Document:

EX-10.4

 Exhibit 10.4 

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2015-3 

AMENDED AND RESTATED 

TRUST AGREEMENT 
 between

 SANTANDER DRIVE AUTO RECEIVABLES LLC, 

as the Seller 
 and

 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as the Owner Trustee 

Dated as of June 24, 2015 

  

					
					 Amended and Restated

Trust Agreement (2015-3)

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I         DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1.
	  	 Capitalized Terms
	  	 	1	  
	 SECTION 1.2.
	  	 Other Interpretive Provisions
	  	 	1	  
		
	 ARTICLE II        ORGANIZATION
	  	 	2	  
			
	 SECTION 2.1.
	  	 Name
	  	 	2	  
	 SECTION 2.2.
	  	 Office
	  	 	2	  
	 SECTION 2.3.
	  	 Purposes and Powers
	  	 	2	  
	 SECTION 2.4.
	  	 Appointment of the Owner Trustee
	  	 	3	  
	 SECTION 2.5.
	  	 Initial Capital Contribution of Trust Estate
	  	 	3	  
	 SECTION 2.6.
	  	 Declaration of Trust
	  	 	3	  
	 SECTION 2.7.
	  	 Organizational Expenses; Liabilities of the Holders
	  	 	4	  
	 SECTION 2.8.
	  	 Title to the Trust Estate
	  	 	4	  
	 SECTION 2.9.
	  	 Representations and Warranties of the Seller
	  	 	4	  
	 SECTION 2.10.
	  	 Situs of Issuer
	  	 	5	  
	 SECTION 2.11.
	  	 Covenants of the Certificateholders
	  	 	5	  
	 SECTION 2.12.
	  	 Federal Income Tax Allocations
	  	 	5	  
		
	 ARTICLE III      CERTIFICATES AND TRANSFER OF CERTIFICATES
	  	 	6	  
			
	 SECTION 3.1.
	  	 Initial Ownership
	  	 	6	  
	 SECTION 3.2.
	  	 Authorization of the Certificates
	  	 	6	  
	 SECTION 3.3.
	  	 Book-Entry Certificates
	  	 	6	  
	 SECTION 3.4.
	  	 Notices to Clearing Agency
	  	 	8	  
	 SECTION 3.5.
	  	 Definitive Certificates
	  	 	8	  
	 SECTION 3.6.
	  	 Registration of the Certificates
	  	 	9	  
	 SECTION 3.7.
	  	 Transfer of the Certificates
	  	 	10	  
	 SECTION 3.8.
	  	 Appointment of the Certificate Paying Agent
	  	 	16	  
	 SECTION 3.9.
	  	 Maintenance of Office or Agency
	  	 	17	  
	 SECTION 3.10.
	  	 Relevant Trustee
	  	 	17	  
	 SECTION 3.11.
	  	 Statement to Certificateholders
	  	 	17	  
		
	 ARTICLE IV      ACTIONS BY OWNER TRUSTEE
	  	 	18	  
			
	 SECTION 4.1.
	  	 Prior Notice to Certificateholders with Respect to Certain Matters
	  	 	18	  
	 SECTION 4.2.
	  	 Action by Certificateholders with Respect to Certain Matters
	  	 	18	  
	 SECTION 4.3.
	  	 Action by Certificateholders with Respect to Bankruptcy
	  	 	19	  
	 SECTION 4.4.
	  	 Restrictions on Certificateholders’ Power
	  	 	19	  
	 SECTION 4.5.
	  	 Acts of Certificateholders; Majority Control
	  	 	19	  
		
	 ARTICLE V       APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	20	  
			
	 SECTION 5.1.
	  	 Application of Trust Funds
	  	 	20	  
	 SECTION 5.2.
	  	 Method of Payment
	  	 	20	  
	 SECTION 5.3.
	  	 Reports by Owner Trustee to Certificateholders
	  	 	20	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 5.4.
	  	 Certificate Distribution Account
	  	 	21	  
	 SECTION 5.5.
	  	 Withholding
	  	 	21	  
	 SECTION 5.6.
	  	 Preservation of Information; Communications to Certificateholders
	  	 	22	  
	 SECTION 5.7.
	  	 Rule 144A Information
	  	 	22	  
		
	 ARTICLE VI      AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	23	  
			
	 SECTION 6.1.
	  	 General Authority
	  	 	23	  
	 SECTION 6.2.
	  	 General Duties
	  	 	23	  
	 SECTION 6.3.
	  	 Action upon Instruction
	  	 	24	  
	 SECTION 6.4.
	  	 No Duties Except as Specified in this Agreement or in Instructions
	  	 	24	  
	 SECTION 6.5.
	  	 No Action Except under Specified Documents or Instructions
	  	 	25	  
	 SECTION 6.6.
	  	 Restrictions
	  	 	25	  
		
	 ARTICLE VII     CONCERNING OWNER TRUSTEE
	  	 	25	  
			
	 SECTION 7.1.
	  	 Acceptance of Trusts and Duties
	  	 	25	  
	 SECTION 7.2.
	  	 Furnishing of Documents
	  	 	27	  
	 SECTION 7.3.
	  	 Notice of Events of Default and Servicer Replacement Event
	  	 	28	  
	 SECTION 7.4.
	  	 Representations and Warranties
	  	 	28	  
	 SECTION 7.5.
	  	 Reliance; Advice of Counsel
	  	 	28	  
	 SECTION 7.6.
	  	 Not Acting in Individual Capacity
	  	 	29	  
	 SECTION 7.7.
	  	 The Owner Trustee May Own Notes
	  	 	29	  
	 SECTION 7.8.
	  	 Compliance with Patriot Act
	  	 	29	  
		
	 ARTICLE VIII    COMPENSATION OF OWNER TRUSTEE
	  	 	29	  
			
	 SECTION 8.1.
	  	 The Owner Trustee’s Compensation
	  	 	29	  
	 SECTION 8.2.
	  	 Indemnification
	  	 	30	  
	 SECTION 8.3.
	  	 Payments to the Owner Trustee
	  	 	30	  
		
	 ARTICLE IX      TERMINATION OF TRUST AGREEMENT
	  	 	30	  
			
	 SECTION 9.1.
	  	 Dissolution of Issuer
	  	 	30	  
	 SECTION 9.2.
	  	 Termination of Trust Agreement
	  	 	31	  
	 SECTION 9.3.
	  	 Limitations on Termination
	  	 	32	  
		
	 ARTICLE X       SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	32	  
			
	 SECTION 10.1.
	  	 Eligibility Requirements for the Owner Trustee
	  	 	32	  
	 SECTION 10.2.
	  	 Resignation or Removal of the Owner Trustee
	  	 	32	  
	 SECTION 10.3.
	  	 Successor Owner Trustee
	  	 	33	  
	 SECTION 10.4.
	  	 Merger or Consolidation of the Owner Trustee
	  	 	34	  
	 SECTION 10.5.
	  	 Appointment of Co-Trustee or Separate Trustee
	  	 	34	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE XI      MISCELLANEOUS
	  	 	35	  
			
	 SECTION 11.1.
	  	 Amendments
	  	 	35	  
	 SECTION 11.2.
	  	 No Legal Title to Trust Estate in Certificateholders
	  	 	37	  
	 SECTION 11.3.
	  	 Limitations on Rights of Others
	  	 	37	  
	 SECTION 11.4.
	  	 Notices
	  	 	37	  
	 SECTION 11.5.
	  	 Severability
	  	 	37	  
	 SECTION 11.6.
	  	 Separate Counterparts
	  	 	37	  
	 SECTION 11.7.
	  	 Successors and Assigns
	  	 	37	  
	 SECTION 11.8.
	  	 No Petition
	  	 	38	  
	 SECTION 11.9.
	  	 Information Request
	  	 	39	  
	 SECTION 11.10.
	  	 Headings
	  	 	39	  
	 SECTION 11.11.
	  	 GOVERNING LAW
	  	 	39	  
	 SECTION 11.12.
	  	 Waiver of Jury Trial
	  	 	39	  
	 SECTION 11.13.
	  	 Form 10-D and Form 10-K Filings
	  	 	39	  
	 SECTION 11.14.
	  	 Form 8-K Filings
	  	 	39	  
	 SECTION 11.15.
	  	 Information to Be Provided by the Owner Trustee
	  	 	39	  
	 SECTION 11.16.
	  	 Third-Party Beneficiaries
	  	 	40	  
	Exhibit A – Form of Certificate	  			
	Exhibit B – Form of Certificate Investor Representation Letter	  			
	Exhibit C – Form of Registration of Certificate Transfer Direction Letter	  			

  
 -iii- 

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of June 24, 2015 (as
amended, supplemented or otherwise modified and in effect from time to time, this “Agreement” or this “Trust Agreement”) between SANTANDER DRIVE AUTO RECEIVABLES LLC, a Delaware limited liability company, as
the Seller (the “Seller”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as the owner trustee (“Wilmington Trust” and in such capacity the “Owner Trustee”).

 RECITALS 

WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as of May 21, 2015 (the “Original Trust
Agreement”) and filed a certificate of trust with the Secretary of State of the State of Delaware, pursuant to which the Issuer (as defined below) was created; and 

WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and restate the Original Trust Agreement; 

NOW THEREFORE, IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1.
Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise
modified and in effect, the “Sale and Servicing Agreement”) between the Issuer, the Seller, the Servicer, and Deutsche Bank Trust Company Americas, as Indenture Trustee. 

SECTION 1.2. Other Interpretive Provisions. All terms defined in this Agreement shall have the defined meanings when used in any
certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise
defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and
GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words
“hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit
are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other
subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f) references to any law or regulation refer to that law or regulation as amended
from time to time and include any successor law or regulation; and (g) references to any Person include that Person’s successors and assigns. 

  

					
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Trust Agreement (2015-3)

 ARTICLE II 

ORGANIZATION 
 SECTION
2.1. Name. The trust created under the Original Trust Agreement shall be known as “Santander Drive Auto Receivables Trust 2015-3” (the “Issuer”), in which name the Owner Trustee, the Administrator or the Servicer
(to the extent set forth in the Transaction Documents) may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 

SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other
address as the Owner Trustee may designate by written notice to the Certificateholders, the Seller and the Administrator. 
 SECTION
2.3. Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities: 

(a) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and to sell, transfer and
exchange the Notes and the Certificates and to pay interest on and principal of the Notes and make distributions to the Certificateholders; 

(b) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Seller pursuant to the terms
thereof, to make deposits to and withdrawals from the Collection Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of the Issuer; 

(c) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and
distribute to the Certificateholders any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 

(d) to enter into and perform its obligations under the Transaction Documents to which it is a party; 

(e) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish
the foregoing or are incidental thereto or connected therewith, including entering into an accession agreement; and 
 (f)
subject to compliance with the Transaction Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholders and payments to the
Noteholders. 

  

					
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Trust Agreement (2015-3)

 Each of the Owner Trustee and the Administrator, as applicable, is hereby authorized to engage in the foregoing
activities on behalf of the Issuer. Neither the Issuer nor any Person acting on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or
the other Transaction Documents. 
 SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby appoints the Owner
Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties set forth herein. 

SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Seller sold, assigned,
transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall
be deposited in the Collection Account. 
 SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will
hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto
that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for federal income or state
and local income, franchise and value added tax purposes, so long as there is a single beneficial owner of the Certificates, the Issuer will be disregarded as an entity separate from such beneficial owner and the Notes will be characterized as debt.
The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an
entity separate from its owner. In the event that the Issuer is deemed to have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer
as a partnership (that is not treated as a publicly traded partnership), and this Agreement may be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date
hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. It is the intention of the
parties hereto that except as expressly stated herein, the affairs of the Trust shall be managed by the Administrator pursuant to the Administration Agreement. The Owner Trustee has heretofore filed the Certificate of Trust with the Secretary of
State of the State of Delaware as required by Section 3810(a) of the Statutory Trust Statute, such filing hereby being ratified and approved in all respects. Notwithstanding anything herein or in the Statutory Trust Statute to the contrary, it
is the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 

  

					
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Trust Agreement (2015-3)

 SECTION 2.7. Organizational Expenses; Liabilities of the Holders. 

(a) The Servicer shall pay organizational expenses of the Issuer as they may arise. 

(b) No Certificateholder (including the Seller if the Seller becomes a Certificateholder) shall have any personal liability for
any liability or obligation of the Issuer. 
 SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate
shall be vested at all times in the Issuer as a separate legal entity.  
 SECTION 2.9. Representations and Warranties of
the Seller. The Seller hereby represents and warrants to the Owner Trustee that:  
 (a) Existence and
Power. The Seller is a Delaware limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full power and authority required to own its assets and operate its
business as presently owned or operated, and to execute, to deliver and to perform its obligations under the Transaction Documents to which it is a party. The Seller has obtained all necessary licenses and approvals in each jurisdiction where the
failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents and the Underwriting Agreement. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Seller of each Transaction
Document to which it is a party and the Underwriting Agreement (i) have been duly authorized by all necessary action on the part of the Seller and (ii) do not violate or constitute a default under (A) any applicable law, rule or
regulation, (B) its organizational instruments or (C) any material agreement or instrument to which the Seller is a party or by which its properties are bound (other than violations of such laws, rules, regulations, organizational
instruments, agreements or instruments which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or
the Seller’s ability to perform its obligations under, the Transaction Documents to which it is a party). 
 (c) No
Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document other than UCC filings
and other than (i) approvals and authorizations that have previously been obtained and filings which have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse
effect on the ability of the Seller to perform its obligations under the Underwriting Agreement or the Transaction Documents to which it is a party. 

(d) Binding Effect. Each of the Transaction Documents to which the Seller is a party and the Underwriting Agreement
constitutes the legal, valid and binding 

  

					
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Trust Agreement (2015-3)

 
obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or
other similar laws of general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 

(e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of the Seller,
threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents or (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its
obligations under this Agreement or any of the other Transaction Documents. 
 (f) To the best of the Seller’s
knowledge, as of the date of hereof, no amounts are required to be deducted or withheld pursuant to FATCA with respect to payments to be made to the Certificateholders hereunder or under the Sale and Servicing Agreement. If the Seller has
actual knowledge that withholding tax under FATCA applies with respect to one or more payments on a Certificate, the Seller will notify the Owner Trustee, the Indenture Trustee and the Certificate Paying Agent of such fact. 

SECTION 2.10. Situs of Issuer. The Issuer shall be located in the State of Delaware (it being understood that the Issuer may have bank
accounts located and maintained outside of Delaware). 
 SECTION 2.11. Covenants of the Certificateholders. Each Certificateholder,
by becoming an owner of a Certificate and beneficial owner of the Issuer, hereby acknowledges and agrees (a) that the Certificateholder is subject to the terms, provisions and conditions of the Certificate, to which the Certificateholder agrees
to be bound; and (b) that it shall not take any position in such Certificateholder’s tax returns inconsistent with Section 2.6 herein and Section 2.14 of the Indenture. 

SECTION 2.12. Federal Income Tax Allocations. If the Certificates have more than one beneficial owner for federal income tax purposes,
for federal income tax purposes each item of income, gain, loss, credit and deduction for a month shall be allocated to the Certificateholders as of the first Record Date following the end of such month in proportion to their Percentage Interests on
such Record Date. The Seller (or the Administrator in accordance with the Administration Agreement and Section 5.3) is authorized, in its sole discretion, (i) to modify the allocations in this paragraph if necessary or appropriate
for the allocations to fairly reflect the economic income, gain or loss to the Certificateholders or otherwise comply with the requirements of the Code and (ii) to determine whether or not to make any available tax elections such as an election
under Section 1278 or 754 of the Code. 

  

					
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 ARTICLE III 

CERTIFICATES AND TRANSFER OF CERTIFICATES 

SECTION 3.1. Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be
the sole beneficiary of the Issuer, and upon the issuance of the Certificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder. 

SECTION 3.2. Authorization of the Certificates. Concurrently with the sale of the Transferred Assets to the Issuer pursuant to
the Sale and Servicing Agreement, at the direction of the Seller, (a) a single Book-Entry Certificate shall be executed by the Owner Trustee on behalf of the Issuer and authenticated and delivered by the Certificate Registrar in the name of
Cede & Co. or (b) a single Definitive Certificate shall be executed by the Owner Trustee on behalf of the Issuer and authenticated and delivered by the Certificate Registrar to or upon the written order of the Seller. The Certificate
shall represent 100% of the Percentage Interest in the Issuer and shall be fully paid and nonassessable. 
 SECTION 3.3.
Book-Entry Certificates. 
 (a) The Certificate, upon original issuance, may be issued, substantially in the form of
Exhibit A hereto, representing the Certificate to be delivered to the Certificate Registrar, as initial agent for the Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Certificate shall be issued in an aggregate nominal
principal amount of $100,000 (which shall be deemed to be the equivalent of 100,000 units), and all beneficial interests in the Book-Entry Certificate shall be owned, in the minimum principal amount of $5,000 and integral multiples of $1 in excess
thereof. The Issuer shall not issue any Certificate that would cause the aggregate nominal principal amount of all Certificates to exceed $100,000, or 100,000 units, without the prior written consent of all Certificateholders. No distributions of
moneys to the Certificateholders under the Transaction Documents shall be deemed to reduce the nominal principal amount of any Certificate prior to payment in full of all Notes; provided, however, that the final aggregate $100,000 distributed
to the Certificateholders under the Transaction Documents upon final distribution of the Trust Estate and termination of the Issuer pursuant to Sections 9.1 and 9.2 shall be deemed to repay the aggregate nominal principal amount of the
Certificates in full; provided, further, that any failure to pay in full the nominal principal amount of a Certificate on such final distribution date shall not result in any recourse to, claim against or liability of any Person for such
shortfall. Any amounts payable to the Certificateholders on or in respect of the Certificates under the Transaction Documents shall be paid and allocated to the various Certificateholders ratably based on their respective Percentage Interests.
Unless the Seller directs otherwise pursuant to Section 3.2, such Certificates shall initially be registered on the Certificate Register in the name of Cede & Co., the nominee of DTC as the initial Clearing Agency, and no
Certificateholder will receive a Definitive Certificate representing such Certificateholder’s interest in such Certificate, except as provided in Section 3.5. Unless and until definitive, fully registered Certificates (the
“Definitive Certificates”) have been issued to the applicable Certificateholders pursuant to Section 3.2 or 3.5: 

(i) the provisions of this Section shall be in full force and effect; 

  

					
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 (ii) the Certificate Registrar, the Certificate Paying Agent, the Indenture
Trustee and the Owner Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including the payment of amounts payable under the Transaction Documents and the giving of instructions or directions hereunder) as
the sole Certificateholders, and shall have no obligation to the Certificate Owners; 
 (iii) to the extent that the
provisions of this Section conflict with any other provisions of this Agreement, the provisions of this Section shall control; 

(iv) the rights of Certificate Owners shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between or among such Certificate 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 Certificates are issued pursuant to Section 3.5, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments due under the Transaction Documents with
regard to the Certificates to such Clearing Agency Participants; 
 (v) whenever this Agreement requires or permits actions
to be taken based upon instructions or directions of Certificateholders evidencing a specified percentage of the Percentage Interest, the Clearing Agency shall deliver instructions to the Owner Trustee only to the extent that it has received
instructions to such effect from Certificate 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
Certificates; 
 (vi) owners of a beneficial interest in a Book-Entry Certificate will not be entitled to have any portion
of a Book-Entry Certificate registered in their names and will not be considered to be the Certificate Owners or Certificateholders of any Certificates under this Agreement; and 

(vii) payments on a Book-Entry Certificate will be made to the Clearing Agency, or its nominee, as the registered owner
thereof, and none of the Issuer, the Owner Trustee, the Indenture Trustee or the Certificate Paying Agent will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests in a Book-Entry Certificate or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests. 

  

					
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 (b) Notwithstanding any provision to the contrary herein, so long as a Book-Entry
Certificate remains outstanding and is held by or on behalf of the Clearing Agency, transfers of a Book-Entry Certificate, in whole or in part, shall only be made in accordance with Section 3.3(a). Subject to clauses
(i) through (iii) of Section 3.3(a), transfers of a Book-Entry Certificate shall be limited to transfers of such Book-Entry Certificate in whole, but not in part, to a nominee of the Clearing Agency or to a successor
of the Clearing Agency or such successor’s nominee. 
 In the event that a Book-Entry Certificate is exchanged for one
or more Definitive Certificates pursuant to Section 3.5, such Certificates may be exchanged for one another only in accordance with the provisions of this Agreement and with such procedures as may be from time to time adopted by the
Issuer and the Owner Trustee. 
 SECTION 3.4. Notices to Clearing Agency. Whenever a notice or other communication to the
Certificateholders is required under this Agreement, unless and until Definitive Certificates shall have been issued to Certificate Owners pursuant to Section 3.5, the Owner Trustee shall give all such notices and communications
specified herein to be given to the Certificateholders to the Clearing Agency, and shall have no obligation to the Certificate Owners. 

SECTION 3.5. Definitive Certificates. 

(a) If (i) the Seller advises the Owner Trustee and the Indenture Trustee in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the Certificates, and the Seller is unable to locate a qualified successor or (ii) the Seller at its option advises the Owner Trustee and the Indenture Trustee in
writing that it elects to terminate the book-entry system through the Clearing Agency, then the Clearing Agency shall notify all Certificate Owners and the Certificate Paying Agent of the occurrence of any such event and of the availability of
Definitive Certificates representing the Certificates to Certificate Owners requesting the same. Upon surrender to the Certificate Registrar of the typewritten Certificate or Certificates representing the Book-Entry Certificates by the Clearing
Agency, accompanied by re-registration instructions, the Owner Trustee shall execute and the Certificate Registrar shall register, authenticate and deliver the Definitive Certificates representing the Certificates in accordance with the instructions
of the Clearing Agency. None of the Issuer, Certificate Registrar, the Indenture Trustee or the Owner 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 Certificates representing the Certificates, the Owner Trustee, the Certificate Registrar, the Certificate Paying Agent and the Indenture Trustee shall recognize such Holders of the Definitive
Certificates as the applicable Certificateholders. 

