in the commercially reasonable discretion of the Administrative Agent, for the implementation and administration of the replacement
index-based rate. Notwithstanding anything to the contrary in this Agreement or the other Transaction Documents (including, without limitation, Section 13.01), such amendment shall become effective without any further action or consent of any
other party to this Agreement at 5:00 p.m. New York City time on the fifth (5th) Business Day after the date a draft of the amendment is

  
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provided to the Group Agents, unless the Administrative Agent receives, on or
before such fifth (5th) Business Day, a written notice from the Majority Group Agents stating that such Group Agents object to such amendment. 

(c) Selection of the replacement index, adjustments to the applicable margins, and amendments
to this Agreement (i) will be determined with due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated loans in the United States and loans converted from a rate based on
the LIBOR Rate to a replacement index-based rate, and (ii) may also reflect adjustments to account for (A) the effects of the transition from the LIBOR Rate to the replacement index and (B) yield- or risk-based differences between the
LIBOR Rate and the replacement index. 
 (d)
Until an amendment reflecting a new replacement index in accordance with this Section 4.07 is effective, any Portion of
Capital for which the Interest Rate is determined by reference to the LIBOR Rate will continue to accrue Interest with reference to the LIBOR Rate, provided however, that if the Administrative Agent determines in its commercially reasonable
discretion that a LIBOR Termination Date has occurred, then following the LIBOR Termination Date, all Portions of Capital for which the Interest Rate would otherwise be determined with reference to the LIBOR Rate shall automatically begin accruing
Interest with reference to the Base Rate until such time as an amendment reflecting a replacement index and related matters as described above is implemented. 

(e) Notwithstanding anything to the contrary contained herein, if at any time the replacement
index is less than zero, at such times, such index shall be deemed to be zero for purposes of this Agreement. 

ARTICLE V 
 CONDITIONS
TO EFFECTIVENESS AND CREDIT EXTENSIONS 
 SECTION 5.01. Conditions Precedent to Effectiveness and the Initial Credit Extension.
This Agreement shall become effective as of the Closing Date when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates
and other deliverables listed on the closing memorandum attached as Exhibit G hereto, in each case, in form and substance acceptable to the Administrative Agent and (b) all fees and expenses due and payable by the Borrower on the Closing
Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents. 
 SECTION 5.02. Conditions
Precedent to All Credit Extensions. Each Credit Extension hereunder on or after the Closing Date shall be subject to the conditions precedent that: 

(a) the Borrower shall have delivered to the Administrative Agent and each Group Agent a Loan Request for such Loan in accordance with
Section 2.02(a); 

  
 48 

 in such Lock-Box and Lock-Box Account without further consent by the Borrower, the Servicer
or any other Person. 
 (iv) Instructions. Neither the Lock-Boxes nor the Lock-Box Accounts are in the name of any
Person other than the Borrower. Since the Closing Date, neither the Borrower nor the Servicer has consented to the applicable Lock-Box Bank complying with instructions of any other Person other than the Administrative Agent. 

(s) Ordinary Course of Business. Each remittance of Collections by or on behalf of the Borrower to the Credit Parties under this
Agreement will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower. 

(t) Compliance with Applicable Law. The Borrower has complied in all material respects with all Applicable Laws to which it is subject.

 (u) Bulk Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar law.

 (v) Eligible Receivables. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance
in any Information Package or in connection with any Credit Extension or Reinvestment is an Eligible Receivable as of the date of such Information Package, Credit Extension or Reinvestment. 

(w) Opinions. The facts regarding the Borrower, the Servicer, each Originator, the Pool Receivables, the Related Security and the
related matters set forth or assumed in the opinions of counsel relating to true sale and substantive non-consolidation matters delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects.

 (x) Liquidity Coverage Ratio. The Borrower has not issued any LCR Restricted Interests except in accordance with
Section 7.01(v). The Borrower further represents and warrants that it is a consolidated subsidiary of NCR under generally accepted accounting principles. 

(y) Beneficial Ownership Rule. As of the Third Amendment Closing Date, the Borrower is an
entity that is organized under the laws of the United States or of any state and is a Majority-Owned Subsidiary of a Listed Entity and is excluded on that basis from the definition of “Legal Entity Customer” as defined in the Beneficial
Ownership Rule. 
 Notwithstanding any other provision of this Agreement or any other
Transaction Document, the representations and warranties contained in this Section shall survive until the Final Payout Date. 
 SECTION
6.02. Representations and Warranties of the Servicer. The Servicer represents and warrants as of the Closing Date, as of each day on which a Credit Extension or Reinvestment shall have occurred and as of each Settlement Date occurring prior
to the Final Payout Date or acceleration under Article XI: 

  
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 the Borrower’s and its Affiliates’ confidential non-public information on terms reasonably
acceptable to the parties thereto (it being understood that terms substantially comparable to the terms of confidentiality agreements previously agreed to by the Borrower or its Affiliates with respect to inspections of the Receivables shall be
reasonably acceptable) and (2) the Administrative Agent and the Group Agents shall conduct, and shall cause their respective agents, representatives, accountants and auditors to conduct, such Inspection in a commercially reasonable manner so as
to minimize any burden (financial or otherwise) on the Borrower and its Affiliates and any disruption to the business and operations of the Borrower and its Affiliates (it being understood and agreed that an Inspection conducted in a substantially
similar manner and scope as that conducted by the Administrative Agent prior to the Closing Date shall be deemed commercially reasonable). 

(h) Payments on Receivables; Lock-Box Accounts. The Borrower (or the Servicer on its behalf) will, and will cause each Originator to,
instruct all Pool Obligors to deliver all payments on the Pool Receivables (other than Digital Insight Receivables at any time prior to
the Digital Insight Receivables Eligibility Date,) to a Lock-Box Account or a Lock-Box. The Borrower (or the Servicer on its behalf) will, and will cause each Originator to, maintain such books
and records necessary to identify Collections received from time to time on Pool Receivables and necessary to segregate such Collections from other property of the Servicer and the Originators. If any Collections are received by the Borrower, the
Servicer or an Originator other than in a Lock-Box Account, it shall hold such payments in trust for the benefit of the Administrative Agent (for the benefit of the Secured Parties) and promptly (but in any event within two (2) Business Days
after receipt) remit such funds into a Lock-Box Account. If any funds other than Collections (or other proceeds of the Collateral) are deposited into any Lock-Box Account, the Borrower (or the Servicer on its behalf) will, within two
(2) Business Days, identify and transfer such funds to the appropriate Person entitled to such funds. The Borrower shall only add a Lock-Box Account (or a related Lock-Box) or a Lock-Box Bank to those listed on Schedule II to this
Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of a Lock-Box Agreement (or an amendment thereto) in form and substance acceptable to the Administrative Agent from the applicable
Lock-Box Bank (or pursuant to other arrangements consented to in writing by the Administrative Agent and each Group Agent). The Borrower shall only terminate a Lock-Box Bank or close a Lock-Box Account (or a related Lock-Box) with the prior written
consent of the Administrative Agent. 
 (i) Sales, Liens, etc. Except as otherwise provided herein, the Borrower will not sell,
assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to, any Pool Receivable or other Collateral. 

(j) Extension or Amendment of Pool Receivables. Except as otherwise permitted in Section 8.02, (i) the Borrower
will not, and will not permit the Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term
or condition of any related Contract that would affect any Pool Receivable and (ii) with respect to each Pool Receivable, the Borrower shall comply in all material respects with all provisions, covenants and other promises required to be
observed by it under the Credit and Collection 

  
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Policy and, to the extent material to such Pool Receivable and to the extent not reflected from time to time in the Dilution Amount, the terms of the related Contract. 

(k) Change in Credit and Collection Policy. Except to the extent required by Applicable Law (in which case the Borrower shall give
prompt written notice thereof to the Administrative Agent and each Group Agent), the Borrower will not make any change to the Credit and Collection Policy that would reasonably be expected to have a Material Adverse Effect without the prior written
consent of the Administrative Agent and the Majority Group Agents. Promptly following any material change in the Credit and Collection Policy, the Borrower will deliver a copy of the updated Credit and Collection Policy identifying such material
change to the Administrative Agent and each Group Agent. 
 (l) Fundamental Changes. The Borrower shall not, without the prior written
consent of the Administrative Agent and the Majority Group Agents, permit itself (i) to merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or
substantially all of its assets (whether now owned or hereafter acquired) to, any Person or (ii) to be directly owned by any Person other than an Originator. The Borrower shall provide the Administrative Agent with at least 30 days’ (or
such shorter period agreed to by the Administrative Agent in writing) prior written notice before making any change in the Borrower’s name or location or making any other change in the Borrower’s identity or corporate structure that would
reasonably be expected to impair or otherwise render any UCC financing statement filed pursuant to this Agreement or any other Transaction Document “seriously misleading” as such term (or similar term) is used in the applicable UCC; each
notice to the Administrative Agent and the Group Agents pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof. 

(m) Books and Records. The Borrower shall maintain and implement (or cause the Servicer to maintain and implement) administrative and
operating procedures (including an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain (or cause the Servicer to keep and maintain) all
documents, books, records, computer tapes and disks and other information reasonably necessary for the servicing of each Pool Receivable (including records adequate to permit the daily identification of each Pool Receivable and all Collections of
and adjustments to each existing Pool Receivable). 
 (n) Identifying of Records. The Borrower shall: (i) identify (or cause the
Servicer to identify) its master data processing records relating to Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement and (ii) cause each
Originator so to identify its master data processing records with such a legend; provided, that the Borrower shall not be obligated to include any notation or legend on, or otherwise mark, any Contracts. 

(o) Change in Payment Instructions to Pool Obligors. The Borrower shall not (and shall not permit the Servicer or any Originator to)
make any change in its (or their) instructions to the Pool Obligors regarding payments to be made to the Lock-Box Accounts (or any related Lock-Box), other than any instruction to remit payments to a different Lock-Box Account (or any related
Lock-Box) or with respect to Digital Insight Receivables prior to the

  
 64 

 
Digital Insight Receivables Eligibility Date, unless the Administrative Agent shall have consented to such change in writing. 
 (p)
Security Interest, Etc. The Borrower shall (and shall cause the Servicer to), at its expense, take all action necessary to establish and maintain a valid and enforceable first priority perfected security interest in the Collateral, in each
case free and clear of any Adverse Claim, in favor of the Administrative Agent (for the benefit of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on
behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request. In furtherance of the foregoing, the Borrower hereby authorizes the Administrative Agent (for the benefit of the Secured Parties) to file such
continuations of the financing statements described in Section 4.05 as it deems necessary and appropriate to maintain such perfected security interest. The Borrower shall cause the Servicer, from time to time and within the time limits
established by law, to prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation
statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest. The Administrative Agent’s approval of such filings shall authorize the Borrower to file
such financing statements under the UCC. Notwithstanding anything else in the Transaction Documents to the contrary, the Borrower shall not have any authority to file a termination, partial termination, release, partial release, or any amendment
that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent. 

(q) Further Assurances. The Borrower hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute and
deliver all further instruments and documents, and to take all further actions, that the Administrative Agent may reasonably request for the purpose of exercising and enforcing the rights and remedies of the Secured Parties under this Agreement, the
RFA Notes or any other Transaction Document. 
 (r) Certain Amendments. Without the prior written consent of the Administrative Agent
and the Majority Group Agents, the Borrower will not (and will not permit any Originator or the Servicer to) amend, modify, waive, revoke or terminate any Transaction Document to which it is a party in any material respect. Without the prior written
consent of the Administrative Agent and the Majority Group Agents, the Borrower will not (and will not permit any Originator or the Servicer to) amend, modify, waive, revoke or terminate the Borrower’s Limited Liability Company Agreement.
Without the prior written consent of the Administrative Agent and the Majority Group Agents, the Borrower shall not permit the existence of any other “limited liability company agreement,” as defined in the Delaware Limited Liability
Company Act, of the Borrower, other than the Borrower’s Limited Liability Company Agreement. 
 (s) Restricted Payments.
(i) Except as set forth below, the Borrower will not: (A) purchase or redeem any of its membership interests, (B) declare or pay any dividend or set aside any funds for any such purpose, (C) prepay, purchase or redeem any Debt other
than in accordance with or pursuant to any Transaction Document, (D) lend or advance any funds or (E) 

  
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 Electronic Invoice System or in other electronic document management systems (which may include document
storage systems provided by third party vendors used in the ordinary course of the Servicer’s business); provided, however, that following the occurrence and during the continuance of a Termination Event, the Borrower shall cause
the Servicer to as promptly as practicable following receipt of written request therefor from the Administrative Agent, (a) provide the Administrative Agent with such access to the Electronic Invoice System, and, to the extent reasonably
practicable, such other electronic document management systems, as is necessary to permit the Administrative Agent to identify, monitor and track the chattel paper stored therein, (b) implement such restrictions on the access of the officers,
directors, agents and employees of the Servicer to the Electronic Invoice System as are reasonably necessary to ensure that possession or control of the chattel paper stored therein is not transferred to any third party, and/or (c) use its
commercially reasonable efforts to deliver or cause to be delivered all tangible chattel paper to the Administrative Agent; provided, that the foregoing shall be conducted in a manner reasonably calculated to comply with any applicable
confidentiality or restrictions on disclosure to which the Servicer or any Originator is subject (including with respect to Obligor information); and provided, further, that compliance with any such request by the Servicer will not materially impede
or adversely affect Collections on, or the collectibility of, the Pool Receivables. 
 (z)
Beneficial Ownership Rule. Promptly after the Borrower ceases to be a Majority-Owned Subsidiary of a Listed Entity, the Borrower
shall execute and deliver to the Administrative Agent and the Lenders a certification of the Borrower as to its beneficial owner(s) complying with the Beneficial Ownership Rule, in form and substance reasonably acceptable to the Administrative Agent
and the Lenders. 
 SECTION 7.02. Covenants of the Servicer. At all times
from the Closing Date until the Final Payout Date: 
 (a) Financial Reporting. The Servicer will maintain a system of accounting established
and administered in accordance with GAAP, and the Servicer shall furnish to the Administrative Agent and each Group Agent: 

(i) Compliance Certificates. (a) A compliance certificate promptly upon completion of the annual report of the
Servicer and in no event later than 90 days after the close of the Servicer’s fiscal year, in form and substance substantially similar to Exhibit F signed by its chief accounting officer or treasurer solely in their capacities as officers of
the Servicer stating that no Termination Event or Unmatured Termination Event has occurred and is continuing, or if any Termination Event or Unmatured Termination Event has occurred and is continuing, stating the nature and status thereof and
(b) within 30 days after the close of each fiscal quarter of the Servicer, a compliance certificate in form and substance substantially similar to Exhibit F signed by its chief accounting officer or treasurer solely in their capacities
as officers of the Servicer stating that no Termination Event or Unmatured Termination Event has occurred and is continuing, or if any Termination Event or Unmatured Termination Event has occurred and is continuing, stating the nature and status
thereof. 

  
 67 

 (vi) Change in Accounting Policy. Any material change in any
accounting policy of the Servicer that would reasonably be expected to affect the transactions contemplated by this Agreement or any other Transaction Document. 

(vii) Purchase and Sale Termination Date. The occurrence of the Purchase and Sale Termination Date with respect to all
remaining Originators under, and as defined in, the Purchase and Sale Agreement. 
 (viii) Material Adverse Effect.
Promptly after the occurrence thereof, notice of any Material Adverse Effect with respect to the Servicer. 
 (c) Conduct of Business.
The Servicer will do all things necessary to remain duly incorporated, validly existing and in good standing as a domestic corporation in its jurisdiction of incorporation and maintain all requisite authority to conduct its business in each
jurisdiction in which its business is conducted if the failure to have such authority could reasonably be expected to have a Material Adverse Effect. Except as otherwise permitted under the Transaction Documents, the Servicer will not make any
material changes to its servicing practices or the conduct of its business, except to the extent any such change would not reasonably be expected to have a Material Adverse Effect. 

(d) Compliance with Applicable Laws. The Servicer will comply in all material respects with all Applicable Laws to which it may be
subject, except where the failure to so comply would not reasonably be expected to have a Material Adverse Effect. 
 (e) Cooperation with
Inspections. The Servicer will cooperate in connection with any Inspection duly conducted hereunder pursuant to Section 7.01(g), including to permit the Administrative Agent and each Group Agent or their respective agents or
representatives and/or certified public accountants or other auditors, during regular business hours and with reasonable prior written notice, to (i) examine and make copies of and abstracts from all books and records relating to the Pool
Receivables or other Collateral, (ii) visit the offices and properties of the Servicer for the purpose of examining such books and records and (ii) discuss matters relating to the Pool Receivables, the other Collateral or the
Servicer’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent public accountants of the Servicer, to the extent reasonably available, having
knowledge of such matters; and (iv) conduct a review of its books and records with respect to such Pool Receivables and other Collateral. 

