Document:

EX-10.3

 Exhibit 10.3 

Execution Copy 
 GUARANTY

 dated as of November 15, 2013 

among 
 THE HANOVER
INSURANCE GROUP, INC. 
 and 

LLOYDS BANK PLC, 
 as
Facility Agent and Security Agent 

  
 i 

 TABLE OF CONTENTS* 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	1	  
			
	Section 1.01	 	 Definitions
	  	 	1	  
	Section 1.02	 	 Accounting Terms; GAAP
	  	 	13	  
		
	ARTICLE II GUARANTY	  	 	13	  
			
	Section 2.01	 	 The Guaranty
	  	 	13	  
	Section 2.03	 	 Payments
	  	 	16	  
	Section 2.04	 	 Discharge; Reinstatement in Certain Circumstances
	  	 	17	  
	Section 2.05	 	 Waiver by the Guarantor
	  	 	17	  
	Section 2.06	 	 Agreement to Pay; Subordination of Subrogation Claims
	  	 	20	  
	Section 2.07	 	 Stay of Acceleration
	  	 	20	  
	Section 2.08	 	 No Set-Off
	  	 	20	  
		
	ARTICLE III INDEMNIFICATION, SUBROGATION AND CONTRIBUTION	  	 	20	  
			
	Section 3.01	 	 Indemnity and Subrogation
	  	 	20	  
	Section 3.02	 	 Contribution and Subrogation
	  	 	20	  
		
	ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 	21	  
			
	Section 4.01	 	 Representations and Warranties
	  	 	21	  
	Section 4.02	 	 Affirmative Covenants
	  	 	24	  
	Section 4.03	 	 Financial Covenants
	  	 	27	  
	Section 4.04	 	 Negative Covenants
	  	 	27	  
	Section 4.05	 	 Relation to Facility Agreement
	  	 	31	  
	Section 4.06	 	 Certain Agreements
	  	 	31	  
	Section 4.07	 	 Information
	  	 	32	  
	Section 4.08	 	 Subordination by Guarantor
	  	 	32	  
		
	ARTICLE V SET-OFF	  	 	32	  
			
	Section 5.01	 	 Right of Set-Off
	  	 	32	  
		
	ARTICLE VI TAX GROSS-UP AND INDEMNITIES	  	 	33	  
			
	Section 6.01	 	 Tax Gross-Up
	  	 	33	  
	Section 6.02	 	 Currency Indemnity
	  	 	34	  
	Section 6.03	 	 Other Indemnities
	  	 	35	  
	Section 6.04	 	 Indemnity to the Facility Agent and the Security Agent
	  	 	35	  
		
	ARTICLE VII MISCELLANEOUS	  	 	35	  
			
	Section 7.01	 	 Notices
	  	 	35	  
	Section 7.02	 	 Know Your Customer
	  	 	35	  

  

	*	The Table of Contents is not part of the Guaranty. 

  
 - i - 

 Table of Contents (Cont.) 

 

							
	 	 	 	  	Page	 
			
	Section 7.03	 	 Benefit of Agreement
	  	 	36	  
	Section 7.04	 	 No Waivers; Non-Exclusive Remedies
	  	 	36	  
	Section 7.05	 	 Amendments and Waivers
	  	 	36	  
	Section 7.06	 	 Governing Law; Submission to Jurisdiction
	  	 	36	  
	Section 7.07	 	 Limitation of Law; Severability
	  	 	37	  
	Section 7.08	 	 Counterparts; Integration; Effectiveness
	  	 	37	  
	Section 7.09	 	 WAIVER OF JURY TRIAL
	  	 	37	  
	Section 7.10	 	 Termination
	  	 	37	  

 Schedules: 
  

					
	 Schedule 1.01
	  	–	  	 Permitted Liens

	 Schedule 4.01
	  	–	  	 Subsidiaries

	 Schedule 4.04(a)
	  	–	  	 Financial Debt

	 Schedule 4.04(g)
	  	–	  	 Burdensome Agreements

Exhibits: 
  

					
	 Exhibit A
	  	–	  	 Compliance Certificate

  
 - ii - 

 This Guaranty Agreement (this “Agreement”) dated as of November 15, 2013
by THE HANOVER INSURANCE GROUP, INC., a Delaware Corporation (the “Guarantor”), LLOYDS BANK PLC, as Facility Agent for itself and on behalf of the Finance Parties (the “Facility Agent”) and LLOYDS BANK PLC, as
Security Agent on behalf of the Overdraft Provider (the “Security Agent”). 
 RECITALS 

Chaucer Holdings plc, a public limited company incorporated in England and Wales (the “Account Party”), and a subsidiary of
the Guarantor, is party to a Standby Letter of Credit Facility dated as of November 28, 2011, as amended and restated by that certain Amendment and Restatement Agreement (the “Amendment and Restatement Agreement”) dated
November 15, 2013 (as further amended, restated, supplemented, extended (including, without limitation, as extended pursuant to Clause 8 (Termination of Letters of Credit) thereof), or otherwise modified in writing from time to time, the
“Facility Agreement”) with certain Lenders from time to time party thereto, and Lloyds Bank plc, as Facility Agent and Security Agent. The Guarantor will derive substantial direct and indirect benefits from the transactions
contemplated by the Facility Agreement. It is a condition precedent to the issuance of Letters of Credit by the Lenders under the Facility Agreement that the Guarantor shall have executed and delivered this Guaranty. Capitalized terms used herein
but undefined shall have the meanings ascribed to such terms in the Facility Agreement. 
 NOW, THEREFORE, in consideration of the premises
and in order to induce the Lenders to issue Letters of Credit under the Facility Agreement, the Guarantor hereby agrees as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. As used in this Agreement, the following terms shall have the following respective
meanings: 
 “Account Party” has the meaning set forth in the Recitals hereof. 

“Acquisition” means any transaction, or any series of related transactions, by which the Guarantor and/or any of its
Subsidiaries directly or indirectly (i) acquires any ongoing business or all or substantially all of the assets of any Person or division thereof, whether through purchase of assets, merger or otherwise, (ii) acquires (in one transaction
or as the most recent transaction in a series of transactions) Control of at least a majority in ordinary voting power of the securities of a Person which have ordinary voting power for the election of directors or (iii) otherwise acquires
Control of a more than 50% ownership interest in any such Person. 
 “Administrative Agent” means JPMorgan Chase Bank,
N.A., in its capacity as Administrative Agent, together with its successors and assigns appointed under the Hanover Credit Agreement. 

“Affiliate” means, with respect to a specified Person, another Person that, directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. For the avoidance of doubt: 
  

	 	(a)	any Lloyd’s syndicate which is not a legal entity and has no power to enter into contracts or other binding obligations shall not be deemed to be an Affiliate of the Guarantor. 

	 	(b)	in relation to The Royal Bank of Scotland plc, shall include The Royal Bank of Scotland N.V. and each of its subsidiaries or subsidiary undertakings but shall not include: 

 

	 	(i)	the UK Government or any member or instrumentality thereof, including Her Majesty’s Treasury and UK Financial Investments Limited (or any directors, officers, employees or entities thereof); or 

 

	 	(ii)	any persons or entities controlled by or under common control with the UK Government or any member or instrumentality thereof (including Her Majesty’s Treasury and UK Financial Investments Limited) which are not
part of The Royal Bank of Scotland Group plc and its subsidiary or subsidiary undertakings (including The Royal Bank of Scotland N.V. and each of its subsidiary or subsidiary undertakings). 

“Agreement” has the meaning set forth in the preamble hereof. 

“Amendment and Restatement Agreement” has the meaning set forth in the Recitals hereof. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Guarantor or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Bankruptcy Code” means 11 U.S.C.
§§ 101 et seq., as amended from time to time, and any successor statute, and all regulations from time to time promulgated thereunder. 

“CIC” means Citizens Insurance Company of America, a property and casualty insurance company organized under the laws of
Michigan as a corporation. 
 “CitySquare Project” means the CitySquare development in Worcester, Massachusetts as
described in Form 10-K of The Hanover Insurance Group, Inc. for the fiscal year ended December 31, 2010. 
 “Code”
means the United States Internal Revenue Code of 1986, as amended. 
 “Consolidated” refers to the consolidation of
accounts of the Guarantor and its Subsidiaries in accordance with GAAP. 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and “Controlled” have
meanings correlative thereto. 
 “Controlled Investment Affiliate” means, as to any future, present, or former employee,
director, officer or consultant of the Guarantor and its Subsidiaries, any other Person, which directly or indirectly is in Control of, is Controlled by, or is under common Control with such Person and is organized by such Person (or any Person
Controlling such Person) primarily for making direct or indirect equity investments in the Guarantor or its Subsidiaries. 

“CSL” means Chaucer Syndicates Limited. 

“Debt” of any Person means, without duplication, (a) indebtedness of such Person for borrowed money,
(b) obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) obligations of such Person to pay the deferred purchase price of Property or services (other than trade payables and accrued expenses
incurred in the ordinary course of business and not overdue by more than 90 days), (d) obligations of such Person as lessee under leases which shall have been or should be, in accordance with GAAP, recorded as capital leases, (e) Debt of
others secured by a Lien on the Property of such Person, whether or not the Debt so secured has been assumed by such Person, (f) obligations of such Person under Guaranties in respect of Debt of others (including any obligations constituting
Limited Originator Recourse in respect of Debt of a Securitization Subsidiary), (g) without duplication, (A) obligations of such Person in respect of Hybrid Securities (disregarding clause (ii) of the definition thereof) and
(B) in each case, Disqualified Equity 

  
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Interests (disregarding clause (ii) of the definition thereof) and Preferred Securities (disregarding clause (ii) of the definition thereof) requiring repayments, prepayments, mandatory
redemptions or repurchases prior to 91 days after Final Maturity Date, with the amount of Debt represented by such Disqualified Equity Interest or Preferred Security being equal to the greater of its voluntary or involuntary liquidation amount and
its maximum fixed repurchase price or redemption amount, (h) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person, (i) the net termination
obligations of such Person under any Hedge Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date and (j) the principal balance outstanding and owing by such Person under any synthetic lease,
tax retention operating lease or similar off-balance sheet financing product. 
 “Debtor Relief Laws” means the Bankruptcy
Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect. 
 “Default” means a “Default” under (and as defined in) the Facility
Agreement. 
 “Discharge of Finance Obligations” has the meaning specified in Section 2.04. 

“Disqualified Equity Interest” means, with respect to any Person, any Equity Interest of such Person that, by its terms (or
by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) (a) matures or is mandatorily redeemable or subject to any mandatory repurchase requirement,
pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as the rights of holder thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior
repayment in full of the Guaranteed Obligations that are accrued and payable, (b) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (c) is convertible into or exchangeable for
(whether at the option of the issuer or the holder thereof) (y) debt securities or (z) any Equity Interest referred to in (a) or (b) above, and (ii) requires no such repayments, prepayments, mandatory redemptions or
repurchases, in each case in the foregoing clauses (a), (b) and (c), prior to 91 days after the Final Maturity Date; provided that (1) if such Equity Interests are issued pursuant to a plan for the benefit of employees of the
Guarantor or any of its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Guarantor or its Subsidiaries in order
to satisfy applicable statutory or regulatory obligations and (2) no such Equity Interests held by any future, present or former employee, director, officer or individual consultant (or their respective Controlled Investment Affiliates or
Immediate Family Members) of the Guarantor (or any of its Subsidiaries) shall be considered Disqualified Equity Interests because such Equity Interests are redeemable or subject to repurchase pursuant to any management equity subscription agreement,
stock option, stock appreciation right or other stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time. 

“Effective Date” means the “Effective Date” under (and as defined in) the Amendment and Restatement Agreement. 

“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar® and any other
internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Facility Agent or any other Person, providing for access to data protected by passcodes or other security system. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. 

  
 3 

 “Equity Issuance” means any issuance or sale by the Guarantor or any of its
Subsidiaries after the date of this Agreement of Equity Interests, other than (a) any such issuance or sale by a Subsidiary of the Guarantor to the Guarantor or to a Wholly-Owned Subsidiary of the Guarantor, (b) any capital contribution by
the Guarantor or a Wholly-Owned Subsidiary of the Guarantor to any Subsidiary of the Guarantor, (c) stocks, warrants, options or other rights to obtain Equity Interests issued to directors, officers, consultants and other employees of the
Guarantor or any of its Subsidiaries or (d) any sale or disposition of a non-Material Subsidiary. 
 “ERISA” means the
United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Guarantor, is treated as
a single employer under section 414(b) or (c) of the Code or, solely for purposes of section 302 of ERISA and section 412 of the Code, is treated as a single employer under section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in section 4043 of ERISA or the regulations issued
thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) a determination that a Plan is, or is expected to be, in “at risk” status (as defined in
Section 303(i)(4) of ERISA); (c) the failure to timely make a contribution required to be made with respect to any Plan or any Multiemployer Plan; (d) a determination that a Multiemployer Plan is, or is expected to be, in
“endangered status” or “critical status” (each as defined or Section 305(b) of ERISA); (e) the incurrence by the Guarantor or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the
termination of any Plan; (f) the receipt by the Guarantor or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan;
(g) the incurrence by the Guarantor or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (h) the receipt by the Guarantor or any of its ERISA
Affiliates of any notice, or the receipt by any Multiemployer Plan from the Guarantor or any of its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to
be, insolvent or in reorganization, within the meaning of Title IV of ERISA; or (i) the occurrence of a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code which could reasonably be expected to result in
liability to the Guarantor or any of its ERISA Affiliates. 
 “Event of Default” means an “Event of Default”
under (and as defined in) the Facility Agreement. 
 “Existing Guaranty Agreement” means that certain Guaranty Agreement
dated as of November 28, 2011 among Hanover Insurance Group, Inc., as guarantor, and Lloyds TSB Bank PLC, as facility agent and security agent. 

“Facility Agent” has the meaning set forth in the preamble hereof. 

“Facility Agreement” has the meaning set forth in the Recitals hereof. 

“FATCA” means “FATCA” under (and as defined in) the Facility Agreement. 

“FATCA Deduction” means “FATCA Deduction” under (and as defined in) the Facility Agreement. 

“Financial Debt” means, without duplication, Debt of the kinds set forth in clauses (a), (b), (d) or (g) of the
definition of Debt, or of the kinds set forth in clauses (e) or (f) thereof to the extent relating to Debt of the type referred to in (a), (b), (d) and (g) of the definition thereof. 

“Final Maturity Date” means, (i) so long as the Hanover Credit Agreement is in full force and effect, the Hanover
Commitment Termination Date or (ii) otherwise, the date of the Discharge of Finance Obligations. 

  
 4 

 “GAAP” means generally accepted accounting principles in the United States of
America as in effect from time to time. 
 “Governmental Authority” means any federal, state, municipal, national or other
government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government (including any supra-national bodies such as the European Union or the European
Central Bank). 
 “Guaranteed Documents” means the “Guaranteed Documents” under (and as defined in) the Facility
Agreement. 
 “Guaranteed Obligations” has the meaning specified in Section 2.01. 

“Guarantor” has the meaning set forth in the preamble hereof. 

“Guaranty” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Debt of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or
indirect, (a) to purchase or pay (or to advance or supply funds for the purchase or payment of) such Debt or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease
Property or services for the purpose of assuring the owner of such Debt or other obligation of the payment thereof, or (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Debt or other obligation or as an account party in respect of any letter of credit or letter of guarantee issued to support such Debt; provided that the term “Guaranty” shall
not include (i) endorsements for collection or deposit in the ordinary course of business or (ii) credit insurance or payment obligations under insurance policies or surety bonds issued by the Guarantor and its Subsidiaries in the ordinary
course of business. 
 “Hanover Business Day” means a day on which banks are not required or authorized to close in New
York City and Charlotte, North Carolina. 
 “Hanover Commitment Termination Date” means November 12, 2018, as the same
may be extended (in the case of each lender consenting thereto) pursuant to Section 2.22 of the Hanover Credit Agreement; provided that if such date is not a Hanover Business Day, the Hanover Commitment Termination Date shall be the
immediately preceding Hanover Business Day. 
 “Hanover Credit Agreement” means that certain $200,000,000 Credit Agreement,
dated as of November 12, 2013 among the Guarantor, as Borrower, the Lenders named therein and JPMorgan Chase Bank, N.A., as Administrative Agent, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

 “Hedge Agreement” means any interest or foreign currency rate swap, cap, collar, option, hedge, forward rate or other
similar agreement or arrangement designed to protect against fluctuations in interest rates or currency exchange rates. 

“HIC” means The Hanover Insurance Company, a property and casualty insurance company organized under the laws of New
Hampshire as a corporation. 
 “Hybrid Securities” means securities (i) that afford equity benefit to the issuer
thereof (under the procedures and guidelines of S&P) by having ongoing payment requirements that are more flexible than interest payments associated with conventional indebtedness for borrowed money and by being contractually subordinated to
such indebtedness and (ii) that require no repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to 91 days after the Final Maturity Date. 

  
 5 

 “Immediate Family Member” means with respect to any individual, such
individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive
relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any
donor-advised fund of which any such individual is the donor. 
 “Index Debt” means senior, unsecured, long-term
indebtedness for borrowed money of the Guarantor that is not guaranteed by any other person or entity or subject to any other credit enhancement. 

“Insurance Regulatory Authority” means, for any Insurance Subsidiary, the insurance department or similar administrative
authority or agency located in the state or other jurisdiction in which such Insurance Subsidiary is domiciled (including “commercially domiciled” as that term is defined under relevant state law), including, for the avoidance of doubt,
the Society and Corporation of Lloyd’s. 
 “Insurance Subsidiary” means a Subsidiary of the Guarantor that is licensed
to do an insurance or reinsurance business. 
 “Leverage Ratio” means, at any time, the ratio of (i) Modified Total
Debt to (ii) Total Capitalization. 
 “Lien” means any lien, security interest or other charge or encumbrance
of any kind, or any other type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor. 

“Limited Originator Recourse” means a letter of credit, revolving loan commitment, cash collateral account or other such
credit enhancement issued in connection with the incurrence of Financial Debt by a Securitization Subsidiary in connection with a Securitization Transaction; provided that, the aggregate amount of such letter of credit reimbursement obligations and
the aggregate available amount of such revolving loan commitments, cash collateral accounts or other such credit enhancements of the Guarantor and any of its Subsidiaries (other than any other Securitization Subsidiary) shall not exceed 10% of the
principal amount of such Financial Debt at any time. 
 “Margin Stock” means margin stock within the meaning of Regulation
U. 
 “Material Adverse Change” or “Material Adverse Effect” means a material adverse change in or effect
on (i) the business, financial condition or results of operations of the Guarantor and its Subsidiaries, taken as a whole, or (ii) the ability of the Guarantor to perform its obligations under this Agreement, or (iii) the legality,
validity or enforceability of this Agreement. 
 “Material Insurance Subsidiary” means any of CIC, HIC and CSL and any
other Insurance Subsidiary that constitutes a Material Subsidiary. 
 “Material Subsidiary” means any Subsidiary of the
Guarantor, other than any Subsidiary the book value of whose assets do not constitute more than 5% of the book value (determined on a Consolidated basis) of the total assets of the Guarantor and its Subsidiaries. 

“Modified Total Debt” means, at any time, the sum of the following: 

(a) Total Debt plus 
 (b)
without duplication, the amount (if any) by which (i) the aggregate outstanding amount of all Hybrid Securities that is attributed to Net Worth pursuant to clause (b) of the definition of “Net Worth” plus (ii) the
portion of all Preferred Securities issued by the Guarantor or any 

  
 6 

 
Subsidiary (other than any Securitization Subsidiary) that is deemed to constitute equity, as determined in accordance with S&P’s methodology at such time plus (iii) the
portion of all Disqualified Equity Interests issued by the Guarantor or any Subsidiary (other than any Securitization Subsidiary) that is deemed to constitute equity, as determined in accordance with S&P’s methodology at such time plus
(iv) the portion of all Specified Convertible Debt Securities issued by the Guarantor or any Subsidiary (other than any Securitization Subsidiary) that is deemed to constitute equity, as determined in accordance with S&P’s methodology
at such time, exceeds 15% of Total Capitalization. 
 “Moody’s” means Moody’s Investors Service, Inc. and its
successors. 
 “Multiemployer Plan” means a multiemployer plan as defined in section 4001(a)(3) of ERISA. 

“NAIC” means the National Association of Insurance Commissioners or any successor thereto, or in lieu thereof, any other
association, agency or other organization performing substantially similar advisory, coordination or other like functions among insurance departments, insurance commissions and similar governmental authorities of the various states of the United
States of America toward the promotion of uniformity in the practices of such governmental authorities. 
 “Net Equity
Proceeds” means, with respect to any Equity Issuance, the aggregate amount of all cash received by the Guarantor and its Subsidiaries (other than any Securitization Subsidiaries) in respect of such Equity Issuance net of all reasonable fees
and expenses incurred by the Guarantor and its Subsidiaries in connection therewith. 
 “Net Worth” means, at any time, the
sum of the following for the Guarantor and its Subsidiaries (other than any Securitization Subsidiaries) (determined on a Consolidated basis without duplication in accordance with GAAP): 

(a) total shareholders’ equity of the Guarantor determined in accordance with GAAP; provided that the net unrealized appreciation
and depreciation of securities that are classified as available for sale and are subject to ASC 320 shall be excluded, plus 
 (b)
without duplication of clauses (c) and (d) hereof, solely for purposes of determining “Total Capitalization” the portion of all outstanding Hybrid Securities that is deemed to constitute equity, as determined in accordance with
S&P’s methodology at such time, minus 
 (c) without duplication of clauses (b) and (d) hereof, solely for
purposes of determining “Total Capitalization” the portion of all outstanding Preferred Securities that is deemed to constitute indebtedness, as determined in accordance with S&P’s methodology at such time, minus 

(d) without duplication of clauses (b) and (c) hereof, solely for purposes of determining “Total Capitalization” the
portion of all outstanding Disqualified Equity Interests that is deemed to constitute indebtedness, as determined in accordance with S&P’s methodology at such time. 