  

					
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 (b) Subject to the transfer restrictions contained herein and in the
Certificates, any Holder of a Definitive Certificate may transfer all or any portion of the Percentage Interest (subject to the requirements set forth in Sections 3.3 and 3.7) evidenced by such Certificate upon surrender thereof to the
Certificate Registrar accompanied by the documents required by this Section 3.5. Such transfer may be made by a registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the
Certificate Registrar accompanied by (a) a written instrument of transfer in the form of the “Assignment” attached to the Form of Certificate attached hereto as Exhibit A and with such signature guarantees and evidence of
authority of the Persons signing the instrument of transfer as the Certificate Registrar may reasonably require, (b) an executed direction letter regarding registration of such transfer in the form attached hereto as Exhibit C,
(c) unless the transferee is a U.S. Affiliate of the Seller, an executed Certificate Investor Representation Letter in the form of Exhibit B (unless the Seller shall have received an opinion of nationally recognized tax counsel to the
effect that such transfer without an executed Certificate Investor Representation Letter substantially in the form of Exhibit B 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 Seller shall have consented in writing that no such written representation letter is required) and (d) the documents required by Section 3.7(c) hereof. Promptly upon the receipt of such
documents and receipt by the Certificate Registrar of the transferor’s Certificate, the Certificate Registrar shall record the name of such transferee as a Certificateholder and its Percentage Interest in the Certificate Register and the Owner
Trustee shall execute, and the Certificate Registrar shall authenticate and deliver to such Certificateholder, a Certificate evidencing such Percentage Interest. In the event a transferor transfers only a portion of its Percentage Interest, the
Owner Trustee shall execute, and the Certificate Registrar shall register, authenticate and deliver to such transferor, a new Certificate evidencing such transferor’s new Percentage Interest and the Owner Trustee shall execute, and the
Certificate Registrar shall register, authenticate and deliver to such transferee, a new Certificate evidencing such transferee’s Percentage Interest. Subsequent to each transfer of a beneficial interest and upon the issuance of the new
Certificate or Certificates, the Certificate Registrar shall cancel and destroy in accordance with its customary practices the Certificate surrendered to it in connection with such transfer. The Owner Trustee, the Certificate Registrar and the
Indenture Trustee shall treat, for all purposes whatsoever (other than as required by Section 3.7 or under applicable law), the Person in whose name any Certificate is registered as the owner of the Percentage Interest evidenced by such
Certificate without regard to any notice to the contrary. 
 Definitive Certificates will not be eligible for clearing or settlement through
DTC, Euroclear or Clearstream. 
 SECTION 3.6. Registration of the Certificates. Deutsche Bank Trust Company Americas, as an agent of
the Issuer, in its capacity as “Certificate Registrar” (the “Certificate Registrar”) shall maintain at DB Services Americas, Inc., MC-JCK01-0218, 5022 Gate Parkway, Suite 200, Jacksonville, Florida 32256, or at the office
of any agent appointed by it and approved in writing by the Certificateholders at the time of such appointment, a register (the “Certificate  

  

					
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Register”) for the registration and transfer of any Certificate. Prior to the due presentment for registration of transfer of any Certificate, the Owner Trustee, the Indenture Trustee
and the Certificate Registrar or any agent of the Owner Trustee, the Indenture Trustee or the Certificate Registrar shall treat the Person in whose name any Certificate is registered (as of the applicable Record Date) as the owner of such
Certificate for the purpose of receiving distributions on such Certificate and for all other purposes whatsoever without regard to any notice to the contrary (other than as required by Section 3.7 or under applicable law). For the avoidance of
doubt, a Certificate is not negotiable, and the records maintained by the Certificate Registrar in the Certificate Register with respect to each Certificate and its related registered owner are intended to cause the Certificates to be issued in
registered form, within the meaning of Treasury Regulation section 5f.103-1(c), and shall record (a) the Percentage Interest evidenced by each Certificate and (b) all distributions made to each Certificateholder with respect to the
Issuer’s assets. The entries in the Certificate Register shall be conclusive absent manifest error. 
 SECTION 3.7. Transfer of the
Certificates. 
 (a) A Certificateholder may assign, convey or otherwise transfer all or any of its right, title and
interest in the related Certificate, subject to the restrictions set forth in Section 3.5 and this Section 3.7. Each purchaser and transferee (other than a U.S. Affiliate of the Seller) of a Certificate will be required to
provide a Certificate Investor Representation Letter substantially in the form of Exhibit B to the Certificate Registrar upon which it may conclusively rely (unless the Seller shall have received an opinion of nationally recognized tax
counsel to the effect that such transfer without an executed Certificate Investor Representation Letter substantially in the form of Exhibit B 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 Seller shall have consented in writing that no such written representation letter is required). 

By accepting and holding a Certificate (or any interest therein), the holder thereof shall be deemed to have represented and
warranted that it is not, and is not purchasing the Certificate (or any interest therein) on behalf of or with any assets of, a Benefit Plan or any governmental, non-U.S., church or any other employee benefit plan or retirement arrangement that is
subject to Similar Law. Subject to the transfer restrictions contained herein and in the Certificate, each Certificateholder may transfer all or any portion of the Percentage Interest evidenced by such Certificate upon delivery to the Certificate
Registrar of the documents required by Section 3.5 and this Section 3.7 and, in the case of a Definitive Certificate, surrender of such Definitive Certificate to the Certificate Registrar. Such transfer may be made by a
registered Certificateholder in person or by his attorney duly authorized in writing upon (i) in the case of a Definitive Certificate, surrender of such Certificate to the Certificate Registrar accompanied by (x) a written instrument of
transfer in the form of the “Assignment” attached to the Form of Certificate attached hereto as Exhibit A and with such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the
Certificate Registrar may reasonably require and (y) an executed direction letter regarding registration of such transfer in the form attached hereto as Exhibit C, (ii) unless the transferee is a U.S. corporate Affiliate of the
Seller (or disregarded entity thereof), an executed Certificate 

  

					
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Investor Representation Letter substantially in the form of Exhibit B (unless the Seller shall have received an opinion of nationally recognized tax counsel to the effect that such
transfer without an executed Certificate Investor Representation Letter substantially in the form of Exhibit B 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 Seller shall have consented in writing that no such written representation letter is required) and (iii) the documents required by clause (c) hereof. Promptly upon the receipt of such documents and, in
the case of a Definitive Certificate, receipt by the Certificate Registrar of the transferor’s Certificate, the Certificate Registrar shall record the name of such transferee as a Certificateholder and its Percentage Interest in the Certificate
Register and, in the case of a Definitive Certificate, the Owner Trustee shall execute, and the Certificate Registrar shall authenticate and deliver, to such Certificateholder a Certificate evidencing such Percentage Interest. In the event a
transferor transfers only a portion of its Percentage Interest, the Owner Trustee shall execute, and the Certificate Registrar shall register, authenticate and deliver to such transferor, a new Certificate evidencing such transferor’s new
Percentage Interest. Subsequent to a transfer and upon the issuance of a new Definitive Certificate or Definitive Certificates, the Certificate Registrar shall cancel and destroy the Definitive Certificate surrendered to it in connection with such
transfer. Unless otherwise provided under applicable law, the Owner Trustee, the Certificate Register and the Indenture Trustee may treat the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the
Issuer evidenced by such Certificate, without regard to any notice to the contrary. 
 (b) As a condition precedent to any
registration of transfer under this Section 3.7, the Certificate Registrar may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such
transfer. 
 (c) By accepting and holding a Certificate (or any interest therein), each transferee of a Certificate (other
than a U.S. Affiliate of the Seller) shall be deemed to have acknowledged, represented and agreed as follows: 
 (1) It (and
any Person for which it holds Certificates as agent or nominee) has neither acquired nor will it transfer any Certificate it purchases (or any interest therein) or cause any such Certificate (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. 
 (2) Unless the Seller has received an opinion from a nationally recognized tax counsel (which, for the
avoidance of doubt, may rely on reasonable representations of the applicable transferee or other applicable persons) that the proposed transfer, without the representation pursuant to this paragraph, 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 Seller has consented to such transfer in writing, 

  

					
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it (and any Person for which it holds Certificates as agent or nominee, collectively for purposes of this paragraph (2), a “transferee”) either (A) is not, and will not become, a
partnership, Subchapter S corporation or grantor trust for U.S. federal income tax purposes (or a disregarded entity the single owner of which is any of the foregoing) or (B) is such an entity, but no more than 50% of the value of any of the
direct or indirect beneficial interests in such transferee (or in the case of a disregarded entity, the interests of its single owner) is or will be attributable to such transferee’s (or in the case of a disregarded entity, the single
owner’s) interest in Non-Investment Grade Notes, Restricted Notes and the Certificates. 
 (3) It understands that if it
is acquiring any Certificate for the account of one or more Persons as agent or nominee, (A) it shall provide to the Certificate Registrar, the Indenture Trustee and the Seller information as to the number of such Persons and any changes in the
number of such Persons and (B) any such change in the number of Persons for whose account a Certificate is held shall require the written consent of the Administrator, on behalf of the Issuer, which consent shall be granted unless the Seller
determines that such proposed change in number of Persons would create a risk that the Issuer would be classified for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation. 

(4) It (and any Person for which it holds Certificates as agent or nominee) understands that no subsequent transfer of the
Certificates (or any interest therein) is permitted unless (A) such transfer is of a Certificate with a Percentage Interest of more than 5% (or of an interest in a Certificate representing a Percentage Interest of more than 5%) and (B) the
Seller, on behalf of the Issuer, consents in writing to the proposed transfer, which consent shall be granted unless the Seller determines that such transfer would either create a risk that the Issuer would be classified for federal or any
applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation (e.g., the transfer contravenes any of the provisions of this Section 3.7(c) or Section 3.7(h) or could cause the
number of beneficial owners of Non-Investment Grade Notes, Restricted Notes and the Certificates (or interests therein) in the aggregate to exceed 95). 

(5) Each registered owner of and, if different, each owner of a beneficial interest in, a Certificate is a “United States
person” (as defined in Code section 7701(a)(30)) and shall deliver to the Owner Trustee, the Administrator, the Indenture Trustee and the Certificate Paying Agent two properly completed and duly executed originals of U.S. Internal Revenue
Service Form W-9 (or applicable successor form) certifying that it is a United States person and not subject to backup withholding, or other information or documentation requested by the Administrator, the Indenture Trustee, the Certificate Paying
Agent or the Owner Trustee to determine, in its sole discretion, that payments on such Certificates will not be subject to withholding under U.S. tax law. 

(6) It (and any Person for which it holds Certificates as agent or nominee) understands that any attempted transfer that
contravenes any provisions of Section 3.5(b), Section 3.7(c) or Section 3.7(h) shall be a void transfer ab initio. 

  

					
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 (d) Each purchaser, beneficial owner and subsequent transferee of Certificates or
an interest therein will be required or deemed to acknowledge that the Issuer may provide any information concerning its investment in the Certificates to the U.S. Internal Revenue Service. In addition, each purchaser, beneficial owner and
subsequent transferee of Certificates or an interest therein will be required or deemed to understand and acknowledge that the Issuer has the right, hereunder, to withhold on any beneficial owner of an interest in a Certificate that fails to comply
with the foregoing requirements. 
 (e) Each Certificate shall bear a legend in substantially the following form, unless the
Seller determines otherwise in accordance with applicable law: 
 “THIS CERTIFICATE 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 CERTIFICATE 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 TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A OR (2) TO THE SELLER OR ANY OF ITS AFFILIATES AND BY THE SELLER OR ANY OF ITS AFFILIATES AS PART OF THE INITIAL DISTRIBUTION OR ANY REDISTRIBUTION OF THE CERTIFICATES BY THE SELLER OR ANY OF ITS AFFILIATES 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 TRUST AGREEMENT. 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 OWNER TRUSTEE, OR ANY INTERMEDIARY.
IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH CERTIFICATE OR PERCENTAGE INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE
OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE OR SUCH INTEREST IN SUCH CERTIFICATE VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  

					
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 BY ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN), EACH PURCHASER OR
TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON BEHALF OF OR WITH ANY ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS
SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE THE ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR (IV) ANY GOVERNMENT
PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE
(“SIMILAR LAW”). 
 EACH PURCHASER OR TRANSFEREE SHALL REPRESENT AND WARRANT THAT IT IS A U.S. PERSON. EACH
PURCHASER OR TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. 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 PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE PURCHASER OR TRANSFEREE OF SUCH
CERTIFICATE OR BENEFICIAL INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE OR SUCH
INTEREST IN SUCH CERTIFICATE VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

TRANSFERS OF THIS CERTIFICATE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE TRUST AGREEMENT. EACH PURCHASER OR TRANSFEREE OF THIS CERTIFICATE (OR INTEREST HEREIN) WILL BE REQUIRED TO 

  

					
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PROVIDE TO THE OWNER TRUSTEE, THE ADMINISTRATOR, THE INDENTURE TRUSTEE AND THE CERTIFICATE PAYING AGENT A CERTIFICATION OF NON-FOREIGN STATUS (E.G., IRS FORM W-9), SIGNED UNDER PENALTIES OF
PERJURY, OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE OWNER TRUSTEE, THE ADMINISTRATOR, THE INDENTURE TRUSTEE OR THE CERTIFICATE PAYING AGENT TO DETERMINE THAT PAYMENTS ON THIS CERTIFICATE WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX
LAW.” 
 (f) If (1) a transfer or attempted or purported transfer of any Certificate or interest therein was
consummated in compliance with the provisions of this Section 3.7 on the basis of a materially incorrect certification from the transferor or purported transferee, (2) a transferee of a Certificate failed to deliver to the
Certificate Registrar a Certificate Investor Representation Letter in the form of Exhibit B hereto or (3) the Certificateholder of any Certificate or interest therein is in material breach of any representation or agreement set forth in
any Certificate or any deemed representation or agreement of such Certificateholder, the Certificate Registrar, upon actual knowledge of such circumstances, will not register such attempted or purported transfer and, if a transfer has been
registered, such transfer shall be absolutely null and void ab initio and shall not operate to transfer any rights to the purported transferee (such purported transferee, a “Disqualified Transferee”) and the last preceding
Certificateholder of such Certificateholder that was not a Disqualified Transferee shall be restored to all rights as a Certificateholder thereof retroactively to the date of the purported transfer of such Certificate by such Certificateholder. 

(g) Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to the
Certificate Registrar, or (ii) the Certificate Registrar receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Certificate Registrar together with such
security or indemnity as may be requested by the Owner Trustee, the Indenture Trustee and the Certificate Registrar to save them harmless, the Owner Trustee shall execute, and the Certificate Registrar shall authenticate and deliver, a new
Certificate for the same Percentage Interest as the Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Certificate Registrar shall determine. Upon the issuance
of any new Certificate under this Section 3.7, the Issuer, the Indenture Trustee, the Certificate Registrar or the Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer, the Indenture Trustee, the Certificate Registrar and the Owner Trustee) connected
therewith. Any duplicate Certificate issued pursuant to this Section 3.7 shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time. 

  

					
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 (h) No transfer of the Certificates (or any interest therein) is permitted unless
(1) such transfer is of a Certificate with a Percentage Interest of more than 5% (or of an interest in a Certificate representing a Percentage Interest of more than 5%) and (2) the Seller, on behalf of the Issuer, consents in writing to
the proposed transfer, which consent shall be granted unless the Seller determines that such transfer would either create a risk that the Issuer would be classified for federal or any applicable state tax purposes as an association (or a publicly
traded partnership) taxable as a corporation (e.g., the transfer contravenes any of the provisions of Sections 3.7(c) or this Section 3.7(h) or could cause the number of beneficial owners of Non-Investment Grade Notes, Restricted
Notes and the Certificates (or interests therein) in the aggregate to exceed 95). 
 (i) In the case of the first
transfer of a Certificate that will result in the Issuer being deemed to have more than one beneficial owner for federal income tax purposes, the Seller shall be entitled to request an Initial Certificate Transfer Opinion. 

SECTION 3.8. Appointment of the Certificate Paying Agent. To the extent Definitive Certificates have been issued, the
Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee and the Servicer;
provided, however, that no such reports shall be required so long as the Seller or an affiliate of the Seller is the sole Certificateholder. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the
Certificate Distribution Account for the purpose of making the distributions referred to above. The Issuer may revoke such power and remove the Certificate Paying Agent if the Issuer determines in its sole discretion that the Certificate Paying
Agent shall have failed to perform its obligations under this Agreement in any material respect. The Certificate Paying Agent shall initially be Deutsche Bank Trust Company Americas, and any co-paying agent chosen by the Certificate Paying Agent.
Deutsche Bank Trust Company Americas shall be permitted to resign as Certificate Paying Agent upon thirty (30) days’ written notice to the Owner Trustee. If Deutsche Bank Trust Company Americas shall no longer be the Certificate Paying
Agent, the Issuer shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). The Issuer shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the
Issuer to execute and deliver an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Issuer that as Certificate Paying Agent, such successor Certificate Paying Agent or additional
Certificate Paying Agent shall hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Certificate
Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Owner Trustee. The rights, protections, indemnities
and immunities of the Indenture Trustee under the Indenture and the Sale and Servicing Agreement shall apply to Deutsche Bank Trust Company Americas in its role as Certificate Paying Agent, Certificate Registrar or Relevant Trustee for so long as it
shall act as Certificate Paying Agent, Certificate Registrar or Relevant Trustee and, to the extent applicable, to any other paying agent, certificate registrar or authenticating agent appointed hereunder. Any reference in this Agreement to the
Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 

  

					
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 SECTION 3.9. Maintenance of Office or Agency. As long as any of the Certificates
remain outstanding, the Issuer shall maintain an office or agency where Certificates may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Certificates and this Agreement
may be served. The Issuer hereby initially designates the Corporate Trust Office of the Certificate Registrar for the purposes of surrendering Certificates for registration or exchange of Certificates, and the Corporate Trust Office of the Owner
Trustee for all other purposes. The Issuer shall give prompt written notice to the Certificateholders, the Indenture Trustee and the Owner 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 and the Owner Trustee with the address thereof, such surrenders, notices and demands may be made or served at the applicable Corporate Trust
Office of the Owner Trustee, and the Issuer hereby appoints the Owner Trustee as its agent to receive all such surrenders, notices and demands. 

SECTION 3.10. Relevant Trustee. Following the payment in full of principal of, and interest on, the Notes and receipt of written
notification from the Servicer, the Certificate Paying Agent shall assume the role of Relevant Trustee and shall perform the express obligations of the Relevant Trustee under the Sale and Servicing Agreement. All of the same rights, protections,
indemnities and immunities of Deutsche Bank Trust Company Americas hereunder (individually and as Certificate Paying Agent) shall be equally applicable to Deutsche Bank Trust Company Americas in its role as Relevant Trustee under the Transaction
Documents. 
 SECTION 3.11. Statement to Certificateholders. To the extent the Certificate Paying Agent has assumed the
role of Relevant Trustee pursuant to the terms of Section 3.10;  
 (a) The Certificate Paying Agent may
make all reports or notices required to be provided by the Relevant Trustee under Section 4.6 of the Sale and Servicing Agreement available via its internet website; provided, however, that the Certificate Paying Agent shall, if
requested by the Administrator, deliver any such reports or notices in writing or via email to the Administrator. Any information that is disseminated in accordance with the provisions of this Section 3.11 shall not be required to be
disseminated in any other form or manner. The Certificate Paying Agent will make no representations or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. 

(b) The Certificate Paying Agent’s internet website shall be initially located at https://tss.sfs.db.com/investpublic or
at such other address as shall be specified by the Certificate Paying Agent from time to time in writing to the Certificateholders, the Servicer, the Issuer or any Paying Agent. In connection with providing access to the Certificate Paying
Agent’s internet website, the Certificate Paying Agent may require registration and the acceptance of a disclaimer. The Certificate Paying Agent shall not be liable for the dissemination of information in accordance with this Agreement. The
Certificate Paying Agent shall notify Certificateholders in writing of any changes in the address or means of access to the eRoom where the reports are accessible. 

(c) Upon receipt by the Certificate Paying Agent from the Seller of any reports or general loan data, the Certificate Paying
Agent will make such reports or data available to the Certificateholders via its internet website as specified pursuant to clause (b) above; provided, that the Certificate Paying Agent shall not be required to forward any such reports to
any Certificateholder who is the Seller or an Affiliate of the Seller. The Certificate Paying Agent shall have no duty or obligations to review, verify or confirm the reports or any information contained therein, and shall have no liability in
connection therewith. 

  

					
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 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, unless
the Administrator notifies the Owner Trustee that the Indenture, the Purchase Agreement or the Sale and Servicing Agreement, as applicable, provides that the consent of the Certificateholders shall not be required, the Owner Trustee shall not take
action unless at least 10 days before the taking of such action (or if 10 days’ advance notice is impracticable, as much advance notice as is practicable), the Owner Trustee shall have notified the Certificateholders in writing of the proposed
action and within 10 days of such notice (or such shorter time as specified in such notice) none of the Certificateholders shall have notified the Owner Trustee in writing that such Certificateholder has withheld consent or provided alternative
direction: 
 (a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is required; 
 (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent
of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

(c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration Agreement, except to cure
any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholders; or 

(d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the Note
Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
 SECTION 4.2. Action
by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Majority Certificateholders, to (a) except as expressly provided in the Transaction Documents, sell the
Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator under the
Administration Agreement pursuant to Section 8 thereof. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Majority Certificateholders. 

  

					
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 SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy.  

(a) The Issuer shall not, without the prior written consent of the Owner Trustee and 100% of the Certificateholders, commence a
Bankruptcy Event with respect to the Issuer. In considering whether to give or withhold written consent to the Bankruptcy Event by the Issuer, the Owner Trustee, with the consent of the Certificateholders, shall consider the interests of the
Noteholders in addition to the interests of the Issuer and whether the Issuer is insolvent. The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Event by the Issuer if the Owner Trustee shall not have been furnished (at
the expense of the Person that requested such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Issuer is then insolvent. The Owner Trustee
shall not be personally liable to any Noteholder or Certificateholder on account of the Owner Trustee’s good faith reliance on the provisions of this Section 4.3 and no Noteholder or Certificateholder shall have any claim for breach
of fiduciary duty or otherwise against the Owner Trustee for giving or withholding its consent to any such Bankruptcy Event. 

(b) The parties hereto stipulate and agree that no Certificateholder has the power to commence any Bankruptcy Action on the
part of the Issuer. 
 SECTION 4.4. Restrictions on Certificateholders’ Power. The Certificateholders shall not direct
the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to
Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5. Acts of
Certificateholders; Majority Control. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders 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 Owner 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 Certificateholders 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 Agreement and (subject to Article VI) conclusive in favor of the Owner Trustee and the Issuer, if made in the manner provided in this Section 4.5. 