(f) Payments on Receivables; Lock-Box Accounts. The Servicer will (or will cause each Originator to) instruct all Pool Obligors to
deliver all payments on the Pool Receivables (other than Digital Insight Receivables prior to the Digital Insight Receivables
Eligibility Date) to a Lock-Box Account or a Lock-Box. The Servicer will, and will cause each Originator to, maintain such books and records necessary to identify Collections received from time to
time on Pool Receivables and necessary to segregate such Collections received from other property of the Servicer and the Originators. If any Collections are received by the Servicer other than in a Lock-Box Account, it shall hold such payments in
trust for the benefit of the Administrative Agent (for the benefit of the Secured Parties) and promptly (but in any event within two (2) Business Days after receipt) remit such funds into a Lock-Box Account. If any 

  
 69 

 
other than any instruction to remit payments to a different Lock-Box Account (or any related
Lock-Box)
or with respect to Digital Insight Receivables prior to the Digital Insight Receivables Eligibility Date, unless the Administrative Agent shall have consented to such change in writing. 
 (l)
Security Interest, Etc. The Servicer shall, at its expense, take all action necessary to establish and maintain a valid and enforceable first priority perfected security interest in the Collateral, in each case free and clear of any Adverse
Claim, in favor of the Administrative Agent (for the benefit of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the
Administrative Agent or any Secured Party may reasonably request. The Servicer shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization
and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as
a first-priority interest. The Administrative Agent’s approval of such filings shall authorize the Servicer to file such financing statements under the UCC. Notwithstanding anything else in the Transaction Documents to the contrary, the
Servicer shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection with the
Transaction Documents, without the prior written consent of the Administrative Agent. 
 (m) Further Assurances. The Servicer hereby
agrees from time to time, at its own expense, promptly to execute and deliver all further instruments and documents, and to take all further actions, that the Administrative Agent may reasonably request for the purpose of exercising and enforcing
the rights and remedies of the Secured Parties under this Agreement, the RFA Notes or any other Transaction Document. 
 (n) Certain
Amendments. Without the prior written consent of the Administrative Agent and the Majority Group Agents, the Servicer will not amend, modify, waive, revoke or terminate any Transaction Document to which it is a party in any material respect.
Without the prior written consent of the Administrative Agent and the Majority Group Agents, the Servicer will not amend, modify, waive, revoke or terminate the Borrower’s Limited Liability Agreement. Without the prior written consent of the
Administrative Agent and the Majority Group Agents, the Servicer shall not permit the existence of any other “limited liability company agreement,” as defined in the Delaware Limited Liability Company Act, of the Borrower, other than the
Borrower’s Limited Liability Company Agreement. 
 (o) Transaction Information. The Servicer shall not deliver any Transaction
Information to any Rating Agency without providing such Transaction Information to the applicable Group Agent prior to such delivery, nor permit any of its Affiliate to do so on its behalf. The Servicer shall not provide any Transaction Information
in any oral communications with any Rating Agency without the participation of the applicable Group Agent, nor permit any of its Affiliates to do so on its behalf. 

(p) Chattel Paper. The Servicer shall hold all chattel paper in its possession or control that evidence Pool Receivables as bailee for
the Secured Parties and the Borrower, and 

  
 71 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	NCR RECEIVABLES LLC
		
	By:	 	
                     
                                        

	Name:
	Title:
	
	 NCR CORPORATION,
 as the
Servicer

		
	By:	 	
                     
                                         
       

	Name:
	Title:

  

                        
                                         
                   S-1                      
                               Receivables Financing Agreement 

 
			
	THEMUFG BANK OF TOKYO-MITSUBISHI UFJ,
LTD., NEW YORK BRANCH,
	as a Committed Lender for the BTMUMUFG Group
		
	By:	 	
                     
                                         
   

	Name:
	Title:
	
	
THEMUFG BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH,
 as a Group Agent
for the BTMUMUFG Group

		
	By:	 	
                     
                            

	Name:
	Title:
	
	VICTORY RECEIVABLES CORPORATION, as a Conduit Lender of the BTMUMUFG Group
		
	By:	 	
                     
                                         
           

	Name:
	Title:

  

                        
                                         
                   S-4                      
                               Receivables Financing Agreement 

 EXHIBIT A 

Form of Loan Request 

[Letterhead of Borrower] 
 [Date] 

[Administrative Agent] 
 [Group Agents] 

Re:     Loan Request 

Ladies and Gentlemen: 
 Reference is hereby made
to that certain Receivables Financing Agreement, dated as of November 21, 2014 among NCR Receivables LLC (the “Borrower”), NCR Corporation, as Servicer (the “Servicer”), the Lenders party thereto, the Group
Agents party thereto and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) (as amended, supplemented or otherwise modified from time to time, the
“Agreement”). Capitalized terms used in this Loan Request and not otherwise defined herein shall have the meanings assigned thereto in the Agreement. 

This letter constitutes a Loan Request pursuant to Section 2.02(a) of the Agreement. The Borrower hereby request a Loan in the
amount of [$            ] to be made on [            , 20        ] (of which
$[            ] will be funded by the PNC Group, and $[            ] will be funded by the BTMUMUFG Group).
 The proceeds of such Loan should be deposited to [Account number], at [Name, Address and ABA Number of Bank]. After giving effect to such Loan, the Aggregate Capital will be
[$            ]. 
 The Borrower hereby represents and warrants as of the
date hereof, and after giving effect to such Credit Extension, as follows: 
 (i) the representations and warranties of the
Borrower and the Servicer contained in Sections 6.01 and 6.02 of the Agreement are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such
representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date; 

(ii) no Termination Event or Unmatured Termination Event has occurred and is continuing, and no Termination Event or Unmatured
Termination Event would result from such Credit Extension; 
 (iii) no Borrowing Base Deficit exists or would exist after
giving effect to such Credit Extension; and 
 (iv) the Termination Date has not occurred. 

  
 Exhibit A-1 

 EXHIBIT B 

[Form of Assignment and Acceptance Agreement] 

Dated as of             , 20         

 

					
	 Section 1.
	  			
	 Commitment assigned:
	  	$	[_____	] 
	 Assignor’s remaining Commitment:
	  	$	[_____	] 
	 Capital allocable to Commitment assigned:
	  	$	[_____	] 
	 Assignor’s remaining Capital:
	  	$	[_____	] 
	 Interest (if any) allocable to Capital assigned:
	  	$	[_____	] 
	 Interest (if any) allocable to Assignor’s remaining Capital:
	  	$	[_____	] 
	 Section 2.
	  			
	 Effective Date of this Assignment and Acceptance Agreement:
[            ]
	  			

 Upon execution and delivery of this Assignment and Acceptance Agreement by the assignee and the assignor and
the satisfaction of the other conditions to assignment specified in Section 13.03(b) of the Agreement (as defined below), from and after the effective date specified above, the assignee shall become a party to, and, to the extent of the
rights and obligations thereunder being assigned to it pursuant to this Assignment and Acceptance Agreement, shall have the rights and obligations of a Committed Lender under that certain Receivables Financing Agreement, dated as of
November 21, 2014 among NCR Receivables LLC, NCR Corporation, as Servicer, the Lenders party thereto, the Group Agents party thereto and PNC Bank, National Association, as Administrative Agent (as amended, supplemented or otherwise modified
from time to time, the “Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned thereto in the Agreement. 

By executing this Assignment and Acceptance Agreement, the assignee hereby covenants and agrees with each other party to the Agreement that:
(i) until the date that is one year plus one day after the Notes or other outstanding senior indebtedness of any Conduit Lender have been paid in full, it will not institute or cause or participate in the institution of any Insolvency
Proceeding against such Conduit Lender, and (ii) until the date that is one year plus one day after the Final Payout Date, it will not institute or cause or participate in the institution of any Insolvency Proceeding against the Borrower. This
covenant shall survive any termination of the Agreement. 
 (Signature Pages Follow) 

  
 Exhibit B-1 

 EXHIBIT C 

[Form of Assumption Agreement] 

THIS ASSUMPTION AGREEMENT (this “Agreement”), dated as of
[            ,             ], is among NCR Receivables LLC (the “Borrower”),
[            ], as conduit lender (the “[            ] Conduit Lender”),
[            ], as the Related Committed Lender (the “[            ] Committed Lender” and together with the
Conduit Lender, the “[            ] Lenders”), and [            ], as group agent for the
[            ] Lenders (the “[            ] Group Agent” and together with the
[            ] Lenders, the “[            ] Group”). 

BACKGROUND 
 The Borrower and
various others are parties to a certain Receivables Financing Agreement, dated as of November 21, 2014 (as amended through the date hereof and as the same may be amended, amended and restated, supplemented or otherwise modified from time to
time, the “Receivables Financing Agreement”). Capitalized terms used and not otherwise defined herein have the respective meaning assigned to such terms in the Receivables Financing Agreement. 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

SECTION 1. This letter constitutes an Assumption Agreement pursuant to Section 13.03(i) of the Receivables Financing Agreement.
The Borrower desires [the [            ] Lenders] [the [            ] Committed Lender] to [become a Group] [increase its
existing Commitment] under the Receivables Financing Agreement, and upon the terms and subject to the conditions set forth in the Receivables Financing Agreement, the [[            ]
Lenders] [[            ] Committed Lender] agree[s] to [become Lenders within a Group thereunder] [increase its Commitment to the amount set forth as its “Commitment” under the
signature of such [            ] Committed Lender hereto]. 
 The Borrower
hereby represents and warrants to the [            ] Lenders and the [            ] Group Agent as of the date hereof, as
follows: 
 (i) the representations and warranties of the Borrower contained in Section 6.01 of the Receivables Financing
Agreement are true and correct on and as of such date as though made on and as of such date; 
 (ii) no Termination Event or Unmatured
Termination Event has occurred and is continuing, or would result from the assumption contemplated hereby; and 
 (iii) the Termination Date
shall not have occurred. 
 SECTION 2. Upon execution and delivery of this Agreement by the Borrower and each member of the
[            ] Group, satisfaction of the other conditions with respect to the addition of a Group specified in Section 13.03(i) of the Receivables Financing Agreement
(including the written consent of the Administrative Agent and the Majority Group Agents) and receipt by the Administrative Agent of counterparts of this Agreement (whether by facsimile or otherwise) 

  
 Exhibit C-1 

			
	NCR RECEIVABLES LLC,
	as Borrower
		
	By:	 	                                      
                                    
	Name
Printed:                                       
                   
	Title:                                   
                                      

  
 Exhibit C-4 

 EXHIBIT E 

Form of Information Package 

(Attached) 

  
 Exhibit E 

 EXHIBIT F 

Form of Compliance Certificate 
 To: PNC
Bank, National Association, as Administrative Agent 
 This Compliance Certificate is furnished pursuant to that certain Receivables
Financing Agreement, dated as of November 21, 2014 among NCR Receivables LLC (the “Borrower”), NCR Corporation, as Servicer (the “Servicer”), the Lenders party thereto, the Group Agents party thereto and PNC
Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used herein
and not otherwise defined herein shall have the meanings assigned to them in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am the duly elected                 of the Servicer. 

2. I have reviewed the terms of the Agreement and each of the other Transaction Documents and I have made, or have caused to be made under my
supervision, a detailed review of the transactions and condition of the Borrower during the accounting period covered by the attached financial statements. 

3. The examinations described in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition or event
which constitutes a Termination Event or an Unmatured Termination Event, as each such term is defined under the Agreement, during or at the end of the accounting period covered by the attached financial statements or as of the date of this
Certificate [, except as set forth in paragraph 5 below]. 
 4. Schedule I attached hereto sets forth financial statements of
the Servicer and its Subsidiaries for the period referenced on such Schedule I. 
 [5. Described below are the exceptions, if any, to
paragraph 3 above by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition or event:] 

  
 Exhibit F-1 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

A. Schedule of Compliance as of             ,
20            with Section(s)             of the Agreement. Unless otherwise defined herein, the terms used in this Compliance
Certificate have the meanings ascribed thereto in the Agreement. 
 This schedule relates to the month ended:
            . 
 B. The following financial statements of the Servicer and its
Subsidiaries for the period ending on             , 20        , are attached hereto: 

 EXHIBIT G 

CLOSING MEMORANDUM 

RECEIVABLES FINANCING AGREEMENT 

among 
 NCR RECEIVABLES
LLC, 
 as Borrower, 

NCR CORPORATION, 
 as
Servicer 
 THE VARIOUS CONDUIT LENDERS AND COMMITTED LENDERS,  

as Lenders 
 THE
VARIOUS GROUP AGENTS, 
 as Group Agents 

and 
 PNC BANK, NATIONAL
ASSOCIATION, 
 as Administrative Agent 

Closing: November 21, 2014 

  
 Exhibit G-1 

			
	Abbreviations:	  	
		
	Administrative Agent	  	PNC
	Borrower	  	NCR Receivables LLC, a Delaware limited liability company
	BTMU	  	Bank of Tokyo- Mitsubishi UFJ, Ltd., New York Branch
	Committed Lenders	  	PNC and BTMU
	Conduit Lender	  	Victory Receivables Corporation
	Group Agents	  	PNC and BTMU
	Independent Manager	  	Michelle Dreyer
	Lenders	  	Committed Lenders and the Conduit Lender
	Lock-box Bank	  	Bank of America, National Association
	MB	  	Mayer Brown LLP, special counsel to Administrative Agent
	NCR Parties	  	Each of the Servicer, the Originators and the Borrower
	Originators	  	NCR Corporation and other parties that may become originators from time to time.
	PNC	  	PNC Bank, National Association
	Servicer	  	NCR Corporation, a Maryland corporation
	Skadden	  	Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to the NCR Parties
	Structuring Agent	  	PNC Capital Markets LLC

 Document 
  

	1.	 Receivables Financing Agreement 

Exhibit A         Form of Loan Request (incorporated) 

Exhibit B         Form of Assignment and Acceptance Agreement (incorporated) 

Exhibit C         Form of Assumption Agreement (incorporated) 

Exhibit D        Credit and Collection Policy (add to final) 

Exhibit E         Form of Information Package 

Exhibit F         Form of Compliance Certificate (incorporated) 

Exhibit G         Closing Memo 

Exhibit H         Form of RFA Note (incorporated) 

Schedule I       Commitments (incorporated) 

Schedule II      Lock-Boxes, Lock-Box Accounts and Lock-Box Banks (incorporated) 

Schedule III     Notice Addresses (incorporated) 

Schedule IV     Locations of Chattel Paper (incorporated) 

 

	2.	 Purchase and Sale Agreement (“PSA”) 

			
		
	Schedule I	  	List and Location of Each Originator (incorporated)
	Schedule II	  	Location of Books and Records of Originators (incorporated)
	Schedule III	  	Trade Names (incorporated)
	Schedule IV	  	Notice Addresses (incorporated)
	Exhibit A	  	Form of Purchase Report (incorporated)
	Exhibit B	  	Form of Subordinated Note (incorporated)
	Exhibit C	  	Form of Joinder Agreement (incorporated)

  

	3.	 Fee Letter 

  
 Exhibit G-2 

 EXHIBIT H 

Form of RFA Note 

PROMISSORY NOTE 

[            ], 20[    ] 

FOR VALUE RECEIVED, the undersigned, NCR RECEIVABLES LLC, a Delaware limited liability company (the “Borrower”), promises to
pay to [            ] (the “Lender”) in accordance with that certain Receivables Financing Agreement, dated as of November 21, 2014 (together with all amendments and
other modifications, if any, from time to time thereafter made thereto, the “Agreement”), among the Borrower, NCR Corporation, as Servicer, PNC Bank, National Association, as administrative agent, and the lenders and group agents
from time to time party thereto, the aggregate unpaid Capital of all Loans made or held by the Lender pursuant to the Agreement. Unless otherwise defined, capitalized terms, used herein have the meanings provided in the Agreement. 

The Borrower also promises to pay interest on the unpaid Capital from time to time outstanding from the date hereof until maturity (whether by
acceleration or otherwise) and, after maturity, until paid, at the rates per annum and on the dates specified in the Agreement. 
 Payments
of both principal and interest are to be made in lawful money of the United States of America in same day or immediately available funds to the account designated by the Lender or its Group Agent on its behalf pursuant to the Agreement. 

This Note is one of the RFA Notes referred to in, and evidences indebtedness incurred under, the Agreement, and the holder hereof is entitled
to the benefits of the Agreement, to which reference is made for a description of the security for this Note and for a statement of the terms and conditions on which the Borrower is permitted and required to make prepayments and repayments of
principal of the indebtedness evidenced by this Note and on which such indebtedness may be declared to be immediately due and payable. 

All parties hereto, whether as makers, endorsers, or otherwise, severally waive presentment for payment, demand, protest and notice of
dishonor. 