“Non-Public Information” means information which has not been disseminated in a manner making it available to investors
generally, within the meaning of Regulation FD. 
 “PATRIOT Act” means USA PATRIOT Act (Title III of Pub. L.
No. 107-56 (signed into law October 26, 2001)). 
 “PBGC” means the United States Pension Benefit Guaranty
Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
 “Permitted Liens”
means any of the following Liens: 
 (a) Liens imposed by any governmental authority for taxes, assessments or charges not yet due or that
are being contested in good faith and by appropriate proceedings; 

  
 7 

 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
construction contractors’ or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 60 days or that are being contested in good faith and by appropriate proceedings and Liens securing
judgments or orders for the payment of money but only to the extent not resulting in an Event of Default under Clause 26.7 (Events of Default, Failure to Comply with Final Judgment) of the Facility Agreement; 

(c) pledges or deposits made (i) in connection with, or to secure payment of, worker’s compensation, unemployment insurance, old age
pensions, other social security legislation and other statutory obligations and in each case in compliance therewith, (ii) to secure in the ordinary course of business the performance of bids, tenders, contracts or leases, (iii) to secure
statutory obligations, surety and customs bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) in the ordinary course of business, (iv) to secure stay and
appeal bonds, (v) to secure indemnity, performance or other similar bonds in the ordinary course of business, or (v) in connection with contested amounts in the ordinary course of business; 

(d) encumbrances in the nature of (i) easements, (ii) rights-of-way, (iii) zoning restrictions or similar laws or rights
reserved to or vested in any Governmental Authority to control or regulate the use of any real property, (iv) leases and subleases (other than any capital leases or synthetic leases), and licenses and sublicenses, (v) encroachments,
protrusions and other similar encumbrances and restrictions on the use of real property or minor imperfections in title thereto, (vi) landlords’ and lessors’ Liens on rented premises, and (vii) restrictions on transfers or
assignment of leases, which in each case do not secure monetary obligations and do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Guarantor or any of
its Subsidiaries; 
 (e) Liens arising under escrows, trusts, custodianships, separate accounts, funds withheld procedures, and similar
deposits, arrangements, or agreements established with respect to insurance or reinsurance policies, annuities, guaranteed investment contracts and similar products underwritten by, or Reinsurance Agreements entered into by, the Guarantor or any
Insurance Subsidiary in the ordinary course of business; 
 (f) deposits with Insurance Regulatory Authorities; 

(g) Liens securing obligations under letters of credit issued for the benefit of Insurance Regulatory Authorities and letters of credit issued
in support of funds at the Society and Corporation of Lloyd’s requirements, including as permitted under Section 4.04(a)(xiv); 

(h) Liens granted by Securitization Subsidiaries in connection with Securitization Transactions; 

(i) Liens on Property of any Person that becomes a Subsidiary of the Guarantor after the date hereof, provided that such Liens are in
existence at the time such Person becomes a Subsidiary of the Guarantor and were not created in anticipation thereof; 
 (j) Liens upon real
and/or tangible personal Property acquired after the date hereof (by purchase, construction or otherwise) by the Guarantor or any of its Subsidiaries, each of which Liens either (A) existed on such Property before the time of its acquisition
and was not created in anticipation thereof or (B) was created solely for the purpose of securing Debt representing, or incurred to finance, refinance or refund, the cost (including the cost of construction) of such Property, provided that no
such Lien shall extend to or cover any Property of the Guarantor or such Subsidiary other than the Property so acquired and improvements thereon; 

(k) Liens on securities or financial instruments arising out of (i) repurchase (and reverse repurchase) agreements for liquidity or yield
enhancement purposes and in no event outstanding for a period exceeding ninety (90) days in each case and (ii) other investment strategies with respect to securities and financial instruments in each case entered into in the ordinary
course of business and on ordinary business terms; 

  
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 (l) the sale of delinquent accounts receivable for collection in the ordinary course of business;

 (m) Liens in existence on the date hereof and set forth in Schedule 1.01 (and any extension, renewal or replacement thereof
permitted under Section 4.04(a)(xvi); 
 (n) Liens in favor of a Federal Home Loan Bank to secure borrowings from such Federal
Home Loan Bank in the ordinary course of business and on ordinary business terms pursuant to a membership in such Federal Home Loan Bank; 

(o) Liens on deposits made in connection with the discharge, defeasance or redemption of Debt; 

(p) Liens securing Debt permitted under Section 4.04(a)(v); 

(q) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on the items in the course of
collection and (ii) in favor of a banking or other financial institution arising as a matter of law or under customary contractual provisions encumbering deposits or other funds maintained with such banking or other financial institution
(including the right of set off and grants of security interests in deposits and/or securities held by such banking or other financial institution) and that are within the general parameters customary in the banking industry; 

(r) Liens deemed to exist in connection with reasonable customary initial deposits, margin deposits and similar Liens attaching to brokerage
accounts maintained in the ordinary course of business and not for speculative purposes; 
 (s) Liens arising from Uniform Commercial Code
financing statements or similar filings that have not been authorized by the Guarantor or a Subsidiary of the Guarantor; 
 (t) Liens solely
on any cash earnest money deposits made by the Guarantor or any of its Subsidiaries in connection with any letter of intent or purchase agreement, provided that any such Lien is in existence for a period of no longer than one year; 

(u) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(v) Customary rights of first refusal and tag, drag and similar rights relating to the sale of equity in joint venture agreements and
franchise agreements entered into in the ordinary course of business; 
 (w) Liens on cash or securities to secure Hedge Agreements and
obligations under other derivatives transactions entered into in the ordinary course of business and not for speculative purposes; provided that the amount of Debt secured by such Liens shall not exceed $150,000,000 at any time outstanding;

 (x) Liens arising from the deposit of cash, securities or other property into collateral or reinsurance trusts for the benefit of ceding
companies or Insurance Regulatory Authorities; 
 (y) Liens arising in connection with securities lending transactions entered into in the
ordinary course of business, for liquidity or yield enhancement purposes and in no event outstanding for a period exceeding two hundred and seventy (270) days in each case; and 

(z) Liens securing Debt in an aggregate principal amount at any time outstanding not to exceed $25,000,000. 

  
 9 

 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Government Authority or other entity. 
 “Plan” means an employee
benefit or other plan established or maintained by the Guarantor or any ERISA Affiliate and that is covered by Title IV of ERISA, including a Multiemployer Plan. 

“Preferred Securities” of any Person shall mean any preferred Equity Interests (or capital stock) of such Person that
(i) have preferential rights with respect to dividends or redemptions or upon liquidation or dissolution of such Person over shares of common Equity Interests (or capital stock) of any other class of such Person and (ii) that require no
repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to 91 days after the Final Maturity Date. 

“Property” of any Person means any property or assets, or interest therein, of such Person. 

“Public Lenders” means the Lenders that do not wish to receive material non-public information with respect to the Guarantor,
its Subsidiaries or their securities. 
 “RBC Ratio” of any Person means, at any time, the ratio of (i) “Total
Adjusted Capital” of such Person to (ii) the amount equal to (x) “Authorized Control Level Risk-Based Capital” of such Person multiplied by (y) 2, as such terms are defined by the Insurance Regulatory
Authority of the State in which such Person is incorporated, as amended from time to time. Using the annual SAP Financial Statements form prescribed by the NAIC Risk-Based Capital (RBC) for Insurers Model Act for the year ended December 31,
2012 (the “Convention Blank”), the RBC Ratio as of December 31, 2012 is equal to the quotient of (a) the amount that appears on line 28 on page 17 of the Convention Blank divided by (b) the amount equal to
(x) the amount that appears on line 29 on page 17 of the Convention Blank multiplied by (y) 2. 
 “Regulation
FD” means Regulation FD as promulgated by the SEC under the Securities Act of 1933 and the Securities and Exchange Act of 1934 as in effect from time to time. 

“Regulations T, U and X” means Regulations T, U and X issued by the Board of Governors of the Federal Reserve System, as from
time to time amended. 
 “Reinsurance Agreement” means any agreement, contract, treaty or other arrangement whereby other
insurers assume insurance from the Guarantor or any Insurance Subsidiary. 
 “Responsible Officer” of the Guarantor means
the President, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, any Executive Vice President, any Senior Vice President, or any Vice President of the Guarantor. 

“Restricted Payments” means (a) any cash dividend or other distribution in cash with respect to any Equity Interests in
any Person, or any cash payment, including any sinking fund or similar cash deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in such Person or any option, warrant or
other right to acquire any such Equity Interests in such Person and (b) any prepayment, redemption, purchase, defeasance or other satisfaction prior to the scheduled maturity thereof in any manner of any Subordinated Indebtedness of any Person
(it being understood that payments of regularly scheduled principal and interest payments shall not constitute a Restricted Payment). 

“Restricted Payment Event of Default” means (i) while the Hanover Credit Agreement is in full force and effect, any
“Event of Default” (as such term is defined in the Hanover Credit Agreement) under Section 7.01(a), Section 7.01(c) (only if such Event of Default arises due to the Guarantor’s failure to perform or observe any term,
covenant or agreement contained in Section 5.01(a), Section 5.01(b) or Section 6.01 of the Hanover Credit Agreement), Section 7.01(d), Section 7.01(e), Section 7.01(f), or Section 7.01(j) of the Hanover Credit
Agreement or (ii) otherwise, any Event of Default under Clause 26.1 (Events of Default, Non-Payment), Clause 26.2 (Events of Default, Financial Condition and Other Specific Covenants), Clause 26.3 (Events of Default, Other
Obligations) (only if such Event of Default arises due to the Guarantor’s failure to perform or observe any term, covenant 

  
 10 

 
or agreement contained in Section 4.02(a)(i), Section 4.02(a)(ii) or Section 4.03), Clause 26.6 (Events of Default, Cross Default), Clause
26.8 (Events of Default, Insolvency), Clause 26.9 (Events of Default, Insolvency Proceedings), Clause 26.13 (Events of Default, Repudiation) or Clause 26.26 (Events of Default, US
Bankruptcy Proceeding) of the Facility Agreement. 
 “S&P” means Standard & Poor’s Ratings Services,
a Standard & Poor’s Financial Services LLC business. 
 “SAP” means the accounting procedures and practices
prescribed or permitted by the applicable Insurance Regulatory Authority. 
 “SEC” means the United States Securities and
Exchange Commission. 
 “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or
enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the European Union or Her Majesty’s Treasury of the United Kingdom. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions and with
respect to which such Sanctions apply to all Persons in such country or territory (for example, as of the date of this Agreement, Cuba), as opposed to any country or territory with respect to which Sanctions are applicable only to Persons listed in
any Sanctions-related list. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related
list of designated Persons maintained by OFAC, the U.S. Department of State, the European Union or Her Majesty’s Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country, or (c) any
Person controlled by any such Person. 
 “Securitization Subsidiary” shall mean a Subsidiary which engages in no activities
other than in connection with the financing of accounts receivable or portfolio investments of the Guarantor or any other Subsidiary (a) no portion of the Debt or any other obligations (contingent or otherwise) of which (i) is guaranteed
by the Guarantor or any other Subsidiary (other than another Securitization Subsidiary) (excluding guarantees of obligations (other than the principal of, and interest on, Debt) pursuant to Standard Securitization Undertakings or Limited Originator
Recourse), (ii) is recourse to or obligates the Guarantor or any other Subsidiary (other than another Securitization Subsidiary) in any way (other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse) or
(iii) subjects any property or asset of the Guarantor or any other Subsidiary (other than another Securitization Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard
Securitization Undertakings or Limited Originator Recourse, (b) with which neither the Guarantor nor any of its Subsidiaries (other than another Securitization Subsidiary) has any contract, agreement, arrangement or understanding (other than
pursuant to the documentation entered into in connection with any Securitization Transaction (including with respect to fees payable in the ordinary course of business in connection with the servicing of accounts receivable and related assets)) on
terms less favorable to the Guarantor or such Subsidiary than those that might be obtained at the time from persons that are not Affiliates of the Guarantor, and (c) to which neither the Guarantor nor any other Subsidiary of the Guarantor
(other than another Securitization Subsidiary) has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results (other than pursuant to Standard Securitization
Undertakings or Limited Originator Recourse). 
 “Securitization Transaction” means any transaction or series of
transactions that may be entered into by the Guarantor or any of its Subsidiaries pursuant to which the Guarantor or such Subsidiary, as the case may be, may sell, convey or otherwise transfer assets to any special purpose, bankruptcy-remote
Subsidiary in a true sale transaction and such special purpose Subsidiary incurs Financial Debt to finance the purchase of such assets, provided that there shall be no recourse under any such securitization to the Guarantor or any of its other
Subsidiaries other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse. 

  
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 “Security Agent” has the meaning set forth in the preamble hereof. 

“Solvent” means, with respect to any Person at any time, that (a) the fair value of the Property of such Person is
greater than the total amount of liabilities (including without limitation contingent liabilities) of such Person, (b) the present fair saleable value of the Property of such Person is not less than the amount that will be required to pay the
probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and
liabilities mature, and (d) such Person is not engaged in a business and is not about to engage in a business for which such Person’s Property would constitute an unreasonably small capital. 

“Specified Convertible Debt Securities” means any debt securities the terms of which provide for the conversion thereof into
Equity Interests, cash or a combination of Equity Interests and cash and (i) that afford equity benefit to the issuer thereof (under the procedures and guidelines of S&P) by having ongoing payment requirements that are more flexible than
interest payments associated with conventional indebtedness for borrowed money and by being contractually subordinated to such indebtedness and (ii) that require no repayments or prepayments and no mandatory redemptions or repurchases of
principal payable in cash, in each case, prior to 91 days after the Final Maturity Date. 
 “Standard Securitization
Undertakings” means representations, warranties, covenants and indemnities entered into by the Guarantor or any Subsidiary in connection with any Securitization Transaction that are customary in comparable non-recourse securitization
transactions. 
 “Statutory Statement” means, as to any Material Insurance Subsidiary, a statement of the condition and
affairs of such Material Insurance Subsidiary, prepared in accordance with SAP, and filed with the applicable Insurance Regulatory Authority. 

“Subordinated Indebtedness” means any Debt of the Guarantor or any Subsidiary the payment of which is contractually
subordinated in right of payment to the obligations under this Agreement. 
 “Subsidiary” means, with respect to any
Person, any other Person of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of
such other Person (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such other Person shall have or might have voting power by reason of the happening of any contingency) is at the
time directly or indirectly owned or Controlled by such Person or one or more Subsidiaries of such first Person or by such first Person and one or more Subsidiaries of such first Person. For the avoidance of doubt, any Lloyd’s syndicate which
is not a legal entity and has no power to enter into contracts or other binding obligations shall not be deemed to be a Subsidiary of the Guarantor. 

“Total Capitalization” means, at any time, the sum of (a) Total Debt plus (b) Net Worth. 

“Total Debt” means, at any time, an amount equal to the aggregate outstanding principal amount of Debt of the Guarantor and
its Subsidiaries (other than any Securitization Subsidiary) of the kinds set forth in clauses (a) through (g) of the definition of Debt determined on a Consolidated basis without duplication in accordance with GAAP, but without giving
effect to any election under the Statement of Financial Accounting Standards No. 159 (ASC 825) (or any similar accounting principle) permitting a Person to value its financial liabilities or indebtedness at the fair value thereof;
provided, that solely for purposes of determining “Total Debt,” (i) without duplication of clauses (ii), (iii) and (iv) hereof, the outstanding principal amount of Debt attributed to any Hybrid Security shall be
deemed equal to the portion of such Hybrid Security that is deemed to constitute indebtedness, as determined in accordance with S&P’s methodology at such time, (ii) without duplication of clauses (i), (iii) and (iv) hereof,
the outstanding principal amount of Debt attributed to any Disqualified Equity Interest shall be deemed equal to the portion of such Disqualified Equity Interest that is deemed to constitute indebtedness, as determined in accordance with
S&P’s methodology at such time, (iii) without duplication of clauses (i), (ii) and (iv) hereof, the outstanding principal amount of Debt attributed to any Preferred Security shall be deemed equal to the portion of such
Preferred Security that is deemed 

  
 12 

 
to constitute indebtedness, as determined in accordance with S&P’s methodology at such time and (iv) without duplication of clauses (i), (ii) and (iii) hereof, the
outstanding principal amount of Debt attributed to any Specified Convertible Debt Securities shall be deemed equal to the portion of such Specified Convertible Debt Securities that is deemed to constitute indebtedness, as determined in accordance
with S&P’s methodology at such time. 
 “UKGAAP” means generally accepted accounting principles in the United
Kingdom as in effect from time to time. 
 “Wholly-Owned Subsidiary” means, with respect to any Person, any corporation,
partnership, limited liability company or other entity of which all of the equity securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are directly or indirectly owned or Controlled by
such Person or one or more Wholly-Owned Subsidiaries of such Person or by such Person and one or more Wholly-Owned Subsidiaries of such Person. 

“Withdrawal Liability” has the meaning specified in Part 1 of Subtitle E of Title IV of ERISA. 

Section 1.02 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or
financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, that if the Guarantor notifies the Facility Agent that it requests an amendment to any provision hereof to eliminate the effect of any change
occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Facility Agent notifies the Guarantor that the Lenders, in accordance with the Facility Agreement, request an amendment to any
provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. To enable the ready and consistent determination of compliance with the covenants set forth in
Section 4.03, the Guarantor will cause the last day of its fiscal year to be December 31. 
 ARTICLE II 

GUARANTY 

Section 2.01 The Guaranty. The Guarantor unconditionally guarantees, as a primary obligor and not merely as a surety the
due and punctual payment of any amounts due under or in connection with any Guaranteed Document, together with all renewals, modifications, consolidations or extensions thereof and whether now or hereafter due, owing or incurred in any manner,
whether actual or contingent, whether incurred solely or jointly with any other Person and whether as principal or surety (and including all liabilities in connection with any notes, bills or other instruments accepted by any Guaranteed Finance
Party in connection therewith), together in each case with all renewals, modifications, consolidations or extensions thereof (all such obligations being herein collectively referred to as the “Guaranteed Obligations”). 

Anything contained in this Agreement to the contrary notwithstanding, the obligations of the Guarantor hereunder shall be limited to a
maximum aggregate amount equal to the greatest amount that would not render the Guarantor’s obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any
provisions of applicable state Law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of the Guarantor, contingent or otherwise, that are relevant under the Fraudulent Transfer
Laws (specifically excluding, however, any liabilities of the Guarantor (i) in respect of intercompany indebtedness to any other Group Obligor or any of its Affiliates to the extent that such indebtedness (A) would be discharged or would
be subject to a right of set-off in an amount equal to the amount paid by the Guarantor hereunder or (B) has been pledged to, and is enforceable by, the Security Agent on behalf of the Guaranteed Finance Parties and (ii) under any guaranty
of Debt subordinated in right of payment to the Guaranteed Obligations which guaranty contains a limitation as to a maximum amount similar to that set forth in this paragraph pursuant to which the liability of the Guarantor hereunder is included in
the liabilities taken into account in determining such 

  
 13 

 
maximum amount) and after giving effect as assets of the Guarantor to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation,
contribution, reimbursement, indemnity or similar rights of the Guarantor pursuant to (i) applicable Law or (ii) any agreement providing for an equitable allocation among the Guarantor and any other Group Obligor and its Affiliates of
obligations arising under guaranties by such parties (including the agreements in Article II of this Agreement). If the Guarantor’s liability hereunder is limited pursuant to this paragraph to an amount that is less than the total
amount of the Guaranteed Obligations, then it is understood and agreed that the portion of the Guaranteed Obligations for which the Guarantor is liable hereunder shall be the last portion of the Guaranteed Obligations to be repaid. 

Section 2.02 Guaranty Absolute. The Guarantor guarantees that the Guaranteed Obligations will be paid strictly in
accordance with the terms of the Guaranteed Documents, regardless of any Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guaranteed Finance Parties with respect thereto. The obligations of the
Guarantor under this Agreement are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against the Guarantor to enforce this Agreement, irrespective of whether any action is brought against the
Account Party or any other Group Obligor or whether the Account Party or any other Group Obligor is joined in any such action or actions. This Agreement is an absolute and unconditional guaranty of payment when due, and not of collection, by the
Guarantor of the Guaranteed Obligations in each and every particular. The obligations of the Guarantor hereunder are several from those of the other Group Obligors and are primary obligations concerning which the Guarantor is the principal obligor.
The Guaranteed Finance Parties shall not be required to mitigate damages or take any action to reduce, collect or enforce the Guaranteed Obligations. 

The obligations of the Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
including the existence of any claim, set-off or other right which the Guarantor may have at any time against any other Group Obligor or any Guaranteed Finance Party or any other Person, whether in connection herewith or any unrelated transactions.
Without limiting the generality of the foregoing, the Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by any Group Obligor to any Guaranteed Finance Party under the
Guaranteed Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Account Party or such Group Obligor. 

Without limiting the generality of the foregoing, the obligations of the Guarantor hereunder shall not be released, discharged or otherwise
affected or impaired by: 
 (i) any extension, renewal, settlement, compromise, acceleration, waiver or release in respect
of any obligation of any Group Obligor or any Guaranteed Document or any other agreement or instrument evidencing or securing any Guaranteed Obligation, by operation of Law or otherwise; 

(ii) any change in the manner, place, time or terms of payment of any Guaranteed Obligation or any other amendment, supplement
or modification to the Facility Agreement or any other Guaranteed Document or any other agreement or instrument evidencing or securing any Guaranteed Obligation; 

(iii) any release, non-perfection or invalidity of any direct or indirect security for any Guaranteed Obligation, any sale,
exchange, surrender, realization upon, offset against or other action in respect of any direct or indirect security for any Guaranteed Obligation or any release of any other Group Obligor or any other guarantor or guarantors of any Guaranteed
Obligation; 
 (iv) any change in the existence, structure or ownership of any Group Obligor or any insolvency, bankruptcy,
reorganization, arrangement, readjustment, composition, liquidation or other similar proceeding affecting any Group Obligor or its assets or 

  
 14 

 
any resulting disallowance, release or discharge of all or any portion of any Guaranteed Obligation, other than in connection with the payment in full of all obligations under and termination of
the Guaranteed Documents; 
 (v) the existence of any claim, set-off or other right which the Guarantor may have at any time
against any other Group Obligor, any Guaranteed Finance Party or any other Person, whether in connection herewith or any unrelated transaction; provided that nothing herein shall prevent the assertion of any such claim by separate suit or
compulsory counterclaim; 
 (vi) any invalidity or unenforceability relating to or against any Group Obligor for any reason
of the Facility Agreement, any other Guaranteed Document or any other agreement or instrument evidencing or securing any Guaranteed Obligation or any provision of applicable Law purporting to prohibit the payment by any Group Obligor of any
Guaranteed Obligation; 
 (vii) any failure by any Guaranteed Finance Party: (A) to file or enforce a claim against any
Group Obligor or its estate (in a bankruptcy or other proceeding); (B) to give notice of the existence, creation or incurrence by any Group Obligor of any new or additional indebtedness or obligation under or with respect to the Guaranteed
Obligations; (C) to commence any action against any Group Obligor; (D) to disclose to the Guarantor any facts which such Guaranteed Finance Party may now or hereafter know with regard to any Group Obligor; or (E) to proceed with due
diligence in the collection, protection or realization upon any collateral securing the Guaranteed Obligations; 
 (viii)
any direction as to application of payment by any Group Obligor or any other Person; 
 (ix) any subordination by any
Guaranteed Finance Party of the payment of any Guaranteed Obligation to the payment of any other liability (whether matured or unmatured) of any Group Obligor to its creditors; 

(x) any act or failure to act by any Guaranteed Finance Party under this Agreement or otherwise which may deprive the
Guarantor of any right to subrogation, contribution or reimbursement against any other Group Obligor or any right to recover full indemnity for any payments made by the Guarantor in respect of the Guaranteed Obligations; or 

(xi) any other act or omission to act or delay of any kind by any Group Obligor or any Guaranteed Finance Party or any other
Person or any other circumstance whatsoever which might, but for the provisions of this clause, constitute a legal or equitable discharge of the Guarantor’s obligations hereunder. 