  

					
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 (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 Owner Trustee deems sufficient. 
 (c) The ownership of Certificates shall be
proved by the Certificate Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other
action by any Certificateholder shall bind the Holder of every Certificate 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 Owner Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Certificate. 
 (e) Except as otherwise
provided herein, to the extent that there is more than one Certificateholder, any action which may be taken or consent or instructions which may be given by the Certificateholders under this Agreement may be taken by the Majority Certificateholders
at the time of such action. 
 ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

SECTION 5.1. Application of Trust Funds. Deposits into the Certificate Distribution Account shall be made in accordance with the
provisions of the Indenture, the Sale and Servicing Agreement and this Agreement. On each Payment Date to the extent Definitive Certificates have been issued, the Certificate Paying Agent shall withdraw from the Certificate Distribution Account and
distribute to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, all funds received in accordance with the provisions of the Indenture and this Agreement. Subject to the lien of the Indenture and
Section 5.5 of this Agreement, the Certificate Paying Agent shall promptly distribute to the Certificateholders all other amounts (if any) received by the Certificate Paying Agent on behalf of the Issuer in respect of the Trust Estate
(pro rata based on the Percentage Interest of each such Certificateholder). After the termination of the Indenture in accordance with its terms, the Certificate Paying Agent, in accordance with the written direction of the Administrator pursuant to
Section 9.1(a), shall distribute all amounts received (if any) by the Issuer, the Certificate Paying Agent and the Owner Trustee in respect of the Trust Estate to or at the direction of the Certificateholders subject to
Section 3808(e) of the Statutory Trust Statute. 
 SECTION 5.2. Method of Payment. Subject to the Indenture and the Sale
and Servicing Agreement, distributions required to be made to the Certificateholders on any Payment Date and all amounts received by the Issuer, the Indenture Trustee or the Owner Trustee on any other date that are payable to the Certificateholders
pursuant to this Agreement or any other Transaction Document shall be made to the Certificateholders by wire transfer, in immediately available funds, to the account of each Certificateholder designated by the Certificateholder to the Owner Trustee
and Indenture Trustee in writing. 
 SECTION 5.3. Reports by Owner Trustee to Certificateholders. (a) The Administrator shall
prepare, or, at the request and expense of the Administrator, the Owner Trustee shall 

  

					
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prepare (or cause to be prepared) and the Administrator shall sign on behalf of the Issuer, the Issuer’s tax returns, if any, unless applicable law requires a Certificateholder or the Owner
Trustee to sign such documents. 
 (a) The Administrator shall prepare and deliver, or, at the request of the Administrator,
the Certificate Paying Agent shall deliver (or cause to be delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1, if applicable) to
enable each Certificateholder to prepare its federal and state income tax returns. 
 (b) As long as the Issuer is treated as
a partnership for federal income tax purposes and the Seller or a U.S. Affiliate is a beneficial owner of a Certificate, to the extent allowed by the Code, the Seller or such U.S. Affiliate shall be designated the “tax matters partner” of
the Trust pursuant to Section 6231(a)(7) of the Code and applicable Treasury Regulations. If neither the Seller nor an Affiliate of the Seller is a beneficial owner of a Certificate, then the Certificateholder with the largest Percentage
Interest shall be designated the “tax matters partner” of the Issuer pursuant to Section 6231(a)(7) of the Code and applicable Treasury Regulations. 

SECTION 5.4. Certificate Distribution Account. The Certificate Distribution Account shall be established as a non-interest
bearing trust account pursuant to Section 4.1 of the Sale and Servicing Agreement. Funds on deposit in the Certificate Distribution Account shall be held uninvested. The Certificateholders shall possess all beneficial right, title and
interest in and to all funds on deposit from time to time in the Certificate Distribution Account and all proceeds thereof. Except as otherwise provided herein, in the Indenture or in the Sale and Servicing Agreement, the Certificate Distribution
Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Servicer on behalf of the
Issuer, shall, within ten (10) Business Days (or such longer period) after becoming aware of the fact, establish a new Certificate Distribution Account as an Eligible Account and shall direct the Certificate Paying Agent to transfer any cash
then on deposit in the Certificate Distribution Account to such new Certificate Distribution Account. 
 SECTION 5.5.
Withholding. 
 (a) If any withholding tax is imposed on the Issuer’s payment, distribution or allocation of
income to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.5; provided that the Owner Trustee, the Indenture Trustee or the Certificate Paying Agent
shall not have an obligation to withhold any such amount if and for so long as the Seller or a U.S. Affiliate of the Seller is the sole Certificateholder. The Owner Trustee, the Indenture Trustee or the Certificate Paying Agent is hereby authorized
and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee, the Indenture Trustee
or the Certificate Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if 

  

					
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permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a payment, distribution or allocation of income, the Owner
Trustee, the Indenture Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this Section 5.5. 

(b) With respect to any and all payments to a Certificateholder, (i) the Certificateholder will provide to the applicable
withholding agent (including the Owner Trustee, the Indenture Trustee or the Certificate Paying Agent), any documentation or certification required or reasonably appropriate for the such withholding agent to satisfy its obligations with respect to
FATCA, if any, and to determine whether any withholding tax may be required to be withheld pursuant to FATCA; and (ii) the Certificateholder acknowledges and agrees that the applicable withholding agent (including, if applicable, the Owner
Trustee, the Indenture Trustee or the Certificate Paying Agent) shall have the right to deduct and withhold any required U.S. withholding tax, including any withholding tax pursuant to FATCA, on any amounts payable with respect to the Certificates
(without any corresponding gross-up or other indemnification) if any such Certificateholder or beneficial owner either is subject to withholding under FATCA, fails to comply with the documentation requirements in clause (i), or otherwise
fails to establish a complete exemption from such withholding tax to the reasonable satisfaction of the applicable withholding agent (including, if applicable, the Owner Trustee, the Indenture Trustee or the Paying Agent). 

SECTION 5.6. Preservation of Information; Communications to Certificateholders. 

(a) The Certificate Registrar shall preserve, in as current a form as is reasonably practicable, the names and addresses of
Certificateholders received in its capacity as the Certificate Registrar and provide a copy thereof to the Owner Trustee and Certificate Paying Agent; provided, however, that so long as the Certificate Paying Agent is the Certificate Registrar, no
list separate from the Certificate Register shall be required to be provided to the Certificate Paying Agent. 
 (b) The
Certificateholders may communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates. Upon receipt by the Certificate Registrar of any written request by three or more Certificateholders or by
one or more Certificateholders holding in the aggregate more than 25% of the Percentage Interests to receive a copy of the most current list of Certificateholders together with a copy of the communication that the applicant proposes to send, the
Certificate Registrar shall, at the expense of the Issuer, distribute such list to the requesting Certificateholders; provided, that the Certificate Registrar may elect not to afford the requesting Certificateholders access to the list of
Certificateholders if it agrees to mail the desired communication or proxy, on behalf of and at the expense of the requesting Certificateholders, to all Certificateholders. 

(c) The Certificate Registrar shall promptly give notice to each Certificateholder of any change in the Indenture
Trustee’s website pursuant to which the statement pursuant to Section 4.6 of the Sale and Servicing Agreement is made available of which it has been provided notice pursuant to Section 4.6 of the Sale and Servicing
Agreement. 
 SECTION 5.7. 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 Certificateholder, the Seller shall promptly furnish or cause to be furnished Rule 144A Information to such Certificateholder,
to a prospective purchaser of such Certificate designated by such Certificateholder or to the Certificate Registrar for delivery to such Certificateholder or a prospective purchaser designated by such Certificateholder in order to permit compliance
by such Certificateholder with Rule 144A in connection with the resale of such Certificate by such Certificateholder. 

  

					
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 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and deliver (i) the Transaction Documents
to which the Issuer is named as a party and (ii) each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto,
in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and at the written direction of the Seller, to execute on behalf of the Issuer and to direct the Indenture Trustee to
authenticate and deliver Class A-1 Notes in the aggregate principal amount of $169,000,000, Class A-2-A Notes in the aggregate principal amount of $110,000,000, Class A-2-B Notes in the aggregate principal amount of $205,000,000,
Class A-3 Notes in the aggregate principal amount of $129,529,000, Class B Notes in the aggregate principal amount of $142,353,000, Class C Notes in the aggregate principal amount of $152,941,000, Class D Notes in the aggregate principal amount
of $91,177,000 and Class E Notes in the aggregate principal amount of $58,824,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Transaction
Documents. The Owner Trustee is further authorized from time to time to take such action as the Seller, the Administrator or the Majority Certificateholders direct in writing with respect to the Transaction Documents, except to the extent that this
Agreement expressly requires the consent of each Certificateholder for such action. 
 SECTION 6.2. General Duties. It shall be the
duty of the Owner Trustee to discharge (or cause to be discharged) all of its express responsibilities pursuant to the terms of this Agreement and the other Transaction Documents in the interest of the Certificateholders, subject to Transaction
Documents, and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the
Administrator has agreed in the Administration Agreement to perform any act or to discharge 

  

					
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any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no obligation to
administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. 

SECTION 6.3. Action upon Instruction. 

(a) Subject to Article IV, and in accordance with the Transaction Documents, the Certificateholders may, by written
instruction, direct the Owner Trustee or the Administrator in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV. 

(b) Subject to Section 7.1, the Owner Trustee shall not be required to take any action hereunder or under any
Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Transaction
Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses
of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to its application, or
is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted or
application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Majority Certificateholders (or, if specifically required hereunder, all
Certificateholders) received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction
Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction. 

SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby
 

  

					
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to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant
to Section 6.3; and no implied duties (including fiduciary duties existing at law or in equity) or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no
responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Commission
filing (including any filings required under the Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any Transaction Document. Wilmington Trust nevertheless agrees that it will, at its own cost and expense, promptly take all action as
may be necessary to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against, Wilmington Trust that are not related to the ownership or the administration of the Trust Estate or the Trust. 

SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell,
dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction
Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 

SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer
set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and
value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly
traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this
Section 6.6. 
 ARTICLE VII 

CONCERNING OWNER TRUSTEE 

SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this
Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its
own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.4 expressly made by Wilmington Trust in its individual capacity, (iii) for
liabilities arising from the failure of Wilmington Trust to perform obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) for taxes, fees or 

  

					
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other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exemptions set
forth in the preceding sentence): 
 (a) The Owner Trustee shall not be liable for any error of judgment made in good faith
by any officer or employee of the Owner Trustee. 
 (b) Under no circumstances shall the Owner Trustee be personally liable
hereunder for any indebtedness of the Issuer. 
 (c) The Owner Trustee shall not be personally liable for the payment of any
tax imposed on the Issuer or amounts that are includable in the federal gross income of the Certificateholders. 
 (d) No
provision of this Agreement shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of the Owner Trustee’s duties or powers hereunder, if the Owner Trustee believes or is
advised by its legal counsel that repayment of such funds or adequate indemnity against such risk or liability is not assured or provided to its reasonable satisfaction. 

(e) Under no circumstance shall the Owner Trustee be liable for any representation, warranty, covenant, or obligation or
indebtedness of the Issuer hereunder or under the Transaction Documents or any other agreement, document or certificate contemplated by the foregoing. 

(f) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by the Certificate Registrar
or the Certificate Paying Agent (when not the Owner Trustee) or by the Administrator, the Indenture Trustee or the Servicer and the Owner Trustee shall not be liable for performing or supervising the performance of any obligations or duties under
this Agreement, the Administration Agreement, the Sale and Servicing Agreement or the Indenture, or under any other document contemplated hereby or thereby, which are to be performed by the Certificate Registrar, the Certificate Paying Agent, the
Administrator, the Indenture Trustee or the Servicer or any other Person under such documents. 
 (g) The Owner Trustee shall
not be responsible for or in respect of the recitals herein, the validity or sufficiency of this Agreement, or for the due execution hereof by the Seller or for the form, character, genuineness, sufficiency, value or validity of the Trust Estate or
for or in respect of the validity or sufficiency of the Transaction Documents or any other document contemplated thereby to which the Owner Trustee is not a party. 

(h) Notwithstanding anything contained herein or in any of the Transaction Documents to the contrary, the Owner Trustee shall
not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with
or taking of any action in respect of, any state or other governmental 

  

					
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authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political
subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for
causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. 

(i) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the
instructions of the Certificateholders, the Servicer or the Administrator. 
 (j) The Owner Trustee shall be under no duty to
exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or written
direction of the Certificateholders, unless such Certificateholders have offered to provide to the Owner Trustee, to the extent requested by the Owner Trustee, security or indemnity satisfactory to it against the costs, expenses and liabilities that
may be incurred by the Owner Trustee therein or thereby. The Owner Trustee shall not be liable for the performance of any discretionary act enumerated in this Agreement or in any Transaction Document other than for its gross negligence, bad faith or
willful misconduct in the performance of any such act. 
 (k) All funds deposited with the Owner Trustee hereunder may be
held in a non-interest bearing account and the Owner Trustee shall not be liable for any interest thereon or for any loss as a result of the investment thereof at the direction of the Certificateholders. 

(l) In no event shall the Owner Trustee be liable for any damages in the nature of punitive, special, indirect or consequential
damages however styled, including, without limitation, lost profits, or for losses due to forces beyond the control of the Owner Trustee, including, without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services provided to the Owner Trustee. 

(m) The Owner Trustee shall not be deemed to have actual knowledge of any fact or event unless a Responsible Officer of the
Owner Trustee has received written notice of such fact or event. 
 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall
furnish to the Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under
the Transaction Documents. 

  

					
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 SECTION 7.3. Notice of Events of Default and Servicer Replacement Event. The Owner Trustee
shall promptly upon receipt of a list of Certificateholders from the Certificate Registrar give notice to each Certificateholder of any (a) Default or Event of Default of which it has been provided notice pursuant to Section 6.5 of
the Indenture and (b) Servicer Replacement Event of which it has been provided notice pursuant to Section 7.1 of the Sale and Servicing Agreement. 

SECTION 7.4. Representations and Warranties. Wilmington Trust hereby represents and warrants to the Seller for the benefit of the
Certificateholders, that: 
 (a) It is a national banking association duly formed and validly existing under the laws of the
United States of America and having an office within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner
Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of banks
generally and to equitable limitations on the availability of specific remedies. 
 (d) Neither the execution nor the
delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 

SECTION 7.5. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination
of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other Authorized Officers of the relevant party, as
to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this
Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or
misconduct of such agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected in good faith and (ii) may consult with counsel, accountants and other skilled persons knowledgeable in the relevant area
to be selected in good faith and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such persons. 

  

					
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 SECTION 7.6. Not Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created, Wilmington Trust acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by
this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 
 SECTION 7.7. The
Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Notes. The Owner Trustee may deal with the Seller, the Indenture Trustee, the Administrator, the Underwriters and their
respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Seller, the Indenture Trustee, the Administrator, the Underwriters and their respective Affiliates may maintain normal
commercial banking relationships with the Owner Trustee and its Affiliates. 
 SECTION 7.8. Compliance with Patriot Act. In order to
comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the
Owner Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Owner Trustee. Accordingly, the Seller shall cause to be provided to the Owner Trustee
upon its reasonable request from time to time such identifying information and documentation as may be available to the Seller in order to enable the Owner Trustee to comply with Applicable Law. 

ARTICLE VIII 

COMPENSATION OF OWNER TRUSTEE 

SECTION 8.1. The Owner Trustee’s Compensation. The Issuer shall cause the Servicer to pay to Wilmington Trust pursuant to
Section 3.11 of the Sale and Servicing Agreement from time to time compensation for all services rendered by Wilmington Trust under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which compensation
shall 

  

					
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not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement and
the fee letter between the Servicer and the Owner Trustee, shall reimburse Wilmington Trust upon its request for all reasonable expenses, disbursements and advances incurred or made by Wilmington Trust in accordance with any provision of this
Agreement (including the reasonable compensation, expenses and disbursements of such agents, experts and counsel as Wilmington Trust may employ in connection with the exercise and performance of its rights and its duties hereunder including but not
limited to expenses related to Sections 4.3, 5.3, and 6.7 hereof), except any such expense may be attributable to its willful misconduct, gross negligence (other than an error in judgment) or bad faith. To the extent not
paid by the Servicer, such fees and reasonable expenses shall be paid by the Issuer in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 

SECTION 8.2. Indemnification. The Seller shall cause the Servicer to indemnify Wilmington Trust in its individual capacity and as
trustee (including without limitation as Owner Trustee) and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss, liability, expense, tax, penalty or claim
(including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against Wilmington Trust in its individual capacity and as trustee or any Indemnified Party in any way
relating to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of Wilmington Trust hereunder; provided, however, that neither the Seller nor
the Servicer shall be liable for or required to indemnify Wilmington Trust from and against any of the foregoing expenses or indemnities arising or resulting from (i) Wilmington Trust’s own willful misconduct, bad faith or gross
negligence, (ii) the inaccuracy of any representation or warranty contained in Section 7.4 expressly made by Wilmington Trust in its individual capacity, (iii) liabilities arising from the failure of Wilmington Trust to perform
obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by any fees, commissions or compensation received by the Owner Trustee. To the extent not paid
by the Servicer, such indemnification shall be paid by the Issuer in accordance with, and solely to the extent set forth in, Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable.
The provisions of this Section 8.2 shall survive the termination of this Agreement and the resignation or removal of the Owner Trustee. 

SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII and the Sale and
Servicing Agreement or the Indenture shall be deemed not to be a part of the Trust Estate immediately after such payment. 
 ARTICLE IX

 TERMINATION OF TRUST AGREEMENT 

SECTION 9.1. Dissolution of Issuer. The Issuer shall wind up and dissolve upon the latest of (1) satisfaction and discharge of the
Indenture, (2) the Optional Purchase of the Trust Estate pursuant to the Sale and Servicing Agreement or (3) the final distribution from the 

  

					
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Collection Account established pursuant to Section 4.1(a)(i) of the Sale and Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of a Certificateholder
shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(a) Upon receipt of written notice from the Servicer of any dissolution and termination of the Issuer, specifying the Payment
Date upon which Certificateholders shall surrender their Certificates to the Certificate Registrar for payment of the final distribution and cancellation, and if the Certificate Registrar is notified of a redemption of the Notes by the Administrator
or the Issuer pursuant to Section 10.1(c) of the Indenture, the Certificate Registrar shall mail such notice to the Certificateholders within five (5) Business Days of the Certificate Registrar’s receipt of such notice from the
Servicer, Issuer or Administrator. Each such notice to a Certificateholder shall state (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the
office of the Certificate Registrar therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments are being made only upon
presentation and surrender of the Certificates at the office of the Certificate Registrar therein specified. The Certificate Registrar shall give such notice to the Owner Trustee (if other than the Certificate Registrar) and the Certificate Paying
Agent (if other than the Certificate Registrar) at the time such notice is given to Certificateholders. Upon presentation and surrender of each Certificate, the Certificate Registrar or the Certificate Paying Agent, at the written direction of the
Administrator, shall cause to be distributed to such Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such Payment Date pursuant to Article V hereof. 

(b) In the event that any of the Certificateholders shall not surrender their Certificates for cancellation within six
(6) months after the date specified in the above mentioned written notice, the Certificate Registrar shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final
distribution with respect thereto. If within one (1) year after the second notice any of the Certificates shall not have been surrendered for cancellation, the Certificate Registrar may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable escheat
laws, any funds remaining in the Trust Estate after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the last Certificateholder of record identified in the Certificate Register for each such remaining Certificate.

 SECTION 9.2. Termination of Trust Agreement. Upon dissolution of the Issuer, the Administrator shall wind up the business and
affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the Indenture, and receipt of a 

  

					
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certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the
Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured
obligations) for purposes of Section 3808(e) of the Statutory Trust Statute. The Certificate Paying Agent, upon surrender of the outstanding Certificates shall distribute the remaining Trust Estate (if any) in accordance with Article V
hereof and, at the written direction and expense of the Administrator, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the
provisions of Section 3810 of the Statutory Trust Statute, at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect. 

SECTION 9.3. Limitations on Termination. Except as provided in Section 9.1, neither the Seller nor the Certificateholders
shall be entitled to revoke or terminate the Issuer. 
 ARTICLE X 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 

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

  

					
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 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of
Section 10.1 and shall fail to resign after written request therefor by the Seller or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the
Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller or the
Administrator may remove the Owner Trustee. If the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator, acting jointly, shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner
Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions
of this Section 10.2 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Seller shall
provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 

SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute,
acknowledge and deliver to the Seller, the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become
effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named
as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Seller and the predecessor Owner
Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

No successor Owner Trustee shall accept appointment as provided in this Section 10.3 unless at the time of such acceptance such
successor Owner Trustee shall be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section 10.3, the Seller shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to the Certificateholders, Indenture Trustee, the Noteholders and each of the Rating Agencies. If
the Seller shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall 

  

					
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cause such notice to be mailed at the expense of the Seller. Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly file an amendment to the Certificate of
Trust with the Secretary of State identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware. 

SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided that
such Person shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and mail notice of such
merger or consolidation to the Seller and the Administrator. 
 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Seller and the Owner Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any
part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section 10.5, such powers, duties, obligations, rights and trusts
as the Seller and the Owner Trustee may consider necessary or desirable. If the Seller shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or separate trustee
shall be required pursuant to Section 10.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations
conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to
act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such
act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the Owner Trustee; 

  

					
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 (ii) no trustee under this Agreement shall be personally liable by reason of any
act or omission of any other trustee under this Agreement; and 
 (iii) the Seller and the Owner Trustee acting jointly may
at any time accept the resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the
Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the
conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee.
Each such instrument shall be filed with the Owner Trustee and copies thereof given to the Seller and the Administrator. 
 Any separate
trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its
name. If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee. The Owner Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located.

 ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.1. Amendments. 
 (a) Any term or provision of this Agreement may be amended by the Seller and the Owner Trustee
without the consent of the Indenture Trustee, any Noteholder, any Certificateholder the Issuer or any other Person subject to the satisfaction of one of the following conditions: 

(i) the Seller delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment 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 Seller notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b) This Agreement may also be amended from time to time by the Seller and the Owner Trustee, with the consent of the Holders
of Notes evidencing not less than a majority of the aggregate principal amount of the Controlling Class, for the purpose of 

  

					
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adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary to
obtain the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of
Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record
dates pursuant to the Depository Agreement. 
 (c) Any term or provision of this Agreement may also be amended from time to
time by the Seller and the Owner Trustee for the purpose of conforming the terms of this Agreement 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 Non-Investment Grade Notes or the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person, provided, however, that the Seller shall provide written notification of
such amendment to the Indenture Trustee and promptly after execution of any such amendment, the Seller shall furnish a copy of such amendment to the Indenture Trustee. 

(d) Prior to the execution of any amendment pursuant to this Section 11.1, the Seller shall provide written
notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Seller shall furnish a copy of such amendment or consent to each Rating Agency, the
Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 11.1 shall be effective which affects the rights, protections or duties of the Indenture Trustee, the Certificate Paying Agent or the
Certificate Registrar without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

(e) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to receive and conclusively
rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may,
but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement. 

(f) Notwithstanding subsections (a) and (b) of this Section 11.1, this Agreement may only be amended by
the Seller and the Owner Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Seller or an Opinion of Counsel delivered to the
Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. 