  
 Exhibit H-1 

 SCHEDULE I 

Commitments 
 PNC Group 

 

					
	 Party
	  	 Capacity
	  	 Maximum Commitment

	 PNC
	  	Committed Lender	  	$125,000,000
	 PNC
	  	Group Agent	  	N/A

BTMUMUFG Group 
  

					
	 Party
	  	 Capacity
	  	 Maximum Commitment

	
BTMUMUFG

	  	Committed Lender	  	$75,000,000
	 Victory
	  	Conduit Lender	  	N/A
	
BTMUMUFG

	  	Group Agent	  	N/A

  
 Schedule I-1 

 SCHEDULE II 

Accounts maintained at Bank of America, N.A., with the following account numbers: 

- 8188215778 
 - 3282507021 

- 1058908 
 - 3271595060 

- 3284734334 

  
 Schedule II-1 

 SCHEDULE III 

Notice Addresses 
  

	(A)	 in the case of the Borrower, at the following address: 

NCR Receivables LLC: 
 3095 Satellite Blvd. 
 864 Spring St. NW 

Duluth, GA
30096Atlanta, GA 30308-1007 

Attn: President 
 Telephone: 937-445-5000 

Email:
            john.boudreau@ncr.com 

law.notices@ncr.com 
  

	(B)	 in the case of the Servicer, at the following address: 

NCR Corporation: 
 3097 Satellite Blvd. 
 864 Spring St. NW 

Duluth, GA
30096Atlanta, GA 30308-1007 

Attn: Treasurer 
 Telephone: 937-445-5000 

Email:
        john.boudreau@ncr.com 

law.notices@ncr.com 
  

	(C)	 in the case of PNC or the Administrative Agent, at the following address: 

PNC Bank, National Association 
 Three PNC Plaza 

225 Fifth Avenue 
 Pittsburgh, PA 15222-2707 

Attention: Robyn Reeher 
 Telephone: (412) 768-3090 

Facsimile: (412) 762-9184 
 E-mail: robyn.reeher@pnc.com 

 

	(D)	 in the case of
BTMUMUFG or Victory, at the following address: 

TheMUFG
 Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch 
 12511221 Avenue
 of the Americas, 12th Floor 
 New York, NY 10020 

  
 Schedule III-1 

 SCHEDULE IV 

Locations for Chattel Paper and Records 

Physical Locations 
 3097 Satellite Boulevard 
 Duluth, GA 30096 
 3095 Satellite Boulevard 
 Duluth 
 864 Spring St. NW 

Atlanta, GA
3009630308-1007 

Additional (hard copy and backup tape) backup services provided by: 

Recall Corporation 
 One Recall Center 

180 Technology Parkway 
 Norcross, GA 30092 

Electronic Storage 
 Business Operations Center (BOC) 

Electronic Order Jacket (EOJ) 
 Web Ordering Tool (WOT) 

Invoice Engine 
 Maintained from offices at: 

3095 Satellite Boulevard

 864 Spring St. NW 
 Duluth, GA 30096Atlanta, GA 30308-1007 

Legal Electronic Contract Management System (ECMS) 
 Maintained
from offices at: 
 3097 Satellite Boulevard 

864 Spring St. NW 
 Duluth, GA 30096Atlanta, GA 30308-1007 

Additional electronic storage provided by: 
 Datamatics Global
Services Limited 

  
 Schedule IV-1EX-4.1

 Exhibit 4.1 
  

 
  

DRIVE AUTO RECEIVABLES TRUST 2018-5 

Class A-1 2.68461% Auto Loan Asset Backed Notes 

Class A-2-A 3.08% Auto Loan Asset Backed Notes 

Class A-2-B LIBOR + 0.32% Auto Loan Asset Backed Notes 

Class A-3 3.34% Auto Loan Asset Backed Notes 

Class B 3.68% Auto Loan Asset Backed Notes 

Class C 3.99% Auto Loan Asset Backed Notes 

Class D 4.30% Auto Loan Asset Backed Notes 
  

 
 INDENTURE

 Dated as of November 20, 2018 
  

 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, as the Indenture Trustee 
  
  

 

 CROSS REFERENCE TABLE1 

 

							
	TIA Section	 	 	  	 	  	Indenture Section
	 310
	 	 (a) (1)
	  		  	6.11
		 	 (a) (2)
	  		  	6.11
		 	 (a) (3)
	  		  	6.10; 6.11
		 	 (a) (4)
	  		  	N.A.2
		 	 (a) (5)
	  		  	6.11
		 	 (b)
	  		  	6.8; 6.11
		 	 (c)
	  		  	N.A.
	 311
	 	 (a)
	  		  	6.12
		 	 (b)
	  		  	6.12
		 	 (c)
	  		  	N.A.
	 312
	 	 (a)
	  		  	7.1
		 	 (b)
	  		  	7.2
		 	 (c)
	  		  	7.2
	 313
	 	 (a)
	  		  	7.3
		 	 (b) (1)
	  		  	7.3
		 	 (b) (2)
	  		  	7.3
		 	 (c)
	  		  	7.3
		 	 (d)
	  		  	7.3
	 314
	 	 (a)
	  		  	3.9
		 	 (b)
	  		  	3.6; 11.16
		 	 (c) (1)
	  		  	11.1
		 	 (c) (2)
	  		  	11.1
		 	 (c) (3)
	  		  	11.1
		 	 (d)
	  		  	11.1
		 	 (e)
	  		  	11.1
		 	 (f)
	  		  	N.A.
	 315
	 	 (a)
	  		  	6.1(b)
		 	 (b)
	  		  	6.5
		 	 (c)
	  		  	6.1(a)
		 	 (d)
	  		  	6.1(c)
		 	 (e)
	  		  	5.13
	 316
	 	 (a) (1) (A)
	  		  	5.11
		 	 (a) (1) (B)
	  		  	5.12
		 	 (a) (2)
	  		  	N.A.
		 	 (b)
	  		  	5.7
		 	 (c)
	  		  	5.6(b)
	 317
	 	 (a) (1)
	  		  	5.3(b)
		 	 (a) (2)
	  		  	5.3(d)
		 	 (b)
	  		  	3.3(i)-(ii)
	 318
	 	 (a)
	  		  	11.7

  

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

	2 	 N.A. means Not Applicable. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I           DEFINITIONS AND
INCORPORATION BY REFERENCE
	  	 	2	 
			
	 SECTION 1.1
	 	 Definitions
	  	 	2	 
	 SECTION 1.2
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	2	 
	 SECTION 1.3
	 	 Other Interpretive Provisions
	  	 	2	 
		
	 ARTICLE II          THE NOTES
	  	 	3	 
			
	 SECTION 2.1
	 	 Form
	  	 	3	 
	 SECTION 2.2
	 	 Execution, Authentication and Delivery
	  	 	3	 
	 SECTION 2.3
	 	 Temporary Notes
	  	 	4	 
	 SECTION 2.4
	 	 Registration of Transfer and Exchange
	  	 	4	 
	 SECTION 2.5
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	 
	 SECTION 2.6
	 	 Persons Deemed Owners
	  	 	6	 
	 SECTION 2.7
	 	 Payment of Principal and Interest; Defaulted Interest
	  	 	7	 
	 SECTION 2.8
	 	 Cancellation
	  	 	8	 
	 SECTION 2.9
	 	 Release of Collateral
	  	 	8	 
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	8	 
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	9	 
	 SECTION 2.12
	 	 Definitive Notes
	  	 	9	 
	 SECTION 2.13
	 	 Authenticating Agents
	  	 	10	 
	 SECTION 2.14
	 	 Tax Treatment
	  	 	10	 
	 SECTION 2.15
	 	 Certain Transfer Restrictions on all Classes of the Notes
	  	 	11	 
	 SECTION 2.16
	 	 Certain Transfer Restrictions on the 144A Notes
	  	 	12	 
	 SECTION 2.17
	 	 Certain Transfer Restrictions on the Restricted Notes
	  	 	16	 
	 SECTION 2.18
	 	 Transfer Restrictions on Certain Notes Upon a Sale of a Certificate
	  	 	17	 
		
	 ARTICLE III         COVENANTS
	  	 	18	 
			
	 SECTION 3.1
	 	 Payment of Principal and Interest
	  	 	18	 
	 SECTION 3.2
	 	 Maintenance of Office or Agency
	  	 	18	 
	 SECTION 3.3
	 	 Money for Payments To Be Held in Trust
	  	 	18	 
	 SECTION 3.4
	 	 Existence
	  	 	20	 
	 SECTION 3.5
	 	 Protection of Collateral
	  	 	20	 
	 SECTION 3.6
	 	 Opinions as to Collateral
	  	 	21	 
	 SECTION 3.7
	 	 Performance of Obligations; Servicing of Receivables
	  	 	21	 
	 SECTION 3.8
	 	 Negative Covenants
	  	 	22	 
	 SECTION 3.9
	 	 Annual Compliance Statement
	  	 	23	 
	 SECTION 3.10
	 	 Restrictions on Certain Other Activities
	  	 	24	 
	 SECTION 3.11
	 	 Restricted Payments
	  	 	24	 
	 SECTION 3.12
	 	 Notice of Events of Default; Servicer Replacement Events
	  	 	24	 
	 SECTION 3.13
	 	 Further Instruments and Acts
	  	 	25	 
	 SECTION 3.14
	 	 Compliance with Laws
	  	 	25	 
	 SECTION 3.15
	 	 Removal of Administrator
	  	 	25	 
	 SECTION 3.16
	 	 Perfection Representations, Warranties and Covenants
	  	 	25	 
	 SECTION 3.17
	 	 Investment Company Act
	  	 	25	 
	 SECTION 3.18
	 	 Tax Information
	  	 	25	 

  
 i 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE IV     SATISFACTION AND DISCHARGE
	  	 	25	 
			
	 SECTION 4.1
	 	 Satisfaction and Discharge of Indenture
	  	 	25	 
	 SECTION 4.2
	 	 Application of Trust Money
	  	 	26	 
	 SECTION 4.3
	 	 Repayment of Monies Held by Paying Agent
	  	 	26	 
		
	 ARTICLE V       EVENTS OF DEFAULT; REMEDIES
	  	 	26	 
			
	 SECTION 5.1
	 	 Events of Default
	  	 	26	 
	 SECTION 5.2
	 	 Acceleration of Maturity
	  	 	27	 
	 SECTION 5.3
	 	 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee
	  	 	28	 
	 SECTION 5.4
	 	 Remedies; Priorities
	  	 	30	 
	 SECTION 5.5
	 	 Optional Preservation of the Collateral
	  	 	33	 
	 SECTION 5.6
	 	 Limitation of Suits
	  	 	34	 
	 SECTION 5.7
	 	 Rights of Noteholders To Receive Principal and Interest
	  	 	34	 
	 SECTION 5.8
	 	 Restoration of Rights and Remedies
	  	 	35	 
	 SECTION 5.9
	 	 Rights and Remedies Cumulative
	  	 	35	 
	 SECTION 5.10
	 	 Delay or Omission Not a Waiver
	  	 	35	 
	 SECTION 5.11
	 	 Control by Noteholders
	  	 	35	 
	 SECTION 5.12
	 	 Waiver of Past Defaults
	  	 	36	 
	 SECTION 5.13
	 	 Undertaking for Costs
	  	 	36	 
	 SECTION 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	36	 
	 SECTION 5.15
	 	 Action on Notes
	  	 	37	 
	 SECTION 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	 	37	 
	 SECTION 5.17
	 	 Sale of Collateral
	  	 	37	 
		
	 ARTICLE VI     THE INDENTURE TRUSTEE
	  	 	38	 
			
	 SECTION 6.1
	 	 Duties of the Indenture Trustee
	  	 	38	 
	 SECTION 6.2
	 	 Rights of the Indenture Trustee
	  	 	39	 
	 SECTION 6.3
	 	 Individual Rights of the Indenture Trustee
	  	 	41	 
	 SECTION 6.4
	 	 The Indenture Trustee’s Disclaimer
	  	 	42	 
	 SECTION 6.5
	 	 Notice of Defaults
	  	 	42	 
	 SECTION 6.6
	 	 Reports by the Indenture Trustee to Noteholders
	  	 	42	 
	 SECTION 6.7
	 	 Compensation and Indemnity
	  	 	42	 
	 SECTION 6.8
	 	 Removal, Resignation and Replacement of the Indenture Trustee
	  	 	43	 
	 SECTION 6.9
	 	 Successor Indenture Trustee by Merger
	  	 	44	 
	 SECTION 6.10
	 	 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee
	  	 	45	 
	 SECTION 6.11
	 	 Eligibility; Disqualification
	  	 	46	 
	 SECTION 6.12
	 	 Preferential Collection of Claims Against the Issuer
	  	 	46	 
	 SECTION 6.13
	 	 Representations and Warranties
	  	 	46	 

  
 ii 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII
        NOTEHOLDERS’ LISTS AND REPORTS
	  	 	47	 
			
	 SECTION 7.1
	 	 The Note Registrar to Furnish the Indenture Trustee Names and Addresses of Noteholders
	  	 	47	 
	 SECTION 7.2
	 	 Preservation of Information; Communications to Noteholders
	  	 	47	 
	 SECTION 7.3
	 	 Reports by the Indenture Trustee
	  	 	47	 
	 SECTION 7.4
	 	 Rule 144A Information
	  	 	48	 
	 SECTION 7.5
	 	 Noteholder Demand for Repurchase, Dispute Resolution
	  	 	48	 
	 SECTION 7.6
	 	 Asset Review Voting
	  	 	49	 
		
	 ARTICLE VIII       ACCOUNTS, DISBURSEMENTS AND
RELEASES
	  	 	50	 
			
	 SECTION 8.1
	 	 Collection of Money
	  	 	50	 
	 SECTION 8.2
	 	 Trust Accounts
	  	 	50	 
	 SECTION 8.3
	 	 General Provisions Regarding Accounts
	  	 	51	 
	 SECTION 8.4
	 	 Release of Collateral
	  	 	52	 
	 SECTION 8.5
	 	 Opinion of Counsel
	  	 	53	 
		
	 ARTICLE IX         SUPPLEMENTAL
INDENTURES
	  	 	53	 
			
	 SECTION 9.1
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	53	 
	 SECTION 9.2
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	54	 
	 SECTION 9.3
	 	 Execution of Supplemental Indentures
	  	 	56	 
	 SECTION 9.4
	 	 Effect of Supplemental Indenture
	  	 	56	 
	 SECTION 9.5
	 	 Conformity With Trust Indenture Act
	  	 	56	 
	 SECTION 9.6
	 	 Reference in Notes to Supplemental Indentures
	  	 	56	 
		
	 ARTICLE X          REDEMPTION OF
NOTES
	  	 	56	 
			
	 SECTION 10.1
	 	 Redemption
	  	 	56	 
	 SECTION 10.2
	 	 Form of Redemption Notice
	  	 	57	 
	 SECTION 10.3
	 	 Notes Payable on Redemption Date
	  	 	57	 
		
	 ARTICLE XI         MISCELLANEOUS
	  	 	58	 
			
	 SECTION 11.1
	 	 Compliance Certificates and Opinions, etc
	  	 	58	 
	 SECTION 11.2
	 	 Form of Documents Delivered to the Indenture Trustee
	  	 	59	 
	 SECTION 11.3
	 	 Acts of Noteholders
	  	 	60	 
	 SECTION 11.4
	 	 Notices
	  	 	61	 
	 SECTION 11.5
	 	 Notices to Noteholders; Waiver
	  	 	61	 
	 SECTION 11.6
	 	 Alternate Payment and Notice Provisions
	  	 	61	 
	 SECTION 11.7
	 	 Conflict with Trust Indenture Act
	  	 	61	 
	 SECTION 11.8
	 	 Information Requests
	  	 	62	 
	 SECTION 11.9
	 	 Effect of Headings and Table of Contents
	  	 	62	 
	 SECTION 11.10
	 	 Successors and Assigns
	  	 	62	 
	 SECTION 11.11
	 	 Separability
	  	 	62	 
	 SECTION 11.12
	 	 Benefits of Indenture
	  	 	62	 
	 SECTION 11.13
	 	 Legal Holidays
	  	 	62	 

  
 iii 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 11.14
	 	
GOVERNING LAW; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	62	 
	 SECTION 11.15
	 	 Counterparts
	  	 	63	 
	 SECTION 11.16
	 	 Recording of Indenture
	  	 	63	 
	 SECTION 11.17
	 	 Trust Obligation
	  	 	63	 
	 SECTION 11.18
	 	 No Petition
	  	 	64	 
	 SECTION 11.19
	 	 Intent
	  	 	64	 
	 SECTION 11.20
	 	 Subordination of Claims
	  	 	64	 
	 SECTION 11.21
	 	 Limitation of Liability of Owner Trustee
	  	 	65	 
	 SECTION 11.22
	 	 U.S.A. Patriot Act
	  	 	66	 

  

			
	 Schedule I
	 	 Perfection Representations, Warranties and Covenants

		
	 Exhibit A-1
	 	 Form of Notes (other than 144A Notes)

	 Exhibit A-2
	 	 Form of 144A Notes

  
 iv 

 This INDENTURE, dated as of November 20, 2018 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Indenture”), is between DRIVE AUTO RECEIVABLES TRUST 2018-5, a Delaware statutory trust (the “Issuer”), and
WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, solely as trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 2.68461% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2-A 3.08% Auto Loan Asset Backed Notes (the “Class A-2-A Notes”), Class A-2-B LIBOR + 0.32% Auto Loan Asset Backed Notes (the
“Class A-2-B Notes” and, together with the
Class A-2-A Notes, the “Class A-2 Notes”) and
Class A-3 3.34% Auto Loan Asset Backed Notes (the “Class A-3 Notes” and, together with the
Class A-1 Notes and the Class A-2 Notes, the “Class A Notes”), then for the equal and ratable benefit of the Holders of the
Issuer’s Class B 3.68% Auto Loan Asset Backed Notes (the “Class B Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class C 3.99% Auto Loan Asset Backed Notes (the
“Class C Notes”) and then for the equal and ratable benefit of the Holders of the Issuer’s Class D 4.30% Auto Loan Asset Backed Notes (the “Class D Notes” and,
collectively with the Class A Notes, the Class B Notes and the Class C Notes, the “Notes”). 
 GRANTING
CLAUSE 
 The Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes,
equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the
benefit of the Noteholders, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect
of any or all of the Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other
liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments, securities, financial assets and other property which at any time constitute all or part of or are included in the proceeds of any of the Trust Estate (collectively, the “Collateral”). 