The Guarantor has irrevocably and unconditionally delivered this Agreement to the Facility Agent and the Security Agent, for the benefit of
the Guaranteed Finance Parties, and the failure by any other Group Obligor or any other Person to sign this Agreement or a guaranty similar to this Agreement or otherwise shall not discharge the obligations of the Guarantor hereunder. The
irrevocable and unconditional liability of the Guarantor hereunder applies whether it is jointly and severally liable for the entire amount of the Guaranteed Obligations, or only for a pro-rata portion, and without regard to any rights (or the
impairment thereof) of subrogation, contribution or reimbursement that the Guarantor may now or hereafter have against any other Group Obligor or any other Person. This Agreement is and shall remain fully enforceable against the Guarantor
irrespective of any defenses that any Group Obligor may have or assert in respect of the Guaranteed Obligations, including, without limitation, failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord
and satisfaction and usury, except that the Guarantor may assert the defense of final payment in full of the Guaranteed Obligations. 

  
 15 

 Section 2.03 Payments. 

(a) Payments to be Made When Due. The Guarantor shall, forthwith on demand of the Facility Agent or (as applicable) the Security
Agent following the failure of any Group Obligor to make any payment under the Guaranteed Documents when due, including following the acceleration of the maturity of any Guaranteed Obligations pursuant to Clause 26.27 (Events of Default,
Acceleration and Cancellation) of the Facility Agreement, pay the aggregate amount of all Guaranteed Obligations to the Facility Agent or (as applicable) the Security Agent. 

(b) General Provisions as to Payments. Each payment hereunder shall be made without set-off, counterclaim or other deduction,
in immediately available funds, to the Facility Agent or (as applicable) the Security Agent at the address(es) referred to in Section 7.01. 

(c) Application of Payments. All amounts from time to time received or recovered by the Facility Agent or (as applicable) the
Security Agent in connection with this Agreement (the “Guaranty Payments”) shall be applied by the Facility Agent, to the extent permitted by applicable law (and subject to the provisions of this Section 2.03), in the
following order of priority: 
 (i) in discharging any sums owing to the Facility Agent or Security Agent under the
Guaranteed Documents; 
 (ii) in payment to the Facility Agent, on behalf of the Finance Parties (or, in the case of the
Overdraft Facility, directly to Security Agent on behalf of the Overdraft Provider), for application on a pro rata basis towards the discharge of all sums due and payable by any Group Obligor under any of the Guaranteed Documents (to be applied) in
accordance with Clause 33.5 (Payment Mechanics, Partial Payments) of the Facility Agreement and the Overdraft Facility Letter to the extent that it constitutes Permitted Financial Indebtedness. 

(d) Investment of Proceeds. Prior to the application of the proceeds of the Guaranty Payments in accordance with
subsection (c) above, the Facility Agent or (as applicable) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest-bearing suspense or impersonal account(s) in the name of the Facility Agent or (as
applicable) the Security Agent with such financial institution (including itself) and for so long as the Facility Agent shall think fit (the interest being credited to the relevant account) pending the application from time to time of those monies
in the Facility Agent’s or (as applicable) the Security Agent’s discretion in accordance with the provisions of this Section 2.03. 

(e) Currency Conversion. 

(i) For the purpose of, or pending the discharge of, any of the Guaranteed Obligations, the Facility Agent or (as applicable)
the Security Agent may convert any moneys received or recovered by the Facility Agent from one currency to another, at the Facility Agent’s spot rate of exchange. 

(ii) The obligations of the Guarantor to pay in the due currency shall only be satisfied to the extent of the amount of the
due currency purchased after deducting the costs of conversion. 
 (f) Permitted Deductions. The Facility Agent or (as
applicable) the Security Agent shall be entitled, in its discretion, (i) to set aside by way of reserve amounts required to meet and (ii) 

  
 16 

 
to make and pay, any deductions and withholdings (on account of taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under
this Agreement, or as a consequence of performing its duties, or by virtue of its capacity as Facility Agent or (as applicable) the Security Agent under any of the Guaranteed Documents or otherwise (other than in connection with its remuneration for
performing its duties under the Guaranteed Documents). 
 Section 2.04 Discharge; Reinstatement in Certain
Circumstances. The Guarantor’s obligations hereunder shall remain in full force and effect until the latest to occur of: 

(i) payment in full in cash of all Debt outstanding, together with all interest (including interest accruing on or after the
commencement of any proceeding under any Debtor Relief Law, whether or not a claim for such interest is, or would be, allowed in such proceeding under any Debtor Relief Law) and premium thereon, under the Guaranteed Documents and the termination of
all Commitments; 
 (ii) payment in full in cash of all other Guaranteed Obligations that are due and payable or otherwise
accrued and owing under the Guaranteed Documents (including legal fees and other expenses, costs or charges in each case payable thereunder and accruing on or after the commencement of any proceeding under any Debtor Relief Law, whether or not a
claim for such fees, expenses, costs or charges is, or would be, allowed in such proceeding under any Debtor Relief Law); and 

(iii) termination, cancellation or cash collateralization (in an amount reasonably satisfactory to the Facility Agent) of, all
Letters of Credit issued or deemed issued under the Guaranteed Documents. 
 (the occurrence of all of the foregoing being referred to herein as
“Discharge of Finance Obligations”). 
 No payment or payments made by any other Group Obligor or any other Person or
received or collected by any Guaranteed Finance Party from any other Group Obligor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in
payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the Guarantor hereunder, it being understood that the Guarantor shall, notwithstanding any such payment or payments, remain liable
for the Guaranteed Obligations until the Discharge of Finance Obligations. If at any time any payment by any other Group Obligor or any other Person of any Guaranteed Obligation is rescinded or must otherwise be restored or returned upon the
insolvency, bankruptcy, dissolution, liquidation or reorganization of any other Group Obligor or other Person or upon or as a result of the appointment of a receiver, intervener or conservator of, or trustee or similar officer for, such other Group
Obligor or other Person or any substantial part of its respective property or otherwise, the Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. The
Guarantor party hereto agrees that payment or performance of any of the Guaranteed Obligations or other acts which toll any statute of limitations applicable to the Guaranteed Obligations shall also toll the statute of limitations applicable to the
Guarantor’s liability hereunder. 
 Section 2.05 Waiver by the Guarantor. The Guarantor hereby waives presentment
to, demand of payment from and protest to the Group Obligors of any of the Guaranteed Obligations, and also waives promptness, diligence, notice of acceptance of its guarantee, any other notice with respect to any of the Guaranteed Obligations and
this Agreement and any requirement that any Guaranteed Finance Party protect, secure, perfect or insure any Lien or any property subject thereto. The Guarantor further waives any right to require that resort be had by any Guaranteed Finance Party to
any security held for payment of the Guaranteed Obligations or to any balance of any deposit, account or credit on the books of the Guaranteed Finance Party in favor of any Group Obligor 

  
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or any other Person. The Guarantor hereby consents and agrees to each of the following to the fullest extent permitted by Law, and agrees that the Guarantor’s obligations under this
Agreement shall not be released, diminished, impaired, reduced or adversely affected by any of the following (other than, in each case, in connection with the full and final payment and satisfaction of the Guaranteed Obligations, in cash), and
waives any rights (including rights to notice) which the Guarantor might otherwise have as a result of or in connection with any of the following: 

(i) any renewal, extension, modification, increase, decrease, alteration or rearrangement of all or any part of the Guaranteed
Obligations or any instrument executed in connection therewith, or any contract or understanding with any Group Obligor, any Guaranteed Finance Party, or any of them, or any other Person, pertaining to the Guaranteed Obligations; 

(ii) any adjustment, indulgence, forbearance or compromise that might be granted or given by any Guaranteed Finance Party to
any Group Obligor or any other Person liable on the Guaranteed Obligations; or the failure of any Guaranteed Finance Party to assert any claim or demand or to exercise any right or remedy against any Group Obligor under the provisions of any
Guaranteed Document or otherwise; or any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Guaranteed Document or any other agreement, including with respect to any Group Obligor under this
Agreement; 
 (iii) the insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution
or lack of power of any Group Obligor or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of any Group Obligor, or any change, restructuring or termination of the corporate
structure or existence of any Group Obligor, or any sale, lease or transfer of any or all of the assets of any Group Obligor, or any change in the shareholders, partners, or members of any Group Obligor; or any default, failure or delay, willful or
otherwise, in the performance of the Guaranteed Obligations; 
 (iv) the invalidity, illegality or unenforceability of all
or any part of the Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including the fact that the Guaranteed Obligations, or any part thereof, exceed the amount
permitted by Law, the act of creating the Guaranteed Obligations or any part thereof is ultravires, the officers or representatives executing the documents or otherwise creating the Guaranteed Obligations acted in excess of their authority,
the Guaranteed Obligations violate applicable usury laws, any Group Obligor has valid defenses, claims or offsets (whether at Law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from such Group
Obligor (other than Discharge of Finance Obligations), the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the Guaranteed Obligations or
executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible, legally impossible or unenforceable, or the documents or instruments pertaining to the Guaranteed
Obligations have been forged or otherwise are irregular or not genuine or authentic; 
 (v) any full or partial release of
the liability of any other Group Obligor or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations or
any part thereof, it being recognized, acknowledged and agreed by the Guarantor that it may be required to pay the Guaranteed Obligations in full without assistance or support of any other Person, and the Guarantor has not been induced to enter into
this 

  
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Agreement on the basis of a contemplation, belief, understanding or agreement that any party other than the Account Party will be liable to perform the Guaranteed Obligations, or that the
Guaranteed Finance Parties will look to any other party to perform the Guaranteed Obligations; 
 (vi) the taking or
accepting of any other security, collateral or guarantee, or other assurance of payment, for all or any part of the Guaranteed Obligations; 

(vii) any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including negligent
impairment) of any Letter of Credit, collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations; 

(viii) [reserved]; 

(ix) the failure of the Guaranteed Finance Party or any other Person to exercise diligence or reasonable care in the
preservation, protection, enforcement, sale or other handling or treatment of all or any part of such collateral, property or security; 

(x) the fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted
as security for the repayment of the Guaranteed Obligations shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by the Guarantor that
the Guarantor is not entering into this Agreement in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of any collateral; 

(xi) [reserved]; 

(xii) any other action taken or omitted to be taken with respect to the Guaranteed Obligations, or the security and collateral
therefor, whether or not such action or omission prejudices the Guarantor or increases the likelihood that the Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal
intention of the Guarantor that the Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether or not contemplated, and whether or not
otherwise or particularly described herein, except for the full and final payment and satisfaction of the Guaranteed Obligations in cash; 

(xiii) [reserved]; 

(xiv) the existence of any claim, set-off or other right which the Guarantor may have at any time against any other Group
Obligor, any Guaranteed Finance Party or any other Person, whether in connection herewith or any unrelated transactions; provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;
or 
 (xv) any other circumstance that might in any manner or to any extent otherwise constitute a defense available to,
vary the risk of, or operate as a discharge of, the Guarantor as a matter of Law or equity. 
 All waivers herein contained shall be without prejudice to
the right of the Facility Agent or (as applicable) the Security Agent at its option to proceed against any Group Obligor or any other Person, whether by separate action or by joinder. 

  
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 Section 2.06 Agreement to Pay; Subordination of Subrogation Claims. In
furtherance of the foregoing and not in limitation of any other right that any Guaranteed Finance Party has at Law or in equity against the Guarantor by virtue hereof, upon the failure of any Group Obligor to pay any Guaranteed Obligation when and
as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or cause to be paid, or such Guaranteed Finance Party as designated thereby in cash
the amount of such unpaid Guaranteed Obligations. Upon payment by the Guarantor of any sums to the Facility Agent or any Guaranteed Finance Party as provided above, all rights of the Guarantor against any other Group Obligor arising as a result
thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Guaranteed Obligations and
Discharge of Finance Obligations. No failure on the part of any other Group Obligor or any other Person to make any payments in respect of any subrogation, contribution, reimbursement, indemnity or similar right (or any other payments required under
applicable Law or otherwise) shall in any respect limit the obligations and liabilities of the Guarantor with respect to its obligations hereunder. If any amount shall erroneously be paid to the Guarantor on account of such subrogation,
contribution, reimbursement, indemnity or similar right, such amount shall be held in trust for the benefit of the Guaranteed Finance Parties and shall forthwith be turned over to the Facility Agent in the exact form received by the Guarantor (duly
endorsed by the Guarantor to the Facility Agent, if required) to be credited against the payment of the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Guaranteed Documents. 

Section 2.07 Stay of Acceleration. If acceleration of the time for payment of any amount payable by any other Group
Obligor under or with respect to the Guaranteed Obligations is stayed upon the insolvency or bankruptcy of such other Group Obligor, all such amounts otherwise subject to acceleration under the terms of the Facility any Guaranteed Document or any
other agreement or instrument evidencing or securing the Guaranteed Obligations shall nonetheless be payable by the Guarantor hereunder forthwith on demand by the Facility Agent or (as applicable) the Security Agent or, following payment in full of
the Guaranteed Obligations, the applicable Guaranteed Finance Parties under the applicable Guaranteed Documents, in the manner provided in Section 2.01. 

Section 2.08 No Set-Off. No act or omission of any kind or at any time on the part of any Guaranteed Finance Party in
respect of any matter whatsoever shall in any way affect or impair the rights of any Guaranteed Finance Party to enforce any right, power or benefit under this Agreement, and no set-off, claim, reduction or diminution of any Guaranteed Obligation or
any defense of any kind or nature which the Guarantor has or may have against any other Group Obligor or any Guaranteed Finance Party shall be available against any Guaranteed Finance Party in any suit or action brought by any Guaranteed Finance
Party to enforce any right, power or benefit provided for by this Agreement; provided that nothing herein shall prevent the assertion by the Guarantor of any such claim by separate suit or compulsory counterclaim. Nothing in this Agreement
shall be construed as a waiver by the Guarantor of any rights or claims which it may have against any Guaranteed Finance Party hereunder or otherwise, but any recovery upon such rights and claims shall be had from such Guaranteed Finance Party
separately, it being the intent of this Agreement that the Guarantor shall be unconditionally, absolutely and jointly and severally obligated to perform fully all its obligations, covenants and agreements hereunder for the benefit of each Guaranteed
Finance Party. 
 ARTICLE III 

INDEMNIFICATION, SUBROGATION AND CONTRIBUTION 

Section 3.01 Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantor may
have under applicable Law (but subject to Section 2.06 above), the Account Party agrees that if a payment shall be made by the Guarantor under this Agreement, the Account Party shall indemnify the Guarantor for the full amount of such
payment and the Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment. 

Section 3.02 Contribution and Subrogation. The Guarantor agrees (subject to Section 2.06 above) that, if a
payment shall be made by any other Group Obligor (other than the 

  
 20 

 
Account Party) under the Guaranteed Documents or assets of any other Group Obligor (other than the Account Party) shall be sold pursuant to any Security Document to satisfy a claim of any
Guaranteed Finance Party and such other Group Obligor (the “Claiming Guarantor”) shall not have been fully indemnified by the Account Party, the Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of
such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction the numerator of which shall be the net worth of the Guarantor on the date that the obligation(s)
supporting such claim were incurred under the Guaranteed Documents and the denominator of which shall be the aggregate net worth of all the Group Obligors (other than the Account Party) on such date. Any such payment by the Guarantor pursuant to
this Section 3.02 shall be subrogated to the rights of such Claiming Guarantor under Section 3.01 to the extent of such payment, in each case subject to the provisions of Section 2.06. 

ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 4.01 Representations and Warranties. 

(a) On the date of this Agreement, the Guarantor represents and warrants as follows: 

(i) The Guarantor has heretofore furnished to each of the Lenders (including by furnishing the Form 10-K of the Guarantor
filed with the SEC) its audited Consolidated balance sheet and Consolidated statements of income and cash flows as at and for the fiscal year ended December 31, 2012, and such financial statements fairly present, in all material respects, the
Consolidated financial condition and results of operations of the Guarantor and its Subsidiaries as at the date thereof and for such fiscal year, all in accordance with GAAP; 

(ii) The Guarantor has heretofore furnished (including by furnishing the Form 10-Q of the Guarantor filed with the SEC) to
each of the Lenders its unaudited Consolidated balance sheet and Consolidated statements of income and cash flows as at and for the nine-month period ended September 30, 2013, and such financial statements fairly present, in all material
respects, the Consolidated financial position and results of operations of the Guarantor and its Subsidiaries as at the date thereof and for such nine-month period, all in accordance with GAAP (subject to normal year end audit adjustments and the
absence of footnotes); 
 (iii) The Guarantor has heretofore furnished to each of the Lenders the annual Statutory Statement
of each Material Insurance Subsidiary and an equivalent financial statement for each Lloyd’s syndicate in which a Subsidiary of the Guarantor has a membership interest, in each case for the fiscal year ended December 31, 2012, as filed
with the applicable Insurance Regulatory Authority, and each such annual Statutory Statement (or, with respect to any Lloyd’s syndicate in which a Subsidiary of the Guarantor has membership interest, such equivalent financial statement filing)
presents fairly, in all material respects, the financial position and the results of operations of such Material Insurance Subsidiary or Lloyd’s syndicate, as applicable, as at and for the fiscal year ended December 31, 2012, in accordance
with SAP; 
 (iv) Since December 31, 2012, there has been no Material Adverse Change; 

(v) There is no action, proceeding or investigation pending, or to the knowledge of the Guarantor, overtly threatened in
writing against the Guarantor or any of its Subsidiaries before any court, governmental agency or arbitrator which (A) is reasonably likely to have a Material Adverse Effect or (B) purports to affect the Guaranteed Documents or the
transactions contemplated thereby; 

  
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 (vi) The Guarantor and each of its Subsidiaries (A) is duly organized,
validly existing and (to the extent applicable in respect of the relevant jurisdiction) in good standing under the laws of its jurisdiction of organization, (B) is duly qualified and (to the extent applicable in respect of the relevant
jurisdiction) in good standing as a foreign corporation in each other jurisdiction in which it owns or leases Property or in which the conduct of its business requires it to so qualify or be licensed and where, in each case, failure so to qualify
and be in good standing would reasonably be expected to have a Material Adverse Effect and (C) has all requisite corporate power and authority to own or lease and operate its Properties and to carry on its business as now conducted and as
proposed to be conducted except as could not reasonably be expected to have a Material Adverse Effect; 
 (vii) The
Guarantor and each of its Subsidiaries is in compliance with all federal, state and local laws and regulations (including, without limitation, all applicable environmental laws and ERISA) applicable to the Guarantor, its Subsidiaries and their
respective Properties, except to the extent failure to so comply would not (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect; 

(viii) All material consents, licenses, permits and governmental and third-party consents and approvals required for the due
making and performance by the Guarantor of each of the Guaranteed Documents to which the Guarantor is a party have been obtained and remain in full force and effect; 

(ix) Each of the Guaranteed Documents to which the Guarantor is a party is a legal, valid and binding obligation of the
Guarantor, enforceable against the Guarantor in accordance with its terms except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting enforcement of creditors’ rights
generally or general principles of equity; 
 (x) The making and performance by the Guarantor of each of the Guaranteed
Documents to which it is a party are within the Guarantor’s corporate powers, have been duly authorized by all necessary corporate action, and (A) do not contravene the Guarantor’s certificate of incorporation or by-laws or
(B) contravene, violate or breach any material contractual restriction binding on the Guarantor or its Subsidiaries or any material law, rule or regulation (including Regulations T, U or X), or any material order, writ, judgment, injunction,
decree, determination or award, except for any such contravention, violation or breach referred to in clause (B) which could not reasonably be expected to have a Material Adverse Effect; 

(xi) Each of the Guarantor and its Subsidiaries has good and marketable title to, valid leasehold interests in, or valid
licenses to use, all Properties material to its business, and all such Properties are in good working order and condition, ordinary wear and tear excepted, in each case except as would not reasonably be expected to have a Material Adverse Effect;

 (xii) The Guarantor and each of its Subsidiaries have paid and discharged all taxes, assessments, claims and governmental
charges or levies imposed upon it or upon its Property, except (A) any such tax, assessment, claim or charge that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained in accordance
with Section 4.02(b) or (B) to the extent that any failure to do so could not reasonably be expected to have a Material Adverse Effect; 

  
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 (xiii) The Guarantor is not engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of buying or carrying Margin Stock; 
 (xiv) No ERISA Event
has occurred or is reasonably expected to occur with respect to any Plan that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, has resulted or would reasonably be expected to result in a
liability to the Guarantor or its ERISA Affiliates in excess of $10,000,000; 
 (xv) The Guarantor is not an
“investment company” as defined in the Investment Company Act of 1940, as amended; 
 (xvi) (A) Schedule
4.01 hereto is a complete list of the Subsidiaries of the Guarantor, (B) each such Subsidiary is duly organized and validly existing under the jurisdiction of its organization shown in said Schedule 4.01, and (C) the
percentage ownership by the Guarantor of each such Subsidiary is as shown in said Schedule 4.01; 
 (xvii) (A)
The Guarantor is Solvent and (B) the Guarantor and its Subsidiaries, on a consolidated basis are Solvent; 
 (xviii)
All written information (other than information of a general economic or industry specific nature) that has been made available by the Guarantor or any of its representatives to any Guaranteed Finance Party in connection with the negotiation of the
Guaranteed Documents (including, for the avoidance of doubt, any such information in any confidential information memorandum or related materials provided in connection with the syndication of the Commitments), when taken as a whole, on or as of the
dates on which such information was made available, did not contain any untrue statement of a material fact or omit to state a fact necessary to make the statements contained therein not misleading in light of the time and circumstances under which
such statements were made (after giving effect to all supplements and updates thereto); and 
 (xix) The Guarantor has
implemented and maintains in effect policies and procedures designed to ensure compliance in all material respects by the Guarantor, its Subsidiaries and, when acting on its or their behalf, their respective directors, officers, employees and agents
with Anti-Corruption Laws and applicable Sanctions, and the Guarantor, its Subsidiaries and their respective officers and employees and, to the knowledge of the Guarantor, its directors, are in compliance with Anti-Corruption Laws and applicable
Sanctions in all material respects. None of the Guarantor, any Subsidiary or to the knowledge of the Guarantor or such Subsidiary any of their respective directors, officers or employees is a Sanctioned Person. 

(b) The representations set out in Section 4.01(a)(i), (ii), (iii), (iv), (v), (vi), (ix) and (x) are also deemed to be made
by the Guarantor by reference to the facts and circumstances then existing on: 
 (i) the date of each Utilisation Request;
and 
 (ii) the Commencement Date of each Letter of Credit and every six months after that date until the Expiry Date of
that Letter of Credit. 