  

					
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 SECTION 11.2. No Legal Title to Trust Estate in Certificateholders. The Certificateholders
shall not have legal title to any part of the Trust Estate. A Certificateholder shall be entitled to receive distributions with respect to its undivided Percentage Interest therein only in accordance with Articles V and IX. No
transfer, by operation of law or otherwise, of any right, title or interest of a Certificateholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Trust Estate. 
 SECTION 11.3. Limitations on Rights of Others.
The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Seller, the Administrator, the Certificateholders and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained
herein. 
 SECTION 11.4. Notices. 

(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed
given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested or via electronic transmission, if to the Owner Trustee,
addressed as specified on Schedule II to the Sale and Servicing Agreement; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 

(b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at
the address of such Certificateholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or
not such Certificateholder receives such notice. 
 SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 11.6. Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the
benefit of, the Seller, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the
Certificateholders shall bind the successors and assigns of the Certificateholders. 

  

					
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 SECTION 11.8. No Petition. 

(a) To the fullest extent permitted by law each of the Owner Trustee (in its individual capacity), the Seller, each
Certificateholder, by accepting the Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that prior to the date which is one year and one day after payment
in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties such party shall not commence, join 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. 

(b) The Seller’s obligations under this Agreement are obligations solely of the Seller and will not constitute a claim
against the Seller to the extent that the Seller does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner
Trustee), by entering into or accepting this agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby acknowledges and agrees that
such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each
Noteholder or Note Owner and each Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation
of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such
Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the
securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise
entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This
subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this
agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for
a breach of this Section 11.8 and the terms of this Section 11.8 may be enforced by an action for specific performance. The provisions of this Section 11.8 will be for the third party benefit of those entitled to
rely thereon and will survive the termination of this Agreement. 

  

					
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 SECTION 11.9. Information Request. The Owner Trustee shall provide any information
regarding the Issuer in its possession reasonably requested by the Servicer, the Administrator, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation,
accounting rule or principle. 
 SECTION 11.10. Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 11.11. GOVERNING LAW.
THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. 
 SECTION 11.12. Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto irrevocably
waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.13. Form 10-D and Form 10-K Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuer
(i) no later than each Payment Date, the Owner Trustee shall notify the Seller of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance
reasonably acceptable to the Seller and (ii) no later than March 15 of each calendar year, commencing March 15, 2016, the Owner Trustee shall notify the Seller in writing of any affiliations or relationships between the Owner Trustee
and any Item 1119 Party; provided, that no such notification need be made if the affiliations or relationships are unchanged from those provided in the notification in the prior calendar year. 

SECTION 11.14. Form 8-K Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuer, the Owner Trustee
shall promptly notify the Seller, but in no event later than four (4) Business Days after its occurrence, of any Reportable Event described in clause (e) of the definition thereof with respect to the Owner Trustee of which a
Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (e) of the definition thereof as to which the Seller or the Servicer has actual knowledge). The Owner Trustee shall be
deemed to have actual knowledge of any such event solely to the extent that it relates to the Owner Trustee in its individual capacity or any action taken by the Owner Trustee (and not by someone else on its behalf) under this Agreement. 

SECTION 11.15. Information to Be Provided by the Owner Trustee. The Owner Trustee shall provide the Seller and the Servicer (each, a
“Santander Party” and, collectively, the “Santander Parties”) with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated to a Responsible Officer of
the Owner Trustee for the repurchase or replacement of any Receivable pursuant to Section 2.3 of the Sale and Servicing Agreement or Section 3.3 of the Purchase Agreement, as applicable and (ii) promptly

  

					
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upon reasonable request by a Santander Party to facilitate compliance by the Santander Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no
event shall the Owner Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act with respect to the transactions contemplated by the Transaction Documents, nor shall it have any
responsibility for making any filing to be made by a securitizer under the Exchange Act or Regulation AB with respect to the transactions contemplated by the Transaction Documents. 

SECTION 11.16. Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and permitted assigns and Deutsche Bank Trust Company Americas, in its capacity as Certificate Paying Agent, shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto.
Except as otherwise provided in this Section, no other Person will have any right hereunder. 
 [Remainder of Page Intentionally Left Blank]

  

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

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Owner Trustee
		
	By:		  

	Name:		
	Title:		

  

					
			S-1		 Amended and Restated

Trust Agreement (2015-3)

 
			
	SANTANDER DRIVE AUTO
	RECEIVABLES LLC
		
	By:		  

	Name:		Mark McCastlain
	Title:		Vice President

  

					
			S-2		 Amended and Restated

Trust Agreement (2015-3)

 Acknowledged and Agreed: 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee, Certificate Registrar and Certificate Paying Agent
		
	By:		  

	Name:		
	Title:		
		
	By:		  

	Name:		
	Title:		

  

					
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 EXHIBIT A 

FORM OF CERTIFICATE 
 NUMBER 

R-             

Principal Amount of this Certificate: $[        ] 

Aggregate Amount of all Certificates: $100,000 (which shall be 

deemed to be the equivalent of 100,000 units) 

Percentage Interest of this Certificate: [    ]% 

[CUSIP NO.             ] 

[ISIN             ] 

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2015-3 

CERTIFICATE 
 [UNLESS THIS
CERTIFICATE 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 CERTIFICATE
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 Certificate does not represent an interest in or obligation of Santander Drive Auto Receivables LLC, Santander Consumer USA Inc. or
any of their respective Affiliates, except to the extent described below.) 
 THIS CERTIFICATE IS NOT NEGOTIABLE. 

THIS CERTIFICATE 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
CERTIFICATE 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 TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (2) TO THE SELLER OR ANY OF ITS AFFILIATES AND BY THE SELLER OR ANY OF ITS
AFFILIATES AS PART OF THE INITIAL 

  

					
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Trust Agreement (2015-3)

 
DISTRIBUTION OR ANY REDISTRIBUTION OF THE CERTIFICATES BY THE SELLER OR ANY OF ITS AFFILIATES 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 TRUST AGREEMENT. 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 OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH
CERTIFICATE OR PERCENTAGE INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE OR SUCH
INTEREST IN SUCH CERTIFICATE VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

BY ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT
ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON BEHALF OF OR WITH ANY ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO INCLUDE THE ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR (IV) ANY GOVERNMENT PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”). 

EACH PURCHASER OR TRANSFEREE SHALL REPRESENT AND WARRANT THAT IT IS A U.S. PERSON. EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO HAVE MADE
CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. 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 PURCHASER OR TRANSFEREE,
NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE PURCHASER OR TRANSFEREE OF SUCH CERTIFICATE OR BENEFICIAL INTEREST IN SUCH
CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE OR SUCH INTEREST IN SUCH CERTIFICATE VOID AND REQUIRE
THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  

					
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Trust Agreement (2015-3)

 TRANSFERS OF THIS CERTIFICATE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER
DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AGREEMENT. EACH PURCHASER OR TRANSFEREE OF THIS CERTIFICATE (OR INTEREST HEREIN) WILL BE REQUIRED TO PROVIDE TO THE OWNER TRUSTEE, THE ADMINISTRATOR, THE INDENTURE TRUSTEE AND
THE CERTIFICATE PAYING AGENT A CERTIFICATION OF NON-FOREIGN STATUS (E.G., IRS FORM W-9), SIGNED UNDER PENALTIES OF PERJURY, OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE OWNER TRUSTEE, THE ADMINISTRATOR, THE INDENTURE TRUSTEE OR THE
CERTIFICATE PAYING AGENT TO DETERMINE THAT PAYMENTS ON THIS CERTIFICATE WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW. 
 THIS
CERTIFICATE MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $5,000 AND INTEGRAL MULTIPLES OF $1 IN EXCESS THEREOF. NO DISTRIBUTIONS OF MONEYS TO THE CERTIFICATEHOLDERS UNDER THE TRANSACTION DOCUMENTS SHALL BE DEEMED TO REDUCE THE NOMINAL
PRINCIPAL AMOUNT OF ANY CERTIFICATE PRIOR TO PAYMENT IN FULL OF ALL OUTSTANDING NOTES; PROVIDED, THAT THE FINAL AGGREGATE $100,000 DISTRIBUTED TO THE CERTIFICATEHOLDERS UNDER THE TRANSACTION DOCUMENTS UPON FINAL DISTRIBUTION OF THE TRUST ESTATE AND
TERMINATION OF THE ISSUER SHALL BE DEEMED TO REPAY THE AGGREGATE NOMINAL PRINCIPAL AMOUNT OF THE CERTIFICATES IN FULL; PROVIDED, FURTHER, THAT ANY FAILURE TO PAY IN FULL THE OUTSTANDING PRINCIPAL BALANCE OF A CERTIFICATE ON SUCH FINAL DISTRIBUTION
DATE SHALL NOT CLAIM AGAINST OR LIABILITY OF ANY PERSON FOR SUCH SHORTFALL. 
 THIS CERTIFIES THAT
                     is the registered owner of a     % nonassessable, fully-paid, Percentage Interest in the Trust Estate of
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2015-3, a Delaware statutory trust (the “Issuer”) formed by Santander Drive Auto Receivables LLC, a Delaware limited liability company, as depositor (the “Seller”). 

The Issuer was created pursuant to a Trust Agreement dated as of May 21, 2015 (as amended and restated as of June 24, 2015, the
“Trust Agreement”), between the Seller and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent
not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Sale and Servicing Agreement, dated as of June 24, 2015, between the Seller, the Issuer, Deutsche Bank Trust Company Americas, as
Indenture Trustee, and Santander Consumer USA Inc., as Servicer, as the same may be amended or supplemented from time to time. 
 This
Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The
provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 

  

					
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Trust Agreement (2015-3)

 The holder of this Certificate acknowledges and agrees that its rights to receive distributions
in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By
accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the
Bankruptcy Remote Parties such Person shall not commence, join or institute against, with any other Person, any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction. 
 By accepting and holding this Certificate (or any interest herein), the holder hereof shall be
deemed to have represented and warranted that it is not, and is not purchasing on behalf of or with any assets of, a Benefit Plan or a governmental, non-U.S., church or any other employee benefit plan or retirement arrangement that is subject to
Similar Law. 
 It is the intention of the parties to the Trust Agreement that, solely for federal income or state and local income,
franchise and value added tax purposes, (i) so long as there is a single Certificateholder for federal income tax purposes, the Issuer will be disregarded as an entity separate from such Certificateholder, and if there is more than one
Certificateholder for federal income tax purposes, the Issuer will be treated as a partnership that is not treated as a publicly traded partnership; and (ii) the Notes will be characterized as debt. By accepting this Certificate, the
Certificateholder agrees to take no action inconsistent with the foregoing intended tax treatment. 
 By accepting this Certificate, the
Certificateholder acknowledges that this Certificate represents a Percentage Interest in the Issuer only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or
any of their respective Affiliates and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 

  

					
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Trust Agreement (2015-3)

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

 

			
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2015-3
	
	By: Wilmington Trust, National Association, not in its individual capacity, but solely as Owner Trustee
		
	By:		  

	Name:		
	Title:		

  

					
			A-5		 Amended and Restated

Trust Agreement (2015-3)

 CERTIFICATE REGISTRAR’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Certificate Registrar
		
	By:		  

	Name:		
	Title:		

  

					
			A-6		 Amended and Restated

Trust Agreement (2015-3)

 ASSIGNMENT 

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

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE 
 [                    ] 

 
  
  

(Please print or type name and address, including postal zip code, of assignee) 
  

 
  

the within Certificate, (Asset Backed Certificate No. R-     issued by Santander Drive Auto Receivables Trust 2015-3), and
all rights thereunder, hereby irrevocably constituting and appointing 

                     Attorney to transfer said Certificate
on the books of the Certificate Registrar, with full power of substitution in the premises 

Dated:            , 20[    ] 

 

			
	[                    ]
		
	By:		  

	Name:		
	Title:		

 Guaranteed: 

 

			
	[*NOTICE:		The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. Such signature
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may
be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.]

  

					
			A-7		 Amended and Restated

Trust Agreement (2015-3)

 EXHIBIT B 

FORM OF CERTIFICATE INVESTOR REPRESENTATION LETTER 

[            ], 20     

 

			
	Santander Drive Auto Receivables Trust 2015-3
	c/o Wilmington Trust, National Association
	Rodney Square North
	1100 North Market Street
	Wilmington, DE 19890-0001
	Facsimile:		(302) 636-4140
	Attention:		Corporate Trust Administration

  

			
	Deutsche Bank Trust Company Americas,
	as Certificate Registrar
	60 Wall Street, 16th Floor
	Mail Stop NYC 60-1625
	New York, NY 10005
	Facsimile:		(212) 553-2458
	Attention:		Irene Siegel, Santander Drive Auto Receivables Trust 2015-3

  

	 	Re:	Transfer of Santander Drive Auto Receivables Trust 2015-3 Certificates, (the “Certificates”) 

Ladies and Gentlemen: 
 This letter is delivered
pursuant to Section 3.7 of the Amended and Restated Trust Agreement, dated as of June 24, 2015 (the “Trust Agreement”), between Santander Drive Auto Receivables LLC, as Seller (the “Seller”), and
Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by
                     (the “Transferor”) to the undersigned (the “Transferee”) of [    ]%
Percentage Interest of the Certificates with a nominal principal amount of $[    ]1. Capitalized terms used and not otherwise defined herein have the meanings assigned to such
terms in the Trust Agreement. 
 In connection with such transfer, the undersigned hereby represents and warrants to you and the addressees
hereof as follows: 
 (i) The Transferee is either (a) an Affiliate of the Seller or (b) (1) is a Qualified
Institutional Buyer, (2) is aware that the sale of the Certificates (other 
  

	1 	 In minimum denominations of $5,000 and integral multiples of $1 in excess thereof.

  

					
			B-1		 Amended and Restated

Trust Agreement (2015-3)

 
than a sale of the Certificates by the Seller or any of its Affiliates as part of the initial distribution or any redistributions of the Certificates by the Seller or any of its Affiliates) to it
is being made in reliance on the exemption from registration provided by Rule 144A, and (3) is acquiring the Certificates 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; 
 (ii) The Transferee understands that the Certificates will bear a legend
to the following effect: 
 “THIS CERTIFICATE 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 CERTIFICATE 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 TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (2) TO THE SELLER OR ANY OF ITS
AFFILIATES AND BY THE SELLER OR ANY OF ITS AFFILIATES AS PART OF THE INITIAL DISTRIBUTION OR ANY REDISTRIBUTION OF THE CERTIFICATES BY THE SELLER OR ANY OF ITS AFFILIATES 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 TRUST AGREEMENT. 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 OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH CERTIFICATE OR PERCENTAGE INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS
CERTIFICATE OR SUCH 

  

					
			B-2		 Amended and Restated

Trust Agreement (2015-3)

 
INTEREST IN SUCH CERTIFICATE VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

BY ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT
ACQUIRING THIS CERTIFICATE (OR ANY INTEREST HEREIN) ON BEHALF OF OR WITH ANY ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO INCLUDE THE ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR (IV) ANY GOVERNMENT PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”). 

EACH PURCHASER OR TRANSFEREE SHALL REPRESENT AND WARRANT THAT IT IS A U.S. PERSON. EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO HAVE MADE
CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. 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 PURCHASER OR TRANSFEREE,
NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE PURCHASER OR TRANSFEREE OF SUCH CERTIFICATE OR BENEFICIAL INTEREST IN SUCH
CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE TRUST AGREEMENT, THE ISSUER AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE OR SUCH INTEREST IN SUCH CERTIFICATE VOID AND REQUIRE
THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  

					
			B-3		 Amended and Restated

Trust Agreement (2015-3)

 TRANSFERS OF THIS CERTIFICATE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER
DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AGREEMENT. EACH PURCHASER OR TRANSFEREE OF THIS CERTIFICATE (OR INTEREST HEREIN) WILL BE REQUIRED TO PROVIDE TO THE OWNER TRUSTEE, THE ADMINISTRATOR, THE INDENTURE TRUSTEE AND
THE CERTIFICATE PAYING AGENT A CERTIFICATION OF NON-FOREIGN STATUS (E.G., IRS FORM W-9), SIGNED UNDER PENALTIES OF PERJURY, OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE OWNER TRUSTEE, THE ADMINISTRATOR, THE INDENTURE TRUSTEE OR THE
CERTIFICATE PAYING AGENT TO DETERMINE THAT PAYMENTS ON THIS CERTIFICATE WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.” 

(iii) The Transferee understands that the Certificates 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 Certificates 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 Certificates, such Certificates may only be offered, resold, pledged or otherwise transferred in accordance with the Trust Agreement. The Transferee acknowledges that no representation is being 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 Certificates; 
 (iv) The
Transferee understands that an investment in the Certificates 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 Certificates as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Certificates. The Transferee has such knowledge and experience in
financial and business matters that the Transferee is capable of evaluating the merits and risks of its investment in the Certificates, and the transferee and any accounts for which it is acting are each able to bear the economic risk of its
investment; 
 (v) The Transferee will not make any general solicitation by means of general advertising or in any other
manner, or take any other action that would constitute a distribution of the Certificates under the Securities Act or that would render the disposition of the Certificates a violation of Section 5 of the Securities Act or any other applicable
securities laws or require registration pursuant thereto, and will not authorize any Person to act on its behalf, in such manner with respect to the Certificates; 

  

					
			B-4		 Amended and Restated

Trust Agreement (2015-3)

 (vi) The Transferee is not acquiring the Certificates with a view to the resale,
distribution or other disposition thereof in violation of the Securities Act; 
 (vii) The transferee will provide notice to
each Person to whom it proposes to transfer any interest in the Certificates of the transfer restrictions and representations set forth in the Trust Agreement, including the Exhibits thereto; 

(viii) The Transferee agrees that it will not offer or sell, or otherwise transfer the Certificates to any person unless the
transferee of the Certificates has executed a Certificate Investor Representation Letter; 
 (ix) The Transferee is not
acquiring the Certificates (or any interest therein) with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, (b) a “plan” defined in
Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code, (c) an entity whose underlying assets are deemed to include assets of any of the foregoing by reason of such employee benefit plan’s or plan’s
investment in such entity or (d) any government plan, non-U.S. plan, church plan or other employee benefit plan or arrangement that is subject to Similar Law; 

(x) The Transferee understands that if (a) a transfer or attempted or purported transfer of any Certificate or interest
therein was consummated in compliance with the provisions of the Trust Agreement on the basis of a materially incorrect certification from the Transferor or purported transferee, (b) a transferee failed to deliver to the Certificate Registrar a
Certificate Investor Representation Letter or (c) the Certificateholder of any Certificate or interest therein is in material breach of any representation or agreement set forth in any certificate or any deemed representation or agreement of
such Certificateholder, the Certificate Registrar, upon actual knowledge of such circumstances, will not register such attempted or purported transfer and, if a transfer has been registered, such transfer shall be absolutely null and void ab
initio and shall not operate to transfer any rights to the purported transferee (such purported transferee, a “Disqualified Transferee”) and the last preceding Certificateholder of such Certificateholder that was not a
Disqualified Transferee shall be restored to all rights as a Certificateholder thereof retroactively to the date of the purported transfer of such Certificate by such Certificateholder; 

(xi) The Transferee acknowledges and agrees that it has complied and will comply with the following: 

(1) We have neither acquired nor will we transfer any Certificate we purchase (or any interest therein) or cause any such Certificate (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. 

  

					
			B-5		 Amended and Restated

Trust Agreement (2015-3)

 (2) We either (A) are not, and will not become, a partnership, Subchapter S corporation or
grantor trust for U.S. federal income tax purposes (or disregarded entity the single owner of which is any of the foregoing) or (B) are such an entity, but no more than 50% of the value of any of the direct or indirect beneficial interests in
us (or in the case of a disregarded entity, the interests of our single owner) is or will be attributable to our (or in the case of a disregarded entity, our single owner’s) interest in Non-Investment Grade Notes, Restricted Notes and the
Certificates. 
 (3) We (A) are acquiring the Certificate for the account of
[            ] Persons as agent or nominee and we will notify the Certificate Registrar, the Indenture Trustee and the Seller of any changes in the number of such Persons and
(B) understand that any such change in the number of Persons for whose account a Certificate is held shall require the written consent of the Seller, on behalf of the Issuer, which consent shall be granted unless the Seller determines that such
proposed change in number of Persons would create a risk that the Issuer would be classified for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation. 

(4) We understand that no subsequent transfer of the Certificates (or any interest therein) is permitted unless (A) such transfer is of a
Certificate with a Percentage Interest of more than 5% (or of an interest in a Certificate representing a Percentage Interest of more than 5%), (B) the proposed transferee provides to the Certificate Registrar a letter substantially in the form
of this letter or such other written statement as the Certificate Registrar shall prescribe and (C) the Seller, on behalf of the Issuer, consents in writing to the proposed transfer, which consent shall be granted unless the Seller determines
that such transfer would create a risk that the Issuer would be classified for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation (e.g., the transfer contravenes any of the
provisions of Section 3.7(c) or Section 3.7(h) of the Trust Agreement or could either cause the number of beneficial owners of Non-Investment Grade Notes, Restricted Notes and the Certificates (or interests therein) in the aggregate to
exceed 95). 
 (5) We understand that any attempted transfer that contravenes any provisions of Section 3.5(b), Section 3.7(c) or
Section 3.7(h) shall be a void transfer ab initio. 
 (6) We understand that the opinion of counsel to the Issuer that the
Issuer is not a publicly traded partnership taxable as a corporation is dependent in part on the accuracy of the representations in paragraphs (1), (2), (3), (4) and (5) above. 

(7) We understand that if we are acquiring the Certificates as agent or nominee for any other person(s), such person(s) confirm the
representations in paragraphs (1), (2), (3), (4) and (5) above as such representations apply to such person(s). 

  

					
			B-6		 Amended and Restated

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 (xii) Each registered owner of and, if different, each owner of a beneficial
interest in, a Certificate is a “United States person” (as defined in Code section 7701(a)(30)) and shall deliver to the Owner Trustee, the Administrator, the Indenture Trustee and the Certificate Paying Agent two properly completed and
duly executed originals of U.S. Internal Revenue Service Form W-9 (or applicable successor form) certifying that it is a United States person and not subject to backup withholding, or other information or documentation requested by the
Administrator, the Indenture Trustee, the Certificate Paying Agent or the Owner Trustee to determine, in its sole discretion, that payments on such Certificates will not be subject to withholding under U.S. tax law. 

(xiii) The Transferee acknowledges that in connection with the transfer of the Certificates (a) none of the Issuer, the
Servicer, the Seller, the Indenture Trustee nor the Owner 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 the Issuer, the Servicer, the Seller, the Indenture Trustee or the Owner Trustee other than in the most current offering memorandum for such Certificates and any
representations expressly set forth in a written agreement with such party, (c) none of the Issuer, the Servicer, the Seller, the Indenture Trustee, the Owner Trustee or any placement agent 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 Certificates, (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 the Trust Agreement) based upon its own judgment and upon any advice from such advisers as it has deemed necessary
and not upon any view expressed by the Issuer, the Servicer, the Seller, the Indenture Trustee or the Owner Trustee, (e) the transferee has determined that the rates, prices or amounts and other terms of the purchase and sale of the
Certificates reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the Certificates 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 Certificates. 