The Indenture Trustee, on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to
perform its duties required in this Indenture in accordance with the provisions of this Indenture. 
 The foregoing Grant is made in trust
to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein and (ii) compliance with the
provisions of this Indenture, each as provided in this Indenture. 
 Without limiting the foregoing Grant, any Receivable purchased by the
Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement or repurchased by Santander Consumer 

  

					
		 		  	Indenture (Drive 2018-5)

 
pursuant to Section 3.4 of the Purchase Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being taken by the Indenture Trustee upon
payment by the Servicer or Santander Consumer, as applicable, of the related Repurchase Price for such Repurchased Receivable. 
 ARTICLE
I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in Appendix A to the Sale
and Servicing Agreement dated as of November 20, 2018 (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”), among Santander Drive Auto Receivables LLC, as seller, the Issuer, Santander
Consumer USA Inc., as servicer, and the Indenture Trustee. 
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Other Interpretive Provisions. All terms defined in this
Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other documents, unless the context
otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to
the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture shall control); (b) terms defined in Article 9 of the UCC as in effect on the relevant jurisdiction and not otherwise defined in this
Indenture are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture;
(d) references to any Article, Section, 

  

					
		 	2	  	Indenture (Drive 2018-5)

 
Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Indenture and references to any paragraph, subsection, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f) except as
otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s
successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

ARTICLE II 
 THE NOTES

 SECTION 2.1 Form. The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the
Class B Notes, the Class C Notes and the Class D Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit
A-1 and Exhibit A-2 hereto, as applicable, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of
the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part of the terms of
this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of
its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes bearing the manual
or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of
such Notes or did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver Class A-1 Notes for original issue in an aggregate principal amount of $122,000,000, Class A-2-A Notes for
original issue in an aggregate principal amount of $200,000,000, Class A-2-B Notes for original issue in an aggregate principal amount of $80,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $186,770,000, Class B Notes for original issue in an aggregate principal amount of $125,040,000, Class C Notes for original issue
in an aggregate principal amount of $178,460,000 and Class D Notes for original issue in an aggregate principal amount of $119,840,000. The Note Balance of Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes,
Class A-3 Notes, Class B Notes, Class C Notes and Class D Notes Outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

  

					
		 	3	  	Indenture (Drive 2018-5)

 Each Note shall be dated the date of its authentication. The Class A Notes,
Class B Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof (except for two Notes of each Class which may be
issued in a denomination other than an integral multiple of $1,000). 
 No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and
such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order,
the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

SECTION 2.4 Registration of Transfer and Exchange. 

(a)    The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such
reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee shall initially be the registrar (the “Note Registrar”) for the
purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes. 

  

					
		 	4	  	Indenture (Drive 2018-5)

 Notwithstanding the foregoing, for so long as Wilmington Trust, National Association is
acting as the Indenture Trustee hereunder, it shall also act as the Note Registrar. 
 (b)    Upon surrender for
registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall
execute and upon its written request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized
denominations, of the same Class and a like aggregate outstanding principal amount. 
 At the option of the related Noteholder, Notes
may be exchanged for other Notes in any authorized denominations, of the same Class and a like Note Balance, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the
requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture
Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 
 (c)    All Notes issued upon any
registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 (d)    Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed
by, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its
attorney-in-fact duly authorized in writing, with such signature guaranteed by an “eligible grantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may require, including but not limited to the applicable IRS
Form W-8 or W-9. 
 (e)    No
service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or Section 9.6 not involving any transfer. 

(f)    The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  

					
		 	5	  	Indenture (Drive 2018-5)

 The preceding provisions of this Section 2.4 notwithstanding, the
Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of 15 days preceding the Redemption Date or any Payment Date, as applicable. 

SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the
Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture
Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided
that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Note, a replacement Note; provided that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called
for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof.
If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note
in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any
Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to
recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

Upon the issuance of any replacement Note under this Section 2.5, the Issuer or the Indenture Trustee may require the payment by the
Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected
therewith. 
 Every replacement Note issued pursuant to this Section 2.5 in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

 The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons Deemed
Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the 

  

					
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Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the
contrary. 
 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.  

(a)    Each of the Notes shall accrue interest at its respective Interest Rate, and such interest shall be due and payable
on each Payment Date as specified therein, subject to Sections 3.1 and 8.2. Any installment of interest or principal, if any, due and payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable
Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on
such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date
or on the Final Scheduled Payment Date for such Class (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1) which shall be payable as provided below. The funds represented by any
such checks returned undelivered shall be held in accordance with Section 3.3. 
 (b)    The
principal of each Note shall be payable in installments on each Payment Date as provided in Section 8.2. Notwithstanding the foregoing, the entire unpaid Note Balance and all accrued interest thereon shall be due and
payable, if not previously paid, on the earlier of (i) the date on which an Event of Default shall have occurred and is continuing, if the Indenture Trustee or the Holders of a majority of the Note Balance of the Controlling Class have
declared the Notes to be immediately due and payable in the manner provided in Section 5.2 and (ii) with respect to any Class of Notes, on the Final Scheduled Payment Date for that Class. All principal payments on
each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the
Payment Date on which Indenture Trustee expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be transmitted prior to such final Payment Date and shall specify that such final installment will
be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders
as provided in Section 10.2. 
 (c)    If the Issuer defaults on a payment of interest on any
Class of Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following
such default. The Issuer shall pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date. 

  

					
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 SECTION 2.8 Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the
Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes
shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 2.8, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and that such
Notes have not been previously disposed of by the Indenture Trustee. 
 SECTION 2.9 Release of Collateral. Except as contemplated by
Section 11.1(b)(v), the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel, and, unless the
Notes have been redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of typewritten Notes representing the
Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One or more fully registered Book-Entry Notes, not in any case to exceed $500 million in principal
amount, shall be issued with respect to each Class of Notes. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a
Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued
to the applicable Note Owners pursuant to Section 2.12: 
 (a)    the provisions of this
Section 2.10 shall be in full force and effect; 
 (b)    the Note Registrar and the Indenture
Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholders, and shall
have no obligation to the Note Owners; 
 (c)    to the extent that the provisions of this
Section 2.10 conflict with any other provisions of this Indenture, the provisions of this Section 2.10 shall control; 

  

					
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 (d)    the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the
Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit
payments of principal of and interest on the Notes to such Clearing Agency Participants; and 
 (e)    whenever this
Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it
has received instructions to such effect from Note Owners and/or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the
Notes and has delivered such instructions to the Indenture Trustee. 
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or
other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices
and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 

SECTION 2.12 Definitive Notes. If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a qualified successor, (b) the Administrator at its option advises the Indenture
Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Note
Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book entry system through the Clearing Agency or its successor is no longer in the best
interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer, Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 

The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without
steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

  

					
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 SECTION 2.13 Authenticating Agents. 

(a)    Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture
Trustee may appoint one or more Persons (each, an “Authenticating Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under
Sections 2.2, 2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes.
For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 2.13 shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture
Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 
 (b)    Any entity into which any
Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or
substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating
Agent or such successor corporation. 
 (c)    Any Authenticating Agent may at any time resign by giving written notice
of resignation to the Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such
notice of resignation or upon such termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 

(d)    The provisions of Section 6.4 and, for so long as the Indenture Trustee is the
Authenticating Agent, all other rights, benefits and protections afforded to the Indenture Trustee hereunder, shall be applicable to any Authenticating Agent. 

SECTION 2.14 Tax Treatment. 

(a)    The parties hereto acknowledge and agree that it is their mutual intent that the Notes constitute and be treated as
indebtedness for U.S. federal and all applicable state and local income and franchise tax purposes (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is considered to be the same Person as the
Issuer for U.S. federal income tax purposes). Further, each party hereto, and each Noteholder by accepting and holding a Note (other than a Noteholder that is the Issuer or a Person that is considered to be the same Person as the Issuer for U.S.
federal income tax purposes), hereby covenants to every other party hereto and to every other Noteholder to treat the Notes as indebtedness for U.S. federal and all applicable state and local income and franchise tax purposes in all tax filings,
reports and returns and otherwise, and further covenants that neither it nor any of its Affiliates will take, or participate in the taking of or permit to be taken, any action that is inconsistent with such tax treatment and tax reporting of the
Notes, unless required by applicable law. All successors and assignees of the parties hereto shall be bound by the provisions hereof. 

  

					
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 (b)    The parties hereto agree that it is their mutual intent that, for
all applicable purposes the Certificates will not constitute indebtedness. 
 (c)    Prior to the first Payment Date, at
any time required by law and/or promptly upon request, each Noteholder shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with its Tax Information. Each Noteholder is deemed
to understand that by acceptance of a Note, such Noteholder agrees to supply the foregoing information. Further, each Noteholder is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to withhold as required on
amounts payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with both of the preceding sentences. If the Issuer has
actual knowledge that FATCA Withholding applies with respect to one or more payments on a Note, the Issuer will notify the Indenture Trustee thereof. 

SECTION 2.15 Certain Transfer Restrictions on all Classes of the Notes. 

(a)    By acquiring a Note (or any interest therein), each purchaser and transferee (and, if the purchaser or transferee is
a Plan, its fiduciary) (i) shall be deemed to represent and warrant that either (a) it is not acquiring such Note (or any interest therein) on behalf of, or with any assets of, a Benefit Plan or any governmental plan, non-U.S. plan or church plan or any other employee benefit plan or arrangement that is subject to Similar Law or (b) the acquisition, holding and disposition of such Note (or any interest therein) will not give
rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law and (ii) acknowledges and agrees if it is a Benefit Plan or a
Plan that is subject to Similar Law, it shall not acquire such Note (or any interest therein) at any time that the ratings on such Note are below investment grade or if such Note has been characterized as other than indebtedness for applicable local
law purposes. 
 (b)    If for tax or other reasons it may be necessary to track any Notes (e.g., if the Notes have
original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Depositor or the Administrator as a condition to such transfer. 

(c)    Any purported transfer of a Note not in accordance with this Section 2.15 or not in
accordance with Sections 2.16, 2.17 or 2.18 shall be null and void ab initio and shall not be given effect for any purpose hereunder. The Issuer may sell, or direct the Indenture Trustee to sell on its behalf, any Notes
acquired in violation of the foregoing at the cost and risk of the purported transferee. If the transferee fails to transfer such Note or such beneficial interests in such Note within thirty (30) days after notice of the voided transfer, then
the Issuer shall cause such Noteholder’s interest or Note Owner’s interest in such Note to be transferred in a commercially reasonable sale arranged by the Issuer (conducted by the Issuer or an agent of the Issuer in accordance with Section 9-610(b) of the UCC as applied to securities that are sold on a recognized market or that may decline speedily in value). 

(d)    The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture (including, without limitation, under this Section 2.15 or under Sections 2.16, 2.17 or 2.18) or 

  

					
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under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

SECTION 2.16 Certain Transfer Restrictions on the 144A Notes. 

(a)    None of the Issuer, the Indenture Trustee nor any other Person may register the 144A Notes under the Securities Act
or any state securities laws. No 144A Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional Buyer in accordance with Rule 144A
(except for transfers of 144A Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the 144A Notes by the Depositor or any of its Affiliates
pursuant to a note purchase agreement or any similar agreement). 
 (b)    Prior to any sale or transfer of any 144A
Note (or any interest therein) each prospective transferee of such 144A Note (or any interest therein) (except for transfers of 144A Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial
distribution or any redistribution of the 144A Notes by the Depositor or any of its Affiliates pursuant to a note purchase agreement or any similar agreement) shall be deemed to make the following representations to the Indenture Trustee, the Note
Registrar and the Depositor: 
 (i) The transferee (A) is a Qualified Institutional Buyer, (B) is aware that the
sale of the 144A Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the 144A Notes for its own account or for one or more accounts, each of which is a Qualified Institutional
Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such 144A Note for the purchaser and for each such account. 

(ii) The 144A Notes may not at any time be held by or on behalf of any Person (other than the Depositor or an Affiliate of the
Depositor) that is not a Qualified Institutional Buyer. 
 (iii) The transferee understands that the 144A Notes are being
offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the 144A Notes have been or will be registered under the Securities Act, and, if in the future the transferee
decides to offer, resell, pledge or otherwise transfer the 144A Notes, such 144A Notes may only be offered, resold, pledged or otherwise transferred in accordance with this Indenture and the applicable legend on such 144A Notes set forth below. The
transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any applicable State securities laws for resale of the 144A Notes. 

  

					
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 (iv) The transferee understands that an investment in the 144A Notes
involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the 144A Notes as it
deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the 144A Notes, including an opportunity to ask questions of and request information from the Servicer, the Depositor and the Issuer.
The transferee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the 144A Notes, and the transferee and any accounts for which it is acting are each able to
bear the economic risk of the holder’s or of its investment. 
 (v) In connection with the transfer of the 144A Notes
(a) none of the Issuer, the Servicer, the Depositor, any initial purchaser of the 144A Notes, nor the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying (for
purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee other than
in the most current offering memorandum for such 144A Notes and any representations expressly set forth in a written agreement with such party, (c) none of any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Depositor, or the
Indenture Trustee has given to the transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect,
consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of its purchase or the documentation for the 144A Notes, (d) the transferee has consulted with its own legal, regulatory, tax, business, investment,
financial, and accounting advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon
any advice from such advisers as it has deemed necessary and not upon any view expressed by any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee, (e) the transferee has determined that the
rates, prices or amounts and other terms of the purchase and sale of the 144A Notes reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the 144A Notes with a full understanding of all of the terms,
conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks and (g) the transferee is a sophisticated investor familiar with transactions similar to its
investment in the 144A Notes. 
 (vi) The transferee understands that the 144A Notes will bear the legend(s) substantially
similar to those set forth in Section 2.16(c) unless the Issuer determines otherwise in compliance with applicable law. 

(vii) The transferee will not, at any time, offer to buy or offer to sell the 144A Notes by any form of general solicitation or
advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been
invited by general solicitations or advertising. 

  

					
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 (viii) The transferee is not acquiring the 144A Notes with a view to the
resale, distribution or other disposition thereof in violation of the Securities Act. 
 (ix) The transferee will provide
notice to each Person to whom it proposes to transfer any interest in the 144A Notes of the transfer restrictions and representations set forth in this Indenture. 

(x) The transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void
ab initio, and will not operate to transfer any rights to the transferee. 
 (c)    Each 144A Note will bear a
legend to the following effect: 
 “THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN
EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS U.S. CORPORATE AFFILIATES (OR DISREGARDED ENTITIES THEREOF) AND (B) IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. ANY TRANSFER IN
VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE

  

					
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TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE
REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY
THE ISSUER. 
 BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU (AND, IF YOU ARE A PLAN (AS DEFINED BELOW), YOUR
FIDUCIARY) (A) SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE SERVICER, ANY INITIAL PURCHASER OF THIS NOTE AND THE INDENTURE TRUSTEE, THAT EITHER (I) YOU ARE NOT ACQUIRING THIS NOTE (OR INTEREST
HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF, ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN”) OR ANY PLAN THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND THAT CERTAIN
OTHER REQUIREMENTS ARE SATISFIED, AS SET FORTH IN THE INDENTURE AND (B) ACKNOWLEDGE AND AGREE IF YOU ARE A BENEFIT PLAN OR A PLAN THAT IS SUBJECT TO SIMILAR LAW THAT YOU SHALL NOT ACQUIRE THIS NOTE (OR INTEREST HEREIN) AT ANY TIME THAT THE
RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE.” 

  

					
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 SECTION 2.17 Certain Transfer Restrictions on the Restricted Notes. 

(a)    Any Notes (or interests therein) beneficially owned by the Issuer or the single beneficial owner of the Issuer for
United States federal income tax purposes after the Closing Date may not be transferred for United States federal income tax purposes to another Person (other than the single beneficial owner of the Issuer for United States federal income tax
purposes) unless the Administrator shall cause an Opinion of Counsel, of nationally recognized tax counsel, to be delivered to the Depositor and the Indenture Trustee to the effect that either (x) such Notes will be treated as debt for United
States federal income tax purposes or (y) the sale of such Notes will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 

(b)    Prior to any sale or transfer of any Restricted Note (or any interest therein), each prospective transferee of such
Restricted Note (or any interest therein) (except for transfers of Notes to the Depositor or any of its U.S. corporate Affiliates (or disregarded entities thereof)) shall be required to provide to the Indenture Trustee and Depositor a certification
of non-foreign status, in such form as may be requested by the Depositor or the Indenture Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other
certification, representations or opinion of counsel as may be requested by the Depositor or the Indenture Trustee), or other information or documentation requested by the Depositor or the Indenture Trustee to determine, in consultation with the
Depositor, that payments on such Restricted Notes (or interest therein) will not be subject to withholding under U.S. tax law. 

(c)    Prior to any sale or transfer of any Restricted Note (or any interest therein) each prospective transferee of such
Restricted Note (or any interest therein) (except for transfers of such Notes to the Depositor or any of its U.S. corporate Affiliates (or disregarded entities thereof)) shall be deemed to provide the following acknowledgments, representations and
agreements to the Indenture Trustee, the Note Registrar and the Depositor unless the Depositor has received an opinion of nationally recognized tax counsel to the effect that the transfer of the Restricted Note without any or all of the
acknowledgments, representations and agreements described below will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and the Depositor has consented to
such transfer in writing: 
 (i) The transferee will provide notice to each Person to whom it proposes to transfer any
interest in the Restricted Notes of the transfer restrictions and representations set forth in this Indenture. 
 (ii) The
transferee’s beneficial interest in a Restricted Note is not and will not be in an amount that is less than the minimum denomination for such Note set forth in this Indenture, and the transferee does not and will not hold any interest on behalf
of any person whose beneficial interest in such a Note is in an amount that is less than the minimum denomination for such Note set forth in this Indenture. 