  
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 Section 4.02 Affirmative Covenants So long as any amount is outstanding under
the Guaranteed Documents or any Commitment is in force, the Guarantor covenants and agrees that: 
 (a) Reporting Requirements. The
Guarantor will furnish to the Facility Agent on behalf of the Lenders: 
 (i) as soon as available and in any event within
60 days after the end of each of the first three quarters of each fiscal year of the Guarantor, the Consolidated balance sheet of the Guarantor and its Subsidiaries as of the last day of such quarter and the related Consolidated statements of income
and cash flows for such quarter, in each case setting forth in comparative form the corresponding figures from the corresponding quarter in the previous fiscal year, all prepared in conformity with GAAP and accompanied by a certificate of a
Responsible Officer of the Guarantor, which certificate shall state that such financial statements present fairly, in all material respects, the Consolidated financial position of the Guarantor and its Subsidiaries as of the date thereof and the
Consolidated results of their operations for the period covered thereby in conformity with GAAP, consistently applied (subject to normal year-end audit adjustments and the absence of footnotes); 

(ii) as soon as available and in any event within 90 days after the end of each fiscal year of the Guarantor, the Consolidated
balance sheet of the Guarantor and its Subsidiaries as of the last day of such fiscal year and the related Consolidated statements of income and cash flows for such fiscal year, setting forth in comparative form the corresponding figures from the
previous fiscal year, all prepared in conformity with GAAP and accompanied by an unqualified report and opinion of independent certified public accountants of national standing and reputation, which shall state that such financial statements, in the
opinion of such accountants, present fairly, in all material respects, the Consolidated financial position of the Guarantor and its Subsidiaries as of the date thereof and the Consolidated results of their operations for such year in conformity with
GAAP, consistently applied; 
 (iii) as soon as possible and in any event within five Business Days after the Guarantor
obtains knowledge of the occurrence of (i) a “Default” or an “Event of Default” (as such terms are defined in the Hanover Credit Agreement) continuing on the date of such statement or (ii) any Event of Default or
Default continuing on the date of such statement, a statement of a Responsible Officer setting forth details of such event and the action which the Guarantor has taken and proposes to take with respect thereto; 

(iv) within a reasonable time after filing thereof, copies of all registration statements (without exhibits) and all annual,
quarterly and monthly reports (if any) filed by the Guarantor with the SEC and promptly upon the mailing thereof to the shareholders of the Guarantor generally, copies of all financial statements, reports and proxy statements so mailed; 

(v) promptly after the Guarantor or any ERISA Affiliate knows or should reasonably know that any ERISA Event has occurred with
respect to which the liability or potential liability of the Guarantor or any of its ERISA Affiliates has had or would reasonably be expected to have a Material Adverse Effect, a statement of a Responsible Officer describing such ERISA Event and the
action, if any, which the Guarantor or such ERISA Affiliate proposes to take with respect thereto; 
 (vi) promptly after
receipt thereof by the Guarantor or any ERISA Affiliate, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan where such action would have a Material Adverse Effect;

 (vii) promptly after filing with the applicable Insurance Regulatory Authority and in any event within 60 days after the
end of each of the first three quarterly fiscal periods of each fiscal year of each Material Insurance Subsidiary and each Lloyd’s syndicate in which a 

  
 24 

 
Subsidiary of the Guarantor has a membership interest, the quarterly Statutory Statement of such Material Insurance Subsidiary for such quarterly fiscal period (or, with respect to each
Lloyd’s syndicate in which the Guarantor has a membership interest, an equivalent financial statement of such Lloyd’s syndicate for such quarterly fiscal period); 

(viii) promptly after filing with the applicable Insurance Regulatory Authority and in any event within 90 days after the end
of each fiscal year of each Material Insurance Subsidiary and each Lloyd’s syndicate in which a Subsidiary of the Guarantor has a membership interest, the annual Statutory Statement of such Material Insurance Subsidiary, including, without
limitation, management’s discussion and analysis for such year (or, with respect to any Lloyd’s syndicate in which the Guarantor has a membership interest, an equivalent financial statement of such Lloyd’s syndicate for such year);

 (ix) promptly upon the occurrence of any change in the Moody’s Rating or the S&P’s Rating of the Index
Debt, or any change in the A.M. Best Financial Strength Rating with respect to any Insurance Subsidiary, notice thereof (for the avoidance of doubt, a change in outlook shall not constitute a change in rating); 

(x) promptly upon the commencement of, or any material adverse development in, any litigation, investigation or proceeding
against the Guarantor or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect, notice thereof with a description thereof in reasonable detail; and 

(xi) promptly after request therefor, such other business and financial information respecting the condition or operations,
financial or otherwise, of the Guarantor or any of its Material Insurance Subsidiaries as the Facility Agent or any Lender may from time to time reasonably request. 

Notwithstanding the foregoing, the obligations in paragraphs (i), (ii) and (iv) of this Section 4.02(a) shall be deemed
satisfied with respect to financial information of the Guarantor and its Subsidiaries by the furnishing the Form 10-K or 10-Q or any other document of the Guarantor filed with the SEC, as applicable, on the date (i) on which the Guarantor posts
such documents, or provides a link thereto on the Guarantor’s website on the Internet at the website address provided to the Lenders; or (ii) on which such documents are posted on the Guarantor’s behalf on an Internet or intranet
website, if any, to which each Lender and the Facility Agent have access (whether a commercial, third-party website or whether sponsored by the Facility Agent); provided that (A) the Guarantor shall deliver paper copies of such documents
to the Facility Agent or any Lender that requests in writing (including by electronic mail) the Guarantor to deliver such paper copies and (B) the Guarantor shall notify the Facility Agent (by telecopier or electronic mail) of the posting of
any such documents satisfying the obligations in paragraphs (i), (ii) and (iv) of this Section 4.02(a). 
 The
Guarantor will furnish to the Lenders at the time it furnishes its financial statements pursuant to paragraphs (i) and (ii) above, a certificate of a Responsible Officer, in the form of Exhibit A, setting forth reasonably detailed
calculations demonstrating that the Guarantor is in compliance with the covenants in Section 4.03. The Guarantor and each Lender acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to be
delivered pursuant to this Section 4.02(a) or otherwise are being distributed on an Electronic System, any document or notice that the Guarantor has indicated contains Non-Public Information shall not be posted on that portion of the Electronic
System designated for such Public Lenders. The Guarantor agrees to clearly designate all information provided to the Facility Agent by or on behalf the Guarantor which is suitable to make available to Public Lenders. If the Guarantor has not
indicated whether a document or notice delivered pursuant to this Section 4.02(a) contains Non-Public Information, the Facility Agent reserves the right to post such document or notice solely on that portion of the Electronic System designated
for Lenders who wish to receive material nonpublic information with respect to the Guarantor, its Subsidiaries and their securities. 

  
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 (b) Payment of Taxes, Etc. The Guarantor will pay and discharge, and cause each of its
Subsidiaries to pay and discharge, before the same shall become delinquent, all taxes, assessments, claims and governmental charges or levies imposed upon it or upon its Property, except to the extent that any failure to do so would not reasonably
be expected to have a Material Adverse Effect; provided that neither the Guarantor nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, claim or charge that is being contested in good faith and by proper
proceedings and as to which appropriate reserves are being maintained. 
 (c) Corporate Existence, Compliance with Laws, Etc. The
Guarantor will, and will cause each of its Material Subsidiaries to, (i) preserve and maintain all of its material rights, privileges, licenses and franchises, including all tradenames, patents and other intellectual property necessary for its
business, except to the extent the failure to preserve and maintain the same would not reasonably be expected to have a Material Adverse Effect, and (ii) preserve and maintain its legal existence, provided that nothing in this sentence
shall prohibit any transaction not otherwise prohibited under Section 4.04(c). The Guarantor will comply, and will cause each of its Subsidiaries to comply, with all applicable laws, statutes, rules, regulations and orders, including,
without limitation, ERISA, the PATRIOT Act, Anti-Corruption Laws and applicable Sanctions and all applicable environmental laws, except for any non-compliance which would not (either individually or in the aggregate) reasonably be expected to have a
Material Adverse Effect. The Guarantor will maintain in effect and enforce policies and procedures designed to ensure compliance in all material respects by the Guarantor, its Subsidiaries and, when acting on its or their behalf, their respective
directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 (d) Maintenance of Properties, Etc.
The Guarantor will maintain and preserve, and will cause each of its Subsidiaries to maintain and preserve, all of its Properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear
excepted, except where failure to do so would not reasonably be expected to have a Material Adverse Effect. The Guarantor will maintain, and cause each of its Subsidiaries to maintain, appropriate and adequate insurance with responsible and
reputable insurance companies or associations or with self-insurance programs to the extent consistent with prudent practices of the Guarantor and its Subsidiaries or otherwise customary in their respective industries in such amounts and covering
such risks as is customary in the industries in which the Guarantor or such Subsidiary operates. 
 (e) Keeping of Books. The
Guarantor will, and will cause each of its Subsidiaries to, keep proper books of record and account as are necessary to prepare Consolidated financial statements in accordance with GAAP, UKGAAP or SAP, as applicable, in which full and correct
entries in all material respects shall be made of all financial transactions and the assets and business of the Guarantor and each such Subsidiary in accordance with GAAP, UKGAAP or SAP, as applicable. 

(f) Visitation Rights. The Guarantor will, at any reasonable time during normal business hours and upon reasonable prior notice and
from time to time, permit the Facility Agent or any of the Lenders or any agents or representatives thereof (in each case at their own expense (except as described below) and subject to Clause 41 (Confidentiality) of the Facility Agreement)
to examine and make copies of and abstracts from the records and books of account of, and visit the Properties of, the Guarantor and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Guarantor and any of its
Subsidiaries with any of their officers or directors; provided that, excluding any such examination or visit during the continuance of an Event of Default, the Facility Agent and the Lenders shall not, collectively, exercise such rights more
than once during any calendar year. In addition, subject to customary access agreements, at any time when an Event of Default has occurred and is continuing, the Guarantor will, and will cause its Subsidiaries to, permit the Facility Agent or any of
the Lenders or any agents or representatives thereof to discuss the affairs, finances and accounts of the Guarantor and its Subsidiaries with their independent certified public accountants, and the Guarantor will be responsible for the reasonable
costs and expenses of the Facility Agent and the Lenders and the agents and representatives thereof incurred in connection with this clause (f). 

  
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 Section 4.03 Financial Covenants. So long as any amount is outstanding under
the Guaranteed Documents or any Commitment is in force, the Guarantor covenants and agrees that: 
 (a) Minimum Net Worth. The
Guarantor will not permit Net Worth as of the last day of any fiscal quarter of the Guarantor to be less than the sum of (i) $1,696,800,000 plus (ii) an amount equal to 50% of the Guarantor’s Consolidated net income (if
positive) for such fiscal quarter and for each prior fiscal quarter of the Guarantor ending after November 12, 2013 plus (iii) an amount equal to 50% of the aggregate Net Equity Proceeds of any Equity Issuances made after November 12,
2013. 
 (b) RBC Ratio. The Guarantor will not permit the RBC Ratio of either HIC or CIC as of the last day of any fiscal quarter of
the Guarantor to be less than 175%. 
 (c) Leverage Ratio. The Guarantor will not permit the Leverage Ratio as of the last day of
any fiscal quarter of the Guarantor to be greater than 35%. 
 Section 4.04 Negative Covenants. So long as any amount is
outstanding under the Guaranteed Documents or any Commitment is in force, the Guarantor covenants and agrees that: 
 (a) Financial
Debt. The Guarantor will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Financial Debt, except: 

(i) Financial Debt created under the Guaranteed Documents; 

(ii) Financial Debt and commitments to provide Financial Debt existing on the date hereof and set forth on Schedule
4.04(a); 
 (iii) Financial Debt of the Guarantor to any Subsidiary and of any Subsidiary to the Guarantor or any other
Subsidiary; 
 (iv) Financial Debt incurred by Securitization Subsidiaries pursuant to Securitization Transactions; 

(v) Financial Debt in respect of capitalized lease obligations, synthetic lease obligations or secured by purchase money
security interests, provided that the aggregate principal amount of Financial Debt permitted by this clause (v) shall not exceed $100,000,000 at any time outstanding; 

(vi) Guaranties by the Guarantor of Financial Debt incurred by its Subsidiaries otherwise permitted under this
Section 4.04(a); 
 (vii) Financial Debt in respect of Hybrid Securities, Disqualified Equity Interests and
Preferred Securities issued by the Guarantor or any trust or other special purpose entity formed by the Guarantor as to which no Subsidiary (other than any such trust or other special purpose entity) of the Guarantor has any obligation; 

(viii) Financial Debt in respect of subordinated securities of the Guarantor so long as (a) the obligations of the
Guarantor thereunder are unsecured and fully subordinated as to payment and performance in all respects to all of the Obligations of the Guarantor under the Guaranteed Documents, (b) no Subsidiary of the Guarantor has any obligations thereunder
and (c) such subordinated securities do not have any required amortization, maturity, 

  
 27 

 
mandatory put, redemption, repayment, or other similar provision or requirement, or any cash interest thereon, and in any event is not payable, falling due or capable of falling due, prior to at
least 91 days after the Final Maturity Date, provided that the Guarantor shall be permitted to make cash interest payments pursuant to the terms of such other subordinated securities so long as (x) no payment Default or Event of Default
under the Hanover Credit Agreement so long as the Hanover Credit Agreement is in full force and effect and, otherwise, under the Facility Agreement has occurred and is continuing and (y) the interest rate in respect thereof shall be based on
prevailing market rates at the time of issuance of such other subordinated securities; 
 (ix) Financial Debt in respect of
borrowings from a Federal Home Loan Bank in the ordinary course of business and on ordinary business terms pursuant to a membership in such Federal Home Loan Bank; 

(x) [Reserved]; 

(xi) Financial Debt assumed in connection with any Acquisition, provided that such Financial Debt is not incurred in
contemplation of such Acquisition and no other Subsidiary (other than the Subsidiary being acquired, if applicable) has any liability or obligations in respect of such Financial Debt; 

(xii) Financial Debt incurred by the Guarantor in addition to the foregoing; 

(xiii) Financial Debt incurred by the Subsidiaries of the Guarantor, provided that the aggregate principal amount of
Financial Debt permitted by this clause shall not exceed $75,000,000 at any time outstanding; 
 (xiv) Financial Debt in
respect of letters of credit issued for the benefit of Insurance Regulatory Authorities and letters of credit issued in support of funds at the Society and Corporation of Lloyd’s requirements (including any such Financial Debt set forth on
Schedule 4.04(a)); 
 (xv) Financial Debt incurred in connection with the Hanover Credit Agreement; provided, that
the aggregate principal amount of Financial Debt permitted by this clause shall not exceed $300,000,000; and 
 (xvi) any
extension, renewal or replacement of any of the foregoing Financial Debt that (A) does not include Financial Debt of an obligor that was not an obligor with respect to the Financial Debt being extended, renewed or replaced, (B) does not
increase the outstanding principal amount of the Financial Debt being extended, renewed or replaced except by an amount equal to unpaid accrued interest thereon, prepayment premiums not exceeding 5% of the outstanding principal amount of such
Financial Debt, and fees and expenses incurred in connection with such extension, renewal or replacement, and by an amount equal to any existing commitments unutilized thereunder and (C) in the case of Financial Debt that is subordinated in
right of payment under the Facility, is subordinated to at least the same extent as, and has a maturity not earlier than, and weighted average life to maturity not shorter than, the Financial Debt being renewed or replaced. 

For purposes of determining compliance with this Section 4.04(a), the Guarantor will be entitled to divide an item of Financial
Debt that meets the criteria of one of the categories of Financial Debt described in clauses (i) through (xv) above between such applicable clause and any other applicable clause. 

  
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 (b) Liens. The Guarantor will not, nor will it permit any of its Subsidiaries to, create,
incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except Permitted Liens. 
 (c)
Mergers, Etc. The Guarantor will not, and will not permit any of its Material Subsidiaries to, merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of, whether in one transaction or in a series of transactions,
all or substantially all of the Property (whether now owned or hereafter acquired) of the Guarantor or such Material Subsidiary to, any Person, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto
no Default under the Hanover Credit Agreement so long as the Hanover Credit Agreement is in full force and effect and, otherwise, under the Facility Agreement, shall have occurred and be continuing, (i) any Material Subsidiary may merge into
(1) the Guarantor in a transaction in which the Guarantor is the surviving corporation or (2) any other Subsidiary, (ii) any Material Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Guarantor or to
another Subsidiary, (iii) any Material Subsidiary may liquidate or dissolve if the Guarantor determines in good faith that such liquidation or dissolution is in the best interests of the Guarantor and is not materially disadvantageous to the
Lenders, (d) any Subsidiary may merge into the Guarantor in a transaction in which the Guarantor is the surviving corporation and (iv) the Guarantor and any Material Subsidiary may engage in a disposition permitted by
Section 4.04(d). 
 (d) Disposition of Assets. The Guarantor will not, and will not permit any of its Material
Subsidiaries to, sell, lease, transfer or otherwise dispose of any substantial part of its Property, or grant any option or other right to purchase, lease or otherwise acquire any such Property, except (i) sales of inventory and investments in
the ordinary course of its business, (ii) sales of assets which are not material to the operation of the Guarantor or such Material Subsidiaries or are no longer used or useful in connection with the operation of the Guarantor or such Material
Subsidiaries, (iii) transfers of Property by the Guarantor or any Material Subsidiary to the Guarantor or any other Subsidiary (but to the extent that the Guarantor transfers a substantial portion of its property to any Subsidiaries, such
Subsidiaries must enter into a guaranty substantially similar to this Agreement or as otherwise acceptable to the Facility Agent and Security Agent), (iv) dispositions pursuant to Securitization Transactions, (v) dispositions in connection
with the CitySquare Project, (vi) dispositions for fair market value of assets acquired after November 12, 2013 in connection with Acquisitions, to the extent that, at the time that the relevant Acquisition was consummated, the Guarantor
or such Material Subsidiary planned to sell, lease, transfer or otherwise dispose of such assets and (vii) other dispositions, the net cash proceeds of which, when aggregated with the net cash proceeds of any other such dispositions consummated
after November 12, 2013 pursuant to this clause (vii) shall not exceed in the aggregate 5% of the total assets of the Guarantor and its Subsidiaries (determined on a Consolidated basis as of the end of the most recent fiscal quarter for
which financial statements are available). 
 (e) Transactions with Affiliates. The Guarantor will not, and will not permit any of
its Subsidiaries to, sell, lease or otherwise transfer any Property to, or purchase, lease or otherwise acquire any assets from, or otherwise engage in any transactions with, any of its Affiliates, except (a) at prices and on terms and
conditions not less favorable to the Guarantor or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties and (b) transactions between or among the Guarantor and its Subsidiaries not involving any other
Affiliate. 
 (f) Line of Business. The Guarantor will not, and will not permit any of its Material Subsidiaries to, make any
material change in the nature or conduct of the business of the Guarantor or such Material Subsidiary as conducted on the date hereof. 

  
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 (g) Anti-dividend-block. Except to the extent required by applicable law, statute, rule,
regulation, order or agreement with regulators, the Guarantor will not permit any of its Subsidiaries to agree to or have in effect any contractual restriction on the payment of dividends or the making of other distributions to the Guarantor (each,
a “Burdensome Agreement”) other than: 
 (i) Burdensome Agreements (A) in existence on the date hereof
(to the extent not otherwise permitted by this Section 4.04(g)) that are listed on Schedule 4.04(g) hereto and (B) to the extent Burdensome Agreements permitted by clause (A) are contained in an agreement evidencing
Financial Debt, any agreement evidencing any permitted modification, replacement, renewal, extension or refinancing of such Financial Debt so long as such modification, replacement, renewal, extension or refinancing does not expand the scope of such
Burdensome Agreement or include any other Subsidiaries as parties thereto; 
 (ii) Burdensome Agreements that are binding on
a Subsidiary of the Guarantor at the time such Person first becomes a Subsidiary of the Guarantor, so long as such Burdensome Agreements were not entered into in contemplation of such Person becoming a Subsidiary of the Guarantor; 

(iii) Burdensome Agreements that are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise
permitted hereby so long as such restrictions relate to the assets subject thereto; 
 (iv) Burdensome Agreements that are
customary provisions restricting subletting or assignment of any lease governing a leasehold interest of any Subsidiary of the Guarantor; 

(v) Burdensome Agreements that are customary provisions restricting assignment of any agreement entered into in the ordinary
course of business; 
 (vi) Burdensome Agreements that are restrictions on cash or other deposits imposed by customers under
contracts entered into in the ordinary course of business; and 
 (vii) Burdensome Agreements to the extent set forth in an
agreement evidencing Financial Debt of the Guarantor permitted under Section 4.04(a). 
 (viii) Burdensome
Agreements entered into by a Securitization Subsidiary in respect of assets financed by such Securitization Subsidiary, or Burdensome Agreements restricting a Securitization Subsidiary in connection with the incurrence of Financial Debt by such
Securitization Subsidiary, in each case pursuant to a Securitization Transaction. 
 (h) Restricted Payments. At any time after the
occurrence and during the continuance of any Restricted Payment Event of Default, the Guarantor shall not, directly or indirectly declare or make, or agree to make, directly or indirectly, any Restricted Payment other than Restricted Payments for
the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the Guarantor by any future, present or former employee, director, officer, manager or consultant (or any Immediate Family Member thereof) of the
Guarantor or any of its Subsidiaries upon the death, disability, retirement or termination of employment of any such Person or otherwise pursuant to any employee or director equity plan, employee or director stock option plan or any other employee
or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any future, present or former employee, director, officer, manager or consultant of the Guarantor or any of its Subsidiaries (including, for
the avoidance of doubt, any principal and interest payable on any notes issued by the Guarantor (or of any direct or indirect parent of the Guarantor) in connection with any such repurchase, retirement or other acquisition or retirement).
Notwithstanding the foregoing, the restrictions contained in this Section 4.04(h) shall not prohibit the Guarantor from directly or indirectly declaring or making, or agreeing to make, directly or indirectly,

  
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and Restricted Payment at any time when (A) (i) there are no Loans outstanding under the Hanover Credit Agreement and (ii) the Guarantor has delivered to the Administrative Agent
(and the Administrative Agent is in possession of) cash collateral in an amount equal to 103% of the aggregate Stated Amount (as defined under the Hanover Credit Agreement) of all Letters of Credit Outstanding thereunder as contemplated by
Section 2.06(i) of the Hanover Credit Agreement and (B) the Account Party has delivered to the Facility Agent (and the Facility Agent is in possession of) cash collateral in an amount equal to 100% of any Outstandings under the Facility
Agreement. 
 (i) Amendment to Hanover Credit Agreement. The Guarantor shall not consent to any amendment of the Hanover Credit
Agreement that could reasonably be expected to adversely affect the interest of any Guaranteed Finance Party, without the consent of the Facility Agent and the Security Agent. 