  

					
			B-7		 Amended and Restated

Trust Agreement (2015-3)

 
					
	Very truly yours,
			
			By:		  

					Name:
					Title:

 [Pursuant to clause (xi)(3) above, the Seller, on behalf of the Issuer, hereby consents to the change in the number of
Persons for whose account the Certificate is held.] 
 Pursuant to clause (xi)(4) above, the Seller, on behalf of the Issuer, hereby consents to the
transfer of the Certificate to the Transferee. 
 Consented and Agreed: 
  

			
	Santander Drive Auto Receivables LLC, as Seller
		
	By:		  

	Name:		
	Title:		

  

					
			B-8		 Amended and Restated

Trust Agreement (2015-3)

 EXHIBIT C 

FORM OF REGISTRATION OF CERTIFICATE TRANSFER DIRECTION LETTER 

PURSUANT TO THE TRUST AGREEMENT 

[            ], 20     

 

			
	Wilmington Trust, National Association,
	as Owner Trustee
	Rodney Square North
	1100 North Market Street
	Wilmington, DE 19890-0001
	Facsimile:		(302) 636-4140
	Attention:		Corporate Trust Administration

  

			
	Deutsche Bank Trust Company Americas,
	as Certificate Registrar
	60 Wall Street, 16th Floor
	Mail Stop NYC 60-1625
	New York, NY 10005
	Facsimile:		(212) 553-2458
	Attention:		Irene Siegel, Santander Drive Auto Receivables Trust 2015-3

 Reference is hereby made to the Amended and Restated Trust Agreement, dated as of June 24, 2015 (the
“Trust Agreement”), between Santander Drive Auto Receivables LLC, as Seller (the “Seller”), and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), governing Santander
Drive Auto Receivables Trust 2015-3 (the “Issuer”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Trust Agreement. 

You are hereby notified that [name of Transferor] (the “Transferor”) has transferred its [    ]%
beneficial interest in the Issuer evidenced by Certificate No.     . Enclosed, please find the following documentation as required by the Trust Agreement: 
  

	 	1.	Original Certificate No. R-[    ] for cancellation; 

  

	 	2.	Written instrument of transfer executed by Transferor with signature medallion guaranteed;2 

 
  

	2 	[Please use form of Assignment attached to the back of the Form of Certificate on Exhibit A of the Trust Agreement.] 

  

					
			C-1		 Amended and Restated

Trust Agreement (2015-3)

	 	3.	Incumbency certificate of Transferor certified by an officer of the Transferor; 

  

	 	4.	Certificate Investor Representation Letter executed by Transferee; 

  

	 	5.	[Form W-9] [applicable successor form] of Transferee. 

 You are hereby directed, as Owner Trustee and
Certificate Registrar, as applicable, to take the following actions to register the certificate transfer in the order enumerated below: 
  

	 	(a)	cancel and dispose of, in accordance with the customary practices of the Certificate Registrar, the Certificate representing [    ] Percentage Interest in the Issuer, bearing certificate number
R-    , registered in the name of the Transferor; 

  

	 	(b)	execute and authenticate one or more Certificates, as specified in Schedule A hereto, representing the relevant Percentage Interest in the Issuer specified in Schedule A hereto, bearing such appropriate
certificate number as determined by the Certificate Registrar and to register said Certificate in the name of the Transferee specified in the corresponding column on Schedule A hereto; and 

 

	 	(c)	to deliver said authenticated Certificates to the addresses specified in the corresponding column on Schedule A hereto. 

The wire instructions of each Certificateholder are set forth on Schedule A hereto. 

The undersigned Transferee hereby certifies to the Owner Trustee, the Certificate Registrar and the Indenture Trustee that the transfer
requested hereby does not violate any of the transfer restrictions stated in the Trust Agreement. 
 [Signature Page Follows] 

  

					
			C-2		 Amended and Restated

Trust Agreement (2015-3)

 
			
	[TRANSFEROR]
		
	By:		  

	Name:		
	Title:		
	
	[TRANSFEREE]
		
	By:		  

	Name:		
	Title:		

  

					
			C-3		 Amended and Restated

Trust Agreement (2015-3)

 SCHEDULE A 

[To be updated] 
  

											
	 Name of Transferee
	  	Tax ID
Number of
Transferee	  	Principal
Amount3	  	Percentage
Interest3	  	Delivery
Address	  	Wire
Instructions
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	3 	Aggregate Percentage Interest and Principal Amount of new Certificates must match the Percentage Interest and Principal Amount of the transferred Certificate being cancelled pursuant to (a) above.

  

					
		 	Sch. A-1	 	 Amended and Restated

Trust Agreement (2015-3)ex10_12.htm

EXHIBIT 10.12

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

 

SEFTON RESOURCES, INC.

 

TEG OIL & GAS U.S.A., INC.

 

TEG MIDCONTINENT, INC.

 

 

and

 

 

BANK OF THE WEST

 

 

October 21, 2008

 

 

 

 

 

  

  

  

 

TABLE OF CONTENTS

 

	  	  	
Page

	  	  	  
	
ARTICLE I

	
DEFINITIONS AND REFERENCES

	
1

	
1.1

	
Defined Terms

	
1

	
1.2

	
Incorporation of Exhibits

	
8

	
1.3

	
Amendment of Defined Instruments

	
8

	
1.4

	
References and Titles

	
8

	
1.5

	
Calculations and Determinations

	
8

	  	  	  
	
ARTICLE II

	
THE LOAN

	
9

	
2.1

	
The Loan

	
9

	
2.2

	
The Note; Interest

	
10

	
2.3

	
Mandatory Principal Payments

	
10

	
2.4

	
Voluntary Prepayments

	
11

	
2.5

	
Termination of Agreement

	
11

	
2.6

	
Payments to BOTW

	
11

	
2.7

	
Use of Proceeds

	
11

	
2.8

	
Borrowing Base Procedures

	
12

	  	  	  
	
ARTICLE III

	
SECURITY; FEES; LETTERS OF CREDIT

	
12

	
3.1

	
The Security

	
12

	
3.2

	
Perfection and Protection of Security Interests and Liens

	
12

	
3.3

	
Bank Accounts and Offset

	
12

	
3.4

	
Fees

	
13

	
3.5

	
Obligations Absolute

	
13

	
3.6

	
Indemnification

	
14

	
3.7

	
Liability of BOTW

	
14

	
3.8

	
Special LIBOR Provisions

	
15

	
3.9

	
Increased Capital Costs

	
16

	
3.10

	
Taxes

	
16

	  	  	  
	
ARTICLE IV

	
CONDITIONS PRECEDENT TO LOAN

	
17

	
4.1

	
Initial Conditions Precedent

	
17

	
4.2

	
Additional Conditions Precedent

	
17

	  	  	  
	
ARTICLE V

	
REPRESENTATIONS AND WARRANTIES

	
18

	
5.1

	
Borrowers’ Representations and Warranties

	
18

	
5.2

	
Representations by BOTW

	
21

	  	  	  
	
ARTICLE VI

	
COVENANTS OF BORROWERS

	
21

	
6.1

	
Affirmative Covenants

	
21

	
6.2

	
Negative Covenants

	
25

 

  

-i-

  

 

	  	  	
Page

	  	  	  
	
ARTICLE VII

	
EVENTS OF DEFAULT AND REMEDIES

	
28

	
7.1

	
Events of Default

	
28

	
7.2

	
Remedies

	
30

	
7.3

	
Indemnity

	
30

	  	  	  
	
ARTICLE III

	
MISCELLANEOUS

	
31

	
8.1

	
Waiver and Amendment

	
31

	
8.2

	
Survival of Agreements; Cumulative Nature

	
31

	
8.3

	
Notices

	
31

	
8.4

	
Joint and Several Liability; Parties in Interest

	
32

	
8.5

	
Governing Law

	
32

	
8.6

	
Limitation on Interest

	
32

	
8.7

	
Currency

	
33

	
8.8

	
Severability

	
33

	
8.9

	
Counterparts

	
33

	
8.10

	
Conflicts

	
33

	
8.11

	
Entire Agreement

	
33

	
8.12

	
WAIVER OF JURY TRIAL

	
33

	
8.13

	
USA Patriot Act Notice

	
33

	
8.14

	
Supersession

	
33

 

 

EXHIBITS:

EXHIBIT A -- PROMISSORY NOTE

EXHIBIT B -- ADVANCE REQUEST

EXHIBIT C -- REQUEST FOR ISSUANCE OF LETTER OF CREDIT 0.6

EXHIBIT D -- INTEREST RATE ELECTION

EXHIBIT E -- COMPLIANCE CERTIFICATE

 

  

-ii-

  

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October 21, 2008, is by and among SEFTON RESOURCES, INC., a British Virgin Islands corporation (“Parent”), TEG OIL & GAS U.S.A., INC., a Colorado corporation (“TEGOG”), TEG MIDCONTINENT, INC., a Colorado corporation (“TEGMC”), and BANK OF THE WEST, a California corporation (“BOTW”). Parent, TEGOG and TEGMC are herein collectively referred to as “Borrowers.”

 

RECITALS

 

A.           TEGOG and BOTW entered into a Credit Agreement dated as of August 14, 2007, as previously amended (as so amended, the “2007 Credit Agreement”), setting forth the terms upon which BOTW would make advances to, and issue letters of credit at the request of, TEGOG and by which such advances and letters of credit would be governed and repaid.

 

B.           Borrowers and BOTW desire that this Amended and Restated Credit Agreement be executed and delivered in order to amend and restate in their entirety the terms and provisions of the 2007 Credit Agreement and to provide for the refinancing of the loans made pursuant to the 2007 Credit Agreement upon the terms set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS AND REFERENCES

 

1.1           Defined Terms.  As used in this Agreement, each of the following terms shall have the meaning given it in this Section 1.1 or in the sections and subsections referred to below:

 

“Advance” means an advance of funds by BOTW to or for the account of Borrowers pursuant to Section 2.1 below.

 

“Affiliate” means, as to any Person, each Person that directly or indirectly (through one or more intermediaries or otherwise) controls, is controlled by, or is under common control with, that Person; provided that, for the purposes of this definition, a Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or control the direction of the management and policies of such entity, whether through the ownership of capital stock, partnership or membership interests or other interests therein, by contract or otherwise, and shall include without limitation any general partner or any controlling stockholder, controlling member or controlling owner thereof.

 

“Agreement” means this Amended and Restated Credit Agreement.

 

  

  

  

 

“Applicable Environmental Law” means any law, order, rule or regulation pertaining to health or the environment (as the same now exist or are hereafter enacted and/or amended), including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986 (as amended, hereinafter called “CERCLA”), the Resource Conservation and Recovery Act of 1976, as amended by the Used Oil Recycling Act of 1980, the solid Waste Disposal Act Amendments of 1980 and the Hazardous and Solid Waste Amendments of 1984 (as amended, hereinafter called “RCRA”) and applicable state law.

 

“Borrowers” shall have the meaning given such term in the first paragraph of this Agreement.

 

“Borrowing Base” means, at any time, the aggregate loan value of all Borrowing Base Properties, as determined by BOTW in its sole and absolute discretion, using such assumptions as to pricing, discount factors, discount rates, expenses and other factors as BOTW customarily uses as to borrowing-base oil and gas loans at the time such determination is made; provided that the Borrowing Base for the Borrowing Base Period from the date of this Agreement through the first redetermination of the Borrowing Base pursuant to Section 2.8 below shall be $6,000,000, unless Borrowers and BOTW hereafter mutually agree upon a different amount.

 

“Borrowing Base Notice” means a written notice sent to Borrowers by BOTW notifying Borrowers of the Borrowing Base determined by BOTW for the upcoming Borrowing Base Period or other period.

 

“Borrowing Base Period” means: (a) the time period from the date of this Agreement through May 31, 2009; (b) thereafter, each six-month period beginning on June 1 or December 1 of each year, until the latest June 1 or December 1 prior to the Maturity Date; and (c) thereafter, the time period from the latest June 1 or December 1 prior to the Maturity Date through the Maturity Date.

 

“Borrowing Base Properties” means any and all interests of any Borrower, whether now owned or hereafter acquired, in any and all oil and/or gas properties, wells, leases, gathering systems, processing plants and other property, rights and assets to which BOTW now or hereafter gives value in determining the Borrowing Base.

 

“Business Day” means: (a) with respect to the making, prepaying, repaying or issuance of, or otherwise relating to, any LIBOR Tranche, any day which is not a Saturday, a Sunday or a legal holiday on which commercial banks are authorized or required to be closed in Denver, Colorado, in Los Angeles, California, or in New York, New York and which is also a day on which dealings are carried on in the London interbank eurocurrency market, and (b) for all other purposes hereof, any day which is not a Saturday, a Sunday or a legal holiday on which commercial banks are authorized or required to be closed in Denver, Colorado or in Los Angeles, California.

 

  

-2-

  

 

“Collateral” means all tangible or intangible real or personal property which, under the terms of any Security Document, is or is purported to be covered thereby or subject thereto.

 

“Commitment Amount” means, at any time, the lesser of: (a) the Maximum Loan Amount, or (b) the Borrowing Base at that time.

 

“Consolidated” refers to the consolidation of any Person, in accordance with GAAP, of any and all properly consolidated Affiliates directly or indirectly controlled by such Person, but not Affiliates that directly or indirectly control such Person. References herein to a Person’s Consolidated financial statements, financial position, financial condition, liabilities, etc. refer to the consolidated financial statements, financial position, financial condition, liabilities, etc. of such Person and any and all properly consolidated Affiliates directly or indirectly controlled by such Person, but not Affiliates that directly or indirectly control such Person.

 

“Current Ratio” means, at any time and from time to time, the ratio of: (a) Parent’s Consolidated current assets (including as a current asset any unused availability of the Loan, but excluding any and all gains and losses from any mark-to-market of unliquidated commodity hedge contracts); to (b) Parent’s Consolidated current liabilities (excluding current maturities of the Loan and any and all gains and losses from any mark-to-market of unliquidated commodity hedge contracts), all determined in accordance with GAAP.

 

“Debt” means, as to any Person, all indebtedness, liabilities and obligations of such Person, whether primary or secondary, direct or indirect, absolute or contingent.

 

“Debt-to-Net Worth Ratio” means, at any time, as to any Person, the ratio of: (a) such Person’s funded, interest-bearing indebtedness at that time, determined on a Consolidated basis in accordance with GAAP; to (b) such Person’s Tangible Net Worth at that time.

 

“Default” means any Event of Default and any default, event or condition which would, with the giving of any requisite notice and/or the passage of time, constitute an Event of Default.

 

“Distribution” means any distribution payable in cash or property to any shareholder, partner, member or other owner of any Borrower, or any purchase, redemption or retirement of, or other payment with respect to, any stock, partnership interest, membership interest or other ownership interest in any Borrower.

 

“EBITDAX” means, as to any Person, for any Fiscal Quarter: (a) such Person’s net income for that Fiscal Quarter, excluding any and all gains and losses (net of costs of sale) from the sale of capital assets and other extraordinary items, plus (b) the following, to the extent, and only to the extent, that they have been deducted in computing such Person’s net income for that Fiscal Quarter: interest expenses, income taxes, depreciation, depletion, amortization, intangible drilling costs, exploration expenses and other non-cash and non-recurring expenses, all determined in accordance with GAAP. As to any acquisition or divestiture made by such Person during a Fiscal Quarter for consideration having a value in excess of $1,000,000, such Person’s “EBITDAX” for such Fiscal Quarter shall be adjusted on a pro forma basis as if such acquisition or divestiture had been made on the first day of such Fiscal Quarter.

 

  

-3-

  

 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, together with all rules and regulations promulgated with respect thereto.

 

“Event of Default” has the meaning given such term in Section 7.1 below.

 

“Existing Debt” means: (a) the unpaid principal balance on the date hereof of that certain Note Secured by Deed of Trust dated March 31, 2004, made by TEGOG, payable to the order of Jewel L. Sires, in the original principal amount of $370,000, plus (b) any and all interest heretofore or hereafter accruing on said note.

 

“Fiscal Quarter” means a three-month period ending on the last day of March, June, September or December of any year.

 

“Fiscal Year” means a twelve-month period ending on December 31 of any year.

 

“GAAP” means those generally accepted accounting principles and practices which are recognized as such by the Securities and Exchange Commission or the Financial Accounting Standards Board, as applicable (or any generally recognized successor to either of the foregoing) and which, in the case of Borrowers: (a) are applied for all periods in a consistent manner (provided that Borrowers may modify their accounting principles and practices so as to comply with any change in such generally accepted accounting principles and practices), and (b) are applied for all periods after the date hereof so as to properly reflect, in accordance with such generally accepted accounting principles and practices, the financial condition, and the results of operations and changes in financial position, of Borrowers.

 

“Guarantor Subsidiary” means any Affiliate of any Borrower as to which such Borrower hereafter owns, directly or indirectly, at least 51 percent of the capital stock, partnership interests, membership interests or other interests therein.

 

“Guarantors” means any and all Guarantor Subsidiaries as to which BOTW has requested, pursuant to Section 6.1(0) below, that such Guarantor Subsidiary execute a Guaranty.

 

“Guaranty” means a Guaranty executed and delivered by any Guarantor to BOTW to guaranty the Obligations.

 

“Initial Advance” means the first Advance made under this Agreement.

 

“Initial Engineering Report” means the report or reports covering the Borrowing Base Properties, dated as of January 1, 2008, prepared by Reed W. Ferrill & Associates, a true and correct copy of which has been furnished by Borrowers to BOTW.

 

“Initial Financial Statements” means the audited annual financial statements of Parent dated as of December 31, 2007, and the interim financial statements of Parent dated as of March 31, 2008 and June 30, 2008, copies of which Initial Financial Statements have heretofore been delivered by Borrowers to BOTW.

 

  

-4-

  

 

“Interest Coverage Ratio” means, at any time, as to any Person, the ratio of: (a) such Person’s EBITDAX for the then most recently completed Fiscal Quarter of such Person, determined on a Consolidated basis and in accordance with GAAP; to (b) the aggregate amount of such Person’s interest expenses for the then most recently completed Fiscal Quarter of such Person, determined on a Consolidated basis and in accordance with GAAP.

 

“Interest Rate Election” means an election delivered by Borrowers to BOTW from time to time in the form of Exhibit D attached hereto and made a part hereof.

 

“Letter of Credit” means a standby letter of credit issued by BOTW pursuant to Section 2.1 below.

 

“LIBOR (Adjusted)” means, with respect to each LIBOR Tranche and the related LIBOR Interest Period, the rate of interest per annum determined pursuant to the following formula;

 

	  	  	
                 LIBOR (Unadjusted)                 

	
LIBOR (Adjusted)     =

	              	
1.00  -  LIBOR Reserve Percentage

 

“LIBOR Interest Period” means, with respect to each LIBOR Tranche, a time period of one, two, three or six months, as specified in the Interest Rate Election submitted by Borrowers pursuant to Section 2.2(b) below with respect thereto, beginning on and including the date specified in such Interest Rate Election (which must be a Business Day) and ending on (but not including, for the purpose of computing the number of days in the LIBOR Interest Period) the date which corresponds numerically to such beginning date one, two, three or six months thereafter (or if such month has no numerically corresponding date, on the last Business Day of such month); provided that each LIBOR Interest Period which would otherwise end on a day which is not a Business Day shall end on the next succeeding Business Day unless such next succeeding Business Day is the first Business Day of a calendar month, in which case such LIBOR Interest Period shall end on the Business Day next preceding such numerically corresponding day. No LIBOR Interest Period may be elected which would end after the Maturity Date.

 

“LIBOR Reserve Percentage” means, with respect to any LIBOR Interest Period, the reserve percentage (expressed as a decimal) equal to the maximum aggregate reserve requirements (including all basic, emergency, supplemental, marginal and other reserves and taking into account any transitional adjustments or other scheduled changes in reserve requirements) specified under regulations issued from time to time by the Board of Governors of the Federal Reserve System and then applicable to assets or liabilities consisting of and including “Eurocurrency Liabilities”, as currently defined in Regulation D of the Board of Governors of the Federal Reserve System, having a term approximately equal or comparable to such LIBOR Interest Period.

 

“LIBOR Spread” means, with respect to any LIBOR Tranche, 2.25 percentage points per annum.

 

“LIBOR Tranche” means a portion of the Loan outstanding for a specific LIBOR Interest Period and bearing interest at a fixed rate based upon LIBOR (Adjusted).

 

  

-5-

  

 

“LIBOR (Unadjusted)” means, with respect to each LIBOR Tranche and the related LIBOR Interest Period, the rate of interest per annum determined by BOTW from Telerate page 3750 (or any successor thereto) as of two Business Days prior to the first day of such LIBOR Interest Period, in accordance with its customary practices, to be representative of the rates at which deposits of U.S. dollars are being offered in the London interbank eurocurrency market for delivery on the first day of such LIBOR Interest Period in an amount equal or comparable to the amount of such LIBOR Tranche and for a period of time equal or comparable to the length of such LIBOR Interest Period. LIBOR (Unadjusted), as determined by BOTW with respect to a particular LIBOR Tranche, shall be fixed at such rate for the duration of the associated LIBOR Interest Period. If BOTW is unable so to determine LIBOR (Unadjusted) for any LIBOR Tranche, or if the associated LIBOR (Adjusted) would exceed the maximum rate of interest, if any, then permitted to be charged on the Note under applicable law, Borrowers shall be deemed to have elected to have included in the Prime Rate Portion the portion of the Loan that would otherwise have been included in such LIBOR Tranche.

 

“Lien” means, with respect to any property or assets, any right or interest therein of a creditor to secure Debt owed to him or any other arrangement with such creditor which provides for the payment of such Debt out of such property or assets or which allows him to have such Debt satisfied out of such property or assets prior to the general creditors of any owner thereof, including without limitation any lien, mortgage, security interest, pledge, deposit, production payment, rights of a vendor under any title retention or conditional sale agreement or lease substantially equivalent thereto, or any other charge or encumbrance for security purposes, whether arising by law or agreement or otherwise, but excluding any right of offset which arises without agreement in the ordinary course of business.

 

“Loan Documents” means this Agreement, the Security Documents, the Note, any and all Guaranties, applications for Letters of Credit, Advance requests and all other agreements, certificates, legal opinions and other documents, instruments and writings heretofore or hereafter delivered in connection herewith or therewith.

 

“Loan” has the meaning given such term in Section 2.1 below.