(iii) A transferee that is a partnership, a corporation taxed under Subchapter S of the Code or grantor trust for U.S. federal
income tax purposes (or a disregarded entity the single owner of which is any of the foregoing) is not and will not be used with a principal purpose of the arrangement involving such entity’s beneficial interest in any Restricted Notes or
Certificates to permit any partnership to satisfy the 100 partner limitation of Treasury Regulation Section 1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly traded
partnership under the Code. 

  

					
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 (iv) No Noteholder of a Restricted Note shall acquire or transfer any
Restricted Note (or any interest therein) or cause any Restricted Note (or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without
limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. 

(v) If any Restricted Note held by the transferee is required to be treated other than as described under
Section 2.14(a), then the transferee, or, if different, the beneficial owner of such Restricted Note, shall agree to the designation made pursuant to the Trust Agreement of the partnership representative (and as the tax
matters partner for any applicable state or local tax purposes) of any partnership in which such Noteholder or beneficial owner is deemed to be a partner under Section 6223(a) of the Code and any applicable Treasury Regulations thereunder. 

(vi) (A) Each Noteholder of a Restricted Note shall provide to the Administrator on behalf of the Issuer and the Depositor
any further information required by the Issuer to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code, (B) if such Noteholder is not the beneficial owner of such Restricted Note, the beneficial owner
of such Restricted Note shall provide to the Administrator on behalf of the Issuer and the Depositor any further information required by the Issuer to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code
and, to the extent the Issuer determines such appointment necessary for it to make an election under Section 6226(a) of the Code, hereby appoints the Noteholder as its agent for purposes of receiving any notifications or information pursuant to
the notice requirements under Section 6226(a)(2) of the Code and (C) to the extent applicable, each Noteholder of a Restricted Note and, if different, each beneficial owner of a Restricted Note, shall hold the Issuer and its affiliates
harmless for any expenses or losses (i) resulting from a beneficial owner of a Restricted Note not properly taking into account or paying its allocated adjustment or liability under Section 6226 of the Code or (ii) that the Issuer or
its affiliates may suffer that are attributable to the management or defense of an audit under Sections 6221 through 6241 of the Code or otherwise due to actions it takes with respect to and to comply with the rules under Sections 6221 through 6241
of the Code. 
 (vii) [Reserved.] 

(viii) The transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void
ab initio, and will not operate to transfer any rights to the transferee. 
 SECTION 2.18 Transfer Restrictions on Certain Notes
Upon a Sale of a Certificate. The restrictions on transfer of Notes retained by the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes provided in
Section 2.17(a) shall not continue to apply in the event the Indenture Trustee and the Depositor have received the Initial Certificate Transfer Opinion. 

  

					
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 ARTICLE III 

COVENANTS 
 SECTION 3.1
Payment of Principal and Interest. 
 (a)    The Issuer will duly and punctually pay the principal of and interest
on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing and subject to Section 8.2, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the
Collection Account which represent Available Funds for such Payment Date in accordance with the Sale and Servicing Agreement. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall
be considered to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each Class of Notes is due on the
earlier of (a) the Payment Date (including any Redemption Date) on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Notes. 

(b)    So long as the Class A-2-B
Notes are Outstanding, the Indenture Trustee shall obtain LIBOR in accordance with the definition of “LIBOR” on each LIBOR Determination Date and shall promptly provide such rate to the Administrator or such person as directed by the
Administrator. All determinations of LIBOR by the Indenture Trustee, in the absence of manifest error, will be conclusive and binding on the Noteholders. 

SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain Outstanding, the Issuer shall maintain in Wilmington,
Delaware, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints
the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer
shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION 3.3 Money for Payments To Be Held in
Trust. As provided in Section 5.4 and 8.2, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the
Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and Section 4.4 of the Sale and
Servicing Agreement. 
 By noon, New York City time, on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall
deposit or cause to be deposited into the Collection Account Available Funds with respect to the related Collection Period, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto pursuant to the Transaction
Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 

  

					
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 The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to the extent relevant), subject to the provisions of this
Section, that such Paying Agent will: 
 (i) hold all sums held by it for the payment of amounts due with respect to the
Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as provided in the Transaction Documents; 

(ii) give the Indenture Trustee written notice of any default by the Issuer (or any other obligor upon the Notes) of which it
has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during
the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the
payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon, including FATCA Withholding (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Information, making any withholdings as required under the Code and
paying over such withheld amounts to the appropriate governmental authority); and 
 (vi) comply with any applicable
reporting requirements in connection with any payments made by it on any Notes and any withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer. 

Notwithstanding the foregoing, for so long as Wilmington Trust, National Association is acting as the Indenture Trustee hereunder, it shall
also act as the Paying Agent. 
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture
or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held
by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

  

					
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 Subject to applicable laws with respect to the escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and distributed by the
Indenture Trustee to the Issuer upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the reasonable expense of the Issuer cause to
be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then
remaining shall be paid to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to,
mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee
or of any Paying Agent, at the last address of record for each such Noteholder). 
 SECTION 3.4 Existence. The Issuer will keep in
full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of
America, in which case the Issuer shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the
Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the
Noteholders, a first Lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing of a financing statement). The Issuer shall
from time to time execute and deliver all such supplements and amendments hereto and shall file or shall authorize the filing of all such financing statements, continuation statements, instruments of further assurance and other instruments, all as
prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to: 

(a)    Grant more effectively all or any portion of the Collateral; 

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

  

					
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 (d)    enforce any of the Collateral; or 

(e)    preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the
Collateral against the claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any)
pursuant to this Section; provided, however, that the Indenture Trustee shall not be obligated to authorize or file such instruments except upon written instruction from the Issuer or the Servicer. Notwithstanding any statement to the
contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any insurer with respect to any Insurance Policy about any aspect of the transactions contemplated by the Transaction Documents. 

SECTION 3.6 Opinions as to Collateral. 

(a)    On the Closing Date, the Issuer shall furnish to or cause to be furnished to the Indenture Trustee an Opinion of
Counsel either stating (i) that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to
the filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest of this Indenture and reciting the details of such action, or (ii) that, in the
opinion of such counsel, no such action is necessary to make such lien and security interest effective. 
 (b)    Within
120 days after the beginning of each calendar year, beginning with April 30, 2019, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the filing of any financing statements
and continuation statements as are necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such
lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents
and the filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 

SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

(a)    The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by
others, including the Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the other Transaction Documents
or such other instrument or agreement. 

  

					
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 (b)    The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has
contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. 

(c)    The Issuer shall, and shall cause the Administrator and the Servicer to, punctually perform and observe all of its
respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be prepared) and filing (or
causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided for herein and therein.
Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance with the amendment provisions set forth in such Transaction
Document. 
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 

(a)    engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the
other Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b)    except as expressly
permitted by this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 

(c)    claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other
than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 

(d)    dissolve or liquidate in whole or in part; 

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

  

					
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necessary actions with respect to the Receivable have been taken or will be taken to perfect a first priority security interest in the Financed Vehicle in favor of the Originator, as secured
party and (B) the Issuer shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor about any aspect of the transactions contemplated by the Transaction Documents); 

(f)    incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction
Documents; or 
 (g)    merge or consolidate with, or transfer substantially all of its assets to, any other Person.

 SECTION 3.9 Annual Compliance Statement. 

(a)    So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Issuer
shall deliver to the Indenture Trustee and each Rating Agency, within 120 days after the end of each calendar year (commencing with the year ending December 31, 2018), an Officer’s Certificate stating, as to the Authorized Officer signing
such Officer’s Certificate, that: 
 (i) a review of the activities of the Issuer during such year (or since the Closing
Date, in the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

(ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material
respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature
and status thereof. 
 (b)    The Issuer shall: 

(i) file with the Indenture Trustee, within 15 days after the Issuer is required (if at all) to file the same with the
Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) as the Issuer may be required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1); 

(ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time
by the Commission such other information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders as required by TIA
Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 3.9(b) as may be required pursuant to
rules and regulations prescribed from time to time by the Commission. 

  

					
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 (c)    Delivery of such reports, information and documents to the
Indenture Trustee is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein,
including the Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

(d)    Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the
Servicer (which shall end on December 31st of each year). 
 SECTION 3.10
Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any activities other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the
Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by
an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv) make any
expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 SECTION 3.11 Restricted
Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to any owner of a beneficial
interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or
equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture
Trustee, the Noteholders and the Certificateholders as permitted by, and to the extent funds are available for such purpose under this Indenture, the Sale and Servicing Agreement, the Trust Agreement or the Administration Agreement. Other than as
set forth in the preceding sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts. 
 SECTION
3.12 Notice of Events of Default; Servicer Replacement Events. The Issuer shall promptly deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency written notice in the form of an Officer’s Certificate of (i) an
Event of Default or any event which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto and (ii) the occurrence of a
Servicer Replacement Event or any event which with the giving of notice, the lapse of time or both would become a Servicer Replacement Event. 

  

					
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 SECTION 3.13 Further Instruments and Acts. Upon request of the Indenture Trustee, the
Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction
Document. 
 SECTION 3.15 Removal of Administrator. For so long as any Notes are Outstanding, the Issuer shall not remove the
Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 
 SECTION 3.16
Perfection Representations, Warranties and Covenants. The perfection representations, warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 

SECTION 3.17 Investment Company Act. The Issuer is not an “investment company” that is registered or required to be
registered under, or otherwise subject to the restrictions of, the Investment Company Act. 
 SECTION 3.18 Tax Information. To the
extent the Issuer receives any Tax Information other than from the Indenture Trustee or Paying Agent, the Issuer shall provide such received Tax Information to the Indenture Trustee upon request. 

ARTICLE IV 

SATISFACTION AND DISCHARGE 

SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes
except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections
3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and
the obligations of the Indenture Trustee under Section 4.2) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them,
and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(a)    either (i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and
thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation or (ii) all Notes not theretofore delivered to the Indenture
Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the latest occurring Final Scheduled Payment Date within one year, or (3) are to be called for redemption within one year

  

					
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under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the
case of clauses (1), (2) or (3), has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will
mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the
latest occurring Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; 

(b)    the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and 

(c)    the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if
required by the TIA or the Indenture Trustee, and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1) an Independent Certificate, each meeting the applicable requirements of
Section 11.1(a) and, subject to Section 11.2, stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to
Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement. Such monies need not be segregated from other funds
except to the extent required herein, in the Sale and Servicing Agreement or by law. 
 SECTION 4.3 Repayment of Monies Held by Paying
Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

 ARTICLE V 
 EVENTS
OF DEFAULT; REMEDIES 
 SECTION 5.1 Events of Default. The occurrence and continuation of any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body) shall constitute a default under this Indenture (each, an “Event of Default”): 

(a)    a default in the payment of any interest on any Note of the Controlling Class when the same becomes due and
payable, and such default continues for a period of five Business Days or more; 

  

					
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 (b)    a default in the payment of principal of any Note at the related
Final Scheduled Payment Date or the Redemption Date; 
 (c)    any failure by the Issuer to duly observe or perform in
any respect any of its covenants or agreements made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), which failure materially and
adversely affects the rights of the Noteholders, and such failure shall continue unremedied for a period of 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure; provided that such failure
is capable of remedy within 90 days) after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or by Noteholders evidencing at least 25% of the Note Balance of the Outstanding Notes, voting together
as a single Class, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(d)    any representation or warranty of the Issuer made in this Indenture proves to have been incorrect in any respect
when made, which failure materially and adversely affects the rights of the Noteholders, and which failure continues unremedied for 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure;
provided that such failure is capable of remedy within 90 days) after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or by Noteholders evidencing at least 25% of the Note Balance of the
Outstanding Notes, voting together as a single Class, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e)    a Bankruptcy Event with respect to the Issuer; 

provided, however, that (A) if any delay or failure of performance referred to in clause (a) above shall have been caused by
force majeure or other similar occurrence, the five Business Day grace period referred to in such clause (a) shall be extended for an additional 60 calendar days, (B) if any delay or failure of performance referred to in clause
(b) above shall have been caused by force majeure or other similar occurrence, such failure or delay shall not constitute an Event of Default for an additional 60 calendar days, (C) if any delay or failure of performance referred to in
clause (c) above shall have been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause (c) shall be extended for an additional 60 calendar days and (D) if any delay or
failure of performance referred to in clause (d) above shall have been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause (d) shall be extended for an additional 60
calendar days. 
 SECTION 5.2 Acceleration of Maturity. 

(a)    Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in
every such case the Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the Note Balance of the Controlling Class, shall declare all the Notes to be immediately due and payable, by a notice in writing to
the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid Note Balance of the Notes, together with accrued and unpaid interest thereon through the date of

  

					
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acceleration, shall become immediately due and payable. If an Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and
unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder. 

(b)    At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for
payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Noteholders representing a majority of the Note Balance of the Controlling Class, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Issuer has paid or deposited
with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had
not occurred and (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any
subsequent default or impair any right consequent thereto. 
 If the Notes have been declared due and payable or have automatically become
due and payable following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral. Any
sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of Section 5.4. 

SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. 

(a)    The Issuer covenants that if (i) default is made in the payment of any interest on any Note of the Controlling
Class when the same becomes due and payable, and such default continues for a period of five Business Days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes
due and payable, the Issuer will, upon demand of the Indenture Trustee in writing as directed by the Noteholders representing not less than a majority of the Note Balance of the Controlling Class, pay to the Indenture Trustee, for the benefit of the
Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances
of the Indenture Trustee and its agents and counsel. 

  

					
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 (b)    In case the Issuer shall fail forthwith to pay the amounts
described in clause (a) above upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies
adjudged or decreed to be payable. 
 (c)    If an Event of Default shall have occurred and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem
most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Indenture Trustee by this Indenture or by law. 
 (d)    In case there shall be pending,
relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or
in case of any other comparable Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall
then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and
empowered, by intervention in such Proceedings or otherwise: 
 (i) to file and prove a claim or claims for the whole amount
of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to
the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 

(ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a
standby trustee or Person performing similar functions in any such Proceedings; 

  

					
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 (iii) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Indenture Trustee or the Noteholders allowed in any judicial Proceedings relative to the Issuer, its creditors and its property; 
 and any trustee,
receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments
directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and
all other expenses, indemnities and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the
Indenture Trustee under Section 6.7. 
 (e)    Nothing herein contained shall be deemed to
authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f)    All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by
the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for
the ratable benefit of the Noteholders, to the extent set forth in Section 5.4(b). 

(g)    In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any
provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

SECTION 5.4 Remedies; Priorities. 

(a)    If an Event of Default shall have occurred and is continuing, the Indenture Trustee may do one or more of the
following (subject to Sections 5.2 and 5.5): 
 (i) institute Proceedings in its own name and as trustee
of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon
such Notes monies adjudged due; 

  

					
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 (ii) institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any other remedies of a secured party under
the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv) subject to Section 5.17, after an acceleration of the maturity of the Notes
pursuant to Section 5.2, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 

provided, however, that the Indenture Trustee may not exercise the remedy described in clause (iv) above unless (A) the Holders of all
Outstanding Notes have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes or (C) the Event of Default either
(x) relates to a default described in Sections 5.1(a) or (b) (a “Payment Default”) and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the
Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been declared due and payable or (y) relates to a Bankruptcy Event and, in the case of each of
(x) and (y) above, the Indenture Trustee obtains the consent of the holders of at least 66-2/3% of the Note Balance of the Controlling Class. In determining such sufficiency or insufficiency
with respect to clauses (B) and (C)(x) of the preceding sentence, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the
Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on
the Outstanding Notes. 
 (b)    Notwithstanding the provisions of Section 8.2 hereof or
Section 4.4 of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or property pursuant to this Article V and the Notes have been accelerated, it shall pay out such money or property (and
other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority: 

(i) first, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees (including unpaid fees with
respect to prior periods), reasonable expenses and indemnification amounts, and to the Asset Representations Reviewer, any accrued and unpaid fees (including unpaid fees with respect to prior periods), reasonable expenses and indemnification amounts
to the extent not previously paid by Santander Consumer; 

  

					
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 (ii) second, to the Servicer, the Servicing Fee and all unpaid
Servicing Fees with respect to prior periods; 
 (iii) third, to the Holders of the Class A Notes, the Accrued
Class A Note Interest; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amount available shall be applied to the payment of such interest on each
Class of Class A Notes on a pro rata basis based on the amount of interest payable to each Class of Class A Notes; 

(iv) fourth, (a) if an acceleration of the Notes has occurred following or as a result of an Event of
Default described in Section 5.1(a), (b) or (e), in the following order of priority: 

(1)    to the Holders of the Class A-1 Notes in respect of
principal thereof, until the Class A-1 Notes have been paid in full; 

(2)    to the Holders of the
Class A-2-A Notes, the Holders of the Class A-2-B Notes and the Holders of the Class A-3 Notes in respect of principal thereof, pro rata, based on the Note Balance of each Class of such Class A Notes until all Classes of the Class A Notes have been paid in full; 

(3)    to the Holders of the Class B Notes, the Accrued Class B Note Interest; 

(4)    to the Holders of the Class B Notes in respect of principal thereof until the Class B
Notes have been paid in full; 
 (5)    to the Holders of the Class C Notes, the Accrued
Class C Note Interest; 
 (6)    to the Holders of the Class C Notes in respect of principal
thereof, until the Class C Notes have been paid in full; 
 (7)    to the Holders of the
Class D Notes, the Accrued Class D Note Interest; and 
 (8)    to the Holders of the
Class D Notes in respect of principal thereof until the Class D Notes have been paid in full; and 
 (b) if
an acceleration of the Notes has occurred following or as a result of an Event of Default described in Section 5.1(c) or (d), in the following order of priority: 

(1)    to the Holders of the Class B Notes, the Accrued Class B Note Interest; 

(2)    to the Holders of the Class C Notes, the Accrued Class C Note Interest; 

  

					
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 (3)    to the Holders of the Class D Notes, the
Accrued Class D Note Interest; 
 (4)    to the Holders of the
Class A-1 Notes in respect of principal thereof until the Class A-1 Notes have been paid in full; 

(5)    to the Holders of the
Class A-2-A Notes, the Holders of the Class A-2-B Notes and the Holders of the Class A-3 Notes in respect of principal thereof, pro rata, based on the Note Balance of each Class of such Class A Notes, until all classes of the Class A Notes have been paid in full; 

(6)    to the Holders of the Class B Notes in respect of principal thereof until the Class B
Notes have been paid in full; 
 (7)    to the Holders of the Class C Notes in respect of principal
thereof until the Class C Notes have been paid in full; and 
 (8)    to the Holders of the
Class D Notes in respect of principal thereof until the Class D Notes have been paid in full; and 
 (v)
fifth, any remaining funds shall be distributed to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, or to the extent Definitive Certificates have been issued, to the Certificate Distribution Account
for distribution to or at the direction of the Certificateholders. 
 The Indenture Trustee may fix a record date and payment date for any
payment to Noteholders pursuant to this Section 5.4. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and
the amount to be paid. 
 Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money or
property pursuant to this Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Section 4.4 of the Sale and Servicing Agreement and
Section 8.2 hereof. 
 SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared
or are automatically due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may,
but need not, elect to maintain possession of the Collateral and shall continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders that there be at
all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether to
maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to
the sufficiency of the Collateral for such purpose. 