Section 4.05 Relation to Facility Agreement. For the avoidance of doubt, none of the provisions of this Agreement
(including, but not limited to, Section 4.04) shall be deemed to alter or modify in any way the representations, covenants or obligations of the Obligors under the Facility Agreement (including, but not limited to Clause 25 (General
Undertakings) of the Facility Agreement). 
 Section 4.06 Certain Agreements. The Guarantor hereby additionally
represents, warrants and covenants as follows: 
 (a) (i) The Guarantor agrees to comply with each of the covenants contained in the
Facility Agreement that impose or purport to impose, through agreements with the Account Party, restrictions or obligations on the Guarantor and (ii) the Guarantor hereby agrees that Clause 33.11 of the Facility Agreement shall be applicable to
this Agreement, and references therein to “Obligor” shall be deemed to be references to the Guarantor for the purposes of this Section 4.06(a); 

(b) The Guarantor acknowledges that any default in the due observance or performance by the Guarantor of any covenant, condition or agreement
contained herein may constitute an Event of Default under Clause 26 (Events of Default) of the Facility Agreement; 

(c) The Guarantor has, independently and without reliance upon any Guaranteed Finance Party and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. The Guarantor has investigated fully the benefits and advantages which will be derived by it from execution of this Agreement, and the Board of Directors
(or persons performing similar functions in case of the Guarantor which is not a corporation) of the Guarantor has decided that a direct or an indirect benefit will accrue to the Guarantor by reason of the execution of this Agreement; 

(d) (i) This Agreement is not given with actual intent to hinder, delay or defraud any Person to which the Guarantor is or will become, on or
after the date hereof, indebted; and (ii) the Guarantor has received at least a reasonably equivalent value in exchange for the giving of this Agreement; 

(e) The Guarantor agrees and acknowledges that the Facility Agent is acting as an agent on behalf of itself and the other Guaranteed Finance
Parties pursuant to Clause 29 (Role of the Facility Agent and the Arrangers) of the Facility Agreement, and the Security Agent is acting as an agent on behalf of the Overdraft Provider pursuant to Clause 30 (Role of the
Security Agent) of the Facility Agreement; and 
 (f) If the Guarantor agrees after the date hereof to any covenants in the Hanover
Credit Agreement that are more stringent or restrictive as to the Guarantor than such limitations or covenants in this Agreement, then this Agreement will be deemed amended automatically, without 

  
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any further action by the Guarantor, the Facility Agent or any other Person, to benefit from such covenants that are more stringent or restrictive, as the case may be, such that a breach thereof
shall constitute a breach of this Agreement, regardless of any waiver or forbearance granted by the creditors under the Hanover Credit Agreement; provided that such limitations and financial covenants shall be deemed included in this Agreement for
only so long as the same shall be in effect in the Hanover Credit Agreement. The Guarantor agrees to inform the Facility Agent promptly of any such amendments to the Hanover Credit Agreement and to furnish a copy of the documentation containing such
covenants. The Guarantor and the Facility Agent further agree to enter into such amendments to this Agreement as reasonably requested by the Facility Agent or the Guarantor so as to conform this Agreement to the changes contemplated by the first
sentence of this Section 4.06(f) (including its proviso), it being understood that the failure to effect any such amendment shall not limit the effectiveness of the first sentence of this Section 4.06(f) (including its
proviso). 
 Section 4.07 Information. The Guarantor assumes all responsibility for being and keeping itself informed of
the financial condition and assets of the other Group Obligors and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that the Guarantor assumes and incurs
hereunder, and agrees that no Guaranteed Finance Party will have any duty to advise the Guarantor of information known to it or any of them regarding such circumstances or risks. 

Section 4.08 Subordination by Guarantor. In addition to the terms of subordination provided for under
Section 2.07, the Guarantor hereby subordinates in right of payment all indebtedness of the other Group Obligors owing to it, whether originally contracted with the Guarantor or acquired by the Guarantor by assignment, transfer or
otherwise, whether now owed or hereafter arising, whether for principal, interest, fees, expenses or otherwise, together with all renewals, extensions, increases or rearrangements thereof, to the prior indefeasible payment in full in cash of the
Guaranteed Obligations, whether now owed or hereafter arising, whether for principal, interest (including interest accruing during the pendency of any proceeding under any Debtor Relief Law, regardless of whether allowed or allowable in such
proceeding), fees, expenses or otherwise, together with all renewals, extensions, increases or rearrangements thereof. 
 ARTICLE V

 SET-OFF 

Section 5.01 Right of Set-Off. In addition to any rights now or hereafter granted under applicable Law or otherwise, and
not by way of limitation of any such rights, upon the occurrence of any Event of Default under the Facility Agreement, each Guaranteed Finance Party (and each of its Affiliates) is authorized at any time and from time to time, without presentment,
demand, protest or other notice of any kind (all of such rights being hereby expressly waived), to set off and to appropriate and apply any and all deposits (general or special, time or demand, provisional or final) and any other indebtedness at any
time held or owing by such Guaranteed Finance Party (including, without limitation, branches, agencies or Affiliates of such Guaranteed Finance Party wherever located) to or for the credit or account of the Guarantor against obligations and
liabilities of the Guarantor then due to the Guaranteed Finance Parties hereunder, under the other Guaranteed Documents or otherwise, and any such set-off shall be deemed to have been made immediately upon the occurrence of an Event of Default even
though such charge is made or entered on the books of such Guaranteed Finance Party subsequent thereto. The Guarantor hereby agrees that to the extent permitted by Law any Person purchasing a participation in the Facility, whether or not acquired
pursuant to the arrangements provided for in Clause 27 (Changes to the Lenders) of the Facility Agreement, may exercise all rights of set-off with respect to its participation interest as fully as if such Person were a Guaranteed Finance
Party. 

  
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 ARTICLE VI 

TAX GROSS-UP AND INDEMNITIES 

Section 6.01 Tax Gross-Up. 

(a) The Guarantor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

(b) If a Tax Deduction is required by law to be made by the Guarantor, the amount of the payment due from the Guarantor shall be increased to
an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required; provided, however, in no event shall a Guaranteed Finance Party be entitled to receive a payment
from the Guarantor under this Section 6.01(b) in respect of amounts that would not have been entitled to be increased by an Obligor under Clause 13.2 (Tax Gross-Up) of the Facility Agreement. 

(c) A payment shall not be increased under paragraph (b) above by reason of a Tax Deduction on account of Tax imposed by the United
Kingdom if on the date on which the payment falls due: 
 (i) the payment could have been made to the relevant Lender
without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under the Facility Agreement in
(or in the interpretation, administration, or application of) any law or Treaty, or any published practice or published concession of any relevant taxing authority provided, however, this clause (i) shall not apply to the extent (x) the
relevant Lender is a New Lender that would have been a Qualifying Lender on the date of the Facility Agreement and (y) the corresponding Existing Lender would have received, in respect of a payment, at the time of transfer or assignment to that
New Lender, additional amounts with respect to such Tax Deduction pursuant to paragraphs (c) above; or 
 (ii) the
relevant Lender is a Treaty Lender and the Guarantor is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under Clause 13.2(g) (Tax
Gross-Up) of the Facility Agreement. 
 (d) A payment shall not be increased under paragraph (b) above by reason of a Tax
Deduction on account of Tax imposed by the United States if it relates to: 
 (i) any Tax that is in effect at such time
that a payment is first required to be made by the Guarantor under this Agreement and would apply (even if the proper certificates and documentation were given to the Guarantor) to amounts payable hereunder at such time a Lender becomes a party to
the Facility Agreement, or designates a new Facility Office, except to the extent such Lender (or its assignor, if any) was entitled at the time of designation of a new Facility Office (or assignment) to receive additional amounts with respect to
such withholding tax pursuant to Section 6.01(b); and 
 (ii) Taxes imposed as a result of
Section 6.01(e)(iii). 
 (e) In order to establish the amount of Tax Deductions, if any, required by law to be made by the
Guarantor on account of Tax imposed by the United States: 
 (i) Each Lender that is not a “U.S. person” as
defined in section 7701(a)(30) of the Code, from time to time as requested in writing by the Guarantor, shall (but only so long as such Lender remains lawfully able to do so) provide the Guarantor with an applicable Internal Revenue Service
(“IRS”) Form W-8, as appropriate, or any successor form prescribed by the IRS, certifying that such Lender is entitled to benefits under an income tax treaty to which the United States is a party which reduces the rate of withholding Tax
on payments of interest or certifying that the income receivable pursuant to this Agreement is 

  
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effectively connected with the conduct of a trade or business in the United States, or if a Lender is not the beneficial owner of any obligation of the Guarantor (for example, where the Lender is
a partnership or participating Lender granting a typical participation), duly completed copies of IRS Form W-8IMY and the applicable IRS Form W-8 or W-9 from each beneficial owner. 

(ii) Each Lender that is a “U.S. person” under section 7701(a)(30) of the Code, from time to time as requested in
writing by the Guarantor (but only so long as such Lender remains lawfully able to do so), shall provide the Guarantor with an IRS Form W-9 or any successor form certifying that such Lender is exempt from U.S. federal backup withholding Tax. 

(iii) For any period with respect to which a Lender has failed to provide the Guarantor with the appropriate form described in
Section 6.01(e)(i) or (ii) (other than if such failure is due to a change in law occurring subsequent to the date on which a form originally was required to be provided, or if such form otherwise is not required under the
first sentence of Section 6.01(e)(i) or (ii) above), such Lender shall not be entitled to increase under Section 6.01(b) with respect to Tax Deductions imposed by the United States. 

(f) If the Guarantor is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that
Tax Deduction within the time allowed and in the minimum amount required by law. 
 (g) Within 30 days of making either a Tax Deduction or
any payment required in connection with that Tax Deduction, the Guarantor shall deliver to the Facility Agent for the Finance Party entitled to the payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that
Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 
 (h)
Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or
otherwise compensate the recipient of the payment for that FATCA Deduction. Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the
Party to whom it is making the payment and, in addition, shall notify the Account Party, the Facility Agent and the other Finance Parties. 

Section 6.02 Currency Indemnity. 

(a) If any sum due from the Guarantor under the Guaranteed Documents (a “Sum”), or any order, judgment or
award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the
purpose of: 
 (i) making or filing a claim or proof against the Guarantor; 

(ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

the Guarantor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost,
loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange
available to that person at the time of its receipt of that Sum. 
 (b) The Guarantor waives any right it may have in any jurisdiction to
pay any amount under the Guaranteed Documents in a currency or currency unit other than that in which it is expressed to be payable. 

  
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 Section 6.03 Other Indemnities. The Guarantor shall, within three Business
Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
 (a) the
occurrence of any Event of Default; 
 (b) a failure by any Group Obligor to pay any amount due under a Guaranteed Document on its due
date, including without limitation, any cost, loss or liability arising as a result of Clause 32 (Sharing Among the Finance Parties) of the Facility Agreement; 

(c) issuing or making arrangements to issue a Letter of Credit requested by the Account Party in a Utilisation Request but not issued by
reason of the operation of any one or more of the provisions of the Facility Agreement (other than by reason of default or negligence by that Finance Party alone). 

Section 6.04 Indemnity to the Facility Agent and the Security Agent. The Guarantor shall promptly indemnify the Facility
Agent and Security Agent against any cost, loss or liability incurred by any of them: 
 (a) as a result of enforcement of this Agreement;

 (b) (acting reasonably at any time other than when a Default is continuing) as a result of the exercise of any of the rights, powers,
discretions and remedies vested in the Facility Agent and the Security Agent by the Guaranteed Documents (as applicable) or by law; or 

(c) any default by any Group Obligor in the performance of any of the obligations expressed to be assumed by it in the Guaranteed Documents.

 ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Notices. Unless otherwise expressly provided herein, all notices and other communications provided for
hereunder shall be provided in the manner specified in Clause 36 (Notices) of the Facility Agreement, except that in the case of the Guarantor, such notices and communications shall be mailed faxed or delivered to the address or facsimile
number as set forth on the signature pages hereto. 
 Section 7.02 Know Your Customer. 

If: 
 (a) the introduction of
or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of the Facility Agreement; 

(b) any change in the status of the Guarantor or the composition of the shareholders of a Guarantor after the date of this Agreement; or 

(c) a proposed assignment or transfer by a Lender of any of its rights and obligations under the Facility Agreement to a party that is not a
Lender prior to such assignment or transfer, 

  
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obliges the Facility Agent or any Lender (or, in the case of paragraph (c) above, any prospective new Lender) to comply with “know your customer” or similar identification
procedures in circumstances where the necessary information is not already available to it, the Guarantor shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply of, such documentation and other evidence as
is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (c) above, on behalf of any prospective new Lender) in order for the Facility
Agent, such Lender or, in the case of the event described in paragraph (c) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all
applicable laws and regulations pursuant to the transactions contemplated in the Guaranteed Documents. 
 Section 7.03 Benefit
of Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto; provided the Guarantor may not assign or transfer any of its interests
and obligations without prior written consent of the Facility Agent and Security Agent (and any such purported assignment or transfer without such consent shall be void); provided further that the rights of each Lender to transfer, assign or
grant participations in its rights and/or obligations hereunder shall be limited as set forth in Clause 27 (Changes to the Lenders) of the Facility Agreement. Upon the assignment by any Finance Party of all or any portion of its rights and
obligations under the Facility Agreement (including all or any portion of its Commitments) or any other Guaranteed Document to any other Person or by any other Guaranteed Finance Party of all or any portion of its rights and obligations under the
applicable Guaranteed Document to any other Person, such other Person shall thereupon become vested with all the benefits in respect thereof granted to such transferor or assignor herein or otherwise. 

Section 7.04 No Waivers; Non-Exclusive Remedies. No failure or delay on the part of any Guaranteed Finance Party to
exercise, no course of dealing with respect to, and no delay in exercising any right, power or privilege under this Agreement or any other Guaranteed Document, or other document or agreement contemplated hereby or thereby shall operate as a waiver
thereof nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided herein and in the other
Guaranteed Documents are cumulative and are not exclusive of any other rights or remedies provided by Law. 
 Section 7.05
Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if such amendment or waiver is in writing and is signed by the Guarantor, the Facility Agent and the Security Agent (acting in accordance with
the requirements of the Facility Agreement). 
 Section 7.06 Governing Law; Submission to Jurisdiction. THIS AGREEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Any legal action or proceeding with respect to this Agreement may be brought in the
courts of the State of New York in New York County, or of the United States for the Southern District of New York, and, by execution and delivery of this Agreement, each party hereto hereby irrevocably accepts for itself and in respect of its
property, generally and unconditional, the nonexclusive jurisdiction of such courts. Each party hereto irrevocably waives, to the fullest extent permitted by Law, any objection which it may now or hereafter have to the laying of the venue of any
such proceeding brought in such court and any claim that any such proceeding brought in any such court has been brought in an inconvenient forum. Each party hereto hereby irrevocably consents to process being served in any such suit, action or
proceeding by the mailing of a copy thereof by registered or certified mail, postage prepaid, return receipt requested, to such party’s address referred to in Section 7.01. Each party hereto agrees that such service (i) shall
be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by Law, be taken and held to be valid personal service upon and personal delivery to it.
Nothing in this Section 7.06 shall affect the right of any party to serve process in any manner permitted by Law or limit the right of any party to bring proceedings against any other party in the courts of any jurisdiction in connection
with the enforcement of and judgment. 

  
 36 

 Section 7.07 Limitation of Law; Severability. 

(a) All rights, remedies and powers provided in this may be exercised only to the extent that the exercise thereof does not violate any
applicable provision of Law, and all of the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of Law which may be controlling and be limited to the extent necessary so that they will not render this
Agreement invalid, unenforceable in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable Law. 

(b) If any provision hereof is invalid or unenforceable in any jurisdiction, then, to the fullest extent permitted by Law: (i) the other
provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Facility Agent, the Security Agent and the other Guaranteed Finance Parties in order to carry out the intentions of the
parties hereto as nearly as may be possible; and (ii) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provisions in any other jurisdiction. 

Section 7.08 Counterparts; Integration; Effectiveness. This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire agreement and understanding among the parties hereto and supersedes any and all prior
agreements and understandings, oral or written, relating to the subject matter hereof and thereof. This Agreement shall become effective with respect to the Guarantor when the Facility Agent shall have received counterparts hereof signed by itself
and the Guarantor. 
 Section 7.09 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 7.10 Termination. Upon the Discharge of Finance Obligations, this Agreement shall terminate and have no further
force or effect. 
 Section 7.11 Release of Existing Guaranty. The parties hereto, being all of the parties to the
Existing Guaranty Agreement, hereby agree that upon, and subject to, the occurrence of the Effective Date, the Guarantor shall be automatically released from its obligations under the Existing Guaranty Agreement, which shall be of no further force
and effect. Any release pursuant to this Section 7.11 does not, and shall not be construed to, constitute the satisfaction, discharge or extinguishment of, or affect in any other way any of the Guarantor’s obligations under, this Agreement
or any other Guaranteed Document. 
 [Signature Pages Follow] 

  
 37 

 IN WITNESS WHEREOF, the Guarantor has executed this Agreement as of the day and year first above
written. 
  

									
	 GUARANTOR:
	 		 	HANOVER INSURANCE GROUP, INC.
				
		 		 	By:	 	 /s/ David B. Greenfield

		 		 		 	Name:	 	David B. Greenfield
		 		 		 	Title:	 	Executive Vice President, Chief Financial Officer and Principal Accounting Officer
			
		 		 	The Hanover Insurance Group, Inc.,
		 		 	Attention: David Greenfield
		 		 	Telecopy No. 508-926-4587
		 		 	Email: dgreenfield@hanover.com
			
		 		 	with a copy to
			
		 		 	The Hanover Insurance Group, Inc.
		 		 	Attention J. Kendall Huber
		 		 	Telecopy No. 508-926-1926
		 		 	Email: jhuber@hanover.com

					
	Acknowledged and Agreed with Respect to Section 3.01:
	
	CHAUCER HOLDINGS PLC
		
	By:	 	 /s/ Johan G. Slabbert

		 	Name:	 	Johan G. Slabbert
		 	Title:	 	Chief Financial Officer
	
	Agreed to and Accepted:
	
	LLOYDS BANK PLC, as Facility Agent
		
	By:	 	 /s/ Jonathan Ferris

		 	Name:	 	Jonathan Ferris
		 	Title:	 	Associate Director
	
	Agreed to and Accepted:
	
	LLOYDS BANK PLC, as Security Agent
		
	By:	 	 /s/ Jonathan Ferris

		 	Name:	 	Jonathan Ferris
		 	Title:	 	Associate Director

 [Schedules and exhibit omitted]EX-4.1

 Exhibit 4.1 
  

 
  

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-5 

Class A-1 0.26000% Auto Loan Asset Backed Notes 

Class A-2-A 0.64% Auto Loan Asset Backed Notes 

Class A-2-B LIBOR + 0.38% Auto Loan Asset Backed Notes 

Class A-3 0.82% Auto Loan Asset Backed Notes 

Class B 1.55% Auto Loan Asset Backed Notes 

Class C 2.25% Auto Loan Asset Backed Notes 

Class D 2.73% Auto Loan Asset Backed Notes 

Class E 3.73% Auto Loan Asset Backed Notes 
  

 
 INDENTURE

 Dated as of November 20, 2013 
  

 
 U.S. BANK
NATIONAL ASSOCIATION, as the Indenture Trustee 
  
  

 

  
 2013-5 Indenture

 CROSS REFERENCE TABLE1 

 

					
	TIA Section	 		  	Indenture
 Section

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

  

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

	2 	N.A. means Not Applicable. 

  
 2013-5 Indenture

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	  
			
	 SECTION 1.1
	 	Definitions	  	 	2	  
	 SECTION 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	2	  
	 SECTION 1.3
	 	Other Interpretive Provisions	  	 	2	  
		
	 ARTICLE II THE NOTES
	  	 	3	  
			
	 SECTION 2.1
	 	Form	  	 	3	  
	 SECTION 2.2
	 	Execution, Authentication and Delivery	  	 	3	  
	 SECTION 2.3
	 	Temporary Notes	  	 	4	  
	 SECTION 2.4
	 	Registration of Transfer and Exchange	  	 	4	  
	 SECTION 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	6	  
	 SECTION 2.6
	 	Persons Deemed Owners	  	 	6	  
	 SECTION 2.7
	 	Payment of Principal and Interest; Defaulted Interest	  	 	7	  
	 SECTION 2.8
	 	Cancellation	  	 	7	  
	 SECTION 2.9
	 	Release of Collateral	  	 	8	  
	 SECTION 2.10
	 	Book-Entry Notes	  	 	8	  
	 SECTION 2.11
	 	Notices to Clearing Agency	  	 	9	  
	 SECTION 2.12
	 	Definitive Notes	  	 	9	  
	 SECTION 2.13
	 	Authenticating Agents	  	 	9	  
	 SECTION 2.14
	 	Tax Treatment	  	 	10	  
	 SECTION 2.15
	 	Certain Transfer Restrictions on the Investment Grade Notes	  	 	10	  
	 SECTION 2.16
	 	Certain Transfer Restrictions on the Non-Investment Grade Notes and Restricted Notes	  	 	11	  
	 SECTION 2.17
	 	Transfer Restrictions on Certain Notes Upon a Sale of a Certificate	  	 	19	  
		
	 ARTICLE III COVENANTS
	  	 	19	  
			
	 SECTION 3.1
	 	Payment of Principal and Interest	  	 	19	  
	 SECTION 3.2
	 	Maintenance of Office or Agency	  	 	19	  
	 SECTION 3.3
	 	Money for Payments To Be Held in Trust	  	 	19	  
	 SECTION 3.4
	 	Existence	  	 	21	  
	 SECTION 3.5
	 	Protection of Collateral	  	 	21	  
	 SECTION 3.6
	 	Opinions as to Collateral	  	 	22	  
	 SECTION 3.7
	 	Performance of Obligations; Servicing of Receivables	  	 	22	  
	 SECTION 3.8
	 	Negative Covenants	  	 	23	  
	 SECTION 3.9
	 	Annual Compliance Statement	  	 	24	  
	 SECTION 3.10
	 	Restrictions on Certain Other Activities	  	 	25	  
	 SECTION 3.11
	 	Restricted Payments	  	 	25	  
	 SECTION 3.12
	 	Notice of Events of Default; Servicer Replacement Events	  	 	25	  
	 SECTION 3.13
	 	Further Instruments and Acts	  	 	25	  
	 SECTION 3.14
	 	Compliance with Laws	  	 	25	  
	 SECTION 3.15
	 	Removal of Administrator	  	 	26	  
	 SECTION 3.16
	 	Perfection Representations, Warranties and Covenants	  	 	26	  
	 SECTION 3.17
	 	Investment Company Act	  	 	26	  

  

					
		 	i	 	2013-5 Indenture

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	26	  
			
	 SECTION 4.1
	 	Satisfaction and Discharge of Indenture	  	 	26	  
	 SECTION 4.2
	 	Application of Trust Money	  	 	27	  
	 SECTION 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	27	  
		
	 ARTICLE V EVENTS OF DEFAULT; REMEDIES
	  	 	27	  
			
	 SECTION 5.1
	 	Events of Default	  	 	27	  
	 SECTION 5.2
	 	Acceleration of Maturity; Waiver of Event of Default	  	 	28	  
	 SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	 	29	  
	 SECTION 5.4
	 	Remedies; Priorities	  	 	31	  
	 SECTION 5.5
	 	Optional Preservation of the Collateral	  	 	34	  
	 SECTION 5.6
	 	Limitation of Suits	  	 	35	  
	 SECTION 5.7
	 	Rights of Noteholders To Receive Principal and Interest	  	 	36	  
	 SECTION 5.8
	 	Restoration of Rights and Remedies	  	 	36	  
	 SECTION 5.9
	 	Rights and Remedies Cumulative	  	 	36	  
	 SECTION 5.10
	 	Delay or Omission Not a Waiver	  	 	36	  
	 SECTION 5.11
	 	Control by Noteholders	  	 	36	  
	 SECTION 5.12
	 	Waiver of Past Defaults	  	 	37	  
	 SECTION 5.13
	 	Undertaking for Costs	  	 	37	  
	 SECTION 5.14
	 	Waiver of Stay or Extension Laws	  	 	38	  
	 SECTION 5.15
	 	Action on Notes	  	 	38	  
	 SECTION 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	38	  
	 SECTION 5.17
	 	Sale of Collateral	  	 	39	  
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	39	  
			