 

“Maturity Date” means the earlier of: (a) August 31, 2010, or (b) such date on which the Loan is due and payable in full by reason of the occurrence of an Event of Default, as established pursuant to Section 7.1 below; provided that, upon the request of Borrowers, BOTW may, in its sole discretion, extend said date to a date not later than December 31, 2012 by giving written notice of such extension to Borrowers, but nothing contained in this Agreement, the Note or any other Loan Document shall be deemed to commit or require BOTW to grant any such extension.

 

“Maximum Loan Amount” means $6,000,000; provided that, upon the request of Borrowers, BOTW may, in its sole discretion and upon such terms and conditions as BOTW may determine, increase said amount to an amount not greater than $10,000,000 by giving written notice of such increase to Borrowers, but nothing contained in this Agreement, the Note or any other Loan Document shall be deemed to commit or require BOTW to grant any such increase.

 

“Note” means a promissory note in the form of Exhibit A attached hereto and made a part hereof, duly executed and delivered by Borrowers, which promissory note shall evidence Borrowers’ obligation to repay the Loan.

 

“Obligated Person” means any Borrower or any Guarantor.

 

  

-6-

  

 

“Obligations” means all Debt from time to time owing by Borrowers, or any of them, to BOTW under or pursuant to any of the Loan Documents. “Obligation” means any part of the Obligations.

 

“Oil and Gas Interests” means any and all oil and/or gas properties, wells, leases, gas gathering systems, processing plants and other related real and/or personal property and interests now or hereafter owned by Borrowers, or any of them.

 

“Overborrowed Condition” means, at any time, a condition whereby the outstanding principal balance of all Advances made hereunder plus the sum of the face amounts of all Letters of Credit outstanding hereunder exceeds the Commitment Amount.

 

“Parent” means Sefton Resources, Inc., a corporation organized under the laws of the British Virgin Islands.

 

“Payment Date” means the last Business Day of each calendar month, commencing October 31, 2008.

 

“Person” means an individual, corporation, partnership, association, joint-stock company, trust or trustee thereof, estate or executor thereof, limited liability company, unincorporated organization or joint venture, court or governmental unit or any agency or subdivision thereof, or any other legally recognizable entity.

 

“Prime Rate” means the fluctuating interest rate per annum announced from time to time by BOTW as its prime rate, adjusted effective as of the effective date of any change in the prime rate so announced by BOTW. The “Prime Rate” as of the date of this Agreement is 5.0 percent per annum.

 

“Prime Rate Portion” means the portion of the Loan bearing interest based upon the Prime Rate.

 

“Prime Rate Spread” means 0.50 percentage points per annum.

 

“Release Date” means the earlier of the following two dates; (a) the date on which the Obligations have been paid and performed in full and the Security Documents have been released of record, or (b) the date on which the liens of the Security Documents have been foreclosed or a deed in lieu of such foreclosure has become fully effective and has been recorded.

 

“Security Documents” means all security agreements, deeds of trust, mortgages, chattel mortgages, pledges, guaranties, financing statements, continuation statements, extension agreements and other agreements or instruments now, heretofore, or hereafter delivered by any or all of the Obligated Persons or any other person to BOTW in connection with this Agreement, the 2007 Credit Agreement or any transaction contemplated hereby or thereby, to secure or guaranty the payment of any part of the Obligations or the performance of any other duties and obligations of any or all of the Obligated Persons under the Loan Documents, whenever made or delivered.

 

  

-7-

  

 

“Subordinated Debt” means indebtedness or other obligations of Borrowers, or any of them, in amounts satisfactory to BOTW, to the extent that the rights of the holders thereof to enforce the indebtedness and other obligations of any Borrower thereunder have been subordinated to the rights of BOTW hereunder or in connection herewith by subordination agreements executed by the holders of the Subordinated Debt and satisfactory in form and substance to BOTW.

 

“Tangible Net Worth” means, at any time, as to any Person: (a) the equity in such Person owned by the shareholders, members, partners or other owners of such Person, determined on a Consolidated basis in accordance with GAAP (excluding assets and liabilities resulting from any mark-to-market of unliquidated commodity hedge contracts), less (b) goodwill and any and all other intangible assets of such Person, determined on a Consolidated basis in accordance with GAAP.

 

“2007 Credit Agreement” has the meaning given such term in Recital A above.

 

“2007 Loan” means the loan previously made by BOTW to TEGOG pursuant to the 2007 Credit Agreement.

 

1.2           Incorporation of Exhibits.  All Exhibits attached to this Agreement are a part hereof for all purposes.

 

1.3           Amendment of Defined Instruments.  Unless the context otherwise requires or unless otherwise provided herein, the terms defined in this Agreement which refer to a particular agreement, instrument or document also refer to and include all renewals, extensions and modifications of such agreement, instrument or document; provided that nothing contained in this section shall be construed to authorize any such renewal, extension or modification.

 

1.4           References and Titles.  All references in this Agreement to Exhibits, Schedules, articles, sections, subsections and other subdivisions refer to the Exhibits, Schedules, articles, sections, subsections and other subdivisions of this Agreement unless expressly provided otherwise. Titles appearing at the beginning of any subdivisions are for convenience only and do not constitute any part of such subdivisions and shall be disregarded in construing the language contained in such subdivisions. The words “this Agreement”, “this instrument”, “herein”, “hereof”, “hereby”, “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The phrases “this section” and “this subsection” and similar phrases refer only to the sections or subsections hereof in which such phrases occur. The word “or” has the inclusive meaning frequently identified by the phrase “and/or”. Pronouns in masculine, feminine and neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires.

 

1.5           Calculations and Determinations.  All interest accruing under the Loan Documents shall be calculated on the basis of actual days elapsed (including the first day but excluding the last) and a year of 360 days. Unless otherwise expressly provided herein or unless BOTW otherwise consents, all financial statements and reports furnished to BOTW hereunder shall be prepared and all financial computations and determinations pursuant hereto shall be made in accordance with GAAP or with another accounting system agreed to in writing by BOTW.

 

  

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ARTICLE II

THE LOAN

 

2.1           The Loan.

 

(a)           Subject to the other terms and conditions of this Agreement: (1) Borrowers shall be deemed to have requested, and Lenders shall be deemed to have made, an Advance hereunder on the date hereof in the amount of the entire outstanding principal balance of the 2007 Loan, in order to refinance the 2007 Loan as of the date of this Agreement, (2) BOTW agrees to make Advances to Borrowers from time to time requested upon,. with respect to any such Advance, written notice to BOTW from Borrowers no later than noon, Denver time, at least one Business Day prior to such Advance, and (3) BOTW agrees to issue Letters of Credit from time to time requested upon, with respect to any such Letter of Credit, written notice to BOTW from Borrowers no later than five Business Days prior to the date of issuance of such Letter of Credit. Not later than 10 Business Days after receipt of any invoice therefor from BOTW, Borrowers shall pay to BOTW any and all interest, fees and other non-principal amounts that may be payable by TEGOG pursuant to the terms of the 2007 Credit Agreement and that are not being refinanced as described in Section 2.1(a)(1) above.

 

(b)           Each request by Borrowers for an Advance shall be in the form of Exhibit B attached hereto and made a part hereof. Each request by Borrowers for the issuance of a Letter of Credit shall be in the form of Exhibit C attached hereto and made a part hereof and shall be accompanied by an application for issuance of a letter of credit on BOTW’s then-standard form, duly executed by Borrowers.

 

(c)           BOTW shall not have any obligation to:  make an Advance on or after the Maturity Date, (2) issue or renew a Letter of Credit which expires after the Maturity Date, (3) make an Advance in an amount less than $25,000, unless such Advance is in the amount of the entire then-remaining availability of the Commitment Amount, (4) issue a LIBOR Tranche as to which the LIBOR Interest Period does not expire prior to the Maturity Date, (5) issue a LIBOR Tranche at any time when three or more prior LIBOR Tranches remain outstanding, (6) issue a LIBOR Tranche in an amount less than $500,000, or (7) make an Advance or issue a Letter of Credit if, after such Advance is made or such Letter of Credit is issued, the outstanding principal balance of all Advances made hereunder plus the sum of the face amounts of all Letters of Credit outstanding hereunder would exceed the Commitment Amount.

 

(d)           Each payment by BOTW under a Letter of Credit shall be deemed to be an Advance, bearing interest from the date of such payment, shall be entitled to all benefits of the Security Documents and shall be subject to all terms of this Agreement and any and all other applicable Loan Documents.

 

(e)           The Advances and Letters of Credit described in this Section 2.1 shall be herein collectively referred to as the “Loan”. Within the limitations set forth in this Section 2.1 and subject to the other terms and provisions of this Agreement, Borrowers may borrow, repay and reborrow the Loan hereunder.

 

  

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2.2           The Note; Interest.

 

(a)           Borrowers’ obligation to repay the Loan, with interest thereon, shall be evidenced by the Note. In the event any provision contained in the Note conflicts with a provision contained in this Agreement, the provisions of this Agreement shall control.

 

(b)           At any time and from time to time hereafter (except at any time that the Borrowing Base is an amount not in excess of $5,000,000), if Borrowers desire to include in a LIBOR Tranche all or any portion of the Loan which is not already included in a LIBOR Tranche, Borrowers shall deliver an Interest Rate Election to BOTW at least three Business Days prior to the first day of the requested LIBOR Interest Period, specifying the dollar amount they desire to have included in the LIBOR Tranche, the first day of the LIBOR Interest Period and the duration of the LIBOR Interest Period; provided that. Any portion of the Loan which is not included in a LIBOR Tranche shall be included in the Prime Rate Portion.

 

(c)           (1) Except as otherwise provided in (3) below, interest on each LIBOR Tranche shall accrue at a fixed annual rate equal to LIBOR (Adjusted) with respect to such LIBOR Tranche plus the LIBOR Spread. (2) Except as otherwise provided in (3) below, interest on the Prime Rate Portion shall accrue at a fluctuating annual rate equal to the Prime Rate plus the Prime Rate Spread. (3) From and after the occurrence, and during the continuance, of any Event of Default hereunder, interest on overdue principal and (to the extent permitted under applicable law) overdue interest, whether caused by acceleration of maturity or otherwise, shall accrue, from the date of occurrence of the Event of Default until the date the Event of Default is cured, at a fluctuating annual rate equal to the Prime Rate plus five percentage points per annum.

 

(d)           Interest accrued on the Prime Rate Portion shall be due and payable on each Payment Date. Interest accrued on each LIBOR Tranche shall be due and payable on the last day of the LIBOR Interest Period for such LIBOR Tranche (and, in the case of any LIBOR Tranche having a LIBOR Interest Period in excess of three months, on the three-month anniversary of the first day of such LIBOR Interest Period). Any then-outstanding interest on the Loan shall be due and payable not later than the Maturity Date.

 

2.3           Mandatory Principal Payments.

 

(a)           If for any reason the outstanding principal balance of all Advances plus the sum of the face amounts of all outstanding Letters of Credit shall exceed the Commitment Amount, Borrowers shall, not later than 30 days after written notice thereof from BOTW:  pay the excess to BOTW in a lump sum; or (2) commence (and thereafter continue) an amortization schedule under which Borrowers repay an amount at least equal to the excess in six equal monthly principal installments on the last Business Day of each calendar month, which amounts shall be in addition to the monthly interest payments and any other principal payments otherwise due, such that the entire excess is paid within six months; or (3) execute and deliver to BOTW additional mortgages, supplements to mortgages or other instruments satisfactory in form and substance to BOTW, by which Borrowers mortgage, pledge or hypothecate to BOTW, or create a security interest in for the benefit of BOTW, sufficient additional Oil and Gas Interests to induce BOTW to make a redetermination of the Borrowing Base such that the Commitment Amount is increased to an amount no less than the outstanding principal balance of all Advances plus the sum of the face amounts of all outstanding Letters of Credit.

 

  

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(b)           The outstanding principal balance of the Loan, together with all unpaid fees and expenses relating thereto, shall be due and payable not later than the Maturity Date.

 

2.4           Voluntary Prepayments.  Borrowers shall have the right to prepay the Loan at any time, in whole or in part, without penalty or premium (except as otherwise described in Section 3.8 below).

 

2.5           Termination of Agreement.  Borrowers shall have the right at any time and from time to time, upon not less than three Business Days’ prior written notice to BOTW, to terminate this Agreement. Upon any termination of this Agreement, Borrowers shall, at the time of such termination, prepay the Loan in full and cause all outstanding Letters of Credit to be terminated and BOTW released from any and all liabilities thereunder or in connection therewith. Any such prepayment shall be without penalty or premium (except as otherwise described in Section 3.8 below).

 

2.6           Payments to BOTW.  Borrowers will pay to BOTW each payment which Borrowers owe under the Loan Documents not later than 12:00 noon, Denver time, on the due date, in lawful money of the United States of America and in immediately available funds. Any payment received after such time will be deemed to have been made on the next following Business Day. Except as otherwise provided in this Agreement as to LIBOR Tranches, should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be due and payable thereon for the period of such extension. Each payment under a Loan Document shall be due and payable at the place provided therein or, if no specific place of payment is provided, shall be due and payable at the place of payment of the Note.

 

2.7           Use of Proceeds.  In no event shall the proceeds of the Loan be used directly or indirectly for the purpose, whether immediate, incidental or ultimate, of purchasing, acquiring or carrying any “margin stock” (as such term is defined in Regulation U promulgated by the Board of Governors of the Federal Reserve System) or to extend credit to others directly or indirectly for the purpose of purchasing or carrying any such margin stock or margin securities. Borrowers represent and warrant to BOTW that no Borrower is engaged principally, or as one of its important activities, in the business of extending credit to others for the purpose of purchasing or carrying such margin stock. The proceeds of the Loan shall be used solely for the refinancing of the Prior Loan, the funding of capital expenditures relating to the acquisition, exploration, drilling and development of oil and gas properties by Borrowers, general working capital purposes and the issuance of Letters of Credit as required for the conduct of Borrowers’ businesses.

 

  

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2.8           Borrowing Base Procedures.  Based upon the engineering reports submitted by Borrowers pursuant to Section 6.1(b) below and upon such other information and data as BOTW deems relevant, BOTW will redetermine the Borrowing Base: (a) as of the first day of each Borrowing Base Period, and (b) up to one additional time per Borrowing Base Period at the discretion of BOTW, and (c) up to one additional time per Borrowing Base Period at the discretion of Borrowers. BOTW shall advise Borrowers of each redetermination of the Borrowing Base by providing to Borrowers a Borrowing Base Notice approximately 10 days prior to the effectiveness of the redetermined Borrowing Base; provided that if, due to any failure by Borrowers to submit in a timely manner any engineering report or other information required to be submitted by Borrowers hereunder or, if requested in writing by BOTW, any additional information or data needed in connection with a redetermination of the Borrowing Base or due to any other reason beyond the control of BOTW, BOTW does not provide a Borrowing Base Notice at the time described above, then, unless BOTW gives notice to the contrary to Borrowers, the Borrowing Base from the previous period shall be carried over into the new period until a Borrowing Base Notice has been sent to Borrowers by BOTW.

 

ARTICLE III

SECURITY; FEES; LETTERS OF CREDIT

 

3.1           The Security.  The Obligations will be secured by any and all Security Documents executed and delivered in connection with the 2007 Credit Agreement or contemporaneously with the execution and delivery of this Agreement and any additional Security Documents hereafter delivered by any Obligated Person and accepted by BOTW.

 

3.2           Perfection and Protection of Security Interests and Liens.  Borrowers and each Guarantor Subsidiary will from time to time deliver to BOTW any amendments, financing statements, continuation statements, extension agreements and other documents, properly completed and executed (and acknowledged when required), in form and substance reasonably satisfactory to BOTW, which BOTW may request for the purpose of perfecting, confirming or protecting BOTW’s Liens and other rights in the Collateral.

 

3.3           Bank Accounts and Offset.  To secure the repayment of the Obligations, Borrowers hereby grant to BOTW a security interest, a lien, and a right of offset, each of which shall be upon and against: (a) any and all moneys, securities or other property (and the proceeds therefrom) of any Borrower now or hereafter held or received by or in transit to BOTW from or for the account of any Borrower, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of any Borrower with BOTW, and (c) any other credits and claims of any Borrower at any time existing against BOTW, including without limitation claims under certificates of deposit. Upon the occurrence of any Default, BOTW is hereby authorized to foreclose upon, offset, appropriate, and apply, at any time and from time to time, without prior notice to Borrowers, any and all items hereinabove referred to against the Obligations (whether or not the Obligations are then due and payable).

 

  

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3.4           Fees.

 

(a)           Borrowers shall pay to BOTW, for the time period commencing on the date hereof through the Maturity Date, on the last day of each calendar quarter prior to the Maturity Date, commencing with the calendar quarter ending December 31, 2008, and on the Maturity Date, for the time period from the end of the last such calendar quarter through the Maturity Date, a commitment fee in an amount equal to: (1) one-half of one percentage point per annum, times (2) the excess, if any, of: (A) the Commitment Amount, over (B)(1) the outstanding principal balance of all Advances plus (2) the sum of the face amounts of all outstanding Letters of Credit, computed on a daily basis for such calendar quarter or other time period.

 

(b)           Borrowers shall pay to BOTW with respect to each Letter of Credit a fee in an amount equal to the greater of:  (1) two percent per annum times the face amount of such Letter of Credit, or (2) $500.00, which fee shall be due and payable at the time of issuance (and again at the time of any renewal) of such Letter of Credit. In addition, Borrowers shall pay to BOTW any and all amendment, transfer, negotiation and other fees payable from time to time in accordance with BOTW’s then-current fee policies.

 

(c)           Borrowers shall pay to BOTW upon execution and delivery of this Agreement: (1) a loan fee in the amount of $5,000, and (2) a fee in the amount of $13,500 in connection with the increase in the Maximum Loan Amount from the amount in effect under the 2007 Credit Agreement.

 

(d)           Borrowers shall pay to BOTW, on August 14 of each year until the Loan has been repaid in full and this Agreement has been terminated, commencing August 14, 2009, a facility fee in the amount of one-quarter of one percent times the Commitment Amount in effect as of such anniversary date.

 

(e)           Contemporaneously with any and all increases in the Maximum Loan Amount hereafter requested by Borrowers and agreed to by BOTW, Borrower shall pay to BOTW a loan fee in an amount equal to: (1) one-half of one percent, times (2)(A) the amount to which the Maximum Loan Amount is being increased, minus (B) the greater of: (i) $6,000,000, or (ii) the largest Maximum Loan Amount on which Borrowers have previously paid a fee to BOTW pursuant to this Section 3.4(e).

 

3.5           Obligations Absolute.  The obligation of Borrowers to repay any amount drawn on BOTW pursuant to the terms of a Letter of Credit shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including without limitation the following circumstances:

 

(a)           The existence of any claim, set-off, defense or other right which Borrowers may have at any time against any beneficiary of a Letter of Credit (or any Person for whom any such beneficiary may be acting) or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or any unrelated transactions;

 

(b)           Any statement or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; or

 

(c)           Payment by BOTW under any Letter of Credit against presentation of a draft or certificate which does not comply in all material respects with the terms of such Letter of Credit.

 

  

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Payment by Borrowers of a reimbursement obligation in connection with a Letter of Credit issued pursuant to this Agreement shall not be deemed a waiver of any rights of Borrowers against BOTW under Section 3.7(d) below.

 

3.6           Indemnification.  Each Borrower hereby indemnifies and holds harmless BOTW from and against any and all claims, damages, losses, liabilities, costs or expenses whatsoever which BOTW may incur (or which may be claimed against BOTW by any Person) by reason of or in connection with the execution and delivery or transfer of or payment or failure to pay under any Letter of Credit; provided, however, that Borrowers shall not be required to indemnify BOTW for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by the willful misconduct or gross negligence of BOTW in connection with paying a draft presented under a Letter of Credit. Nothing in this Section 3.6 is intended to limit the obligation of Borrowers to repay any amount drawn on BOTW pursuant to the terms of a Letter of Credit.

 

3.7           Liability of BOTW.  Borrowers assume all risks of the acts or omissions of any beneficiary or permitted transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither BOTW nor any of its employees, officers or directors shall be liable or responsible for:

 

(a)           The use which may be made of any Letter of Credit or for any acts or omissions of any beneficiary or transferee thereof in connection therewith;

 

(b)           The validity, sufficiency or genuineness of documents, or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged;

 

(c)           Except as otherwise provided in Section 3.7(d) below, payment by BOTW against presentation of documents which do not comply with the terms of the applicable Letter of Credit, including failure of any documents to bear any reference or adequate reference to the applicable Letter of Credit; or

 

(d)           Any other circumstance whatsoever in making or failing to make payment under the Letter of Credit, except only that Borrowers shall have a claim against BOTW, and BOTW shall be liable to Borrowers, to the extent, but only to the extent, of any direct (as opposed to consequential) damages suffered by Borrowers which were caused by:

 

(1)           BOTW’s willful misconduct, bad faith or gross negligence in connection with the Letter of Credit; or

 

(2)           BOTW’s bad-faith or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a draft and certificate strictly complying with the terms and conditions of such Letter of Credit.

 

  

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3.8           Special LIBOR Provisions.

 

(a)           If BOTW shall reasonably determine (which determination shall, upon notice thereof to Borrowers, be conclusive and binding upon Borrowers and BOTW) that the introduction of or any change in or in the interpretation of any law makes it unlawful, or any central bank or other governmental authority having jurisdiction asserts that it is unlawful, for BOTW to fund, continue or maintain any LIBOR Tranche, the obligation of BOTW to fund, continue or maintain any such LIBOR Tranche shall, upon such determination, forthwith be suspended until BOTW shall notify Borrowers that the circumstances causing such suspension no longer exist, and all LIBOR Tranches shall automatically be converted into the Prime Rate Portion at the end of the then-current LIBOR Interest Periods with respect thereto or sooner, if required by such law or assertion.

 

(b)           If BOTW shall reasonably determine that:

 

(1)           U.S. Dollar deposits in the relevant amount and for the relevant LIBOR Interest Period are not available to BOTW in its relevant market; or

 

(2)           By reason of circumstances affecting BOTW’s relevant market, adequate means do not exist for ascertaining the interest rate applicable hereunder to LIBOR Tranches; then, upon notice from BOTW to Borrowers, the obligation of BOTW to include any portion of the Loan in a LIBOR Tranche shall forthwith be suspended until BOTW shall notify Borrowers that the circumstances causing such suspension no longer exist.

 

(c)           Borrowers agree to reimburse BOTW for any increase in the cost to BOTW of, or any reduction in the amount of any sum receivable by BOTW in respect of, funding, continuing or maintaining (or of its obligation to fund, continue or maintain) any LIBOR Tranche; provided that the foregoing shall not apply to increases resulting from general increases in interest rates or general increases in BOTW’s administrative expenses or overhead costs. BOTW shall promptly notify Borrowers in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate BOTW for such increased cost or reduced amount. Such additional amount shall be due and payable by Borrowers to BOTW within fifteen days of Borrowers’ receipt of such notice, and such notice shall, in the absence of manifest error, be conclusive and binding on Borrowers.