  

					
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 SECTION 5.6 Limitation of Suits. 

(a)    No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder has
previously given written notice to a Responsible Officer of the Indenture Trustee of a continuing Event of Default; 
 (ii)
the Holders of not less than 25% of the Note Balance of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as the Indenture Trustee
hereunder; 
 (iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it
against the costs, expenses and liabilities to be incurred in complying with such request; 
 (iv) the Indenture Trustee for
60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 
 (v)
no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Note Balance of the Controlling Class. 

No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein
provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Noteholders, each representing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee shall follow the direction of the Noteholders representing the greater percentage of the Note Balance. 

(b)    No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any
right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer may set a record date
for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 
 SECTION
5.7 Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the
consent of such Noteholder. 

  

					
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 SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then
and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy except to the extent explicitly set forth herein, and every right
and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10
Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver
of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be
deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.11 Control by Noteholders. Subject
to the provisions of Sections 5.4, 5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a majority of the Note Balance of the Controlling Class, shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided that 

(a) such direction shall not be in conflict with any rule of law or with this Indenture; 

(b) any such direction to the Indenture Trustee to sell or liquidate the Collateral shall be effective only to the extent the
Indenture Trustee is permitted to take such action pursuant to Section 5.4(a) and Section 5.17; 

(c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects
to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Note Balance to sell or liquidate the Trust Estate shall be of no force and effect; 

(d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such
direction, applicable law and the terms of this Indenture; and 

  

					
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 (e) such direction shall be in writing; 

provided, further, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines
might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes of not less than a majority of the Note Balance of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (a) in payment of
principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In
the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereto. 
 Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not
to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior, subsequent or other Default or Event of
Default or impair any right consequent thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each
Noteholder by such Noteholder’s acceptance of a Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture
Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section 5.13 shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Note
Balance of the Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in
the case of redemption, on or after the Redemption Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that
may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  

					
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 SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture
Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been accelerated pursuant to Section 5.2 of
this Indenture, or Section 4.4 of the Sale and Servicing Agreement and Section 8.2 of this Indenture, if the maturity of the Notes has not been accelerated. 

SECTION 5.16 Performance and Enforcement of Certain Obligations. 

(a)    Promptly following a request from the Indenture Trustee to do so, the Issuer shall take all such lawful action as
the Indenture Trustee may request to compel or secure the performance and observance (i) by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement or
(ii) by the Seller or Santander Consumer, as applicable, of each of their obligations under or in connection with the Purchase Agreement, in each case, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers
and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement and the Purchase Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Seller, the Servicer or Santander Consumer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the Servicer of each
of their obligations under the Sale and Servicing Agreement or by the Seller or Santander Consumer, as applicable, of each of their obligations under or in connection with the Purchase Agreement. 

(b)    If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which
direction shall be in writing) of the Holders of a majority of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection
with the Sale and Servicing Agreement and/or against the Seller or Santander Consumer under the Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer and/or
Santander Consumer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement and/or the Purchase Agreement, as
applicable, and any right of the Issuer to take such action shall be suspended. 
 SECTION 5.17 Sale of Collateral. If the Indenture
Trustee acts to sell the Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale
in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such
action, sell the Collateral or any part thereof, in such manner and on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public

  

					
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announcement made at the time and place of such sale. The Indenture Trustee shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate
thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are
commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any
portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts payable on the Notes shall have been paid. 

ARTICLE VI 
 THE
INDENTURE TRUSTEE 
 SECTION 6.1 Duties of the Indenture Trustee. 

(a)    If an Event of Default has occurred and is continuing, and a Responsible Officer of the Indenture Trustee has actual
knowledge thereof or a Responsible Officer of the Indenture Trustee has received written notice thereof, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and shall use the same degree of care and skill in
their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b)    Prior to the occurrence of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; provided however, the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c)    The
Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i) this paragraph does not limit the effect of paragraph (b) of this Section 6.1; 

(ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the
Indenture Trustee unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

  

					
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 (iii) the Indenture Trustee shall not be liable with respect to any action
it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 

(d)    Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a),
(b) and (c). 
 (e)    The Indenture Trustee shall not be liable for interest on any money received by it except as the
Indenture Trustee may agree in writing with the Issuer. 
 (f)    Money held in trust by the Indenture Trustee need not
be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 

(g)    No provision of this Indenture or any other Transaction Document shall require the Indenture Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds
or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (h)    Every
provision of this Indenture and each other Transaction Document relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1
and to the provisions of the TIA. 
 (i)    The Indenture Trustee shall take all actions required to be taken by the
Indenture Trustee under the Sale and Servicing Agreement. 
 SECTION 6.2 Rights of the Indenture Trustee. 

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

  

					
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 (d)    The Indenture Trustee shall not be liable for any action it takes
or omits to take or errors in judgment made in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct,
negligence or bad faith. 
 (e)    The Indenture Trustee may consult with counsel, and the advice or opinion of counsel
with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel. 
 (f)    The Indenture Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture or to institute, conduct or defend any investigation, proceeding or litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders
pursuant to this Indenture (other than requests, demands or directions relating to an Asset Review as described in Section 7.6 hereof or to the Noteholders’ or Note Owners’ rights to communicate with each other as
described in Section 3.13 of the Sale and Servicing Agreement) unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the
reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction (including any legal fees, costs and expenses incurred in connection with any
enforcement (including any action, claim or suit) by the Indenture Trustee of any indemnification or other obligation of the Noteholders). 

(g)    In the performance of its obligations as Relevant Trustee under the Sale and Servicing Agreement, the Indenture
Trustee shall be entitled to all of the same rights, protections, indemnities and immunities of the Indenture Trustee under this Indenture. 

(h)    The Indenture Trustee shall not be imputed with any knowledge of, or information possessed or obtained by any other
Person, or any affiliate, line of business, or other division of Wilmington Trust, National Association (and vice versa) unless such person is a Responsible Officer of the Indenture Trustee or the Indenture Trustee also has such actual knowledge or
information. Information contained in any reports delivered to the Indenture Trustee and any other publicly available information shall not constitute actual or constructive knowledge; provided, however, that,
notwithstanding any provision in the Transaction Documents to the contrary, any document delivered to the Indenture Trustee the information contained in which the Indenture Trustee is required to take notice of to fulfill its obligations under the
Transaction Documents or under applicable law shall constitute actual notice to the Indenture Trustee of such information. 

(i)    Notwithstanding anything to the contrary herein or otherwise, under no circumstance will the Indenture Trustee be
liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits). 

(j)    The Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, 

  

					
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request, consent, order, approval, bond or other paper or document, other than to the extent set forth in the Transaction Documents or otherwise agreed in writing by the Indenture Trustee or
required under applicable law. 
 (k)    Notwithstanding anything to the contrary in this Indenture, the Indenture
Trustee shall not be liable for any loss or damage, or any failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any reason which is beyond the control of such party, including, but
not limited to, applicable law or force majeure. 
 (l)    The right of the Indenture Trustee to perform any permissive
or discretionary act enumerated in this Indenture or any related document shall not be construed as a duty. 

(m)    Neither the Indenture Trustee nor any of its officers, directors, employees, attorneys or agents will be
responsible or liable for the existence, genuineness, value or protection of any collateral, for the legality, enforceability, effectiveness or sufficiency of the Transaction Documents, for the creation, perfection, continuation, priority,
sufficiency or protection of any liens with regard to the Collateral or the Transaction Documents, or for any defect or deficiency as to any such matters, to monitor the status of any lien or the performance of the Collateral, or for any failure to
demand, collect, foreclose or realize upon or otherwise enforce any of such liens or the Transaction Documents or any delay in doing so, unless such responsibility or liability is otherwise imposed on the Indenture Trustee under this Indenture. 

(n)    The Indenture Trustee shall not be liable solely for any action or inaction of the Issuer, the Noteholders, the
Servicer, or any other party (or agent thereof) to this Indenture or any other Transaction Document and may assume compliance by such parties with their obligations under this Indenture or any other Transaction Documents, unless a Responsible
Officer of the Indenture Trustee has actual knowledge or received written notice to the contrary. 

(o)    Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee shall not be required to take any
action that is not in accordance with applicable law. 
 (p)    Except as otherwise provided in Sections 7.5 and
7.6 hereof and Sections 3.6, 9.21 and 9.24 of the Sale and Servicing Agreement, the Indenture Trustee shall not have any duty to conduct any investigation as to the occurrence of any condition requiring the repurchase of
any Receivable, or the eligibility of any Receivable for purposes of this Indenture. 
 (q)    The Indenture Trustee
shall not be liable with respect to any action it takes or omits to take in accordance with a direction received by it from the Issuer or the required Noteholders, as the case may be, in accordance with the Transaction Documents. 

(r)    The Indenture Trustee shall be deemed not to have knowledge of any event or information (including, but not limited
to, an Event of Default) or be required to act upon any event or information (including the sending of any notice), unless a Responsible Officer of the Indenture Trustee has actual knowledge or shall have received written notice thereof and shall
have no duty to take any action to determine whether any such event shall have occurred. 
 SECTION 6.3 Individual Rights of the
Indenture Trustee. Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or 

  

					
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pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective Affiliates with the same rights it would have if it were not the Indenture
Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note
Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture
Trustee must comply with Section 6.11. 
 SECTION 6.4 The Indenture Trustee’s
Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity, enforceability or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the
Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes (including any recitals), all of which shall be taken as the statements of the
Issuer, other than the Indenture Trustee’s certificate of authentication. 
 SECTION 6.5 Notice of Defaults. If a Default or an
Event of Default occurs and is continuing and if it is either actually known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder, the
Issuer, the Owner Trustee and the Administrator notice of the Default or Event of Default within 90 days after such knowledge or notice occurs. Except in the case of a Default or an Event of Default in payment of principal of or interest on any Note
(including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the
interests of Noteholders. 
 SECTION 6.6 Reports by the Indenture Trustee to Noteholders. The Indenture Trustee, at the expense of
the Issuer, shall make available to each Noteholder, not later than the latest date permitted by law, such information as may be required by the Code to enable such Holder to prepare its federal and state income tax returns. 

SECTION 6.7 Compensation and Indemnity. The Indenture Trustee shall be (i) paid from time to time such compensation as the
Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with an applicable fee letter, (ii) reimbursed for all reasonable expenses, advances and
disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee, Relevant Trustee, Certificate Registrar and Certificate Paying Agent and (iii) indemnified for, and held harmless against, any and
all fees, costs, loss, liability, expense, tax, penalty or claim (including reasonable attorneys’ fees and expenses incurred in connection with a successful defense, in whole or part, of any claim that the Indenture Trustee breached its
standard of care or incurred in actions against the indemnifying party) incurred by it in connection with the administration of the trust or trusts hereunder or under any other Transaction Document, the performance of its duties as Indenture
Trustee, Relevant Trustee, Certificate Registrar and Certificate Paying Agent or the enforcement of its rights (including indemnification rights) under the Transaction Documents. The Indenture Trustee’s compensation shall not be limited by any
law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it 

  

					
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may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder or, in the case of the
Servicer, under the Sale and Servicing Agreement. The Issuer shall, or shall cause the Servicer to, defend any such claim (except in connection with any claim for indemnification of any attorneys’ fees, costs and expenses incurred by the
Indenture Trustee in connection with any enforcement (including by means of any action, claim or suit) by the Indenture Trustee of any indemnification or other obligation of the Issuer or Servicer), and the Indenture Trustee may have separate
counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel within a reasonable time following receipt by the Servicer of an invoice therefor. None of the Administrator, the Issuer, the Seller, or the
Servicer shall be liable for or required to indemnify the Indenture Trustee from and against any of the foregoing expenses or indemnities arising or resulting from (i) its own willful misconduct, bad faith or negligence, (ii) the
inaccuracy of any representation or warranty contained in Section 6.13 made by the Indenture Trustee or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by
the Indenture Trustee. 
 The compensation and indemnity obligations to the Indenture Trustee pursuant to this
Section 6.7 shall survive the termination, assignment, and/or discharge of this Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event
of Default set forth in Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency
or similar law. 
 Any amounts payable to the Indenture Trustee pursuant to this Section 6.7 shall be paid
pursuant to Section 4.4(a) of the Sale and Servicing Agreement or Section 5.4(b) of this Indenture, as applicable (to the extent of Available Funds available therefor) or, to the extent not paid
thereunder, shall be paid by the Servicer pursuant to Section 3.11 of the Sale and Servicing Agreement. 
 SECTION
6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign for any reason upon 30 days’ prior written notice to the Issuer, the Administrator and the Servicer. The Holders of a majority of the
Note Balance of the Controlling Class may remove the Indenture Trustee without cause by giving 30 days’ prior written notice to the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture
Trustee. The Issuer shall remove the Indenture Trustee if: 
 (a)    the Indenture Trustee fails to comply with
Section 6.11; 
 (b)    a Bankruptcy Event occurs with respect to the Indenture Trustee; 

(c)    a receiver or other public officer takes charge of the Indenture Trustee or its property; or 

(d)    the Indenture Trustee otherwise becomes incapable of acting. 

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture
Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee. 

  

					
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 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture
Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 30 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee. 
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any
court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Any
resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section 6.8 shall not become effective until acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees, indemnities and expenses owed to the outgoing Indenture Trustee. 

Notwithstanding the resignation or removal of the Indenture Trustee pursuant to this Section 6.8, the Issuer’s
and Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 

The Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee. 

SECTION 6.9 Successor Indenture Trustee by Merger. Subject to Section 6.11, if the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association or other entity, the resulting, surviving or transferee corporation or other
entity without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking association or other entity shall be otherwise qualified and eligible under Section 6.11. The
Indenture Trustee shall provide the Administrator prior written notice of any such transaction. 
 In case at the time such successor or
successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt
the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee. 

  

					
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 SECTION 6.10 Appointment of Co-Indenture Trustee
or Separate Indenture Trustee. 
 (a)    Notwithstanding any other provisions of this Indenture, at any time, after
delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, or for an enforcement action or where a conflict of interest
exists, the Indenture Trustee and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust
Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable.
No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11, and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under Section 6.8. 

(b)    Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and
obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being
intended that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any
portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii) no separate trustee or co-trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; 

(iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, remove any
separate trustee or co-trustee; 
 (iv) no separate trustee or co-trustee hereunder shall be deemed an agent of the Indenture Trustee; and 
 (v) the
Indenture Trustee shall have no responsibility or liability relating to the appointment of any co-trustee or separate trustee or relating to the action or inaction of any
co-trustee or separate trustee. 
 (c)    Any notice, request or other writing
given to the Indenture Trustee shall be deemed to have been given to each of the separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee
or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its 

  

					
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instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator.

 (d)    Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this
Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 

SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of investment grade or better by each
Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee. 

SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall comply with TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

SECTION 6.13 Representations and Warranties. The Indenture Trustee hereby makes the following representations and warranties on which
the Issuer and the Noteholders shall rely: 
 (i) the Indenture Trustee is a national banking association duly organized,
validly existing and in good standing under the laws of the United States of America; 
 (ii) the Indenture Trustee has full
power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; 

(iii) this Indenture has been duly executed and delivered by the Indenture Trustee; and 

(iv) this Indenture is a legal, valid and binding obligation of the Indenture Trustee enforceable in accordance with its terms,
subject to the effects of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 

  

					
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 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1 The Note Registrar to Furnish the Indenture Trustee Names and Addresses of Noteholders. The Note Registrar shall furnish or
cause to be furnished to the Indenture Trustee (a) not more than five days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date and
(b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Note Registrar of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list
is furnished; provided, however, that so long as (i) the Indenture Trustee is the Note Registrar or (ii) the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. 

SECTION 7.2 Preservation of Information; Communications to Noteholders. 

(a)    The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of
the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as the Note
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the Indenture Trustee is the
Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved or maintained. 