	 SECTION 6.1
	 	Duties of the Indenture Trustee	  	 	39	  
	 SECTION 6.2
	 	Rights of the Indenture Trustee	  	 	40	  
	 SECTION 6.3
	 	Individual Rights of the Indenture Trustee	  	 	41	  
	 SECTION 6.4
	 	The Indenture Trustee’s Disclaimer	  	 	41	  
	 SECTION 6.5
	 	Notice of Defaults	  	 	41	  
	 SECTION 6.6
	 	Reports by the Indenture Trustee to Noteholders	  	 	42	  
	 SECTION 6.7
	 	Compensation and Indemnity	  	 	42	  
	 SECTION 6.8
	 	Removal, Resignation and Replacement of the Indenture Trustee	  	 	42	  
	 SECTION 6.9
	 	Successor Indenture Trustee by Merger	  	 	43	  
	 SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	44	  
	 SECTION 6.11
	 	Eligibility; Disqualification	  	 	45	  
	 SECTION 6.12
	 	Preferential Collection of Claims Against the Issuer	  	 	45	  
	 SECTION 6.13
	 	Representations and Warranties	  	 	45	  

  

					
		 	ii	 	2013-5 Indenture

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	46	  
			
	 SECTION 7.1
	 	The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders	  	 	46	  
	 SECTION 7.2
	 	Preservation of Information; Communications to Noteholders	  	 	46	  
	 SECTION 7.3
	 	Reports by the Indenture Trustee	  	 	46	  
	 SECTION 7.4
	 	Rule 144A Information	  	 	47	  
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	47	  
			
	 SECTION 8.1
	 	Collection of Money	  	 	47	  
	 SECTION 8.2
	 	Trust Accounts	  	 	47	  
	 SECTION 8.3
	 	General Provisions Regarding Accounts	  	 	48	  
	 SECTION 8.4
	 	Release of Collateral	  	 	49	  
	 SECTION 8.5
	 	Opinion of Counsel	  	 	49	  
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	50	  
			
	 SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	50	  
	 SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	 	51	  
	 SECTION 9.3
	 	Execution of Supplemental Indentures	  	 	52	  
	 SECTION 9.4
	 	Effect of Supplemental Indenture	  	 	52	  
	 SECTION 9.5
	 	Conformity With Trust Indenture Act	  	 	53	  
	 SECTION 9.6
	 	Reference in Notes to Supplemental Indentures	  	 	53	  
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	53	  
			
	 SECTION 10.1
	 	Redemption	  	 	53	  
	 SECTION 10.2
	 	Form of Redemption Notice	  	 	53	  
	 SECTION 10.3
	 	Notes Payable on Redemption Date	  	 	54	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	54	  
			
	 SECTION 11.1
	 	Compliance Certificates and Opinions, etc	  	 	54	  
	 SECTION 11.2
	 	Form of Documents Delivered to the Indenture Trustee	  	 	56	  
	 SECTION 11.3
	 	Acts of Noteholders	  	 	57	  
	 SECTION 11.4
	 	Notices	  	 	57	  
	 SECTION 11.5
	 	Notices to Noteholders; Waiver	  	 	57	  
	 SECTION 11.6
	 	Alternate Payment and Notice Provisions	  	 	58	  
	 SECTION 11.7
	 	Conflict with Trust Indenture Act	  	 	58	  
	 SECTION 11.8
	 	Information Requests	  	 	58	  
	 SECTION 11.9
	 	Effect of Headings and Table of Contents	  	 	58	  
	 SECTION 11.10
	 	Successors and Assigns	  	 	58	  
	 SECTION 11.11
	 	Separability	  	 	59	  
	 SECTION 11.12
	 	Benefits of Indenture	  	 	59	  
	 SECTION 11.13
	 	Legal Holidays	  	 	59	  
	 SECTION 11.14
	 	GOVERNING LAW; Submission to Jurisdiction; Waiver of Jury Trial	  	 	59	  

  

					
		 	iii	 	2013-5 Indenture

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 11.15
	 	Counterparts	  	 	60	  
	 SECTION 11.16
	 	Recording of Indenture	  	 	60	  
	 SECTION 11.17
	 	Trust Obligation	  	 	60	  
	 SECTION 11.18
	 	No Petition	  	 	60	  
	 SECTION 11.19
	 	Intent	  	 	61	  
	 SECTION 11.20
	 	Subordination of Claims	  	 	61	  
	 SECTION 11.21
	 	Limitation of Liability of Owner Trustee	  	 	62	  

  

					
		
	Schedule I	  	Perfection Representations, Warranties and Covenants
		
	Exhibit A	  	Form of Notes
		
	Exhibit B	  	Form of Transfer Certificate for Transfers of Non-Investment Grade Notes and Restricted Notes (or Interest Therein)

  

					
		 	iv	 	2013-5 Indenture

 This INDENTURE, dated as of November 20, 2013 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Indenture”), is between SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-5, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, solely as trustee and not in its individual capacity (the “Indenture Trustee”).  

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s
Class A-1 0.26000% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2-A 0.64% Auto Loan Asset Backed Notes (the “Class A-2-A Notes”), Class A-2-B LIBOR + 0.38% Auto Loan Asset Backed
Notes (the “Class A-2-B Notes” and, together with the Class A-2-A Notes, the “Class A-2 Notes”) and Class A-3 0.82% Auto Loan Asset Backed Notes (the “Class A-3 Notes” and, together with
the Class A-1 Notes and the Class A-2 Notes the “Class A Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class B 1.55% Auto Loan Asset Backed Notes (the “Class B
Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class C 2.25% Auto Loan Asset Backed Notes (the “Class C Notes”), then for the equal and ratable benefit of the Holders of the
Issuer’s Class D 2.73% Auto Loan Asset Backed Notes (the “Class D Notes”), and then for the equal and ratable benefit of the Holders of the Issuer’s Class E 3.73% Auto Loan Asset Backed Notes (the “Class E
Notes” and, collectively with the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”). 

GRANTING CLAUSE 
 The
Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the
provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired, in and to
(i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect of any or all of the Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in respect of
any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments, securities, financial assets and other property which at any time constitute all or part of or
are included in the proceeds of any of the Trust Estate (collectively, the “Collateral”). 
 The Indenture Trustee, on
behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 

The foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect
of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein and (ii) compliance with the provisions of this Indenture, each as provided in this Indenture. 

  

					
		 		 	2013-5 Indenture

 Without limiting the foregoing Grant, any Receivable repurchased or purchased by the Seller or
the Servicer pursuant to Section 2.3 or Section 3.6, as applicable, of the Sale and Servicing Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being taken by the
Indenture Trustee upon payment by the Seller or the Servicer, as applicable, of the related Repurchase Price for such Repurchased Receivable. 

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in
Appendix A to the Sale and Servicing Agreement dated as of November 20, 2013 (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”), among Santander Drive Auto Receivables LLC,
as seller, the Issuer, Santander Consumer USA Inc., as servicer, and the Indenture Trustee. 
 SECTION 1.2 Incorporation by
Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

  

					
		 	2	 	2013-5 Indenture

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

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

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part of the terms of
this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by
any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes
bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Notes or did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon Issuer Order,
authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $223,000,000, Class A-2-A Notes for original issue in an aggregate principal amount of $252,000,000, Class A-2-B Notes for original issue
in an aggregate principal amount of $252,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $226,580,000, Class B Notes for original issue in an aggregate principal amount of $201,920,000, Class C Notes for original
issue in an aggregate principal amount of $204,470,000, Class D Notes for original issue in an aggregate principal amount of $100,960,000 and Class E Notes for original issue in an aggregate principal amount of $87,380,000. The Note Balance of
Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes Outstanding at any time may not exceed such amounts except as provided in
Section 2.5. 

  

					
		 	3	 	2013-5 Indenture

 Each Note shall be dated the date of its authentication. The Investment Grade Notes shall be
issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof (except for one Note of each Class which may be issued in a denomination other than an integral multiple of $1,000). The
Non-Investment Grade Notes shall be issuable as registered Notes in the minimum denomination of $1,175,000 and in integral multiples of $1,000 in excess thereof (except for one Note which may be issued in a denomination other than an integral
multiple of $1,000). 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless
there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3
Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten,
mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by
their execution of such Notes. 
 If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without
unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in
Section 3.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a
like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

SECTION 2.4 Registration of Transfer and Exchange.  

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

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to

  

					
		 	4	 	2013-5 Indenture

 
obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the
names and addresses of the Noteholders and the principal amounts and number of such Notes. 
 Notwithstanding the foregoing, for so long as
U.S. Bank National Association is acting as the Indenture Trustee hereunder, it shall also act as the Note Registrar. 
 (b) Upon surrender
for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written
request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a
like aggregate outstanding principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any
authorized denominations, of the same Class and a like Note Balance, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are
met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 

(c) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 (d)
Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly
executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing, with such signature guaranteed by an “eligible grantor institution” meeting the requirements of the Note Registrar which requirements include membership
or participation in the Securities Transfer Agents Medallion Program (“Stamp”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, Stamp, all in
accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may require, including but not limited to the applicable IRS Form W-8 or W-9. 

(e) No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or Section 9.6 not
involving any transfer. 
 The preceding provisions of this Section 2.4 notwithstanding, the Issuer shall not be required to
make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of 15 days preceding the Redemption Date or any Payment Date, as applicable. 

  

					
		 	5	 	2013-5 Indenture

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

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

The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons Deemed Owners.
Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day of determination) as
the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent
of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

  

					
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 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. 

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

(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus interest on such
defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are
Noteholders on the Record Date for such following Payment Date. 
 SECTION 2.8 Cancellation. All Notes surrendered for
payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture
Trustee. No  

  

					
		 	7	 	2013-5 Indenture

 
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 2.8, except as expressly permitted by this Indenture. All cancelled Notes
may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided
that such Issuer Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee. 
 SECTION 2.9
Release of Collateral. Subject to Section 11.1, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of
Counsel, and, unless the Notes have been redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to
the effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of typewritten Notes representing
the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Book-Entry Note shall be issued with respect to each $500 million in aggregate
principal amount of each Class of Notes and any such lesser amount. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a
Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to the
applicable Note Owners pursuant to Section 2.12: 
 (a) the provisions of this Section 2.10 shall be in full force
and effect; 
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this
Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholders, and shall have no obligation to the Note Owners; 

(c) to the extent that the provisions of this Section 2.10 conflict with any other provisions of this Indenture, the provisions of
this Section 2.10 shall control; 
 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall
be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Note Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and
interest on the Notes to such Clearing Agency Participants; and 

  

					
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 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Noteholders evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing
Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this
Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the
Clearing Agency, and shall have no obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If (a) the
Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a
qualified successor, (b) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners
representing beneficial interests aggregating at least a majority of the Note Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book entry
system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of
Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall
execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.  

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

SECTION 2.13 Authenticating Agents.  

(a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture Trustee may appoint one
or more Persons (each, an “Authenticating Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2,
2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this
Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 2.13 shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture Trustee shall be the Authenticating
Agent in the absence of any appointment thereof. 

  

					
		 	9	 	2013-5 Indenture

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

(c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuer. The
Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such termination, the Indenture
Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 
 (d) The
provisions of Section 6.4 shall be applicable to any Authenticating Agent. 
 SECTION 2.14 Tax Treatment.

 (a) The parties hereto acknowledge and agree that it is their mutual intent that the Notes constitute and be treated as indebtedness
for U.S. federal and all applicable state and local income and franchise tax purposes (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is considered the same Person as the Issuer for U.S.
federal income tax purposes). Further, each party hereto, and each Noteholder by accepting and holding a Note (other than a Noteholder that is the Issuer or a Person that is considered to be the same Person as the Issuer for U.S. federal income tax
purposes), hereby covenants to every other party hereto and to every other Noteholder to treat the Notes as indebtedness for U.S. federal and all applicable state and local income and franchise tax purposes in all tax filings, reports and returns
and otherwise, and further covenants that neither it nor any of its Affiliates will take, or participate in the taking of or permit to be taken, any action that is inconsistent with such tax treatment and tax reporting of the Notes, unless required
by applicable law. All successors and assignees of the parties hereto shall be bound by the provisions hereof. 
 (b) The parties hereto
agree that it is their mutual intent that, for all applicable purposes the Certificates will not constitute indebtedness. 
 SECTION
2.15 Certain Transfer Restrictions on the Investment Grade Notes. 
 (a) By acquiring an Investment Grade Note, each purchaser and
transferee shall be deemed to represent and warrant that either (a) it is not acquiring such Investment Grade Note (or any interest therein) on behalf of or with any assets of a Benefit Plan or any governmental plan, non-U.S. plan or church
plan or any other employee benefit plan or arrangement that is subject to Similar Law; or (b) (i) such Investment Grade Note is rated at least “BBB-” or its equivalent by at least one Rating Agency at the time of purchase or
transfer and (ii) the acquisition, holding and disposition of such Investment Grade Note (or any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a
violation of any Similar Law. 

  

					
		 	10	 	2013-5 Indenture

 (b) Any Investment Grade Notes beneficially owned by the Issuer or the single beneficial owner of
the Issuer for United States federal income tax purposes may not be transferred to another Person (other than the single beneficial owner of the Issuer for United States federal income tax purposes) unless the Administrator shall cause an Opinion of
Counsel, of nationally recognized tax counsel, to be delivered to the Depositor and the Indenture Trustee to the effect that either (x) such Notes will be treated as debt for United States federal income tax purposes or (y) the sale of
such Notes to a Person unrelated to the Issuer or Depositor 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. If for tax or other reasons it may be
necessary to track any Notes that are or were Restricted Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Administrator as a
condition to such transfer. 
 (c) Any purported transfer of a Note not in accordance with this Section 2.15 shall be null and
void ab initio and shall not be given effect for any purpose hereunder. 
 (d) The Indenture Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Investment Grade Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 SECTION 2.16 Certain Transfer Restrictions on the Non-Investment Grade Notes and Restricted Notes.

 (a) None of the Issuer, the Indenture Trustee nor any other Person may register the Non-Investment Grade Notes under the
Securities Act or any state securities laws. No Non-Investment Grade Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional
Buyer in accordance with Rule 144A (except for transfers of Non-Investment Grade Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the
Non-Investment Grade Notes by the Depositor or any of its Affiliates pursuant to a note purchase agreement or any similar agreement). Any purported transfer of the Non-Investment Grade Notes or Restricted Notes to a transferee that does not comply
with the requirements of this paragraph shall be null and void ab initio and will not operate to transfer any rights to the transferee, notwithstanding any instructions to the contrary to the Issuer, the Indenture Trustee or any intermediary.
The Issuer may sell, or direct the Indenture Trustee to sell on its behalf, any Non-Investment Grade Notes or Restricted Notes acquired in violation of the foregoing at the cost and risk of the purported transferee. 

  

					
		 	11	 	2013-5 Indenture

 (b) If for tax or other reasons it may be necessary to track Non-Investment Grade Notes that were
previously beneficially owned by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive
registered form may be required by the Administrator as a condition to such transfer. 
 (c) Prior to any sale or transfer of any
Non-Investment Grade Note or Restricted Note (or any interest therein), each prospective transferee of such Non-Investment Grade Note or Restricted Note (or any interest therein) (except for transfers of Notes to the Depositor or any of its
Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the Non-Investment Grade Notes by the Depositor or any of its Affiliates pursuant to a note purchase agreement or any similar
agreement or the initial transfer of the Non-Investment Grade Notes by an initial purchaser or underwriter contemplated by such agreement) shall be required to provide to the Indenture Trustee, Note Registrar and Depositor a written representation
letter substantially in the form of Exhibit B attached hereto in which such prospective transferee shall have represented and agreed as follows (provided, however, that with respect to a prospective transferee of a Restricted
Note, it shall have represented and agreed only to paragraphs (ix), (xii), (xiii), (xiv), (xv), (xviii) and (xix)): 

(i) The transferee (A) is a Qualified Institutional Buyer, (B) is aware that the sale of the Non-Investment Grade
Notes to it is being made in reliance on the exemption from registration provided by Rule 144A, and (C) is acquiring the Non-Investment Grade Notes for its own account or for one or more accounts, each of which is a Qualified Institutional
Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such Non-Investment Grade Note for the purchaser and for each such account. 

(ii) The Non-Investment Grade Notes may not at any time be held by or on behalf of any Person (other than the Depositor or an
Affiliate of the Depositor) that is not a Qualified Institutional Buyer. 
 (iii) The transferee understands that the
Non-Investment Grade Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Non-Investment Grade Notes have been or will be registered under the
Securities Act, and, if in the future the transferee decides to offer, resell, pledge or otherwise transfer the Non-Investment Grade Notes, such Non-Investment Grade Notes may only be offered, resold, pledged or otherwise transferred in accordance
with this Indenture and the applicable legend on such Non-Investment Grade Notes set forth below. The transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any
applicable State securities laws for resale of the Non-Investment Grade Notes. 
 (iv) The transferee understands that an
investment in the Non-Investment Grade Notes involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information
concerning the Issuer and the Non-Investment Grade Notes as it deemed necessary or appropriate in order to make an informed investment decision with 

  

					
		 	12	 	2013-5 Indenture

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

(vi) The transferee understands that the Non-Investment Grade Notes will bear the legend(s) substantially similar to those set
forth in Section 2.16(c)(xvii) unless the Issuer determines otherwise in compliance with applicable law. 
 (vii)
The transferee will not, at any time, offer to buy or offer to sell the Non-Investment Grade Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published
in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising. 

  

					
		 	13	 	2013-5 Indenture

 (viii) The transferee is not acquiring the Non-Investment Grade Notes with a view
to the resale, distribution or other disposition thereof in violation of the Securities Act. 
 (ix) The transferee will
provide notice to each Person to whom it proposes to transfer any interest in the Non-Investment Grade Notes or Restricted Notes of the transfer restrictions and representations set forth in this Indenture, including the Exhibits hereto. Further,
the transferee will not transfer any Non-Investment Grade Note or Restricted Note (or any interest therein) unless, prior to the transfer, the transferee shall have provided to the Indenture Trustee, the Note Registrar and Depositor, and any of
their respective successors or assigns, a written representation letter substantially in the form of Exhibit B attached hereto. 

(x) The transferee acknowledges that the Non-Investment Grade Notes do not represent deposits with or other liabilities of the
Indenture Trustee, any initial purchaser of the Non-Investment Grade Notes, the Servicer, the Depositor or any entity related to any of them (other than the Issuer) or any other purchaser of Non-Investment Grade Notes. Unless otherwise expressly
provided herein, each of the Indenture Trustee, any initial purchaser of the Non-Investment Grade Notes, the Servicer, the Depositor any entity related to any of them and any other purchaser of Non-Investment Grade Notes will not, in any way, be
responsible for or stand behind the capital value or the performance of the Non-Investment Grade Notes or the assets held by the Issuer. The transferee acknowledges that acquisition of Non-Investment Grade Notes involves investment risks including
prepayment and interest rate risks, possible delay in repayment and loss of income and principal invested. The transferee has considered carefully, in the light of its own financial circumstances and investment objectives, all the information set
forth in an offering memorandum for such Non-Investment Grade Notes and, in particular, the “Risk Factors” described therein. 

(xi) In determining compliance with the transfer restrictions contained in this Indenture, the Indenture Trustee may rely upon
a written Opinion of Counsel, the cost of obtaining which shall be an expense of the Note Owner holding the beneficial interest in the Note (or, in the case of a Definitive Note, the Noteholder of the Note) to be transferred (or the transferee
thereof). 
 (xii) The interests in the Non-Investment Grade Notes, the Restricted Notes and the Certificates together may at
no time be held by more than 95 Persons. No transfer of Non-Investment Grade Notes or Restricted Notes (or any interest therein) will be permitted to the extent that such transfer would cause the number of direct or indirect holders of an interest
in the Non-Investment Grade Notes, the Restricted Notes and the Certificates to exceed a number equal to 95 Persons. The Depositor shall have the duty and obligation to ascertain the number of direct or indirect holders of an interest in the
Non-Investment Grade Notes, the Restricted Notes and Certificates, and neither the Indenture Trustee nor the Note Registrar shall have any duty or obligation with respect to the foregoing. 

  

					
		 	14	 	2013-5 Indenture

 (xiii) No Noteholder of a Non-Investment Grade Note or Restricted Note shall
acquire or transfer any Non-Investment Grade Note or Restricted Note (or any interest therein) or cause any Non-Investment Grade Notes or Restricted Notes (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. 

(xiv) Unless a Debt-For-Tax Opinion has been delivered in respect of such Note, each Noteholder of a Non-Investment Grade Note
or Restricted Note (or any interest therein) shall represent and warrant that it (i) is not, and will not become, a partnership, a corporation taxed under Subchapter S of the Code or grantor trust for U.S. federal income tax purposes (or a
disregarded entity the single owner of which is any of the foregoing) or (ii) 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 Certificates, Non-Investment Grade Note, and Restricted Notes. 

(xv) The provisions of this Section 2.16 and of the Indenture generally are intended to prevent the Issuer from
being characterized as a “publicly traded partnership” within the meaning of Section 7704 of the Code, in reliance on Treasury Regulations Sections 1.7704-1(e) and (h), and the Indenture Trustee shall take such intent into account in
determining whether or not the requirements of this Section 2.16 have been complied with in connection with any proposed transfer of any Non-Investment Grade Note or Restricted Note (or interest therein). 

(xvi) Each Noteholder of a Non-Investment Grade Note (or any interest therein) will be deemed to have represented to the
Issuer, the Servicer, any initial purchaser of the Non-Investment Grade Notes and the Indenture Trustee that for so long as it holds such Non-Investment Grade Note (or any interest therein) (a) it is not acquiring such Non-Investment Grade Note
(or any interest therein) on behalf of or with any assets of any Benefit Plan; and (b) either (i) it is not acquiring such Non-Investment Grade Note with the assets of a governmental, non-U.S. or church plan or any other employee benefit
plan or arrangement that is subject to Similar Law or (ii) its acquisition, holding and disposition of such Non-Investment Grade Note (or any interest therein) will not give rise to a violation of any Similar Law. 