 

(d)           In the event BOTW shall incur any loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by BOTW to fund, continue or maintain any portion of the principal amount of any LIBOR Tranche) as a result of:

 

(1)           Any conversion, repayment or prepayment (whether voluntary or mandatory) of the principal amount of any LIBOR Tranche on a date other than the scheduled last day of the LIBOR Interest Period applicable thereto; or

 

(2)           Any requested LIBOR Tranche not being funded as a LIBOR Tranche in accordance with the provisions of this Agreement or the Interest Rate Election therefor; then, upon the written notice by BOTW to Borrowers, Borrowers shall, within fifteen days of receipt thereof, pay BOTW such amount as will (in the reasonable determination of BOTW) reimburse BOTW for such loss or expense. Such written notice shall, in the absence of manifest error, be conclusive and binding upon Borrowers.

 

  

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3.9           Increased Capital Costs.  If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) of any court, central bank, regulator or other governmental authority affects or would affect the amount of capital required or expected to be maintained by BOTW or any Person controlling BOTW, and BOTW reasonably determines that the rate of return on its or such controlling Person’s capital as a consequence of the portion of the Loan included in a LIBOR Tranche is reduced to a level below that which BOTW or such controlling Person could have achieved but for the occurrence of any such circumstance, then, in any such case upon notice from time to time by BOTW to Borrowers, Borrowers hereby agree to pay to BOTW, within fifteen days of the effective date of such notice, such additional amount (as may be reasonably determined by BOTW) sufficient to compensate BOTW or such controlling Person for such reduction in rate of return. A statement to Borrowers by BOTW as to any such additional amount or amounts (including calculations thereof in reasonable detail) shall, in the absence of manifest error, be conclusive and binding upon Borrowers.

 

3.10           Taxes.  All payments by Borrowers of principal of, and interest on, the Loan and all other amounts payable hereunder shall be made free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding franchise taxes and taxes imposed on or measured by BOTW’s net income or receipts (such non-excluded items being called “Taxes”). In the event that any withholding or deduction from any payment to be made by Borrowers hereunder is required in respect of any Taxes pursuant to any applicable law, rule or regulation, Borrowers will:

 

(a)           Pay directly to the relevant authority the full amount required to be so withheld or deducted;

 

(b)           Promptly forward to BOTW an official receipt or other documentation satisfactory to BOTW evidencing such payment to such authority; and

 

(c)           Pay BOTW such additional amount or amounts as may be necessary to ensure that the net amount actually received by BOTW will equal the full amount BOTW would have received had no such withholding or deduction been required.

 

Moreover, if any Taxes are directly asserted against BOTW with respect to any payment received by BOTW hereunder, BOTW may pay such Taxes and Borrowers will promptly pay such additional amounts (including any penalties, interest or expenses) as may be necessary in order that the net amount received by BOTW after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount BOTW would have received had not such Taxes been asserted.

 

  

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If Borrowers fail to pay any Taxes when due to the appropriate taxing authority or fail to remit to BOTW the required receipts or other required documentary evidence, then Borrowers shall indemnify, save and hold harmless BOTW from and against any incremental Taxes, interest or penalties that may become payable by BOTW as a result of any such failure.

 

ARTICLE IV

CONDITIONS PRECEDENT TO LOAN

 

4.1           Initial Conditions Precedent.  BOTW shall have no obligation to make the Initial Advance or any subsequent Advance or to issue any Letter of Credit unless BOTW shall have received all of the following at its office in Denver, Colorado, duly executed and delivered and in form, substance and date satisfactory to BOTW:

 

(a)           The Note.

 

(b)           An “Omnibus Certificate” of an officer of each Borrower, which shall contain the names and signatures of the officers of such Borrower authorized to execute Loan Documents and which shall certify to the truth, correctness and completeness of the following exhibits attached thereto: (1) a copy of the articles of incorporation of such Borrower and all amendments thereto, (2) a copy of the bylaws of such Borrower and all amendments thereto, and (3) a copy of the resolutions of the board of directors of such Borrower authorizing this Agreement and the transactions contemplated hereby.

 

(c)           A “Compliance Certificate” of an officer of each Borrower in which such person certifies to the satisfaction of the conditions set out in subsections (a), (b), and (c) of Section 4.2 below.

 

(d)           The Security Documents.

 

(e)           Such title opinions, supplemental title opinions, title reports, title insurance policies, UCC searches and other title information concerning Borrowers’ title to the Borrowing Base Properties or any portions thereof as may be satisfactory to BOTW.

 

(f)           Any and all other Loan Documents.

 

(g)           The loan fee payable pursuant to Section 3.4(c) above.

 

4.2           Additional Conditions Precedent.  BOTW shall have no obligation to make the Initial Advance or any subsequent Advance or to issue any Letter of Credit unless the following conditions precedent have been satisfied:

 

(a)           All representations and warranties made by any Obligated Person in any Loan Document shall be true on and as of the date of the Advance or the date of issuance of the Letter of Credit as if such representations and warranties had been made as of the date hereof.

 

(b)           No Default shall exist as of the date of the Advance or the date of issuance of the Letter of Credit.

 

  

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(c)           Each Obligated Person shall have performed and complied with all agreements and conditions herein required to be performed or complied with by it on or prior to the date of the Advance or the date of issuance of the Letter of Credit.

 

(d)           The making of the Advance or the issuance of the Letter of Credit shall not be prohibited by any law or any regulation or order of any court or governmental agency or authority and shall not subject BOTW to any penalty or other onerous condition under or pursuant to any such law, regulation or order.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES

 

5.1           Borrowers’ Representations and Warranties.  To induce BOTW to enter into this Agreement and to make the Loan, Borrowers represent and warrant to BOTW (which representations and warranties shall survive the delivery of the Note and shall be deemed to be continuing representations and warranties until repayment in full of the Loan) that:

 

(a)           No Default.  Borrowers are not in default in any material respect in the performance of any of the covenants and agreements contained herein. No event has occurred and is continuing which constitutes a Default.

 

(b)           Organization and Good Standing.  Each of TEGOG and TEGMC is a corporation duly organized, validly existing and in good standing under the laws of the State of Colorado, having all powers required to carry on its business and enter into and carry out the transactions contemplated hereby. Parent is a corporation duly organized, validly existing and in good standing under the laws of the British Virgin Islands, having all powers required to carry on its business and enter into and carry out the transactions contemplated hereby. Each Borrower is duly qualified, in good standing, and authorized to do business in all other jurisdictions wherein the character of the properties owned or held by it or the nature of the business transacted by it makes such qualification necessary.

 

(c)           Authorization.  Each Borrower has duly taken all action necessary to authorize the execution and delivery by it of the Loan Documents and to authorize the consummation of the transactions contemplated thereby and the performance of its obligations thereunder.

 

(d)           No Conflicts or Consents.  The execution and delivery by the various Obligated Persons of the Loan Documents to which each is a party, the performance by each of its obligations under such Loan Documents, and the consummation of the transactions contemplated by the various Loan Documents, do not and will not: (1) conflict with any provision of: (A) any domestic or foreign law, statute, rule or regulation, (B) the governing documents of any Obligated Person, or (C) any agreement, judgment, license, order or permit applicable to or binding upon any Obligated Person, (2) result in the acceleration of any Debt owed by any Obligated Person, or (3) result in or require the creation of any Lien upon any assets or properties of any Obligated Person except as expressly contemplated by the Loan Documents. Except as expressly contemplated by the Loan Documents, no consent, approval, authorization or order of, and no notice to or filing with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by any Obligated Person of any Loan Document or to consummate any transactions contemplated by the Loan Documents.

 

  

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(e)           Enforceable Obligations.  This Agreement is, and the other Loan Documents when duly executed and delivered will be, legal and binding obligations of each Obligated Person which is a party hereto or thereto, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors’ rights and as limited by general equitable principles.

 

(f)           Initial Financial Statements.  The Initial Financial Statements fairly present Parent’s Consolidated financial positions at the dates thereof. Since the dates of the Initial Financial Statements of Parent, no material adverse change has occurred in Parent’s financial condition or business.

 

(g)           Other Obligations.  No Borrower has outstanding Debt of any kind (including contingent obligations, tax assessments, and unusual forward or long-term commitments) which is not set forth in the Initial Financial Statements or has not otherwise been previously disclosed in writing to BOTW, except for Debt items that would not cause a material adverse change in the financial condition of Borrowers from that contained in the Initial Financial Statements.

 

(h)           Full Disclosure.  No certificate, statement or other information delivered herewith or heretofore by any Borrower to BOTW in connection with the negotiation of this Agreement or in connection with any transaction contemplated hereby contains any untrue statement of a material fact or omits to state any material fact known to any Borrower necessary to make the statements contained herein or therein not misleading in any material respect as of the date made or deemed made. At the date of this Agreement, no Borrower is aware of any material fact that has not been disclosed to BOTW in writing which could materially and adversely affect any Borrower’s properties, businesses, prospects or condition (financial or otherwise). To the best of each Borrower’s knowledge, the Initial Engineering Report is based upon complete and accurate factual information in all material respects, it being understood that the Initial Engineering Report is necessarily based upon professional opinions, estimates and projections and that Borrowers do not warrant that such opinions, estimates and projections will ultimately prove to have been accurate.

 

(i)           Litigation.  Except as disclosed in the Initial Financial Statements: (1) there are no actions, suits or legal, equitable, arbitrative or administrative proceedings pending, or to the knowledge of any Borrower threatened, against any Obligated Person before any federal, state, municipal or other court, department, commission, body, board, bureau, agency, or instrumentality, domestic or foreign, which do or may materially and adversely affect any Obligated Person, any Affiliate of any Borrower, any Obligated Person’s ownership or use of any of its assets or properties, its business or-financial condition or prospects, or the right or ability of any Obligated Person to enter into the Loan Documents or perform its obligations thereunder and (2) there are no outstanding judgments, injunctions, writs, rulings or orders by any such governmental entity against any Obligated Person which have or may have any such effect.

 

  

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(j)           Title to Properties.  To the best of each Borrower’s knowledge, Borrowers have good and defensible title to the Borrowing Base Properties, free and clear of all liens, encumbrances and defects of title, except for covenants, restrictions, rights, easements, liens, encumbrances and minor irregularities in title which do not materially interfere with the occupation, use and enjoyment of such Borrowing Base Properties in the normal course of business as presently conducted or materially impair the value thereof for such business. Each Borrower enjoys peaceful and undisturbed possession under all material leases under which it operates, and all such leases are valid and subsisting, with no material default existing thereunder.

 

(k)           Place of Business.  The chief executive office and principal place of business of Borrowers are located at 2050 South Oneida Street, Suite 102, Denver, Colorado 80224.

 

(l)           Taxes.  All tax returns required to be filed by any Borrower in any jurisdiction prior to the date hereof have been filed; all taxes, assessments, fees and other governmental charges upon each Borrower or upon any of its properties, income or franchises, which are due and payable have been paid, or adequate reserves have been provided for payment thereof, except for amounts that would not have a material adverse effect on the financial condition of any Borrower.

 

(m)           Use of Proceeds.  No Borrower is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U or X of the Board of Governors of the Federal Reserve System), and no part of the proceeds of the Loan will be used to purchase or carry any such margin stock or to extend credit to any Person for the purpose of purchasing or carrying any such margin stock. Neither any Borrower nor any Person acting on any Borrower’s behalf has taken or will take any action which might cause this Agreement or the Note or the application of the proceeds of the Loan to violate either of said Regulations U or X or any other regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934, in each case as now in effect or as the same may hereafter be in effect.

 

(n)           Environmental Matters.  None of Borrowers, any of the Borrowing Base Properties or any other properties of Borrower is in violation, in any material respect, of any Applicable Environmental Law, assuming disclosure to the applicable governmental authorities of all relevant facts, conditions and circumstances pertaining thereto. There is no existing, pending or, to the best knowledge of any Borrower, threatened investigation or inquiry by any governmental authority in connection with any Applicable Environmental Laws. Each Borrower has taken all reasonable steps necessary to determine that no hazardous substances or solid wastes have been disposed of or otherwise released on or to the Borrowing Base Properties or any other properties of any Borrower. No Borrower has caused or permitted the disposal or other release of any hazardous substance or solid waste (as defined in any Applicable Environmental Law) on or to the Borrowing Base Properties or any other properties of any Borrower.

 

  

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(o)           Investment Company Act Not Applicable.  No Borrower is an “investment company” or a person “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(p)           ERISA.  No Borrower has any obligations governed by ERISA.

 

5.2           Representations by BOTW.  BOTW hereby represents that it will acquire the Note for its own account in the ordinary course of its commercial banking business; however, the disposition of BOTW’s property shall at all times be and remain within its control and this section does not prohibit BOTW’s sale of the Note or of any participation in the Note to any bank, financial institution, investor or other purchaser.

 

ARTICLE VI

COVENANTS OF BORROWERS

 

6.1           Affirmative Covenants.  Borrowers warrant, covenant and agree that, until the full and final payment of the Obligations and the termination of this Agreement, unless BOTW has previously agreed otherwise in writing;

 

(a)           Payment and Performance.  Borrowers will pay all amounts due under the Loan Documents in accordance with the terms thereof and will in all material respects observe, perform and comply with every covenant, term and condition express or implied in the Loan Documents. Borrowers will also cause each Guarantor to observe, perform and comply with every such term, covenant and condition, to the extent applicable to such Guarantor.

 

(b)           Books, Financial Statements and Records.  Borrowers will at all times maintain full and accurate books of account and records, will maintain a standard system of accounting in accordance with GAAP and will furnish the following statements and reports to BOTW at Borrowers’ expense:

 

(1)           As soon as available, and in any event within 120 days after the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2008, the audited Consolidated and consolidating financial statements of Parent, containing at least a statement of income, shareholders’ equity and cash flow of Parent for such Fiscal Year and a balance sheet of Parent as at the end of such Fiscal Year, setting forth in comparative form the corresponding figures for the preceding Fiscal Year, in reasonable detail in accordance with GAAP, accompanied by an opinion of Chantrey Vellacott DFK or another firm of independent certified public accountants chosen by Parent and acceptable to BOTW, which opinion shall be unqualified and shall state that said financial statements have been prepared in accordance with GAAP and fairly present the Consolidated financial position and the results of operations of Parent as of the end of and for such Fiscal Year;

 

  

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(2)           As soon as available and in any event within 45 days after the end of each Fiscal Quarter (except the last Fiscal Quarter of each Fiscal Year), commencing with the Fiscal Quarter ending September 30, 2008, the unaudited Consolidated and consolidating financial statements of Parent, containing at least a statement of income, shareholders’ equity and cash flow of Parent for such Fiscal Quarter and for the Fiscal Year to date and a balance sheet of Parent as at the end of such Fiscal Quarter, setting forth in comparative form the corresponding figures for the same Fiscal Quarter of the preceding Fiscal Year and for the preceding Fiscal Year to date, in reasonable detail in accordance with GAAP;

 

(3)           At the time of submission of the financial statements described in (1) and (2) above, a report in the form of Exhibit E attached hereto and made a part hereof, signed by an officer of Parent: (A) attesting to the authenticity of such financial statements, (B) stating that he has read this Agreement and the Security Documents, and (C) stating that after reviewing the financial statements described above he has concluded that there did not exist any condition or event as of the date of such financial statements or at the time of his report which constituted an Event of Default or a Default, or, if he did conclude that such condition or event existed, specifying the nature and period of existence of any such condition or event;

 

(4)           By April 1 of each year, commencing April 1, 2009, an engineering report and economic evaluation prepared by one or more independent petroleum engineers chosen by Borrowers and acceptable to BOTW, covering all oil or gas properties and interests included in the Borrowing Base Properties. These engineering reports shall be in form and substance satisfactory to BOTW and shall contain information and analysis comparable in scope to that contained in the Initial Engineering Report; and

 

(5)           As soon as available, and in any event within 45 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending September 30, 2008, a report describing, for each calendar month during such Fiscal Quarter, the gross volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Borrowing Base Properties, and describing the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month.

 

(c)           Other Information and Inspections.  Each Borrower will furnish to BOTW any information which BOTW may from time to time request concerning any covenant, provision or condition of the Loan Documents or any matter in connection with Borrower’s business and operations. Each Borrower will permit representatives appointed by BOTW, including independent accountants, agents, attorneys, appraisers and any other persons, to visit and inspect, at their sole risk, any of such Borrower’s property, including its books of account, other books and records, and any facilities or other business assets, and to make extra copies therefrom and photocopies and photographs thereof, and to write down and record any information such representatives obtain, and each Borrower shall permit BOTW or its representatives to investigate and verify the accuracy of the information furnished to BOTW in connection with the Loan Documents and to discuss all such matters with its officers, managers, employees and representatives.

 

  

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(d)           Notice of Material Events.  Borrowers will promptly notify BOTW: (1) of any material adverse change in the financial condition of any Borrower, (2) of the occurrence of any Default, (3) of the acceleration of the maturity of any Debt owed by any Borrower or of any default by any Borrower under any indenture, mortgage, agreement, contract or other instrument to which any Borrower is a party or by which any Borrower or any of any Borrower’s properties is bound, (4) of any uninsured claim of $100,000 or more asserted against any Borrower or any of its properties, (5) of the filing of any suit or proceeding against any Borrower (or the occurrence of any material development in any such suit or proceeding) in which an adverse decision could have a material adverse effect upon such Borrower’s financial condition, business or operations (or could result in a judgment not covered by insurance of $100,000 or more against any Borrower), (6) of the adoption by any Borrower of any ERISA Plan, (7) of the merger or consolidation of any Borrower with any other business entity, (8) of the sale, transfer, lease, exchange or disposal by any Borrower of any material assets or properties or any proved oil or gas reserves with a value in excess of $100,000, except sales of already-severed hydrocarbons and other products in the ordinary course of any Borrower’s business, and (9) of the occurrence of any of the following: a material adverse change in the financial condition of any Guarantor, a default by any Guarantor with respect to any material indebtedness owed by any Guarantor to any Person or the filing by any Guarantor of any petition for bankruptcy protection. Upon the occurrence of any of the foregoing, Borrowers will take all necessary or appropriate steps to remedy promptly any such material adverse change, Default, or default, to protect against any such adverse claim, to defend any such suit or proceeding, and to resolve all controversies on account of any of the foregoing. Borrowers will also notify BOTW in writing at least twenty Business Days prior to the date that any Borrower changes its name or the jurisdiction under the laws of which it is organized, furnishing with such notice any necessary financing statements or requesting BOTW and its counsel to prepare the same.

 

(e)           Maintenance of Existence and Qualifications.  Each Borrower will maintain and preserve its existence and its rights and franchises in full force and effect and will qualify to do business in all states or jurisdictions where required by applicable law, except where the failure so to qualify will not have any material adverse effect on such Borrower.

 

(f)           Maintenance of Properties.  Each Borrower will in all material respects maintain, preserve, protect and keep all property used or useful in the conduct of its business in accordance with the standards of a reasonable and prudent operator.

 

(g)           Payment of Trade Debt, Taxes, etc.  Each Borrower will: (1) timely file all required tax returns; (2) timely pay all taxes, assessments, and other governmental charges or levies imposed upon it or upon its income, profits or property; (3) pay all Debt owed by it on ordinary trade terms to vendors, suppliers and other Persons providing goods and services used by it in the ordinary course of its business; and (4) maintain appropriate accruals and reserves for all of the foregoing Debt in accordance with its present system of accounting. Each Borrower will pay and discharge in all material respects, when due, all other Debt, taxes or assessments now or hereafter owed by it. Any Borrower may, however, delay paying or discharging any such Debt so long as it is in good faith contesting the validity thereof by appropriate proceedings and has set aside on its books adequate reserves therefor.

 

  

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(h)           Insurance.  Each Borrower will maintain with financially sound and reputable insurance companies, insurance with respect to its business, operations and properties in at least such amounts and against at least such risks as are usually insured against in the same general area by companies of established repute engaged in the same or a similar business.

 

(i)           Payment of Expenses.  Borrowers will promptly (and in any event within 30 days after any invoice or other statement or notice) pay all reasonable costs and expenses incurred by or on behalf of BOTW (including attorneys’ fees and engineering fees) in connection with: (1) the preparation, execution and delivery of this Agreement and the other Loan Documents (including without limitation any and all future amendments or supplements thereto or restatements thereof), and any and all consents, waivers or other documents or instruments relating thereto, (2) the filing, recording, refiling and re-recording of any Security Documents and any other documents or instruments or further assurances required to be filed or recorded or refiled or re-recorded by the terms of any Loan Document, (3) the examination of Borrowers’ title to the Collateral, (4) any determination or redetermination of the Borrowing Base, and (5) the enforcement, after the occurrence of a Default or an Event of Default, of the Loan Documents; provided that, with respect to costs and expenses incurred by or on behalf of BOTW in connection with this Agreement prior to the first Advance hereunder as described in clauses (1) and (3) above, Borrowers shall not be liable for any amount in excess of $10,000.

 

(j)           Performance on Borrowers’ Behalf.  If any Borrower fails to pay any taxes, insurance premiums or other amounts it is required to pay under any Loan Document, BOTW may pay the same. Such Borrower shall immediately reimburse BOTW for any such payments, and each amount paid shall constitute a part of the Obligations, shall be secured by the Security Documents and shall bear interest at the rate described in Section 2.2(c)(3) above, from the date such amount is paid by BOTW until the date such amount is repaid to BOTW.

 

(k)           Compliance with Agreements and Law.  Each Borrower will perform all material obligations it is required to perform under the terms of each indenture, mortgage, deed of trust, security agreement, lease, franchise, agreement, contract or other instrument or obligation to which it is a party or by which it or any of its properties is bound in such a way that they result in no material adverse effect upon the Borrowing Base Properties or such Borrower’s ability to perform its obligations under this Agreement. Each Borrower will in all material respects conduct its business and affairs in compliance with all laws, regulations, and orders applicable thereto (including without limitation all Applicable Environmental Laws).

 

  

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(l)           Certifications of Compliance.  Borrowers will furnish to BOTW at Borrowers’ expense all certifications which BOTW from time to time reasonably requests, as to the accuracy and validity of or compliance with all representations, warranties and covenants made by any Borrower in the Loan Documents, the satisfaction of all conditions contained therein, and all other matters pertaining thereto.