(b)    The Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their
rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more Noteholders of Notes evidencing not less than 25% of the Note Balance, voting together as a single
Class, to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the Administrator a copy of such request and
a copy of the list of Noteholders produced in response thereto. 
 (c)    The Issuer, the Indenture Trustee and the Note
Registrar shall have the protection of TIA Section 312(c). 
 SECTION 7.3 Reports by the Indenture Trustee. If required by TIA
Section 313(a), within 60 days after each March 31, beginning with March 31, 2019, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any,
on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

  

					
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 SECTION 7.4 Rule 144A Information. At any time when the Issuer is not subject to
Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Noteholder or Note Owner of a 144A Note, the Issuer shall
promptly furnish or cause to be furnished Rule 144A Information to such Noteholder or Note Owner, to a prospective purchaser of such 144A Note designated by such Noteholder or Note Owner or to the Indenture Trustee for delivery (in the manner
contemplated by Section 4.6 of the Sale and Servicing Agreement) to such Noteholder or Note Owner, as the case may be, or a prospective purchaser designated by such Noteholder or Note Owner, in order to permit compliance by such Noteholder or
Note Owner with Rule 144A in connection with the resale of such 144A Note by such Noteholder or Note Owner. 
 SECTION 7.5 Noteholder
Demand for Repurchase, Dispute Resolution. 
 (a)    If a Noteholder (if the Notes are represented by Definitive
Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) becomes aware of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase Agreement that would require
Santander Consumer to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement such Noteholder or Note Owner (the “Requesting Investor”) may, by written notice to the Indenture Trustee,
direct the Indenture Trustee to notify Santander Consumer of such breach and request that Santander Consumer repurchase the related Receivable. Any such written notice to the Indenture Trustee shall identify the Receivable and shall reference this
Indenture, as well as the related breach of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written
notice of a repurchase request that complies with the requirements of this Section 7.5, the Indenture Trustee shall forward such written notice to Santander Consumer and request that Santander Consumer repurchase the
related Receivable pursuant to Section 3.4 of the Purchase Agreement. For avoidance of doubt, following delivery of such notice and request to Santander Consumer, the Indenture Trustee shall have no responsibility or
liability for the decision by Santander Consumer to repurchase or not to repurchase the related Receivable. 
 (b)    If
a Requesting Investor directs the Indenture Trustee to request the repurchase of a Receivable pursuant to clause (a) above, and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such
Requesting Investor within 180 days of the receipt of notice of the request by Santander Consumer, the Indenture Trustee shall, at the direction of such Requesting Investor, refer the matter to either mediation or arbitration pursuant to
Section 9.24 of the Sale and Servicing Agreement; provided, however, if the Indenture Trustee declines to refer the matter to mediation or arbitration due to the failure of such Requesting Investor to offer
the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its agents and its counsel in connection with
such request, the Requesting Investor may directly refer the matter to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement. 

(c)    A Requesting Investor shall not be required to direct that an Asset Review be performed prior to submitting a
repurchase request with respect to any Receivable or using the dispute resolution provisions pursuant to Section 9.24 of the Sale and Servicing Agreement with 

  

					
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respect to such Receivable. The failure of a Requesting Investor to direct an Asset Review shall not affect whether any Requesting Investor can pursue dispute resolution. In addition, whether any
Requesting Investor voted affirmatively, negatively or abstained in the vote to cause an Asset Review shall not affect whether such Requesting Investor may use the dispute resolution proceedings pursuant to Section 9.24 of
the Sale and Servicing Agreement. A Requesting Investor may refer to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement a dispute related to any Receivables, including any
Receivables that the Asset Representations Reviewer did not review in connection with an Asset Review, any Receivables for which the Asset Representations Reviewer found a Test Fail in connection with an Asset Review and any Receivables that the
Asset Representations Reviewer reviewed and determined that there were no Test Fails in connection with an Asset Review. 
 SECTION 7.6
Asset Review Voting 
 (a)    If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then
Noteholders (if the Notes are represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance (the “Instituting Noteholders”) may elect to
initiate a vote to determine whether the Asset Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger; provided, however, that the failure of any Noteholder or Note Owner to institute such a vote shall not preclude such
Noteholder or Note Owner, as applicable, from pursuing dispute resolution pursuant to Section 9.24 of the Sale and Servicing Agreement. If any Instituting Noteholder is not a Noteholder as reflected on the Note
Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders initiate a vote as described in this
clause (a), the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry Notes, and the Issuer will include or cause to be included in the
related Form 10-D that such a vote has been called. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in
accordance with TIA Section 316(c). The vote will remain open until the 150th day after the filing of the Form 10-D disclosing that the Delinquency
Percentage exceeds the Delinquency Trigger. Abstaining from, voting in favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset Review shall not preclude any Noteholder from pursuing dispute resolution pursuant
to Section 9.24 of the Sale and Servicing Agreement. The “Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor
of directing an Asset Review of the Subject Receivables by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose
whether or not a Noteholder Direction has occurred. 
 (b)    Within 5 Business Days of the Review Satisfaction Date,
the Indenture Trustee will send a written notice (a “Review Notice”) to Santander Consumer, the Depositor, the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been satisfied,
providing the applicable Review Satisfaction Date and directing the Asset Representations Reviewer to conduct an Asset Review of the Subject Receivables. 

  

					
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 (c)    Notwithstanding clauses (a) and (b) of
this Section 7.6, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to (i)(x) directing the
Indenture Trustee to notify Santander Consumer of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase Agreement that would require Santander Consumer to repurchase a
Receivable pursuant to Section 3.4 of the Purchase Agreement and (y) requesting that Santander Consumer repurchase the related Receivable pursuant to Section 7.5 hereof or (ii) referring
the matter, at its discretion, to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement. 

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee
pursuant to this Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this
Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article
V. 
 SECTION 8.2 Trust Accounts. 

(a)    On the Business Day before each Payment Date, the Issuer shall cause the Servicer to deposit all Collections with
respect to the Collection Period preceding such Payment Date in the Collection Account as provided in Sections 4.2 and 4.3 of the Sale and Servicing Agreement. On or before each Payment Date, all amounts required to be withdrawn from
the Reserve Account and deposited in the Collection Account pursuant to Section 4.3 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account and deposited to the Collection
Account as instructed on the Servicer’s Certificate. 
 (b)    Prior to the acceleration of the maturity of the
Notes pursuant to Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute the First Allocation of Principal, the Second Allocation of Principal, the Third
Allocation of Principal, the Fourth Allocation of Principal and the Regular Allocation of Principal: 
 (i) first,
sequentially to the Class A-1 Noteholders until the Class A-1 Notes are paid in full, to the
Class A-2-A Noteholders and the Class A-2-B Noteholders, ratably based on the
Outstanding Note Balance of the Class A-2-A Notes and the Class A-2-B Notes,
until the Class A-2 Notes are paid in full and to the Class A-3 Noteholders until the Class A-3 Notes are paid in
full; 

  

					
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 (ii) second, to the Class B Noteholders until the Class B
Notes are paid in full; 
 (iii) third, to the Class C Noteholders until the Class C Notes are paid in full;
and 
 (iv) fourth, to the Class D Noteholders until the Class D Notes are paid in full. 

(c)    On the Payment Date on which the Notes of all Classes have been paid in full, the Indenture Trustee shall take all
necessary or appropriate actions, as directed by the Issuer and at no expense to the Indenture Trustee or the Owner Trustee, to transfer all of its right, title and interest in the contents of the Collection Account (including any investments and
investment income) to the Certificate Paying Agent for the benefit of the Certificateholders for deposit into such new non-interest bearing account to be established by the Certificate Paying Agent in
accordance with Section 4.1(a)(i) of the Sale and Servicing Agreement. Following such transfer, the Collection Account will be maintained under the sole dominion and control of the Certificate Paying Agent for the benefit
of the Certificateholders and the Relevant Trustee will make distributions from the Collection Account pursuant to Section 4.4 of the Sale and Servicing Agreement. 

SECTION 8.3 General Provisions Regarding Accounts. 

(a)    The funds in the Trust Accounts shall be invested in Eligible Investments in accordance with and subject to
Section 4.1(b) of the Sale and Servicing Agreement; provided, however, that any amounts deposited into the Collection Account on the day prior to a Payment Date (or Redemption Date) to be distributed on such
Payment Date (or Redemption Date) shall remain uninvested. All interest and investment income (net of losses and investment expenses) on funds on deposit (i) in the Collection Account shall be distributed to the Servicer in accordance with the
provisions of Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account shall be distributed in accordance with the provisions of Sections 3.7 and 4.3 of the Sale and Servicing Agreement.
The Indenture Trustee shall not be directed to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer
shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

(b)    Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any such Eligible Investments
issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c)    If (i) investment directions shall not have been given in writing by the Servicer in accordance with
Section 4.1(b) of the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other 

  

					
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time as may be agreed by the Servicer and the Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and is continuing with respect to the Notes
but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the
Trust Estate are being applied in accordance with Section 4.4 of the Sale and Servicing Agreement as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and
reinvest funds in the Trust Accounts in one or more Eligible Investments in accordance with the standing instructions most recently given by the Servicer; provided, however, that if no standing instructions shall have
been given to the Indenture Trustee, the funds shall remain uninvested. 
 (d)    Pursuant to
Section 4.1(b) of the Sale and Servicing Agreement, the Servicer acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale
of Eligible Investments or the Indenture Trustee’s receipt of a broker’s confirmation. The Servicer agrees that such notifications shall not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available,
upon request and in lieu of notifications, periodic account statements that reflect such investment activity. 
 SECTION 8.4 Release of
Collateral. 
 (a)    Subject to the payment of its fees and expenses pursuant to
Section 6.7, the Indenture Trustee may if permitted by and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(b)    The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee
pursuant to Section 6.7 have been paid, release any remaining portion of the Collateral that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on
deposit in the Trust Accounts. Such release shall include release of the lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the lien of
this Indenture pursuant to this Section 8.4 only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that
from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on any Receivable to be sold to (i) the Servicer in accordance
with Section 3.6 of the Sale and Servicing Agreement and (ii) Santander Consumer in accordance with Section 3.4 of the Purchase Agreement. 

  

					
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 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven
days’ prior notice (or such lesser time as is acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the
Indenture Trustee may also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and
concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of
this Indenture; provided, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX

 SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a)    Without the consent of the Noteholders or any other Person, the Issuer and the Indenture Trustee (when so directed
by an Issuer Request) but with prior notice from the Issuer to each Rating Agency, at any time and from time to time, may enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or for the purposes of modifying in any manner the rights of the Noteholders under this Indenture subject to the satisfaction of the following conditions: 

(i) the Issuer delivers an Opinion of Counsel to the Indenture Trustee to the effect that such supplemental indenture will not
materially and adversely affect the interests of the Noteholders; or 
 (ii) the Rating Agency Condition is satisfied with
respect to such amendment and the Issuer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b)    Without the consent of the Noteholders or any other Person, the Issuer and the Indenture Trustee (when so directed
by an Issuer Request), may also enter into one or more indentures supplemental hereto for the purpose of conforming the terms of this Indenture to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the
description thereof in an offering memorandum with respect to the 144A Notes or the Certificates. 
 (c)    Prior to the
execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental
indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner 

  

					
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Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.1 shall be effective which affects the rights, protections
or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

(d)    Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.1, the Indenture Trustee shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail a copy of such amendment or supplemental indenture, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(e)    Notwithstanding subsection (a) of this Section 9.1, this Indenture may only
be amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders, or, if 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates, such Person (or Persons)
consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the
interests of the Certificateholders. In determining whether 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates for purposes of clause (i), any party shall be entitled to rely on an
Officer’s Certificate or similar certification of Santander Consumer or any Affiliate thereof to such effect. It will not be necessary to obtain the consent of the Certificateholders to approve the particular form of any proposed amendment or
consent, but it will be sufficient if such consent approves the substance thereof. 
 SECTION 9.2 Supplemental Indentures with Consent of
Noteholders. 
 (a)    With the consent of Noteholders holding not less than a majority of the Note Balance of the
Outstanding Notes, voting together as a single Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, the Issuer and the Indenture Trustee (when so directed by an Issuer Request), may enter into one or more indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided that
no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby and prior notice by the Issuer to the Rating Agencies: 

(i) change the coin or currency in which, any Note or the interest thereon is payable, reduce the interest rate or principal
amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 
 (ii) reduce the
percentage of the Note Balance, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture; 

  

					
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 (iii) modify or alter the provisions of the proviso to the definition of the
term “Outstanding”; 
 (iv) reduce the percentage of the Note Balance required to direct the Indenture
Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note Balance plus accrued but unpaid interest on the Notes;

 (v) modify any provision of this Section 9.2 in any respect materially adverse to the interests
of the Noteholders; 
 (vi) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture
with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the
security provided by the lien of this Indenture; or 
 (vii) impair the right to institute suit for the enforcement of
payment as provided in Section 5.7. 
 (b)    It shall not be necessary for any Act of
Noteholders under this Section 9.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

(c)    Prior to the execution of any such supplemental indenture, the Issuer shall provide written notification of the
substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the
Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.2 shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee
without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

(d)    Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.2, the Indenture Trustee shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such amendment or supplemental indenture, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(e)    Notwithstanding subsection (a) of this Section 9.2, this Indenture may only be
amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders, or, if 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates, such Person (or Persons) consent
to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests
of the Certificateholders. In determining whether 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates for purposes of clause (i), any party shall be entitled to rely on an Officer’s
Certificate or similar 

  

					
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certification of Santander Consumer or any Affiliate thereof to such effect. It will not be necessary to obtain the consent of the Certificateholders to approve the particular form of any
proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. 
 SECTION 9.3 Execution of
Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture
Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 SECTION 9.5 Conformity With
Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture
shall then be qualified under the Trust Indenture Act. 
 SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided
for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and
executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1 Redemption. 

(a)    Each of the Notes is subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to
Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to said
Section 8.1, for a purchase price equal to the Optional Purchase Price, which amount shall be deposited by the Servicer into the Collection Account on the Business Day prior to the Redemption Date. 

  

					
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 (b)    Each of the Notes is subject to redemption in whole, but not in
part, on any Payment Date on which the sum of the amount of cash or other immediately available funds on deposit in the Reserve Account and the remaining Available Funds after the payments under clauses first through
tenth of Section 4.4(a) of the Sale and Servicing Agreement would be sufficient to pay in full the aggregate unpaid Note Balance of all of the Outstanding Notes as determined by the Servicer. On such Payment
Date, (i) the Indenture Trustee, upon written direction from the Servicer, shall transfer all amounts on deposit in the Reserve Account to the Collection Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in part.

 (c)    If the Notes are to be redeemed pursuant to Sections 10.1(a) or 10.1(b), the Administrator shall
provide at least 10 days’ prior notice of the redemption of the Notes to the Indenture Trustee, the Issuer and the Owner Trustee, and the Indenture Trustee shall provide prompt (but not later than 5 days’ prior to the applicable Redemption
Date) notice thereof to the Noteholders. 
 SECTION 10.2 Form of Redemption Notice. Notice of redemption under
Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on
the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register. 
 All notices of
redemption shall state: 
 (i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only
upon presentation and surrender of such Notes, and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in
Section 3.2); 
 (iv) that interest on the Notes shall cease to accrue on the Redemption Date; and

 (v) the CUSIP numbers (if applicable) for such Notes. 

Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the
Issuer shall notify each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any Note. 

SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and 

  

					
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(unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Price. 
 ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.1 Compliance Certificates and Opinions, etc. 
 (a)    Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with that satisfies
TIA Section 314(c)(2) and (iii) if required by the TIA in the case of condition precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies TIA Section 314(c)(3),
except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion furnished in accordance with TIA Section 314(e) with respect to compliance with a condition or covenant
provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion has read
or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as
to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is
necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with. 

(b)    (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be
made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited. 

  

					
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 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair
value in accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year
of the Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the aggregate Note Balance, but such a certificate need not be furnished with respect to any securities so
deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the aggregate Note Balance. 

(iii) Other than as contemplated by Section 11.1(b)(v), whenever any property or securities are to be released from
the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the
property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

(iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all
other property other than Purchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this
clause (iv), equals 10% or more of the aggregate Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is
less than $25,000 or less than one percent of the then aggregate Note Balance. 
 (v) Notwithstanding Section 2.9
or any other provision of this Section 11.1, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents
and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 

SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion

  

					
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is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the
Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in
connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any
term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such
case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon
the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.3 Acts
of Noteholders. 
 (a)    Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this
Section 11.3. 
 (b)    The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
 (c)    The ownership
of Notes shall be proved by the Note Register. 
 (d)    Any request, demand, authorization, direction, notice, consent,
waiver or other action by any Noteholder shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

  

					
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 SECTION 11.4 Notices. All demands, notices and communications hereunder shall be in
writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic transmission, and
addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur
only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid or via electronic transmission to each Noteholder affected by such event, at his address as it appears on the Note Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to
any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage
or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating
Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 

SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is different from the methods provided for in this Indenture for
such payments or notices, provided that such methods are reasonable and consented to by the Indenture Trustee (which consent shall not be unreasonably withheld). The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the
Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
 SECTION 11.7 Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control. 