(xvii) Each Non-Investment Grade Note and Restricted Note will bear a legend to the following effect: 

“THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 

  

					
		 	15	 	2013-5 Indenture

 
1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF
NOT LESS THAN $775,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN EXCESS THEREOF (EXCEPT FOR ONE SUCH NOTE WHICH MAY BE IN A DENOMINATION OTHER THAN AN INTEGRAL MULTIPLE OF $1,000), FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS AFFILIATES
AND BY THE DEPOSITOR OR ANY OF ITS AFFILIATES AS PART OF THE INITIAL DISTRIBUTION OR ANY REDISTRIBUTION OF THE NOTES BY THE DEPOSITOR OR ANY OF ITS AFFILIATES, (B) TO A PERSON THAT IS A UNITED STATES PERSON (AS DEFINED IN SECTION 7701(a)(3) OF
THE INTERNAL REVENUE CODE, AS AMENDED) (A “U.S. TAX PERSON”) AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. NO TRANSFER OF THIS NOTE OR ANY
INTEREST HEREIN WILL BE PERMITTED IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE CERTIFICATES ISSUED UNDER THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) AND THE NON-INVESTMENT GRADE NOTES TO EXCEED A
NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN DELIVERED. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE
AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER
DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE 

  

					
		 	16	 	2013-5 Indenture

 ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN
SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 
 BY YOUR ACQUISITION
OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE SERVICER, ANY INITIAL PURCHASER OF THIS NOTE AND THE INDENTURE TRUSTEE, THAT (A) YOU ARE NOT ACQUIRING THIS NOTE (OR
INTEREST HEREIN) ON BEHALF OF OR WITH THE ASSETS OF ANY BENEFIT PLAN (AS DEFINED BELOW); AND (B) EITHER (I) YOU ARE NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A GOVERNMENTAL, NON-U.S. OR 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 SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (“SIMILAR LAW”), OR (II) YOUR ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A VIOLATION OF ANY SIMILAR
LAW. FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES (1) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, WHICH IS SUBJECT TO TITLE I OF ERISA, (2) A “PLAN” DESCRIBED BY SECTION 4975(e)(1) OF THE
CODE, WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, OR (3) ANY ENTITY DEEMED TO HOLD THE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS AS SET FORTH IN THE INDENTURE. 
 EACH HOLDER SHALL REPRESENT AND WARRANT THAT IT IS A U.S.
TAX PERSON. 
 TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS
AS PROVIDED IN THE INDENTURE.” 

  

					
		 	17	 	2013-5 Indenture

 (xviii) Each Noteholder of a Non-Investment Grade Note or Restricted Note
(i) shall be required to represent and warrant that it is a Person who is a U.S. Tax Person and (ii) shall provide a certification of non-foreign status, in such form as may be requested by the Depositor or the Indenture Trustee (e.g., IRS
Form W-9), signed under penalties of perjury (and such other certification, representations or opinion of counsel as may be requested by the Depositor or the Indenture Trustee). 

(xix) Any transfer in violation of the foregoing will be of no force and effect, will be void ab initio, and will not
operate to transfer any rights to the transferee, notwithstanding any instructions to the contrary to the Issuer, the Indenture Trustee, or any intermediary. The Issuer may sell any Non-Investment Grade Notes or Restricted Notes acquired in
violation of the foregoing at the cost and risk of the purported owner. If at any time the Issuer determines or is notified that the Noteholder or Note Owner, as the case may be, was in breach, at the time given, of any of the representations set
forth herein, the Issuer may consider the acquisition of such Non-Investment Grade Note or Restricted Note or such beneficial interest in such Non-Investment Grade Note or Restricted Note void and require that such Non-Investment Grade Note or
Restricted Note or such beneficial interest therein be transferred to a person designated by the Issuer. If the transferee fails to transfer such Non-Investment Grade Note or Restricted Note or such beneficial interests in such Non-Investment Grade
Note or Restricted Note within thirty (30) days after notice of the voided transfer, then the Issuer shall cause such Noteholder’s interest or Note Owner’s interest in such Non-Investment Grade Note or Restricted Note to be
transferred in a commercially reasonable sale arranged by the Issuer (conducted by the Issuer or an agent of the Issuer in accordance with Section 9-610(b) of the UCC as applied to securities that are sold on a recognized market or that may
decline speedily in value), subject to satisfaction of the requirements set forth in this Section 2.16. 
 (d) The interests in
the Non-Investment Grade Notes, the Restricted Notes and the Certificates together may at no time be held by more than 95 Persons. No transfer of Non-Investment Grade Notes or Restricted Notes (or any interest therein) will be permitted to the
extent that such transfer would cause the number of direct or indirect holders of an interest in the Non-Investment Grade Notes, the Restricted Notes and the Certificates to exceed a number equal to 95 Persons. The Depositor shall have the duty and
obligation to ascertain the number of direct or indirect holders of an interest in the Non-Investment Grade Notes, the Restricted Notes and Certificates and neither the Indenture Trustee nor the Note Registrar shall have any duty or obligation with
respect to the foregoing. 
 (e) The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Non-Investment Grade Note other than to require delivery of such certificates, and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  

					
		 	18	 	2013-5 Indenture

 SECTION 2.17 Transfer Restrictions on Certain Notes Upon a Sale of a Certificate.
The restrictions on transfer of any Investment Grade Notes and Non-Investment Grade Notes retained by the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes provided in
Section 2.15(b) and Section 2.16(b), respectively, shall not continue to apply in the event the Indenture Trustee and the Depositor have received the Initial Certificate Transfer Opinion. For the sake of clarity, the
restrictions provided under Section 2.16(c) with respect to Non-Investment Grade Notes are not affected by this provision. 

ARTICLE III 
 COVENANTS

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

SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain Outstanding, the Issuer shall maintain in St.
Paul, Minnesota, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially
appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time
the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby
appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION 3.3 Money for
Payments To Be Held in Trust. As provided in Section 5.4 and 8.2, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of
the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and Section 4.4 of the Sale and Servicing
Agreement. 
 By noon, New York City time, on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall
deposit or cause to be deposited into the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes and to other 

  

					
		 	19	 	2013-5 Indenture

 
Persons entitled to payment on each Payment Date, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto pursuant to the Transaction Documents and
(unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 

The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in
which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to the extent relevant), subject to the provisions of this Section, that such Paying Agent will: 

(i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as provided in the Transaction Documents; 

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

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

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

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

Subject to applicable laws with respect to the escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and distributed by the Indenture Trustee to the Issuer upon receipt of an
Issuer Request and the Holder of such Note shall thereafter, as an unsecured 

  

					
		 	20	 	2013-5 Indenture

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

SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in favor of
the Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the
Noteholders, a first Lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of Indenture Trustee therein cannot be perfected by the filing of a financing statement). The Issuer shall from
time to time execute and deliver all such supplements and amendments hereto and shall file or shall authorize the filing of all such financing statements, continuation statements, instruments of further assurance and other instruments, all as
prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to: 
 (a) Grant
more effectively all or any portion of the Collateral; 
 (b) maintain or preserve the lien and security interest (and the priority thereof)
created by this Indenture or carry out more effectively the purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any
Grant made or to be made by this Indenture; 
 (d) enforce any of the Collateral; or 

(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the
claims of all Persons. 

  

					
		 	21	 	2013-5 Indenture

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

SECTION 3.6 Opinions as to Collateral.  

(a) On the Closing Date, the Issuer shall furnish to or cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating
(i) that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the filing of any
financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest of this Indenture and reciting the details of such action, or (ii) that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest effective. 
 (b) Within 120 days after the beginning of each
calendar year, beginning with April 30, 2014, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as are necessary to maintain the lien and
security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe
the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion
of such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 

SECTION 3.7 Performance of Obligations; Servicing of Receivables.  

(a) The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by others, including the
Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination,
termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Transaction Documents or such other
instrument or agreement. 
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and
any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the
Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. 

  

					
		 	22	 	2013-5 Indenture

 (c) The Issuer shall, and shall cause the Administrator and the Servicer to, punctually perform
and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be
prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance with the amendment provisions set
forth in such Transaction Document. 
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall
not: 
 (a) engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other
Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b) except as expressly permitted by this Indenture or
in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 
 (c)
claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or
former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 
 (d) dissolve or liquidate in
whole or in part; 
 (e) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture
to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit
any Lien (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof and (iii) permit the lien of this Indenture not
to constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Collateral (it being understood that (A) either each Receivable constituting part of the Collateral is secured by a first priority
validly perfected security interest in the Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions with respect to the Receivable have been taken or will be taken to perfect a first priority security
interest in the Financed Vehicle in favor of the applicable Originator, as secured party and (B) the Issuer shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor about any aspect of the
transactions contemplated by the Transaction Documents); 

  

					
		 	23	 	2013-5 Indenture

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

SECTION 3.9 Annual Compliance Statement.  

(a) So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Issuer shall deliver to the
Indenture Trustee and each Rating Agency, within 120 days after the end of each calendar year (commencing with the year ending December 31, 2013), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that: 
 (i) a review of the activities of the Issuer during such year (or since the Closing Date, in the case
of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

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

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

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

(iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders as required by TIA
Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 3.9(b) as may be required pursuant to rules and
regulations prescribed from time to time by the Commission. 
 (c) Delivery of such reports, information and documents to the Indenture
Trustee is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s
compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

  

					
		 	24	 	2013-5 Indenture

 (d) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as
the fiscal year of the Servicer (which shall end on December 31st of each year). 

SECTION 3.10 Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any activities other than
financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for
any indebtedness other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so
doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations,
assets or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personality). 

SECTION 3.11 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any
distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity
interest or security in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any
amounts for any such purpose; provided that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as permitted by, and to the
extent funds are available for such purpose under this Indenture, the Sale and Servicing Agreement, the Trust Agreement or the Administration Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly,
make distributions from the Trust Accounts. 
 SECTION 3.12 Notice of Events of Default; Servicer Replacement Events.
The Issuer shall promptly deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency written notice in the form of an Officer’s Certificate of (i) an Event of Default or any event which with the giving of notice, the lapse
of time or both would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto and (ii) the occurrence of a Servicer Replacement Event or any event which with the giving of notice, the
lapse of time or both would become a Servicer Replacement Event. 
 SECTION 3.13 Further Instruments and Acts. Upon
request of the Indenture Trustee, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with
which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document. 

  

					
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 SECTION 3.15 Removal of Administrator. For so long as any Notes are Outstanding,
the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 

SECTION 3.16 Perfection Representations, Warranties and Covenants. The perfection representations, warranties and covenants
attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes.  
 SECTION 3.17
Investment Company Act. The Issuer is not an “investment company” that is registered or required to be registered under, or otherwise subject to the restrictions of, the Investment Company Act. 

ARTICLE IV 

SATISFACTION AND DISCHARGE 

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

(a) either (i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation or (ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable,
(2) will become due and payable at the latest occurring Final Scheduled Payment Date within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice
of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3), has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the
entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.1), as the case may be; 

  

					
		 	26	 	2013-5 Indenture

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

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

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

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

(b) a default in the payment of principal of any Note at the related Final Scheduled Payment Date or the Redemption Date; 

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

  

					
		 	27	 	2013-5 Indenture

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

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

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

(a) Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the Note Balance of the Controlling Class, shall declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to
the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid Note Balance of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an
Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without
any declaration or other act on the part of the Indenture Trustee or any Noteholder. 

  

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

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any subsequent default
or impair any right consequent thereto. 
 If the Notes have been declared due and payable or have automatically become due and payable
following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral. Any sale of the
Collateral by the Indenture Trustee will be subject to the terms and conditions of Section 5.4. 
 SECTION 5.3
Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee.  
 (a) The Issuer covenants that if
(i) default is made in the payment of any interest on any Note of the Controlling Class when the same becomes due and payable, and such default continues for a period of five Business Days, or (ii) default is made in the payment of the
principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee in writing as directed by the Noteholders representing not less than a majority of the Note
Balance of the Controlling Class, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) In
case the Issuer shall fail forthwith to pay the amounts described in clause (a) above upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums
so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other
obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 

  

					
		 	29	 	2013-5 Indenture

 (c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as
more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law. 
 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the
Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial proceedings
relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or
otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in
respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor
Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of
negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by
applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
 (iv) to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial Proceedings relative to the Issuer, its creditors and its
property; 

  

					
		 	30	 	2013-5 Indenture

 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby
authorized by each Noteholder to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the Indenture Trustee under Section 6.7. 

(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action
or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Noteholders, to the extent set forth in Section 5.4(b). 

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

SECTION 5.4 Remedies; Priorities.  

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

  

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

provided, however, that the Indenture Trustee may not exercise the remedy described in clause (iv) above unless (A) the Holders
of all Outstanding Notes have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes or (C) the Event of Default either
(x) relates to a default described in Sections 5.1(a) or (b) (a “Payment Default”) and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the
Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been declared due and payable or (y) relates to a Bankruptcy Event and, in the case of each of
(x) and (y) above, the Indenture Trustee obtains the consent of the holders of 66-2/3% of the Note Balance of the Controlling Class. In determining such sufficiency or insufficiency with respect to clauses (B) and
(C) of the preceding sentence, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as
to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell
or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes. 

(b) Notwithstanding the provisions of Section 8.2 hereof or Section 4.4 of the Sale and Servicing Agreement, if the
Indenture Trustee collects any money or property pursuant to this Article V and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account) held as
Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority: 

(i) first, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees (including any unpaid Indenture
Trustee fees or Owner Trustee fees with respect to prior periods) and any reasonable expenses (including indemnification amounts) not previously paid by the Servicer; 

(ii) second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior periods; 

(iii) third, to the Holders of the Class A Notes, the Accrued Class A Note Interest; provided that if
there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amount available shall be applied to the payment of such interest on each Class of Class A Notes on a pro rata basis based on the
amount of interest payable to each Class of Class A Notes; 

  

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

(1) to the Holders of the Class A-1 Notes in respect of principal thereof until the Class A-1 Notes have been paid
in full; 
 (2) to the Holders of the Class A-2-A Notes, the Holders of the Class A-2-B Notes and the Holders of
the Class A-3 Notes in respect of principal thereof, pro rata, based on the Note Balance of each Class of such Class A Notes, until all Classes of the Class A Notes have been paid in full; 

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

(4) to the Holders of the Class B Notes in respect of principal thereof until the Class B Notes have been paid in full; 

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

(6) to the Holders of the Class C Notes in respect of principal thereof until the Class C Notes have been paid in full; 

(7) to the Holders of the Class D Notes, the Accrued Class D Note Interest; 

(8) to the Holders of the Class D Notes in respect of principal thereof until the Class D Notes have been paid in full; 

(9) to the Holders of the Class E Notes, the Accrued Class E Note Interest; and 

(10) to the Holders of the Class E Notes in respect of principal thereof until the Class E Notes have been paid in full; 

(b), if an acceleration of the Notes has occurred following or as a result of an Event of Default described in
Section 5.1(c) or (d), in the following order of priority: 
 (1) to the Holders of the Class B Notes,
the Accrued Class B Note Interest; 
 (2) to the Holders of the Class C Notes, the Accrued Class C Note Interest; 

  

					
		 	33	 	2013-5 Indenture

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

(4) to the Holders of the Class E Notes, the Accrued Class E Note Interest; 

(5) to the Holders of the Class A-1 Notes in respect of principal thereof until the Class A-1 Notes have been paid
in full; 
 (6) to the Holders of the Class A-2-A Notes, the Holders of the Class A-2-B Notes and the Holders of
the Class A-3 Notes in respect of principal thereof, pro rata, based on the Note Balance of each Class of such Class A Notes, until all classes of the Class A Notes have been paid in full; 

(7) to the Holders of the Class B Notes in respect of principal thereof until the Class B Notes have been paid in full; 

(8) to the Holders of the Class C Notes in respect of principal thereof until the Class C Notes have been paid in full; 

(9) to the Holders of the Class D Notes in respect of principal thereof until the Class D Notes have been paid in full; and

 (10) to the Holders of the Class E Notes in respect of principal thereof until the Class E Notes have been paid in full;

 (v) fifth, any remaining funds shall be distributed to the Certificate Distribution Account for distribution to or
at the direction of the Certificateholders. 
 The Indenture Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this Section 5.4. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money or property pursuant to this
Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Section 4.4 of the Sale and Servicing Agreement and Section 8.2 hereof. 

SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral and
shall continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the
Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In  

  

					
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determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 

SECTION 5.6 Limitation of Suits.  

(a) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder has previously given
written notice to the Indenture Trustee of a continuing Event of Default; 
 (ii) the Holders of not less than 25% of the
Note Balance of the Controlling Class have made written request to the Indenture Trustee to institute such proceeding in respect of such Event of Default in its own name as the Indenture Trustee hereunder; 

(iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in complying with such request; 
 (iv) the Indenture Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 
 (v) no direction
inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Note Balance of the Controlling Class. 

No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein
provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Noteholders, each representing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

 (b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to
otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer may set a record date for purposes of
determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 

  

					
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 SECTION 5.7 Rights of Noteholders To Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such Noteholder. 

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

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

(b) any such direction to the Indenture Trustee to sell or liquidate the Collateral shall be effective only to the extent the
Indenture Trustee is permitted to take such action pursuant to Section 5.4(a); 
 (c) if the conditions set forth
in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Note Balance to
sell or liquidate the Trust Estate shall be of no force and effect; 

  

					
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 (d) the Indenture Trustee may take any other action deemed proper by the
Indenture Trustee that is not inconsistent with such direction, applicable law and the terms of this Indenture; and 
 (e)
such direction shall be in writing; 
 provided, further, that, subject to Section 6.1, the Indenture Trustee need not take any
action that it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes of not less than a majority of the Note Balance of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or
interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In the case of any
such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto. 
 Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to
have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior, subsequent or other Default or Event of Default
or impair any right consequent thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each
Noteholder by such Noteholder’s acceptance of a Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture
Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.13 shall not
apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Note Balance of the Outstanding Notes or (c) any
suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 

  

					
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 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this
Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be
impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by
the Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been accelerated pursuant to Section 5.2 of this Indenture, or Section 4.4 of the Sale and Servicing
Agreement and Section 8.2 of this Indenture, if the maturity of the Notes has not been accelerated. 
 SECTION
5.16 Performance and Enforcement of Certain Obligations.  
 (a) Promptly following a request from the Indenture Trustee to do
so, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance (i) by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in
connection with the Sale and Servicing Agreement or (ii) by the Seller or Santander Consumer, as applicable, of each of their obligations under or in connection with the Purchase Agreement, in each case, in accordance with the terms thereof,
and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement and the Purchase Agreement, as the case may be, to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Servicer or Santander Consumer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure
performance by the Seller or the Servicer of each of their obligations under the Sale and Servicing Agreement or by the Seller or Santander Consumer, as applicable, of each of their obligations under or in connection with the Purchase Agreement.

 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in
writing) of the Holders of a majority of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and
Servicing Agreement, against the Seller or Santander Consumer under the Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or Santander Consumer of each of
their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Purchase Agreement, as applicable, and any right of the Issuer to take such
action shall be suspended. 

  

					
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 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the
Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and
on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part
thereof, in such manner and on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale.
The Indenture Trustee shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a
prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to
Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all
amounts payable on the Notes shall have been paid. 
 ARTICLE VI 

THE INDENTURE TRUSTEE 

SECTION 6.1 Duties of the Indenture Trustee.  

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

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

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

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

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

  

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

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 5.11. 
 (d) Every provision of this Indenture that in any way
relates to the Indenture Trustee is subject to paragraphs (a), (b) and (c). 
 (e) The Indenture Trustee shall not
be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer. 
 (f) Money held in
trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 

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

(i) The Indenture Trustee shall take all actions required to be taken by the Indenture Trustee under the Sale and Servicing Agreement. 

SECTION 6.2 Rights of the Indenture Trustee.  

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

  

					
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 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee
reasonable security or indemnity satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or
direction. 
 SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to Section 310 of the TIA, the Indenture
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective Affiliates with the same rights it would have if it were not
the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying Agent,
Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 

SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. 

SECTION 6.5 Notice of Defaults. If a Default or an Event of Default occurs and is continuing and if it is either actually known
or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder, the Owner Trustee and the Administrator notice of the Default or Event of Default
within 90 days after such knowledge or notice occurs. Except in the case of a Default or an Event of Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the
Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 

  

					
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 SECTION 6.6 Reports by the Indenture Trustee to Noteholders. The Indenture Trustee,
at the expense of the Issuer, shall deliver to each Noteholder, not later than the latest date permitted by law, such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 

SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to
agree to, (i) pay to the Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee
letter between the Servicer and the Indenture Trustee, (ii) reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee
and (iii) indemnify the Indenture Trustee for, and hold it harmless against, any and all loss, liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) incurred by it in connection with the administration of the
trust or trusts hereunder or the performance of its duties as Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the
Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or
shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel within a reasonable time following receipt by the
Servicer of an invoice therefor. None of the Administrator, the Issuer, the Seller, or the Servicer shall be liable for or required to indemnify the Indenture Trustee from and against any of the foregoing expenses or indemnities arising or resulting
from (i) its own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or warranty contained in Section 6.13 made by the Indenture Trustee or (iii) taxes, fees or other charges on,
based on or measured by, any fees, commissions or compensation received by the Indenture Trustee. 
 The compensation and indemnity
obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in
Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

Any amounts payable by the Issuer to the Indenture Trustee pursuant to this Section 6.7 shall be paid by the Issuer in accordance
with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of this Indenture, as applicable. 

SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign at any time by so
notifying the Issuer, the Administrator and the Servicer. The Holders of a majority of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause by so notifying the Indenture Trustee and the Issuer, and following that
removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 
 (a) the Indenture
Trustee fails to comply with Section 6.11; 

  

					
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 (b) a Bankruptcy Event occurs with respect to the Indenture Trustee; 

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

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

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

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer.
Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture Trustee
under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture Trustee to the successor Indenture Trustee.

 If a successor Indenture Trustee does not take office within 30 days after the retiring Indenture Trustee resigns or is removed, the
retiring Indenture Trustee, the Issuer or the Holders of a majority of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 

If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for
the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Any resignation or removal of the Indenture
Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section 6.8 shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this
Section 6.8 and payment of all fees and expenses owed to the outgoing Indenture Trustee. 
 Notwithstanding the resignation or
removal of the Indenture Trustee pursuant to this Section 6.8, the Issuer’s and Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 

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

SECTION 6.9 Successor Indenture Trustee by Merger. Subject to Section 6.11, if the Indenture Trustee consolidates
with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the
successor Indenture Trustee, provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Administrator prior written notice of any
such transaction. 

  

					
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 In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee. 
 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee.  
 (a) Notwithstanding any other provisions of this Indenture, at any time, after delivering written notice to the
Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee and the Administrator acting jointly shall have the power and may execute and
deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator
may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.8. 
 (b) Every separate trustee and co-trustee shall, to the
extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers,
duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that such separate
trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee
shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and
performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 
 (ii) no
separate trustee or co-trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 

(iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, remove any
separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given
to each of the separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this 

  

					
		 	44	 	2013-5 Indenture

 
Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct
of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator. 

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

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

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

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

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

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

  

					
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 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

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

 SECTION 7.2 Preservation of Information; Communications to Noteholders.  