 

(m)           Additional Security Documents.  Promptly after a request therefor by BOTW at any time and from time to time, Borrowers will execute and deliver to BOTW such additional Security Documents and/or amendments to existing Security Documents as BOTW may deem necessary or appropriate in order to grant to BOTW a perfected lien on and security interest in any or all oil and/or gas interests owned by Borrowers, or any of them, and Borrowers will take all reasonable steps to ensure that the Security Documents at all times cover a minimum of 80 percent of the present value, calculated using a discount factor of 10 percent per annum, of the future oil, gas, coalbed-methane or other mineral production from the Borrowing Base Properties.

 

(n)           Environmental Matters.  Borrowers shall keep the Borrowing Base Properties free of any hazardous substance or solid waste (except as permitted by applicable law) and shall remove the same (or if removal is prohibited by law, take whatever actions are required by law) promptly upon discovery at its sole expense. Upon BOTW’s reasonable request, at any time and from time to time during the existence of this Agreement, Borrowers shall provide to BOTW, at Borrowers’ sole expense, an inspection or audit of the Borrowing Base Properties from an engineering or consulting firm approved by BOTW, indicating the presence or absence of hazardous substances and solid waste on the Borrowing Base Properties.

 

(o)           Guarantor Subsidiaries.  Not later than 15 days prior to the formation or acquisition by any Borrower of any Guarantor Subsidiary, such Borrower will notify BOTW of its intention to do so. If so requested by BOTW at any time thereafter, such Borrower will cause such Guarantor Subsidiary to execute and deliver to BOTW a Guaranty and such other documents as BOTW may reasonably request, all in form and substance satisfactory to BOTW, and to take such other actions as BOTW may reasonably request in connection with such Guarantor Subsidiary becoming a Guarantor hereunder, including without limitation documents granting to BOTW a perfected lien on and security interest in any or all oil and gas properties, fixtures, equipment, accounts, general intangibles, inventory and other assets of any such Guarantor Subsidiary.

 

6.2           Negative Covenants.  Borrowers warrant, covenant and agree that until the full and final payment of the Obligations and the termination of this Agreement, unless BOTW has previously agreed otherwise in writing:

 

(a)           Financial Covenants.  (1) Borrowers will not permit the Current Ratio of Parent, determined on a Consolidated basis, to be less than 1.00:1.00 at any time on or after September 30, 2008. (2) Borrowers will not permit the Interest Coverage Ratio of Parent, determined on a Consolidated basis, to be less than 3.00:1.00 at any time on or after September 30, 2008. (3) Borrowers will not permit the Debt-to-Net Worth Ratio of Parent, determined on a Consolidated basis, to be greater than 3.00:1.00 at any time on or after September 30, 2008.

 

  

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(b)           Limitation on Liens.  No Borrower will create, assume or permit to exist any mortgage, deed of trust, pledge, encumbrance, lien or charge of any kind (including any security interest in or vendor’s lien on property purchased under conditional sales or other title retention agreements and including any lease intended as security or in the nature of a title retention agreement) upon any of such Borrower’s properties or assets, whether now owned or hereafter acquired, except:

 

(1)           Liens at any time existing in favor of BOTW;

 

(2)           statutory Liens for taxes, statutory or contractual mechanics’ and materialmen’s Liens incurred in the ordinary course of business, and other similar Liens incurred in the ordinary course of business; provided that such Liens secure only Debt which is not delinquent or which is being contested as provided in Section 6.1(g) above; and

 

(3)           purchase-money security interests granted by any Borrower on office equipment, vehicles and other personal property acquired by any Borrower in the ordinary course of business; provided that the aggregate amount secured by all such security interests outstanding at any one time shall not exceed $200,000.

 

(c)           Additional Debt.  No Borrower will create, incur, assume or permit to exist Debt of such Borrower except: (1) the Loan, (2) trade debt owed to suppliers, pumpers, mechanics, materialmen and others furnishing goods or services to Borrower in the ordinary course of such Borrower’s business, (3) Debt incurred in the ordinary course of such Borrower’s business in connection with commodity-price hedging transactions, (4) Debt of the types permitted to be secured by the security interests described in Section 6.2(b)(3) above; provided that the amount of such Debt shall not exceed the limits set forth in said Section; (5) Subordinated Debt; and (6) the Existing Debt.

 

(d)           Limitation on Sales of Property.  No Borrower will sell, transfer, lease, exchange, alienate or dispose of any of its assets except as follows (and the following exceptions shall be subject to any limitations contained in the Security Documents):

 

(1)           worthless or obsolete equipment that is replaced by equipment of at least equal suitability for the tasks to be performed therewith and equipment that is salvaged from wells which have been plugged and abandoned;

 

(2)           inventory (including oil and gas sold as produced) which is sold in the ordinary course of business; and

 

(3)           as to any Fiscal Year of Borrowers and for all Borrowers in the aggregate, assets not included in the Collateral having an aggregate fair market value not in excess of five percent of the PV10 value of all Oil and Gas Interests owned by Borrowers, as determined by BOTW.

 

  

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(e)           Limitation on Credit Extensions.  No Borrower will extend credit, make advances or make loans other than normal and prudent extensions of credit to customers buying goods and services in the ordinary course of business, which extensions shall not be for longer periods than those extended by similar businesses operated in a normal and prudent manner.

 

(f)           Fiscal Year.  No Borrower will change its fiscal year.

 

(g)           Amendment of Contracts.  No Borrower will amend or permit any amendment to any contract which could reasonably be foreseen to release, qualify, limit, make contingent or otherwise detrimentally affect, in any material way, the rights and benefits of BOTW under or acquired pursuant to any of the Security Documents.

 

(h)           Limitation on Guaranties.  No Borrower will assume, guaranty, endorse or be or become secondarily liable for any Debt which is the primary obligation of any other Person.

 

(i)           ERISA.  No Borrower will incur any obligations governed by ERISA.

 

(j)           Reorganizations; Combinations.  No Borrower will change its name or the nature of its business, reorganize, liquidate, dissolve or enter into any merger, joint venture, partnership or other combination.

 

(k)           Environmental Matters.  No Borrower will cause or permit such Borrower, any of the Borrowing Base Properties or any other property of such Borrower to be in violation in any material respect of any Applicable Environmental Law, assuming disclosure to the applicable governmental authorities of all relevant facts, conditions and circumstances pertaining thereto. No Borrower will cause or permit the disposal or other release of any hazardous substance or solid waste (as defined in any Applicable Environmental Law) on or to any of the Borrowing Base Properties or any other property of such Borrower.

 

(l)           Ownership.  Borrowers will not permit to occur any change in ownership of TEGOG or TEGMC such that TEGOG or TEGMC ceases to be a wholly-owned subsidiary of Parent.

 

(m)           Distributions.  No Borrower will make any Distribution after the date hereof, except as follows (and such exception shall not apply if, immediately before any such Distribution, immediately after any such Distribution or as of the end of the Fiscal Quarter in which any such Distribution occurs, a Default or Overborrowed Condition shall have occurred and be continuing hereunder or any Obligated Person shall be out of compliance with any of its covenants contained in this Agreement or any of the other Loan Documents): Distributions shall be permitted from TEGOG and TEGMC to Parent.

 

(n)           Maximum Hedging Transactions.  No Obligated Person will at any time enter into or be or become a party to any one or more hedging transactions with respect to crude oil, natural gas or other hydrocarbons, except for hedging transactions covering time periods not in excess of the ensuing 48 months and in amounts not in excess of 75 percent of the volume of the proved, developed, producing reserves (timed in accordance with the expected production rates of such reserves) included in the Borrowing Base Properties, according to the then most recent engineering report submitted pursuant to Section 6.1(b) above.

 

  

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(o)           Payments on Subordinated Debt.  No Obligated Person will make any payment on any Subordinated Debt, except that, so long as no Default has occurred and is continuing hereunder: (1) regularly scheduled interest payments at non-default rates may be made in cash or in kind, and (2) non-cash payments of principal and/or interest may be made in the form of stock in such Obligated Person.

 

ARTICLE VII

EVENTS OF DEFAULT AND REMEDIES

 

7.1           Events of Default.  Each of the following events constitutes an Event of Default under this Agreement:

 

(a)           Borrowers fails to pay any Obligation when due and payable, whether at a date for the payment of a fixed installment or contingent or other payment to BOTW or as a result of acceleration or otherwise; or

 

(b)           Any “default” or “event of default” occurs under any Loan Document which defines either term; or

 

(c)           Any Obligated Person shall fail to duly observe, perform or comply in all material respects with any covenant, agreement, condition or provision of any Loan Document applicable to such Obligated Person; provided that as to any Default in compliance with an affirmative covenant contained in Section 6.1 hereof (other than a payment default), BOTW shall first have given Borrowers notice of such Default and a reasonable time period (not to exceed 30 days) in which to cure such Default; or

 

(d)           Any representation or warranty previously, presently or hereafter made in writing by or on behalf of any Obligated Person in connection with any Loan Document shall prove to have been false or incorrect in any material respect on any date on or as of which made; or

 

(e)           Any Obligated Person:

 

(1)           suffers the entry against it of a judgment, decree or order for relief by a court of competent jurisdiction in an involuntary proceeding commenced under any applicable bankruptcy, insolvency or other similar law of any jurisdiction now or hereafter in effect, including the federal Bankruptcy Code, as from time to time amended, or has any such proceeding commenced against it which remains undismissed for a period of 60 days; or

 

(2)           suffers the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for a substantial part of its assets or for any part of the Borrowing Base Properties in a proceeding brought against or initiated by it, and such appointment is neither made ineffective nor discharged within 30 days after the making thereof, or such appointment is consented to, requested by, or acquiesced to it; or

 

  

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(3)           commences a voluntary case under any applicable bankruptcy, insolvency or similar law now or hereafter in effect, including the federal Bankruptcy Code, as from time to time amended; or applies for or consents to the entry of an order for relief in an involuntary case under any such law or to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official of any substantial part of its assets or any part of the Borrowing Base Properties; or makes a general assignment for the benefit of creditors; or fails generally to pay (or admits in writing its inability to pay) its debts as such debts become due; or takes action in furtherance of any of the foregoing; or

 

(4)           suffers the entry against it of a final judgment for the payment of money in excess of $50,000 (not covered by insurance), unless the same is discharged within 30 days after the date of entry thereof or an appeal or appropriate proceeding for review thereof is taken within such period and a stay of execution pending such appeal is obtained; or

 

(5)           suffers the entry of an order issued by any court or tribunal taking, seizing or apprehending all or any substantial part of its property or any part of the Borrowing Base Properties and bringing the same into the custody of such Court or tribunal, and such order is not stayed or released within thirty days after the entry thereof; or

 

(f)           Any Guaranty ceases to be in full force and effect and applicable to any and all of the Obligations covered thereby in accordance with its terms (or any Guarantor takes that position), whether by operation of law, revocation or attempted revocation or otherwise;

 

(g)           Any default, including the expiration of any applicable period of grace, occurs with respect to any other indebtedness owed by any Borrower to any Person; or

 

(h)           Any change in control of Parent occurs that results in any material change in the management personnel of Parent.

 

Upon the occurrence of an Event of Default described in subsection (e)(1), (e) (2) or (e) (3) of this section, all of the Obligations shall thereupon be immediately due and payable, without presentment, demand, protest, notice of protest, declaration or notice of acceleration or intention to accelerate, or any other notice or declaration of any kind, all of which are hereby expressly waived by Borrowers. During the continuance of any other Event of Default, BOTW at any time and from time to time (unless all Events of Default have theretofore been remedied) may declare any or all of the Obligations immediately due and payable, and all such Obligations shall thereupon be immediately due and payable.

 

  

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7.2           Remedies.  If any Default or Event of Default shall occur and be continuing, the obligation of BOTW to make Advances and to issue Letters of Credit under this Agreement shall be suspended immediately. If any Event of Default shall occur, BOTW may protect and enforce its rights under the Loan Documents by any appropriate proceedings, including proceedings for specific performance of any covenant or agreement contained in any Loan Document, and BOTW may enforce the payment of any Obligations due or enforce any other legal or equitable right. All rights, remedies and powers conferred upon BOTW under the Loan Documents shall be deemed cumulative and not exclusive of any other rights, remedies or powers available under the Loan Documents or at law or in equity.

 

7.3           Indemnity.  Borrowers hereby agree to indemnify, defend and hold harmless BOTW and its successors and assigns and the respective agents, affiliates, officers, directors and employees of BOTW and its successors and assigns from and against any and all claims, losses, demands, actions, causes of action and liabilities whatsoever (including without limitation reasonable attorneys’ fees and expenses and costs and expenses reasonably incurred in investigating, preparing or defending against any litigation or claim, action, suit, proceeding or demand of any kind or character) arising out of or resulting from: (a) the Loan Documents (including without limitation the enforcement thereof), except to the extent such claims, losses and liabilities are proximately caused by BOTW’s gross negligence or willful misconduct, (b) any violation on or prior to the Release Date of any Applicable Environmental Law, (c) any act, omission, event or circumstance existing or occurring on or prior to the Release Date (including without limitation the presence on the Borrowing Base Properties or release from the Borrowing Base Properties of hazardous substances or solid wastes disposed of or otherwise released, resulting from or in connection with the ownership, construction, occupancy, operation, use and/or maintenance of the Borrowing Base Properties, regardless of whether the act, omission, event or circumstance constituted a violation of any Applicable Environmental Law at the time of its existence of occurrence, and (d) any and all claims or proceedings (whether brought by a private party or governmental agencies) for bodily injury, property damage, abatement or remediation, environmental damage or impairment or any other injury or damage resulting from or relating to any hazardous or toxic substance, solid waste or contaminated material located upon or migrating into, from or through any of the Borrowing Base Properties (whether or not the release of such materials was caused by any Borrower, a tenant or subtenant or a prior owner, tenant or subtenant on the Borrowing Base Properties and whether or not the alleged liability is attributable to the handling, storage, generation, transportation, removal or disposal of such substance, waste or material or the mere presence of such substance, waste or material on the Borrowing Base Properties), for which BOTW may have liability due to the making of the Loan, the granting of the Security Documents, the exercise of BOTW’s rights under the Loan Documents or otherwise. WITHOUT LIMITATION, IT IS THE INTENTION OF BORROWER, AND BORROWER AGREES, THAT THE FOREGOING INDEMNITIES SHALL APPLY TO EACH INDEMNIFIED PARTY WITH RESPECT TO CLAIMS, DEMANDS, LIABILITIES, LOSSES, DAMAGES, CAUSES OF ACTION, JUDGMENTS, PENALTIES, COSTS AND EXPENSES (INCLUDING WITHOUT LIMITATION REASONABLE ATTORNEYS’ FEES) WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE OF SUCH (AND/OR ANY OTHER) INDEMNIFIED PARTY. However, such indemnities shall not apply to any particular indemnified party (but shall apply to the other indemnified parties) to the extent the subject of the indemnification is caused by or arises out of the gross negligence or willful misconduct of such particular indemnified party. The foregoing indemnities shall not terminate upon the Release Date or upon the release, foreclosure or other termination of the Security Documents, but will survive the Release Date, foreclosure of the Security Documents or conveyances in lieu of foreclosure, and the repayment of the Loan and the discharge and release of the Security Documents and the other documents evidencing and/or securing the Loan.

 

  

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ARTICLE VIII

MISCELLANEOUS

 

8.1           Waiver and Amendment.  No failure or delay by BOTW in exercising any right, power or remedy which it may have under any of the Loan Documents shall operate as a waiver thereof or of any other right, power or remedy, nor shall any single or partial exercise by BOTW of any such right, power or remedy preclude any other or further exercise thereof or of any other right, power or remedy. No waiver of any provision of any Loan Document and no consent to any departure therefrom shall ever be effective unless it is in writing and signed by BOTW, and then such waiver or consent shall be effective only in the specific instances and for the purposes for which given and to the extent specified in such writing. No notice to or demand on any Obligated Person shall in any case of itself entitle any Obligated Person to any other or further notice or demand in similar or other circumstances. No modification or amendment of or supplement to this Agreement or the other Loan Documents shall be valid or effective unless the same is in writing and signed by the party against whom it is sought to be enforced.

 

8.2           Survival of Agreements; Cumulative Nature.  All of the Obligated Persons’ various representations, warranties, covenants and agreements in the Loan Documents shall survive the execution and delivery of this Agreement and the other Loan Documents and the performance hereof and thereof, including without limitation the making or granting of the Loan and the delivery of the Note and the other Loan Documents, and shall further survive until all of the Obligations are paid in full to BOTW and all of BOTW’s obligations to Borrowers are terminated. All statements and agreements contained in any certificate or other instrument delivered to BOTW under any Loan Document shall be deemed representations and warranties by Borrowers to BOTW and/or agreements and covenants of Borrowers under this Agreement. The representations, warranties, and covenants made by the Obligated Persons in the Loan Documents, and the rights, powers, and privileges granted to BOTW in the Loan Documents, are cumulative, and no Loan Document shall be construed in the context of another to diminish, nullify, or otherwise reduce the benefit to BOTW of any such representation, warranty, covenant, right, power or privilege. In particular and without limitation, no exception set out in this Agreement to any representation, warranty or covenant herein contained shall apply to any similar representation, warranty or covenant contained in any other Loan Document, and each such similar representation, warranty or covenant shall be subject only to those exceptions which are expressly made applicable to it by the terms of the various Loan Documents.

 

8.3           Notices.  All notices, requests, consents, demands and other communications required or permitted under any Loan Document shall be in writing and, unless otherwise specifically provided in such Loan Document, shall be deemed sufficiently given or furnished if delivered by personal delivery, by facsimile transmission with proof of receipt, by expedited delivery service with proof of delivery or by registered or certified United States mail, return receipt requested, postage prepaid, at the addresses specified below (unless changed by similar notice in writing given by the particular Person whose address is to be changed). Any such notice or communication shall be deemed to have been given upon receipt:

 

  

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Borrowers’ address:      

	
2050 South Oneida, Suite 102

	  	
Denver, Colorado 80224

	  	
Attention: Jim Ellerton Fax: 303-759-2701

	  	  
	
with a copy to:

	
21 South California Street, Suite 305

	  	
Ventura, California 93301

	  	
Attention: Chief Executive Officer

	  	  
	
BOTW’s address:

	
633 Seventeenth Street, Suite 2000

	  	
Denver, Colorado 80202

	  	
Attention: Duc Duong, Energy Lending

	  	
Fax: 303-202-5788

 

8.4           Joint and Several Liability; Parties in Interest.  All obligations of the Obligated Persons hereunder shall be the joint and several, and not merely joint, obligations of each Obligated Person. All grants, covenants and agreements contained in the Loan Documents shall bind and inure to the benefit of the parties thereto and their respective successors and assigns; provided, however, that no Obligated Person may assign or transfer any of its rights or delegate any of its duties or obligations under any Loan Document without the prior consent of BOTW.

 

8.5           Governing Law.  The Loan Documents shall be deemed contracts and instruments made under the laws of the State of Colorado and shall be construed and enforced in accordance with and governed by the laws of the State of Colorado and the laws of the United States of America, except (a) to the extent that the law of another jurisdiction is expressly elected in a Loan Document, and (b) with respect to specific Liens, or the perfection thereof, evidenced by Security Documents covering real or personal property which by the laws applicable thereto are required to be construed under the laws of another jurisdiction. Each Borrower hereby irrevocably submits itself to the non-exclusive jurisdiction of the state and federal courts of the State of Colorado.

 

8.6           Limitation on Interest.  BOTW and the Obligated Persons intend to contract in strict compliance with applicable usury law from time to time in effect. In furtherance thereof such persons stipulate and agree that none of the terms and provisions contained in the Loan Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the maximum amount of interest permitted to be charged by applicable law from time to time in effect. Neither any Obligated Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this section shall control over all other provisions of the Loan Documents which may be in conflict or apparent conflict herewith. BOTW expressly disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If: (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the legal maximum, or (c) BOTW or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of that permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at BOTW’s option, promptly returned to Borrowers or the other payor thereof upon such determination.

 

  

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8.7           Currency.  The Loan, including without limitation any and all principal, interest, fees and expenses payable in connection therewith, shall be made and repaid in U.S. dollars, and all dollar-amounts referred to herein shall be deemed to refer to U.S. dollars.

 

8.8           Severability.  If any term or provision of any Loan Document shall be determined to be illegal or unenforceable all other terms and provisions of the Loan Documents shall nevertheless remain effective and shall be enforced to the fullest extent permitted by applicable law.

 

8.9           Counterparts.  This Agreement may be separately executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Agreement. Delivery of this Agreement and the other documents to be delivered in connection herewith by any party may be effected, without limitation, by faxing a signed counterpart of any such document to BOTW (any party that effects delivery in such manner hereby agreeing to transmit promptly to each of the other parties an actual signed counterpart).

 

8.10           Conflicts.  To the extent of any irreconcilable conflicts between the provisions of this Agreement and the provisions of any of the Loan Documents, the provisions of this Agreement shall prevail.

 

8.11           Entire Agreement.  This Agreement, the Note, the Security Documents and the other Loan Documents from time to time executed in connection herewith state the entire agreement between the parties with respect to the subject matter hereof.

 

8.12           WAIVER OF JURY TRIAL.  EACH OF BORROWER AND BOTW HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION: (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM IN RESPECT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT. EACH OF BORROWER AND BOTW HEREBY AGREES THAT THE OTHER MAY FILE A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHTS TO TRIAL BY JURY.

 

8.13           USA Patriot Act Notice.  BOTW hereby notifies each Borrower that, pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56, signed into law October 26, 2001 (the “Act”)), it is required to obtain, verify and record information that identifies each Borrower and other information that will allow BOTW to identify each Borrower in accordance with the Act.

 

8.14           Supersession.  At the time that the 2007 Loan is refinanced as described in Section 2.1(a)(1) above, the terms and provisions of this Agreement and the Note shall supersede the terms and provisions of the 2007 Credit Agreement and any and all other agreements, promissory notes and related documents evidencing the 2007 Loan; provided that the security documents securing the 2007 Loan shall remain in full force and effect.

 

  

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IN WITNESS WHEREOF, this Agreement is executed as of the date first written above.

	  	
SEFTON RESOURCES, INC.

	  	  
	  	  
	  	
By:

	
/s/ Jim Ellerton

	  	  	
 Jim Ellerton

	  	  	
 Chief Executive Officer

	  	  
	  	  
	  	  
	  	
TEG OIL & GAS U.S.A., INC.

	  	  
	  	  
	  	
By:

	
/s/ Jim Ellerton

	  	  	
 Jim Ellerton

	  	  	
 Chairman

 

 

	  	
TEG MIDCONTINENT, INC.

	  	  
	  	  
	  	
By:

	
/s/ Jim Ellerton

	  	  	
 Jim Ellerton

	  	  	
 Chairman

	  	  
	  	  
	  	  
	  	
BANK OF THE WEST

	  	  
	  	  
	  	
By:

	
/s/ Duc Duong

	  	  	
 Duc Duong

	  	  	
 Vice President

 

 

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