  

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

SECTION 11.8 Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer,
the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 

SECTION 11.9 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 11.10 Successors and Assigns. All covenants and agreements
in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

SECTION 11.11 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 11.12
Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders, and any other party secured hereunder, and any
other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 11.13 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding
any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue
for the period from and after any such nominal date. 
 SECTION 11.14 GOVERNING LAW; Submission to Jurisdiction; Waiver of Jury
Trial. 
 (a)    THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
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 (b)    Each of the parties hereto hereby irrevocably and
unconditionally: 
 (i) submits for itself and its property in any Proceeding relating to this Indenture or any documents
executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York and appellate courts from any thereof; 
 (ii) consents that any such Proceeding may be brought
and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(iii) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

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

SECTION 11.15 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to
be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.16 Recording of
Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture
Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or
remedy granted to the Indenture Trustee under this Indenture. 
 SECTION 11.17 Trust Obligation. Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner of a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their
respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer,
director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the

  

					
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Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

SECTION 11.18 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a
Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all
securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking
liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession
by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy
Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
 SECTION 11.19 Intent. 

(a)    It is the intent of the Issuer that the Notes constitute indebtedness for all financial accounting purposes and the
Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all financial accounting purposes. 

(b)    It is the intent of the Issuer that the Notes (other than any Notes that are owned during any period of time by
either the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes) constitute indebtedness for all tax purposes and the Issuer agrees and each purchaser of a Note (by virtue of the
acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all federal, state and local income, franchise and value added tax purposes. 

SECTION 11.20 Subordination of Claims. The Issuer’s obligations under this Indenture are obligations solely of the Issuer and will
not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual
capacity and as the Owner Trustee), by accepting the benefits of this agreement, a Certificateholder, by accepting a Certificate (or any portion thereof), and the Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering
into this Indenture, and each Noteholder, and each Note Owner, by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets

  

					
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of the Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note
Owner and any Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further
acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of all other obligations and liabilities, which, under the terms of the relevant
documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations
and liabilities. The provisions of this Section 11.20 will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and
as the Indenture Trustee), by entering into or accepting this agreement, a Certificateholder, by accepting a Certificate, and the Owner Trustee and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further
acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 11.20 and the terms of this Section 11.20 may be enforced by an action for specific performance. The
provisions of this Section 11.20 will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture. 

SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties that (a) this
document is executed and delivered by Wells Fargo Delaware Trust Company, N.A., not individually or personally, but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust
Agreement, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, covenants undertakings and agreements by
Wells Fargo Delaware Trust Company, N.A., but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wells Fargo Delaware Trust Company, N.A., individually
or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wells Fargo
Delaware Trust Company, N.A. has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer or any other Person in this Agreement and (e) under no circumstances shall Wells Fargo Delaware
Trust Company, N.A. be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this
Indenture 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. 

  

					
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 SECTION 11.22 U.S.A. Patriot Act. The parties hereto acknowledge
that in accordance with Section 326 of the U.S.A. Patriot Act, the Indenture Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. The parties to this Indenture agree that they will provide the Indenture Trustee with such information about the
Issuer as it may request in order for the Indenture Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 [Remainder of Page
Intentionally Left Blank] 

  

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

			
	DRIVE AUTO RECEIVABLES TRUST 2018-5
	
	By: Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Rosemary Kennard

	Name:	 	Rosemary Kennard
	Title:	 	Vice President
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as the Indenture Trustee
		
	By:	 	 /s/ Roseline K. Maney

	Name:	 	Roseline K. Maney
	Title:	 	Administrative Vice President

  

					
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 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants, and covenants
to the Indenture Trustee as follows on the Closing Date: 
 General 

1.    The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other
Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Issuer. 

2.    The Receivables constitute “tangible chattel paper,” “electronic chattel paper,” “accounts,”
“instruments” or “general intangibles,” within the meaning of the UCC. 
 3.    Each Receivable is secured by a
first priority validly perfected security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a
first priority security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party. 

4.    Each Trust Account constitutes either a “deposit account” or a “securities account” within the meaning of the
UCC. 
 Creation 

5.    Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and
had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free
and clear of any Lien. 
 Perfection 

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

  

					
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 7.    With respect to Receivables that constitute instruments or tangible chattel paper,
either: 
 (i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee;
or 
 (ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has received a written
acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or 

(iii) The Servicer received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written
acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee, as pledgee of the Issuer. 

8.    With respect to the Trust Accounts that constitute deposit accounts, either: 

(i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts
has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the Issuer; or 

(ii) the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of such Trust Accounts. 

9.    With respect to the Trust Accounts that constitute securities accounts or securities entitlements, either: 

(i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to
comply with all instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or 

(ii) the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the
person having a security entitlement against the securities intermediary in each of such Trust Accounts. 
 Priority 

10.    The Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include a
description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by Santander Consumer to the Seller under the Purchase Agreement, (ii) relating to the conveyance of
the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or (iv) that has been terminated. 

11.    The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer. 

12.    Neither the Issuer nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has
communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer.

  

					
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 13.    None of the instruments, tangible chattel paper or electronic chattel paper that
constitute or evidence the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer or the Indenture Trustee. 

14.    No Trust Account that constitutes a securities account or securities entitlement is in the name of any Person other than the Issuer
or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with entitlement orders of any Person other than the Indenture Trustee. 

15.    No Trust Account that constitutes a deposit account is in the name of any Person other than the Issuer or the Indenture Trustee.
The Issuer has not consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee. 

Survival of Perfection Representations 

16.    Notwithstanding any other provision of this Indenture or any other Transaction Document, the perfection representations, warranties
and covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed. 

No Waiver 
 17.    The
Issuer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the
Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants. 
 Issuer to Maintain
Perfection and Priority 
 18.    The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this
Indenture, the Issuer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first
priority interest, the Indenture Trustee’s security interest in the Receivables. The Issuer shall, from time to time and within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial
financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest
in the Receivables as a first-priority interest. 

  

					
		 	I-3	  	Indenture (Drive 2018-5)

 Exhibit A-1 

FORM OF CLASS [A-1]
[A-2-A] [A-2-B]
[A-3] [B] [C] [D] NOTES1 
  

			
	REGISTERED	  	$            2
	No. R-            	  	CUSIP NO.            
		  	ISIN.            

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY
ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE (AND, IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) (I) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) SUCH PURCHASER OR
TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH ANY ASSETS OF, A PLAN THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN”), OR A PLAN THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND THAT
CERTAIN OTHER REQUIREMENTS ARE SATISFIED, AS SET FORTH IN THE INDENTURE AND (II) ACKNOWLEDGES AND AGREES IF IT IS A BENEFIT PLAN OR A PLAN THAT IS SUBJECT TO SIMILAR LAW, IT SHALL NOT ACQUIRE THIS NOTE (OR INTEREST HEREIN) AT ANY TIME THAT THE
RATINGS ON THIS NOTE ARE BELOW 
  

	1 	 Other than 144A Notes. See Exhibit A-2. 

	2 	 Denominations of $1,000 and integral multiples of $1,000 in excess thereof (except for two Notes of each Class
which may be issued in a denomination other than an integral multiple of $1,000). 

  

					
		 	A-1-1	  	Indenture (Drive 2018-5)

 
INVESTMENT GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE. 

  

					
		 	A-1-2	  	Indenture (Drive 2018-5)

 DRIVE AUTO RECEIVABLES TRUST 2018-5 

[CLASS A-1 2.68461%][CLASS
A-2-A 3.08%][CLASS A-2-B LIBOR + 0.32%] [CLASS
A-3 
 3.34%] [CLASS B 3.68%] [CLASS C 3.99%] [CLASS D 4.30%] 

AUTO LOAN ASSET BACKED NOTES 

Drive Auto Receivables Trust 2018-5, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [                    ], or
registered assigns, the principal sum of [        ] DOLLARS ($[        ]), in monthly installments on the 15th of each month, or if such day is not a Business Day, on
the immediately succeeding Business Day, commencing on December 17, 2018 (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2-A] [A-2-B]
[A-3] [B] [C] [D] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment
Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4
of the Sale and Servicing Agreement; provided, however, that the entire unpaid Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance shall be due and payable on the earliest of (i)
[                    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [preceding
Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date] 3 [15th day of the prior calendar month (or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the 15th day
of the calendar month in which such Payment Date occurs]4. Interest will be computed on the basis of [Class A-1, A-2-B: actual days elapsed and a 360-day year] [Class A-2-A, A-3, B, C, D: a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States as
at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid
principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the
same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 
  

	3 	 The Class A-1 and A-2-B Notes.

	4	 The Class A-2-A, A-3, B, C and
D Notes. 

  

					
		 	A-1-3	  	Indenture (Drive 2018-5)

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its
Authorized Officer. 
 Dated: [                    ]

  

			
	DRIVE AUTO RECEIVABLES
	TRUST 2018-5
	
	By: Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
		
	By:	 	
                     
                                        

	Name:	 	
                     
                                

	Title:	 	
                     
                                        

  

					
		 	A-1-4	  	Indenture (Drive 2018-5)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

Dated: [                    ] 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	a national banking association, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	
                     
                                

		 	Authorized Signatory

  

					
		 	A-1-5	  	Indenture (Drive 2018-5)

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
2.68461%][Class A-2-A 3.08%] [Class A-2-B LIBOR + 0.32%] [Class A-3 3.34%] [Class B 3.68%] [Class C 3.99%] [Class D 4.30%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Notes” or the “Notes”), all issued
under an Indenture, dated as of November 20, 2018 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wilmington Trust, National Association, a national banking association, not in
its individual capacity but solely as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are
not otherwise defined herein and that are defined in the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in Appendix A of the Sale and Servicing Agreement. 

The Class A-1 Notes, the
Class A-2-A Notes, the Class A-2-B Notes, the
Class A-3 Notes, the Class B Notes, the Class C Notes and the Class D Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 
 Principal
payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance shall be
due and payable on the earliest of (i) [                    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any,
pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class
[A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Notes shall be made pro rata to the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Noteholders entitled thereto. 

Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed first-class, postage prepaid, to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a
Payment Date or Redemption Date, then the Indenture 

  

					
		 	A-1-6	  	Indenture (Drive 2018-5)

 
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the close of business on the Record Date preceding such Payment Date or
Redemption Date by notice mailed prior to such Payment Date or Redemption Date which shall specify the amount then due and payable and such amount shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of
the Indenture Trustee or at the place specified by the Indenture Trustee in such notice. 
 The Issuer shall pay interest on overdue
installments of interest at the Class [A-1], [A-2-A],
[A-2-B], [A-3], [B], [C], [D] Interest Rate to the extent lawful. 

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

It is the intent of the Issuer, the Noteholders and the Note Owners that, for purposes of federal, state and local income, franchise and value
added tax, the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes the Class A-3 Notes, the Class B Notes, the Class C Notes and the Class D Notes (other than any Notes that are owned during
any period of time by either the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes) shall constitute indebtedness. The Noteholders, by acceptance of this Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness. 
 Each Noteholder and Note Owner, by
accepting this Note or, in the case of a Note Owner, a beneficial interest in this Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in
respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other
Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment
of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party to the Indenture or any other creditor
of such Bankruptcy Remote Party and (ii) such party shall not commence, join with any other Person in 

  

					
		 	A-1-7	  	Indenture (Drive 2018-5)

 
commencing or institute, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now
or hereafter in effect in any jurisdiction. 
 THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
		 	A-1-8	  	Indenture (Drive 2018-5)

 ASSIGNMENT 
  

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

  
  

FOR VALUE RECEIVED, the undersigned hereby sells, 

			
	assigns and transfers unto	 	  

                     
                                       (name and
address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the
premises. 
  

			
	
Dated:                  
   
                                         
                                         
                                         
                              
*/

 
			
		
	 	  	Signature Guaranteed:
		
	 	  	                                     
                                         
          
	 	  	Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation
in
STAMP or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

  
  

	*/	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note in every particular without alteration, enlargement or any change whatsoever. 

  

					
		 	A-1-9	  	Indenture (Drive 2018-5)

 EXHIBIT A-2 

FORM OF 144A 

CLASS [A-1]
[A-2-A] [A-2-B] [A-3] [B] [C] [D] NOTES

  

			
	REGISTERED	  	
	No. R-            	  	
		  	$            
	 	  	CUSIP NO. [            ]
	 	  	ISIN.           [            ]

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS
OF $1,000 IN EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS
THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS U.S. CORPORATE AFFILIATES (OR DISREGARDED ENTITIES THEREOF) AND
(B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. ANY
TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, 

  

					
		 	A-2-1	  	Indenture (Drive 2018-5)

 
AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE
ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE
ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU (AND, IF YOU ARE A PLAN (AS DEFINED BELOW), YOUR FIDUCIARY) (A) SHALL BE
DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE SERVICER, ANY INITIAL PURCHASER OF THIS NOTE AND THE INDENTURE TRUSTEE, THAT EITHER (I) YOU ARE NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) ON BEHALF OF, OR WITH THE
ASSETS OF, ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH,
A “BENEFIT PLAN”) OR ANY PLAN THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR INTEREST
HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND THAT CERTAIN OTHER REQUIREMENTS ARE SATISFIED, AS
SET FORTH IN THE INDENTURE AND (B) ACKNOWLEDGE AND AGREE IF YOU ARE A BENEFIT PLAN OR A PLAN THAT IS SUBJECT TO SIMILAR LAW THAT YOU SHALL NOT ACQUIRE THIS NOTE (OR INTEREST HEREIN) AT ANY TIME THAT THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT
GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT
SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT
OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

  

					
		 	A-2-2	  	Indenture (Drive 2018-5)

 DRIVE AUTO RECEIVABLES TRUST 2018-5 

[CLASS A-1 2.68461%][CLASS
A-2-A 3.08%] [CLASS A-2-B LIBOR + 0.32%] [CLASS
A-3 3.34%] 
 [CLASS B 3.68%] [CLASS C 3.99%] [CLASS D 4.30%] 

AUTO LOAN ASSET BACKED NOTES 

Drive Auto Receivables Trust 2018-5, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [                    ], or
registered assigns, the principal sum of [        ] DOLLARS ($[        ]), in monthly installments on the 15th of each month, or if such day is not a Business Day, on
the immediately succeeding Business Day, commencing on December 17, 2018 (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2-A] [A-2-B]
[A-3] [B] [C] [D] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment
Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4
of the Sale and Servicing Agreement; provided, however, that the entire unpaid Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance shall be due and payable on the earliest of (i)
[                    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [preceding
Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date] 1 [15th day of the prior calendar month (or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the 15th day
of the calendar month in which such Payment Date occurs]2. Interest will be computed on the basis of [Class A-1, A-2-B: actual days elapsed and a 360-day year] [Class A-2-A, A-3, B, C, D: a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States as
at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid
principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the
same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 
  

	1 	 The Class A-1 and A-2-B Notes. 

	2 	 The Class A-2-A, A-3, B, C and D Notes. 

  

					
		 	A-2-3	  	Indenture (Drive 2018-5)

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually by its
Authorized Officer. 
 Dated:             , 2018 

 

			
	DRIVE AUTO RECEIVABLES TRUST 2018-5
	
	By: Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
		 	A-2-4	  	Indenture (Drive 2018-5)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

Dated:             , 2018 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

		 	Authorized Signatory

  

					
		 	A-2-5	  	Indenture (Drive 2018-5)

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
2.68461%][Class A-2-A 3.08%] [Class A-2-B LIBOR + 0.32%] [Class A-3 3.34%] [Class B 3.68%] [Class C 3.99%] [Class D 4.30%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Notes” or the “Notes”), all issued
under an Indenture, dated as of November 20, 2018 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wilmington Trust, National Association, a national banking association, not in
its individual capacity but solely as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are
not otherwise defined herein and that are defined in the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in Appendix A of the Sale and Servicing Agreement. 

The Class A-1 Notes, the
Class A-2-A Notes, the Class A-2-B Notes, the
Class A-3 Notes, the Class B Notes, the Class C Notes and the Class D Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 
 Principal
payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance shall be
due and payable on the earliest of (i) [                    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any,
pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class
[A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Notes shall be made pro rata to the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Noteholders entitled thereto. 

Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed first-class, postage prepaid, to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a
Payment Date or Redemption Date, then the Indenture 

  

					
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Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the close of business on the Record Date preceding such Payment Date or
Redemption Date by notice mailed prior to such Payment Date or Redemption Date which shall specify the amount then due and payable and such amount shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of
the Indenture Trustee or at the place specified by the Indenture Trustee in such notice. 
 The Issuer shall pay interest on overdue
installments of interest at the Class [A-1] [A-2-A]
[A-2-B] [A-3] [B] [C] [D] Interest Rate to the extent lawful. 

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

It is the intent of the Issuer, the Noteholders and the Note Owners that, for purposes of federal, state and local income, franchise and value
added tax, the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes and the Class D Notes (other than any Notes that are owned during
any period of time by either the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes) shall constitute indebtedness. The Noteholders, by acceptance of this Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness. 
 Each Noteholder and Note Owner, by
accepting this Note or, in the case of a Note Owner, a beneficial interest in this Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in
respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other
Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment
of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party to the Indenture or any other creditor
of such Bankruptcy Remote Party and (ii) such party shall not commence, join with any other Person in 

  

					
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commencing or institute, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now
or hereafter in effect in any jurisdiction. 
 THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
		 	A-2-8	  	Indenture (Drive 2018-5)

 ASSIGNMENT 

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

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

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints                      , attorney, to transfer said Note on the books
kept for registration thereof, with full power of substitution in the premises. 
  

			
	Dated:                     	  	                                   
                     */            

 Signature Guaranteed: 
  

                       
                                         
                 
 Signatures must be guaranteed by an
“eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 

	*/	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note in every particular without alteration, enlargement or any change whatsoever. 

  

					
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