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Notes, no
such list shall be required to be preserved or maintained. 
 (b) The Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more Noteholders of Notes evidencing not less than 25% of the Note
Balance, voting together as a single Class, to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the
Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto. 
 (c) The Issuer, the Indenture
Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 
 SECTION 7.3 Reports by the Indenture
Trustee. If required by TIA Section 313(a), within 60 days after each March 31, beginning with March 31, 2014, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of
such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission
and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

  

					
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 SECTION 7.4 Rule 144A Information. At any time when the Issuer is not subject to
Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Noteholder or Note Owner of a Non-Investment Grade Note, the Issuer shall promptly furnish or
cause to be furnished Rule 144A Information to such Noteholder or Note Owner, to a prospective purchaser of such Non-Investment Grade Note designated by such Noteholder or Note Owner or to the Indenture Trustee for delivery (in the manner
contemplated by Section 4.6 of the Sale and Servicing Agreement) to such Noteholder or Note Owner, as the case may be, or a prospective purchaser designated by such Noteholder or Note Owner, in order to permit compliance by such
Noteholder or Note Owner with Rule 144A in connection with the resale of such Non-Investment Grade Note by such Noteholder or Note Owner. 

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

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

  

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

(iv) fourth, to the Class D Noteholders until the Class D Notes are paid in full; and 

(v) fifth, to the Class E Noteholders until the Class E Notes are paid in full. 

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

SECTION 8.3 General Provisions Regarding Accounts.  

(a) The funds in the Trust Accounts shall be invested in Eligible Investments in accordance with and subject to
Section 4.1(b) of the Sale and Servicing Agreement; provided, however, that any amounts deposited into the Collection Account on the day prior to a Payment Date (or Redemption Date) to be distributed on such Payment Date (or
Redemption Date) shall remain uninvested. All interest and investment income (net of losses and investment expenses) on funds on deposit (i) in the Collection Account shall be distributed to the Servicer in accordance with the provisions of
Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account shall be distributed in accordance with the provisions of Sections 3.7 and 4.3 of the Sale and Servicing Agreement. The Indenture Trustee
shall not be directed to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds
of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the
Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 
 (b) Subject to
Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein, except for losses attributable to
the Indenture Trustee’s failure to make payments on any such Eligible Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

  

					
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 (c) If (i) investment directions shall not have been given in writing by the Servicer in
accordance with Section 4.1(b) of the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the
Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2 or
(iii) the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with Section 4.4 of the Sale and Servicing Agreement as
if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Eligible Investments in accordance with the standing instructions most
recently given by the Servicer. 
 SECTION 8.4 Release of Collateral.  

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may if permitted and in
accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and
under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Collateral that secured the Notes from the lien
of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include release of the lien of this Indenture and transfer of dominion and control over the Trust
Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4 only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an
Opinion of Counsel. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in
a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on any Receivable to be sold to
(i) the Seller in accordance with Section 2.3 of the Sale and Servicing Agreement, (ii) to the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement and (iii) to Santander Consumer in
accordance with Section 3.3 of the Purchase Agreement. 
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee
shall receive at least seven days’ prior notice (or such lesser time as is acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments
involved, and the Indenture Trustee may also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the 

  

					
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Noteholders in contravention of the provisions of this Indenture; provided that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust
Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE IX 

SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.  

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

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

(b) Without the consent of the Noteholders or any other Person, the Issuer and the Indenture Trustee (when so directed by an Issuer Request),
may also enter into one or more indentures supplemental hereto for the purpose of conforming the terms of this Indenture to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an
offering memorandum with respect to the Non-Investment Grade Notes or the Certificates. 
 (c) Prior to the execution of any such
supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall
furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.1 shall be effective which affects the rights,
protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

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

  

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

(i) change the coin or currency in which, any Note or the interest thereon is payable, reduce the interest rate or principal
amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 
 (ii) reduce the
percentage of the Note Balance, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture; 
 (iii) modify or alter the provisions of the
proviso to the definition of the term “Outstanding”; 
 (iv) reduce the percentage of the Note Balance
required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note Balance plus accrued but unpaid interest on
the Notes; 
 (v) modify any provision of this Section 9.2 in any respect materially adverse to the interests of
the Noteholders; 
 (vi) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with
respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the
security provided by the lien of this Indenture; or 

  

					
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 (vii) impair the right to institute suit for the enforcement of payment as
provided in Section 5.7. 
 (b) It shall not be necessary for any Act of Noteholders under this Section 9.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

(c) Prior to the execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such
supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the
Indenture Trustee; provided that no supplemental indenture pursuant to this Section 9.2 shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written
consent of such Person (which consent shall not be unreasonably withheld or delayed). 
 (d) Promptly after the execution by the Issuer and
the Indenture Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such
amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(e) Notwithstanding subsection (a) of this Section 9.2, this Indenture may only be amended by the Issuer and the
Indenture Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee
and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary to obtain the consent of the Certificateholders to approve the particular form of any proposed amendment or consent, but it will
be sufficient if such consent approves the substance thereof. 
 SECTION 9.3 Execution of Supplemental Indentures. In
executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this
Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

  

					
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 SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture
and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or
the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by
the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1 Redemption.  

(a) Each of the Notes is subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1
of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to said Section 8.1, for a purchase price equal to the Optional
Purchase Price, which amount shall be deposited by the Servicer into the Collection Account on the Redemption Date. 
 (b) Each of the Notes
is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amount of cash or other immediately available funds on deposit in the Reserve Account and the remaining Available Funds after the payments under
clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement would be sufficient to pay in full the aggregate unpaid Note Balance of all of the Outstanding Notes as determined by the Servicer. On such
Payment Date, (i) the Indenture Trustee, upon written direction from the Servicer, shall transfer all amounts on deposit in the Reserve Account to the Collection Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in
part. 
 (c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or 10.1(b), the Administrator or the Issuer shall
provide at least 20 days’ prior notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee, and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the applicable Redemption Date) notice
thereof to the Noteholders. 
 SECTION 10.2 Form of Redemption Notice. Notice of redemption under Section 10.1
shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on the Record Date preceding the
applicable Redemption Date, at such Holder’s address appearing in the Note Register. 

  

					
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 All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

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

(iv) that interest on the Notes shall cease to accrue on the Redemption Date; 

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

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

SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest
shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1 Compliance Certificates and Opinions, etc.  

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

  

					
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 Every certificate or opinion in accordance with TIA Section 314(e) with respect to
compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory
of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each such signatory, such
signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

(b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for
the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within 90 days of such deposit) to the Issuer of the Collateral or other property
or securities to be so deposited. 
 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value in
accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the
Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Note Balance, but such a certificate need not be furnished with respect to any securities so deposited, if the
fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Note Balance. 

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

(iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any
signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other
property other than Purchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required 

  

					
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by clause (iii) above and this clause (iv), equals 10% or more of the Note Balance, but such certificate need not be furnished in the case of any release of property or
securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Note Balance. 

(v) Notwithstanding Section 2.9 or any other provision of this Section 11.1, the Issuer may (A) collect,
liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by
the Transaction Documents. 
 SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her
certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

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

  

					
		 	56	 	2013-5 Indenture

 SECTION 11.3 Acts of Noteholders.  

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall
become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture
and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.3. 

(b) The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is
made upon such Note. 
 SECTION 11.4 Notices. All demands, notices and communications hereunder shall be in writing and shall be
delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic transmission, and addressed in each case as specified on Schedule II to
the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by
an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

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

 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such a waiver. 

  

					
		 	57	 	2013-5 Indenture

 In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to
the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating
Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 

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

SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

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

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

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

  

					
		 	58	 	2013-5 Indenture

 SECTION 11.11 Separability. In case any provision in this Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.12 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 SECTION 11.13 Legal Holidays. In any case where the date on which any payment
is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the
date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION
11.14 GOVERNING LAW; Submission to Jurisdiction; Waiver of Jury Trial.  
 (a) THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally: 

(i) submits for itself and its property in any legal action or proceeding relating to this Indenture or any documents
executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York and appellate courts from any thereof; 
 (ii) consents that any such action or
proceeding may be brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
agrees not to plead or claim the same; 
 (iii) agrees that service of process in any such action or proceeding
may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

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

  

					
		 	59	 	2013-5 Indenture

 (v) 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 Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.15 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION
11.16 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel
to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of
any right or remedy granted to the Indenture Trustee under this Indenture. 
 SECTION 11.17 Trust Obligation. Each Noteholder
or Note Owner, by acceptance of a Note, or, in the case of a Note Owner of a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee
in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent,
officer, director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the
Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
 SECTION 11.18 No Petition. The Indenture
Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day
after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or
other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief
or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party
hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person, any Proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.  

  

					
		 	60	 	2013-5 Indenture

 SECTION 11.19 Intent.  

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

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

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

  

					
		 	61	 	2013-5 Indenture

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

  

					
		 	62	 	2013-5 Indenture

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

			
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-5
	
	By: WELLS FARGO DELAWARE TRUST COMPANY, N.A., a national banking association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	
	
	U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as the Indenture Trustee
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

					
		 	S-1	 	2013-5 Indenture

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

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

5. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and
marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of
any Lien. 
 Perfection 
 6. The Issuer
has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Receivables granted to the Indenture Trustee hereunder; and the Servicer has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing
statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party”. 

  

					
		 	I-1	 	2013-5 Indenture

 7. With respect to Receivables that constitute instruments or tangible chattel paper, either: 

(i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee; or 

(ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has received a written
acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or 

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

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

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

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

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

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

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

  

					
		 	I-2	 	2013-5 Indenture

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

13. None of the instruments, tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer or the Indenture Trustee. 
 14. No Trust Account
that constitutes a securities account or securities entitlement is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with
entitlement orders of any Person other than the Indenture Trustee. 
 15. No Trust Account that constitutes a deposit account is in the name of any Person
other than the Issuer or the Indenture Trustee. The Issuer has not consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee. 

Survival of Perfection Representations 

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

No Waiver 
 17. The Issuer shall provide
the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a breach
of any of such perfection representations, warranties or covenants. 
 Issuer to Maintain Perfection and Priority 

18. The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture, the Issuer shall take such action, or execute
and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee’s security
interest in the Receivables. The Issuer shall, from time to time and within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement,
terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as a first-priority interest. 

  

					
		 	I-3	 	2013-5 Indenture

 Exhibit A-1 

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

			
	REGISTERED	  	$                    1
	No. R-                    	  	CUSIP NO.                     
		  	ISIN.                     

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY
ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN) WITH ANY ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED BY
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 DESCRIBED BY 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 DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR (IV)
ANY GOVERNMENT PLAN, NON-U.S. PLAN OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (B)(I) THE NOTE IS RATED AT LEAST “BBB-” OR ITS EQUIVALENT BY A RATING AGENCY AT THE TIME OF PURCHASE OR TRANSFER, AND (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY
INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW. 

 

	1 	Denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

  

					
		 	A-1-1	 	2013-5 Indenture

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-5 

[CLASS A-1 0.26000%] [CLASS A-2-A 0.64%] 

[CLASS A-2-B LIBOR + 0.38%] [CLASS A-3 0.82%] 

[CLASS B 1.55%] [CLASS C 2.25%] [CLASS D 2.73%] 

AUTO LOAN ASSET BACKED NOTES 

Santander Drive Auto Receivables Trust 2013-5, a statutory trust organized and existing under the laws of the State of Delaware (including any
successor, the “Issuer”), for value received, hereby promises to pay to [            ], or registered assigns, the principal sum of
[            ] DOLLARS ($[            ]), in monthly installments on the 15th of each month, or if such day is not a Business
Day, on the immediately succeeding Business Day, commencing on December 16, 2013, (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the
Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at
the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing
Agreement; provided, however, that the entire unpaid Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance shall be due and payable on the earliest of
(i) [            ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including [the preceding Payment Date (or, in the case of
the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date]2 [the 15th day of the prior calendar month
(or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs]3. Interest will be computed on the basis of [Class A-1, A-2-B: actual days elapsed and a 360-day year][Class A-2-A, A-3, B, C, D: a 360-day year of twelve 30-day months]. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable
in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth
on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for
any purpose. 
  

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

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

  

					
		 	A-1-2	 	2013-5 Indenture

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its
Authorized Officer. 
 Dated:             , 2013 

 

			
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-5
	
	By: Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

					
		 	A-1-3	 	2013-5 Indenture

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated:             , 2013 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	a national banking association, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-1-4	 	2013-5 Indenture

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1 0.26000%] [Class A-2-A 0.64%] [Class A-2-B
LIBOR + 0.38%] [Class A-3 0.82%] [Class B 1.55%] [Class C 2.25%] [Class D 2.73%] Auto Loan Asset Backed Notes (herein called the “Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Notes” or the “Notes”), all issued under an Indenture
dated as of November 20, 2013 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and U.S. Bank National Association, a national banking association, not in its individual capacity but
solely as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in Appendix A of the Sale and Servicing Agreement. 

The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the
benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date in the amount specified in the
Indenture and in the Sale and Servicing Agreement. As described above, the entire Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance shall be due and payable on the earliest of
(i) [            ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date
the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Notes shall be made pro rata to the Class [A-1] [A-2-A] [A-2-B]
[A-3] [B] [C] [D] Noteholders entitled thereto. 
 Payments of principal of and interest on this Note made on each Payment Date, Redemption
Date or upon acceleration shall be made by check mailed first-class, postage prepaid, to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note
be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining
unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture 

  

					
		 	A-1-5	 	2013-5 Indenture

 
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the close of business on the Record Date preceding such Payment Date or
Redemption Date by notice mailed prior to such Payment Date or Redemption Date which shall specify the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture
Trustee or at the place specified by the Indenture Trustee in such notice. 
 The Issuer shall pay interest on overdue installments of
interest at the Class [A-1], [A-2-A], [A-2-B], [A-3], [B], [C], [D] Interest Rate to the extent lawful. 
 Each Noteholder or Note Owner, by
acceptance of this Note, or, in the case of a Note Owner of a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities,
(ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign
of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. 
 It is the intent of the Issuer, the Noteholders and the Note Owners that, for purposes of federal, state and
local income, franchise and value added tax the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes will qualify as
indebtedness of the Issuer. The Noteholders, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer. 

Each Noteholder and Note Owner, by accepting this Note or, in the case of a Note Owner, a beneficial interest in this Note, hereby covenants
and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize
any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of, its creditors generally, any party to the Indenture or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute, with any other Person, any
Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

  

					
		 	A-1-6	 	2013-5 Indenture

 THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

  

					
		 	A-1-7	 	2013-5 Indenture

 ASSIGNMENT 

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

 
 FOR VALUE RECEIVED, the undersigned hereby sells,

			
	assigns and transfers unto	  	 

 (name and address of assignee) 

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

 

					
	Dated:                             	  	 	  	*/

  

	
	Signature Guaranteed:
	  

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

  

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

  

					
		 	A-1-8	 	2013-5 Indenture

 EXHIBIT A-2 

FORM OF CLASS E NOTES 
 REGISTERED

 No. R-             

$            1 

CUSIP NO. [            ] 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,175,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN
EXCESS THEREOF (EXCEPT FOR ONE SUCH NOTE WHICH MAY BE ISSUED IN A DENOMINATION OTHER THAN AN INTEGRAL MULTIPLE OF $1,000), FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS AFFILIATES AND BY THE DEPOSITOR OR ANY OF ITS AFFILIATES AS PART OF THE INITIAL
DISTRIBUTION OR ANY REDISTRIBUTION OF THE NOTES BY THE DEPOSITOR OR ANY OF ITS AFFILIATES, (B) TO A PERSON THAT IS A U.S. TAX 

 

	1 	Denominations of $1,175,000 and integral multiples of $1,000 in excess thereof. 

  

					
		 	A-2-1	 	2013-5 Indenture

 
PERSON AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. NO TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WILL
BE PERMITTED IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE CERTIFICATES ISSUED UNDER THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) AND THE NON-INVESTMENT GRADE NOTES TO EXCEED A NUMBER EQUAL TO 95
PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN DELIVERED. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL
BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED
THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH
INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 
 BY
YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE SERVICER, ANY INITIAL PURCHASER OF THIS NOTE AND THE INDENTURE TRUSTEE, THAT (A) YOU ARE NOT
ACQUIRING THIS NOTE (OR INTEREST HEREIN) ON BEHALF OF OR WITH THE ASSETS OF A BENEFIT PLAN (AS DEFINED BELOW); AND (B) EITHER (I) YOU ARE NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A GOVERNMENTAL, NON-U.S. OR 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 SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (“SIMILAR LAW”), OR (II) YOUR ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR INTEREST HEREIN) WILL NOT
GIVE RISE TO A VIOLATION OF ANY SIMILAR LAW. FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES (1) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, WHICH IS SUBJECT TO TITLE I OF ERISA, (2) A “PLAN”
AS DESCRIBED BY SECTION 4975(e)(1) OF THE CODE, WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, OR (3) ANY ENTITY DEEMED TO HOLD THE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S
INVESTMENT IN THE ENTITY. 
 EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE
REGISTRAR AND THE DEPOSITOR A LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS AS SET FORTH IN THE INDENTURE. 

  

					
		 	A-2-2	 	2013-5 Indenture

 EACH HOLDER SHALL REPRESENT AND WARRANT THAT IT IS A U.S. TAX PERSON. 

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

  

					
		 	A-2-3	 	2013-5 Indenture

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-5 

CLASS E 3.73% AUTO LOAN ASSET BACKED NOTES 

Santander Drive Auto Receivables Trust 2013-5, a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the
“Issuer”), for value received, hereby promises to pay to [            ], or registered assigns, the principal sum of
[            ] DOLLARS ($[            ]), in monthly installments on the
15th of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on December 16, 2013 (each, a “Payment Date”) until the
principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class E Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment
Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and
8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire unpaid Class E Note Balance shall be due and payable on the earliest of (i) March 15, 2021 (the
“Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. Interest on this Note will accrue, for each Payment Date from and including the 15th day of the prior calendar month (or, in the case of the initial
Payment Date from and including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The
principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be
applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

					
		 	A-2-4	 	2013-5 Indenture

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually by its
Authorized Officer. 
 Dated:             , 2013 

 

			
	 SANTANDER DRIVE AUTO RECEIVABLES

TRUST 2013-5

	
	By: Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

					
		 	A-2-5	 	2013-5 Indenture

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated:             , 2013 

 

			
	U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-2-6	 	2013-5 Indenture

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E 3.73% Auto Loan Asset Backed Notes (herein
called the “Class E Notes” or the “Notes”), all issued under an Indenture, dated as of November 20, 2013 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between
the Issuer and U.S. Bank National Association, a national banking association, not in its individual capacity but solely as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of
the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in or pursuant
to the Indenture or in Appendix A of the Sale and Servicing Agreement. 
 The Class A-1 Notes, the Class A-2-A Notes, the
Class A-2-B Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.
All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 
 Principal payable on
the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire Class E Note Balance shall be due and payable on the earliest of (i) March 15,
2021 (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto. 

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

  

					
		 	A-2-7	 	2013-5 Indenture

 
Redemption Date by notice mailed prior to such Payment Date or Redemption Date which shall specify the amount then due and payable shall be payable only upon presentation and surrender of this
Note at the Corporate Trust Office of the Indenture Trustee or at the place specified by the Indenture Trustee in such notice. 
 The Issuer
shall pay interest on overdue installments of interest at the Class E Interest Rate to the extent lawful. 
 Each Noteholder or Note Owner,
by acceptance of this Note, or, in the case of a Note Owner of a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities,
(ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign
of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. 
 It is the intent of the Issuer, the Noteholders and the Note Owners that, for purposes of federal, state and
local income, franchise and value added tax the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes will qualify as
indebtedness of the Issuer. The Noteholders, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer. 

Each Noteholder and Note Owner, by accepting this Note or, in the case of a Note Owner, a beneficial interest in this Note, hereby covenants
and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize
any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of, its creditors generally, any party to the Indenture or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute, with any other Person, any
Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

  

					
		 	A-2-8	 	2013-5 Indenture

 THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

  

					
		 	A-2-9	 	2013-5 Indenture

 ASSIGNMENT 

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

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

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

 

							
	Dated:             	 		  	 	  	*/

 Signature Guaranteed: 

					
		 	 	  	

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

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

  

					
		 	A-2-10	 	2013-5 Indenture

 EXHIBIT B 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS OF NON-INVESTMENT GRADE 

NOTES AND RESTRICTED NOTES (OR INTEREST THEREIN) 

U.S. Bank National Association, as Indenture Trustee 
 [Address]

 [Note Registrar] 
 [Depositor] 

Reference is hereby made to the Indenture dated as of November 20, 2013 (the “Indenture”) by and among Santander Drive
Auto Receivables Trust 2013-5 (the “Issuer”) and U.S. Bank National Association as Indenture Trustee (in such capacity, the “Indenture Trustee”). Capitalized terms used but not defined herein are used as defined in
the Indenture and if not in the Indenture then such terms shall have the meanings assigned to them in Rule 144A (“Rule 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”). 

This letter relates to U.S. $[•] aggregate principal amount of Notes which are held in the name of [name of Transferor] (the
“Transferor”) and is intended to facilitate the transfer of Notes (or interest therein) to [name of Transferee] (the “Transferee”). 

In connection with such request, (i) the Transferee hereby certifies that such transfer has been effected in accordance with the transfer
restrictions set forth in the Indenture and (ii) the Transferee has reviewed and does hereby make the representations and warranties discussed or listed in Section 2.16 of the Indenture (which are generally intended to prevent the
Issuer from being characterized as a “publicly traded partnership” within the meaning of Section 7704 of the Internal Revenue Code of 1986, as amended, in reliance on Treasury Regulations Sections 1.7704-1(e) and (h)). 

The Transferee further represents, warrants and agrees for the benefit of the Issuer that statements (i) through (vii) below are all
true, and the Transferor does hereby certify that it reasonably believes that the following statements (i) through (vii) concerning the Transferee are all true: 
  

	 	(i)	The Transferee is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act; 

  

	 	(ii)	The Transferee is acquiring the Notes for its own account or for an account that is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act. The Transferee and each such account is
acquiring not less than the minimum denomination of the Notes; 

  

					
		 	B-1	 	2013-5 Indenture

	 	(iii)	The Transferee (and each such account) is not formed for the purpose of acquiring the Notes; 

  

	 	(iv)	The Transferee will notify future transferees of these transfer restrictions; 

  

	 	(v)	The Transferee is obtaining the Notes in a transaction pursuant to Rule 144A; 

  

	 	(vi)	The Transferee is obtaining the Notes in accordance with any applicable securities laws of any state of the United States or any other applicable jurisdiction; and 

 

	 	(vii)	The Transferee is a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended, other than a foreign branch of a United States person acting
as a qualified intermediary, and shall provide a certification of non-foreign status, in such form as may be requested by the Indenture Trustee or the Depositor (e.g., a properly completed and signed Internal Revenue Service (“IRS”)
Form W-9 (or applicable successor form)), signed under penalty of perjury. 

 [THIS SPACE INTENTIONALLY LEFT BLANK] 

  

					
		 	B-2	 	2013-5 Indenture

 You and the Issuer are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	[Name of Transferee]
		
	BY:	 	 
	NAME:	 	
	TITLE	 	

  

					
		 	B-3	 	2013-5 Indenture

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